On Tuesday, June 8th, DMEX’s CPO Will joined the PayrLink community for a live AMA. The community was highly enthusiastic as we received thousands of great questions from Telegram and Twitter!
If you missed this AMA, don’t worry. This blog post includes a complete recap of the live AMA session and features the best questions asked by our community members.
Here we go :)
【Ced | Moderator】
Welcome to our community, Will. Before we dive into the details, can you introduce yourself?
【Will @DMEX】
Hello Ced, sure! My name is Will Liao, I’m DMEX’s chief product officer, I designed DMEX’s token economy model. I’m a serial entrepreneur. I first started working in the blockchain industry in 2014. My specialty is public chain, DeFi, and field application of blockchain technology. Prior to joining DMEX, I developed a multi-chain wallet, Bying Wallet, in 2017. At present, it has over 100 thousand users in east Asia.
【Ced | Moderator】
Great dev career! Can you also give us a brief overview of the DMEX team?
【Will @DMEX】
DMEX is founded in London, UK by Nurtan Turan, an experienced financial transformation specialist. She has over 30 years of experience with major international corporations such as Accenture and Deloitte.
DMEX has a strong technical development team led by veteran developer Rufus Jiang, he worked with P&G, Microsoft, and Amazon. Rufus has global R&D experiences, founded and commanded major engineering projects. He is an expert in blockchain, cloud web development toolchains, distributed computing system structure, and cloud computing.
Our team is based globally in UK, Singapore, and Hong Kong.
【Ced | Moderator】
Great, we are very happy to be partnered with this amazing team. With such a strong team, what does the DMEX platform do exactly?
【Will @DMEX】
In one sentence, DMEX is a decentralized mining power financial service platform. We tokenize mining power into NFTs
On the DMEX platform, users can easily buy NFTs to earn the corresponding mining income, without the hassle of maintaining actual physical mining machines. DMEX endeavors to lower the entry barrier to mining for the average users, improve the capital utilization rate for the mining machine sellers, and increase the value of idle assets for the miners. The DMEX platform has a rigorous risk management system fortified with DAO community governance and smart contract
The DMEX platform provides an innovative OTC mining power NFT marketplace. Users can purchase mining power NFT to earn a stable mining income. They are also free to sell their mining power NFT at anytime they want, so there is great liquidity. Also, DMEX’s mining power is guaranteed to be fully effective, the entire process is completely decentralized. Each and every piece of data is uploaded to the blockchain, everything is fully transparent and verifiable. Users can easily earn a stable mining income with a very low entry barrier.
Moreover, DMEX users can participate in decentralized joint mining and liquidity mining. DMEX supports real-time mining income settlement and 24/7 flexible deposit and withdrawal.
【Ced | Moderator】
What is the difference between DMEX’s fully sealed mining power NFT product and other cloud mining power product?
【Will @DMEX】
That’s a key question to our promise to our users. First, let me explain the idea of sector sealing.
With the Filecoin mining mechanism, before a Sector can be used for mining, the Miner must seal the Sector, i.e. encode the data in the Sector to prepare it for the proving process. If the mining power is fully sealed, users will be able to earn mining income immediately upon purchase, such is the case with DMEX’s mining power NFTs. However, as is known to many veteran miners, most cloud mining platforms cannot offer fully-sealed mining power, which means that after users purchase their mining power, users would need to wait a long sealing period before they can start earning actual mining incomes.
Secondly, let me explain why do we tokenize mining power into NFTs, instead of selling cloud mining power as it is. The main reason why DMEX took the trouble is because NFT can confirm and protect users’ mining power ownership. The unique property of mining power NFTs also enables quick and easy mining power transfer or resale.
The DMEX mining power NFTs’ buyers are able to quickly recoup their investment, and lock in stable mining profits in advance with our DeFi options. DMEX users are free to enter or exit the mining power marketplace at any time, this is much more flexible than the traditional cloud mining platforms. So these are the reasons why DMEX is different.
【Ced | Moderator】
Excellent. Thank you for your detailed answer. Now we can go with live questions from our community.
【Community User A】
Please tell more about additional DeFi activities on your platform where users can also earn profits.
【Will @DMEX】
Regarding our DeFi products, we have recently released a brand new yield aggregator in our joint mining pool. DeFi yield aggregators are smart financial service platforms in the DeFi ecosystem. It leverages different DeFi protocols and strategies via smart contracts. Yield aggregators automatically query a large pool of DeFi projects, searching for the best yielding rates. It significantly maximizes user profits while lowering investment risks.
With DMEX’s newest yield aggregator, users who participate in DMEX’s HUSD-FIL mining can automatically obtain mining income and the aggregator revenue with just one investment. Our annual percentage yield (APY) has reached over 60%, far above all other single token mining projects in the industry.
【Community User B】What are the use cases of your token, and how are we as users motivated to buy and hold long term?
【Will @DMEX】
The DMEX platform token is the Decentralized Mining Coin (DMC). The total issuance is 100 million. 50% of DMC will be generated through mining. Here is an infographic showing the top 5 utility of DMC.
【Community User C】What about All features of $DMEX, can you tell me? From Pools, Staking, Apy, and more…..
【Will @DMEX】
I do have a few stats on our mining products and their APY. Our platform started with FIL, as we know FIL has exponential growth earlier this year, our earlier users have made a ton with their FIL mining power purchase. Although FIL is resting in recent weeks, it still has a very bright future, many major crypto tycoons have been HODL on FIL because they see the potential in FIL. Here are DMEX’s FIL mining products and the respective APY:
We also have some highly popular liquidity mining products
【Community User D】
Has your project been audited?
【Will @DMEX】
Now, after I talked about the high return, one might naturally wonder if their investment is safe with DMEX, the answer is, absolutely.
DMEX’s smart contract has been audited not once but twice, by two separate auditors, so it’s double fail-safe
Beosin Security: Audit Report Query: https://beosin.com/query/index.html#/
Report №202102091800
Query keyword: DMEX
CertiK:
Security Audit Report: https://www.certik.org/projects/dmex
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.
【Community User E】My question is I read that users can easily earn a stable mining income with a very low entry barrier in your platform. How low this barrier is and how did you achieve that?
【Will @DMEX】
Good question. I don’t know if you’re familiar with traditional cloud mining platforms, but they typically have very high entry barrier for the following reasons
1. Expensive, some popular mining machines are selling for tens of thousands when the market is hot
2. Low liquidity, once you purchase a physical mining machine, you are tied to it for the next 4~6 years, it’s very difficult to back out of your investment commitment
3. WIth physical mining machines you have to deal with lots of hassles, like paying for electricity, spend time and energy on maintenance. You will have to learn how to repair it or service it, not everyone is up to the task
4. Most if not all traditional cloud mining platforms are centralized, meaning there is little to no transparency. I know some dodgy sellers take away a portion of your mining income and keep it for themselves. Or they could simply tell you your machine break down and pocket your income. Or in the worst case, they will just shut off their platform and run away with your mining machine and your money. These are the innate challenges with centralized mining platforms
【Community User E】Yeah I have many encounters with sellers taking away some of my incomes. Yeah so please how do your team intend to solve this problem and I will be well assured my funds are safe with Dmex?
【Will @DMEX】That happens a lot with centralized platforms. The good thing with DMEX is that we’re completely decentralized, everything and I mean everything is uploaded to the chain. We’re fully open source so you’re welcome to inspect every single line of our smart contract. Our smart contract has been audited twice, which means two independent auditors have determined that our smart contract is trustworthy. Anyway, we always welcome examinations. You can access our audit report from DMEX’s official website or the auditor’s website.
【Community User F】 I read About your brand new yield aggregator which you started on June 1st can you tell me more about it and what makes it so special?
【Will @DMEX】
We have a few articles written on it, you can read the details from the articles we published on Medium and other press release partners.
But I’ll give you a quick conclusion here, Yield Aggregator is basically a smart contract that automatically invests your funds to the highest yielding pool to increase your mining income. With traditional mining, you invest your money into one pool and earn mining income from that one pool. With Yield Aggregator, the smart contract will automatically invest your money to the best pool selected from hundreds of other pools.
Because, you know, there’re thousands of new projects here and there, and we have tens of thousands of different mining products. It’s not quite possible for any human to keep learning about all these new pools. But with a reliable smart contract, it will automatically detect a few preset standards and select the best pool for you.
We’re hosting more AMAs weekly so there are many more opportunities to learn and earn with us, we hope to see you at DMEX’s next AMA!
Contact us:
Official website: https://dmex.finance
Telegram: https://t.me/DMEX_Chat
Twitter: https://twitter.com/DMEX_finance
Medium: https://dmex.medium.com
