On March 12th, Coreto conducted our latest AMA on Magic Room via Telegram.
Vlad Faraon, Co-Founder and CBO @Coretoio, and Andrei Balaianu, Head of Development @Coretoio answered and provided important information regarding the ALPHA release of the platform along with our future plans.
Many of you have participated, but we want to make sure no one misses out on the knowledge shared by Vlad and Andrei.
Without further ado, let’s dive straight into it!
Intro: We are happy to launch the first AMA here at Magic Room and we welcome Vlad Faraon and Andrei Balaianu from Coreto https://coreto.io/ . Vlad is CBO & CO Founder and Andrei Head of Dev. I think it’s best if you both introduce yourselves first, tell us a bit about yourselves and your job at Coreto.
Vlad: Sure, I am Vlad Faraon, Cofounder of Coreto.io.
I spent my last 14 years in the corporate world, working for different multinational companies as a business developer and business growth strategies specialist. I have been active in the blockchain space since late 2016 as a retail investor and user of blockchain-based products. While my Co-Founder, 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, healthcare, or IT&C.
Andrei: I am a full-time web developer and architect for over 8 years now.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.
@iammycatmia: Wow, that really sounds like an experience, nice.
Q: What is Coreto $COR and what is it about?
Vlad: In simple terms, with Coreto we’re building a reputation-based social platform oriented towards the crypto communities.
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 projects. 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.
In our Alpha release, we’re focusing on testing and improving our SOOP algorithms, focusing on Traders at this point: A trader keeps publishing successful TAs and starts gaining followers and supporters. He continues to build prediction pools through the Staking of Opinion Pools (SOOP) and his performance score is growing. Now his community starts “giving him trust” and they also start backing his trades and participate with COR in his pools.
In time, this particular trader will grow his audience, win the trust of his followers and can then start creating subscription-based content and develop a new income channel.
The Retail investor will gain trading knowledge and also make some profits if he chooses to also open real trades based on the aforementioned example.
@iammycatmia: Very interesting… Let’s go back to the team a little bit.
How big is your team and can you tell us something about the individual members (background)? And are you and your Team working full-time for Coreto?
Andrei: As you can also see on our website, we have a small team of specialists that make up the main team, each one of them having years of experience in their respective fields.
The core team is full-time (4 members) and the rest are currently part-time. As we grow in terms of workload, they’ll also transition into full-time.
Apart from the team listed on the website, we have a number of full-time developers working on the platform, and a number of partners towards whom we outsource part of the work based on the needs of each stage we pass through.
Q: How did u decide to name ur project Coreto?
Andrei: The name of the project represents our core belief: that the community is the most important team member. The name “Coreto” comes from “COmmunity REward TOken” — the token that rewards trust and performance, fairness and openness — all the things that we feel have to be rewarded in order for everyone to grow together.
It’s also a play on the Portuguese term “coreto”, meaning bandstand — the place where everyone performs and are either cheered by the crowd or booed of stage 🙂
Q: What is your ultimate vision for COR?
As we always say, Coreto is a long-term project, and we have huge plans for it in the future. Speaking about the ultimate goal, I would say that it is to create a layer of trust that can be applied to all facets of the crypto space at first, and on any and all aspects of online spaces that involve human interaction and trust. It’s something that we believe is paramount in order to have a safer and more reliable human interaction online and can redefine how we look at the Internet.
HZ: You work with the concept of trust to try to be appealing to a very wide audience but why should people actually trust you?
Vlad: Just like everyone else, I think that “Trust” is a dangerous word in an early industry such as crypto. That’s why we should all seek for these 2 things: competence and character.
By competence, I mean to have the necessary abilities, skills, and willingness to work as hard as possible to reach your objectives.
By character, I mean to have integrity, be reliable and have consistency in your actions.
We’re used for Trust to be gained mostly in real life by aligning people’s words with their actions and results.
We don’t expect and never asked for people to trust us blindly from day 1. Getting to trust someone is a natural process. Takes a bit of time, patience, and even scrutiny.
But through our results and with the help of technology, we will be able to speed up this natural process.
HZ: Exactly, very nice.
Q: So, how long have you been working on the project and have there been many/any delays so far?
Vlad: We started in 2019 and the entire road up to where we are now was filled with potholes and bumps. Especially as it was a bearish year. We managed to get a small investment from a private-investor when we were still in “idea stage” and this helped us stay afloat. Delays are inevitable! Especially in tech development. To this point, I can say that the delays we had (up to our TGE) only made us stronger and more determined to keep our deadlines.
Q: On what exactly are you currently most focused on? What are your biggest challenges right now?
Andrei: The main focus right now is the ALPHA launch, with emphases on our main ALPHA feature: Staking of Opinion Pools.
This will be the first big feature on our platform, one that is unique to us and that will stay at the core of building TRUST and PERFORMANCE for crypto traders, both experienced and newcomers. I would say that we have already overcome our biggest challenge for this stage of the project, namely putting together the algorithms that make up the core of the SOOP feature. They need to be both accurate and fair, and our team of specialists has done a great job identifying and handling all the parameters and situations that need to be addressed into one well put together system.
We are now pushing on finishing all the integrations of those algorithms into the platform codebase and testing it all before the ALPHA launch.
Q: Why do you think current crypto influencers will even bother to join the Coreto platform when they can simply carry on as they have so far?
Vlad: I’ll answer with a question: Have you seen the recent actions of Twitter against some CT influencers? Some got suspended for good. Others managed to get their profiles back. Fortunately. Yet with Coreto, we’re creating a place where people from the crypto space can create a profile that can easily showcase their knowledge and can speak their minds. Without fearing that at any time their account could be suspended or deleted. This of course, if they are not scammers, something that will be very obvious when their Trust index in Coreto goes to 0. In the first stage, we’re not targeting big influencer accounts. They will surely join once they see the waves we’ll create.
Everyone will have their “stage” on Coreto. This is the thing that crypto users must understand: that having 10k,100k, 200k followers, does not reflect your knowledge. But if you have the knowledge and don’t have a community yet, this is where you’ll be able to build a following, based on your knowledge and results
Q: Are you partnered with other projects in the crypto scene and with partners outside the crypto industry? If yes, with whom?
Vlad: For now, we’re officially partnered with Ferrum Network. With their help, we’ve opened our Staking Reward Programs earlier than expected. In the coming weeks, we’ll also integrate $COR into their Unifyre wallet, giving more exposure and functionality to our token.
We’re also having another partnership in the making, and we’ll announce it by the end of this month. I also had some good recommendations from some of our community members and I’m looking into them. I don’t seek to do partnerships only for the sake of it. We want partners that also align with our deontology.
Q: So, will you open any new liquidity mining or staking pools now that you mentioned the topic?
Vlad: We’re planning to have another staking pool opened by the time we launch our Alpha. And most probably a liquidity reward program will come afterward as well.
Q: Do you have plans for developing an App version of Coreto?
Andrei: For now, until we pass the ALPHA and BETA stages, we are not planning to release a native mobile app, but we do plan on building it in the future.
Q: How does your marketing strategy look like before and after the platform goes live? How will you onboard new clients? How are the raised funds allocated?
Vlad: Marketing is an ongoing process and we have a great team behind us. Before the launch there will be different actions like articles, press releases in crypto news aggregators, also an interview in a respected crypto news website. We’ll also release an explainer video and a quick walkthrough, to give our members more clarity about what they’ll be testing and using. After launch, we’ll have periodical dev updates as we collect and integrate the feedback from our initial userbase.
Q: As we all know, trading on Uni is becoming very expensive, so, do you have plans for listing on a layer 2 DEX like Quickswap or some well-established CEXs anytime soon?
Vlad: We know the issues of trading on Uniswap and we’re working on a solution for this, yes. A new CEX will also come, most certainly after the launch. Our members already know that we won’t throw exact dates until we’re certain of them 🙂
Q: What would you say to those who may hold back from buying COR at these levels due to the fear of larger holders potentially dumping on them?
Andrei: Of course, each one of our investors has their own plan and will do as they like with their invested money.
But what I can say is that we have a very dedicated community of investors. Most of them are with us since very early on, and they have been very involved and supportive so far. I believe that most of them believe in the long-term vision of the project and they treat their investment as such. For me, the fact that so many have already staked their COR and that there have been multiple requests for adding more and more staking pools, both in the past and even now, makes me believe that they will also be here for the foreseeable future.
Q: Please give us your best reason(s) why we should invest in COR today and not tomorrow or closer to the Alpha launch.
Vlad: People should invest ONLY when they are comfortable doing so. I personally FOMOed in a few projects before and this didn’t end well in some cases.
My 2 cents on this would be that right now, we’re very early. Some investors prefer to wait longer before going into a new project. Others love the adrenaline and like to go in very early… So the timing of When to invest is subjective.
Q: How successful of a trader/investor have you been yourself so far and if say you say very, how can we now you are being honest?
Vlad: Haha 🙂
I don’t consider myself a great trader. I still day-trade a bit, but as all of you know, day-trading takes a lot of your time. So I switched my strategy and do more mid-term trading. I will create my own profile on Coreto, that’s for sure! 😀 But not to build a reputation, rather validate my ideas 🙂
Q: What are u most excited about regarding Coreto?
Andrei: I am in two minds about this 🙂
As a developer, I am super excited about the technical aspect of building all the features we have planned for the months and years to come.
As someone that is very people-oriented, I am excited about building one of the most important communities in the crypto space.
This is just the first step for all of us in what I believe will be a very long and eventful road ahead.
Q: Where do you see COR in 6 months, 1 year, and 2 years from now?
Vlad: As we all know, in crypto things move really fast. We want Coreto to be the main “GO TO” platform when it comes to DYOR in the crypto space. 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.
@iammycatmia: A few final words from me, even if we all always have little time, that must be. I really appreciate it, you are honest people with a great vision. I will definitely continue to support you and I think my community too. You have a great future ahead of you, I’m sure of it.
Community Question: Are you in competition with similar projects?
Andrei: As we are building a social platform in the end, there will always be other projects that can be compared with us.
What we aim to build though is something unique, that will bring value for every type of user in the crypto space.
Also, we are never afraid of competitors, as we have great confidence in our vision and our product 🙂
Community Question: What’s the plan for how the platform will be marketed to gain traction with contributors? I feel like contributor user adoption will be critical for early-stage feedback and growth.
Vlad: We’ll market exactly the benefits they’ll have: which is building their reputation, helping this wild crypto west become more friendly and trustworthy, and of course they’ll be able to monetize their knowledge. But keep in mind that for the first stage, we’ll only have 500 spots, and we’re encouraging everyone to create SOOPs and test them out.
At later releases, based on the initial feedback received, we’ll open up new spots, with new ways of attracting content creators.
Community Question: As someone interest/invested in the project, I’m guessing if we don’t want to create content, wouldn’t be wise to take up one of the spots in the alpha, but is there a way for folks like us to access the alpha and see what it’s all about?
Andrei: On the contrary, both content creators and users are needed in order to test the SOOP feature, as it’s built for both.
Content creators get to prove their worth and gain COR on their predictions, and users can help them build their trust, and also participate in the winnings as backers of the predictions they like, by pledging COR on those predictions.
Community Question: What could the community be doing to help get the word out about the project better? Is there anything you see that could help speed up the adoption of the alpha once released?
Vlad: We want our community members to become our Ambassadors. The entire crypto industry is about “communities”, right? So WOM (word of mouth) is very important. We encourage everyone to read about us (the project, the team), and if they resonate with our vision and mission, then SHARE SHARE SHARE! 😊
Community Question: How will the TA be presented in Coreto? For example, I use Trading View for most of my analysis. It allows me to track several assets with many indicators. It saves all my progress and allows me to export as desired. Will Coreto have its own propriety system, or can I import my current TradingView charts? I already have a subscription there. So doubling the work to copy over the content without automatically importing would be a huge hassle. Or, will Coreto do something a la Dextools. And have TradingView API & tools, but lack the ability to save a chart and track long term like the main TradingView website offers?
Andrei: We will be integrating TradingView tools on the platform, so you can use them for creating your TA for the SOOPs.
We will take advantage of this for now, as it is a great tool, and we’ll see how things develop and if we need any upgrades for the future.
HZ: Ok everyone. Time to wrap it up. Thanks again Vlad, Andrei, and Cat for taking the time to do this awesome AMA. It was really fun and I’m really glad I could be a part of it.
Andrei: Thank you for having us, and thank you for all the great questions! I really enjoyed them and I will be a regular here from now on 🙂
Vlad: Same from me!
If there will be questions that I’ll miss, please address them in our groups or in DM. Have a great evening everyone!