Altcoin Buzz spoke with CEO Jerry Li to learn how Duo Network is tracking.
DUO Network tries to solve the market fragmentation and counter-party risk problems faced by centralized derivatives exchanges. It will achieve this by providing tokenized derivatives powered by smart contracts, making transferring derivative positions as easy as transferring cash.
Q. Your Team seems very technologically and marketing focused – do you feel the management expertise is strong enough to take Duo Network to the market successfully?
A. We have been a lean and agile start-up. With myself having over 4 years’ experience in people management from major banks and was backed by one of the most reputable angel investors in China. We are confident in carrying the project forward.
Q. Considering most of the team come from the traditional finance world why did you choose to move over to the crypto space and how have you found the experience thus far?
A. Coming from major banks we understand the hurdles and bureaucracy faced by internal innovations. Blockchain on the other hand is a great testing field for new ideas, especially for financial applications.
We faced similar challenges like any start-ups but crypto world seems to be much more volatile than any other industry. It’s been a challenging but rewarding ride so far.
Q. Majority of your team have current roles at Finbook, can you explain what Finbook is and how it relates to Duo Network?
A. FinBook is a Singapore fintech company focusing on financial engineering application in blockchain. DUO Network is a project incubated by FinBook.
But we intend to have it grow as a community project in future.
The DUO Network:
Q. What is CAT and how does it work into the network?
A. CAT (Collateralized Autonomous Token) is our proposed framework of tokenized derivatives. It takes underlying assets into a custodian smart contract and issues two (or more) suited tokens, each representing a side of a derivatives contract.
CAT is the core component of the network. It’s supported by price oracles, trading platforms and other supplementary functions.
Q. What are the use cases of the Duo Network Tokens and how can they be applied in real market strategies?
A. Our direct target users are DeFi users who can use Web-3 portal enabled wallets to interact with our Dapps. There are various types of derivatives in the pipeline, such as stable-leverage dual class tokens, long-short dual class tokens, options, digital options etc.
We will also reach to a broader audience through collaboration with exchanges (centralized or decentralized), wallets and other DeFi apps, whose derivatives products or prediction markets might be powered through DUO Network.
Q. What is the utility of the Duo Network Tokens?
A. The precise scope of the DUO Network will be developed further and will be announced once finalised although the following features are planned for DUO Network Token including: Price Oracle Node, Duo Protocol Node, Governance, Conversion Fees, Price Service Fee and Community Rewards.
Competition and Partnerships:
Q. What are your differences over the competitors including stable tokens?
A. DUO started as a stable asset design based off derivatives and eventually grew into a systematic framework of tokenized derivatives. We believe wrapping derivatives positions into tokens is a ground-breaking innovation like ETF to portfolio investing.
While we might not be the first one to come out with derivatives-as-tokens idea, we intend to build an ecosystem that can power a significant portion of derivatives market using distributed ledger technologies.
Q. What is the Duo DEX and how is it different from other decentralized exchanges?
A. DUO DEX is a 0x-based relayer dedicated to CAT tokens. The main goal is to serve as the first liquidity platform for CAT tokens issued from DUO Network. It meant to serve as a proof-of-concept for other trading platforms who wish to list our products.
Q: How does your partnership with BitMax help Duo Network strategically?
A. DUO Network and BitMax share similar financial industry background as well as determination to innovative digital assets. The presale and listing is just the start of our multi-dimensional partnership. We will explore collaboration in derivatives design, quantitative analysis and more.
The Sale and Roadmap:
Q. When is the ICO and how are the funds being used?
A. The public pre-sale will be held at April 27th UTC 12pm on BitMax.io. The funds raised in pre-sale will be funding DUO’s ongoing operation and community outreach.
Q. Moving forward how is the roadmap looking and are you on track to launch all products onto the Mainnet?
A. We have been deploying our products on Ethereum mainnet and will release them over the next 6 months. In one year’s time, I’m looking to get DUO Staking Economy Model to go live, which is a big milestone.
The ongoing roadmap:
2019.H1 – Launch product testing on Ethereum mainnet
2019.H2 – Refine product experience; test on DUO staking economy model
2020.H1 – Launch DUO staking operation; release Phase-2 infrastructure and PoC on new public chain platforms.
You can learn more about Duo Network here.
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