AMA RECAP: 420 DAO X BEARkING
On the 15th February, 420 DAO held an AMA session where one of our Co-founders, Mr. Tien Do, successfully represented and spread awareness about our project among the BEARkING Community.
The session was held in three parts, Introduction, Community Questions, and Open Chat for Telegram Community. If you missed this insightful session, here’s another chance to get a glimpse of all that transpired during this session through this AMA Recap.
About 420 DAO: The project is a revolutionary DAO that has established a dedicated community of crypto proponents, thought leaders, builders and investors. The 420 DAO ecosystem is powered by 420 token that has in-build properties such as Store of Value, Membership Value Governance value.
PART I. INTRODUCTION
Host: Can you please introduce yourself and your background, also introduce the team working on 420 DAO?
Tien Do: My name is Tien Do, one of the early members at 420 DAO, also the designer of its tokenomics. My background is in Quantitative Finance and I graduated from ENS Paris, which is considered to be the best French school for Mathematics. I used to work as an Options Quant in BNP Paribas and Director of Structured Products and Strategies at Barclays in the UK. I’m also an Advisor at Ho Chi Minh Stock Exchange (HOSE) in Vietnam.
You can check out my LinkedIn here: https://www.linkedin.com/in/trungtiendo/
Let me also introduce Thanh Nguyen — our Tech Lead. He graduated with a major in Applied Mathematics from Paris Sorbonne University. He has extensive experience in Virtual Survey Simulation and Real-Time Big Data Analytics. He is an expert in designing solution architectures for scalable systems. He understands blockchain technology and threshold signatures.
Some other notable members:
- Colin Platt — our Strategy Advisor is an NFT expert, industry thought leader and speaker, also CEO of Unifty. You can listen to one of his sharings here: https://www.youtube.com/watch?v=lbPGyU6W4ZU
- Vannessa Tran: Oxford Alumni
- Khanh Do: Olympiad medallist in Coding contest in Vietnam and Internationally
You can check out the list of our early supporters in our website: https://420da.org/
Host: What is the mission of your project? What can users get from 420 DAO?
Tien Do: 420 is a DAO with the mission of coordinating and supporting the development of decentralized economies. Our aim is to together build the right decentralized economies.
What users can get from 420 DAO is the long-term benefits. They will be able to benefit from the investing activity of the DAO, but also from tech projects that the DAO will be building.
Ultimately all these will reflect in the token price. Our tokenomics will make sure that long term holders have handsome rewards from the success of the DAO
Also, as members of a community, members will get non-financial value such as knowledge sharing, education about the crypto market, trading, and other intangible values.
Host: Could you explain a little about 420 DAO and what makes it different from other projects?
Tien Do: The first strong point of our project, compared to other DAO, is that anyone can join 420 DAO. It’s OPEN for everyone.
Secondly, 420 DAO system is powered by very advanced tokenomics, which has been carefully researched and designed. Our tokenomics are governed by mathematical equations with some of the ideas borrowed from Bitcoin but also mainstream Fixed-Income instruments.
We hope by having this cutting-edge tokenomics that we can protect its value and hence its members!
To be more specific, our token releasing schedule is built on a double-halving mechanism, which means both the quantity of issued tokens (similar to Bitcoin) as well as the duration of each phase (our innovation) decrease by half compared to the previous one.
Staking rewards and Harmonic reward are implemented so that we solve the lockup problem and bring a long-term commitment to the community.
Please go here for more details: https://docs.420da.org/#what-is-420
Host: Can you tell us about some of the partners 420 DAO is currently working with?
Tien Do: 420 DAO has a host of partners it works with. They include Meta (ex facebook), JP Morgan, Amazon, BNP Paribas, etc. 420 also has partners in the crypto ecosystem such as Influx, Unifty, Chain Collective, Thuan Capital and it’s expanding every day.
Host: What does the name of the project mean to you and why did you choose “420 DAO” for your project?
Tien Do: You might be curious why we chose number 420 to name our project. 420 is actually a magic Internet number, representing the community’s unity and empowerment, which is what this project reflects. This is also Elon Musk’s favorite number, if you’re his Twitter follower you would know that.
Moreover, in our model, number 420 appears in most of our math equations. There are in total 420 million of tokens issued. The first phase lasts for 420 days when each day there are 420,000 tokens emitted.
PART II. BEARkING COMMUNITY QUESTIONS
Q1. Can you explain your Tokenomics Distribution? How many tokens Will be minted? And How many tokens Will be locked by the team?
The distribution is done with a similar method to Bitcoin. A very small percentage of coins are released daily, and the last token will be minted in more than 12 years;
Total number of tokens to be minted is 42M.
The team has NO allocation as it respects the community and wants to involve everyone. Everybody has the same token lockup schedule, no one is in favor. No one has more tokens unlocked earlier than the rest of the community.
What this means prospectively is that NO ONE is a whale and can dump on the community because they have more tokens earlier.
Q2. How can I get a $420 token? and where can I buy it?
Tien Do: The tokens can be purchased on the App, which is built by the 420 DAO’s Dev team. The app is almost ready and the public will be informed when it’s launched. After launch, users can also buy from secondary markets, for example on Decentralized Exchanges. Regardless, the main point of purchase will still be the app.
Q3. As we know one thing that investors see from a project and really important is security. How do you convince users that the 420 DAO platform is safe to use?
Tien Do: The project is not an anon team and is well known in the industry. We have carefully designed and tested our code. Once the external code audit is done, it will be published to the community.
Q4. Does your project support stake programs? if yes. How does your stake system work, what is the need for users if they want to stake in your platform?
Tien Do: Yes we do support staking. In fact, staking is one of the key features of tokenomics. In our staking program, the rewards are divided among the stakers and are distributed daily. Moreover, there are special additional rewards called ‘harmonic rewards’, which take coins from the impatient unstakers to pay to the remaining stakers. Naturally, the user needs to have some coins to enter staking. There are no other requirements Staking / Unstaking will be served on our App as well. Very user friendly!
Q5. What are your top 3 priorities for 2022? Could you share some plans?
Tien Do: Our top 3 priority for 2022 includes:
- Launching the 420 DAO platform
- Help grow the Treasury
- Enable DAO governance
Other than that, we would like to focus on the deployment strategy once the Treasury gets to a critical mass, deploy vote based on native token $420 and go multi-chain.
PART III. OPEN CHAT FOR THE TELEGRAM COMMUNITY
Q1. Is this your project only for elite investors, how about others with small funds, is it open to everyone?
Tien Do: Not at all. It is open for everyone. Anyone can join with any amount. We will launch on Avalanche
Q2. Which network can I get your token?
Tien Do: Smart Chain, Tron, Ethereum & Polygon
Q3. What are the plans to educate and raise awareness and adoption among the community to make more people understand the project easily?
Tien Do: We plan to organize a hackathon soon. That will help the community to understand better our model, our app, and also everyone can see the quality of our project
Q4. I see some people are wondering about the authenticity of the project, they often say that Vietnamese projects, project owners using Chibi photos, etc. are mostly scams. Can you tell if 420 DAO is different from being like that?
Tien Do: We are one of the most transparent projects out there. The entire team is fully doxxed, with real pictures, a real LinkedIn profile. We have high-profile people in our team as members and supporters, for example, leaders in big companies, academic experts, tech founders, and so on. Please check out our documents and ask us if you have questions.
Q5. Do you have any ongoing or upcoming reward program events, please let us know in detail, and do you have any ambassador programs as well as your project?
Tien Do: There will be more events such as AMA sessions, Hackathon, Whitelists, and other events that we cannot disclose as of now. Follow us on our social media channels to keep yourself updated :)
Q6. NFTs is a hot trend now. Do you have a play to have NFTs in your platform? If so, can you tell us the plans of your project in NFTs?
Tien Do: We have an NFT item in our roadmap. As you can see, we will integrate NFT after we go multichain.
Q7. 𝐓𝐨𝐤𝐞𝐧 𝐁𝐮𝐫𝐧 𝐚𝐧𝐝 𝐁𝐮𝐲𝐁𝐚𝐜𝐤 𝐩𝐫𝐨𝐠𝐫𝐚𝐦 𝐩𝐥𝐚𝐲 𝐚𝐧 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐫𝐨𝐥𝐞 𝐢𝐧 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐓𝐨𝐤𝐞𝐧 𝐯𝐚𝐥𝐮𝐞. 𝐃𝐨 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚 𝐭𝐨𝐤𝐞𝐧 𝐛𝐮𝐫𝐧 𝐨𝐫 𝐛𝐮𝐲𝐛𝐚𝐜𝐤 𝐩𝐫𝐨𝐠𝐫𝐚𝐦 𝐩𝐥𝐚𝐧 𝐭𝐨 𝐚𝐭𝐭𝐫𝐚𝐜𝐭 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬?
Q8. What is the revenue model? How can it be beneficial for both investors and for the project itself?
Tien Do: Token sale is one source of revenue that is internal. Investing and building are external sources of revenue and are more important.
Q9. Your project has great features, so there must be a seasoned team behind it. So can you tell me some information about your team and also their experience in the market? Also, can you list 1–3 killer features of the 420DAO, which can help the project get ahead of the competition? What competitive advantage does your platform have that makes you feel most confident?
Tien Do: That’s a good question. We are proud to say our team is combined at the top level in 3 areas : quantitative finance, algorithm, and system design. The 3 killer features we had :
- Our staking model is inspired by the mainstream math phi fixed income model.
- Our staking token is elastic ERC-20 conformed, which allow users to transfer, buy ,sell even when they lock their token in staking pool
- Our tokenomics schedules on a daily basis lasts for more than 12 years to reach the cap, rather than one of as many other platforms does. Competitive advantage? I would say all the above, also the expert team behind the project
Q10. 420 DAO operates as an investment fund and today there are many new projects coming out, many of which are scams. So can you tell us what criteria 420 DAO has to choose a good project to invest in, bringing benefits to the 420DAO
Tien Do: 420DAO operates as an investment fund and today there are many new projects coming out, many of which are scams.
Q11. So can you tell us what criteria 420 DAO has to choose a good project to invest in, bringing benefits to the 420DAO community?
Tien Do: We have a strict list of non-negotiable criteria. Also, we will involve the community and experienced investors to help us decide. We are a DAO after all.
Q12. A big problem for a lot of Defi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold and not just farm and dump?
Tien Do: We are not a farming project. Also there is no incentive to unstake.
To learn more about 420 DAO visit: