Coreto AMA — The Wealth Club
Today (the 23th of November) we hosted another AMA. This time with a very promising project named Coreto. The palls Vlad and Andrei from Coreto stood up to represent their project with joy. Thanks a lot for your time guys!
Let’s start!
Great to have you here. I know you are very busy so lets start with you introducing yourself and your team.
VLAD: Sure!
I spent my last 14 years in the corporate world, working for different multinational companies as a business developer and growth strategies specialist. I have been active in the blockchain space since 2016 as a retail investor and user of blockchain based products. While Iustina, our CEO, managed for 8 years her own digital marketing agency. It was one of the first digital agencies in Romania, working with national and international brands from industries like automotive, F&B, heathcare or IT&C.
ANDREI: I’ve worked my way up to Head of Development positions in two companies before also taking this challenge at Coreto, all the while building custom platforms, from small CSM platforms in the first years, to large scale CRM/ERP platforms, both consumer and enterprise oriented.
I’ve been a full time developer for over 8 years now, and I will be for even more to come.
Thank you guys for the explanation. So the team is with 3. Correct?
VLAD: The core team is of 3, yes. But we also have another 5 team members in Andrei’s dev team.
TheWealthClub: the Coreto team is NOT anonymous. They are all visible on the website, although the developers aren’t active on telegram.
So can you tell me what CORETO is all about?
ANDREI: In layman’s terms, with Coreto we’re building a reputation-based social platform oriented towards the crypto communities. At its core, blockchain technology is a shared record of trusted transactions. But we all know, some of us through hard experiences, that trusting transactions isn’t the same thing as trusting the parties behind those transactions.
Coreto’s main purpose is to offer a trust layer between the interactions of the parties involved in this space: retail investors, influencers, traders, pool owners, and dev teams. By allowing people to trust others they have dealt with and giving each user a specific weight based on various parameters, we are able to offer a way for people to know whom to trust and for what purpose.
VLAD: It’s also a platform where we’ll let the communities express their opinions regarding different upcoming or existing projects, possible trades and outcomes.
It’s like using the “crowd wisdom” of others to help you understand better what’s next.
How long has this project been around and what did you achieve so far?
ANDREI: We’ve started working on the project at the start of 2019.
So far we have closed our token sale, raising approx. $300,000, out of which $50,000 was locked as liquidity in Uniswap and the rest will be used to operate our company and develop the platform.
We have partnered up with @FerrumNetwork in order to integrate part of their services into Coreto. These features will include OTC swaps using DeFi smart contract instead of escrow, Pool drops (Send crypto to up to 130 recipients at once — useful for influencer campaigns and project giveaways).
We’re also going to integrate $COR into their UniFyre wallet, giving more exposure and functionality to our token.
We also managed to find the right partners and team members that will help and support us in developing the Coreto.io platform. We’re happy that we managed to get on board an important team member that will help us with the internal user retention campaigns and develop the gamification mechanisms. Her years of experience at EA Games and King will bring a huge + to Coreto.
We have successfuly launched and completed one round of our Staking Reward Program with @FerrumNetwork. At the request of our community, and because the first pools were filled in record time (little under 2 hours), we are now in the middle of a second round with another traditional staking pool and a new liquidity staking pool.
More information about it here: https://staking.coreto.io/)
An important future milestone will be the launch of our Alpha version in Q12021 when we’ll onboard a limited number of COR holders to test it before going public.
What is the number #1 priority for CORETO in the next 6 months?
ANDREI: We are now focused on the ALPHA version of our platform as our top priority, as we have a release planned for Q1 2021, and all the preparations needed for when the launch date comes, like marketing etc.
This means that the dev team is hard at work for now, and planning is being made for supporting the launch on all fronts.
VLAD: Starting from January we’re also going to announce new partnerships that will help us and our future users in our mission of creating the best place to build your reputation.
So can you tell us a little bit more about the ALPHA version?
ANDREI: As I’ve said before, the ALPHA version of the platform is planned for release in Q1 2021. Our main focus for this first release is the Staking of Opinion Pools feature, as it is our signature feature and also the most requested.
To give you an idea about what SOOP is: Imagine you are an experienced trader, and you want to gain the trust of your community. You can create a Stacking of Opinion Pool (SOOP) and add your prediction for a certain coin evolution, for example. You will back your claim with COR, so everyone will know that you put your money where your mouth is.
Other traders can contest or add their own prediction for the same coin evolution, adding to the pool. Also, users can back the prediction they believe in and also contribute to the pool in this way. If your prediction is the closest to the real evolution of that coin, you and your backers will win the pool rewards, along with your trust and reputation rising.
You can find more about this and other features in our lightpaper: https://coreto.io/Coreto_Lightpaper_1.2.pdf
What are your current plans to onboard new clients and what market are you targeting?
VLAD: Right now, we are focusing on spreading the word about Coreto and the benefits it will bring to the communities involved in this amazing space of crypto.
We’re already working on the marketing strategy so that we have a successful launch. It will involve of course an ambassador program for traders and existing influencers, offering them a few special perks to start with.
Let’s also not forget how powerful the word of mouth will be.
I have seen that you also have recently opened new staking pools for $COR right?
VLAD: Yes, we have partnered with Ferrum, as Andrei mentioned, to deliver to our community 3 staking pools (they had lock-ups of 3,6,12 months). They all closed way faster than we anticipated and not everyone got to participate.
At our community’s request, we’ve decided to open 2 additional pools: A traditional staking pool (48% APR and 180 days lockup) and a Liquidity Staking Pool (110% APY and 60 days lockup).
I will post a few links that will give you a clearer image of their current structure:
New Pools Structure:
https://medium.com/coreto/new-additions-to-coretos-staking-reward-program-da6ff925c504How to Add Liquidity for COR-ETH pool on Uniswap:
https://link.medium.com/y0ItDvkupbbAnd a guide about How to Stake:
https://medium.com/coreto/coreto-cor-staking-guide-76deb185a355
A lot of projects from 2017 are gone and failed to deliver a working product as originally promised. How will you avoid the same fate?
VLAD: One of the main reasons we’re building Coreto is exactly this one: to try and give our users a better overview about existing and upcoming projects from the blockchain space.
Those of you that were also around in 2017/2018 know how crazy this space was. Full of people naming themselves “crypto veterans”.
If by “not delivering on their promise” you also refer to scams/rug pulls, than this clearly will not be the case as we are a public team, each of us having their own reputation to keep and maintain.
As for “delivering on our promise”, I personally have an immense trust in our development team, with Andrei at its helm, to deliver Coreto to the world. It’s a project very close to my heart for which we have been working for bringing to life for a long time.
It’s a project that we believe in greatly, as it was born out of our personal need and problems we’ve encountered in the past.
What are your plans with $CORETO for the future? What is the longterm vision of the project?
VLAD: Our long-term vision is to unite the crypto communities. By using the cumulative knowledge of experienced traders and influencers, retail investors will have a better understanding of how and what blockchain projects are trying to achieve, helping them make better informed investment decisions.
We want Coreto to be the main “GO TO” platform when it comes to DYOR in the crypto space.
Our other goal is to expand the usage of our trust and reputation mechanisms to other P2P platforms, not necessarily related to crypto.
This has been the Wealth Club’s choice of questions for Vlad and Andrei. Now we have some community made questions, where Vlad and Andrei picked some that they liked.
It’s about safety and security, we want to know how will the CORETO team resolve if there is an unfortunate security problem?Has the team thought of a solution for this problem?
ANDREI: We take security very seriously, so we will have regular audits from experts in the fields, and also organize bug bounty programs in the future. Security is not a one-off feature, it’s a continuous process that will be tightly integrated with every new feature we release while growing the platform, and also in-between.
I think a lot of people here are pretty interested in the $ COR token, both the utility and structure… How does $ COR work as a utility token for the network and how does it benefit both the network and holders?
VLAD: You can find our token’s usecases in our Lightpaper.
In short, $COR will be used to access most of the features the platform will provide and also as a means of payment for projects to claim their pages and pay for advertising on Coreto.
Litepaper: https://coreto.io/Coreto_Lightpaper_1.2.pdf
Where can I buy $ COR ? Also, what are the benefits in the long-term for stakeholders? Why should we invest in $ COR ?
VLAD: Right now we are listed only on Uniswap. Listing on CEXs will be taken into consideration after the launch of the platform.
The main advantage for early investors is that right now, we’re still under the radar, I would say. The use cases are listed in our previous shared lighpaper, but the main usecase will be participating SOOPs
This is our Uniswap page;
https://uniswap.info/pair/0xDE26d72fCF376A8a98560c8D57b1465715037851
Explain more about your reputation-based social platform and how I as an influencer can make use of CORETO? How are you able to bridge the interaction between projects, investors, pools, traders and what’s your approach to DeFi?
ANDREI: In Coreto all users start from 0. As you advance and create content and SOOPs that are successful and appreciated by your followers, you gain Reputation.
Once you reach a certain level on the platform, you will be able to upgrade to “Influencer status” and start building subscription-based content and monetize your knowledge.
We’ve thought about this system to also help those community members that don’t currently have a follower base, but they are knowledgeable and think of building one right now.
With CORETO, will it be possible to obtain the best market predictions for the different projects? Or will they simply train users so that each one can develop their own predictions?
VLAD: It will do both actually.
It will help users to Learn about assessing new projects, Learn from the educational materials and courses influencers will publish and then EARN by applying those learnings. And then, rinse and Repeat.
Is there still a chance to get in a pool?
Yes the two pools are still open. The staking pools can be found on https://staking.coreto.io
This was it for this AMA, multiple times “Thank You” to Vlad and Andrei for their time. If you want to widen your knowledge about Coreto, here are some important links and feel free to hit Vlad or Andrei up if you’re still in the dark about something. THANKS!
Web: https://coreto.io
Telegram: https://t.me/Coreto
Ann Channel: https://t.me/Coreto_ANN
Twitter: https://twitter.com/Coretoio
