We are excited to bring you another episode of our AMA series. Today he accompanies us Garlam Won (Core Team) of Genesis Shards (GS), who will talk about this interesting project with our usual moderator Joel |Stakely.
- Joel|Stakely: Welcome! Garlam.
- Garlam|GS: Thanks! Very excited to be here.
- Joel|Stakely: We start with the questions.
Q1) The Genesis Shards Network is on substrate-based? Has its own validator nodes? The community will be able to participate in the network with nodes?
A1) [Garlam]
Yes, so for this one we’re actually thinking about integrating existing platform such as ParaState or Moonbeam to act as a bridge between substrate network and erc20 chains
Q2) Others IDO platforms will be integrated to Genesis Shards NFT? Or Genesis Shards work as a separate IDO platform in the future?
A2) [Garlam]
Yes, we are actually had various partnerships with IDO platforms in different chains that we will be able to integrate projects into (depending on which chain they are building) BUT We are much more than just a launch platform. We are discovering this whole new market for Pre-IDO space.
As the first use case of Genesis ecosystem, by wrapping time-locked fungible tokens (in this case Pre-IDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option. Just like regular options, these Gen Tickets will have some value derived from the underlying assets (Pre-IDO tokens), and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche unlock by the project, that is when the time value would collapse to zero, and only the underlying asset value would remain.
Making the DeFi products available across multiple blockchains.
While Genesis as a pre-IPO platform will have its liquidity engine, we see giant value in partnering with the existing cross-chain architecture of Polkadot for inter-chain communication.
The solidity compatible Polkadot parachains will enable Genesis Shards ecosystem to take pre-IDO tokens from various low liquidity blockchains, wrap them into Gen NFTs and be traded on Genesis enabled liquidity pools. This will also allow the projects to take full advantage of the liquidity internal, and external to their native chains.
Difference between Pre-IDO and IDO tokens, Pre-IDO vs Post-IDO tokens
From the above, you can understand that GenTicket NFTs enable the continuity in liquidity between pre- and post-IDO phase
a) In the pre-IDO phase : the GenTicket would reflect would contain pre-IDO tokens. These tokens cannot be extracted at this point, but the NFT itself acts as a liquidity enabler for these pre-IDO tokens.
b) After the IDO event : the GenTicket would be redeemable for the projects tokens (only the unlocked portion) — these are the usual “post-IDO” tokens that all of you are familiar with.
Q3) Genesis Shards will create a marketplace to trade its NFTs?
A3) [Garlam]
Yes! Here’s the full breakdown of our ecosystem on how people will be able to leverage the PRE-IDO space.
At the core of its architecture, GS has 4 main building blocks:
The $GS token — It is the native utility token of the ecosystem. It is an ERC20 token issued on Ethereum and can be swapped for elements such as Gen Access. It also plays a significant role in governance of the Genesis network.
Gen Access cards — Gen Access cards are the ‘entry passes’ into the Genesis Shards ecosystem. They allow holders to acquire Gen Tickets. Different NFT cards grant different access rights — ranging from Gen ticket size to governance influence.
Gen Tickets — Each ‘Gen Ticket’ will have a varying amount of Pre-IDO tokens that are inside. The tickets themselves can be traded on NFTX — or they can be swapped for tokens after the IDO, during the token generation event.
Gen NFTX — It is a marketplace for DeFi products that come out of the Genesis Shards ecosystem. It has the ability to shard NFTs for fractional swaps.
By wrapping time-locked fungible tokens (in this case PreI-DO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option which can then traded on the NFT AMM Dex (Gen NFTX). Gen tickets accessed through Gen access cards bought with GS tokens and are redeemable for post-TGE (Token Generation Event) tokens once its vesting cliff period is over. Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points).
As one can sense, the first use case of GS is to create a liquid OTC market using NFTs. However, the very derivative nature of Genesis products can open up endless possibilities for NFTs in the DeFi space subject to one exploration and interpretation.
For more details you can check out our blog.
Q4) The users will traded Fractions of Genesis Shards NFT? The Users Will be able to buy and sell portions of NFT?
A4) [Garlam]
Yes, as I mentioned above — we will be building/integrating a NFT sharding solution where users can buy a fraction of NFTs!
Q5) How did you come up with the idea of creating this great project, and what was the first step?
A5) Garlam
The inspiration for this project was frankly due to our experiences with the DeFi OTC market.
The Pre-IDO space still riddled with several liquidity issues — while on one hand there are very few avenues for pre-IDO trading by the community it is also a big pain point for projects as they have limited community participation, and little sense of price discovery in the early stages.
For most of these pre-IDO transactions, they are currently being executed in OTC (over the counter) ‘platforms’ or ‘forums’ which are scattered and hard to find for the average investor. The biggest problem, however, is the highly inconsistent OTC trade practices for pre-IDO tokens where these trades often conducted by two parties in an uncertain environment with a high risk of default.
In short, there are hardly any trustless and permissionless platform that allows for fair and easy trading of illiquid pre-IDO tokens.
This is where the idea for Genesis Shards was born!
Q6) If you had to explain the Genesis Shard project to someone, who doesn’t even know what bitcoin is. could you explain it to him?
A6) [Garlam]
They are going to have tough time learning all the DeFi degen products but if they can overcome the hump, then this is what I’d say:
Genesis Shards uses a NFT card form to trade tokens before they go public (sort of like what shares post is doing for traditional market)
Q7) What will the dual IDO by like? Can you give us more details about the process?
A7) [Garlam]
Yes, we are doing a DUAL IDO first time ever on Polkastarter.
There will be 2 pools
— ETH POOL — for POLS holder.
— BSC POOL — for public.
The Polkastarter dual IDO will enable us to launch on both Ethereum and Binance Smart Chain, simultaneously!
Any further updates regarding the Polkastarter IDO would be announced on our social media channels:
Follow us on
Official Twitter: https://twitter.com/GenShards
Official Medium: https://medium.com/genesis-shard
Official Announcement Channel: https://t.me/genshardsANN
Official Website: https://www.genshards.com/"
Q8) Could you explain to us how NFT Wrapped tokens work?
A8) [Garlam]
Wrapped tokens are not a new concept, but we’re creating a whole new PRE-IDO market using this.
As the first use case of Genesis ecosystem, by wrapping time-locked fungible tokens (in this case Pre-IDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option. Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche unlocked by the project, that is when the time value would collapse to zero, and only the underlying asset value would remain.
Q9) Which are your competitors in the current market?
A9) [Garlam]
I think for us, it’s all the OTC channels and operations that we are trying to scale with our NFT product.
I don’t think there is a direct competitor now, but I’ve seen some projects starting to incorporate a similar idea into their new NFTs minted.
Q10) Which are the direct benefits for investors and DeFi projects using Genesis Shards?
A10) [Garlam]
Direct benefit would be to start price discovery and have early liquidity on these pre-IDO tokens which weren’t liquid before.
However, the ultimate vision of Genesis Shards is to be a self-sustaining ecosystem where projects can get the best possible early-stage support to navigate through the DeFi waters. A DeFi project today faces a multitude of challenges on its journey to maturity. This includes but is not limited to community growth and participation, exposure, partner networks, etc, all of which need to be brought together quickly and effectively to scale.
These issues further accentuated by the current state of the market, which is moving at an ever accelerating pace — giving projects very little time to settle and put these pieces together.
To achieve that vision, we have decided to bring on a group of strategic partners who will help the Genesis ecosystem function effectively and sustainably at scale. Genesis Shards has built a 3 tier value network within its community, consisting of:
— Genesis Deal Flow partners — primarily VCs and strategic investors to help expand its ‘field of vision’.
— Genesis Ecosystem partners — channel partners within its community to provide the best possible support to projects in terms of engagement, social media reach out, etc and
— Mentor partners — industry angels to help to guide projects with product-market fit, formulating sales pitches, tokenomics, partnerships, building business models within the GS ecosystem
The 3-tier value network keeps the interests of community, projects, and investors aligned within the GS ecosystem, with each of them benefitting the other to create a completely self-sustainable ecosystem”.
Q11) I understand that the Genesis Shards ecosystem will be unique, in which category of the NFT space, would you place it?
A11) [Garlam]
Yes, we’re definitely not in the traditional collectible space like other NFT projects.
I think we are more leaning towards DeFi and NFT is just a vehicle that delivers liquidity.
Q12) Can a user own more than one GenTicket?
A12)[Garlam]
Yes, absolutely! They can own as much as they want if they can get their hands on it on the secondary market.
Q13) Can any pre-IDO NFT traded in your platform? Or will it be necessary for it to have been verified by Genesis Shards? What role would have Genesis Shards managing it?
A13)[Garlam]
The answer is: Anyone can mint out the NFT through our platform but the support of the Genesis Shards community will only be given to the projects that are approved by our council (to protect our community).
Q14) Is Gen tickets free once access cards purchased?
A14) [Garlam]
Think of access cards as the tool that gets you into this club, once you are in the club you have the opportunity to purchase the tickets (deal flow) that are only available to the club members.
Q15) Selling locked tokens is an excellent idea, could it be possible to implement it for projects that have launched their IDO? Or will it be necessary for them to launch on Genesis Shards?
A15) [Garlam]
We are more of a Pre-IDO platform which means that projects can early test their token by launching on our platform and having the early price discovery.
Afterwards, we will be able to recommend them to the many of our IDO partners to assist with their launch or not.
Q16) Will they also be a launching platform?
A16) [Garlam]
Yeah, we’ll be a pre-IDO launchpad that allows early price discovery, but at the same time not interfere with their IDO launch (by creating a isolated bubble with the NFT).
Q17) How is the NFT system different from IOU tokens?
A17) [Garlam]
Depending on the project’s progress we will have 2 options:
Tokens not ready — we will be able to provide the cards and work with the projects to make sure the tokens specified are airdropped to the cardholders during launch.
Tokens ready — We will be able to directly wrap the tokens inside the NFT so when IDO launches the NFT holders can go to our interface and be able to swap the tokens using our dashboard.-
- Joel | Stakely : Great! @garlamw all the questions, they were selected by my team.
- Garlam: Thank you for having me guys!!!
- Joel | Stakely: Thanks friends, for send, almost 40 questions in total.
- Garlam: Our launch is coming up on Apr. 14th on Polkastarter!
Stay tuned for our updates!
Follow us on our social networks!
Where can you find us?
Stakely | Stakely.vc | Stakely.cm | Twitter | Youtube | Telegram News | Telegram Chat | LinkedIn