The summary of Q&As from the AMA with KuCoin’s Co-Founder,TOP
Introduction: Top,co-founder of KuCoin and head of Pool-X
Hello Tronics, this is TRONLive, a TRON community, and also the host for this AMA (Ask Me Anything) live broadcast.
Our AMA session guest for today is — TOP, the co-founder of KuCoin and the head of Pool-X.
When the AMA starts, we will mute the telegram channel to ensure the flow of AMA can go smoothly. Thanks for your understanding.
We will start with the questions we received from the community through our website -https://tron.live and email, and some questions we think will be useful for people to know. Then, we will take 5 questions from members of this telegram channel.
During the open question session, we will also have a short 10 seconds countdown before we reactivate the telegram for more questions from the community. If your question is selected by KuCoin, you will be rewarded with 1000TRX at the end of the session!
So, let us begin by welcoming TOP to our TRON telegram group!
Hi everyone, I’m Top from from KuCoin. It’s my pleasure to be here today to join the AMA of TRON community.
Thank you for attending our AMA session, TOP. Let’s start with the first question we have here so the TRON community can learn about what you have to offer.
Q1: Could you please tell us what Pool-X is? What is the relationship between KuCoin and Pool-X?
The traditional method of PoS mining involves acquiring rewards by staking projects. Those rewards are mainly derived from the inflation and reserved shares of the projects themselves. This method contains some weaknesses. For example, there is a certain threshold for normal users and the whole operational process is particularly complicated. Also, users need to wait for some time before redeeming their staked tokens.
Pool-X is the next generation PoS mining pool supporting lockup crypto transactions. It’s a subsidiary product incubated by KuCoin which is independently operated and can provide high liquidity for lockup tokens and bring more possibilities.
Q2: What is the decentralized platform token POL?
Serving the role of points/credits for users on Pool-X, POL is one of the most crucial components in the pool’s ecosystem. It is also the first decentralized zero-reservation credit issued based on the TRC20 protocol.
The name POL is actually abbreviated from Proof of Liquidity. On Pool-X, POL bridges between staked assets and assets in circulation, paying with which allows the users to obtain instant liquidity, even when the crypto assets are still in staking.
To put it simply, we will provide a liquidity trading market where users can trade the ownership of staked tokens: if A has tokens in circulation and B has staked tokens, then B can pay a certain amount of POL to exchange the ownership of the staked assets with A to get tokens in circulation. POL can be regarded as one of the rewards that sellers give to buyers.
TronLive: That’s interesting. Thanks for providing an example which makes everything clearer.
Q3: So, you mentioned that POL is a TRC20 token. Can you let us know what is the relationship between POL and the TRON network? Why do you choose to launch POL on TRON?
TRON is one of the largest blockchain-based operating systems in the world. It not only carries high TPS but also has high throughput and excellent scalability while maintaining high reliability.
The technology of TRON’s public chain is obvious to all. It offers fast transfer speeds with zero transfer fees on the chain and has played a role in the rapid growth of various projects. As for TRON’s DPOS consensus mechanism, it is impeccable from the perspectives of data indicators, viability, applicability, innovation, etc.
Based on the technical advantages above, the team decided to utilize TRON’s TRC20 protocol to issue the platform token, POL. Beyond that, Pool-X’s goal is to establish a decentralized platform for complete community autonomy. Similar to TRON, we also have the vision to optimize the industry’s ecology, and we are also willing to contribute to the ecosystem of TRON’s public chain ecosystem based on the advantages of TRON’s public chain technology.
Q4: It’s great to have another great project on TRON! Could you please also share with the community what are the values of POL?
The unique values of POL are as follows:
First, the total supply of POL stands at 1 million. Also, there are zero reservations to be provided to any team or individual. Only those who take part in the contribution of the Pool-X ecosystem can obtain a share of POL. POL is completely decentralized and can be recognized as a bitcoin in the era of staking.
Secondly, POL is fuel for the liquidity trading market of Pool-X. When liquidity providers and bidders make deals, the liquidity bidders will need to pay a certain amount of POL to liquidity providers, positively promoting the development of the whole market.
Thirdly, we will release the burning plan of POL at a later stage, which is derived from the transaction fees paid in POL based on each trade. The details are still in the works. This burning plan can be interpreted as ‘Trade more, burn more’. The more active the liquidity trading market is, the more POL will be burnt.
Q5: Ok, last question before we open up the telegram group for open questions. We now know more about POL, but how do we get POL?
The main distribution of POL is mainly composed of 3 parts: The first part is that we will have a lockup airdrop that accounts for 2% in the early stage; The second part is through mining, which will make up around 78%, and the final part is for the budget system, which will occupy 20%.
The mining part will be divided into two further parts: Staking Mining (50%) and the POL PoS Scheme (28%). The budget system is mainly designated for the construction of the whole ecosystem and community. The applicants shall obtain the budget allocation from the positive results of node voting. The actual distribution of POL takes place after the outcome is validated.
The LockDrop activity has just begun on November 5, last Tuesday. Users who have TRC20 USDT are able to obtain a share of POL by locking up at least 500 TRC20 USDT on KuCoin. When the lockup period expires, we will return the full amount of the locked-up USDT. In addition, users who participated in the LockDrop are able to get a share of POL for free. The first week of LockDrop was really exciting, taking just 23 seconds for the 1st round and only 15 seconds for the 2nd round, with a hard cap of 700k TRC20 USDT in total. Some of our team members did not even have the chance to take part. But, as everyone deserves a second chance, until November 22, you will be able to participate in the LockDrop activity on every Tuesday and Thursday.
All right, thanks for the detailed explanation, TOP. So, every Tuesday and Thursday, until November 22nd. Keep that in mind for those who wish to participate in this POL LockDrop event!