On 29th January 2021, we had an AMA with Gourmet Galaxy – the first project combining NFTs, Yield Farming and Gamification.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA session, CEO and CMO of Gourmet Galaxy – Thomas Johnson and Kunchok Tsomo, went live to greet the community and provide detailed information about Gourmet Galaxy as well as several key products and ourstanding features.
Time: 08:00 PM (UTC + 7) on Saturday, Jan. 30th 2021
Venue: https://t.me/CryptoFamilyGroup
Airdrop 150 USDT includes 2 parts:
– 5 Questions in Google Form and Twitter ($15 each)
– 5 Questions in Free-asking ($15 each)
Hereafter I will summarize some main points of the AMA session:
Part 1: Introduction of Gourmet Galaxy
1. First, can you give me a brief introduction of your team and Gourmet Galaxy? What are the occasions that lead you to the blockchain industry and this project?
Ms. Kunchok: So, my name is Kunchok Tsomo, I am the CMO of Gourmet Galaxy. Have been active in the crypto space for over 4 years now.
Started with mining, moved into investing and over the years supported various projects. I am already 30 years old and Gourmet is a project I devote a lot to the community.
I was involved in peer-to-peer technology, before entering the blockchain industry I worked for Binance Labs and Microsoft.
Then at the beginning of 2020, we became interested in blockchain technology and especially NFTs, and we found combining it with the User-Generated Content made by GUM players would be the perfect match. I think I’m a fan of projects in Defi space.
Mr. Thomas: So, i’m Thomas Johnson, CEO of Gourmet Galaxy. I started in Crypto since 2014, the first time Bitcoin was called a bubble.
A friend of mine told me about Bitcoin and how it would be an excellent investment opportunity.
So I threw in about $3,000 and got myself 5 BTC at the time. That’s when BTC price is more than 600$. I didn’t sell when it goes to $1000/BTC, because I want to see how much it can climb.
Well after that, the price drop to 200$, and my friend tell me that don’t worry, keep hodling. I then ask myself, what is so special about Bitcoin, that many people so excited about it, and they keep on believing the idea no matter what?
Thats, when I start my research about Blockchain, and get hook up. Just like that, I became a Blockchain Enthusiastic. I believe in this industry’s future and how it will change people’s lives just like the Internet did. I was working for various projects include Coindesk and Celcius since then.
And in mid 2020, i start Gourmet Galaxy, and here we are!
About Gourmet Galaxy, most of the info you can find it here, on our whitepaper
https://gourmetgalaxy.gitbook.io/gourmet-galaxy/
But to be more specific, Gourmet Galaxy is a project that mix Yield/Liquidity Farming with NFTs Gamification. So we will have 4 main products: GUM Swap, GUM Farm, Galaxy Planet and NFT Universe.
To be even more specific, GUM Swap is our easy-to-use swap protocol, with a design inspired by famous AMM-based swap protocols such as Uniswap and SushiSwap. Using GUM Swap, users can easily swap between GUM and other digital assets. At the moment, GUM Swap supports USDT, ETH, DOT, and there are plans to expand the list in the future.
Under the easy-to-use surface, GUMSwap has its own formula to avoid the shortcomings of other swap systems and achieve the purpose of our platform.
GUM Farm is our Yield Farming platform, where users can provide Liquidity in exchange for tokens.
Our whitepaer 2.0 will be updated next week and give you more insight about GUM Farm. Im sure that it will be an interesting product, with high reward for farmers.
Galaxy Market and NFT Universe is the “NFT part” of our project, where the GUM token will be put into good use. With NFT Universe, users can use GUM – our native token to forge PLANET – our NFT. With PLANET, you can play games on NFT Universe, and customized it to your liking.
2. Next, please give me some latest project updates in recent time (inlcuding some detailed information about the next IDO on Falconswap).
Mr. Thomas: First of all, you can find most of our updates on our channel here: https://t.me/gourmetgalaxy
The whitelist is closing in 1 hour, and we receive tremendous amount of interest from investors. Wont spoil but it got nearly 50 thousand registers on the whitelist.
We will use a bot to automatic choosing users who got into our whitelist. The condition is still have to hold 10,000 FSW of course. Our IDO will be on Falcon on the 2nd of February 2021 at 2 PM UTC.
3. What are the objectives and goals that you plan to achieve in the forthcoming future? Share with us your plan to expand in the Vietnamese market.
Mr. Thomas: As a mixture between Yield Farming and NFT, we have a lot to do this year.
But in the near future, our priority included
+ Focus on GUM Swap and GUM Farm
+ Adapt farming pools on GUM Farm
+ PLANET forging and NFT Universe in Q2
+ Polkadot Crosschain in Q2
More can be found here
https://gourmetgalaxy.gitbook.io/gourmet-galaxy/roadmap
For the Viet Nam market, we will try to expand our influences by connecting with KOLs here. I heard from our advisor, that Vietnamese users love to have mobile app, so it is in our roadmap and hopefully our mobile application for NFT Universe will be out in Q3.
And if you have any advices on Viet Nam market, would love to hear that.
CF: That’s the end of Part 1!
I believe all of the members here have gathered enough useful information, also they have many questions to exchange with you today. Let’s dive into Part 2 with some good questions I have picked from Twitter!
Part 2. Pre-collected questions from Twitter
Q1. Please tell me some major milestones you have achieved up to now. What are some main products of Gourmet Galaxy and what are the benefits they aim to bring to the community?
@Si69479939
Mr. Thomas: Currently, after months of carefully coding, our GUM Swap and GUM Farm is under audited by Certik, and the result will be out before the IDO
For the next few days, i hope that users will focus on our GUM Farm, as it is our first innovative product.
With GUM Farm, users can experience high APY Yield Farming on multiple pools, under easy-to-use and friendly UI/UX.
In Q2, NFT Universe will be out, and users can experience why we called it “DeFi Ecosystem, gamified”.
We always want to bring the community 2 things:
+ Best experiences.
+ Profits, both for our users and our early supporters!
Q2. Can you tell us the motivation and benefits for investors to hold $GUM in long term? What plans do you have to help drive demand and scarcity for the token?
@Prettyboy071
Mr. Thomas: As you see, GUM Token is our ERC-20 utility token, built on top of the Ethereum Blockchain with support for Polkadot Parachains coming in the near future. GUM is a vital part of Gourmet Galaxy, with a mechanism that is designed to give it value intrinsically tied to the Gourmet Galaxy Platform.
GUM holder can enjoy its various usecases.
Incentives: GUM Token will be used to reward those who provide Liquidity to our Farming platform. The formula for GUM Yield Farming will be explained in more detail in the Farming section of our Whitepaper.
Access to the platform: Users use GUM in order to participate in Gourmet Galaxy Game. To forge a PLANET of their own, users must use GUM to buy FOOD on FOODMarket – another essential part of the Gourmet Galaxy Experience. With more people joining Gourmet Galaxy, the drive to acquire PLANET increases, thus increasing the demand for GUM. GUM also acts as the base currency for in-game activities, such as Duel Mode and Building Mode.
Constructing PLANET: One way to get passive income in Gourmet Galaxy is to take GUM and build on your PLANET. By locking your GUM up on your own PLANET, you will get passive income just like a Staking Model. By staking GUM on your PLANET, not only do you get passive income back, but you also increase the value of your current PLANET, then exchange it on Galaxy Market.
Revenue sharing model: Fees paid by users who used the FOODMarket will be converted to GUM, and distributed to the Vault.
Governance: By using the DAO structure, GUM holders can use GUM to participate in Governance decisions of the platform, such as deciding fees on Galaxy Market, or future Game features.
To the nature, GUM is a de-flation token. After the last PLANET minted, there will be 5,005,000 GUM will be burned in total. So GUM holders wont have to fear about getting REKT in the long run.
Q3. I just had a look at the demo of Food market and got really interested in the game. How can I use $GUM to play it and what rewards can I receive?
@ElsaTran7
Mr. Thomas: Galaxy Market (previously named FOOD Market) is the place where users can exchange GUM for FOOD – This is the NFT of the game. Players can either exchange FOOD directly or buy food that has been pre-mined. If you do not want to buy FOOD, players can earn FOOD through in-game activities, like creating FOOD from your existing PLANET or playing games for FOOD rewards.
Galaxy Market is a marketplace, each exchange on Galaxy Market will lose 4% of the GUM fee for the Gourmet Galaxy.
So basically you get GUM -> exchange it for FOOD -> Forge into PLANET -> Using PLANET to play games/get more GUMs. You can check out our token flow here:
Q4. When will GUMswap migrate to the Polkadot ecosystem in the near future? I’m wondering whether this migration is able to solve all the problems of security, transaction speed, scalibility, high gas fee found on Ethereum recently, and how you plan to implement it.
@MasanariToyko
Mr. Thomas: GUM Swap will migrate into the Polkadot ecosystem in Q2, 2021.
We do not have that much of problems on Ethereum actually, despite all the FUDs around it.
The reason we building on Ethereum is a safe choice and makes sense for GUM now because Gourmet application can be expressed easily as a smart contract, our use case is affordable in terms of gas fees and you don’t need a large amount of transaction throughput or control over the underlying economics of our system, or if you need interoperability with other Ethereum ecosystem projects at launch. Development on Ethereum is generally going to be simpler than Polkadot.
If on the other hand, in the future our application is best served by a dedicated blockchain, if it needs higher transaction throughput performance, our user want full control of the environment, state transition function, storage, and economics that your application runs under, and if you are okay with higher implementation complexity, or have use cases that require integration across blockchains, Polkadot will satisfy these requirements.
Q5. What do you think about the explosion of the NFT + DeFi association, which has generated such great interest in the world? How does Gourmet Galaxy take advantage of this reality and how does it take advantage of it?
@deminfur
Mr. Thomas: The booming of NFT + DeFi is a natural step to the Blockchain Industry. If you read our whitepaper, you will see that I heavily stress on our intrinsic value, and majority of DeFi tokens have no use cases.
GUM will solve that problem.
But I think the most important thing about the NFT wave is that it usually comes under the gaming/easy to use interface, and that really helps to drive adoptions. If you notice, the last DeFi wave projects all name themselves after a type of food, in order to make things more friendly to the users.
Gourmet Galaxy is not an exception from this. We try to put a friendly UI/UX on top of the whole DeFi Ecosystem in the future. It will not be an easy job, or a steady job. But I hope we can achieve it one step at a time. First, acquire users. Then, educate them by using NFTs profit model. After that, adoption of Decentralized Finance.
CF: We are so excited to hear more about this qualified project.
In Part 3 – free-asking, all members will have 2 minutes to make questions for Mr. Thomas today.
Part 3. Live questions
Q1. You clarify that Gourmet Galaxy is “Built on Ethereum but Developed by Polkadot “, but really why? Could you give us more details about why not build it and develop it in the same chain?
Mr. Thomas: Building on Ethereum is a safe choice and makes sense for GUM now because Gourmet application can be expressed easily as a smart contract, our use case is affordable in terms of gas fees and you don’t need a large amount of transaction throughput or control over the underlying economics of our system, or if you need interoperability with other Ethereum ecosystem projects at launch. Development on Ethereum is generally going to be simpler than Polkadot.
If on the other hand, in the future our application is best served by a dedicated blockchain, if it needs higher transaction throughput performance, our user want full control of the environment, state transition function, storage, and economics that your application runs under, and if you are okay with higher implementation complexity, or have use cases that require integration across blockchains, Polkadot will satisfy these requirements.
Q2. Hello @thomasatgum @kunchoktsomoreal GUM Swap and GUM Farm have sufficient security to protect against Hacker attacks since currently any leak can cause a disaster?
Mr. Thomas: Yes, we are under audited by Certik, one of the most reliable insurance/auditing firm in the industry.
Q3. I learned about your interesting project. So can we trade FOOD or any individual products created from PLANET? That will make the game more interesting.
Mr. Thomas: Of course you can, that is the whole point of Galaxy Market.
At first there is no FOOD available, so users must buy them from the Galaxy Market from Gourmet Galaxy. But after sometimes, users will easily trade FOOD, PLANET and other NFTs on Galaxy Market!
Q4. When will GUM start being listed on any DEX?
Mr. Thomas: GUM will start listing on Uniswap few hours after the IDO, so you can buy GUM easily.
We also have plan and discussing with a top 5 CEX about GUM listing, so stay tuned!
Q5.
1-Increasing Token price
2- make Token Valuable
3-Building Community Trust
From 3 aspects above,. I want to ask,. Which one the most important for you??
If all above are important for you,. Which one that Will you do first??
Mr. Thomas: The most important thing will be to make Token valuable. And that is the whole point of our Tokenomics: with NFT, we increase GUM demand -> token price will auto rise along with community trust.
Product is always the most important thing!
CF: Seems like there’re many things to exchange, but I’m afraid the time is up now. Mr @thomasatgum has finished all of his answers already!
Thank you so much for taking your time to join our AMA today, as well as thanks for hundreds of good questions from our community.
For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below:
Announcements: https://t.me/gourmetgalaxy
Join group chat: https://t.me/gourmetgalaxy_chat
Website: https://gourmetgalaxy.io
Twitter: https://twitter.com/gourmetfinance
Medium: https://medium.com/@gourmetgalaxy
Gitbook: https://gourmetgalaxy.gitbook.io/gourmet-galaxy/
