Orion Protocol— AMA @ The Topic Room
The Orion Protocol enables cross chain trading, omni-exchange accessibility, and liquidity. A standard for connecting to centralized and decentralized exchanges, enabling an ecosystem of dApps to solve liquidity issues and price parity.
Orion Protocol is the premier liquidity aggregator connected to multiple exchanges, enabling a universal trading gateway to all crypto markets built on decentralized technologies (atomic swaps, blockchain, staking, lightning).
A: Hello everyone again! I’m Alexey Koloskov, CEO https://orionprotocol.io. I’m happy to be here in this group and answer any questions about our project Orion Protocol, it’s vision, strategies and current status update.
Q: All the sale is 5m hard cap or just IEO?
A: The first question that was already asked: Yes, our total cap is $5mln including IEO.
Q: Why don’t you introduce yourselves to the community first.
A: I’m Alexey Koloskov, CEO of Orion Protocol.
K: For sure. Thanks again for welcoming us here. My name is Kal, COO of Orion Protocol. Pleasure to be here!
Q: Can you tell us your crypto journey and what lead you to starting this new project?
A: Previously, I’m Waves Platform developer and creator of Waves DEX, the platform’s flagship decentralised exchange. It is the most mature DEX out there with daily volume up to $10mln now.
We together with the team understand that currently there is a need for an intermediate solution that fills existing gaps and problems of liquidity, complexity and low speed, bringing together dozens of centralised and decentralised exchanges under one roof.
We have identified a number of current problems in crypto trading space, such as an enormous number of crypto exchanges, their excessive centralization and low liquidity, and the difficulties of managing multiple accounts and crypto assets portfolios, as well as secure custodian for users’ funds.
K: Well said Alexey. I had the pleasure of meeting Alexey last year and first joined as an advisor and now I am involved much deeper. The project is certainly needed in the community :)
Q: Awesome. In your own words. How is Orion different from anything out there?
A: But Orion is more than DEX, it’s protocol on allowing cross-chain trading enhanced with immense liquidity from centralized exchanges. On top of Orion many other projects can be built, including DEXs, Trading Terminals, multi-currency wallets etc.
Q: What kind of progress has the team made on the platform?
A: We’ve already built our own fully functional Trading Terminal with decentralized custodian and portfolio management application.
Q: What is the coin of Orion?
A: It’s ORN token on Ethereum.
Q: From my initial glance Orion is less susceptible to hacks because their is no cold wallet hot wallet just the end users funds tethered in via a smart contract?
A: Yes, exactly Orion allows to trade right from you wallet.
Q: How did it perform and how is reaction from testers/community?
A: Yes, it was well received. We have so many positive feedback from the community. Though we understand that there are many yet to be done, but we’re in full commitment to the project.
Q: Why doesn’t Orion choose to be a separate token, not token in Ethereum?
A: it’s a token on Ethereum.
Q: Just came in. Any big exchange already on board with this?
A: It’s connected to Binance, Bittrex, Poloniex. But connecting a new exchange is quite simple path, just creating a speciffic connector. We have open standard API, so even 3d party dev and community can build that connectors.
Q: Why did your team choose Holochain to build dApp and Atomic swaps on it? What is outstanding point of Holochain compared to other blockchain platform?
A: Holochain makes decentralized computing possible in a very efficient way and enables scalable double-entry crypto-accounting to build new generations of asset-backed and value-stable cryptocurrencies. This is perfectly fit for our accounting and settlement modules, namely the Orion-Broker settlement application. The code of that application is finished and is being tested now. It uses a Holochain innovative mutual credit accounting system built on counter-signed double-entry accounting transactions.
Q: Is this demo work on holochain?
A: Right now it work on Waves platform it’s a proof of concept solution. And we considering to migrate it to Wanchain public blockchain. A big announcement should come this week. Please stay tuned!
Q: What are the benefits when a user holds a token?
A: In addition to increasing demand of it, trading fee with discount if you pay with ORN.
Also, it allows access to premium features like (arbitrage opportunities, advanced order types etc), as well as staking to shared liquidity pool (as liquidity providers must stake a minimum amount of ORN tokens to join the pool and will be selected based on PoS algorithm).
Q: Exchanges are generally accepted to be unsuitable for long-term cryptocurrency storage due to the risks of hacking and theft, as well as scheduled or unscheduled downtime making funds inaccessible.To solve this problem, what does Orion did?
A: Exactly, Orion does’t store any user’s funds.
Q: Do you plan to exchange your tokens on large exchanges?
A: Sure, it’ll be traded on different exchanges, as well as be native tokens for the platform and different products built on it.
Q: Will this have connectivity to any OTC sources?
A: We have already partnership with several big liquidity provider. But we don’t expect any shortage of them, as Orion will allow as to generate passive income for executing order from users’ behalf, receiving trading fee, and all of this is absolutely riskless.
Q: Are you guys building this in Rust fully on Holo or how is it technically structured?
A: Yes, exactly we use Holochain Rust SDK. Our project is no https://github.com/orionprotocol.
Q: Is Orion protocol exchange going to be available to us citizens with this law that gets put out soon Americans are getting restrictions?
A: Technically, trading on Orion is peer-to-peer trading performed by smart contracts. But, for sure we’ll be compliant to laws, and we are in close contact with our legal councils.
Q: How is Orion different from other DEXs? Say compare yourself to Binance Dex.
A: Orion is more than DEX, it’s protocol on allowing cross-chain trading enhanced with immense liquidity from centralized exchanges. On top of Orion many other projects can be built, including DEXs, Trading Terminals, multi-currency wallets etc.
Q: At the moment of the IEO, what functionalities are expected to be already released?
A: We should have our fully working Trading Terminal running on the Orion in mainnet. Also we;ll be focused on other products, like liquidity boost plugin for exchanges.
Q: What are the advantages and disadvantages of Orion ? Please list some.
A: Orion allows cross-chain trading without a trusted third-party supplied with full centralized exchanges liquidity via our shared pool of liquidity providers.
Q: Does Orion now meet formidable opponents? If so, does Ultra have any plans to develop it?
A: We have a Comparison matrix here:
But no one provides the same list of features: namely omni-blockchains and liquidity
Q: How will fee on Orion Protocol be calculated? Is it better on other exchanges?
A: We’ll have apx. same % fee as other exchanges. But fee is not all, our spread (diff between buy and sell price) is the minimum, so trading on Orion is more profitable than trading on any particular exchange.
Please, see this screen from current real-time date from our Trading Terminal:
It shows how buying 150eth on Orion is more profitable, than others.
So, we’re building Orion to deliver on the very ambitious goals: why does anybody needs to create multiple accounts on Binance, Coinbase, OKEx and others if there is Orion?
Q: When will you begin work on Holochain? What is your foresight about this?
A: We’re building our Orion-Broker settlement module now, and very excited with Holochain tech and its amazing community. We’re consifering building other modules on it too, especially after HoloFuel is released.
Also, as eventually orders will be executed from brokers’ accounts, they usualy have better fee tariff (less fee) due to big volume then ordinary users/traders
Q: Whats the specifics of your partnership with Wanchain?
K: Great question, just so that we don’t overlap on answering questions, I’ll let Alex answer this.
Q: I get many things can build on top of the protocol by whoever wants to develop it. But what do you plan on building yourselves, besides the protocol itself?
A: In addition, to platform and protocol itself. We’ll be building other products too (just need to be focused here):
Actually, Orion can target both B2B and retail sectors. B2B look more interesting at an earlier stage. We already have several requests for using Orion from different applications requiring exchange functionality as well as a blockchain project that want to start their ecosystem of dApp and need to launch their own DEX to support their native tokens.
With our Liquidity boost plugin for new exchanges, and not only new willing to increase the liquidity for some pairs).
Q: Will you be accepting SPARK in Orion Protocol?
A: For sure.
Q: How will ORION team attract users-who often use top exchanges? I didn't see many information about ORION on marketing platforms.
A: Regarding retail user acquisition, we’ll use organic expansion with different media, with the help of influencers and users of the projects we partner with. E.g. Holochain users can trade HOT on Orion. Also all projects building on Holochain will be first listed on Orion.
Btw, Orion will become a recommended exchange for trading HOT, and subsequently HoloFuel, to the Holo community. Also see this ANN soon, in coming weeks.
Q: ORION is the first initiative to deploy such an advanced set of technologies in users of traditional electronic money exchange interfaces, significantly reducing barriers to access to electronic money markets, reducing costs. and streamline the user experience far beyond anything currently available. What benefit does this have to Orion?
A: First, we want to make trading crypto assets better, efficiently and secure. The current situation when decentralized assets are traded on centralized entities (exchanges) is weird. This is our first goal.
At the same time interoperability between blockchains should be solved.
And of course there is a need for many products built on such technology, that can start generate revenue soon.
We expect that Orion start generate revenue very soon actually. First, from our B2B busines/enterprise clients, a bit later from retail clients too
Q: How big is the team?
A: It’s 8 now. But we’re going to hire more dev once we receive funding to allocate more resources on our products.
Q: To be able to deposit and withdraw money into Orion, the user must be KYC. As far as I know, a lot of people don’t want or can’t KYC. Does this reduce Orion users?
A: As I said technically it doesn’t require, as it executed in samrt contracts, but different jurisdictions have different rules, so we have to be compliant. And of course liquidity providers will pass full KYC.
Q: Is there a fixed price for the token sale or IEO?
A: Yes. For IEO we’ll have price $0.011862 for 1 ORN. And for private sale round which we’re currently in we provide 30% bonus.
Q: Just to confirm I got it right: at the time of the IEO, Orion will already have its mainnet released and therefor a completely working Trading Terminal?
K: I’m sorry I’ve been trying to have Alexey answer so I’m not crossing paths with him but yes, fully working.
Q: What’s the revenue model for the company long term?
A: We have different revenue streams:
And with our projections Orion should be profitable after the first year of releasing of our products in production
Q: What does Orion have to attract and retain users in the developed market like this?
A: We are using cutting-edge technology in blockchain, we’ll always do (lightning, atomic swaps etc). Provides users with the most efficient and beneficial trading on the market. Not to mention that Orion provides the best possible price on the market. And of course our long list of products, including for B2B/enterprise sector. We have much work, actually.
Q: What I like about this project is Alex is a key part of Waves and that project really did it right by building the products and forging a strong community. It was one of the first projects that mooned in the bear market.
And with Kal know how in token metrics and connections, this can go a long way in terms of partnerships. The fact that community heavy projects like Wanchain and the cult of Holochain are on board. I have no doubts of the quality of execution here.
A: Sure, I’m always dedicated to my job, and proved it many times. All our team is the same.
Here is our telegram https://t.me/orionprotocol
Q: How many ORN tokens will one HOLDVEST token be converted to?
A: Sure, all Holdvest investments are safe, and are accumulated in the seed round. The prices conversion rate will be announced in our channel, it will fully corelate with discount for Holdvest pre-sale.
Q: Lets wrap this up. Alex please invite our community of USDT lovers to your telegram and upcoming IEO.
A: Sure, we invite you all to participate in private sale and IEO. Welcome!!! ❤
Please, join our telegram group: https://t.me/orionprotocol
Our site: http://orionprotocol.io
Try our demo, and we believe in your support!!!