Kriptobi, one of the most active groups in Turkey on cryptocurrencies, hosted Mr. Justin from the CobWeb Finance project on November 24, 2020. In the first phase of our event, the CobWeb Finance project was introduced to our community members with group managers’ questions and our guest's answers. In the second phase, 3 questions collected via Twitter were asked to our guests, and in the third phase, the ‘live Q&A’ section was completed. In the second and third stages, our community members, whose questions were answered, were rewarded with a gift worth 10$ at the time of reward distribution. If you also want to participate in future AMA events and win while being informed, you can join the Kriptobi community.

Stage 1 (Questions of our group managers, answers of our guest)

Question 1: Can you please introduce the Cobweb Finance Project to our community?

Cobweb Finance has a target to build the world’s first cross-chain investment market, enabling users to invest with high efficiencies. We are focused on building a polymerized system to enhance defi efficiencies. We are now at an initial stage, and below is our vision.

Cobweb project has the similar mechanism to let you be notified for great investment opportunities. We allow different projects to make access to our smart contract deployed on Ethereum, including cross-chain assets. Each user can create his own cobweb by simple operation through our website UI, and indicate the types of bugs he desires to capture, which stands for the investment targets the user is looking for. Thus when such bug comes to our system, the corresponding cobwebs will be triggered. The user gets alerted to review such investment opportunities and can do investment instantly.

Question 2: What are the usage areas of $COB token?

As seen in all decentralized projects today, a governance token is necessary for proper decentralization and to ensure the ongoing evolution of the system. To compete in the current environment it’s also critical to have incentives to bootstrap liquidity and incentivize user participation. Governance and decisions on Cobweb platform will be completely decentralized, and COB Token will govern it. Holders of the token will have voting rights and power based on the amount of tokens they have and can debate, propose, and vote on all changes to Cobweb Finance. This will allow the Cobweb network to be upgradable by anybody with a good idea of how the platform can function better and they are adequately incentivized as they do so.

Question 3: Why should people invest in #COB Token? What are the most important features that distinguish you from other projects?

Firstly, I want to mention we just listed COB on Uniswap yesterday, and the price went up 4x, now it is still much higher than the presale price. And, COB holders are responsible for managing key parameters of the project such as what assets are to be offered, how rewards are distributed amongst assets, as well as set any platform fees, etc. COB tokens will also be used to incentivize early participants giving them a voice in the ongoing evolution and management of the platform. 

Talking about differences from others, we can help users to do investment in much higher efficiency，generally to make users do several things on only 1 platform. This will save a lot of time and energy for each user, at least you have less account password that needs to be memorized. Also if you are too busy, we can use cobweb mode to let the platform do the investment for you.

Question 4: Staking is very popular among crypto investors. Is staking available for $COB Token?

Basically no, COB token is more like a governance token. We do not want to just put a value on it by staking, it will be shortsighted. We want it to stands for users. But there will be plenty of other assets we can stake in our future platform.

Question 5: Finally, what are the major milestones CobWeb Finance has achieved so far, and what awaits us in the future?

We are now at the initial stage and so-called awareness stage, it is mainly about to let people get to know us, have a chance to read our whitepaper and information. Also, we successfully deployed COB token to involve many early investors. Then to let more investors have change to join in, we have listed COB yesterday and the result is super good. We are also in negotiation with some private investors and agents. 

Next big event will be the launch of our platform V1, we will try to deliver by Q1, 2021.

After this answer, the first phase of our AMA event was completed. And immediately after that, questions sent via Twitter will be answered. And the second phase has begun.

Stage 2 (Twitter users' questions, our guest's answers)

Twitter Question 1: Regulations for projects is very important. Projects can be banned in many countries because they do not use the appropriate regulations and permits. How do you solve this problem? (from @waybesuricata)

This is truly a big concern, in fact, that is why we are now kept anonymous，since we are still at the research stage of law compliance. We do like the decentralized world, but we must obey the laws. We are working very closely with our local attorney vendors on this, will try to find a balanced way to present our products globally. But if it needed, a KYC will be conducted for our users. I think we will get an update before our platform launches.

Twitter Question 2: When a token is listed on an exchange, it is really hard keep a stable value due to the shorting of big whales. So the $COB has any 'BuyBack' mechanism or another way to keep the token stability? (from @ZamoraJoana)

Yes, one thing I want to emphasize is we pre-announced many details about everything to our communities, and we always do like we promised. Like yesterday's Uniswap listing event, we put enough ETH(almost all we got from presale) into liquidity, so all our early investors get good profits if they like, but only a few of them sold their tokens. And we do have a BuyBack mechanism, also announced days ago, and we will execute it if certain conditions are met.
So far, the $COB price is still higher than the pre-sale price, we feel very comfortable about it.

Twitter Question 3: Low liquidity is one of the main problems with the DeFi Project. What is Cobweb going to do about it? Is there any program for liquidity providers? (from @untillthemoon)

Yes, this is one part of our marketing plan as well. We are now working closely with development team doing researches about put more values for our liquidity provider, it can be shown on our platform in different ways. We will have a functional mechanism to identify the LP provider and give corresponding rewards on using our investment product. Maybe low liquidity for now, but we encourage users to look far together with us.

After that answer, our event’s 2nd phase was terminated and the ‘live Q&A’ section started. 7 questions answered by our guest within 5 minutes were shaped as follows.

Stage 3 (Live questions of community members, our guest's answers)

Live Question 1: What are the plans to educate and raise awareness and adoption among the community to make more people understand the project easily?

Actually, it is not only the community, it is important to involve newcomers too. Why there are still so many non-crypto-natives in the world, even bitcoin prices hit a high level, many people still do not know what it is. The main reason maybe it is too complicated for a new user to learn how to use all kinds of exchanges, wallets, and software, it is way more complicated than you put money into a bank or stock market. So we want our platform to be very easy for users, we cannot promise we must achieve that, but it is one main factor we are thinking of during the development and product design.

Live Question 2: Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?

Now we already have 6 groups in different languages. Our expansion is all over not limited to any region and We are following regulations on Cryptocurrency guiding most Asia countries, We are starting something big with a very popular Asian and European marketing LLC and this is going to be a beneficial partnership deal, We'd announce at due time, Also we are looking to make waves too as far as Africa, We love how cryptocurrency is being embraced there gradually in countries like Botswana, Tanzania, South Africa, Nigeria and this will be part of our expansion.

Live Question 3: How was the $COB project affected by the Covid 19 outbreak? Did it lead to a change in your roadmap?

Our job is pretty much to stay indoors, so for the dev job, it is ok. But it did impact our marketing activities like in many countries it is popular to do meet-ups, but now seems impossible. But we are still good since we have some angel investors, also once the Covid situation get better, we will put more energy to catch up on the marketing activities. It will not change the roadmap.

Live Question 4: Trust is very important in business. So, what makes investors, customers, and users feel safe when working with Your project? And how will you get the trust of many users that have negative thoughts about Blockchain and DeFi?

For the tech part, I hope next time we can invite our dev team to join.)
Indeed, there are no future tellers, it is hard for users to evaluate the risks. For me, I will watch how a project team moves if they have a clear plan about every step and if they carry them out. So far we did everything as planned, and made all data transparent. Also, we always have open communication in our groups, we built multi-language groups so we can listen to advise.

Live Question 5: Can you give me 3 killer features about your $COB token to convince me and other big investors to invest in $COB in the long-term?

We believe product tells. To be honest this is our initial stage and we do not have a product to show, current marketing activities mainly focus on getting people to be interested in us, and willing to spend some time to learn about us. Once we have this opportunity we can have a community base, then when we develop per plan and make progress, it will enhance everyone's confidence. Also, a good product can automatically attract users, we hope to achieve that.

Live Question 6: What is the business model of your project? How does it work and who are your potential customers and which markets are you targeting?

Basically, we solve problems. Like everyone here, we are also users of many platforms like we go to CEX or DEX to trade, we go to AAVE to borrow, we go to many many platforms for certain purposes. Imagine what benefit we can get if we can finish several tasks on only 1 platform. Also, we have this idea learned from spider to set up your own investment plan, somehow we can achieve auto-invest on some level.
we can help users to do investment in much higher efficiency， generally to make users do several things on only 1 platform. This will save a lot of time and energy for each user, at least you have less account password that needs to be memorized. Also if you are too busy, we can use cobweb mode to let the platform do the investment for you.

Live Question 7: The $COB token was listed on Uniswap, but apart of this exchange, will other exchanges will be able to trade the COB? Maybe a big CEX soon?

We will have a vote event opening soon to figure this out. As we promised to hear voices from users, especially the one who holds our token. It is important for us to let the community make some decisions.

After this answer, we came to the end of the 3rd stage and the whole event. We thank our guest for not breaking our kind offer and for joining our community.

Don't forget to follow us on Twitter to become instantly aware of other activities in the Kriptobi community…