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Disclaimer: ARK is regularly hosting Ask-me-Anything's of upcoming and promising cryptocurrency projects. Keep in mind that ARK has no competitors - only future partners.
Justin (doubled1c3) Let us all welcome the team from https://ocryptounion.io/ - you all will be speaking with a huge squad today! @Rømain, @adli, @Fab_ØCU, @Ben Sunderland, @Paul, @Anna. You can all start asking them questions. I'd ask the team from OCU to use @ username to the one responding (no nested threads) and all of the community to give them some time to catch up if too many questions in backlog, before asking more, so questions don't get lost. Please refrain from off-topic or bot use, they will be respectfully deleted. Thank you and let's begin! :ark:
Let's start off with everyone, check in and mention what you do at OCU, then, the big one: are you launching an ARK delegate node for forging and if so when would that be? Would there be benefits for your voters who will be using your crypto union services?
adli Hi all, I’m adli, Chief Strategic Officier and partner. I will be glad to answer all your questions ! :wink:
Ben Sunderland Hi everyone! I'm Ben, the community managecustomer support for Ø :slightly_smiling_face:
Rømain Hello everyone, I’m Romain and I’m the Chief Marketing Officer for Ø Crypto Union!
Anna Hi all, I'm Anna, Business Developer with Paul!
Paul Hi everyone, I'm Paul and i'am part of the business developers team with Anna.
Anna We are thrilled about the new partnership between Ark and Ø. We're really proud of what we're building here, so we look forward to answering your questions as efficiently as possible. Of course, if you have any request for any of us individually, send us a DM!
Jarunik How do you pronounce the ø ?
Justin (doubled1c3) How do you say the name?? :joy:
adli @Jarunik Like you want. We say it like a classical O
Justin (doubled1c3) "Naught?"
adli Like Origin
Rømain OOOOO Crypto Union
Justin (doubled1c3) ah, I see!
Ray.Alva I’m learning so much already haha
Justin (doubled1c3) so to clarify it's not Zero Crypto Union?
adli But language is freedom as all our lovely decentralized protocol :wink: So you have the choice :wink:
Ray.Alva That was one of my main questions
alexesm Welcome!
Jarunik What is your token and what is his spec exactly? ... it is a bit confusing based on the history.
adli Nop it is not Zero ! :wink: it’s :100: !
Justin (doubled1c3) excellence
adli @Jarunik The token is currently an ERC223 security token. On Ethereum But we want to replicate our token on all chains, because protocol are just a usefull base for us And a way to decentralized the governance, automatize the process and just to live in the right era :slightly_smiling_face:
Jarunik Ok ... so what can i do with the token besides the memberships ?
Anna About the original a simple idea of Fabien was to use the blockchain this transparence efficient, the value of the crypto ecosystem and the censorfree border free of it to create funds that can make a difference in a ground, helping entrepreneur and population to able them to self start broking social barrier and access to capital :slightly_smiling_face:
adli Token give you right, financial, governance and usage !
Rømain @Jarunik Also the tokens are a contribution that help our community build the ecosystem as all of this is very costly like you can imagine. As a cooperative, our token are actually a share of the company, we assume our status of security token
Justin (doubled1c3) I heard plan to launch delegate on ARK mainnet... True? What are all the details?
Jarunik Which rights or benefits do I get for the token right now besides membership? Is there a dividend? Or something else?
adli @Justin (doubled1c3) Yeah, because if we have Ark in custody that doesn’t vote for a delegate, we should use that vote weight for our proper delegate to participate in the Ark Network But the goal is to permit each users to keep his vote choice
Rømain @Jarunik Indeed, there will be dividend from our token as soon as we launch the final products, the requirement will be to pass a KYC
Justin (doubled1c3) So what that means is users can send ARK to you for custody, and recommend a delegate to vote for, but if no recommendation, autovoting for the OCU delegate, correct?
adli @Jarunik, as we are a security, when you have the token and you are whitelisted after KYC, you are a full shareholder
Jarunik ok understood. Thanks for clarification.
adli @Justin (doubled1c3) absolutely, you get it right !
Justin (doubled1c3) Perfect here's another question If someone sends you ARK for custody and recommend delegate X, does the user get all the voting rewards added to their custody, or do you take some management fee for that? Some people asked me
adli We should take some minor fees, because of the risk managing and the custody maintaining.
Justin (doubled1c3) ok any idea on the percents you will take yet?
adli We have not make the precise calculation now, but it will be like an exchange or broker fees
Justin (doubled1c3) of the voting rewards given by delegate X
Jarunik I understood that you will use a loan to value ratio (LTV) of 40% of Ark. As we know from the past there are often crashes of up to 90%. Will you have some special measures for this case or will you straight out liquidate?
Justin (doubled1c3) thanks @adli that answers my question
goose Why the need for a special ocu delegate? Why not use funds that are not directed to a users delegate to other existing delegates? Especially if the volatility could cause ocu to bounce in and out of the top 51?
Justin (doubled1c3) I think they plan to activate special features or advantages for ARK users if their OCU delegate is forging @goose. Is this true?
adli @Jarunik The 40% is a base calculation. But we are currently elaborate a risk model to give you a more accurate percentage. (like the median of the last 30 days.) There is no 0 risk of margin call. But we want to offer a safe use and will no try to give to much loan compared to the backed asset and his own volatility.
cam (og) If we need to transfer to a new wallet and a new vote needs to be cast who pays the fees? Or can it be added to the payback debt?
adli @goose Because we want to participate in the Ark Network and be independant. But if it is not efficient, we will try to partnership with delegate. It’s juste a try and improve process with no particular risk
cam (og) What countries are barred from partaking?
Justin (doubled1c3) lets let team answer @cam (og) then my question, then ask more thanks for all the questions!
goose I would just worry that if they have their own delegate an are on the cusp of being in or out of the top51 there is the incentive not to go with a users vote if it can keep the ocu delegate forging.... I think there would have to be a lot of transparency around that process
adli @Justin (doubled1c3) Yeah you’re right
Rømain @cam (og) for now USA is restricted because of the regulation there about the security tokens we hope an improvement very soon, and we’re working very hard with our legal team to solve this issue
Jarunik What is your estimates ... will you have enough demand for the really high interest rates of more than 12% yearly compared to 5-7% of banking lombard loans?
adli @cam (og) Even if we make our own delegate, we will be ask you to confirm that you vote for us and choose to pay a fees. Same for the other delegate. (maybe the most high membership will have offered fees.) @goose Yeah the process will be fully transparent. The idea is to collaborate with the Ark Ecosystem, not to compete with him.
Rømain @goose transparency is one of our main concern
Justin (doubled1c3) Can a random ARK user vote for OCU delegate, and receive voting rewards from you, just because they like you? or, does voting require KYC and registration on your platform?
adli @Jarunik I want to know which company offer you Lombard Line at 5-7% on crypto :slightly_smiling_face: ? We think and calculate that there is a huge demand in crypto area for loan. You could see how much projects emerge and had waiting list. There is a real need to bridge classic economy and crypto economy. We want to deliver aside of that some payment facilities, and that is the best ways to use crypto without selling it and keep the bullish state of mind :wink: @Justin (doubled1c3) Yeah, it should be possible ! We are currently creating a legal structure for our pool activity, different than O Crypto Union. So if there are different rules on pool business, the main entity will not be touch. But we should give better fees rate for registered users :slightly_smiling_face:
Justin (doubled1c3) OK, when you launch the delegate node, be sure to put your proposal on forum.ark.io and arkdelegates.io!
adli For sure !
Rømain @Justin (doubled1c3) sure we will :wink:
Jarunik and don't double forge :stuck_out_tongue:
adli for sure too :stuck_out_tongue:
Rømain triple forge only for us :wink: (edited)
Justin (doubled1c3) For the reddit log, here is the link explaining more about OCU: https://blog.ark.io/building-an-ecosystem-ark-announces-partnership-with-%C3%B8-crypto-union-ee11f740c32f (edited)
cam (og) So what's the next step after this? How does this scale into other ventures? You release the card. You have customers. Everything is great. Does it stop there?
adli The long term goal is to be a decentralized fully regulated bank With all the services of a bank
Blockhunter Sounds too good
Justin (doubled1c3) That is really cool
adli and a seamless connexion between the two universe
cam (og) On what? Ark?
Justin (doubled1c3) ARk and others
Blockhunter Connection*^
cam (og) Because as it stands you'll be on multiple platforms, right?
adli Yes We are agnostic and want to build relationship with protocol to have a better integration and user experience
Justin (doubled1c3) Similar to cam's question, are you going to use ARK v2 toolkit to launch a bridgechain, to handle some aspects of your platform?
goose Will there be any opportunity for delegate partnerships with ocu? For example if I work with ocu and offer lower rates than the standard if they were a voter of mine? Possibly as a service offering.....
cam (og) Who is your top competitor and how are you better
adli Ideally you should have your GXE on your preffered chain
Rømain @cam (og) that’s only a small step for us tbh, we want to create a DEX also to tokenize SMEs, human potential... You can find more infos here https://medium.com/ocryptounion/%C3%B8dex-traditional-finance-through-securitization-a0b175fda5e0 (edited)
Justin (doubled1c3) ok ok let's let them catch up now thanks for these questions!
adli @goose That was the kind of stuff we think about :slightly_smiling_face: We keep that in mind and will think about an offer :slightly_smiling_face: Thanks for your interest and all your questions and sorry for my typo and bad english :slightly_smiling_face:
Maison People borrow coins that are 'supplied' by staking rewards of voters?
Justin (doubled1c3) It's all good!
Rømain @cam (og) we have a few competitors, mainly NEXO and SALT Lending. Salt Lending has the advantage to be able to lend in the US but not in the other part of the world We made this to analyse the competition https://drive.google.com/file/d/11ySN5FjwE29WXnR1VfkfdwrepAr2DrN7/view?usp=sharing
adli On loan side Nexo seems to be the more advanced On payment monaco has some succes On market area and exchange side (not in this chart) polymaths and other competitors seems to build strong things
Justin (doubled1c3) Nice, let's do my questions, Will there be ARK v2 bridgechain?
adli But our idea is to maybe cooperate one day with these companies if we have great legal agreement
Rømain @cam (og) Also, we aim to be the first to have a proper banking licence
Justin (doubled1c3) @Maison people use coins they own to get FIAT loans, voting rewards are added to your borrowing power
Maison And how are you ensuring users WILL pay back?
Justin (doubled1c3) They collateralize the loan with your coins, that they hold and use to vote on your behalf so if you don't pay, they own your coins
adli @Justin (doubled1c3) For the Ark Bridgechain, we must have some discussion with the Ark tech team, but yeah we want to interconnect ark and our ecosystem and token
Maison Yeah but you can take a bigger loan right
Justin (doubled1c3) This is excellent thanks
adli @Maison No You can only as a portion of your backed crypto It is balanced according to the volatility of assets and other parameters
Justin (doubled1c3) So for example if you supply 10000 ARK to them you get 4000 ARK worth of FIAT borrowing power
Maison Then whats the purpose of fiat loan? So you dont need to sell your tokens (that might pump in price)?
adli We want to offer secure loan and secure debt
Justin (doubled1c3) That's just an example
adli @Maison Yeah, you don’t need to sell your token, so if the token goes up, you doble win You have a great life And you have great capital :wink:
Maison And if goes down
Justin (doubled1c3) Then you can add more ARK to them, or let them liquidate
Maison Just wondering if there will be a point it is not ensured that it will be paid back Or will you not look at fiat value?
Justin (doubled1c3) Crypto loan strategy should probably be a separate thing, maybe an article or Reddit post @Maison kind of hard to lay it all out in realtime
Maison Im just wondering since it happens with visa too
adli Your loan capabilities will always be updated according to the price, volatilty and many others parameters
Maison And what the protocols are
Justin (doubled1c3) Can you give some country names who will be among your first customers? or is it all of EU etc?
Anna @Justin (doubled1c3) Our first customers are in France
Justin (doubled1c3) Cool
Anna But we already have other customers in EU :slightly_smiling_face:
Rømain We have interest from all over the world right now, like I said USA is the only one to be on hold for now
Justin (doubled1c3) How long has it been since you first started working with Malta government to obtain licenses?
mike i would think it would require forced liquidation if price goes below 40% of original price when loan was taken out but sounds good otherwise.
adli YEah
mike just need plenty of warnings to borrowers as price approaches that limit
adli @mike And we want to give indicators to be fully transparent with our customer. The idea is to permit you to choose what strategy you want. For example if you want to be extremely secure, just keep under 20%, medium 30%, etc etc For the warning, for the anecdote, it was one of the first screen we designed for the app !! :stuck_out_tongue:
Maison To loan do you need any KYC?
Anna @Maison Yes
Maison Will you have access to the list of 'fraudulent' payers that the tax governments shares with companies?
adli @Justin (doubled1c3) We are working with Malta since 2-3 month and are working on several ways to have an EMI. (we cannot disclose all for the moment)
Justin (doubled1c3) OK great
cam (og) So I take a loan on my ark ... my tokens are all locked until i'm paid back in full?
adli @Maison We must check if people are not in a blacklist during KYC
Maison Ok great
adli Legally we cannot do another way @cam (og) Yep
cam (og) Or can I pay back portions to unlock portions?
adli At least the portion that cover you’re loan
Maison But on the other hand you will not monitor any transaction once you give the loan right? Privacy
adli You can reimburse how you want It is a credit line and not a basic loan
Justin (doubled1c3) the loan is given in FIAT to you @Maison so you do what you need to do at that point
adli that is why we call it Lombard And you can reimburse in what money you want, same for interest
Maison Aha yes fiat i forgot
Rømain exactly @Justin (doubled1c3) @Maison
Maison Sorry mb
adli @Maison Yeah we will monitor all the transaction and assure that everything is OK
Justin (doubled1c3) do you have any North Americans on your team right now?
adli Not right now
Maison Ah that means if someone tries to use it on online casino you can block it?
cam (og) Couldn't I buy infinite ark on loop with your product if I find a service that sells for ark with no mark up? :trollbounce:
adli @Maison Not that way, we don’t want to censure you. You wan get back your token, but me must keep an eye on your loan capabilities to not liquidate you.
Justin (doubled1c3) @Maison question unclear, why would you send FIAT to an online casino if you're not supposed to?
adli @cam (og) You can try but I think at the end it will be SFYL :wink:
Rømain @cam (og) Inception style
Maison Some people try to get rid of their debts the quick way
Justin (doubled1c3) Does your customer gain more lending power as their reputation with you gets better and better? Does the loan always have to be fully collateralized
adli Nop, the lending power is only calculated on an asset basis We don’t want to take any risk on that, only secured loan and secured debt
Justin (doubled1c3) OK thanks for that answer!
Rømain Fees can be lower with a upper membership though
Justin (doubled1c3) What would be the smallest loan amount you would service? In theory
adli No minimum in theory
Justin (doubled1c3) OK
adli If we have payment capabilities and e-money capacity it will be even easier the limits are only the membership acces you sould hold some company token to be part of it and use the services
Justin (doubled1c3) Now I understand that the KYC and registration is very manual, lots of human work. After that process, how automated is the process for getting funds and doing loans? Are there lots of man hours each time, or is it more automated?
adli For the moment, we made improvements little by little But obviously, we want to automatize the process. We are in talk with KYC firm, custody firm and some payment middle-back office company.
mike what does the Ø stand for?
Rømain We also have some NDA with KYC companies :slightly_smiling_face: @mike Ø can stand for a lot of things, your imagination is your only limit. Our vision is about the Origin, because the Origins of the banking system in one of main inspiration for us
mike thanks, been wondering that since first saw it a few weeks ago.
adli So everything should be the most automated possible. But if we must be a little longer because of security, we will always take security issues in priority. For example, cold storage is more difficult for automation, but as our services is on hold token, it should not be a problem if the withdraw take a little more time for security purpose.
Justin (doubled1c3) Thanks!
mike like the idea a lot
adli @mike A world were bank was not fractionnal for example :trollark:
Justin (doubled1c3) Get ready to be asking your final questions everyone!
adli thanks again for your interest :slightly_smiling_face:
votequimby good AMA!
Rømain @mike you can find more info about our definition and inspiration of a ‘Crypto Union’ here https://medium.com/ocryptounion/what-is-a-crypto-union-cd118004bae3 (edited)
mike yes, there was a private gold bank which used to make fiat loans using deposited gold as collatoral from the 70s through the 90s
Justin (doubled1c3) I'm going to ask the final final questions in 5 minutes, does anyone have any more questions for the OCU team?
Rømain Indeed, before that The Medici Bank is also another inspiration for our ideas
adli We want to use the most modern ways to do banking but with the principle of original banking. Only real asset, cooperative system, usefull and not crazy :slightly_smiling_face:
mike any chance the interest rate can vary accoding to the reserve chosen to reflect risk, like choosing 20% reserve givers lower rate than choosing 40%?
Justin (doubled1c3) ^ great question
adli We haven’t thought it that way, but interesting idea, thanks ! We will keep that in mind :slightly_smiling_face: But you’re interest is only on your expenses not on your loan capability If you only spend $20 fiat value and have capability of $4000, you have only interest on the $20 Pay interest as you go :wink:
mike yes, one major risk area is if a flash crash causes liquidation below the 40% reserve, and can also cause forced liquidation when the price actually rebounds back above.
Justin (doubled1c3) Right we completely forgot that your borrowing power is available in a debit card, not FIAT given into a bank Mentioning this for the reddit log
mike it;s more of a line of credit as they said
adli Yeah, that’s why we have financial engineers to make the best model possible and we will let you know what is the risk. But we want to only have secure loans @Justin (doubled1c3) Yeah, we are in discussion and in process to have a lot of payments facilities ( debit card, e-money wallet, and other)
Justin (doubled1c3) Excellent, now we will ask the final final questions and close this great AMA!
1) When launching ARK delegate node? 2) General guess, when able to issue loans to first customers? 3) Do you have a twitter?
adli 1) We doesn’t have a date for that, the most important is to permit our user to start the beta and try spending.
mike the interest rate for loans backed by a given coin should reflect the volatility of the coin and accompanying risk
adli But as soon as we can and we have structured it 2) We already have issued loan for a few beta users
Rømain 3) Indeed we have a Twitter, you can find us there with the magical writing of @Ben Sunderland https://twitter.com/OCryptoUnion (edited)
adli And we will keep like that till we have a fully regulated entity that can make loan we do not want to be Icarus We will take the necessary time to give great and safe services but we try to go as fast as we can
Justin (doubled1c3) Many thanks! This is going to be a really cool partnership and we're pleased to have you with ARK. Let's all thank the OCU squad! Please guys, on news, feel free to post in our reddit if pertaining to ARK users as well
adli For Ark the first customer should be in the middle of September
mike ØCU...
adli Thanks for your interest, questions and the invitation !
Justin (doubled1c3) clearly I'll have to configure a macro key so I can type it hahaha
adli See you soon :slightly_smiling_face:
Anna Thank you everyone, we had a great time-sharing information with you. We will make another AmA session on our Discord (https://discord.gg/scuTtCm) on Friday, same time. We hope to see you there! If you have any private request, you would love to talk about it with you in DM in this Slack or in our Discord :slightly_smiling_face: (edited)
mike thanks, good meeting you all.
Justin (doubled1c3) Excellent! Adding your discord to my list now
Rømain Thank you everyone, we are available nearly 24/24 on our Discord :wink:
Ben Sunderland Thanks everyone ! ( to type 'Ø' hold 'alt' and type '0216' ) ! :wink:
Justin (doubled1c3) OHH thanks Ø!
alessio (delegate 'fun') alt-shift-O on a mac :stuck_out_tongue:
adli And a little new, we are are now on coingecko :rocket: if you want to follow the token. (it is GXE)
Justin (doubled1c3) the token is GXE
adli Ø-Ø absolutely
Justin (doubled1c3) all right everyone, this AMA is done! Great one. Let us all now return to our trading alts discussion, the MACDs and the RSIs and the Ichimokus, cheers!