SOLO AMA🎉:Hotbit English Group
Host：Daisy, Hotbit Marketing Director
Gues：Bob Ras, CEO of CoinField and Co-Creator of the Sologenic ecosystem
Q1：What is Sologenic’s mission?
In a nutshell, Sologenic connects the global financial markets with the crypto assets. Sologenic’s mission is to become the most influential blockchain-based project in the world by bridging the gap between traditional financial markets and cryptocurrencies. It aims to facilitate the mass-adoption of cryptocurrencies by giving everyone in the world easier access to traditional financial markets.
Q2: What are your plans for accessing other markets?
In addition to our marketing plan, we will establish strategic partnerships in different markets in order to expand our reach globally. One of the main focuses is to encourage more institutional investors to participate and we are establishing partnerships with different entities in different countries.
In regards to SOLO itself, we are continually working with global crypto exchanges to list SOLO, so that people in all corners of the world are able to buy and trade it. The Sologenic team also attends blockchain events around the world to speak about, and introduce people to, the ecosystem.
Q3: What are SOLO Cards? And what are their benefits?
“Tokenize, Spend & Earn” are the 3 features available within the Sologenic Ecosystem. We have introduced SOLO cards so users can easily use their tokenized assets & other Cryptocurrencies to pay for daily expenditures in the same way as normal credit cards.
Users can choose to put their assets as collateral or manually top up the cards.
We’re in the final steps to launch the SOLO cards, and they will be available by end of June. There are lots of different benefits available to SOLO card holders such up to 2% monthly cash back, Airport lounges, rebate on different services such as Spotify, Netflix, Amazon Price, PlaySation plus and… We’re launching our new site this week and users can review the full benefit and apply for the cards in advance.
We’re also developing SOLO CARD app which allows users to manage the cards easily. The app will be available for both iOS & Android devices.
Q4: How is SOLO token different to other tokens?
Great question! SOLO is the only crypto which can be converted to other assets classes. When users execute “BUY” orders between Crypto assets & non-blockchain assets (Like Stocks), the system will convert the crypto assets to SOLO first and then convert to non-blockchain assets. (There will be no additional cost or trading fees for the conversion though)
SOLO is playing an important role within the ecosystem as all settlements will be done by SOLO only.
On the DEX, users are able to trade these assets against both XRP & SOLO.
Q5: How will users be able to tokenize assets? And will the securities trading be enabled?
SOLO holders will be able to tokenize assets from 30 global exchanges in Asia, North America and Europe. The three asset classes traded on Sologenic are stocks, ETFs, and commodities. It means you can tokenize stock in your favourite companies such as TESLA. Some of the top stock exchanges that SOLO users can tokenize assets from including the New York Stock Exchange, NASDAQ, London Stock Exchange, Hong Kong Stock Exchange, and many more.
Towards the end of summer, the platform that enables the tokenization of assets will go live as soon as the MiFID II investment firm license is issued by FSA. We will also launch a demo platform, where users can practice trading and tokenizing of assets without real money. We’re very excited about the rest of 2020!
FYI Our legal team is currently working on obtaining the MiFID II investment firm license (MiFID II investment firm license as defined in the SMA) to operate as an investment firm (Section 40 (1) of the SMA). The status of the license is pending approval by the Financial Supervisory Authority (FSA).
The company will offer the following services upon issuance of the MiFID II investment firm license:
- Reception and transmission of orders related to securities (Section 43 (1) 1) of the SMA)
- Execution of orders related to securities in the name of, or for the account of, the client (Section 43 (1) 2) of the SMA);
- Dealing in securities on own account (Section 43 (1) 3) of the SMA);
- Safekeeping and administration of securities for a client and activities related thereto ((Section 44 (1) of the SMA)
Q6: How will dividends be paid?
Sologenic pays dividends, or fractions of profits, depending on the user’s holding, into their accounts in real-time as they happen. Whether assets are in self custody or Sologenic accounts, users who own tokenized assets can receive dividends just as non-tokenized asset holders can.
Q7: Why is sologenic built on the XRPL?
The XRP Ledger offers features such as fast transaction times, low fees, and a built-in decentralized exchange. Ripple, the company behind it, is working with hundreds of global financial institutions in the payments industry, and this is another reason why the XRPL was perfect to build the Sologenic ecosystem on.
We wanted to be able to allow users to transfers assets and liquidity as fast as possible and the only solution was “XRPL”.
Q8:Who makes up the Sologenic team?
Sologenic’s team consists of experts in software engineering, research and development (R&D), regulatory compliance, and banking relationships. We’re also working with top advisors in different sectors to boost the success of the project. The list of advisors is available on the website.
Q9:How is community important to Sologenic?
I believe that the success of a project is directly related to the support of the community. For that reason the community plays a vital role within the Sologenic ecosystem.
Sologenic is a community-focused project, founded on the belief that cryptocurrency can be used in any way imaginable, by anyone in the world. There is SOLO Community Fund (SCF) available with the ecosystem which is used to develop decentralized projects, community events, and emergency situations. The fund also supports the Sologenic Developer Program. Developers around the world are encouraged to join this program to help create exciting new projects on the XRP Ledger.
Q10:Does Sologenic offer staking rewards?
Yes. SOLO holders can voluntarily participate in the Liquidity Provider Reward Program (LPRP), and receive rewards of up to 20% annually. There are multiple time-based programs, with both weekly or monthly participation models. Some of these programs come with flexible withdrawal terms, whereas others come with a fixed time-based deposit model. There is a daily reward payout mechanism for flexible programs and a time-based payout for fixed-term reward programs.
Sologenic sources the financial resources for these reward programs through the trading fees generated.
In addition to that, last week we’ve introduced a new program called Sologenic Savings Program “SSP”:
SOLO Savings Program “SSP ‘’ is a community airdrop program exclusively available to the SOLO community. The SSP offers daily rewards to loyal SOLO HODLers who stake and lock their SOLO holdings for a period of time by enrolling in one of the available time-based programs. The rewards are distributed on a daily basis into the same wallet address of the users who participate in this program. The program is being launched in partnership with CoinField Exchange.
What are the rewards percentage & Lock-up time?
Depending on the programs the rewards range from 6% to 20% per annum year and the rewards are being distributed on a daily basis. The reward calculation is Simple interest (not compound). For example, If a user enrolled in a two-year program with 100,000 SOLO, she/he will be rewarded a total of 40,000 SOLO for two years. All rewards are distributed in SOLO and on a daily basis.
What’s the size of the rewards pool for SSP?
SSP is a limited-time program with a maximum of 2% of “SEF” holdings which is equal to 1.2M SOLO. Once this amount is completely distributed, the program continuity will be evaluated and may be suspended.
Q11: the last question: What’s next for Sologenic?
Sologenic has lots lined up for this year. In June, the SOLO Cards will launch. Right after that, the decentralized exchange will go live, then towards the end of summer, the platform that enables the tokenization of assets will go live as soon as the MiFID II investment firm license is issued by FSA. We will also launch a demo platform, where users can practice trading and tokenizing of assets without real money. We’re very excited about the rest of 2020!