Building a multi-chain protocol: An interview with Kommunitas co-founder Robbie Jeo
The blockchain trilemma poses a challenge for developers as they face the problem of integrating decentralization, security, and scalability into their projects. This could lead to compromising on any one aspect and thereby an inability to achieve all three concurrently.
Kommunitas is aiming to solve this problem and level the field by enabling developers to launch their projects on the Kommunitas platform while fundraising across multiple blockchains. It is providing a tier-less system that would give every user a chance to be eligible for an allocation in spite of the tokens they hold.
The platform aims to integrate the community in a wholesome manner by enabling them to approve projects that are launched on the platform’s launchpad.
Talking to Robbie Jeo, the Co-founder of Kommunitas we learn more about the Kommunitas platform, their tier-less system, $KOM token, and their roadmap.
1. Can you introduce yourself?
My name is Robbie Jeo, I am the Co-Founder of Kommunitas and currently, my role is that of a Business Development Manager in Kommunitas. I am in charge of all business-related aspects, such as but not limited to marketing, partnership, and exchange listing.
I am a businessman with 10+ years of experience in the business field. Moreover, I have been investing in cryptocurrency since 2017. What I can say is that cryptocurrency is just like any other business, but is still at its early stage.
2. What was the vision behind creating the Kommunitas platform?
Kommunitas was built based on our experience that when we want to get into a Launchpad like BSCPAD and Polkastarter. We did not have enough capital to purchase the minimum amount of its native token to be eligible for allocation of the newly launched token. We have also got into a situation where we wished to purchase a token on Coinlist but only 10% of the queue got the chance to purchase.
There was a 4 hours waiting in line, but our effort went in vain, as there were 300,000 people who wished to purchase the token, but only 37,500 people succeed in purchasing the token. In addition, another pain problem that we have faced was that we never got whitelisted on many IDOs or ICOs for many projects, and we suspected that the whitelisting mechanism has a lack of transparency.
Based on these experiences, we thought that it would be a good idea to create a tier-less Launchpad. This is how Kommunitas was built and our vision is to be on top of the mind of crypto traders and investors when it comes to a Launchpad.
3. Could you tell us more about the tier-less system that you employ in terms of project fundraising initiatives?
A Tier-less system means that holders of KOM or investors who want to purchase newly launched projects do not need to hold a specific amount of KOM token to be eligible for that specific token.
Normally, in other launchpads, investors will need a specific amount of native token, and this tier system allows only those with enough capital to purchase newly launched tokens.
Kommunitas will be using this formula to calculate each address’ allocation:
A = amount of newly launch token (let’s say $NEW)
B = total $KOM staked.
C = $KOM amount that you stake.
X = amount of NEW token that user can buy
So, X = C / B A
Let us say
A = 1.000.000
B = 400.000.000
C = 400.000
X = 400.000 / 400.000.000 x 1.000.000
X = 1.000 $NEW
So, that particular address is entitled to purchase 1000 $NEW.
4. What is the Multi-Chain System on the Kommunitas Platform?
Initially, we built Kommunitas and $KOM token on the Polygon chain. And within a couple of months, we will bridge our $KOM token to other popular blockchains like BSC and HECO.
By bridging the $KOM token to other popular blockchains, we are expecting more exposure to other blockchains. This will also provide the project that wants to launch with us to attract more users and enable them to raised funds with the native token of those chains.
This is what we meant by the Multi-Chain system on the Kommunitas platform.
5. Tell us more about the $KOM token and its use cases with regard to the platform.
$KOM is the native currency for the Kommunitas platform. The total supply of $KOM is 40 billion. Almost 70% of $KOM tokens are locked with a 3rd party locker which is DxLock and will gradually be vested until the 1st of September 2025.
For the proof of Lock, please visit https://docs.kommunitas.net/tokenomics/token-distribution
The use cases of $KOM token are:
- $KOM token holders will also be able to stake their tokens and earn an interesting yield on the Kommunitas platform and other partners’ platforms.
- $KOM token holders will have the right to vote for the future development of the Kommunitas platform and all the projects that will be launched on its platform.
- By staking $KOM, users will get guaranteed allocation of a newly launched token, and thanks to its tier-less system, users do not need to have a minimum holding of $KOM tokens for a guaranteed allocation.
6. How is the platform ensuring the safety and security of its users specifically with IDOs?
Security is always our priority. First, we have passed a full smart contract audit by a company name TechRate.
The detailed report can be downloaded at our documentation part of our website https://www.kommunitas.net.
Moreover, to ensure a high level of security, we have onboard Mr.Souhail Mssassi as our Security Advisor.
Mr.Souhail Mssassi has many years of experience in the Smart Contract Security fields and currently works as CEO of ShellBoxes and Offensive Security Engineer at Halborn.
7. Community engagement is an essential part of any platform. What measures are you taking to make sure to grow your community?
Yes, we believe that we are nothing without our community. That’s why we name our platform “Kommunitas”. Kommunitas was inspired by the original word of Community, which is from the Latin word Communitas, meaning “the same”. Therefore, Kommunitas is a community, which shares the same vision and goal to get a capital gain in the cryptocurrency space.
Currently, we have more than 55,000 members in our telegram group and twitter followers. We ensure that we update every single development of the project in the telegram announcement and other social media as well, and we can be proud that we have more than 7 other speaking telegram groups with caring community moderators.
For more information about other region telegram groups, please visit: https://www.linktr.ee/kommunitas
8. So, what are the benefits or advantages for projects that will launch on the Kommunitas platform?
Kommunitas will play as a one-stop solution for a project that wants to launch on its platform. As we have our experience in building up the Kommunitas platform from the scratch, we will also help other projects from the scratch.
- Kommunitas will help the project in terms of a marketing campaign, from social media influencers to news and media coverage.
- Kommunitas will also help the project to get audited for its smart contract
- Kommunitas will also provide a grant for the project if it’s deemed possible
- And after raising some funds, Kommunitas will help the project in terms of listing on several Centralized Exchanges and Decentralized Exchanges
9. Do you have a Coin Burn / BuyBack system or a Token Burn plan to increase Token value & attract Investors to invest?
Yes, we have plans to implement the Buy-Back or Burning method for $KOM tokens. We are not against the Burn mechanism, but we think that it is inappropriate to implement the burn mechanism just several days after the Genesis / token minting like several token projects out there.
We will first be collecting transaction fees in the swapping or bridging functions, then from those fees, we will buy back some $KOM tokens and burn them.
10. What lies ahead on the Kommunitas roadmap in terms of updates and developments for this year? And how can we get up-to-date information about Kommunitas?
In the near future, Kommunitas plans to enable the staking function on its platform. At the time of this interview, the staking smart contract of Kommunitas is being audited by ShellBox before we can deploy it on Polygon Mainnet.
We are also in talks with several other Polygon projects, like UniLend, Polarisdefi, UniFarm, and PlotX. We believe by collaborating, we will benefit each other and get more exposure from their community.
After launching the Launchpad on Polygon Chain, we will also be bridging our token to other blockchains like Binance Smart Chain and HECO chain.