We had the opportunity to chat with the Crypto Eagles community on 11th August, 2021 where our Project Lead, Mr. Nang Nguyen, shared more about our initial vision, where we’re headed and what makes us outperform other platforms. There were many great questions and we really enjoyed our time with the crowd. For those who missed it, here’s the recap!
Mr Nang Nguyen: Hi everyone, thanks @kamran503 for hosting. It is my pleasure to be here today.
Host: It is our honour that you have not forgotten Crypto Eagles and today we are hosting you again. Shall we start our AMA?
Mr. Nang Nguyen: Yes, definitely Crypto Eagles are always awesome. Yes, I am ready.
Host: Firstly, please introduce yourself with us. How and when did you start? How did you get involved in the crypto? What’s your role in LUASTARTER?
Mr. Nang Nguyen: Hi, I am Nang, Product Manager at TomoChain and Product Lead of LuaStarter. I got involved in crypto 4 years ago as a retail investor, then started to work at TomoChain as I found it a suitable environment for team work and focusing on building products. In May, I took another role to build LuaStarter product, which is an important product of TomoChain and LuaSwap for specific purposes, aiming for providing a transparent, efficient, and cost-effective launchpad for the whole community. Currently, LuaStarter is ready to go.
Host: Let’s move towards the main facet now. Now please tell us about your project “LUASTARTER “ What was the initial thoughts behind this project?
Mr. Nang Nguyen: It will revert back a little time when we built LuaSwap last year, a Multi-chain liquidity and exchange protocol product. After successfully launched this product, we continued to build an IDO launchpad as we analyzed that even though there are several launchpads in the market at the moment, each of them has pros and cons and the market is very huge to creating a safe and transparent investing environment, which will benefit both project creators and investors at the early stage of a project by proving innovation into IDO launching. I am confident that LuaStarter can do so.
Host: That’s great. I hope it will bring something awesome to the crypto community. So What kind of problems that you have seen in current Cryptocurrency ecosystem and how LUASTARTER will solve them for the community?
Mr. Nang Nguyen: In my point of view, in terms of the product cycle, Cryptocurrency is currently at its early growth stage, there are plenty of opportunities to build and develop products for developers and good investment opportunities for investors.
However, in the current Defi ecosystem, there are several problems such as the difficulty to know if projects are trusted among the community, tokens may not be fairly distributed in the offering, scattered tokens, and liquidity provider tokens (LP tokens) on multiple chains are not counted together for the IDO registration.
Several launchpads have been trying to solve these problems by providing fixed and dynamic swap features, fairness model, para-chain crowd loan, anti-bot protection, and full KYC integration. Others try to provide high allocation to retail investors (some launchpad call it capital allocation feature) or introduce an integrated vesting schedule.
There are some limitations to all of the above solutions. So LuaStarter is in place to tackle all of the above matters by proving the “TIER GUARANTEED SYSTEM Model” with the help of the “SEAT mechanism” to solve all the above problems which I just stated.
Host: I would love to know complete details of your THE TIER GUARANTEE Model System in easy words with its complete features?
Mr. Nang Nguyen: In short, LuaStarter introduces The Tier Guaranteed System model built on SEAT mechanism to tackle most of the current problems in IDO by:
Total count tokens on multi-chain (Ethereum and TomoChain)
3 Nos: No cooldown requirement, no whitelist, no lottery.
Transparently publish the number of tokens investors can buy in advance for their better asset management, and:
The flexibility to participate in the selected project.
There are 4+1 tiers, Tier 1 to 4 and tier 0 (not require staking). The higher tier the users are, the higher number of tokens users can be sure to buy in advance for each upcoming project launched on our LuaStarter. I would say, several winning features of this TGS model are: Easy to participate and Multi-chain support, Transparency, Flexibility, Total counts (count multiple tokens on both Ethereum and TomoChain for tier classification).
And more, if you are tier 4 (highest tier), you can have the opportunity to join some private sales and priviledge market analysis, too.
Host: 3 NOs are perfect. Tell us Some key features of LuaStarter that make it outperform the other competitors?
Mr. Nang Nguyen: The key winning features are: Easy to participate and Multi-chain support, Transparency, Flexibility, Total counts (count multiple tokens on both Ethereum and TomoChain for tier classification).
The SEAT mechanism will make sure it happens. More information, SEAT stands for: Seletive (very selective in selecting projects to be lauched, Easy for users to participate (3 Nos), Adaptive allocation (our mechanism to find out who are not execute the right and offer these opportunity to those who want it), Total counts (counts tokens on multiple chains for tier classification)
Host: That’s a wonderful brother. Here is the last question from my side. What are your aims in the next 2 years according to your roadmap?
Mr. Nang Nguyen: In the next 2 years, LuaStarter will be still in place to support project creators in reaching out larger community, especially on TomoChain’s ecosystem and support the whole community as one of the best place for them to hold good tokens for long-term profit (we have DEX, liquidity pool, limit-order book products and several features and products are in building and development phase). For a sneak annoucement, we also have some features in plan to develop such as features of automated investment systems and robot strategies to make DeFi truly accessible to the whole community on LuaStarter’s ecosystem.
Q1: Many new projects made a good impression at first but were suddenly abandoned. My question is, How will you manage the project and token to gain a place in the market and become the best token in the blockchain world?
Mr. Nang Nguyen: The 1st question will be related to project application process. It is exactly what we focus as mention in S (Selective). We have very comprehensive check including checking what is the project trying to solve, any innovation, who is the team, how is the fundrasing so far, what they have been done in the past. After they finish smart contract, we will have the board to check and they must have audited smart contract before being lauched.
About LuaStarter itself, you can check the history of TOMO and LUA tokens, all the media channels have been in place for a very long time. And with our experience in building infrastructure and application products, with the support of the Crypto Eagles cummunity, I do think we can select and join only good projects.
Q2: Currently Staking is a very popular topic. Can you please explain the details about the token staking plan and the benefits of adding staking?
Mr. Nang Nguyen: The 2nd I pick regarding staking (before and after IDO) and instruction for the community to do so.
First, our LUA tokens (already public last year) will be staked for tier classification. You will receive xLUA (equivalent to LUA) as passive income. You can add LP to LUA-TOMO, LUA-ETH, LUA-USD, each LP is equivalent to 2 times of LUA in the pool for classificaiton, and any of TOMO holding in the wallet (no need staking) will be counted, too. Remember that we count on 2 chains: TomoChain and Ethereum.
2nd part: after IDO, definitely there will be farming (fusion pool) and staking to earn listed tokens. It will be a big number. Please be ready for that. We also have some GameFi products at the final round before annoucing.
Q3: 1-Increasing Token price 2- make Token Valuable 3-Building Community Trust From 3 aspects above,. I want to ask. Which one is the most important for you?If all of the above are important for you,. Which one that Will you do first??
Mr. Nang Nguyen: That’s what all product creators need to focus on. The tokens are only valuable if the community accepts them. It is called network effect, or community evaluation of tokens. The 2 first: price or value are derived from the network effect. At LuaStarter, we build products to support both project creators and the community for the goal of developing Blockchain products and communities.
Q4: LuaStarter is the multi chain IDO platform on LuaSwap, as an IDO platform What support do LuaStarter provide for projects prior to IDO and post-IDO? Also explain to us, what benefit that provide by LuaStarter for investors
Mr. Nang Nguyen: At LuaStarter, we are very focused on going together with products at the early stage, not just launching it. After calling and discussing, we either invest in that project or give the advice at least. Besides the product manager role, I am also Head of Operation of LuaVentures, capital ventures of TomoChain lab, so I do think we can fully support projects before IDO to make sure products are trusted and make a good impact. After IDO, we continue to advise them in developing features and marketing activities and they are all benefited from our TomoChain’s ecosystem and community. Hence, LuaStarter is a comprehensive product, not just a platform.
Q1: Having a launchpad offering on your platform is an interesting concept but what makes it unique from others? How will the team evaluate projects to be listed on your launchpad?
Twitter I’d: @jagdubey24
Mr. Nang Nguyen: I am confident, once again, the interesting concept is the Tier Guaranteed System model. At LuaStarter, we provide multi-chain IDO which are straight forward for the explanation. The key winning features are based on 2 terms. Tier Guaranteed System model (TGS model) and “S-E-A-T” mechanism, standing for Selective, Easy to participate, Adaptive allocation, Total Tier Count. Let me explain them in detail. TGS will reward token holders to be 100% sure the number of tokens they can buy based on their tiers. The higher tier, the higher guaranteed tokens for token holders. Some platforms require a long staking and cooling down period while it is still based on the number of lottery tickets by random allocation. Here, LuaStarter allows users not only staking tokens, not only LUA tokens, but users can only just hold TOMO tokens in the wallet, and in any chains to be tier classification. Furthermore, Liquidity provider tokens will also be taken into account for major pairs (ETH-TOMO, ETH-LUA, TOMO-LUA, ETH-USDC, LUA-USDC, TOMO-USDC). It will definitely increase capital efficiency in the way that users can hold multiple assets to be in tier system. Highest tier also has privilege rights including potential private sales participation and more insights which will be announced later. Adaptive allocation means users can commit more than guaranteed numbers. In case some users do not execute their rights, it will transfer this opportunity to others who would like to buy more based on our adaptive calculation model and based on First Come First Serve basis.
Regarding to IDO application process, LuaStarter aims for projects which comprehensively demonstrate novel utility on Ethereum and Tomochain ecosystem, then expanding to other chains’ ecosystems such as Polkadot, Binance Smart Chain, Polygon, etc…
The project must undergo an intense process including:
Due diligence check
Final security check (include check audited smart contract)
Q2: Which one is your top priority? Security, Product, Partnership, or Token price?Can you explain.
Twitter I’d: @Shahbaz7161
Mr. Nang Nguyen: We definitely focus on security because going to the end of the road will need the help of both security and trust. LuaStarter is developed by TomoChain team, who successfully built TomoChain network for more than 4 years. To some extent, it proved the trust of the community to our products. Security in an IDO has more concern on the launched projects in which we have complete IDO application process, carefully screening, kick-off call, Due Diligence, checking the smart contract, require audited, project’s community, project’s existing users, amount of funds raised at the previous rounds. Importantly, we are always seeking for project’s owners who are ambitious and enthusiastic about it project which can fight for the project until its success. However, Product and especially Partnership are as of important, we can not go further without the core of the product and the support of the community. In short, they are all of our top priorities.
Q3: There are thousands of projects in the market nowadays then how will you convince investors to choose and stay with you for long?
Mr. Nang Nguyen: The team already starter working on building infrastructure of TomoChain 4 years ago, the convicing factors are the team itself and the ambitious to build blockchain product, and we keep continuing to build others from time to time. 4 years are not a long time in general, but in Crypto market, 4 years are good number so far for both investors and team staying together. And, the team who builds LuaStarter are the team who successfully built TomoChain 4 years ago and have been continuing to grow both in strong community and partnership. It is an undeniable fact and also community investors would like to see from us, too.
Q4: How can an investor give you feedback and ask for any help? Do you have a dedicated panel to listen for the queries?
Mr. Nang Nguyen: Generally speaking, strategic investors have a special channel to always discuss and keep up to date. For community investors, general media channels like telegram or forum are good places. More on just investing matters, all technical aspects, any inconvenience can be posted in the forum for us to reply and support. You can find the general forum here: https://forum.tomochain.com/
Q5: Some projects that have a similar feature like yours are holding testnet events to educate users so that users will be familiar with their platform. Does your project have a testnet event to educate your users so they can take full advantage of all the features on your platform?
Twitter I’d: @abdulazzam
Mr. Nang Nguyen: It is definitely a good idea which we brought to discussion a few weeks ago. We will come up with the final decision next week as the community must know and clear it is a test event. Besides, we will post more step-by-step instructions in the medium for the community to know how to participate in the IDO. We have also have published docs for the whole community to keep up to date: LuaStarter - TomoChain Docs
It is definitely a good idea which we brought to discussion a few weeks ago. We will come up with the final decision next week as the community must know and clear it is a test event. Besides, we will post more step-by-step instructions in the medium for the community to know how to participate in the IDO. We have also have published docs for the whole community to keep up to date: LuaStarter - TomoChain Docs