Recap AMA TRG Community x Omphalos Protocol

DONG DONG
7 min readOct 16, 2020

Thank you to everyone who joined AMA TRG Community x Omphalos Protocol on October 15, 2020 10:00 PM GMT+7,Here is the recap for those who missed this AMA.

Our guest know today is Goran the business development manager here at Omphalos,Apart from this.He is a person with long experience in the market when the value of BTC is very low

Segment 1, 1: Can you introduce yourself and your project?

Goran : Hello everyone,

I am Goran, the business development manager here at Omphalos,I joined crypto markets 7 years and since then participated in various projects. Omphalos is an adaptive base cryptocurrency with scalable chain interoperability. I Should also mention that OMPL will be a stable coin.

Part 2: We will list the best questions about the project and the project will answer on twitter

Segment 2,1. Q. Can you explain how the Rebase mechanism on Omphalos works? @QuyenTr0902

Goran : Rebase Mechanism will be an autonomous smart contract which will trigger if certain conditions are fulfilled at certain point in time. By default (This is important because due to community governance community can change timing of rebase as they vote it to be) Rebase is set to trigger once every 24hrs if price of OMPL goes above 1.06$ or under 0.96$ and adjusts total supply of the token accordingly.

Segment 2,2. Can you explain Proof of Processed Payment (PoPP) consensus mechanism in brief and state why PoPP is important for your project? @OlegTroya1

Goran : This is a rather short one :)
Think of it as a human-powered Proof-of-Work (POW), as opposed to a computational-powered PoW, such as the one Bitcoin uses. PoPP acts as a provable way of identifying users and distributing new currency into the system.

Segment 2,3. Q/ Why does Omphalos use the PolkaDot parachain protocol? How do Omphalos DAPPs when built on the PolkaDot network differ from Dapps built on ethereum? @nhitran83149300

Goran : An interesting question,
We don’t usually discuss other projects and their building structure. You’ve heard about all the projects claiming to build eth 2.0 and solve the scalability problem which ETH has for ages? If you went a bit deeper in those you will figure out that none of those projects is yet fully completed and released onto the network. While Polka provides a lot better scalability options on the long term.

Overall with chain interoperability we removed the downsides from not being on ETH which is greatest community among all Solidity based crypto token platforms

To be short. Answer is to get best scalability options on the long run while still being compatible to ETH and other solidity based systems

Segment 2,4. Q. What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for? @nhi35022657

Goran : These are a couple of questions :))) But in order :
Most ambitious goal is without a question Global Adoption of OMPL, meaning as many use cases as possible which is also a reason why OMPL is actively searching for as many partners as possible and bring that global adoption 1 step closer with each obtained partner.

Upcoming updates are something i unfortunately am not allowed to share today, as am sure you understand. We will follow our roadmap to detail but everything which ain’t there and is coming soon(There is quite a bit of the details)
For those information’s unfortunately you will have to wait few more weeks but please look forward to them :) they will be huge

Segment 2, 5. Could you please inform and explain to us, what benefits will we get as investors if we buy and store OMPHALOS? Does OMPHALOS have a big potential to be used as our favorite token? @DavidSanta1704

Goran : Now this is a nice one although i might not be the right person to ask about it. As a team member i may be a bit biased which means that for me currently my own work and effort of the entire team already is one of the most favorite tokens :)
To be honest, yeah OMPL has a potential to become your favorite token soon.
For every early holder there is 1 great benefit involved right away. You get your tokens today but as time goes and number of use cases increase so will the demand for OMPL. When demand increase price will follow which essentially will result in you OMPL supply going to the moon.

We’re headed to the moon, but not with the price (It will always be around 1$) but instead with the amount of OMPL we had.

Important thing to know is that when you participate in the OMPL sale you will be buying a % of total supply instead of the fixed token number which ensures that

Number of your tokens raise with the number of total money in token

Segment 2, 6. What changes in my wallet each time a rebase happens? would the amount of value of the tokens be negatively modified? @MuLan85522129

Goran : Well that is possible but also not really :) What you invested will pretty much always remain close that that amount especially for early investors.
Imagine that today you buy a token a 0.8$ due to a severe price drop. after the rebase instead of owning 10 Tokens worth 8$ in total :) You will own 8 tokens worth 1$ each

which means that overall while smart contact can modify value negatively

It will only do so if price has falled under safe limit of 0.96 and will use the extra tokens to compensate for the price raise

Segment 3: live questions.Goran will select 5 best questions from the community

  1. total supply will change constantly to maintain the price equilibrium, but do you have a minimum and maximum possible supply in each rebase? How is it calculated?

Goran : I am picking you mate :) Our discussion today was more less going around Rebase mechanism and details surrounding it :) So you’ve caught last train to send your questions :) Last minute ticket :)

There won’t be a limit at all that is the simplest answer Currently there is a max total supply of 100M OMPL
But if we get enough demand we can get 500M Ompl Supply
And it will happen by default trough our smart contract :)

Also if you remmain the last investor and you own 10OMPL those are 10 Last OMPL and they are still worth 1$ each even if there are only 10

2. What does the OMPL ecosystem include? What is the role of OMPL token in the entire OMPL ecosystem? I like name OMPL .

Goran : There are five key “Pillars” which the
Omphalos operates upon:
Decentralized Bank,
Council,
Liquidity Mining,
Lending &
Borrowing
and Cross-chain Interoperability.

OMPL will be used as a basic payment token which will retain fixed value as a replacement for FIAT in this volatile crypto world

3. Q: I’m a white hat hacker in internet, do you think Omphalos system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?

Goran : U will know that after laughing at the end of 16hr shift :D And being able to laugh :D

As for the question :) Lion King :) OMPL currently has had 1 Private security audit, and will conduct several public ones for people like you several times per year to ensure highest possible security for our users.

We can’t that we promise 100% non penatrable systems but i can say that we will not remain blind to the community and our white hatted friends

4. Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?

Goran : Yes. :)

Project which isn’t facing difficulties and challenges :) Well you can believe in either of the following. It’s a Scam and people are not trying to do any work hence no challenges :)
Or it’s a miracle project which wasn’t invented yet :)

So overall answer to this is simple. There is still a long road ahead of us. But those Problems were facing now are actually helpful for us on the long run as it’s better to face issues early on then when we grow huge :)
And shortest answer is : Collaboration with our community and a lot of work

5. What strengths does the Omphalos project have compared to other projects and what breakthroughs will there be in the coming time?

Goran : We have one overwhelming advantage :) A really huge team. Unlike many start ups. We’re really well funded and our team already raised over 2M $$$ privately :)

Second advantage is that everyone loves this team and is proactive :) We’re busy 24hrs a day 8 days in a week :)
Which is quite awesome. And with this team we can overcome any hurdle which u may throw our way :)

Thanks everyone :)
Winners of my private contest don’t forget to send our wonderful hosts from today your shipping information collor and size of your T-shirt

Thank you all for joining AMA today! It was great! Our AMA session is over!

More info about Omphalos Protocol:

Website: www.Omphalos.co

Telegram: https://t.me/omphalosdefi

Twitter: https://twitter.com/omphalosdefi

facebook: https://www.facebook.com/OmphalosDefi

discord: https://discord.com/invite/utnDrBT

medium: https://medium.com/@omphalosprotocol

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