AMA Recap: DMEX with Fomoin
On Thursday, March 24, DMEX’s CTO Rufus Jiang joined the Fomoin 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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The AMA will start now, let’s welcome our guest, DMEX’s CTO Rufus to the Fomoin community! Hello Rufus, please introduce yourself first!
Hi everyone, I’m Rufus Jiang, the CTO of DMEX (dmex.finance), the Decentralized Crypto Mining Platform. As the CTO, I’m responsible for developing the functional modules of DMEX. I have international cloud technology developing experience for I’ve worked at P&G, Microsoft, and Amazon, I’ve built and led large engineering teams, I have in-depth research experience on blockchain, cloud web development toolchain, distributed computing architecture, cloud computing, and so on. Today I’m very glad to join the Fomoin community to share with you the latest progress of our DMEX project.
DMEX (dmex.finance) has reached a strategic partnership with Fomoin and launched an exclusive airdrop campaign for our loyal community. The one lucky winner will be able to share $3,000 worth of BTC mining power NFT. With DMEX’s innovative mining power NFT product, you need only to hold the NFT in your wallet to receive the corresponding BTC mining output, you won’t need to worry about purchasing and maintaining a mining machine, sit back, and enjoy a stable daily BTC passive income!
Please go to Fomoin’s official website by this link https://fomoin.finance/#/airdrop-details?id=40 to participate in this exclusive BTC mining power giveaway event!
Please tell us more about the DMEX project, what kind of project is it? What specific problems can it solve? And what does the team hope to build the project into in the future?
DMEX (dmex.finance) is the first decentralized crypto mining financial service platform in the industry. Combined with a rich variety of DeFi protocols, not only can DMEX users purchase mining power NFT to obtain mining income, but also can they participate in various DeFi activities on the platform such as mining power marketplace for mining power NFT’s transfer and resale, collateral loan, as well as liquidity mining and joint mining.
We hope to build DMEX into a comprehensive financial service platform linking miners and users, bridging mining power providers with every crypto user, and allocating a solid value-added asset for everyone who is interested in starting their first crypto investment.
What kind of mining power NFT and mining relevant products does DMEX sell? Can you give us some brief information about them?
DMEX currently has two types of mining power NFT products on sale, i.e. BTC mining power NFT and IPFS/Fliecoin mining power NFT. Our hash power providers are all industry-leading top-quality miners. All of our mining power products are tokenized into NFT and ready to generate mining income for any buyer right away. The BTC mining power is supported by the latest Bitmain ant mining machine S19 (88.5T), with a mining contract term of 1080 days, priced at 106 USDT/T. Our IPFS mining power product has two contract terms of 540 days/1080 days, with a cumulative FIL total lockup value of over 280,000 in both BSC and HECO chains. The annualized yields can reach over 60%. In 2021 alone our total FIL mining power volume has exceeded 30 PiB.
We have also launched FIL/USDT/DMC joint mining products, where users can deposit and withdraw their funds to the joint mining pool as they wish. The mining returns are settled daily, with annualized yields above 20%; DMEX also provides a DeFi collateral loan business built around mining power NFT, where users can pledge their mining power NFT as the collateral to lend out a fund for further investments. The pledged mining power NFT can still generate mining income for the borrower throughout the term of the loan. With reinvestments, the annualized yields of DMEX’s mining power collateral loan product can reach over 200%. Currently, DMEX has more than 300,000 users worldwide.
I see that DMEX is trying to build a mining metaverse financial ecosystem based on mining power NFT, what do you think are the advantages of DMEX compared to other projects that is proposing the same idea?
The metaverse is a virtual space on the blockchain parallel to the real world, it is an immersive virtual world providing a similar experience to the existing world, it is also a free and open cyber world of the future. For DMEX, metaverse has a great potential for further mining applications.
DMEX offers a wide range of mining power assets such as BTC, ETH, and IPFS/Filecoin based on the Erc721 protocol. By linking mining power providers and users, DMEX maps real-world crypto mining hash power to the virtual world on the blockchain, hence giving NFT real production values and solving many problems with the traditional mining industry such as non-transparency and poor liquidity.
At the same time, DMEX is also building an open metaverse financial ecosystem, which can access many application scenarios such as DeFi/GameFi/VR/AR, and even operate and transfer these assets, thereby forming a cross-platform, cross-scenario, and cross-protocol circulation of mining power NFT assets, allowing users to obtain a variety of aggregated interests and incomes including crypto mining income and mining power NFT DeFi income.
DMEX’s most important feature is our mining power NFT model, which can be widely developed in cooperation with other platforms. The goal is to create a mining metaverse where everyone owns mining power NFT, so as to form an active metaverse crypto-economy. The DMEX platform recognizes that mining power NFT is only the start of valuable mining asset management in the metaverse, more people should start enjoying the benefit of crypto mining in the metaverse world.
DMEX is more like a crypto mining infrastructure in the metaverse, so what do you think its future application scenarios are? How will DMEX build the mining metaverse financial ecosystem?
Yes, we believe that the metaverse is a highly valuable extension of the existing world. It is spanning the physical and digital worlds, and this concept is a very good fit with blockchain technology. With blockchain technology, we can determine the uniqueness of user data, facilitate fast, transparent, and reliable exchange of digital goods and contents in the form of NFT, so that these goods and contents can be freely circulated in the metaverse. Users can also create their own content and goods which will further push the metaverse financial ecosystem to prosperity.
DMEX is based upon the strong circulation capability of NFTs so as to expand mining power NFT’s value in different application scenarios. Take the current popular GameFi sector as an example. After last year’s booming prosperity in GameFi, this year we are seeing more emerging problems, such as over-issuance of in-game asserts, inflation of in-game currencies, over-simplified play mode, weakening user engagement, and a sharp decline in-game revenue. The Play-to-earn or P2E model is suffering as a consequence of reduced player's income and diminished gaming interests. All these new changes are urging GameFi projects to reestablish their competitive advantage and start building a self-sufficient token ecosystem and regain their gamers’ traffic.
By integrating the DMEX mining metaverse financial ecosystem, GameFi development team will be able to customize their in-game assets with extra mining features. The mining feature can in turn be associated with variant in-game features to provide highly engaging gaming and earning experience. The combination of in-game assets and mining power NFT will empower the in-game token economy and GameFi financial ecosystem. The reformed in-game asset NFT will be able to generate real crypto mining incomes for the players, hence enhancing the P2E model and allowing players to enjoy a stable passive mining income while enjoying the game itself. This will become a major incentive for game players. The integration of in-game assets and mining power NFT will create a win-win situation for both DMEX and the GameFi development teams.
DMEX is transforming from a decentralized mining power financial service platform to a mining power NFT-based decentralized financial ecosystem of the crypto mining metaverse. What do you think has changed and how do you foresee DMEX’s future?
DMEX is positioning itself as a key infrastructure for the metaverse. Nowadays, most people imagine the metaverse as a virtual world, with the help of VR and AR devices, they can socialize, play, or even work in this immersive virtual world. On top of these common concepts, DMEX wants to stress the concept of ownership in the metaverse. In metaverse, users can actually possess their own unique digital assets, which can be an e-billboard, a book, a digital painting, or a game asset. All these assets can be created and traded in the metaverse, and we believe the blockchain technology and the NFT technology would be the backbone of the metaverse asset trading system.
Back to crypto mining, this is also doable in metaverse with DMEX’s innovative mining power NFT technology. DMEX has greatly simplified the crypto mining processes and eliminated the barrier for the average users to participate in crypto mining. DMEX users no longer need to purchase expensive mining machines and learn a great deal of blockchain and network knowledge to mine crypto, they can now simply purchase the mining power NFT from DMEX to enjoy a hassle-free stable daily crypto passive income. We have had great success with our mining power NFT products but we are not easily satisfied with this preliminary success. DMEX is heading to the metaverse world to extend our crypto mining services to metaverse users too. The metaverse can and will have its unique financial system, and DMEX endeavors to provide a solid crypto income solution for metaverse users.
The application scenarios of the future metaverse are limitless, we can integrate metaverse with games, social apps, remote working modules, and many other scenarios. All these application scenarios would require technical support involving digital asset ownership and property rights, blockchain infrastructure, and the NFT technology might be the best answer for it. DMEX’s mining power NFT has natural advantages in establishing unmodifiable ownership and providing innate financial functions. We intend to provide infrastructure support for more metaverse users, metaverse applications, and metaverse project partners.
In terms of DMEX’s product, how do you think DMEX’s mining power NFT is different from traditional cloud mining?
The biggest difference is that DMEX’s mining power NFT is highly transparent and liquid. Thanks to NFT’s unique properties, DMEX’s mining power NFT can be easily verified and tracked on the blockchain, it is also transferrable and resellable. With the traditional cloud mining, however, their centralized operation means that you cannot see where your fund is or how it is being used, therefore there’s a high risk of fraud. With DMEX’s mining power NFT, all the fund movements are clearly visible on the blockchain, the mining income payout is automatically executed by the smart contract which is twice audited to prevent backdoor exploits. Also, traditional cloud mining products are not transferrable and not resellable, meaning you are locked with your purchase. With DMEX’s mining power NFT, you can easily resell your NFT on the DMEX marketplace to cash out your future mining income in advance.
As a decentralized crypto mining financial service platform, DMEX’s goal is to allow anyone to participate in crypto mining with zero entry barriers and utmost fund safety. The DMEX platform only charges a 5% platform service fee, and we even redistribute 75% of the liquidity pool mining income back to our users.
DMEX combines NFT, DeFi, and DAO, how do they each function in the DMEX architecture? How do they collaborate with each other?
Mining power NFT is the underlying asset of DMEX. The NFT technology connects physical mining power assets and blockchain applications. Each of DMEX’s mining power NFT corresponds to actual mining machine assets in the real world. By tokenizing mining power assets into NFT, DMEX further lowered the entry barrier for users to participate in crypto mining, DMEX has made the distribution of crypto mining revenue much more open and transparent.
DeFi is an important blockchain income amplifier of a valuable extension of financial scenarios. After the tokenization of mining power, aka. hash power, users can transfer their mining power NFT at any time on the DMEX platform. They are also free to pledge their mining power NFT as collateral to borrow a low-interest loan, or participate in a series of DeFi mining pools to earn an extra income. Users can achieve multiple compounded earnings by participating in DMEX’s DeFi products.
The DAO is the governance structure of the DMEX platform. All DMC holders are entitled to participate in the governance of the DMEX platform, everyone can join the decision-making process on major platform events. DMEX users work together and rely on each other to form a thriving user community and a stable ecosystem for the continuous development of the DMEX platform.
Security is always the keystone of any crypto project, what has DMEX done in terms of security? How do you guarantee the safety of users’ assets on the platform?
In order to guarantee the absolute safety of users’ assets, we have designed a decentralized risk control system with three independent components: the community autonomous DAO, the risk management contract, and the community risk reserve fund.
The first component is the community autonomous DAO, which audits all miners in an attempt to identify and eliminate risk at the earliest stage.
When a third-party miner submits mining power NFT products to the DMEX platform for sale, he or she must disclose their mining farm information, so the community DAO will review this information and vote to approve the miner for selling their mining power on the DMEX platform. Users who purchase mining power NFT are essentially signing a permanent and traceable electronic contract (smart contract) with the miner to ensure that their mining power NFT is always fully effective.
The second component is the DMEX capital risk management contract.
When a user purchases NFT, the purchase funds are not paid directly to the mining power provider. Instead, the fund will be sent to the DMEX funds risk management contract. The smart contract will automatically release funds to the arithmetic provider on a daily basis. If the miner does not release the mining revenue to the user on a daily basis as agreed, the mining power provider would only receive their daily payment if the user has received the mining income. If for any reason, the user’s mining income is continuously lower than the market average for 7 consecutive days, the community DAO can initiate a vote to terminate the release of funds to the mining power provider from the smart contract. If the DAO voting is passed, all remaining funds will be returned to the user. This effectively deters mining power providers from fraud and greatly protects users’ rights.
The third component is the platform risk reserve funds and mining insurance.
A certain percentage of the DMEX platform token DMC has been set aside as the risk reserve fund, this fund is controlled by the community DAO. If there is an extreme event such as a major miner default, this would have caused huge economic losses to users. However, with DMEX’s risk control mechanisms in place, the community can initiate a DAO referendum to decide if the risk reserve fund should be activated. If the vote is passed, the platform risk reserve fund will be used to compensate all users who suffered a loss from the miner default.
What are the next steps for DMEX? Will you reveal it to us?
In the coming months of 2022, DMEX will mainly focus on the following three aspects.
First, we will further expand our DeFi product line. We are planning on launching a brand new mining power auction system to provide our users with more earning options.
Secondly, we will continue to integrate and launch new mining power NFT products on various public chains. At present, we are mainly operating on the BSC chain and the HECO chain. With the fast development of Ethernet Layer 2, we will expand DMEX’s product line there to better serve the powerful user group on Ethereum.
Thirdly, we will continue to empower our platform token DMC. Through the continuous improvement and innovation of our mining power NFT business, DMC will become the key token of the DMEX ecosystem.
Fourth, we will launch more application scenarios to expand our metaverse ecosystem. The hot concept of metaverse can provide a brand new application scenario for mining power NFT, and metaverse applications are the next step of DMEX’s plan.
Finally, we will also continue to introduce more quality mining projects on DMEX. The crypto industry has always been iterating at a very fast pace, we will launch new mining power NFT products for more new tokens after careful research and thorough assessments.
These are my visions for DMEX and I believe our community is definitely going to benefit from our plan.
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Official website: https://dmex.finance
Dapp: bsc.dmex.im / ht.dmex.im