Recap of IOST AMA with Aegis CTO Christopher Holm
hey everyone! Welcome to our AMA today! we have invited Christopher Holm, the CTO of Aegis, @ChristopherHolm welcome!
Chris: Hi! I’m Chris nice to meet you
Stephanie: @ChristopherHolm Could you start with a short intro about yourself, please?
Chris: This is Christopher Holm, Chief Technology Officer at Aegis DeFi.
Graduated from the Department of Computer Science, Imperial College London, I personally possess extensive knowledge and experience performing solution architecture design and development using Service Oriented Architecture principles. With more than 3 years of working experience in Blockchain architecture design and engineering, I have been looking at the specific realm of open finance and started my research on DeFi. Last year, I Co-founded Aegis，a DeFi 2.0 protocol for features more diversified lending services besides over-collateralize lending, such as micro-lending and Unsecured Borrowing as well as derivative issuance such as CDS.
Stephanie: So the first question is, There are quite many DeFi projects with similar functionalities and even ideas. So as CTO, what plans do you have for Aegis as a DeFi product?
Chris: According to the Aegis DeFi roadmap, Aegis will first focus on product development. Soon we will launch the MVP and liquidity pools on Aegis. In the near future, we will keep working on the optimization of the product and services that we provide for users. Compared to current lending platforms such as Compound, Aegis features more diversified lending services such as micro-lending and unsecured lending based on the credit lines of each user. An “Aegis Score” is then assigned to the individual users, which allows users to unlock corresponding capital loans in the crypto ecosystem. Besides the lending and borrowing businesses, Aegis will also provide issuance and trading services for derivatives such as CDS
Stephanie: So the second question is that I notice that Aegis DeFi will also apply “Yield Farming” or liquidity farming. Can you share with us the mining mechanism of AGS?
Chris: In every block produced during lending & borrowing on Aegis, there will be a certain amount of AGS tokens to be distributed to the users, of which half will be granted to the lenders based on the total amount of deposits and the other half will go to the borrowers based on the total amount of loans. As a DeFi platform, Aegis will also adopt the liquidity mining incentive (Yield Farming) to the multi-collateral and synthetic assets issuance operations. With the Liquidity Mining Incentive plan, users could receive AGS token as rewards for adopting lending, borrowings, issuance, and trading across the platform, and thus the platform could go to market in an economic way and AGS token could have a native distribution throughout the ecosystem.
Stephanie: And we also would like to know about “liquidity pools”? In the context of the Aegis network, what does this actually mean for you?
Chris: When users supply liquidity to Aegis, they begin earning a variable interest income instantly. Interest accrues on every Ethereum block, and users can withdraw their principal plus interest anytime the liquidity supplied to Aegis is held in the global liquidity pool, and lenders receive a Tokens, which represents their asset ownership and can be redeemed for their underlying assets anytime. As interest accrues to the liquidity supplied by the user, the tokens are redeemable at an ever-increasing exchange rate (relative to the underlying asset) that is based on the interest earned by the underlying assets.
Stephanie: For most users, they are concerned about the extreme incidents such as 3.12? What precautions does Aegis offer to users to hedge such risks?
Chris: In the tokenomics design of Aegis, with the growth of lending & borrowing business, derivatives issuance, and trading volume, it’s the commission/fee income will inevitably increase. In order to effectively hedge extreme market risks, part of the fee in Aegis will continue to be injected into the stabilization fund pool to hedge market risks. On the other hand, Aegis will apply numerous security measures. Aegis will build up a precaution system to remind users of borrowing interest rates which shall not be too high for users. Second, we will provide functionality in our product in the near future which enables users to set certain collateral rates and automatic repay or withdrawal.
Stephanie: So what security measures Aegis will apply on the platform related to borrowing interest rates?
Chris: Well, Aegis is designed by experienced protocol infrastructure architects and business professionals who have contributed to the growth of the blockchain industry since the early days of Ethereum development. In addition to the team’s deep experience, Aegis will ensure that the network is secure through code and smart contract audits with globally leading blockchain audit firms. So users can expect Aegis Network to be built with the highest level of financial security.
Stephanie: really looking forward to the product! As we know that the cryptocurrency world is growing and becoming more competitive with blockchain and token projects, many of which have come up with some good ideas but are still failing. So how does the Aegis survive and thrive in the competition?
Chris: Compared with competitors, Aegis is more product-oriented. We are committed to product development, making products and services more user-friendly and accessible to all. We provide a DeFi product which will be more user-friendly, easy-to-use, more abundant info display through our Dashboard, helping new users to get involved faster. As for product functions, in the early stage, we will enable collateralized lending & borrowing services first. On the bases of collateralized lending & borrowing, we will further optimize interest-rate models, higher scalability, and stronger adaptability.
Stephanie: After you explained your project, I believe our community already have a general understanding about Aegis, We want to know that why do you choose IOST as a partner? Can you explain how to apply POB in your system in details？
Chris: IOST is a world-leading public Blockchain platform developed for online service providers, empowered by its unique, next-generation Proof of Believability consensus. In this case, by working with IOST, it will definitely bring more technical support to Aegis in terms of scalability and higher speed of transactions. To apply PoB consensus, Aegis will work with IOST to build a validation network applying the underlying technologies provided by IOST in order to validate and grant users’ their “Aegis Score”.
Stephanie: yeah！we also really appreciate to have this chance to connect with AegisSo the last question, and then will start the open question session. What’s the launch plan and what cap/circulating supply with the AGS token have on day one?
Chris: Well, it’s been quite crazy for Aegis during these days. We completed Seed and Private token sales within one week. We sold out Public Sale allocations in 16 seconds!! Have to admit that, Aegis’s heated popularity among communities all across the globe is something extraordinary.
Well, for our future plans, we will soon be launching on Uniswap where users can enjoy farming yields by adding more liquidity into the platform. LOL, it was a surprise for me, too And, the Aegis team is also talking to some top-tier crypto exchanges regarding listing and marketing cooperation. Soon we will have announcements regarding listings. Stay tuned to our official channels.
Stephanie: Thanks for sharing ! we are going to start the Open Question Session. Our community will start to ask question in the group! and please pick 5 questions to answer
Rembrandt: ”YAM” another Yield Farming project running with un-audited code, faced with critical errors leading to the falling of ”YAM” v1, frozen 750k$. So how will AEGIS prevent the same mistake from happening? Have you carried out multiple audits with independent parties?
Chris: We are doing some internal code-auditing, which guarantees that there will not be any loophole left before we submit them to the auditors. We already entrusted one top-tier auditor which has the best team and are already working on the code auditing. Once we complete the auditing, we will update in GitHub as we take extreme vigilance on this.
Razor: You offer lending and unsecured borrowing services to users based on their credit scores. In the case of new users with no loan history, how do you assign “Aegis Score” to such users? Or such a user isn’t entitled to borrowing on the Aegis platform?
Chris: As for users who are unable to provide credit scores to gain ‘Aegis Score‘, they can only enjoy our general lending & borrowing services with collateral to hedge against potential risks.
Love BTC: What are the difficulties and chances that Aegis phase right now while crypto/blockchain market is still young and needs time to grow?
Chris: The most challenging thing will be the integration of Blockchain with the AI algorithm. The smart contract needs very solid work on it. That’s why we are late in uploading the codes on GitHub. Second, the services that Aegis offers are more complicated than our competitors. For example, no one does Unsecured Borrowing before. And we need an economic model to make it secure.
Paula: DeFi is one of the hottest topics in the blockchain space right now. Can you share your opinions on DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is Aegis approach towards the DeFi sector?
Chris: DeFi as an open finance model possesses several core advantages of competitiveness that traditional financing lacks. First, users will hold the private keys of their personal wallets, not just nominal numbers given by banks with the fear of losing all the owner’s rights. Second, cryptocurrencies enable on-chain transactions which rule out any risks of manipulations. Third, it’s open and free, accessible to all users. Unlike the inconvenience in traditional financing, DeFi can offer access to all users. DeFi will bring innovations to traditional financing in terms of service scope, service quality as well as the way of providing services.
Giorno Fortunato: So far, Almost 80% of investors have just focused on the price of the token in the short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold Aegis token in the long term? Will run any stake program with your token?
Chris: First, AEGIS token holders within the community retain the right to raise proposals and vote on these proposals. The proposals may include the change of staking rewards or updates on the blockchain and are subject to majority vote requirements and minimum quorum requirements for network proposals. AEGIS tokens are required to be staked by proposal creators and voters. Second, Lending, borrowing, trading, and asset management activities may incur gas and transaction fees with Aegis Network. Users get a discount on these fees should they choose to pay them in AEGIS tokens. Also, Aegis Network validators must stake a certain amount of AEGIS tokens as collateral to participate in the validation of on-chain transactions and validation of users’ credit lines and quotas for unsecured loans. Aegis aims to bring new values and innovations to DeFi services. We see the mission as a long-term target that the whole team is dedicated in. As we grow in both business and project development, you will see more and more users using the platform product and services. Thus, the use cases of AGS as the utility token will increase with it. AEGIS token’s utility lies in its double feature as both collaterals and as an entrance requirement to the Aegis DeFi Ecosystem. Each use of the Aegis protocol starts with the deposit and lock-up of digital assets and the issuance of credit and other collateral backed derivatives by engaging the Aegis Protocol, which demands AEGIS tokens.
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