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Building a multi-chain protocol: An interview with Kommunitas co-founder Robbie Jeo

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The blockchain trilemma poses a challenge for developers as they face the problem of integrating decentralization, security, and scalability into their projects. This could lead to compromising on any one aspect and thereby an inability to achieve all three concurrently.

Kommunitas is aiming to solve this problem and level the field by enabling developers to launch their projects on the Kommunitas platform while fundraising across multiple blockchains. It is providing a tier-less system that would give every user a chance to be eligible for an allocation in spite of the tokens they hold.

The platform aims to integrate the community in a wholesome manner by enabling them to approve projects that are launched on the platform’s launchpad.

Talking to Robbie Jeo, the Co-founder of Kommunitas we learn more about the Kommunitas platform, their tier-less system, $KOM token, and their roadmap.

1.  Can you introduce yourself?

My name is Robbie Jeo, I am the Co-Founder of Kommunitas and currently, my role is that of a Business Development Manager in Kommunitas. I am in charge of all business-related aspects, such as but not limited to marketing, partnership, and exchange listing.

I am a businessman with 10+ years of experience in the business field. Moreover, I have been investing in cryptocurrency since 2017. What I can say is that cryptocurrency is just like any other business, but is still at its early stage. 

2. What was the vision behind creating the Kommunitas platform?

Kommunitas was built based on our experience that when we want to get into a Launchpad like BSCPAD and Polkastarter. We did not have enough capital to purchase the minimum amount of its native token to be eligible for allocation of the newly launched token. We have also got into a situation where we wished to purchase a token on Coinlist but only 10% of the queue got the chance to purchase.

There was a 4 hours waiting in line, but our effort went in vain, as there were 300,000 people who wished to purchase the token, but only 37,500 people succeed in purchasing the token. In addition, another pain problem that we have faced was that we never got whitelisted on many IDOs or ICOs for many projects, and we suspected that the whitelisting mechanism has a lack of transparency.

Based on these experiences, we thought that it would be a good idea to create a tier-less Launchpad. This is how Kommunitas was built and our vision is to be on top of the mind of crypto traders and investors when it comes to a Launchpad.

3. Could you tell us more about the tier-less system that you employ in terms of project fundraising initiatives?

A Tier-less system means that holders of KOM or investors who want to purchase newly launched projects do not need to hold a specific amount of KOM token to be eligible for that specific token.

Normally, in other launchpads, investors will need a specific amount of native token, and this tier system allows only those with enough capital to purchase newly launched tokens.
Kommunitas will be using this formula to calculate each address’ allocation:

A = amount of newly launch token (let’s say $NEW)

B = total $KOM staked.

C = $KOM amount that you stake.

X = amount of NEW token that user can buy

So, X = C / B A

Let us say

A = 1.000.000

B = 400.000.000

C = 400.000

X = 400.000 / 400.000.000 x 1.000.000

X = 1.000 $NEW 

So, that particular address is entitled to purchase 1000 $NEW.


4. What is the Multi-Chain System on the Kommunitas Platform?

Initially, we built Kommunitas and $KOM token on the Polygon chain. And within a couple of months, we will bridge our $KOM token to other popular blockchains like BSC and HECO.

By bridging the $KOM token to other popular blockchains, we are expecting more exposure to other blockchains. This will also provide the project that wants to launch with us to attract more users and enable them to raised funds with the native token of those chains.

This is what we meant by the Multi-Chain system on the Kommunitas platform.

5. Tell us more about the $KOM token and its use cases with regard to the platform.

$KOM is the native currency for the Kommunitas platform. The total supply of $KOM is 40 billion. Almost 70% of $KOM tokens are locked with a 3rd party locker which is DxLock and will gradually be vested until the 1st of September 2025.

For the proof of Lock, please visit https://docs.kommunitas.net/tokenomics/token-distribution

The use cases of $KOM token are: 

  • $KOM token holders will also be able to stake their tokens and earn an interesting yield on the Kommunitas platform and other partners’ platforms.
  • $KOM token holders will have the right to vote for the future development of the Kommunitas platform and all the projects that will be launched on its platform.
  • By staking $KOM, users will get guaranteed allocation of a newly launched token, and thanks to its tier-less system, users do not need to have a minimum holding of $KOM tokens for a guaranteed allocation.

6. How is the platform ensuring the safety and security of its users specifically with IDOs?

Security is always our priority. First, we have passed a full smart contract audit by a company name TechRate.

The detailed report can be downloaded at our documentation part of our website https://www.kommunitas.net.
Moreover, to ensure a high level of security, we have onboard Mr.Souhail Mssassi as our Security Advisor.

Mr.Souhail Mssassi has many years of experience in the Smart Contract Security fields and currently works as CEO of ShellBoxes and Offensive Security Engineer at Halborn.

7. Community engagement is an essential part of any platform. What measures are you taking to make sure to grow your community?

Yes, we believe that we are nothing without our community. That’s why we name our platform “Kommunitas”. Kommunitas was inspired by the original word of Community, which is from the Latin word Communitas, meaning “the same”. Therefore, Kommunitas is a community, which shares the same vision and goal to get a capital gain in the cryptocurrency space.
Currently, we have more than 55,000 members in our telegram group and twitter followers. We ensure that we update every single development of the project in the telegram announcement and other social media as well, and we can be proud that we have more than 7 other speaking telegram groups with caring community moderators.

For more information about other region telegram groups, please visit: https://www.linktr.ee/kommunitas

8. So, what are the benefits or advantages for projects that will launch on the Kommunitas platform?

Kommunitas will play as a one-stop solution for a project that wants to launch on its platform. As we have our experience in building up the Kommunitas platform from the scratch, we will also help other projects from the scratch. 

  • Kommunitas will help the project in terms of a marketing campaign, from social media influencers to news and media coverage.
  • Kommunitas will also help the project to get audited for its smart contract
  • Kommunitas will also provide a grant for the project if it’s deemed possible
  • And after raising some funds, Kommunitas will help the project in terms of listing on several Centralized Exchanges and Decentralized Exchanges

9. Do you have a Coin Burn / BuyBack system or a Token Burn plan to increase Token value & attract Investors to invest?

Yes, we have plans to implement the Buy-Back or Burning method for $KOM tokens. We are not against the Burn mechanism, but we think that it is inappropriate to implement the burn mechanism just several days after the Genesis / token minting like several token projects out there.

We will first be collecting transaction fees in the swapping or bridging functions, then from those fees, we will buy back some $KOM tokens and burn them.

10. What lies ahead on the Kommunitas roadmap in terms of updates and developments for this year? And how can we get up-to-date information about Kommunitas?

In the near future, Kommunitas plans to enable the staking function on its platform. At the time of this interview, the staking smart contract of Kommunitas is being audited by ShellBox before we can deploy it on Polygon Mainnet.

We are also in talks with several other Polygon projects, like UniLend, Polarisdefi, UniFarm, and PlotX. We believe by collaborating, we will benefit each other and get more exposure from their community.

After launching the Launchpad on Polygon Chain, we will also be bridging our token to other blockchains like Binance Smart Chain and HECO chain. 

To get the latest and up to date information about Kommunitas, please visit our website www.kommunitas.net and also read at our documentation https://docs.kommunitas.net 

Do not forget to join our telegram at https://t.me/kommunitas and follow us on Twitter https://twitter.com/kommunitas1

Disclaimer: This is a paid post and should not be treated as news/advice. 

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Source: https://ambcrypto.com/building-a-multi-chain-protocol-an-interview-with-kommunitas-co-founder-robbie-jeo

Blockchain

MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

Rate this post MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA. Past Performance of Decentraland On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75. https://www.tradingview.com/x/X0L58OoJ/ MANA Technical Analysis Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement: Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel. The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon. The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token. The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone. Day-Ahead and Tomorrow The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805. The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

The post MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon appeared first on Cryptoknowmics-Crypto News and Media Platform.

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MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA.

Past Performance of Decentraland

On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75.

TradingView Chart

MANA Technical Analysis

Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement:

Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel.

The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon.

The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token.

The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone.

Day-Ahead and Tomorrow

The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805.

The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

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Source: https://www.cryptoknowmics.com/news/mana-technical-analysis-expect-the-price-to-fall-below-the-first-fibonacci-pivot-support-level-of-0-655-soon/

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Blockchain

Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.”

Pat Toomey crypto crackdown

Rate this post With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry. China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey According to tweets by U.S. Senator Pat Toomey, China’s ongoing crackdown on cryptocurrencies is a big opportunity for the United States. “China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.” Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges. The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000. Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.” American Crypto Regulation Appears Still Unclear In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom” Recently our own SEC has been pretty hostile to economic freedom. — McChadald’s CEO (@mcchadald) September 24, 2021 For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan. In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.” Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

The post Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.” appeared first on Cryptoknowmics-Crypto News and Media Platform.

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With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry.

China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey

“China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.”

Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges.

The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000.

Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”

American Crypto Regulation Appears Still Unclear

In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom”

For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan.

In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

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Source: https://www.cryptoknowmics.com/news/pat-toomey-calls-chinas-crypto-ban-a-big-opportunity-for-the-u-s/

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Coinbase wants to be ‘an advisor, a helpful advocate’ for this purpose

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“While half of the lawmakers in DC have misconceptions about crypto, the other half have realized that the crypto industry is a huge opportunity….”

If that isn’t ambiguity on the part of United States lawmakers, it would be difficult to say what is.

Coinbase CEO Brian Armstrong touched upon the same in a recent podcast with Anthony Pompliano, with the exec citing his latest visit to the capital to expand on the regulatory uncertainty in the United States.

According to Armstrong, ordinarily, “the intense demand for crypto-industry regulation” is a good thing since it often accompanies the growth of the industry itself.

However, as far as Washington DC is concerned,

“They think ‘this is scary, this is dangerous,’ they have all kinds of misconceptions about the percentage of activity that’s for illicit activities. In their mind, they think it’s like 50% illicit activity.”

Not all lawmakers feel this way though, with quite a few in the Capitol recognizing that the crypto-industry is a huge opportunity.

“They realize this is a hugely important industry for the United States and every country around the world. It exists in a competitive environment where the U.S needs to attract these entrepreneurs and get these companies built here.”

American citizens want these products and services, and crypto is not a fringe thing anymore, he added.

Can the aforementioned concerns be addressed though? Well, yes. According to Coinbase’s own research, for instance, illicit activity accounts for less than 1 percent of all crypto-transactions. In fact, a higher percentage of cash is used for such activities worldwide.

Even so, denying people what they want can have huge repercussions in the future. According to the exec,

“There are tens of millions of Americans that want to use these products and services and they’re getting a benefit from it that they weren’t getting in the traditional financial system.”

An embargo in place?

It’s worth pointing out here that the exec didn’t hold back one bit when characterizing the situation in the United States.

“It’s almost like prohibition, historically. You can’t go out and try to criminalize something 50 million Americans are doing. You’re just going to turn them all into criminals, but they’re not going to stop doing it.”

The fact that these lawmakers have refused to meet with crypto-representatives, including those from Coinbase like Armstrong, further feeds into this notion of criminality.

Next steps…

What next? Well, Coinbase wants to propose a federal regulatory framework and “be an advisor and a helpful advocate for how the U.S. can create sensible regulation.” The expected proposal is set to be presented by the end of the month or early next month. 

How will such a proposal be received, however? Well, it’s difficult to say. After all, Coinbase’s relationship with the SEC recently took a hit after it was threatened with legal action over its planned lending products.

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Source: https://ambcrypto.com/coinbase-wants-to-be-an-advisor-a-helpful-advocate-for-this-purpose

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