On 8th of March we held an AMA with the Crypto Power Group, hosted on their telegram channel. If you missed this telegram session, here’s another chance to get a full transcript of the AMA event.
Q: Hello -can you tell our community a brief biography of yourself? 😎
A: Sure. I have a background in engineering and have mostly worked as a quant trader on traditional assets. Most recently I have been deeply involved in the crypto space both as an investor and a builder.
Q: What is Venue One?
A: Venue One is a non custodial decentralized prediction protocol built on Algorand that allows participants to take positions on the outcome of real world events. The protocol operates on a set of smart contracts that govern various prediction mechanisms including binary outcomes, pari mutuel pools and index predictions. The focus is on short to medium duration events in sports, esports and finance.
You can learn more about Venue One on our blog: https://venueone.medium.com
Q: Developing a new platform always requires a lot of research and effort. We see, most of the project just clone of an existing project. So, is your project clone of an existing project or is it built from scratch? If yes can you please introduce the team behind this development?
A: I have over 20 years of experience in trading and fintech ventures & our heads of development and mobile Thanos & Dimitris have 15+ years of software development experience and we are surrounded by an amazing team of builders. Vaggelis has built some amazing web and mobile UI/UX experiences as wel. I have worked in the City of London and Wall Street, trading systematic strategies and Thanos and the team have built enterprise applications with millions of users. There are currently 9 team members and we are planning to be 15 by the end of the year. We started Venue One from scratch and now a public testnet should be live in a couple of weeks ahead. We are so excited to share it with you. Please follow us on our social channels to learn more !
Q: What are the key features and capabilities of Venue One?
A: Apart from what we believe is a great user experience, tha protocol is fast and great for instant trading. The project is open to beginners as well, not just crypto natives and we have designed a user onboarding flow for everyone. Our users do not even need to have algorand wallet, own ALGOs or do complex signing procedures. We can onboard USDC from practically any chain so any user that holds the stablecoin can participate. Later in the year we will have also direct fiat onramps.
Q: How does Venue One work ?
A: There initial mode of operation of the protocol will be binary outcome predictions, where users will be able to trade on future unknown mutually exclusive outcomes. This can be in real world events or finance or sports. We will also be launching speedy predictions that will be shorter in duration (minutes to hours) on finance initially and then on esports. On our roadmap we have the addition of a perpetual type prediction market on custom indices we call VCPI. All market modes are driven by non-custodial audited smart contracts.
Q: What is the usage and economy and metrics of the $VENO Coin? Also what are the holder benefits?
A: We will publish the detailed tokenomics before launchpad subscriptions which are coming up in April.
The token’s intrinsic value is anchored by :
1.Capped supply of 100,000,000 tokens during 5 years, followed by a 3% maximum yearly inflation.
2. Token buyback using up to 20% of the protocol profits (after 10 quarters of operation).
3. Staking rewards framework.
The most important thing to note about the token is that it allows participation in the upside of the protocol as part of the profits will be used to buy back tokens regularly as well as governance of the protocol in due course as we transition to a DAO.
Q: What are the future goals of Venue One?
A: Testnet launch is imminent in April then after main-net/TGE our Android app in the summer of 2022, iOS by year-end — we are keen to have a mobile-native version of the UI. As much as I have an itch to show you all we have in our roadmap… we will slowly show you cool stuff ;-) Stay tuned on our channels ! We will be allowing our participants to trade on most global events. You can also check our updated high level roadmap on our website.
Finally, check out as our ambassador program which can be found here.
Q: What is the difference between Venue One and other Protocol on Algorand chain And what features have you prepared for users in your Ecosystem?
A: Past and current prediction markets suffer from a number of drawbacks that have limited their appeal to a wide user base. Namely high blockchain transaction fees, long duration markets, liquidity provider risks, poor curation mechanisms and finally sub standard UI/UX. Venue One aims to address these issues and take many steps further in revolutionizing the prediction markets space. We believe in a multi chain feature, hence the ability to onboard collateral from other chains but at the same time we think Algorand is the right engine to power Venue One.
Q: Many projects start but get stuck along the way, could you tell me if you plan to stay active and offer projects and opportunities to the community in the long term?
A: Yes definitely. Not only do we plan to stay active but as a matter of fact, we recently launched our Ambassador programme, and we are welcoming community leaders from all around the world to support us on this amazing journey. The community has a special place in our hearts and we plan to grow it even further. If this is something interesting to you, here is the link where you can apply to our ambassador programme: https://bit.ly/347CdJK
Q: A common problem is that nowadays most investors are only interested in initial profits and ignore long-term benefits! So can you give them some reasons why they should buy and hold your tokens in the long term?
A: Any utility token is affected by 3 parameters: overall market direction, token utility and token specific community & marketing. These 3 factors change importance over time with token utility taking a larger role in determining price as a project matures. One cannot know the price dynamics in the future but any future potential holders would be wise to give time to the token utility and buybacks to develop.
NOTE : Our token has NOT been issued yet (beware od scams !) and a TGE is planned shortly as the overall market stabilizes.
Q : Many projects have problems with UI / UX and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space?
A: We have started the design of the protocol by thinking of the end user experience first. While that has meant a longer development time we feel that we have achieved a great level of user friendliness that allows everyday users to interact with the protocol in a natural way without jumping through crypto hoops ! As a general comment as Web3 matures UI/UX will become much more important.
Join our global community Telegram : https://t.me/venuemarkets
Follow us on Twitter : @VenueMarkets
For more information and the $VENO whitelist go to : venue.one
