LumiShare held a live AMA to discuss plans for 2023. Senior management was present during the AMA. This AMA was the result of community requests for more information regarding 2023.
AMA was hosted by Kevin, LumiShare’s YouTube manager, with the following guests in attendance:
Ben Sharon (CEO & Co-Founder at LumiShare)
David Munoz (Strategic advisor at LumiShare, Ex BlackRock Executive)
Apoorva Bajaj (Former executive at Polygon, GP Morgan, and chief of staff at LumiShare)
Tomer Nuni (LumiShare’s strategic advisor, entrepreneur, and marketing expert)
To begin, each guest introduced themselves as well as their respective backgrounds.
LumiShare’s CEO and co-founder. Entrepreneur for the past ten years.
David has extensive experience in traditional finance, having served as an executive at Credit Suisse and Blackrock. Ex-CEO of Deltek Global and Founder of Fastbank. Currently, David serves as the CEO of Vektrust and an advisor to Ben Sharon and LumiShare.
Digital marketer, advisor, investor, and entrepreneur with 22 years of experience. Investor in stocks and cryptocurrencies.
There were a number of questions asked by the host, including:
- How do you feel about the crypto market right now?
- What are your thoughts on the traditional stock market and recession
- What makes LumiShare’s $SRG different from stablecoins?
- In LumiShare’s ecosystem, how are gold, cash, and technology assets uncorrelated?
- What are the significant changes LumiShare is bringing to the crypto market?
- Is proof of reserve sufficient to demonstrate the feasibility of a project
- How is LumiShare planning to implement its vision through its native token?
- What is the status of LumiShare’s upcoming NFT marketplace?
- What is the first asset LumiShare plans to tokenize?
- How does LumiShare plan to implement tokenization?
- In order to create a community that believes in the project, what is the best method?
- Is there still a need for education in the field of blockchain and cryptocurrency?
- How does LumiShare’s roadmap look?
Below is the summary of some of the comments that guests had to make:
How gold, cash, and technology are uncorrelated:
There is a lesson to be learned from the crash of $LUNA, which was backed by $LUNA itself, Bitcoin, and other tokens. The assets were fully correlated and crashed when backup assets dropped dramatically.
LumiShare’s backup assets are uncorrelated, so we can rely on the other two assets if one asset does not move in the right direction. Due to its historical stability and trustworthiness, gold will be used first. A transparent and decentralized process will be used to store gold in safe vaults in Abu Dhabi, Switzerland, and Singapore.
With cash on hand, we will be able to react quickly and make a lasting impact, while technology (Autoburn mechanism) will achieve price stability and enhance the value of the coin. We believe that all these factors will contribute to the stability of the currency.
How are you going to implement your vision through LumiShare’s native token:
We are committed to transparency, especially when it comes to people’s money. That is why we are maintaining full transparency of our gold reserves and providing certificates of its quality and quantity. Moreover, we have cash reserves, and each month one of the top law firms will provide us with proof of funds.
We believe that trust will be built through a transparent process between the seller and the buyer.
Explain more about the NFT marketplace:
There will be a variety of ways in which NFTs will impact our lives in addition to JPEG images. They will represent real-life assets. We are developing a revolutionary disruptive platform for tokenizing real assets fully transparently. There are many problems in the current NFT market, including scams. According to OpenSEA, 90 percent of NFT projects are scams. Bad UI/UX is the second biggest problem.
The platform is being created to ensure that scammers cannot access it. The platform will be easy to use and will provide a simple and easy method of generating NFTs.
Insights on roadmap and timelines:
With more than $2.5 million worth of $SRG tokens sold so far in the pre-sale, we have enjoyed significant success with the pre-sale.
We will list our coin on CEXs in the first quarter of 2023, and our asset-backed market will launch in Q2 with the tokenization of renewable energy assets. Once we achieve our KPIs, we will move on to the second asset category.
Don’t forget to keep an eye out guys, a lot of new partners and experts will be joining the community to provide real value.
Thoughts on the traditional financial markets:
There is a fantastic opportunity for security selection right now because of the extremely challenging and cloudy macroeconomic environment around the world. Particularly in the USA, there is strong demand for employees, and unemployment is at a 50-year low. In spite of the fact that people are employed, they are underpaid in accordance with their cost structure. In addition, credit card debt has risen through the roof, and savings rates have reached their highest in 20 years.
As the effect of cheap labor fades, manufacturer inflation moves to service inflation, which is much stickier. I also do not see the FED pulling off the brakes. At present, inflation is high and central banks have been unable to stop raising interest rates.
Stocks have not reached a bottom since the change in EPS, and the FED is continuing to tighten monetary policy. The first half of 2023 will be extremely challenging for investors.
The volatility of cryptocurrency is reducing dramatically. Whales are buying. There is a lot of capital at the whale level that wants to buy. Nasdaq may not correlate with crypto, and crypto may not rally as violently as it did previously.
What significant change is LumiShare bringing:
LumiShare brings a revolutionary global economic system, a collateralized reserve regime based on gold and cash. In addition, it provides mechanisms for the auto burn. As gold has a stable environment, we are in a much safer environment where people are comfortable transacting. The purpose of creating this coin is to establish an ecosystem around it as well.
Generally, the finance industry consists of two activities. It either exchanges value in real time or exchanges value over time. In this way, savers can lend money or invest money in projects for those in need. In LumiShare’s asset-backed NFT marketplace, we are tokenizing real-world, agricultural, and renewable energy assets and allowing them to exchange value over time. We are also building SRG Pay, which will allow people to exchange value in real-time. This is similar to Visa, MasterCard, and all of the other payment gateways around the world. Once we have completed the LumiShare ecosystem, people will be able to access all of its features in real-time.
How LumiShare is going to implement Tokenization:
The first thing we did was ensure the people developing this project believed in it. Ben and the team are all here and have been locked up. The lock-ups will continue for a longer period. Ben is pushing hard for the lock-ups to be structured aggressively and for token holders’ benefit. LumiShare management cannot sell their tokens for years. They will not be able to cash out for many years.
Second, we will have a series of events. One will be the donation plan for DAO and another will be the gold-backed wealth fund.
A last piece of information that is vital is staking, and LumiShare management will never use staked coins.
To gain a deeper understanding of LumiShare’s tokenomics section, please refer to the whitepaper’s tokenomics section.
How $SRG is not a stablecoin:
There are three types of coins. Aside from Bitcoin, Ethereum, and Matic, there are altcoins and FIAT currency pegged coins such as BUSD, USDC, and USDT.
With LumiShare’s native token, we have launched a “Trust Token” category. Using three correlated assets, we designed it with limited downside and unlimited upside. The floor price will be stabilized by gold, cash, and technology. These assets will only be used when the market cap falls 40% below its all-time high. This is how we will succeed.
Which assets will be tokenized first:
It is a true pleasure to announce the launch of the first green NFTs. Our goal is to provide people with the opportunity to generate green energy for the world by tokenizing renewable energy assets such as wind farms and solar farms. In light of our strong relationships with a number of the largest renewable energy companies in the world, we are conducting this first.
For this purpose, we are also leveraging the connections of our partner, His Highness Sheikh Mohemed bin Ahmed bin Hamdan Al Nahyan, and his private office.
We will also take a KPI-driven approach to our asset-backed marketplace. At first, we will work on achieving the preset KPIs. For example, onboarding X number of solar and wind farms. Once we reach those KPIs, we will move on to other assets.
Do you think the Crypto and blockchain field still needs education:
Education remains necessary, and cryptography is in dire need. Research by a Singaporean firm indicates that crypto adoption worldwide is 4.2%. Education is the only way to spread crypto around the globe.
People have asked how to use wallets, how to use networks, and how to purchase coins. According to LumiShare, Defi World is difficult to access due to poor user experience. Education will certainly be helpful as this is typical of new products and services.
Educating people on tokenomics is of the utmost importance at this time. They need to know how the token is divided, what percentage belongs to advisors, and how all stakeholders are incentivized.
In light of this, LumiShare is focusing so much on education and is regularly uploading content about Web3 on its Youtube and Medium channels.
How do you feel about the crypto market right now:
If I had a crystal ball, I would love to tell people. I will share what I know. I am uncertain how this crypto winter will unfold. A new beast known as the retail investor emerged after COVID. Government funds were received and invested in the crypto markets as a result of COVID. Funds shifted from large funds to small investors.
This bear market is unprecedented. Those who survive it will certainly be successful in the upcoming bull market. I see a slight slowdown in short openings, which indicates a change is imminent. A tiny bull will be seen in Q1, followed by a complete bull in Q4.
LumiShare is providing stability for the entire DeFi finance industry, and I make sure to invest in assets I believe in.
Is proof of reserve enough to build trust:
In the experience of the markets, a reserve is not sufficient, but definitely necessary. As companies and projects are financed by other investors, they should look beyond submitting proof of reserve in order to gain public trust.
To gain trust, you should do AMAs, establish direct channels with the community, be transparent, and be accessible. Trust isn’t just about financial standings, but also about the vision of the project.
The best way to create a community that believes in the project:
My experience shows that motivating people to participate in a project creates a strong community. People who don’t share your vision are just pumpers and dumpers. A strong company is built on believers. Project owners that are more transparent and accessible turn the community into ambassadors. That’s when you become viral.
It is unlikely that you will bring your friends and family to speculative projects. Once they become believers, not just holders, they will stay with the program for years to come. Instead of working hard to build the community one by one, you now have people who are bringing others into your project.
A thriving community requires owners to give 100% to the community and to be available at all times.
You will gain more brand ambassadors and believers if you strive hard to make people believe in you.
Kevin concludes his remarks with the following:
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