BASE.INFO team has interviewed Shalom Osiadi the COO of Yuro Foundation project. We have asked the most topical questions to get acquainted with the project and to learn the future plans of the Yuro team.
Please welcome, Shalom Osiadi.
Please describe your company/project in 2 sentences.
Yuro is a stable cryptocurrency (token) that allows investors to protect the ‘point of sale’ value of their crypto assets preventing loss of funds during bear markets.
Why did you decide that blockchain should be the basis of your project?
Yuro is a cryptocurrency, cryptocurrencies are built on top of DLT technology meaning blockchain is essential to the construction, deployment and use of crypto. Cryptocurrencies enable finance to be accessible to anyone anywhere at any time without the need for a 'middle-man' or central governing body.
Why did you launch the ICO? Was it the only option to collect the funds?
We are yet to launch an ICO. It is a 'last resort' for us if funding talks don't go as planned. Ideally we would prefer to get our starting capital from Angels, VCs and partners rather than having an ICO but due to a number of factors such as, the companys location (Ireland), the state of the ecosysytem and fears of fraud.
Briefly describe your team. Why these people became the engine of your project?
The founders have known and worked with each other closely for the last 4 years. The Yuro Foundation team is comprised of a multi-disciplinary team with experiences ranging from Data Science to Law. All team members have multiple years of experience in their respective fields with some having multi-sector job experience behind them.
What are the main centerpiece and the highlight of your project? What will attract the investors' attention?
Yuro Dividend Tokens (YDT) created for our ICO will provide early investors with 50% of all transaction fees generated once the official Yuro (YRX) token is live. No more YDT tokens will be created after that. Funds raised from our ICO will go towards the Yuro community pool (20%), Marketing (30%), Product improvement (10%), Salaries (20%), Exchange listings (10%), Partnership development (10%).
We currently have no external contractors as all required skills are in-house. The project has mainly been bootstrapped to date but in order to reach the next level, we need funding and access to growth opportunities.
What are your thoughts about ICO marketing? Can it be really effective due to all the restrictions and other phenomenas?
Yes, depending on what organisation you go with.
Why is your project better than your competitors?
Cheaper, more secure, fully transparent and proven stability. Also most of our competitors solutions make it difficult for investors and users alike due to crazy collaterization rules, tech "know-how" required and they all focus on early adapters. No solution has been made for mass market adoption quite like Yuro.
What are the major ways of monetization for your project?
We charge a 7% transaction fee everytime a ETH to YRX transaction takes place. This is the only fee we charge. We are aiming to keep all fees as low as possible (the only reason we are currently chargin transaction fees is because of the early stage of the project, we need money to keep thiongs going) to remove any and all barriers to cryptos wide spread adoption.
Which markets are the most attractive for you right now? Do you take in consideration the USA and other countries with the legal restrictions for the crypto crowdfundings?
Currently Switzerland, Malta, West Africa and Korea, North and South america.
Describe your project in 3 years? Will it change something in the world?
In 3 years the world will rely less on central banks and fiat currencies. More and more goods will be traded using stable crypto currencies such as Yuro and eventually (in a decade or so) will become the primary medium of exchange for major west african countries until adoption reaches Europe on a large scale.