On November 11, 2021. We’ve conducted an AMA in Official KardiaChain English Community, The AMA was held with Hoog, the Founder of OdinDAO
The AMA session took place over the KardiaChain community on Telegram where Mr. Hoog discussed several amazing facts about OdinDAO “ENS” coming to the KAI ecosystem under “KNS domain”. This AMA was held to get insights on how KardiaChain Name Service (KNS), provided by OdinDAO, will allow users to send funds to and from usernames (instead of long wallet addresses)
First SESSION, Q&A:
Q1: Can you maybe explain a little about yourself and your mission to the audience?
Thank you for having me! It's a pleasure to be here.
I’m the ideator behind OdinDAO, which is a decentralized organization on KardiaChain, building dApps and products on KardiaChain, as you mentioned.
(The first being KNS.domains, which we are launching tomorrow.)
We believe one of the most fundamental keys to success in crypto is to have a high level of community-involvement and a strong community.
A lot of projects build technically well-built projects, but the pattern between the biggest successes in crypto is highly dependent on how strong the communities are.
Therefore, we want to set the foundation right:
> Build a DAO that launches successful products and dApps on KardiaChain, with the big competitive advantage of having a strong community behind the products.
Q2: Community is key, no doubt. You mention the first product is KNS, which you are launching tomorrow. Can you maybe briefly explain what OdinDAO is first?
Yes, of course! ⚔
As mentioned, OdinDAO is a decentralized organization building dApps and products on KardiaChain, powered by the $ODIN token.
Think of OdinDAO as one token for many projects, the first being KNS.domains.
All value and revenue generated through KNS.domains (and other upcoming products) will be forwarded to OdinDAO through the $ODIN token.
Our vision at OdinDAO is to build what we believe is the absolute key to success in crypto; a strong community-owned DAO.
Other than that, I think I covered most in my previous question.
But put simply;
Think of OdinDAO as one token for many projects. A tokenized organization that accrues value and revenue, through building and launching products/protocols on KardiaChain ⚔
Q3: And as you have stated previosly, OdinDAO will be launching KNS.domains tomorrow, is that correct? what certain time is that?
Yes, KNS.domains is launching tomorrow! So tomorrow everyone will be able to buy a .kai domain (like hoang.kai) with $KAI.
It’s launching tomorrow at kns.domains, at this time:
UTC: 13.00 (1.00 PM)
Vietnam: 20.00 (8.00 PM)
Philippines: 21.00 (9.00 PM)
Q4: Now that's clear, can you tell a bit more about KNS.domains?
KNS.domains (KardiaChain Name Service) is a KardiaChain equivalent of $ENS (ENS.domains) on Ethereum.
Each username/domain name is an NFT meaning you can sell it on marketplaces or anything, just like any other NFT.
(And I genuinely believe KNS is what we need now to take crypto and KardiaChain mainstream.)
KNS improves both user experience, convenience and security in the ecosystem, I'll explain it a bit more:
Here’s an example of a transfer without and with KNS
Dealing with raw blockchain addresses is a huge risk for everyone, since 1 wrong character will lose your funds forever. You are completely dependent on copy-pasting addresses, which is yet another attack vendor, due to the risk of clipboard hacking.
And that's not to mention that convience, security and user experience is the key to mass adoption
A lot of us in crypto right now, are pioneers and early birds. But to make sure we can onboard our non-technical friends and family, user experience and security needs to be improved.
This is what KNS will do.
KNS will allow you to use "hoang.kai" (example), in stead of this: 0xAF984E23EAA3E7967F3C5E007fbe397D8566D23d.
It will allow people to send and receive KAI (and other tokens) using a username (hoang.kai), in stead of having to copy-paste long, unreadable blockchain address (as the example above shows).
I hope that makes sense ⚔
Q5: We are excited to be able to integrate it into the KAI mobile wallet too.. Are there other opportunities with KNS down the road?
I am too! Yes, KNS unlocks a lot of interesting opportunities. Let me give you one example.
KNS could potentially become a decentralized domain name system too.
Right now, all crypto applications are dependent on censorable and centralized domain names (.com, .finance etc.).
But to improve security, reduce hacking attack vendors and make crypto completely decentralized, a decentralized domain name system is needed.
This is KNS
Decentralized applications (BecoSwap, KAIDEX, OdinDAO, KNS etc.) could be accessible completely decentralized through KNS domain names, so you could type in "kns.kai" in your browser, and view the KNS website, e.g.
PancakeSwap's domain name was hijacked earlier this year. The users used the correct domain name, the website was visually identical, but investors who interacted with the website lost their funds.
With KNS, that would not be possible, since the domain name and website will be resolved in a decentralized way, meaning hackers would have to do a 51 % attack on KardiaChain, and not just hack a login to a hosting service.
I see, and that is amazing
Q6: What is the token for KNS, Hoog?
The token for KNS is $ODIN and OdinDAO.
KNS itself does NOT have a token, but is powered by the $ODIN token ⚔
Q7: So if people want to invest and take part in KNS, they should just buy ODIN, or are there 'an optimal play'?
If people want to invest in KNS and OdinDAO, they should buy ODIN on BecoSwap. (ODIN is not listed on KAIDEX, but on BecoSwap.)
The optimal play is to buy ODIN, and stake them on OdinDAO. OdinDAO is undergoing a 2 year distribution phase in which stakers receive more ODIN (around 300 % APR).
The staking rewards was introduced as we want to make sure that the most loyal vikings are the one with the biggest power in the community.
(Therefore, we've designed the 2-year distribution phase, where stakers receive ODIN rewards every 8 hours.)
This makes sure that they are not affected by potential short-term volatility, and people that unstake leave a 1 % withdrawal fee that can be distributed to the other stakers.
So if someone unstakes, 1 % of the amount can be redistributed to those who did not unstake, and thus cover them from the potential negative price impact ⚔
Q8: Do Odindao have staking calculator on its website?
Yeah, we do! ;-)
We have a Staking Calculator on OdinDAO.com to estimate your ODIN holdings in 1 year.
All ODIN staking rewards are autostaked, so you don’t have to do anything. Claiming and restaking is done automatically.
Just wanted to add that detail ^
Q9: Regarding KNS, tomorrow and time you have told right? and where can people buy their username/domain name?
Yes, launching tomorrow at kns.domains, at this time:
UTC: 13.00 (1.00 PM)
Vietnam: 20.00 (8.00 PM)
Philippines: 21.00 (9.00 PM)
So everyone can buy the usernames/domain names on kns.domains.
Second SESSION, QUESTION COLLECTED FROM COMMUNITY
Now, let's grab some questions from the community
Q1: Are you interested in offering bonds with fixed ROI?
Yes, we are!
In the coming weeks/months, OdinDAO will launch ODIN bonds, where you can provide liquidity, and sell your LP tokens to OdinDAO and receive ODIN in return, lower than market price, but vested for some days
OlympusDAO has done this with great success, and accumulated liquidity for hundreds of millions of USD (almost $500 million last I checked).
Q2: How to register a domain name? To have a good domain name, need to follow the rules?
Please join us on https://t.me/OdinDAO. Before the launch, we will release a Medium post containing a step-by-step guide on how to buy your KNS domain.
All domains are subject to a 24-hour auction, to ensure fair distribution. So all you have to do is bid on the domain you want, and make sure you win the auction.
Q3: Can I use a brand name as my domain name? like nike.kai, mcdonals.kai?
Most of the bigger brand names have been reserved and removed for registration initially. It is important that KNS can be compatible with the legacy DNS to ensure long-term success, and we do not want squatters to prevent that.
Q4: Is it possible to sell my domain name?
Yes, sure! KNS domains are NFTs, so they work like any other NFT.
Q5: Why choose a domain to invest in making money?
I don't want to do financial advice, but I domain names are scarce assets.
There will only be one pent.kai, one defitrader.kai etc.
Q6: Can you tell me the difficulty of deploying on kaidiachain ? and state the advantages that we immediately invest in?
If I understand you correct, you ask what the advantages are for investing in KNS domains and/or $ODIN?
For KNS domains, they are scarce assets, there only exist one of each domain. If you don't buy the KNS domain you want now, it might be taken tomorrow.
For investing in $ODIN, you receive staking rewards every 8 hours, so the longer you wait, the more rewards you miss. Also, the more products/protocols OdinDAO is launching, the more tokens will be added to the OdinDAO treasury, which can be used to back $ODIN.
Q7: Why domain first then lending?
Answer: KNS domains/usernames will have a huge impact on onboarding users to the ecosystem. It will increase security and convenience, so we believe the impact is huge.
Q8: More about team background?
OdinDAO is a decentralized autonomous organization, which means there is no centralized team that governs everything.
I, Hoog, am an entrepreneur with background in software engineering, making me capable of building the technical solutions.
Also, I've been in crypto for some years, and started working on OdinDAO in May/June. Other than that, we have some great advisors, KAI ambassadors etc. in our community, so we are very well suited ⚔
Q9:Can a wallet buy more than 1 KNS? and if a wallet buys more than 1 KNS from the Marketplace, will it be able to set each KNS to another different wallet address? or need to send to an address that needs to use that KNS domain name?
You can buy as many KNS domains/usernames as you want to, and yes, you can buy a KNS domain/username, and send it to another wallet.
KNS domains/usernames are NFTs, so they can be used on ANY NFT marketplace, after they are bought from KNS. https://odindao.com
Q10: What made you decide to develop first on Kardiachain, instead of any other network?
KardiaChain has the fundamentals to become one of the absolute biggest, however, on the ecosystem side there is still a lot of tools that needs to be built.
I believe KardiaChain within the next years will be the top, so it was a nobrainer to build something on KardiaChain.
Also, the KardiaChain team is extreeeemely competent and helpful. That’s important for the success long term.
Q11: How can we be sure that not 1 person bought using a bot or manually for several wallets?
We have actually put A LOT of thought into exactly this issue, and we’ve made sure it will not be possible.
The first time any domain name/username is bought from KNS, it is put up for an auction of minimum 24 hours.
This means you cannot buy a KNS domain name just by being first, or by frontrunning others.
So all domain names are sold fairly on auctions, to make sure everyone have a fair chance, and bots cannot scoop many domains ⚔
Q12: Domain names can be subject to phising. Example: odin.kai, Odin.kai, ODin.kai. Is their a way to overcome this issue?
This is mostly an UI issue, as $ENS also have addressed.
Q13: Without a proper marketing and capital infusion the project dies. How do you convince us that you have enough marketing power and capital to push OdinDAO to the top?
Agree, but I believe we have proper marketing and capital power! And that’s not even to mention the power of the community.
The DAO alone have $2.7 million in ODIN reserves, not to mention the LP tokens.
Since the start, it has been our vision to be measured on our achievements rather than hype.
Big hyped marketing campaigns are extremely unhealthy for a project, as it attracts a lot of people that want a quick flip.
OdinDAO is for long-term investors, and our products and protocols are designed in such a way, that they can be used even without people touching OdinDAO.
This way, we create an extremely healthy DAO that can achieve big things, while ensuring the best success for our products ⚔
Q14:What are the ways of OdinDAO generating profits to maintain your project and what is its revenue model?
Answer: OdinDAO generates revenue through the products/protocols it is launching; the first being KNS. All revenue from KNS domains/usernames sold will go to OdinDAO.
I actually have a picture illustrating it well:
But yeah - that can be seen here: https://odindao.com/odin-token
Q15: Investment must be profitable. So how is the application of domain names in the next 1-2 years?"
KNS domains/usernames needs to be renewed, so KNS is a recurring revenue for OdinDAO.
We believe KNS will be a critical piece of infrastructure for KardiaChain, and in 1-2 years, we believe there will NOT be a KAI user that does not use KNS in one way or another
Third SESSION, LIVE QUESTION:
Q1: How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Yes, you can follow us many places. OdinDAO TG is the only TG, but you can follow both OdinDAO and KNS on Twitter:
OdinDAO TG: https://t.me/OdinDAO
OdinDAO Twitter: https://twitter.com/OdinDAO
KNS Twitter: https://twitter.com/knsdomains
Q2: Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships and what everybody stands to gain from these partnerships?
We agree! Partnerships and collaborations are the way to move forward for us.
That’s why we partnered up with BecoSwap to launch on their DEX and open up farms when we launched ODIN.
For KNS, we have partnered up with the KardiaChain team to integrate it into the KAI mobile wallet and browser extension.
Q3: Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners?
We are a global project in the sense that anyone can participate, but we are focusing on the KardiaChain ecosystem and its users, which, obviously, is mainly from the Asian countries.
We are following the focus of the KardiaChain team and will assist them in providing the infrastructure needed when onboarding new users into KardiaChain.
Q4: So many projects just like to speak about the "long term vision and mission" but what are your short terms objectives? What are you focusing right now?
I love this question!
We are staying super agile short term, as a lot of things can happen long term that are impossible to predict.
I honestly think 2-3 year roadmaps (and even 1 year roadmaps) in crypto are highly unreliable.
However, our short term vision is clear: We want to launch criticial infrastructure products/protocols to KardiaChains, this means products/protocols that facilitate the basic needs of a blockchain ecosystem.
This is KNS (for security and adoption), and a lending protocol.
Q5: All project coins have their main utilities & real-life usecase! So, can you tell us What are the main role of your coin is in your ecosystem?
Answer: The $ODIN token is the fuel for the projects launched by OdinDAO. All revenue from these protocols/products are sent back to the OdinDAO treasury, later governable using the ODIN token.
This way, the ODIN token will be the gateway into the OdinDAO organization, and both investors, stakers and builders are aligned.
This also reduces friction for the dApps we launch; people should not have to buy a specific token to buy a KNS domain. They can use KAI natively, which increases user experience.