AMA Recap: DMEX with Berry Data
On Wednesday, December 8th, DMEX’s CTO Rufus Jiang joined the 67k strong Berry Data community for a live AMA. If you missed this AMA, don’t worry. This blog post includes a complete recap of the live AMA session. Are you eager to learn about DMEX’s newest updates? Here we go :)
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Welcome. Could you pls start by telling briefly about yourself and your role on the DMEX project team?
Sure. My name is Rufus Jiang, I’m the CTO of DMEX (dmex.finance)
I’m an experienced engineering leader with degrees from Peking University and the University of Michigan. I have global R&D experience, for I’ve led large-scale development teams in P&G, Microsoft, and Amazon. I think I can call myself a technical expert on blockchain, cloud web development toolchain, distributed computing architecture, and cloud computing.
As CTO, I developed DMEX’s technical infrastructure and I oversee the day-to-day operation of the DMEX system.
Q1. Can you give us an overview of DMEX products? What does the DMEX platform do exactly?
DMEX platform is the world’s first decentralized mining power financial service platform. We did it before anyone else in this industry.
At present, DMEX provides 3 types of products/services:
1. Mining power NFT and its OTC marketplace
2. Liquidity/staking pools
3. DeFi loan service
I will go into some details for these 3 aspects now
For mining power NFT and its OTC marketplace, firstly, DMEX tokenizes crypto mining power into NFTs, so it can be uploaded to the blockchain to enjoy all the benefits of decentralization. Also, by tokenizing crypto mining power into NFT, we have turned a traditionally fixed asset (mining power) into a highly liquid asset that is easily resellable or tradable in the DMEX mining power OTC marketplace.
Also, once you buy the DMEX mining power NFT, you can start earning the corresponding mining income right away, without the hassle of maintaining actual physical mining machines. This is super beginner-friendly, especially for those users who have limited IT knowledge and cheap electricity resources.
Now, moving on to the second point. DMEX also provides staking pools and liquidity mining pools for our platform token DMC, the Filecoin, and so on. Most people should be very familiar with this part so I won’t go into too many details. Just note that for all DMEX mining pools, we support real-time mining income settlement and 24/7 flexible deposit and withdrawal.
Moving onto the third point. DMEX provides a ‘Mining power NFT collateral loan’ product. This is one of our best DeFi innovations.
How does this work?
- You put up your mining power NFT as collateral to borrow a loan.
- While your mining power NFT is being used as collateral, it will continue to generate mining output for you; Meanwhile, you get to keep the loan,
- In most market situations, the mining output is sufficient to cover the interest cost, meaning that the loan can pay for itself.
Q2. There are many similar projects out there, some have been quite successful, what is special about DMEX compared to other projects?
First and foremost, DMEX is a fully decentralized platform, hence we offer many unique advantages compared with traditional centralized mining platforms
Centralized platforms have relatively poorer fund security. You can’t possibly see where your money is, and hence you have no control over platform fund management and no knowledge of the platform’s mining machines whatsoever.
With the decentralized DMEX, all data is transparent and uploaded to the blockchain, it’s very easy to see where every cent of your money is — just go to the block explorer!
With the centralized cloud mining power vendors, users often have no idea how much effective mining power they actually own.
Most users have to rely on the centralized platform or mining machine vendors to obtain information. There is little transparency in the mining process, mining income is often determined arbitrarily by the vendor. There is a high probability of potential economic loss.
With the decentralized DMEX, we pack mining power into NFT. and all NFTs are uploaded to the blockchain, hence fully verifiable, fully traceable, and unmodifiable. You get every cent you paid for, rest assured.
Centralized cloud mining power cannot be transferred or sold. Users are typically bound to the vendor. Trading or reselling mining power is very difficult for the users should they require liquid capital.
Users can only transfer their mining power to another user who uses the vendor service. The transaction procedure is a big hassle. It is nearly impossible to trade across different vendors.
With the decentralized DMEX, we provide an innovative mining power NFT marketplace, our mining power NFT has excellent liquidity. You can sell your mining power NFT whenever you wish to stop mining
DMEX is also thoroughly audited by several different audit agencies while traditional cloud mining platforms are typically NOT audited by anyone.
Since DMEX is fully decentralized, we don’t require KYC. This is also a big plus for many true decentralization believers. Most if not all traditional cloud mining platforms would ask for your KYC, which also poses a potential risk for identity theft.
Q3: What are your significant achievements till now and what are your other plans for the coming year 2022?
We’ve migrated to BSC recently, so now we are supporting 3 different chains
We are launching BTC mining power very soon, probably within the next 1~2 weeks. This is going to be a highly competitive product.
Next year we will add ETH mining power and more mining power for mainstream crypto assets
Q4: Many people still don’t have much idea about how NFT works and how to get it, is DMEX beginner-friendly in the NFT world? Or only those with experience can use DMEX?
DMEX is definitely beginner-friendly.
For one thing, there’s no minimum investment. You are welcome to invest 0.0001U if you like
Also, DMEX is fully decentralized, open, and transparent, with no tricks and gimmicks, you can easily verify all our information on the blockchain. As I mentioned earlier, DMEX doesn’t require KYC, this is also a plus for many mining beginners.
Don’t overthink the technical aspect of NFT, think of NFT as a unique parcel. We pack mining power into a parcel (NFT) marked with your name, this parcel is yours and yours only.
Q5: Southeast Asia is a very vibrant market and many projects developed here, so with your project what do you think about Southeast Asia, and do you have any plan to develop here?
DMEX has deep roots in Asia. Our CEO Nurtan Turan has spent many years working in Asia. I’m Asian myself and our team is based in Singapore and Hongkong. Asia is definitely one of our most important markets. It’s a continent full of potential.
We have a thriving Chinese community. We also have designated DMEX communities in Malaysia, Indonesia, India, Sri Lanka, and the Middle East.
We are constantly recruiting community managers, project promotion collaborators that speak all kinds of minor Asian languages. If you are interested, please apply for the job by talking to the admin in our main chat group, https://t.me/DMEX_Finance
Q6: Do you have a Token Burning plan to increase Token value and attract Investors to invest?
On a daily basis, DMEX charged 0.l% from joint mining output and DLP buyback-and-burn as the platform service fee.
On a monthly basis, DMEX will allocate 80% of the total platform fee revenue toward user benefits, among which 40% will be designated as the reward for DMC mining single token staking pool, 60% will be invested on buyback-and-burn until the total remaining DMC amount is 21 million.
All the burn record is on-chain and viewable right in the DMEX dapp.
Q7: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
DAO has important functions in DMEX.
For example, mining power vendors are required to submit detailed information before they can sell mining power on the DMEX platform. The host information includes but is not limited to vendors’ company information and other credentials. DMEX DAO committee will review and decide whether the vendor is qualified. DMC holders can also vote to determine other important platform parameters such as platform service fee percentage.
The Community DAO can initiate a vote on a wide range of platform agendas, including but not limited to:
- Mining power NFT sellers’ fee adjustment
- Mining power NFT transaction fee adjustment
- Mining power NFT collateral loan and other DeFi fee adjustment
- Eligibility review for third-party vendor’s decentralized joint mining product
- DMC mining output ratio adjustment
To name just a few. Join DMEX and see for yourself :)
Wow, thank you! Could you pls quickly share your social media handles with us for easy access by many lovers you must have accrued to yourself by this awesome AMA
Of course :)
Official website: https://dmex.finance
Dapp: bsc.dmex.im / ht.dmex.im
Now we are gonna step right into the community live questions.
EaTFresH1o1 Hinkle from Berry Data Community
Is your project only for elite investors, what about others with small funds, is it open to everyone?
As I said, DMEX is a very beginner-friendly platform.
If someone wants to purchase a BTC mining machine and mine BTC in his own home, the starting cost of the ACIS machines is well over $10,000
With traditional centralized mining platforms, the minimum purchase is often more than $1000
With #DMEX, if you are to purchase our BTC mining power NFT, the starting price is only ~$100.
Mcclintock from Berry Data Community
Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Our smart contract has been audited twice, which means two independent auditors have determined that our smart contract is trustworthy, so it’s a double fail-safe.
You can access our audit report from DMEX’s official website or the auditor’s website.
Beosin Security: Audit Report Query: https://beosin.com/query/index.html#/
Query keyword: DMEX
CertiK: Security Audit Report:
As I mentioned earlier, our contract is open source, each and everything is uploaded to the blockchain, everything is transparent and verifiable to anyone with access to the internet.
Lila Felix from Berry Data Community
How your tokens are in circulation and what is your total supply? What is the schedule for Unlocking of listening token? In short, please assist us with your structure of Tokenomics?
The DMEX platform token is the Decentralized Mining Coin (DMC). The total issuance is 100 million. DMC’s Token Model is as below:
- 50% Mining (50 million)
Users can participate in Proof of Work mining, liquidity mining, and Proof of Stake mining to obtain DMC.
- 20% Private Placement (20 million)
Reserved for early contributors and angel investors. 20% was released when the DMEX platform came online. The remaining 80% will be equally released every season, i.e. release 4 million every 3 months.
- 10% DAO Risk Management Fund (10 million)
Reserved for the risk-sharing fund managed by the community DAO for the prevention of extreme events.
- 10% DMEX Foundation (10 million)
Reserved as community incentives to provide support for community activities.
- 10% DMEX Project Team (10 million)
Reserved for DMEX development and operation teams to facilitate the project’s sustainable development. The locking period is 36 months with a monthly release mechanism.
Nu Hoa Sur from Berry Data Community
While you build your project, do you take into account community feedback and demands?
Yes, naturally. We collect community feedback on a regular basis. We also do in-depth user studies, market researches, and numerous beta-testings / questionnaires to make sure our vision is always up to date.
Sutherland from Berry Data Community
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
With DMEX, you won’t need to worry about empty promises, because DMEX has been up and running for more than a year by now.
We have been operating smoothly, we regularly release new products every few weeks and we constantly put out various user promotion events almost on a daily basis. Simply check out our social media post history and try out our products to find our why we’re loved by more than 300k users worldwide :)
Official website: https://dmex.finance
Dapp: bsc.dmex.im / ht.dmex.im