June 7-th Kelp.Finance held an Ask Me Anything session with the ICOSpeaks team at our telegram chat.
1️⃣ Block 1 – self introduction from today’s speaker
Block 1 tip: Please add the speaker’s name, position, and telegram id, in the following format, describe below
Block 1 tip: If there are a few speakers, fill up it in the suggested format here
Before we go to the first set of questions, could you please do a short self-intro?
👨💻 Ed | CEO & Founder of Kelp| @edbishop
Ed – My name is Ed. I’m one of the founders of Kelp. I first heard of blockchain and Bitcoin back in 2012 but it wasn’t until 2017 where I really paid attention. Kicking myself for not digging into it back then. I’ve built several startups in the past taking concepts from ideas to the market.
👨💻 Erik | COO & Founder of Kelp| @ErikFeriotto
Erik – My name is Erik, I’m also one of the founders and I got into Blockchain/cryptocurrencies back in 2016/17. I’ve spent many years trading oil/gas/gold/forex and that’s how eventually I became familiar with this industry. I’ve always been fascinated by being able to ‘earn whilst you sleep’ and to be able to trade successfully without having the extreme knowledge and time investment that a trader needs in order to be successful. I’ve always been a fan of ‘fairness and openness’ when we talk about money and blockchain + Cryptocurrency is definitely ticking all the boxes for me.
👨💻 Imey | CTO & Founder of Kelp| @biggestboy25
Imey – I’m Imey, I’ve been working with Ed and Erik for the past year. Economics and finance are topics that I have been interested in. While pursuing my passion for a career in the technical field I tried to also stay involved in the finance space.
Crypto as a whole becoming popular in 2017 caught my attention, from then I knew I wanted to be involved as more than just a participant. Last year I met Ed and Erik and the opportunity for Kelp was presented. I’m happy to be a technical member of this team and growing wealth for all.
2️⃣ Block 2 – project introduction by speakers
Q: Please give us a brief introduction about your project and what are you guys trying to showcase? What is the story behind its origin? When did it start?
A: What I witnessed in 2017, watching Bitcoin rise and subsequently fall, sparked an initial question: Could Bitcoin ever become a form of money? I came to the conclusion that it could not. It was far too volatile. What Bitcoin did show us was that the underlying technology could replace traditional infrastructure for sending money.
However, if a new private currency were to gain market share of the ‘use of money’, the issue of volatility needed to be solved. At the time, Tether was gaining traction but it was and still is a representation of fiat and most likely be considered a security instrument according to governments.
In 2018, I began to ideate on this concept of merging the traditional central banking blueprint as a layer on top of blockchain using machine learning and ultimately having a proof of concept of an econometric model that could be used to assist in stabilizing this new cryptocurrency.
From there, we had people start to believe in what Kelp could be and formed a founding team and ultimately secured seed financing in 2021. Now we are ready to implement our go-to-market strategy. From there, we had people start to believe in what Kelp could be and formed a founding team and ultimately securing seed financing in 2021. Now we are ready to implement our go-to-market strategy.
Q: Please tell us about the algorithmic Kelp Stabilized Currency and how it works? How does it provide stability to the Kelp Ecosystem?
A: First of all, it’s important to note that Kelp is not an algorithmic cryptocurrency. The most recent example of one is Terra’s Luna and UST where they are algorithmically linked.
That isn’t what Kelp is. Kelp used an econometric model that uses on-chain data to make predictions about what the circulating supply should be in order for the price to stabilize. Built into the ecosystem are variables which dynamically change according to market conditions to persuade market behavior to react a certain way.
Much like how the central banks of the world have been raising interest rates in order to curb consumption, Kelp will have similar monetary policy levers that can be pulled in order to get a desired effect. One of the most important aspects of the ecosystem during Kelp’s Seed Phase, which I will get into later, is the Token Release Strategy.
This is an algorithm that uses the output from the Kelp Protocol to regulate the emission rate of Kelp into circulation. There are 3 sources that the TRS regulates: The Kelp Savings Pool which is used for interest and staking payments, the Airdrop, and the Liquidity Guard.
All interest payments from staking and term deposits are paid out from the Kelp Savings Pool and this emission rate must be taken into consideration. The airdrop makes up the bulk of the tokens not in circulation at approximately 30% so one of the ways we can offer the airdrop and not distort the market is by placing the airdrop into a Variable Vesting Contract where the vesting amount and trigger date will be dictated by the TRS.
Finally, we have the Liquidity Guard which is a feature for users who wish to sell but not incur the Variable Taker Fee by allowing the Liquidity Guard smart contract to sell their Kelp on their behalf but at times where the TRS dictates its most advantageous for Kelp to continue to conclude the Seed Phase.
Q: Let’s get some insight into your token, please tell us about its use case and how it will be crucial for the growth of the project.
A: Kelp’s Tokenomics
Total supply is 80B tokens
Kelp’s ICO is 25B tokens (This includes both the Private sale happening now and the presale that will happen 8 weeks from now)
Kelp Airdrop is 25B tokens
30B tokens ‘Kelp Reserve’ to be used for the Liquidity Pools, Staking Pool, and development and stability of the ecosystem.
We are taking a different approach with Kelp. Kelp Finance is a separate branch and legal entity whose purpose is to create demand for Kelp by leveraging Kelp as a competitive advantage when competing against traditional FinTechs.
One example would be e-commerce. If you look at the landscape of e-commerce platforms, you have the behemoths like Shopify, BigCommerce, Etsy, eBay, and so on. Each has a monthly cost and each takes a cut of each sale. With e-commerce, the storefront and payments go hand in hand and an area of development for the Kelp ecosystem will be to implement a mobile e-commerce platform offered at a nominal rate with only the blockchain gas fee as the only transaction fee affecting their sale.
Because Kelp Finance’s motive is to generate demand for Kelp, we are not driven by the pursuit of profits for earnings calls and can focus on the product. Our first use case is Kelp’s Autonomous Trading Engine or KATE for short.
3️⃣ Block 3 – question from ICO Speaks team
Questions from the ICOSpeaks team!
Q: There have been numerous projects with built-in trading engines. How is Kelp’s Autonomous Trading Engine (KATE) different from them and what are its key features? Please tell us about the Hedge fund technology:
A: Kelps built-in trading engine, KATE was built from the ground up. The desire for KATE to exist came from the fact that 90% of retail traders lose money in the long term. The reason so many people lose money boils down to a human problem, we make decisions because of influences outside of the market. Successful strategies follow patterns of the market and these are exactly the hedge fund algorithms that we have implemented within KATE. The main goal for the user is to invest and make money.
KATE analyzes your risk tolerance, desired markets, and more to determine a portfolio, which you can check, that is best suited to your investment goals. A good analogy for KATE is an existing investment platform that exists in TradFi – Acorns. KATE will exist on the Kelp app as a subscribable service that is totally automated, allowing the user to earn capital hands-off.
Because KATE lives only within the KELP ecosystem, we can provide the user with a financial organization, allowing them to invest in many different markets, with one currency, on an easy-to-use platform.
KATE is currently in the back-testing phase. We are going through 33 years of historical data, analyzing different market conditions. We have over 25M data points and so far have seen an average portfolio return of 22% over a 3-month period.
We have many plans on how to improve KATE with new technologies. We look forward to using the funds from these AMAs to acquire key personnel and tech to improve KATE.
Q: Also share the details of the pre-sale and the necessary requirements to participate in it.
A: To ensure the smooth and efficient operation of Kelp’s ecosystem, we recognized the necessity of having a substantial Reserve. As a result, we will be launching a public pre-sale of Kelp tokens. The pre-sale is scheduled to take place after the Airdrop Campaign and will be followed by the public launch of Kelp Ecosystem. During the pre-sale, we will be offering Kelp tokens at a price of $0.01 USD per $KELP. Our goal is to raise a total of $240 million USD through this fundraising campaign. This capital infusion will significantly contribute to the development and expansion of the Kelp ecosystem, allowing us to bring our vision to life.
Q: Marketing plays a vital role in a project’s marketing as well as financial growth. Please tell us about your major partners and how it has benefited Kelp Finance.
A: We’ve been working hard on developing our mobile app, and now it’s time to create a solid go-to-market strategy to build a strong user base. Our app is a full web3 wallet with a cool viral marketing engine centered around the Kelp Airdrop.
Here’s how it works: We’re offering 250,000 whitelist spots, and each spot gives users 100,000 KELP tokens. To keep our users engaged, we’ve designed a six-week campaign with various tasks for them to complete. To kick things off, we’ll use paid advertising to get an initial user base and start the viral engine. Alongside that, we’ll run targeted action campaigns on social media and leverage marketing sites and influencers to drive traffic.
Our main goal throughout this phase is to direct everyone to our mobile app. Why? Because after this campaign, we’ll be heading into our (ICO), and if people want to participate, they’ll need to use the Kelp wallet to connect to our pre-sale decentralized application (dApp).
By executing this comprehensive go-to-market strategy, we’re confident that we’ll acquire a large user base and have a successful ICO launch. This will solidify our position in the market and attract a substantial number of users to our mobile app.
Q: And lastly, please tell the community about your plans ahead. Why should we invest in your project?
A: So today we’re officially launching our private sale. Our aim is to raise $1 million USD to fuel the growth and development of Kelp’s ecosystem. How are we doing this? Well, we’re offering $KELP tokens at a price of just $0.001 USD per $KELP.
Now, you might be wondering why we’ve set the price this way. The reason is simple: we want to ensure that we account for the increased risk associated with this phase of the KELP project as we work towards our big public launch.
By offering $KELP at this lower price point, we’re giving investors like you an opportunity to get involved while appropriately compensating for the added risk during these early stages. It’s all about finding that balance and building a fair and mutually beneficial partnership as we move forward together.
What’s really important to emphasize is that every single dollar raised during this private sale will be dedicated solely to the development of the Kelp ecosystem. That means we’re using these funds to bring our vision to life and support our marketing efforts throughout the multi-phase launch. It’s a strategic approach that allows us to maximize the potential of the Kelp ecosystem and create a solid foundation for its success.
4️⃣ Block 4 – Community Voice.
The community asks the questions they are interested in.
Q: Many blockchain projects are just on paper and have no real meaning. What practical product is your project using? What plans do you have for a better product in the future?
A: Our first use case will be KATE, the Kelp Autonomous Trading Engine.
Q: I am interested to invest in your project. When and where can I buy your tokens? Is it already listed exchanges?
A: You can buy now on Kelp is launching its on Decentralised Exchange which will launch at pub;ic launch in about 10 weeks
Q: Security and anonymity are always prioritized by BlockChain projects in the development of project platforms and technologies. So, does you have any technological solutions or plans to enhance user trust in these issues?
A: Decentralization is a very important part of Kelp’s ethos. Hence why the actual portfolio management of your personalized portfolio via KATE is through a smart contract. You always will have full control of your funds even when using our service!
Q: Currently from where i can buy it? Is it possible that I can get it only by holding it?
A: yes here and you can store on Kelp Mobile App Wallet available on iOS, tomorrow Android
Q: Since NFT is popular nowadays, is there a plan for NFT integration?
A: We do have an NFT use case for Digital ID coming after the public launch.
ICOSpeaks hosted an AMA Session with the Kelp.Finance Team. That’s all for today.
Thanks to all users who participated.
Thanks, Kelp.Finance for being with us
Thanks, all and see you soon😉
find more AMA Recaps on the website https://icospeaks.com/news/