On Thursday, November 11, DMEX’s CTO Rufus Jiang joined the 90k strong Cryto Fury community for a live AMA. The community was highly enthusiastic as we received a lof great questions from our Telegram community!
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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Crypto Fury: Nice. Let’s kick the AMA off with some overview questions^^
Rufus Jiang:
Sure
Crypto Fury:
Q1) Can you briefly introduce yourself as well as DMEX? And from where did you get the project name? What does it mean to you? And why did you choose this name for your project? What is your mission and vision to build this project? What do you want to achieve Through your project in the future?
Rufus Jiang:
I’m DMEX’s CTO. I’m a cloud engineer specializing in blockchain infrastructure. My past experience was with Amazon, Microsoft.
DMEX = Decentralized Mining Exchange
This is just a simple conclusion of what we do. At present DMEX provides 3 types of services:
1. Mining power NFT and marketplace
2. Liquidity/staking pools
3. DeFi loan
I guess we choose this name just for its simpleness and straightforwardness
We were the world’s first decentralized mining platform, and we will continue to build the world’s best decentralized mining platform.
Crypto Fury:
Thank you for your impressive introduction^^
Move on to the next question:
Q2) What strengths do DMEX have to compete with competitors?
Rufus Jiang:
First and foremost, DMEX is a fully decentralized platform, hence we offer many unique advantages compared with traditional centralized mining platforms
Centralized platforms have very poor fund security. You can’t possibly see where the money is, and hence you have no control and no knowledge 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.
Crypto Fury:
This is the next question for you:
Q3) What are your significant achievements till now and what are your other plans for this year?
Rufus Jiang:
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
Crypto Fury:
Great. I appreciate your insightful answer. Let’s continue with part 2: QUESTIONS FROM OUR COMMUNITY
Q1) Is the tokenomics and distribution model already out? Where can I get them? Can you share the details with us here?
Rufus Jiang:
All the info can be found on our official website dmex.finance and in our whitepaper. The DMEX platform token is the Decentralized Mining Coin (DMC). The total issuance is 100 million.
DMC holders are entitled to in-depth participation in the governance and future development of the DMEX platform. DMC holders are also entitled to share the revenue generated from DMEX’s development.
You can purchase DMC from the decentralized exchange MDEX or the famous Pancake exchange. It is also available from the centralized exchange Hoo.com
Crypto Fury:
Q2) At the moment, where DMEX are focusing right now? Building and developing products or getting customers and users, or partnerships? Could you share it?
Rufus Jiang:
For now DMEX is focusing on developing BTC and ETH mining power NFT, as well as providing a very lucrative DeFi loan service.
Crypto Fury:
Now, move to the next question from our member:
Q3) 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?
Rufus Jiang:
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, 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 on the technical aspect of NFT, think of NFT as an unique parcel. We pack mining powe into a parcel (NFT) marked with your name, this parcel is yours and yours only.
Crypto Fury:
I appreciate it. The next question:
Q4) 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??
Rufus Jiang:
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 market. 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
Crypto Fury:
Now, Let’s heat the chat up with the last as well as hottest segment of AMA today: LIVE QUESTIONS
Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Rufus Jiang:
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.
Crypto Fury:
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?
Rufus Jiang:
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 required information includes but not limited to vendors’ company information and other credentials. DMEX DAO committee will review and decide whether the vendor is qualified.
DAO can also vote to determine other important platform parameters such as the platform service fee percentage
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 :)
Contact us:
Official website: https://dmex.finance
Dapp: ht.dmex.im
Telegram: https://t.me/DMEX_Chat
Twitter: https://twitter.com/DMEX_finance
Medium: https://dmex.medium.com
