On April 23, 2021, Cage Chen the CTO of Cook Protocol, shared his journey into the world of crypto, the story behind Cook Protocol and what the platform aims to achieve.
Thinking About the Future
Cage first met his co-founder Adrian Peng when they had worked together several years ago in Silicon Valley. As the 2017 crypto bull market rose, they were soon interested in the larger crypto domain and the blockchain technology powering it. They quickly realized the potential of the technology and knew that this was their call to build something extraordinary one day for the crypto industry.
It was then that they started a side project to get experience in the finance world, which was an asset management platform but built on a centralized infrastructure. They were, however, quick to realize that there were already many similar centralized platforms. These platforms weren’t transparent and lacked on multiple fronts when it came to offering user-focused asset management services.
This created room for improvement and both Cage and Adrian set out on the journey to explore how they could use new blockchain and cryptocurrency technology to disrupt the existing asset management sector.
Decentralization is Key
Going the decentralized way and using smart contracts instead of other centralized systems helped keep the platform transparent to all. Due to the transparency of blockchain, anyone can see every detail of the smart contract and the transactions and other details related to it.
These features would offer complete transparency to investors who use a decentralized asset management platform such as Cook Protocol.
Growth to Date
Since 2020, when the thought of building Cook Protocol first occurred to Cage and Adrian, the platform and the team behind it has grown significantly. Cook Protocol has added many highly experienced developers and marketing professionals. Also, Cook Protocol has partnered with multiple crypto projects that are making huge developments in the industry.
Another achievement for Cook Protocol that has helped them greatly has been to bring on strategic advisors who have helped the team tread through both the highs and the lows of the platform’s growth curve.
Just three weeks ago, Cook Protocol successfully completed its TGE and launched the Cook mining and staking program across three blockchains — Ethereum, Binance Smart Chain (BSC), and Huobi ECO Chain (HECO).
Further Into the Details
During the live session, Cage also dived into the details of the Cook Protocol platform and discussed how the entire team has worked day in and day out to make the platform as great as possible. All along, they paid close attention to the tiniest details of the platform to ensure maximum security, efficiency and transparency.
For example, he said, it would be inefficient for the platform to rely on community votes for approving new strategies or rebalancing that a fund manager wants to implement. These processes require time which may slow down the fund manager when they have to implement a strategy instantly to book profits. So, they brainstormed and carefully created processes that do or do not need community governance.
The first product to launch on Cook Protocol will be an index, where users will be able to buy various tokens as an investment. Later, in the second phase of the platform, Cook Protocol will launch many other strategies and products to offer a wide range of investment options to its community.
Ending with an AMA
Towards the end, Cage answered a few questions from the live session and those that the team received through other channels.
He explained that the indexes, launched during the first phase of Cook, will be pegged to several tokens across different blockchains such that it captures the major growth of DeFi products. He also shedded light on the three features that he’s most excited about: indexes, leverage and the addition of fund managers to Cook.
Furthermore, Cage shared that one of the biggest challenges in building Cook has been to integrate the frontend to the backend as the process is different as compared to traditional systems. However, things have been going great for Cook Protocol so far, and the team has together braved all odds and built a platform that will soon be ready to deliver maximum value to its community.
“We are only at the beginning of what we envisioned for Cook Protocol. As we tread into the future, we will add new features and capabilities. There will also be many other high-potential partnerships and we will expand our team further to keep up with the growing demand for a truly decentralized, transparent and fair asset management platform.”