AMA with COJAM TOKEN | Transcript
Q: What motivated you to create this project?
A: It all started back in 2019 when Mr. Buterin mentioned Augur. I saw the opportunity there, and we took it further to have a more entertainment-based prediction platform.
Q: Since Cojam is mainly a prediction-based community platform, are there any plans to connect the community more? Like a social media type system where people can share ideas within?
A: Yes, we are still under a beta version, so we have no global community yet. We will create an official community in January to start with.
As the next step, we plan to attract supporters who will help us build a community and get compensation in CT for it. Moreover, we are planning to open a content creator application at the end of January as well.
As for the short-term plan, we are developing governance that will allow anyone who made a certain amount of voting to choose new supporters or content. Also, anyone with voting rights will share the percentage of the fee made on the platform. In addition, we are making a GitBook to present a clear roadmap.
Until now, we have been focusing on developing and testing, but it is time to build a community 🙂
Q: On your website, you have some kind of voting. It is not entirely clear what it is, tell us more about it.
A: The initial use of the vote is for rewarding. In fact, each CT is a vote. The amount of rewards is based on the number of votes (CT) for the correct answer (an answer chosen by the outcome of the prediction), so each CT is your vote. The more you vote, the bigger the reward is, given you voted for the correct answer.
As I mentioned above, it will be used for the governance program as well. But for now, it is your CT to make a prediction 🙂
Q: Tell us about the technology you have been working on to predict market trends.
A: The prediction market is still at a very early stage. Augur just launched V2, Omen also made a good platform. We are working on enhancing the transparency and the ease of use (as the current prediction market needs a lot of education to understand trade outcomes, liquidity pools, etc.).
So it is more about how we provide the users with easy-to-use front-end solutions, transparent transactions, and so on.
Another technology we are trying to implement is getting easy outcomes (like sports outcomes) by API systems from partner sites. At the moment, all oracle systems require an off-chain system.
Q: Tell us more about content creation on your platform. How can users upload questions, and which categories do you expect? Will content creators be rewarded for that?
A: We have done lots of beta testing on content creation. Currently, the content is created by our verified supporters like Instagram, blog, and YouTube influencers. We are planning to open a content creator application soon. The reason why we do not allow the users to upload the content lies in quality. As you know, the future can be predictable but not 100%. Content should spark interest, have a foreseeable outcome, and include presentable images or videos.
The content creators get 4% of the total voting when the voting is over.
It is set to be high now, but when our community grows big enough, it will go down to give users more rewards.
We pay all gas fees for making votes and withdrawals, and we will continue to do so.
Q: Tell us in more detail about your platform and application. How do you see your project in five years?
A: Our platform is built on Klaytn mainnet. Many of you may not be familiar with it, but it is one of the biggest companies in South Korea, and it is also available on Binance (KLAY). At first, we made it on the Ethereum blockchain. But due to the gas fee, we had to find other ways to do it (we do not use points, all transactions are recorded in the mainnet). Klaytn offers a 1-5 second transaction speed and around 0.002 USDT equivalent gas fee. Our apps for Android and iOS are built on the hybrid. You might face some delays depending on your connection speed. We are also building native apps at the moment.
As to how we see our projects in five years, hm… I would say as playgrounds for the prediction market. We want the platform to be easy to use and share all kinds of predictions. Once we have enough users on the platform, we plan to offer a survey service to corporates to ask people’s opinions of their products, get ideas for new services, and much more.
The stronger community we get, the more powerful an individual CT will be. And the more you participate in the content making, the more opportunities there will be on our platform.
We want our users to drive the platform power 🙂
Q: On a Prediction Markets platform, fairness, security, and transparency are standard requirements. However, on centralized prediction platforms, these requirements are not ensured, especially fairness. So, how will this be improved/fixed by Cojam technology?
A: Our ultimate goal is a decentralized prediction platform. To achieve that, we use actual token transfers, not points where they get changed after a withdrawal. Actually, each user’s vote is recorded in the blockchain.
Moreover, our content is recorded in the blockchain too. It can be checked when you participate; under details, you can check the transaction. However, it is not mentioned clearly. We are working on a user-friendly front-end that is easy to read.
However, there must be an off-chain transaction in place when we choose the actual outcome of the result. It is not easy for Oracle to be on-chain. AI technology is still on the way to it.
That is why we are building a governance system where users can be part of the transaction for better transparency.
At the moment, all the rewards, votes, and withdrawals are decentralized and can be checked on the Klaytnscope.
Q: The crypto industry is fast-paced. How flexible is Cojam to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which the Cojam project operates?
A: All other prediction platforms are based on liquidity and have a system of trading the answers. COJAM aspires for an easy-to-use prediction platform. We focus on developing a transparent system rather than seeking new technologies that users find difficult to understand. On the other hand, we are focusing on social media technology where users can connect their SNS accounts, Twitch, YouTube channels, etc.
Moreover, we are launching an NFT platform in a month. We are developing a system where our current platform and the new NFT platform connect and build a new form of an NFT market. There is more to come, so stay tuned!