17th of April 2022 at 1:00 PM UTC Crypto Talkz hosted AMA with Astra protocol
🌟Mr. Sakhib Waseem – Chief Innovation Officer & CTO of Astra Protocol shared us the Details about ‘ Astra Protocol ‘ and it’s Unique features… 🌟
Host : 👋Hello Chat , Welcome to another exclusive Crypto Talkz AMA❤️
Today with us we have Mr. Sakhib Waseem from @Astra_Protocol ! It’s a pleasure to have you here, thanks for joining us 🙂
Sakhib Waseem : My pleasure
Host : Welcome here! How is your day been going so far?
Sakhib Waseem : Good thank you, happy to have joined the AMA
First, Can you make a brief introduction about yourself and the Astra Protocol?
Sure, I am Sakhib Waseem, Chief Innovation Officer and CTO at the Astra Protocol.
Astra Protocol is a decentralised compliance layer designed to bring more trust across the web3 economy.
Our technology has been designed to resolve the mounting issues with compliance and regulation and pressure across the globe
We specifically resolve KYC/AML and on chain disputes
And we will be releasing our Native token for our application very soon!
Can you tell us more about Astra Protocol and how it differentiates from other projects?
Compliance is a very requirement requirement for the DeFi and Web3 economy. As the industry has scaled enormously through incredible innovation in technology. Users from all over the world now have access to amazing financial product. However this has also given rise to a huge number of scams/ rug pulls and illicit finance.
This has damaged the integrity and credibility of the industry, making continued growth very difficult. Regulations have begun to overregulate and this will slow down the growth of the economy.
Centralised KYC processes are unfair, not transparent.
So we at the ASTRA Protocol created our technology which allows DeFi protocols and their customer have their compliance checked by the Decentralised Legal Network (DLN)
The DLN is a distributed community of the most major legal/ compliance/ audit companies from around the world
And users are connected directly via smart contract when they need a compliance check
They are validated by a panel of proven KYC experts from the major organisations and we in turn provide proof of this transaction as metadata on chain
Allowing a more value and transparency through the entire process.
It also allows us to validate a huge number of users and provide more proof that the industry is growing in a sustainable and healthy manner
What are some of the major milestone’s you guys have hit so far and why are they important?
Through decentralisation, we are more fair than centralised services, more transparent and carry out more cost effective services
We have been building our technology for a number of years and are close to the launch of our token which are both amazing.
We also hired some very significant individuals from the world of politics and regulation. Our board is probably the strongest in the industry right now.
We have Phil Hogan, Mick Mulvaney, Lord Jonathan Hill, Sir Robin Jacob, Joe Crowley
We have backing from Major blockchain capital companies also, the likes of DAO Maker, Republic, LD Capital, HUOBI, Delta Capital
We completed a $9m raise, and are now completing a $100m raise with interest from major traditional capital firms too
May I ask at this point, do you already have some partnerships lined up?
We do! For our DLN, we have major Legal companies (top 5) Audit and business advisory companies in the world. We will be making an official announcement very soon.
We also have some huge crypto platforms who wish to use our services.
Top IDO platform, DEX, perpetual swaps, NFT marketplace
And lastly, Is there any bullish information that hasn’t yet been made public that you can share with our community for ‘exclusive’ news before we wrap up our first segment?
We have an announcement early next week which is huge! But I can’t share it early as it’s under press embargo right now
We’re in discussion with another significant name in security which adds another huge mark for ASTRA being the leader in compliance across web3
Q1. Currently, the market is quite gloomy, so in your opinion, what is special about your project to create success at the present time?
Astra is going to bring a lot more confidence in the whole industry, more compliance means more trust. Which means large amounts of capital can start flowing back into the economy and give us the next boost!
We are unlike a lot of projects. We have a very strong board, a team of individuals who are experts across their fields with proven experience
We are trusted across both the crypto world and across the world of regulators
Q2. The current crypto regulatory framework is just as confusing as the SEC’s stance on cryptocurrencies. We see industry tycoons fall into regulatory trouble with a number of countries constantly. How does Astra make regulatory compliance as easy as breathing for DeFi products?
We solve that issue by building out a major matrix that covers the international and domestic regulatory requirements for 155 countries, we’re able to update these requirements and have strong audit log for each rate so we’re always in tune with current guidelines.
Defi platforms plug in our service, which gives them access to this standardisation so they don’t need to worry too much and we resolve this for them
Q3. Can you List 1-3 Killer features of your PROJECT that makes it ahead of Competitors? What is the Competitive Advantanges your platform Has that you Feel most Confident about?
Sakhib Waseem: 1. Decentralisation.
2. Partnerships with major business/legal/audit companies in the DLN
3. Our Token model!
Q4. Commonly the KYC process are practices only compatible with Centralized platforms, but with your technology will it be possible to Decentralized ecosystems to support this?
Sakhib Waseem: Yes absolutely, we’re initially making our service available to the ETH based platforms/ wallets
But we’re looking at bringing in a huge number of additional chains too
Q5. Really, what guarantee will we have that with Astra Protocol we will be able to comply with the regulations and guidelines of each country, which are surely very different? and not that only the regulations could be complied with in a few countries?
Sakhib Waseem: As mentioned we cover each specific countries requirements!
Not just a blanket uniform like most automated KYC services
Telegram Live Segment
What is the role of token in your ecosystem? Could you tell us a bit about the tokenomics of your project?
Our token is the only way to call our service. It is a fixed supply only 1bn exists.
Defi Platforms will buy our token and lock them into pools to cover the cost of KYC for their users
As more apps use our service the market supply/demand will grow and the value of the token will increase
I read that their mission is to equip all DeFi with a decentralized compliance layer, including KYC and AML capabilities, but I ask you, do you really think Dex will need to comply with these regulations in the real world in order to be successful?
Regulators are pushing more stringent actions on decentralised organisations, we will always see organisations that don’t want to comply but this population will dwindle as we are more capital investment into companies which are compliant.
They’ll inherit more retail users as a result and scale faster
The gap between Regulators and Technological Innovators was very big,
As Astra has come to Bridge this gap,
how difficult it will be for ASTRA Protocol?
That’s a very fair statement. We have been building this bridge for a number of years. We have the most credible board in the industry which also allows us to navigate these conversations very well
Trust is a crucial piece of the DeFi puzzle, but it’s almost non-existent across the entire landscape. So how will Astra Protocol be able to trust people to DeFi? What are your marketing strategies for global adoption of the Astra platform?
Trust is a critical factor. By posting metadata on chain we can build more transparency in our processes and also outwards from the community to the regulators and also so we can begin to build a healthier ecosystem of users in Web3
I have a question..
Where and how can I buy your $ASTR tokens? Do you have any $ASTR token purchase link? and, which wallet does your $ASTR token support ??when the sell of your $ASTR token??
Our token will soon be available for IDO on DAO maker, we will then be listing on a number of very strong centralised exchanges and will have some DEX liquidity too
Host : Thanks for diving us deeper unto Astra Protocol. Chat thanks also for those great questions.
Its time for Wrapping Up, any other things you want to share with the community? @sak_waseem 🙂
Sakhib Waseem: I’d like to thanks everyone for joining us!
Please follow our social media channels
For the latest updates on our Token and general announcements
📌 Here below are links for you to get the latest update about Astra Protocol