Konomi Network has teamed up with Pinknode in a cross-AMA to discuss their individual achievements and what their partnership entails! Want to know more about Konomi Network and Pinknode? Read on to find out about how both companies are thriving in the blockchain industry!
Date: 18/08/2021
Time: 08:30 AM UTC
Venue: Telegram @KonomiNetwork
Guest: Eric Poh, CEO of Pinknode
Noah, Konomi Network:
Let’s welcome our guest! @ericpnode from Pinknode❤️ Here’s the first question☺️. Would you tell us a little more about yourself and the team?
Eric Poh, Pinknode CEO:
My name is Eric, I’m the co-founder and CEO of Pinknode. I started my career in banking, left after to pursue entrepreneurial interests, namely in digital marketing, e-commerce startup and corporate finance, contributing through roles in sales, marketing and business development.
I have been an investor in the crypto space since 2014 and have been actively following and investing in a number of ‘breakthrough’ projects since.
A shout out to our CTO Benjamin who can’t be here today, he’s an IDA scholar and full stack developer with 8 years experience and have led multiple initiatives in both private and public sectors, with several high profile projects for the Singapore government. He’s grown to be an expert in network architecture and database management through these projects.
We have 3 other teammates with us, 2 developers and 1 BD & product lead.
We also have 3 other advisors on board, Garlam Won, Lester Lim and Xane Au who are veterans of the industry advising us on tech, business development, tokenomics and marketing.
We are a lean and mean team with great ambitions. We are still looking for more talents to join us! :)
Noah, Konomi Network:
Wow nice to hear! You are one of the OGs of crypto haha👍 An experienced team can surely support the project success! Let’s get to know more about Pinknode. What problems are Pinknode trying to solve?
Eric Poh, Pinknode CEO:
There are two problems we’re trying to solve here.
One of which is the lack of infrastructure on Polkadot, setting up and maintaining nodes requires specialized knowledge in DevOps and requires significant upfront investments. This will likely impede devs and projects from moving to Polkadot.
By specializing in node management and providing a subscription based service to devs, we lower the barriers of entry for developers and projects to build on Polkadot, who are essentially outsourcing their infrastructure needs to Pinknode.
Second is the potential complexity of node communication inherent to Polkadot’s unique architecture which potentially has 100 parachains in the future. By consolidating Polkadot’s multitude of nodes under 1 operator, we are aiming for more ease of access and simplified solutions that are unique to the Polkadot network.
Ultimately, the team is a huge fan of the Polkadot protocol, and we’re doing our part in making a (Polkadot led) multichain future, a reality.
Noah, Konomi Network:
Great work! Multichain is a huge thing to work on👍 That’s what makes Pinknode an attractive and worth an investing project! Great! To the people who are new to the crypto market, they may not be so familiar with the terms mentioned above👀
Do you mind telling us more about the use case and target audience of Pinknode?
Eric Poh, Pinknode CEO:
Sure lets demystify that a little, for any dApp (decentralized application) to interact with a blockchain, they will need an API endpoint (key to communication).
They can either run a node themselves (by setting it up in a local VM or in the cloud and maintaining it on a daily basis), connect to a public endpoint (provided by public good entities like Parity) or sign up to endpoint-as-a-service providers like Pinknode (cheap, fast & good 😁)
If you’re interested, you can read this analogy of what Pinknode is about: https://medium.com/pinknode/pinknode-polkadots-superhighway-network-c9a1aa1ad3e1
Basically our users are anyone that wants to gain access to data on Polkadot networks (including Kusama, testnets Rococo and Westend, and future parachains) — and these would be dev teams of exchanges, wallets, aggregators, analytics company, funds, trading firms etc.
Developers and projects that are building or planning to build on Polkadot. They will be able to kickstart their development with a snap of a finger by using our services.
Noah, Konomi Network:
Do you have any plan for the Polkadot/KSM parachain auction?
Eric Poh, Pinknode CEO:
Not at the moment. We can be fully functional without being one.
We have toyed with the idea of protocol level infra innovation that might require a parachain slot in the future, but there are more important goals to achieve for now.
We’re mostly here to support parachains’ growth.
Noah, Konomi Network:
Nice one! We will look forward to your future development! Eric can you tell us about Pinknode’s milestones and future plans?
Eric Poh, Pinknode CEO:
Sure! In the early stages, our team is laser focused on becoming the best infrastructure service provider on Polkadot; that means
- one-click secure, reliable and scalable API endpoint generation = upgrading and enhancing our fundamentals (network architecture, routing protocol, multi region multi cloud support)
- sleek user dashboard with analytics tools that helps devs
- comprehensive coverage on Polkadot networks = onboard every parachain that goes live so we become a one stop shop for devs.
In the not too distant future, we will be working towards a semi-decentralized node network, allowing third party individual node operators to come on board and operate nodes to earn passive rewards. Further decentralizing and strengthening our network. All these adds on our PNODE token utility.
Noah, Konomi Network:
Love this hard work! I would say nice teamwork🤩
Eric, Community Member:
You are providing end-to-end node operation services. How is this service formalized and provided? For what period of time can I rent nodes and in what amount, could I cancel your services ahead of schedule, if something does not suit me?
Eric Poh, Pinknode CEO:
Service will be subscription-based. User can either pay in fiat (which will be coverted to PNODE) or pay in PNODE. This essentially converts a recurring fiat payment into a potentially appreciating asset for the user (think of it like OIL, or in the crypto world, like LINK tokens). Tokens will be locked in escrow when service is ongoing, but released if cancelled, afterwhich you can sell the PNODE tokens.
Bennett Pearson, Community Member:
How can both project gain benefit from each other?
Eric Poh, Pinknode CEO:
Konomi Network’s devs will need reliable and scalable endpoints to set up their dapps, Pinknode will require deep liquidity solutions for our utility token $PNODE especially when the number of holders and users goes up.
This is a natural and highly effective partnership that will only bring both projects to greater heights.
About Konomi Network
Konomi is a full suite asset management solution for cross-chain crypto assets. Using Substrate as the development framework, the network aims to support more assets in the Polkadot ecosystem. Users could manage their crypto holding positions, trade assets and earn interest through decentralised money market products. Konomi also issues its native network token in order to kick-start liquidity and decentralised governance.
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