Jade Currency AMA Recap
Cameron speaking: Hello everyone. We appreciate you all for being here with us today . Many of you know Jade Currency project and me personally but I will do a re-introduction for those newer.
First of all, My name is Cameron Kallhoff. I have been the COO of Catex Exchange since it launched in August 2018. Catex was originally modeled to be like Coinex, a transaction mining exchange. Now it has transitioned to a more traditional spot exchange with some fundamental DeFi features.
I am also the CEO of Jade Currency and it was formed back in 2017 prior to Catex Exchange launching. It is one of the main reasons I started working at Catex is because I wanted JADE to have a market on CEX.
Some other background knowledge about me;
I graduated from a top 30 business school in the United States
Previously worked in investments at J.P Morgan
Started my first business at the age of 12 reselling webhosting and domains (later sold the company to HostGator)
Currently, working with the Chinese government to help private companies go public in international markets of New York and Dubai via IPO/SPAC.
Now lets talk about the idea of Jade Currency. I originally came up with the idea because I was just entering the blockchain scene and as an entrepreneur, I thought the western frontier was for the taking and wanted to start something new. Jade stone buying and dealing is something I had become accustomed to and thought blockchain payments would be perfect for the industry. We built JADE token on top of the ethereum network (AT THE TIME THE SPEED WAS FAST AND FEES WERE LITTLE). We recently migrated to Binance Smart Chain network and no longer are ERC20.
After a few years of trying to development the market for this type of jade project, it became harder and harder with China being one of the largest market and the government taking a more opposition stance of cryptocurrencies. For this reason, We relaunched the project last month into something new that would not be effected by Chinese polices and that would fit well with the future trend of the market.
Jade Currency today — This is essentially the new vision of the project.
Jade Currency is developing its own marketplace where precious gems can be bought and sold for cryptocurrency. We are also in the process of acquiring LAND in Decentraland (THE METAVERSE) to build a Jade Shop where the featured seller will have their NFT on display for sale.
JADE token holders are taking majority ownership of the company and will be able to stake their tokens in the marketplace to collect the fees incurred from platform use. JADE token will also be used as payment in the marketplace for discount use.
We are going through an extreme growth phase for the first 2 years of this relaunch.
Moderator speaking: Its time to answers some questions from Twitter! We have picked the three best questions.
The first question comes from Om Edy — JADE is listed on CATEX, trading JADE / BTC. Apart from trading, what else will the $ JADE-CATEX platform bring you together? are there any plans for JADE FARMS or mining? how do we get started?
Cameron speaking: Last week on May 28th, we opened the JADE farms at Catex Exchange. There is 2 years worth of JADE allocation to farming at Catex Exchange. That is 27,000 JADE/daily reward for farmers. We are currently optimizing the farming at Catex by adding the APY value and the total value locked value. Also we will add Metamask and Trustwallet connections in the future.
Apart from farming on Catex Exchange, there has been some talk about adding additional pairings or a special feature opening which information is not available to the public.
Moderator speaking: The second question comes from Erick De Souza — One of jade’s goals is market-focused at DECENTRALAND, Looking ahead, what can be the benefit of jade having its own store in decentraland?
We are betting on the Metaverse. The market has grown over 500% in the last year alone and many companies have established estates there and many plan to do so. The Metaverse Jade Shop is something that will set our marketplace even more apart from the competition. Also it will bring the visual aspect of jade and other precious gems to virtual reality with NFT displayed in the shop. The value for the JADE token holder is great because they own a piece of real estate and also that shop will be reliable because it only sells the verified featured seller’s merchandise. It will be easy to do transactions there as well and only need a web link to enter the Metaverse shop. Jade Shop will be one of the first consumer shops in the Metaverse and we are sure the media will cover it extensively going forward. It is also possible we will become the second company to hire real world help to assist in the sales in the Jade Shop . We are actively working on this development now.
Moderator speaking: The third question comes from Gustavo L — Is there a roadmap for prospecting jewelry dealers in the real world? This can brutally boost JADE’s market value.
Cameron speaking: In our 2021 roadmap release, we hinted at initial client onboarding. These will be the first jewelry dealers who are verified on the Jade Currency Marketplace. This year we are trying to finish development on all the features so we wont contribute to much time on client onboarding. However in the 2022 roadmap release, we will shift focus to onboarding newer and bigger gem dealers. We will have a team on the ground in various countries actively looking for dealers interested in selling their products for cryptocurrency online and in the Metaverse.
Moderator speaking: Its time for the next segment of the AMA, open Q&A in the telegram group. I will now unmute the chat and I will try to answer as many questions as possible for the next 15 minutes. message delay is on. GO
Telegram user: There we see many projects that claims they are fully “Decentralized” . But they done their work in a Centralized way. is your project fully Decentralized? Can you please tell us what’s your working method?
Cameron speaking: we are not claiming this. we work on a decentralized network but have a very centralized team. we do have some defi features but most projects are not truly decentralized. for example bsc.
Telegram user: Why didn’t they keep in mind that there could be bots and people playing with transactions and the liquidity? They did not believe that there was a high risk that many scammers and whales were aware of the event? And why block liquidity for only 6 months, and not for 10 months or a year?
Cameron speaking: The issue is the contract was known for weeks and also the investors already had the tokens in their wallets, this caused some issue with pancakeswap listing and adding liquidity. we did 6 months lock because its the default setting on unicrypt and also we need to keep aware of the pancakeswap upgrades. maybe we need add liquidity to pairing on new version.
Telegram user: Can you list some great features of JADE that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Cameron speaking: We will be the first to have a precious stone market place with cryptocurrency as payments. we have the complete advantage.
Telegram user: NFT is considered the next trend so HOT right now of the crypto industry after DeFi. Could JadeCurrency share your opinion about NFT? Where do JadeCurrency see the future evolution of NFT features and capabilities in the next few years?
Cameron speaking: Yes we also think NFT will be huge. you see its becoming mainstream now. i am even heard EBAY will accept NFT sales. You also see binance is launching a NFT market place. we see a second bull run coming for the NFT sector.
Telegram user: What is JADE token?
Cameron speaking: JADE token works as a fractionalize ownership token. that means holders take 60% ownership of all marketplace fees, company valuation and Metaverse shop. You simply just stake the token to get the earnings.
Telegram user: How did you get the community involved in developing the JADE project? and how do you build a strong community to grow globally?
Cameron speaking: The community is very important. We actually have a very big community because the project has been running since 2017. there is over 4,500 holders. we have created a plan called JADE ARMY. This has 8 community leaders from around the world and they are in charge of continuing to build the community up.
Telegram user: What are the highlights of your project and products that you believe will help you succeed? How revenue is generated to sustain the project, and what plans do you have to attract more users in the future?I think a good project is one that will be of great help to the user. So what differentiated features does the team offer as a solution for users to stay and stick with the project?
Cameron speaking: This project is all about passive income for the investor. we have already raised enough capital to fully develop the product. The precious gem industry is a multi billion dollar industry and even if we take a small portion of the market, then the jade token holders will be very happy.
Telegram user: How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Cameron speaking: Along with our JADE ARMY, we will have another ambassador program that will help us with brand awareness. also, we will do some sort of professional PR to achieve this also when product is ready for launch.
Telegram user: Q. Are any audit reports done by sources outside of your project? Smart contracts are known to be prone to bugs, bugs or hacks. So how is the security system of JADE?
Cameron speaking: There is no audits planned however some people have messaged us saying this is a must. We are looking into it. The jade contract is a standard bsc contract and the team is highly public. As of now, we don’t think there is any issues and the supplies are locked with vesting schedule
Telegram user: Do you plan to burn or redeem any tokens from the market in the future? Or burn JADE ‘s token itself?
Cameron speaking: Last year we bought back jade and burned it from the migration from erc20 to bsc. the total supply decrease from 125m to 90m and the circulation supply decrease from 81m to 53m.
Telegram user: What is the biggest advantage of JADE protocol compared to other e-commerce platforms like Amazon, zelwin?
Cameron speaking: More and more people are using cryptocurrency now for purchases. Real world fiat is depreciating because of inflation. We are the first marketplace for gems to offer this service.
The End
website: https://www.jadecurrency.com
Telegram: https://t.me/jadecurrency
