On August 4th 2021, our community had a chance to welcome Paribus – is a cross-chain borrowing and lending protocol for NFTs, liquidity positions, and synthetic assets, powered by the #Cardano blockchain.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the Paribus directly greeted the community and provided detailed information as well as some key products and future plans.
Time: 09:00 PM (UTC + 7) on Wednesday, August 4th, 2021
Airdrop 500 USDT for the best questions in the AMA
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: Could you give us a brief introduction of Paribus and its key features?
Paribus: Of course I’d be glad to. Paribus is the first of its kind cross-chain lending/borrowing platform on Cardano. We have a sophisticated and dynamic interest rate algorithm that will unlock liquidity across chains through a range of crypto assets such as liquidity positions, synthetics, virtual land and NFTs. Our vision is to allow all of these crypto assets (and more) to be used as collateral for loans taken out in standard cryptocurrency.
Question 2:Next, please share your roadmap of Paribus and how it is progressing so far.
Paribus: We are on track to meet all of our goals that we have internally, these are exciting and busy times for us. Currently we have not released our roadmap, but will be doing so before IDO. So please keep up to date with us for when we release this. There will be many important milestones along the way and we can’t wait to share with our community! Our roadmap will detail the path to MVP, integration to Cardano, and much more. Our development team is top notch and are dedicated to making Paribus an excellent product
Question 3:Could you update some hot news or big events of Paribus to attract more users in the coming time?
Paribus: Yes I’d be glad to share. We have a variety of very informative AMA sessions such as this one, we believe that these are a great way for communities to get to know us better. We will actually be having a twitter space AMA hosted by our launchpad CardStarter, this Friday 9am PST. This AMA will be via audio and we think it will be a great way for people to really hear what we’re all about. Also our litepaper will be released this week, these technical documents will allow people to understand more about us and attract users who are interested in knowing about our vision in detail. Additionally, we do have big announcements coming. I can’t give any details but I know it will make many more people interested in Paribus.
Questions for Part 2 – Pre-collected questions from Twitter:
Question 1:Please tell me the history behind Paribus, can you share a bit about the background of the project’s founding team. Numerous types of NFT platforms are on the market currently, so how confident do you feel about Paribus competitiveness? @MeagerOphelia
Paribus: Sure, first a bit about our team. Deniz is our CEO and Co-founder of Paribus. He has been in the blockchain space for 5 years and has worked as a software engineer for 10 years in various companies from start ups to corporates. Myself, Wilson am the COO and Co-founder, I have a background in the traditional finance field. Through which I have gained expertise in a variety of BD and operational areas during my time at top financial companies. Simon, CTO and Co-founder, has been in the blockchain space since 2016 and has taken on crucial roles in various projects to develop their products/ecosystem during this time.
At Paribus we understand the competition, but we honestly aren’t in competition with NFT platforms. We are essentially a borrowing and lending platform but we utilize conventional assets, such as ADA and ETH, but also unconventional assets, such as NFTs and virtual land for the collateral on loans. This is an innovative approach that we haven’t seen complete in one platform yet. This is why to took the decision to create it ourselves 💪
Question 2: Along with the upcoming ICO event of Paribus can you share the conditions to participate in the ICO and where will the Hold’ers holding PBX get passive income from? How does the profit help the community have a safe place to invest before market fluctuations? @KienTra66223037
Paribus:Sure our IDO will take place with CardStarter. We’re very pleased to be partnered with them, they are the first insured launchpad and accelerator for Cardano. They are leading the way for projects to join and grow in the Cardano ecosystem. They select only the best projects that they see real potential in and have a true use case. I would recommend that you visit their website to see all the great things they are doing and how you can participate in the IDO with them. In regards to Hodl’ers, this would come down to the benefit of the PBX token. PBX holders will be encouraged to hold as doing so they can part in our liquidity programs and will get to share profits. They will also get better rates on borrowing from our platform. Plus they will be able to shape the direction of Paribus through improvement proposal
Question 3: With lending, borrowing, staking synthetics assets and collateral-based loans, Paribus is a great competitor of conventional banks. Can you be more specific about these features, are they user-friendly and secured compared to traditional services? Do you plan to intergrate more? @BrutyTamela
Paribus:We believe so too, as more and more people are moving to crypto, we see a growing opportunity to gain the support of these customers. The way DeFi and specifically Paribus works is completely different than big banks. With the use of PBX, our holders will be able create, vote and implement improvement proposals. Our community will be able to add new features and edit existing functionalities with the power of PBX Governance. This democratizing of our entire protocol is something traditional banks would never imagine doing. We will also continue to take an adaptable approach, and we have created our technology in such a way as to be able to incorporate whatever new crypto assets the future has in store
Question 4: To protect the artists and buyers, you will need first-rate security. How can we be sure that our art is safe and that it cannot be stolen? What are the safety protocols Paribus have in place to ensure smooth transactions? Do you feature KYC protocols? @GeiszJong
Paribus:We love artists and creators, I myself have been involved in such things throughout my life. But our platform is really open to anyone who wants to borrow and lend. Owners of NFTs, LP tokens, or even ADA will be able to use our protocol. In regards to security, this is something we take very seriously. We have leveraged tried and tested tool stacks, and aim to use stable and mature versions of whatever piece of technology we’re using to develop. We are working closely with the gurus on KEVM and Plutus to reassure ourselves that whatever tool we use is secure. We additionally of course will be going through extensive testing during development. On top of that any code being deployed will be audited by top auditing firms. Because we are decentralized, there will not be a KYC process. This trustless system is key to how we operate, but does not diminish the security that we have in place.
Question 5: Are you on the same page with us that the power of a strong community will lead to the sound success of a blockchain project? Do you have a good marketing team, or enough financial resources to approach more global community members? @MiraaTrann
Paribus:Yes absolutely! From the very beginning, we have always kept our community and users at the forefront of our minds. We realize that having a strong community and satisfied users is a vital key to the success of any project. We will listen to our community through feedback on social media and any other places we get comments. The creation of the PBX token and its strong governance abilities is also fundamental to allowing for collaboration. Creating and voting on improvement proposals will truly make Paribus a democratic project where the power to direct the course will be in the hands of our community. Our marketing strategy is in place we we expect to see a lot of growth soon. We also have the backing of excellent partners within the Cardano ecosystem as well as the crypto space in general. Through these strategic partners we will be able to expand and have new communities join our own.
PART 3: BEST LIVE QUESTIONS IN CRYPTO FAMILY GROUP
Question 1:Do you have a user manual or short videos that would guide potential users of the project to safely navigate your platform?
Paribus:Not at the moment, we plan to release an informative video around the time of our MVP launch. The roadmap that will be released soon will have more information about the timing of the MVP
Question 2:Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?
Paribus:We currently do have a YouTube channel. There has been some support from people interested in our project though. If you search for Paribus crypto on YouTube you should be able to see videos from those who have a genuine curiosity in what we are doing at Paribus.
Question 3:From where you get the project name? What does it means to you? And why did you choose this name for your project? What is your mission and vision to build this project? What do you want to achieve in future?
Paribus: Our name was inspired from a quote by Alfred Marshall, an 19th century economist. He uses the phrase “ceteris paribus” is latin for “all other things being equal.” We essentially have to take each piece of the puzzle one step at a time. We believe that it is important to have a strong name that connects our users to have an intuition about what type of company we are
Question 4:What is your biggest challenge during the time that you build your project? How do you feel when you overcome this?
Paribus:There have of course been many challenges along the way. I would say that one challenge working with Cardano is that, it’s in such an early phase of development, but it is one challenge that we are more than prepared to handle. We will continue to work with the Cardano ecosystem and will exchange ideas on proposals to stabilize the ecosystem for all future iterations to come.
Question 5:Covid-19 has a bad impact in almost every sector. So, as a crypto project, how did it affect you? How have you and your team done the work in the pandemic?
Paribus:Yes we have all felt the impact of Covid-19. It has been a difficult thing to deal with. We are fortunate to be able to communicate virtually and continue the work in the crypto space. Our team is international so we would be communicating via zoom either way. We realized we are very lucky to live in the time that we do
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below: