RevoNetwork AMA Summary Recap with Shin Chan Community
We held a live AMA with CEO, Oladapo Timothy Olagoke of RevoNetwork on 10th April 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
JH| Shin Chan: Can you introduce yourself and the RevoNetwork team background?
Oladapo Timothy: The core team cosists of Myself Oladapo, CEO of RevoNetwork, i have personally been a cryptocurrency journalist since more than last 3 years. I had formerly worked as senior project manager & growth manger. overall, I’m a person with decent marketing background.
Talking about our Vice-president, Giorgi, He have been a lawyer since past 5 years and has an extensive experience in Business laws.
Now talking about our product consultant, Rakesh Dhruv, he has an experience of 6+ years in Customer facing, Quality analysts role. 2+ years of experience being an Entrepreneur co-Founded Pexo, a crypto currency trading platform which later got acquired
So, when i first studied about the Binance adoption, I saw that a user friendly mobile application played a really big role in their adoption, today alot of users use Binance on their phone, in a similar manner we thought of RevoNetwork, a mobile application where you can get most of the DeFi functionality with a NFT marketplace. Everything in a single mobile application. Right now, basically for using different DeFi based Dapps we have switch between websites that too on our desktop but RevoNetwork will remove that barrier and everything would be under one hood in a mobile application.
This is how the actual idea of RevoNetwork & this mobile application came up!
JH| Shin Chan: Do you have any news about RevoNetwork would like to share with us?
Oladapo Timothy: Yes, we have recently announced our IDO on Oxbull on 17th April. Few days back we have even released our prototype.
Our listing date will be 17th April only
AMA Twitter Section Begin:
Q1: “The Revo Network is designed to be a comprehensive DeFi ecosystem for users to have full permissions and a decentralized experience. Specify what are the core features of the Revo ecosystem and what are they based on?”
Oladapo Timothy: Core features of RevoNetwork ecosystem is a multi-chain wallet, Dex, staking platform, NFT marketplace & payment gateway.
All under one hood that is RevoNetwork’s mobile application.
Q2: You point out that RevoNetwork is the window to the limitless world of DEFi, in which they launch interoperable innovations in DeFi, but really how “innovative” will this interoperability be, in which only ETH and BSC participate? Shouldn’t more chains participate?
Oladapo Timothy: Basically as we know, Ethereum chain is one of the chain that is purely decentralised. It gives users the pure experience decentralisation but considering the high fees of eth, users will get an option to use BSC chain as well.
We are currently working with Matic / polygon as well and in future we will plan to add on more chain as the development progresses.
Q3: "RevoNetwork is young and new in Crypto ecosystem. What is the main mission of RevoNetwork? Where do you focusing now, building a community or increasing the value of your token? Why?”
Oladapo Timothy: The main mission is to build the mobile application as we have promised and get more users on that as well. As more and more user comes in obviously community will even grow and which would definitely affect the value of the token in a positive manner with proper marketing.
So, we will first focus on our core development, then getting more users & community members that would automatically result in positive value of Revo
Q4: "RevoNetwork achieves immutability, transparency and independence thanks to being developed on Ethereum and Binance Smart Chain? Are there other benefits that these ecosystems bring to RevoNetwork? And do you plan to integrate more ecosystems in the future?
Oladapo Timothy: Ethereum brings the pure decentralised experience whereas bsc brings on the good ui & low fees.
We are even working with matic / polygon and have plans to integrate with more chains in future.
Q5: "I read in your website about ‘Ecosytem Governance’ in which Revo token holders can use it to participate in incubator program, how does an incubator program works? What is the sole purpose of this program to the holders and as well with the community?”
Oladapo Timothy: Incubation, in simple words you may say it as launchpad for new crypto startups.
Revo token holders will get benefits in participating for certain upcoming IDOs.
The holders will have right to vote for some new features. This will totally be a community based project
Telegram Live AMA Begin:
Q6: So, that means Revonetwork marketplace will be like a bridge from CeFi to DeFi? User will be able to access on several DeFi products easily with this apps right? Or how does it will be works and tell us describely about your NFT marketplace. What kinds of NFTs can we trade there? Will it be like Opensea or current traditional NFT marketplace?
Oladapo Timothy: Yes users will be able to access several DeFi products under one hood with this application, you don’t have to switch between applications with just a few clicks.
Our marketplace will be kind of similar to opensea but on a mobile application. Let me show you an image from our prototype
This is how it will look alike and how simple our NFT marketplace is gonna be. Shared some pics from our prototype.
Q7: In your White Paper You mention that the #Revo_network is the solution to various problems generated in the defi network, My question is : How does the #Revo_network differ from other networks that already exist today?
Oladapo Timothy: Let’s say using any DeFi application you need to open your desktop go to the respective link, connect with metamask.
In RevoNetwork mobile application, just open the mobile application & enter a security passcode and you can access all the DeFi features that are integrated with us.
Q8: When the revonetwork project is carried out without requiring physical documents to prove identity, does it ensure personal security when we make exchange on the revonetwork?
Oladapo Timothy: We aren’t making a centralised exchange, it would totally be a Dex & you will control your funds and own the seed phrase or private key of the wallet. All in a single mobile application.
Q9: Reading about you I find something called “Revo payment system” Can explan more that? How It’s works?
Oladapo Timothy: Similar to the traditional payment gateways that you see while checking out on a e-commerce Website or with a merchant. We will have our own crypto payments gateway that various merchants & ecommerce website can use with simple api keys.
In this Polygon Network integration will play a major role considering the low fees & fast transaction on the polygon network.
Q10: In what ways I can get Revonetwork token? Can I buy or is it already available on Exchanges? Or you are planning for a public sale?
Oladapo Timothy: You can participate in our IDO on Oxbull that is scheduled on 17th April.
Q11: You point out that RevoNetwork will bring great ease to users, but if you really tell us to understand DeFi for users, how much more will it cost us to understand RevoNetwork when it is an innovation never before seen in DeFi?
Oladapo Timothy: RevoNetwork mobile application will be too simple. It would be even simpler when compared with current DeFi systems.
Q12: I would like to be an early holder of Revonetwork. Can you tell us describely about the IDO? How can we participate and what are the requirements?
Oladapo Timothy: Oxbull will host our IDO, you need to hold a minimum of 8000 OXB in order to participate in the IDO. For more details please refer to this article :
Q13: What are the uses of Revo tokens on the RevoNetwork ecosystem? What will your incentives be for those who hold Revo tokens for a long time?
Oladapo Timothy: How is the difference between the new price movements Revo Network uses on DeFi? What privileges does it provide in creating reliable data with the new standard throughput you use?
Q14: I believe the future is bright for Decentralized Exchanges. What is the difference between Revo DEX with another DEX?
Oladapo Timothy: Revo Dex would on a mobile application while for using other Dex you need to visit their website, connect with metamask & then trade and so on. here you would get a much better Ui with a great mobile application interface.
Q15: On your whitepaper you mention a crypto prepaid card for Revo? How is it work? Is it working with Visa or Mastercard logos?
Oladapo Timothy: Something similar we will be launching our own pre-paid crypto cards and yes we will be exploring something with visa or MasterCard as well but only after the launch of our payment gateway.
Q16: can you please share the tokenomics of RenoNetwork?
Oladapo Timothy:
Q17: What is it that liquidity providers get from providing liquidity for Revo Swap on Revo Network?
Oladapo Timothy: Obviously there will be a liquidity pools & you will earn a good enough APY%
Q18: What are the transaction fees charged for changing crypto currencies via RevNetwork’s mobile application and how do you determine the transaction fees?
How can we calculate the rate of profit we will receive when depositing our cryptocurrencies via Stacking via the mobile application and is there a certain lockout period?
Oladapo Timothy: We do not determine the transaction fees, it’s totally on eth, bsc or polygon Network.
We will give users several option some with lockup & some without and based on that there will be a APY% that you will earn. It will be something sustainable not too much not too less.
Q19: Do we need to complete any holding challenge or KYC in order to participate in the IDO? Can you give us full details on IDO?
Oladapo Timothy: No no any KYC is needed
Q20: Does sending tokens require a native token as a gas fee on the REVO network?
And I don’t see on the roadmap about the REVO token utility for conducting audits with third parties. Will that happen this year?
Oladapo Timothy: We aren’t developing a blockchain, it’s a DAPP you need to pay fees according to the eth, bsc or polygon network.
Please see our whitepaper for the Revo utility. We have already audited our token smart contract with solid group (the one who audited for kickpad, orakuru and all, just to give a reference).
Q21: Besides developing your own NFT marketplace do you have plan to build Revonetwork own NFTs collectibles? If yes will they be tradable on 3rd party marketplace?
Oladapo Timothy: We might discover that too in future after completing our current roadmap targets, if community asks us to do so, we will do it. It’s totally a community based project.
Q22: Did you mention that users who use the REVO tokens as a settlement will be able to receive greater benefits when buying and selling NFTs tokens? but really what benefits would they be? best prices and VIP auctions?
Oladapo Timothy: Yes they will get benefits, a very small fees that they will have to pay to Revo ecosystem while buying or selling NFTs will be discounted.
Q23: Do you have any plans to release RevoNetwork application on Playstore or Apple Store?
Oladapo Timothy: Yes obviously we will release that on play store & apple store.
Q24: What is your plan to create awareness about your project in different regions? Will you create local Communities for local user or planning for an ambassador program?
Oladapo Timothy: Yes definitely we will approach some local communities & have some ambassador program.
Q25: Revo network provides a cross-chain network between Ethereum and Polkadot, but will these two ecosystems be the only ones featured on Revo? With the recently attention attracted to the BSC network, have you considered integrating it on your platform ?
Oladapo Timothy: We are integrated to Eithereum, bsc & polygon Network in the beginning
So, Binance smart chain is there
Q26: Read in your whitepaper that security is your priority concern.Your code is open sourced but is your platform audited and secure?
Oladapo Timothy: Yes our platform will be audited by third party before final release.
Q27: What’s your solution to Ethereum gas fees? Any plan on moving to Cardano/Polkadot/BSC?
Oladapo Timothy: We will be integrating on bsc & matic from day 1 itself
Q28: In the Current time Polkastarter IDO is very popular. Why did you decided to do your IDO on Oxbull? What is your relationship with this company?
Oladapo Timothy: We have some good terms with Oxbull & we feel like it’s a great platform to host an ido on Binance smart chain.
Q29: Will Revonetwork marketplace be fully Decentralized? Is there any risk of Centralization?
Oladapo Timothy: It’s 100% completely decentralised
Q30: NFT exploded into the crypto economy. How does Revo Network participate?
What coming after the hype around NFT deflates?
Oladapo Timothy: We have already mentioned about an NFT marketplace on our website let me show you a glimpse of our NFT marketplace on a mobile application.
Q31: What is your most ambitious goal of your project? We would appreciate it if you could share with us any Upcoming Updates?
Oladapo Timothy: To achieve a really good amount of users with a great adoption of my mobile application, that is purely my ambitious goal.
We have a staking platform & some incubation program coming up by this month itself. Stay tuned.
Q32: There are many simillar projects in the market now,Compared to the other project , what advantages does @RevoNetworkapp have?
Oladapo Timothy: We provide all your major DeFi needs in a single mobile application with a NFT marketplace. This all under one hood with a great Ui / Ux
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