Amidst the recent Bitcoin craze that has swept the globe, emerging cryptocurrency projects are often far removed from the public eye, despite their groundbreaking new ideas in the field. To spread awareness regarding these projects and their goals, Garden of Crypto, a hub for information regarding blockchain technology, has been conducting interviews with blockchain startup firms with brilliant ideas to revolutionize the contemporary concept of cryptocurrency and solve some prevalent issues that have been identified among current cryptocurrencies. Some problems with modern cryptocurrencies are the complicated processes users have to follow in order to perform transactions as well as recent security breaches that have cost many users a fortune. In order to solve such problems, Corey Caplan and Adam Knuckey have launched an endeavor called the Dolomite Project, which is a decentralized cryptocurrency exchange built using the Loopring protocol for decentralized exchanges and created in order to maximize user-friendliness and ease of use. To find out more about this unique project, Garden of Crypto’s founder and CEO Emmanuel Lai is interviewing both Rene Molinari, Vice President of Marketing at Dolomite, and Gregory Cheng, Backend Engineer for the Dolomite Project. An excerpt from the interview can be found below:
Admin: How would you describe the Dolomite Project and what is it trying to achieve?
Molinari: Dolomite is a decentralized exchange that is powered by the Loopring protocol. Essentially, our goal is to bring an effortless interface and user experience to DEXs, or decentralized exchanges. We notice that the market in general is shifting towards the preferment of DEXs over centralized exchange for many security reasons. What we have noticed with the DEXs that are out currently is that they are not paying much attention to how their users interact with them. We also want to make sure that people have the opportunity to have different market analysis tools and a suite of products under one roof as opposed to having to go to three or four different places to take care of their needs.
Admin: That sounds great. What about your development team do you see as critical for your success?
Molinari: Honestly, I think we have an amazing development team. All of these guys are actually Lehigh students. Most of them had previous blockchain experience, which is also critical because it involves a space that is so new that it is hard to find people who know anything about it at all. Those are definitely huge advantages of our team. Another big advantage is that our development team does not consist only of programmers; they are also heavily invested in the space, and some of them trained themselves, so they know what they are looking for. They know what kind of stuff would actually benefit a user as opposed to developing something that an average programmer would find really cool but would not actually be beneficial to anyone.
Admin: Can you explain more about the features that the Dolomite Project implemented to create a user-friendly interface? ?
Molinari: Yeah. One of the big things for us is allowing people to go through their transactions and perform other such tasks without having to actively do a lot of tedious tasks, such as grabbing ETH. We allow them to do a lot of processes in the background, so it is not a repetitive task that they have to be aware of all the time. That is one of the really cool features. It all really just comes down to the UI. We are really trying to minimize the amount of steps you have to take from the moment you decide whether you want to buy or sell - or make a transaction in general - to the moment you actually complete the transaction itself. Normally, the least amount of steps it takes to get from point A to point B, the more engagement you will get.
Admin: So you would say that your secret for user interface success is being as close to the actual sale and exchange of the cryptocurrencies as possible.
Molinari: Yeah, that’s a good way to put it. Basically, we want to minimize the number of steps it takes to get there. A lot of other DEXs that we see and observe are clunky and difficult to use, and we are trying to join the convenience of using a well-known, well-developed exchange with the security of a decentralized exchange.
Admin: Awesome. So, what are some of the flaws that you see in leading exchanges today and how do you think your organization can improve them? I know you talked about the decentralization and the clunky user interfaces, so I would like to hear what other problems you see with current exchanges.
Molinari: I think one right off the bat was, you may have heard, last week or two weeks ago, what happened with Bancor. That was definitely something that raised our eyebrows because it was something that the market itself passed as a decentralized exchange, and for it to be compromised in a way that people lost their funds was particularly alarming. I think that it diminishes public trust in the concept of a decentralized exchange.
Admin: Okay. So one of your fears is that, with the advent of centralized exchanges, you are perpetuating the concentration of wealth in certain institutions and individuals. Would that be correct?
Molinari: Yeah, I think that is one good way to put it. I definitely think that it takes time for people to realize that decentralized exchanges are superior and will be well-adopted. I think they are somethings that are coming into the market in the future, but as with all things, it will take time.
Admin: I see. Can we talk about how this project started and more about the profiles of the key people involved and the people backing the venture?
Molinari: Definitely. This project initially started with Corey Caplan and Adam Knuckey working on a bounty for Loopring. After coming in contact with their founder, Daniel, they came up with the idea of actually creating a decentralized exchange on the Loopring protocol. It just started along that route. I was in contact with them throughout that point, being updated on different things that were occurring. When the time came and we were able to secure an initial investment to start this from Loopring, we all came onboard.
Admin: What is the Loopring protocol and what makes it unique?
Molinari: In very simple terms, the Loopring protocol is a protocol that allows for the development of decentralized exchanges. Loopring is one well-known protocol, but there are some others, such as 0x, and there are some competitors who are developing decentralized exchanges on other protocols as well. Loopring is an ERC20 token developed off the ECRM blockchain that supports a concept called “ring mine,” in which miners deal with central orders in order fills between different consumers that are buying and selling cryptocurrency on this Loopring protocol and once a match is found, these miners receive a reward. It is built to be a self-sustaining model for Dolomite to interact with other exchanges and other uses of its exchange.
Admin: I know you guys mentioned security earlier, and security is definitely a hot topic in not just cryptocurrency, but other technological realms today. What measures are you putting in place to prevent a potential security breach?
Molinari: A lot of security breaches that you see in the crypto space have definitely been things like Nicehash, Mt. Gox, where you have a centralized exchange and its users have to trust the company with either a private key or the coin itself. This can be risky in the event that the company cannot be trusted with that information. Now, with the Loopring protocol, the concept of a decentralized exchange is what we call “trustless,” in which those coins or tokens do not leave your wallet until execution of the trade. This means that if your coins are not in trade yet and you are just keeping them, they are still on your private wallet which means there is no risk when you are using Dolomite or any other decentralized exchange on the Loopring protocol.
Admin: Okay. I really like the idea of decentralization as a way to mitigate risk and loss when it comes to cryptocurrency exchanges. I am very surprised that there are not many more projects like these because so many fortunes have been lost through catastrophic black swan events and entire life savings have been wiped out, so I highly commend you guys for doing what you are doing right now. How have you guys grown from the development of this project, on a personal and professional level?
Cheng: From a development perspective, working on the backend has been very enriching for me. I know that I am writing robust, readable code that is going to be used again and again, which I think has been very enriching for me and something that I had not quite had the experience of doing before and at this capacity. I definitely think that there is some social aspect to what I am doing as well. I am not just writing code; I am writing code to help develop this project and help the people who will eventually be using it. I have gained a greater sense of appreciation for the crypto space. I think that I had previously only seen this space as an investor, but now I see things from the new perspective of a developer, and I think that this has also been very valuable.
Molinari: Most of the growth has definitely come with learning about the space, especially as it relates to marketing. It is a completely different space than most other places, very highly dominated by the forum world. It has people scouring different places, with different habits and different channels through which they are sharing information. Just learning about all of those things and what kind of things these people care about, as there is a discrepancy, as I said, with DEXs that are out now as to what your trader cares about and what the programmer cares about. So there are some geometrical things that we have had to learn.
Admin: So, I see you guys are very accomplished in what you do individually. Rene, what advice would you give to aspiring marketers and Greg, what advice would you give to aspiring cryptocurrency developers?
Molinari: Marketing is really a game of constant learning. The best thing to do is to never expect to know everything. Go into every project like you have never done anything like it before, because every situation is completely different, and you have to absorb whatever kind of customer persona your market or product attracts, and run with it from there. One of the biggest mistakes that marketers do nowadays is going into a project thinking that they know exactly everything there is to know about a certain customer, implementing things that might have worked before, and being stubborn when those things do not work out for them. Make sure you are paying attention to the market and obviously market analysis tools are amazing. It is important to have data on what is working and what is not, in order to save you time and trouble. Make sure that if what you think does not line up with what is out there, you can quickly change how you think. It is a constant game of revamping your strategy until you eventually nail it on the head.
Cheng: As a developer, I would say, I do not even know if this is necessarily pertinent to the crypto space, but it is a general advice. I remember at the start of last school year [at Lehigh University], I traded Bitcoin, but I really did not know a lot about it. I think that through the Internet, I gained so much knowledge spending my time finding out all that I could about it. There is such an abundance of information online, at this point, that as a developer, there is no excuse to be uninformed.
Admin: I think this will definitely help any potential readers interested in the marketing or the development realm. Is there any way for the average person to invest in this project right now?
Molinari: Right now, we are approaching our beta launch. We will have an email sign-up where people can leave their email and have the chance to be one of our beta testers. They can be involved in that way as of now. Other than that, some things are currently in development. Of course following us on Twitter, Facebook, Instagram, Reddit, Telegram, and Discord are some quick and easy ways to connect with us, see what is going on with our project and check out the cool features that are going to be out there. We are going to be releasing a demo video in the next couple of weeks to show some of the interface. It is hard to tell someone that interface is more streamline, as all of the DEXs out there claim to have the most streamline and user-friendly interface, so we would much rather show people that we are what we say we are. We will tell you that we are the best and also show you why we are the best. The demo should clear up a lot of the speculation regarding whether we are actually a streamline and user-friendly DEX.
Admin: Awesome. I want to say, I am very highly interested in becoming a beta tester, if that is indeed an option, and I really want to support this project and endeavor in any way that my organization can. Thank you for your time, and we wish you all the best!
Overall, Garden of Crypto is extremely optimistic about the Dolomite Project, as it will introduce the much-needed characteristic of user-friendliness within the decentralized exchange system. The advent of new decentralized exchanges provides an additional layer of security to the concept of cryptocurrency, further eliminating the need for blind trust when conducting transactions. In this constantly-changing world, where new and better technologies are being introduced and accepted rapidly by society, the improvements brought by the Dolomite Project and decentralized exchange systems as a whole will revolutionize the security of our financial system upon their integration within society. This change is both beneficial and necessary for productivity and progression, and ideas such as the Dolomite Project that will facilitate this progression into a better, more secure future for both technology and the financial system should receive the public’s wholehearted support.
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