AMPnet AMA recap (hosted by Polygon — May 25, 2021)
As you might have already read on our social media, last week we have joined forces with Polygon. Basically, we are introducing our Trusted Synthetics on Polygon for investors to engage in a stable, faster, and liquid environment while escaping the volatility of the market.
Our CEO Mislav has taken “the seat” in Polygon’s Telegram group to talk to all of you about AMPnet, the new collaboration, the $AAPX token, the advantages it’s bringing, and the bright future.
Let’s dive right in!
GENERAL, COMMUNITY AND BUSINESS DEVELOPMENT:
Q: What’s the main idea behind AMPnet?
A: AMPnet is a blockchain startup offering anyone a blockchain-powered whitelabel fundraising platform for the most competitive prices on the market. Beyond offering just a fundraising/crowdfunding platform — AMPnet tokenizes all crowdfunded investments through the use of our NPoS Auditing protocol.
We query government databases for conditional mortgages on company equity and real-estate and enable tokenization which is 10x faster and 10x cheaper than any known competitors.
With AMPnet — you can run a fundraising campaign, tokenize your company and publish your company stock on Uniswap — in under two weeks and for less than $1000!
Beyond this — our system of tokenization is truly decentralized, with anyone being able to become an Auditor and secure assets on our network.
Q: What are the AMPnet platform main features?
A: AMPnet is tokenizing real-world assets' order of magnitude cheaper and faster than competing solutions.
AMPnet is Using Nominated Proof of Stake consensus to create a collusion-resistant auditing network to verify ownership of real-world assets (e.g. real-estate, business equity) and issue them as ERC-20 “Trusted Synthetics”.
Why is this useful?
Imagine a scenario — you’re browsing online, and you come across a fantastic investment deal. It may be a crazy new startup, it may be a cool new real-estate project or a renewable energy installation. The project is ready to go — all they need is your hard earned cash to make it happen.
You’d love to invest — but how can you trust a website or a project that you’ve only just heard about five minutes ago?
Is the project real? Are the founders who they say they are? Are they allowed to raise funds? Is your investment protected by contracts? What legal recourse do you have?
Why would I become an Auditor?
It’s a very easy job — you get very detailed instructions on what to do, it takes only minutes per day of essentially checking government databases online and it earns you a fair amount of money.
How does it work?
You set up an instance of our whitelabel fundraising platform, use our legal templates to put a “burden” (lien or a mortgage) on your property or business equity (takes one day of work and few hundred dollars). We set an Auditing Procedure which checks government databases that you actually have that burden and — you’re good to go! Our Auditors then diligently check that you do have a burden on your asset and verify you every week.
And you can then issue your company or real estate on Uniswap or QuickSwap or any other DEX as an ERC-20 token.
Q: Can you give more insights on what are the major milestones AMPnet has achieved so far?
So far we have achieved the following:
- Completed our Whitelabel fundraising platform. You can check it out here.
- Launched our token $AAPX.
- We are very close to developing our protocol with Auditor Nodes, our Tokenizer (Fundraising platform) having a shift to using USDC on Polygon Network and our core protocol being in later stages of development.
- We have launched our fundraising platform with multiple clients, with currently more than $20M being live on the platform.
Q: What are the advantages of AMPnet working with Polygon?
A: We’re trying to make Auditing of real-world assets a fun side-hustle for hundreds, if not thousands, of people. It’s something you do in your spare time, with some people spending as little as 10 minutes per day on reviewing, for this — they would get ~$200 — $500/month. But if they had to pay for Ethereum fees, they would earn nothing.
Our biggest reason for choosing Polygon was the fact that they have a very great ecosystem developed with SushiSwap, QuickSwap, Aave, Curve, and many others. Feels just like Ethereum — works much faster and cheaper.
One of the big reasons also was the fact that ramp.network — which we will integrate — has the ability to buy maUSDC.
Q: Can you list 1–3 features of your project that make it ahead of its competitors?
A: We’re 10x cheaper and 10x faster than any known competitor and we’re truly and fully decentralized and transparent — we only check government official databases.
Q: What will the future of AMPnet in the decentralized finance revolution look like?
A: We will initially tokenize demo projects in the renewable energy sector, real-estate sector, and business equity. We will start campaigns and hoping to get several hundred million funded and tokenized through the platform in the near term. After that, we will tokenize all of those assets and start issuing broad tokens tracking portfolios of assets (e.g. Real Estate in UK, Renewable Energy in Greece).
Q: How does the AMPnet protocol work?
A: THE AMPNET PROTOCOL USES GAME THEORY TO VERIFY THE LEGITIMACY AND LEGALITY OF INVESTMENT PROJECTS
We employ a collusion-resistant, Nominated Proof of Stake (NPoS) mechanism to power a network of Auditors — decentralized, anonymous validators tasked with verifying the legitimacy and legality of a project being funded on the blockchain.
AMPnet Auditors run nodes that execute scripts stored on IPFS by the AMPnet Protocol Governance Council. The scripts connect with official government databases, validate legal documents, and verify the ownership, status and liabilities of real-world assets. If they satisfy all the requirements — the protocol allows them to be issued as freely tradable ERC-20 tokens. Each asset class (e.g. real-estate in Denmark, business equity in the UK) has its own auditing procedure script. The Auditors get rewarded for properly verifying the assets or they get slashed for acting maliciously.
REAL-WORLD ASSETS — MEET BLOCKCHAIN
Using blockchain to invest in real-world asset classes such as real estate, business equity or renewable energy used to be very slow and inefficient. Tokenization platforms promised to issue assets for you — and you’d have to take their word for it. Not very DeFi if you ask us. Also quite slow. And very expensive.
By using a collusion-resistant NPoS consensus, the AMPnet protocol is capable of cheaply and trustlessly tokenizing thousands, if not millions of assets — without the need to trust a centralized source of information.
REGULATORY OBSTACLES & THE AMPnet SOLUTION
Up until now, when issuing tokens representing real-world assets, projects had to apply to pass securities legislation that differed from country to county. This represented a large hurdle to the standardization and scalability of asset tokenization.
With AMPnet — the owner of the asset which will be tokenized is not the issuer of the asset. They only need to prove that they own the asset and that the asset is locked through a legal instrument (e.g. mortgage). This must be verified by our NPoS Auditing system through API calls to official government databases. If they manage to prove this — the protocol will automatically issue ERC-20 tokens representing their assets. Since the protocol is run by a NPoS consensus — there is no entity that falls under regulation.
Q: Will there be a minimum amount of tokens to HODL to become an auditor?
A: Yes — we are thinking of setting the minimums to around $1000 personally and an additional $10k nominated in your name.
Q: What role does the $AAPX token play in the ecosystem?
A: The $AAPX is a governance token and all revenues generated by the AMPnet network are used to buyback $AAPX tokens from DEXs.
Q: What real problem is $AAPX seeking to solve with Blockchain?
A: The problem is that the blockchain is not connected to real-world assets — this is the EXACT reason why AMPnet was created.
Follow us on our social media to keep you up to date with everything we do!
Twitter: Until we get our main account unsuspended, we will be using the following one.
Official Website: https://ampnet.io
Official Telegram Group: https://t.me/ampnetapxchat
Official Telegram Announcement Channel: https://t.me/ampnetapx
Telegram AAPX Trading Group: https://t.me/aapxtrading
Official Medium: https://ampnet.medium.com/