we hosted an amazing AMA with KSM Starter on the 9th of September
And here we will put some of the best questions:
Q1. Can you introduce yourself to our community?
My name is Siwon Kim, and I’m the founder and Chief Strategy Officer at KSM Starter. I’ve been involved in the crypto space for quite a few years now. Before crypto, I was in traditional marketing and business development in both the private sector and the public sector, working for governments in both the US and South Korea
Q2. Can you briefly tell us what is KSM Starter ?
KSM Starter is the primary launchpad on Kusama. However, I don’t want people to think of KSM Starter as just “another launchpad”.
At KSM Starter, we differentiate ourselves through the type of product we offer and how we involve our community.
Our community can benefit from direct involvement such as voting on the IDO proposals, so that they are ultimately deciding on which IDOs are launched.
Moreover, they can take advantage of products such as KST Auto Invest, and other upcoming products that are designed to maximise returns and lower risks!
Q3. Let’s now talk about the milestones you have achieved so far and about your upcoming plans?
There are quite a few milestones we have achieved, so let me break it down a bit
The first milestone we achieved of course is our fundraising round. We were blessed with so much interest from different investors and VCs, and we were able to not only raise the full amount but have excess demand. That was done very quickly, so I’m very grateful for that
The next milestone is of course developing the platform itself. We designed our platform and product from scratch, which took a lot of efforts from our tech team. They delivered high quality work in very short amount of time, so I’m also very grateful to the tech team
Recently, we have finished migrating KSM Starter to Kusama network via Moonbeam, and moreover added additional features that allows people to choose between Ethereum-based IDOs and Kusama-based IDOs using the same wallet. Moreover, we developed additional products such as wallet analysis tool to further reward those who HODL and actively participate.
So those are some major milestones we have achieved so far, and the next milestone is our upcoming launch!
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
Yup, so KSM Starter as the name suggests comes from our goal to help projects launch on Kusama.
It highlights our niche to allow projects that do not necessarily have the resources to launch their own Parachain on Kusama to still raise funds and enter the Kusama ecosystem
Our team is incredibly diverse. Other than the ones on our website (ksmstarter.com), we have talented people working in both tech and marketing. Their backgrounds are all in crypto, and they come from all around the world!
Q5. DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is KSM Starter’s approach to the DeFi sector?
Well, of course I think DeFi will disrupt the current financial system. It already has been doing that.
At KSM Starter, we are taking a unique approach to DeFi which highlights transparency and democracy. We allow our token holders to decide on which IDO should happen next. Then, we share the progress in a transparent manner so that it’s not only disrupting the current financial system, but the current hierarchy that still exists in the crypto ecosystem.
And here we will put best questions from our members and KSM Starter fans:
Q1) Last month someone hacked defi system/blockchain…..so I want to know how you protect your system from hackers? What are planning for that? And also know about any nft or something like that gaming program if yes, then when we will see that?
Okay so that’s a really important question.
At KSM Starter, we take security extremely seriously. That’s why all our code and product are audited not only just once, but twice by two separate auditing firms. Moreover, we have appointed Halborn as our security advisor, so that they can continue to provide us the level of expert protection we need to ensure that our platform is the safest for our community and investors.
We plan to launch our own NFTs that grant added benefits shortly before our launch. In terms of gaming, we actually have some blockchain gaming projects applying for IDO, but of course all will be revealed in due time!
Q2) Most of the current launchpads are based on a lottery system to decide who participate’s in IDOs. This leaves room for bots to abuse the system and hold a large portion of allocations. What tactical measures will KSMStarter introduce to ensure fairness and prevent bots attack?
So our lottery system is conducted through 3 different levels – or more like “filters”.
First, the lottery win chance is higher for those who hold the previous IDO tokens. So if you participated in IDO for token A, by holding token A, you have increased chances for winning allocation for token B.
Second, the lottery rewards those who show “good behaviour”. Our wallet analysis tool looks at all the wallets and creates a behavioural profile of each user, and grants bonus win-rate to those who tend to HODL and those who actively participate in staking and liquidity mining.
Third, the lottery is chain-verifiable via Chainlink VRF.
So with these 3 measures combined, we can ensure that our lottery is fair, and also bot-resistant, anti-dumper, and positively rewarding for even the small investors!
Q3) I saw your Partnership with Halborn, I learned a bit about Halborn that it is a cybersecurity. Have you ever experienced cyber damage? Or do you need Halborn in other fields?
We have never experienced any exploits or other damages. However, I think there’s something fundamentally wrong when a project says “okay we will do this because we were hacked or attacked”. Everything has to be proactive and preventive. This is why we are extremely focused on security despite not having suffered any attacks.
Q4) What #KSM revenue model? In which ways do you generate revenue/profit?So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing right now?
Okay, so our revenue model is of course dependent on the IDO launches. However, we also plan to launch several products for both the project and the investors that could become an extension of our revenue model.
We will also actively manage our asset holdings to ensure that we can continue to have substantial revenue inflow to support our development and growth.
Our short term objective right now is just to reach out to many people and educate them about this amazing Substrate ecosystem and the new chances and opportunities available for them. We’re focusing on community growth, along with our upcoming launch
Q5) Now that technology is changing every second, are you afraid that in the future #KSM Starter will lag behind new projects with newer technologies? Do you have a plan for this?
Not at all. One thing about KSM Starter is that we are very fast in product development and technical deliverance. What that means is that we are dedicated to detecting the market trends early, and we have the talent available to make things happen very quickly.
So I’m sure that KSM Starter will continue to be the first-mover in the market!
Q6) In KSM Starter Auto-Invest Programme Only USDC and USDT are available for staking ? Do You have any Plan to add More Assets or Chain assets (Like BUSD) in Near Future ? also What is Your Main Motive to MAke by this Project in Our Eco System ?
In the beginning, we will support only USDC and USDT, then add kUSD. We are currently in talks with some partners who are developing their own multi-asset backed stablecoin, so that will also be added. We may add more stablecoin assets, but it will have to be decided after seeing the demand from the community
Q7) Regarding the incentives that IDO participants receive, how much is the win rate that they receive, for having the above IDO tokens? Is it fixed for everyone or are there factors that influence some to receive more profit than others?
If they are in the same tier, their share will be equal. When it comes to actual win-rate for the lottery, it will depend on the factors I mentioned above – such as holding previous IDO tokens, and good behaviour shown via wallet analysis
Q8) how can I buy It ?? And how to invest in your project??
To answer your question in one way – the only way to get your hands on $KST token will be our public sale which will be in the form of IDO directly on KSM Starter. The date will be announced soon
Q9) Do you have plan to add network like BSC where small transaction fees applies?
The small transaction fee also applies to Kusama. That’s why we believe that Kusama is a very promising ecosystem. The transaction is fast and cheap, and it’s a great place for new projects to test various products and functions before going to Polkadot. I think some projects may even choose to stay in Kusama without migration to Polkadot in mind
Q10) Is your platform suitable for Crypto beginners? Or does it only appeal to professional users?
KSM Starter is built with the ease of use in mind for everyone. It’s great for beginners, and it’s convenient for professionals. We will continue developing it further so that it becomes even more easier to use!
And this was the end of our AMA with KSM Starter.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://ksmstarter.com/
Medium :- https://ksmstarter.medium.com/
Twitter :- https://twitter.com/ksmstarter