Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Reef Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Reef
For more details:
Reef – @reefdefi
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
⚠️Requirements: 👉 Join Satoshi Club Telegram group 👉 Join UTU Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. UTU Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about UTU
For more details:
UTU – @UTUtrust
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
The first month of autumn flies by imperceptibly and as always there are a lot of guests and projects in Satoshi Club. Today we would like to tell you about the AMA session with PoFi. The AMA took place on September 24 and our guest was Cia Williamsm CMO of PoFi Network
The total reward pool was 500$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part
1 — introduction and
questions
from the Telegram&Bitcointalk
community
Mary | Satoshi Club: Hello, Satoshi Club! Our guest today is from @PoFiNetworkOfficial! Welcome to Satoshi Club
D. | Satoshi Club: hello all!
Serg | Satoshi Club: @ciawilliams , welcome to Satoshi Club!
D. | Satoshi Club: @ciawilliams hello! welcome! how’s it going?
Cia Williams: Everything is pretty good. Currently our private sale is going on. So little busy with that
D. | Satoshi Club: oh very nice! so how many of your tokens i can buy on private sale? can i buy them all and be a whale from the beginning? )
Mary | Satoshi Club: you decided to be the first whale:joy:
Cia Williams: Ha ha. We are community driven project. So we would prefer more members hold POFI tokens rather than a single whale who could manipulate the price. We love our community 😊
Mary | Satoshi Club: I see) and can you tell us about yourself?)
D. | Satoshi Club: a bit
Mary | Satoshi Club: Be careful with POFI whitelist now:joy:
D. | Satoshi Club: unfortunately i did not know about private selling 😔
Mary | Satoshi Club: I think @ciawilliams will tell us everything)
Cia Williams: Hello guys, I’m Cia Williams. I’m CMO of PoFi Network. I’m a finance professional with experience in industries such as banking, wholesale and manufacturing, insurance. I’m self taught on Oracle Financials and have proven track record of efficient sales growth for our company. I used to live in Boston and worked over 7 years as Business Analyst and currently living in Paris. I’ve been in Cryptos for more than 3 years and now I’m here to help PoFi Network to implement their goal to build Hybrid Blockchain for DeFi.
*You dont need to whitelist to buy POFI. We are community driven project and we respect anyone who would like to be part of our community
D. | Satoshi Club: great! hybrid blockchain is an interesting feature we will talk about it a bit later
Mary | Satoshi Club: Tell us more how much time did it take you to create your project? And when are you planing your chain to go live?
Cia Williams: We have been working for over 5 months and we are already ahead of our timeline and roadmap. Our Pofi chain is under development phase and currently it supports two languages java and python developers to communicate with PoFi Nodes. Testnet launch will be in Q4,2020
Mary | Satoshi Club: It was fast) so, are you ready for our community members questions?)
Cia Williams: Yes I am
Mary | Satoshi Club: let’s light the lights on the eiffel tower:wink:
Q1 from bitcointalk user nyosant
Interestingly, PoFi Network has no node validators per se: stakers play that role and rewards go directly to stakers. Why did you choose to make stakers = validators? What advantages does it bring in for your network? And are there any kind of minimum requirements for staking? Thanks!
Cia Williams: PoFi Chain uses proof-of-stake unlike the proof-of-work which is used by public blockchains. The node validators will be receiving staking rewards from the PoFi Network, so there is zero transaction fee for the transactions on PoFi Chain. To become a node validator, one has to stake their tokens and to offer fairness among the node validators we use randomization and few other mechanisms to choose the node validator. The node validator receives the staking rewards from PoFi Network. There is no minimum requirement for staking but the average of the total staked tokens on PoFi chain to become node validator would be chosen as the criteria to be considered
Mary | Satoshi Club: Which percent of rewards will node validators receive?
Cia Williams: There is staking rewards for the node validators. Rewards would be varied from 1-3% of the total staked tokens as the rewards based on the demand of the transactions.
Mary | Satoshi Club: Not so much) may be higher rewards for the first year?)
Cia Williams: Yes. Its just the initial ones.
D. | Satoshi Club: btw i want to ask – working at PoFi is like a main job for you or it’s more like a side-project?
Cia Williams: It is a main job for us and we left our old jobs and now fully focusing on PoFi Network
D. | Satoshi Club: very ambitious decision
Q2 from bitcointalk user pedronino
Please explain your hybrid blockchain. How can it be public and transparent and also private at the same time?
Cia Williams: Well, we all are well aware of blockchains like Ethereum and Bitcoin. Each have their own importance and are widely used. In the past two years, various projects have blossomed in decentralized finance space on Ethereum. DeFi has about $100 Billion MarketCap and approximately $22 Billion in locked value. But, Ethereum blockchain is a public blockchain and has its own disadvantages. The major issues are Low Throughput, High Transaction Fees, Low Privacy, Unsustainable consensus mechanism like Proof-of-Work. Right now, with attractive DeFi investment opportunities abound in the market, the DeFi which is built should be more efficient and a public blockchain should not reduce its efficiency and thus, PoFi Network aims to build Efficient DeFi on PoFi Chain. PoFi Network aims to build a Hybrid Blockchain called “PoFi Chain”. This PoFi Chain has transparency and security like a public blockchain and has high throughput, high scalability like a private blockchain. PoFi Chain uses proof-of-stake unlike the proof-of-work which is used by public blockchains. The node validators will be receiving staking rewards from the PoFi Network, so there is zero transaction fee for the transactions on PoFi Chain. Efficient DeFi can be built on PoFi Network due to which the problem of inefficiency of DeFi on ethereum blockchain is solved. So it has both the features of public and private blockchains making it Hybrid Blockchain
D. | Satoshi Club: do you use some famous private protocol? maybe zk-snark or something like this?
Mary | Satoshi Club: Or, for example, like Dash POFI will have Private Send?
Cia Williams: As this is for our community we make it specific like a private Blockchain and avoiding it to become centralized and aiming for maximum Decentralization like a public Blockchain. I will show glimpse of our products in the following AMA.
D. | Satoshi Club: and if Eth has so many problems why you built your project on Ethereum?
Cia Williams: It is not built on Ethereum, we do have our own Hybrid Blockchain called PoFi chain. Our initial token is erc20. It will be migrated to native tokens after the mainnet launch
tokens will be able to be listed on PofiSwap only after the community vote. Each Pofi token is a vote. What’s the tokenomics and who will own the most tokens? because they will be able to decide who is listed and who is not. Also, give us more details about this process
Cia Williams: I think our article explains much better about tokenomics “PoFi Network Token Economics and Token Metrics” by PoFi Network https://medium.com/@pofi.network/pofi-network-token-economics-and-token-metrics-8f2491238ce There will be major tokens like ETH, Trx, Eos, Dai listed on POfi Swap. Any other tokens will be decided by the community to list on our platform by voting for it. Each vote costs about 1POFI. Our PoFi token is also governance token apart from utility token
Mary | Satoshi Club: Which assets do you plan to list on PofiSwap? Oh, i see, so community will decide) By the way, how many tokens already sold?
Cia Williams: Initially eth, trx, eos, dai and pofi. About $200K in private sale of our hardcap $450K
D. | Satoshi Club: do you want to see Uni on PoFi?
Cia Williams: It will be decided by our community 😄
Mary | Satoshi Club: What will you do with unsold tokens if you will have them?
Cia Williams: It will be added to rewards and we have our upcoming event called Uniswap liquidity contest where the users who provide liquidity to POFI will be rewarded
5% of the Your Total supply of tokens will be used to pay Developers and well known Audit companies to keep up with the security standard and make sure the PoFi Network products are highly secured and error free..can you tell us if any Audit has been done yet on POFI Network, and what types of audit companies is POFI network looking forward to working with.
Cia Williams: Right now our code Is being audited by our Devs. We have known few auditing companies who could do auditing before our testnet launch. Security is our top priority
Mary | Satoshi Club: Can you disclose auditing companies names? Did you already talk with them? Any terms of audit?)
Cia Williams: Not yet. We will disclose before the start of auditing before our testnet launch.
Mary | Satoshi Club: Understand :smiley: hope you will choose the best)
Zero transaction fee for the transactions on PoFi Chain is a very attractive model. But the question arises as to how the network will be protected from spam attacks by creating multiple microtransactions?
Cia Williams: Unlike Uniswap, everyone cant add tokens on PoFi Swap. Only we can authorize what tokens should the PoFi swap support and it is voted by our community. So there will not be any possibility for spam attacks or fake tokens coming up
Mary | Satoshi Club: But the question is about PoFi Chain) as i understand PoFi Swap will be just dApp on Pofi chain)
Cia Williams: Sorry my bad. I didnt read question properly. Yes it is. PoFi Swap is just a DApp on PoFi chain and one of our products
Mary | Satoshi Club: Don’t mind, everything is ok)
Cia Williams: As I earlier said we do have features of a private Blockchain as well where only community members can participate in any activity of PoFi Network. So only POFI token holders will be able to do any transactions, we plan to give a unique key for a user to ensure such spam attacks doesn’t take place. It is still under development phase and I cant reveal more details than this as of now. But it’s a good question 😊
Please can you tell us about Melon Protocol and his role in the Pofy Network
Cia Williams: We dont have anything to do with Melon protocol in PoFi Network. We just forked that project in our github to understand how things work in finance onchain asset management. We have plan to develop a Dapp in future for asset management on PoFi chain making it much better than Melon protocol does.
Mary | Satoshi Club: Which melon features do you want to improve?)
Cia Williams: Not a specific feature, it is a protocol for onchain asset management. We want to build a DApp that has better UI, seamless asset management. More details will be out when it is under development
Mary | Satoshi Club: Ok, so let’s wait for development
Part
2 — live questions from the Telegram community
Q1 from Telegram user @Abisola1
Q1.
Most Defi’s built on Ethereum blockchain are highly inefficient, how
does Pofi chain address this? Also, since you don’t charge
transaction fee on Pofi chain, I want to know how node validators are
rewarded?
Cia Williams: Well, we all are well aware of blockchains like Ethereum and Bitcoin. Each have their own importance and are widely used. In the past two years, various projects have blossomed in decentralized finance space on Ethereum. DeFi has about $100 Billion MarketCap and approximately $22 Billion in locked value. But, Ethereum blockchain is a public blockchain and has its own disadvantages. The major issues are Low Throughput, High Transaction Fees, Low Privacy, Unsustainable consensus mechanism like Proof-of-Work. Right now, with attractive DeFi investment opportunities abound in the market, the DeFi which is built should be more efficient and a public blockchain should not reduce its efficiency and thus, PoFi Network aims to build Efficient DeFi on PoFi Chain. PoFi Network aims to build a Hybrid Blockchain called “PoFi Chain”. This PoFi Chain has transparency and security like a public blockchain and has high throughput, high scalability like a private blockchain. PoFi Chain uses proof-of-stake unlike the proof-of-work which is used by public blockchains. The node validators will be receiving staking rewards from the PoFi Network, so there is zero transaction fee for the transactions on PoFi Chain. Efficient DeFi can be built on PoFi Network due to which the problem of inefficiency of DeFi on ethereum blockchain is solved.
Q2 from Telegram user @Rosane1a8
PoFi
Wallet is built on PoFi Chain and takes zero transaction fees when a
transaction is performed! which tokens are supported in the wallet,
would this include ETH and ERC20 transactions?
Cia Williams: Initially PoFi wallet supports POFI token, later in version 2 we provide support to other erc20 tokens as well. You can even do erc20 transactions within PoFi wallets.
Q3 from Telegram user @DiegoRME
How
can I participate in your PRESALE? Do I need to pass some kind of KYC
verification? What requirements do I need?
Cia Williams: We are community driven project and we respect anyone who would like to become part of our community. So there will not be any KYC. Anyone can participate in the presale.
Q4 from Telegram user @Adialadi
What
role does the community play in the #Melon
Protocol ? What have you done and will do to attract people to join
#Melon Protocol and
build a thriving community?
Cia Williams: We don’t have any relationship with Melon protocol. We just have a plan to build to a DApp for asset management better than existing Melon protocol
Q5 from Telegram user @Albert3990
I
verify Pofi Network have the option of transaction reversal. Can you
explain to me what is it and your benefits?
Cia Williams: We don’t have any option of transaction reversal. All we do is allow the transactions to take place with zero transaction fees and PoFi Network provides rewards for the node validators making it zero transaction fee for users.
Q6 from Telegram user @henryexito
What
is the mission and purpose of the PoFi chain and what does it solve
in the ecosystem that makes it different from other chains based on
that purpose?
Cia Williams: PoFi Network aims to build a Hybrid Blockchain called “PoFi Chain”. This PoFi Chain has transparency and security like a public blockchain and has high throughput, high scalability like a private blockchain. PoFi Chain uses proof-of-stake unlike the proof-of-work which is used by public blockchains. The node validators will be receiving staking rewards from the PoFi Network, so there is zero transaction fee for the transactions on PoFi Chain.
Q7 from Telegram user @Chinthaka93
POFI
token is still not listed on CMC. What are the plan to POFI get
listed on CMC, because listing on CMC will give a great potential to
a new project specially??
Cia Williams: Currently, private sale is going on and presale will start on September 26th and ends on September 30th. Listing is on October 1st. We plan to list on CMC and Coingecko after listing on uniswap
Q8 from Telegram user @niko518
If
PoFi Network is a community driven project. How can you keep you
motivated community? is there a reward system? How do you keep people
loyal to your vision?
Cia Williams: As PoFi Network is a Hybrid Blockchain, it has the same transparency that of a public Blockchain, it is similar to Ethereum and Bitcoin blockchains, But as it is a separate blockchain the transactions that occurs should be viewed separately. The Token holder can stake his tokens to get staking rewards or can stake in liquidity pool In PoFi Swap to get liquidity incentive mining rewards, Users can also lend and borrow assets which are decided by the community and lender can earn interest reward as well. POFI is both Utility token and Governance Token.
Q9 from Telegram user @Nickkiii
POFI
SWAP already has competition in this space such UNISWAP, SUSHISWAP
etc, what unique features can’t be found in your competitors that
would draw users to POFI SWAP
Cia Williams: Unlike other swaps, Pofi Swap is for community. Only POFI token holders can use this Product called PoFi Swap. We have zero transaction fees, community chosen tokens supported, order book is present, high transaction speeds and greater scalability
Q10 from Telegram user @AugusS7
really
what is the mission and vision of this PoFi Network project? just
develop a totally independent hybrid blockchain that embraces users
for its efficiency?
Cia Williams: The PoFi Network will be created with the vision to build a Hybrid Blockchain called “PoFi Chain” for DeFi. PoFi Network will be building PoFi Wallet to store native tokens of POFI after migration from POFI Erc20 to native tokens. PoFi Swap is one of the products of PoFi Network where there will be liquidity provided by the users and can swap the tokens at the best price, unlike uniswap this has an orderbook and can place limit orders. The support to tokens will be decided by the PoFi community by voting using the POFI Tokens. PoFi Finance is one more product of PoFi Network where the user can lend and borrow from the community users, To borrow, the PoFi Finance takes collateral and gives 65% equivalent of it. The user who lends his tokens will be receiving POFI tokens as the interest and will be receiving on the daily basis, this interest will be deducted from the collateral of the borrower. PoFi Network develops PoFi Financial Smart Contracts which are in the form of reusable components where the developer can use it using POFI Tokens. PoFi Network is built keeping developers in mind, so a separate developer documentation will be made which helps the developer to build DApps and financial smart contracts on PoFi Chain.
Part
3
– Quiz
Results
In the final part we tested your knowledge in terms of PoFi. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
For more information and future AMAs, join our Social Media channels:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. PlotX Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about PlotX
For more details: PlotX – @plotx_official Satoshi Club – @satoshi_club Russian – @satoshi_club_ru Spanish – @satoshi_club_spanish
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. RioDeFi Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about RioDeFi
For more details:
RioDeFi – @Riodefiofficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 250$ /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 9 Questions will be selected from our website – please submit your questions in the comments section of this post. 3 Question will be selected from Bitcointalk thread.
Part 2: 250$/15 users – Open chat for 80 seconds. You can post Max 5 questions. Hatch DAO Team will select 15 questions and answer them.
Part 3: 700$ – A quiz about Hatch DAO
For more details:
Hatch DAO – @hatchdao
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. PoFi Network Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about PoFi Network
For more details:
PoFi Network – @PoFiNetworkOfficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Today we would like to tell you about the AMA session with our friends from Cashaa. The AMA took place on September 19 and our guests was Janina Lowisz (Co-founder).
The total reward pool was $500 and it was splitted into three parts.
In this AMA Recap we will try to
summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi club! We are happy to
announce that our guests today are from Cashaa.
Janina Lowisz: Hello everyone! great to be here. ☺️
Mary | Satoshi Club: Welcome to Satoshi Club 😀 @BlockchainGirl.
How are you today?
Janina Lowisz: Thanks everyone for joining! I’m very
well thanks.
Mary | Satoshi Club: Can you introduce yourself and how
did you start with Cashaa?
Janina Lowisz: My name is Janina Lowisz, I am
co-founder and VP Corporate Services of Cashaa. I joined when Cashaa started,
in 2016, and overall I have been in the crypto space since 2013. I will help
you get banked, open a company, get a license, and get any of our other
products and services.
Q1 from Telegram
Username @stekbyte
The website says that
services is only available for the companies registered in the UK and Europe.
Are you planning to expand your service area?
Janina Lowisz: First of all, Cashaa is a neobank
that includes the following live services so far:
UK Current account, EUR IBAN account, US Current account, Online payment processing, Debit and Prepaid Card issuance, FX and crypto liquidity.
Our main offer is the UK current account, EUR IBAN account,
and US current account – these 3 accounts are available for businesses
worldwide, except for sanctioned countries, whereas our online payment
processing and the debit and prepaid card issuance is only available for
companies registered in the UK and EEA. if you don’t have a business from this
area, we can register it for you, e.g. in the UK, Estonia, Malta, Cyprus or
Gibraltar.
Mary | Satoshi Club: It includes only Europe Union
countries? EUR IBAN? For example, I live in Europe, but we are not EU.
Janina Lowisz: EUR IBAN accounts are also available
for businesses worldwide, except for sanctioned countries, so if you live in a
non-EU country or your business is from a non-EU country, you can apply for
this account as well.
Gold Rocket | Satoshi Club: This is a very important package of
banking services. and it can be very interesting.
Janina Lowisz: Thanks! yes, we are solving one the
biggest problems of the crypto space, the lack of crypto-friendly banking
services.
Mary | Satoshi Club: What advantages my business will get
from this account?
Janina Lowisz: Our accounts include all the features
that you would get from a traditional bank account – without getting judged
based on the industry you’re in. traditional banks and other challenger banks
would decline your application if you are involved in crypto. That is the
reason we exist, to provide a crypto-friendly alternative. with our accounts,
you get all you need to smoothly run your business. Here is more
information on each account:
Gold Rocket | Satoshi Club: It is a very necessary solution for
today to combine crypto and banking system.
Janina Lowisz: Yes, that is another advantage –
having come from the crypto space ourselves, we understand the pain points and
have built Cashaa with that in mind, what a crypto business needs, and
combining traditional banking with crypto. As you mentioned international
expansion earlier, another point:
In 2021, we
want to expand in the US and India. We already started issuing USD accounts
regulated by the Banking Division of Colorado, to our existing business clients
as beta users. Crypto brands who already started to use our USD accounts are
Nexo, CoinDCX, Unocoin etc. Concerning India, we are already the largest
liquidity provider and providing offshore banking to most of the major crypto
exchanges. We are now planning to launch a neobank to start crypto-friendly
banking in India regulated under the Reserve Bank of India.
So, while we
are alredy available worldwide, we are ongoing working on adding more products
and services to become even better. ☺️
Mary | Satoshi Club: India, it’s great, but what about rumors
that India wants to ban crypto? Or it’s just speculations?
Janina Lowisz: Speculations have kept coming and
going for a long time, and in earlier years it was the same with other
countries, so the current situation is nothing new. eventually, nearly every
country in the world over time has become positive and constructive, and
doesn’t ban it.
Q2 from Telegram
Username @Jonahapagu
I see that your Your
Regulatory approval for Integrated Banking Platform is being delayed and the
launch of Cashaa Banking Platform (India) is being Moved to 2021…what are the
issues that lead to the delay of this regulatory approval and also the
postponement of cashaa Banking platform (India) to 2021?
Janina Lowisz: There are actually no issues, it is
more a normal process that such things can take longer than expected. we do
actually have a few milestones upcoming earlier: we so far used regulated
partners that were issuing the accounts, e.g. FCA-regulated partner EMIs in the
UK. We have been able to move ahead so now in October, we have new accounts
coming up for GBP and EUR, new USD accounts in November, and personal accounts
afterwards.
Mary | Satoshi Club: How long does it take to get a
license? On average.
Janina Lowisz: This can vary, it can take a year for
example, in our case, we didn’t want to wait but we as early as possible launch
the business accounts. So
we used partners and were already able to launch with them more than a year
ago, starting with GBP accounts, then earlier this year, we added EUR accounts,
and most lately, USD.
In this way,
we are already helping many businesses get banked, and only need to move them
to new accounts later. In this way, we already have around 2000 business
signups and hundreds already using our services, be it a business account or
one of the other services. In the last 11 months, we had hundreds of crypto
brands using us to run their banking operations, while serving more than
250,000 individuals worldwide through 200 corporate customers.
Q3 from Telegram Username
@dorukhanelfs
About partnerships, could you tell us
which ones are active and what are the advantages going to be from those and
Any big Partnership?
Janina Lowisz:Our partners
include PaySafe Group and financial institutions regulated by the FCA, Central
Bank of Lithuania and Federal Reserve these partners have trusted us to onboard our customers.
Q4 from Telegram Username @kayaharn23
Is Cashaa a service that can be
useful for remittances and sending money to family members?
Janina Lowisz: Yes, it can be used for that as
well. while our main focus in on business banking, we will launch personal
accounts as well.
Gold Rocket | Satoshi Club: Is it already working?
Janina Lowisz: Until then, as our accounts also have
a crypto wallet, you can just send crypto from individuals to individuals.
Mary | Satoshi Club: So, I will have my personal acc and
how it will work?
Janina Lowisz: Our personal banking will come in
the end of November. so far, we have been focused on business banking.
Q5 from BTT username saner2324
How do Cashaa AML and Compliance
system analyze the transaction models in Multisig wallets? How does the system
report suspicious activities?
Janina Lowisz: We are using blockchain analytics and
AML tools that are using over 200 algorithms and risk analysis scenarios, and
create a risk score for each transaction. E.g. allowed, flagged and not
allowed. from a certain level on it is not allowed.
Mary | Satoshi Club: Did you have any attempts to cheat
the system?
Janina Lowisz: Every address and every transaction
is going through these checks, and there is always a risk score.
Gold Rocket | Satoshi Club: By the way, what is the total Supply
CAS?
Janina Lowisz: The total supply of CAS is 1 Billion
CAS.
Q6 from BTT username Nyosant
In these days of DeFi and ERC-20
frenzy, it is strange to see a project moving away from the ETH network. What
were the reasons for that full swap from the ETH chain to the Binance chain?
Janina Lowisz: Last year we had moved to Binance
chain due to its speed and low fees. Binance back then also had more businesses
moving to it for the same reasons, and seemed overall more business-friendly,
aiming to create a startup community around itself. Which was another reason, personally,
I until now see businesses moving away from ETH to other chains that are more
scalable, Binance chain but also others.
Gold Rocket | Satoshi Club: Understand so, that was full swap,
you didn’t leave any tokens on Ethereum network?
Janina Lowisz: Anyone who still has old tokens can
contact us to get the swap instructions.
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 80 seconds; a lot of questions were posted by Satoshi Club
community. Our guest chose some of them.
Q1 from Telegram User @qrath
Where did you get the inspiration for
this unique project idea? And what influence will we have on the crypto
industry due to the project?
Janina Lowisz: We saw the big need for
crypto-friendly banking services as we ourselves started as a crypto business
and knew how hard it was, and how every crypto business around us was in the
same situation. traditional banks will decline your application, and existing
accounts keep getting cancelled. so, we decided to focus on banking, bringing
banking to crypto and other innovative industries.
Q2 from Telegram User @nokoliyq
What is the team’s orientation and
development plan for 2020 in the Defi region, why do you think Defi, this
immature term, has a future? What results do you expect to achieve?
Janina Lowisz: Yes, we do have plans for defi as
well – as the first crypto-friendly neobank, who other than us as the right
experience from all the past years, to now provide compliant defi services 😉 lack of compliance is one of the existing issues in
the space, and we can fix that – make sure you join our news channels to stay
up to date concerning our announcements in this area. Make sure you join our telegram news
channel here: https://t.me/cashaanews and
follow us on twitter @yourcashaa for all the latest, be it defi-related or
other announcements.
Q3 from Telegram User @Trendingairdrop_s
What is the future roadmap for Cashaa
within this year?
Janina Lowisz: In the rest of 2020, we will launch
our new GBP and EUR accounts in October, USD accounts in November, and
eventually personal accounts.
Q4 from Telegram User @Genoem
What will be benefit of holding cas
token in future?
Janina Lowisz: The current live utility of CAS:
– Enhanced due diligence
fees of 100,000 CAS for business accounts
– Discount on exchange
fees through our wallet
Future,
additional utility of CAS:
– Discount on all banking
transactions
– Cheaper international
transfers
– Discount on exchange
fees of fiat and cryptocurrencies
Q5 from Telegram User
Crypto projects were closed in many
countries due to improper regulation and licenses. How does your project solve
these problems?
Janina Lowisz: We can help you open a new company
and get a license in crypto-friendly jurisdictions in the EU and elsewhere.
Most notably, FCA registration or authorization, and Estonian crypto license. https://cashaa.com/company-formation
Q6 from Telegram User @haydennitzsche
What kind of unique features does
Cashaa have over its competitors on the market? How do you plan to increase the
demand of $ Cashaa tokens in the future?
Janina Lowisz: Compared to traditional banks and
other challenger banks, our main advantage is that we are able to bank crypto
businesses. Compared to the few other crypto-friendly institutions, our
advantages are that we are focused on business banking, that we provide
accounts in 3 currencies so far – GBP, EUR and USD, our affordable fees, the
ability to manage both crypto and fiat, and overall the amount of products and
services that we provide, a one-stop-shop for all a business needs.
Q7 from Telegram User
Does Cashaa support any Staking or
mining program?
Janina Lowisz: Yes, we have a staking programme of
100,000 CAS to allow personal users get access to crypto-friendly international
banking.
Q8 from Telegram User @Eraybukucu
Is there Cashaa have plan to issue
special cards for cashaa users, like traditional banks?
Janina Lowisz: Yes, and we also offer a card
programme: our business customers can have their own branded cards to issue to
their customers.
Q9 from Telegram User @Termuxnih
How Many Cashaa Offices are scattered
in the World for people to Ask and Consult?
Janina Lowisz: Our headquarter is in London. We also
have partners around the world that can help you get onboarded and answer your
questions in-person: https://cashaa.com/business-account
Q10 from Telegram User
What is your long-term vision about
the gaming industry which Cashaa working on? Are you afraid someday there will
be another project with more innovative technology can replace Cashaa? Because
we can see many crypto projects related with this concept recently.
Janina Lowisz: We are banking gaming businesses as
well. the large majority of our signups are crypto businesses, but we have a
few hundred signups from gaming and gambling as well.
…
Everyone
please join our telegram news channel, our telegram community chat, and follow
Cashaa, Kumar and myself in twitter. 😉
Twitter:
@yourcashaa, @kg_Cashaa and @blockchaingirl
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about Cashaa. A link to a Quiz form were
sent into the chat. Participants had 10 minutes to answer. 300$ were
distributed between winners.
Q1.
Is CAS token required to open an account?
A)Yes
Q2.
Which company offers one dashboard to manage BTC, ETH, USD, GBP & EUR
accounts?
C)Cashaa
Q3.
Businesses from which countries can open an account with Cashaa?
D)Worldwide except sanctioned countries
Q4.
What industries are excluded with banking with Cashaa?
D)None of the above
For more information and future AMAs, join our Social Media
channels:
The economic
revolution driven by the blockchain system does not stop, and today we can see
it adapted in almost any ecosystem, our project today focuses on an interesting
mix between blockchain and sports. We
would like to tell you about the AMA session with our friends from Chiliz.
The AMA took place on September 16 and our guests was Joe Grech (Community Lead).
The total reward pool was $500 and it was splitted into three parts.
In this AMA Recap we will try to
summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to
announce that today we have guest from @chiliz_io
😀 @unfunmid,
welcome to Satoshi Club.
Serg | Satoshi Club: Hello Joe! Welcome to Satoshi Club.
Joe Grech – $CHZ: Hello, Nice to meet you all too.
Mary | Satoshi Club: Intoduce yourself a bit and tell how
did you start with Chiliz.
Joe Grech – $CHZ: I’m Joe! I’m the Community Lead at Chiliz. I have been working
here for over 2 years now.My tasks
vary a lot. BUT, mainly growing our communities globally, managing operations
and listings of our own Exchange aswell as working with other exchanges for
listings etc etc.
Also I
oversee any $CHZ related marketing, especially in the English speaking region. My
professional background is in tech and esports. Discovered blockchain in the
beginning of 2017 whilst working in Finland. I’d say now my core interests are
tech and finance.
D. | Satoshi Club: Do you have any hobbies?
Joe Grech – $CHZ: I spent countless hours like you all here in Telegram groups
researching for like 12 hours a day back in 2017. The first cryptocurrency I
bought was Ethereum.
Right now,
my hobbies are probably just Djing and Scuba Diving (both quite new). Before
that I was doing lots of PC Gaming. Not anymore. 🙂
Mary | Satoshi Club: So, what about Chiliz? Introduce it
for us.
Joe Grech – $CHZ: Chiliz is the leading cryptocurrency for sports and
entertainment. Chiliz is the fuel for our consumer facing application
Socios.com, a tokenized voting platform. Initially, we in 2018 we hosted a
private placement and raised just over $60 million iwth some investors like
Binance, OK Blockchain Capital (OKEX investment arm), Ceyuan Ventures &
more.
Over the
past two years we have created a portfolio of partners who work with us to
provide their fans with voting rights, allowing fans to have their say in
certain club decisions. Our mission is very simple, to help give fans more of a
voice whilst helping the clubs monetize their fans better.
Mary | Satoshi Club: Good numbers 😉 btw,
congrats with Binance listing anniversary.
Joe Grech – $CHZ: Our current partners are FC
Barcelona, Paris Saint-Germain, Juventus, OG (top Dota 2 esports team), AS
Roma, Galatasaray, Atlético de Madrid, Club Atlético Independiente, UFC,
Apollon Limassol FC and Team Heretics (big Spanish esports club).
Mary | Satoshi Club: Ok, so, imagine, i have socios app,
what can i do with Chiliz there?
Joe Grech – $CHZ: The Chiliz token is the gateway to
Fan Tokens.You can either
participate in a clubs FTO (Fan Token Offering), or you can trade using the
in-app market place. Once you have a Fan Token, you can then vote in the club
decisions 😎
Fan Token
Offerings are when the tokens of a partner are sold for the first time. We have
a new Fan Token Offering on September 22nd. $TRA – Trabzonspor
(Tweet about
the $TRA token from the club itself).
D. | Satoshi Club: So how significant my actions can be?
as a token holder, can i fire a coach or buy some new players for the team? Lol
Joe Grech – $CHZ: Well, big clubs aren’t likely to give
away that much control, since we work directly with the clubs in a commercial
partnership.
It’s up to
the clubs what they ask the fans, but at the end of the day, we hope to have
some smaller clubs who are more ‘experimental’. Also, esports teams are much
younger, fast moving and innovative compared to football clubs. So, esports
teams can do some fun stuff on our platform with what they ask their fans also.
There is still rather limited utility of Fan Tokens, we are an ever expanding
team of now over 70 people. We are developing new features for the Socios app
right now.
Mary | Satoshi Club: And i see that you are going to
present a lot of new fan tokens on 22th of September) and Satoshi Club is
hungry for the secrets))) can you give them? Or some hints?
Joe Grech – $CHZ: Well actually there will just be the
launch of one Fan Token on 22nd 🙂 BUT, we have plenty more teams lined up and
are talking to over 50+ different teams. So you can use your imagination to
expect what our ecosystem looks like in one year’s time.
Q1 from bitcointalk user JonahAp
Socios Powered by Chiliz Offers a lot
of rewards and Exclusive Experiences such as VIP invite to a meet and greet
with sport heroes, exclusive dugout access on match days, Receive signed
official jerseys etc. Who sponsors all this is it Socios or The Clubs and are
there real examples you can share with us of people who have benefitted from
This exclusive offers?
Joe Grech – $CHZ: In the commercial deals with the
clubs, we are offered a certain amount of VIP Experiences of different kinds.
We basically help the clubs identify their most loyal fans, whether it be on
Social Media, on the Socios app wherever. We have sent over 1000+ fans on VIP
experiences at their favourite stadiums etc.
We have a
skybox at some of our partners like Juventus for example (Unfortunately we
couldn’t make the most of these due to COVID). So, we had to innovate a little,
we did things like having Fan Token holders on stadium LEDs. Having cardboard
cutout of Fan Token holders at stadiums etc.
Mary | Satoshi Club: So, can you tell us the number of
funs you have, which interact with Chiliz through Socios?
Joe Grech – $CHZ: Hmm, I think now we have over 200,000
users. Not sure 100% on the number but around then. We are also listed on some
Dapp websites, one second. Here you can see some stats about the usage of Socios.com dapp.com/app/socios-com
Serg | Satoshi Club: I just checked the app. Why Barcelona
didn’t have a poll since June? They lose the contact with the community. Or
it’s up to them?
Joe Grech – $CHZ: There is one coming. It’s still very
early days with most of our partnerships. We sign only MULTI year deals with
clubs so that we are sure they believe and understand our vision.
Mary | Satoshi Club: Ok, so you mainly work on Ethereum?
Joe Grech – $CHZ: We sign only MULTI year deals with
clubs so that we are sure they believe and understand our vision. Yeah, well
CHZ is on the Ethereum Mainnet and Fan Tokens are on an Ethereum based PoA
network called Chiliz Chain. explorer.chiliz.com
D. | Satoshi Club: Can you tell us a bit about this
consensus?
Joe Grech – $CHZ: Well, it’s pretty centralized right
now, we won’t lie or sugar coat that 🙂 it has to be when dealing with clubs.
However, each club is becoming a node in our network. You can see some of the
clubs nodes here: https://explorer.chiliz.com/accounts
Mary | Satoshi Club: Another currencies? Will you add
more?
Joe Grech – $CHZ: We work with a few different payment
providers and accept more than just EUR / GBP. Also accept Turkish Lira, etc. Depends
on your location and the payment provider really.
Q2 from bitcointalk user juanes
You have Binance as in investor. I am
sure it helped you a lot to gain visibility and growth. But explain what is the
role of Binance in Chiliz. does it have equity? Does it have a say in the
decision making? For ex: Can CZ influence your policy
Joe Grech – $CHZ: Not equity 🙂 Binance helped us alot
in the beginning to gain recognition. I can’t really talk much about our
relationship but CZ is watching what we do carefully on Twitter. We are fullllllyyyyy independent. But,
obviously we consult with our advisors and investors about certain products and
ideas. But, they have no say in our execution, it’s more for feedback purposes.
Mary | Satoshi Club: Which good ideas did they brought?
Can you tell us?
Joe Grech – $CHZ: I mean, we have ideas and we go to
them for feedback. I can’t talk too much about our relationships with investors
etc. I am not in the position to do so 😉
Q3 from Telegram user @nerddutch
Please explain how does your
partnerships with Football teams happen. If I buy Barca tokens for example, who
gets the money? a part goes to the team and a part to Chiliz? Also, if I buy
it, do I have a real vote like in real Barca socios? can I elect the president
of the team? or is it just for symbolic stuff?
Joe Grech – $CHZ: We have a very talented business
development team with years of experience with working with clubs. After we
signed the first teams, we started to get more and more interest from other
teams, so that became a lot easier.
In terms of
the tokens and where the $ goes, it depends on the club. For some clubs we paid
a guarantee, so we would get all of the $ from Fan Tokens up to a certain
amount before revenue share. I can’t go into the numbers to protect our
commercial interests though. Also, it’s not the same as the real barca
‘socios’, we have basically just taken that idea and expanded on it to provide
a solution for clubs to engage better with their fans and monetize their
fanbase more efficiently. 🙂
Q4 from Telegram user @dominiksss
My club is not listed. What is the
process of adding new football clubs to the platform? Based on petitions you
have? When you contact the clubs, how do you convince them to accept the offer
and use the blockchain technology for their fans?
Joe Grech – $CHZ: As mentioned actually in my previous
answer, it’s all about our business development. Also, our marketing activities
and sales numbers combined with biz dev which makes us attractive to clubs. Clubs
are wanting to become more innovative and accept more innovative technologies
these days, and they are looking at ways to monetize their fanbases better.
Mary | Satoshi Club: By the way, how big is Chiliz team?
Joe Grech – $CHZ: These are our most recent Fan Token
Offerings. All of them are selling out, as fans and crypto enthusiasts start to
enjoy this new digital asset class.
We are now
70+ people. Mainly based in Malta, but some in France, Korea, Sweden, London,
Argentina. There is also lots of talent in Malta as it attracts talent for the
iGaming companies here.
Mary | Satoshi Club: To be honest – were there any
negative reviews from fans?
Joe Grech – $CHZ: Yes, in my opinion, you cannot make
an application that everyone will love. Especially with our app, less than 1-year-old.
We have MANY features to work on alongside new UI/UX etc. We are always looking
to improve our product and feedback is great.
Serg | Satoshi Club: It seems pretty easy to me.
Joe Grech – $CHZ: Our development team is the largest
team now and we are constantly growing it. More features – > More Fans. More
fans – > more $CHZ burnt. We say ‘More fans, less $CHZ’.
D. | Satoshi Club: Oh so you have burning mechanism?
So for every
Fan Token Offering we burn 10% of the collected $CHZ 🙂 and 20% of all trading
fees on the Chiliz Exchange also. The total supply won’t change 🙂 But circulating will become
deflationary eventually when all tokens are in circulation as we burn more.
Serg | Satoshi Club: What do I get from hunting in the
app? I see smth but I have to cross a river to get it. 😁
Joe Grech – $CHZ: Haha, we do different promotions on
Token Hunt, sometimes we offer free Fan Tokens, or lucky boxes. Mainly it’s for
collecting our native token $SSU, which has no value and is not tradable. But
it’s for voting in some polls that we host ourselves about our application or
something we do in cooperation with a partner like UFC (we host some UFC
competitions to win a UFC passport) using $SSU as a ‘prediction game’.
Mary | Satoshi Club: So, you have second token, not only
CHZ?
Joe Grech – $CHZ: Yes, but $SSU will never be tradable,
it is earned only by hunting on the app. Which is a geolocation / augmented
reality ‘game’ like Pokemon go. We do some airdrops to SSU hunters for example.
To bring some ‘value’ to the token without it being traded.
Mary | Satoshi Club: Great, amazing idea, i see your fans
will never be bored.
Joe Grech – $CHZ: Yeah, well hopefully that will be the
case when the app is how we want with lots of features, games, social interactions
etc with other fans. We are in the such early days of this completely. So,
please join us on the journey, not asking you to follow us religiously, but to
watch our project from time to time on TWitter or Telegram and see what we come
up with. 🤟
Are there any plans of tokenizing
players, besides clubs? For example, it’s possible that in the nearest future,
fans of Neymar, Messi, C.Ronaldo will use Chilliz to show love for the
particular players they support?
Joe Grech – $CHZ: Hehe we have definitely discussed
this internally, but the life of a player is much shorter than the life of a
club (meaning career). So, the players will retire, for example. What happens
then to the token? With a club, they have existed for 100s of years in many cases.
So, they are not likely to disappear anytime soon.
Mary | Satoshi Club: May be our favorite topic? Does $CHZ
wanna bring tokenization on Chiliz into DeFi?
Joe Grech – $CHZ: Everyone loves DeFi right now 😀 (even
me) I have been farming, Sushi mainly (in the beginning). I can’t talk TOO much
about this, because it’s ‘top secret’. But I can show you this ‘DeFi’ thing we
are working on for the sports finance world. I can’t comment further, this is
your only hint.
Q6 from Telegram
Username @Eraybukucu
Why are you located in
and operating out of Malta? what is the main reason?
Joe Grech – $CHZ: Well, obviously mentioned earlier but
in case someone missed. Our CEO has lived in Malta for something like 15 years
I think. There is lots of talent here because of the iGaming companies and
online betting etc, so it makes it a good place to find capable employees. We
have a very talented team and yes there is sea, sun and sand.
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 80 seconds; a lot of questions were posted by Satoshi Club
community. Our guest chose some of them.
Q1 from Telegram User @victbt
How will the current and upcoming
economic crisis impact Chiliz strategy and activities?
Joe Grech – $CHZ: I’d say the biggest achievement would
be the onboarding of Barcelona and successful launch of their Fan Token
Offering 🙂 But that’s me personally, different team members virtue different
things. 🤟
Q2 from Telegram User @Aguacate30
I am a huge soccer fan
and I love Blockchain and your project really catches my attention because it
brings both things together in a single ecosystem. We know that Bayen Munich
were the champions league winner this season, do you plan to partner with them
as they are a very influential team?
Joe Grech – $CHZ: We are in talks with 50+ teams around
the world, no comment. 😉
Q3 from Telegram User @aditya827
If I buy BAR token
(barcelona), what benefits will I get? Can football team tokens be listed on
markets like Binance and others?
Joe Grech – $CHZ: Yes, we are in talks with some
exchanges (can’t name) to have Fan Tokens listed against a CHZ pair 🙂 So think
for example BAR/CHZ on some big exchanges before the end of the year. (can’t be
more specific than that hehe).
Q4 from Telegram User @dungpro123
Why is Chiliz focusing
only on football? What about other sports like basketball?
Who determines the
number of fan Tokens that will be in circulation is it the sport Club or Socios Team, how is the number arrived at is it based on
the size of the clubs fan base
Joe Grech – $CHZ: Nice legit question 🙂 Thanks Jonah
(you did homework). So, the supply is a mutual decision between us and the
club. It’s usually based on the rough size of their global fanbase and current
social media figures.
Q6 from Telegram User @CElllIFE
Do fan tokens give
ownership of a part of a football club?
Joe Grech – $CHZ: No, Fan Tokens are a utility token. At
the end of the day, the club still decides how much ‘control’ they give the
fans, but it’s in their best interest to increase their revenue and connect
better with their fans etc.
Q7 from Telegram User @Tony253210
I really Chiliz because
have Partnerships with AMAZING Teams as Barcelona, Juventus and PSG, but have
you considered the add to your files a F1 Racing team?
Joe Grech – $CHZ: Hehe, like I said already, we are in
talks with 50+ teams, across different sports etc etc. Can’t comment on
specifics.
Q8 from Telegram User @tranminhtu123
Chiliz is the kind of
project than I love, the combination of sports & entertainment with
Blokchain, so my first question is very simple and direct: why should we invest in the $CHZ as a long-term
investment?
Joe Grech – $CHZ: Actually, Chiliz is NOT an
investment. It’s a utility token, if you like blockchain, sports and fan tokens
consider to buy Fan Tokens and use them on Socios.com, otherwise don’t.
Q9 from Telegram User @jpsarmah
How is Socios.com
associated with Chiliz? Also, in the Ratings and Reviews of Socios.com in App
Store, there is a review by Di Sheng Lee, 05/17/2020-” Selling air for
money-This company is selling useless cryptocurrency through the app”. What is
your counter argument against this?
Joe Grech – $CHZ: Chiliz is the company and Socios is
our product. My counter argument is pretty simple. No matter what we do, not
everyone is going to enjoy it. The fact he mentions cryptocurrency makes me
think he is not really a Fan as most fans use our app without any knowledge of
cryptocurrency. We are building an ecosystem, if you cannot see our vision and
ideas then it’s better to leave a bad rating.
Q10 from Telegram User @Tony253210
Chiliz opened an
Exchanges to trade Fans Coin of Sports teams, but from where this coins gain
market value? From the result of the team related? If Barcelona wins a match vs
Atletico de Madrid the FCB coin Will have more value?
Joe Grech – $CHZ: Fan Token value changes based on pure
speculation. For example, PSG during the Champions League increased alot as
they won the quarter final, then semifinal. Unfortunately, didn’t manage to win
the final but the Fan Token managed to keep a large portion of the value gained
on that run. I can’t really talk too much about price though 🙂 the fans /
enthusiasts who speculate are free to do so.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about Chiliz. A link to a Quiz form were
sent into the chat. Participants had 10 minutes to answer. 300$ were
distributed among winners.
1)
What does FTO stand for?
B) Fan Token Offering
2)
Which team did Socios x Chiliz partner with first?
C) Paris Saint-Germain
3)
Who is Socios x Chiliz working with to provide NFTs?
D) Chainlink & Enjin
4)
Which of the following is NOT an investor in Socios x Chiliz?
A) a16z
For more information and future AMAs, join our
Social Media channels:
Privacy is becoming more illusory in this world, but there are always those who will defend it. And today they visited Satoshi Club. Today we would like to tell you about the AMA session with our friends from Findora. The AMA took place on 19 September and our guests were Eli, Cameron Dennis, Damien Leung, Lucca and Charles.
The total reward pool was 1000$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part
1 — introduction and
questions
from the Telegram&Bitcointalk
community
Mary | Satoshi Club: Hello, Satoshi Club:grinning: We are happy to announce that today our guests are from Findora:grinning: @getsie@CameronDennis@damienll@e321li@charleslu welcome to Satoshi Club:+1:
Serg | Satoshi Club: Hello, dear community. Our guests today are from @findoranetwork Welcome to Satoshi Club! 🤝
Eli: Hello Satoshi Club from Findora Team!!!
D. | Satoshi Club: hello all! welcome to Satoshi club guys!
Mary | Satoshi Club: Could you tell us some words about yourself :grinning: and how did you start with Findora?)
Cameron Dennis: Hi everyone :wave: It’s great to connect with all of you 🙂
Eli: I was recruited by @charleslu at a blockchain meetup hosted by the Stanford Blockchain Club which was founded by @charleslu himself!
Mary | Satoshi Club: How long are you in crypto?)
Eli: I’ve been in crypto since 2016. I grew up in SF Bay Area and heard about bitcoin and its potential to transform the financial industry. I got involved by going to to different meetups/events and joining groups like this one!
Mary | Satoshi Club: Nice start:grinning: so, tell us what is Findora and it’s main goals)
Cameron Dennis: Hey @madamlobster@Cool_as_Ice! I joined the team a few months ago after I met Eli at the Stanford Blockchain Conference. I help run marketing and operations at Findora and have been working in the blockchain industry for the last three years. I originally learned about Bitcoin in 2014 and currently run a 501(c)(3) nonprofit in the US that starts accredited blockchain development courses around the United States (mainly in California)
Mary | Satoshi Club: Early adopter))) so, you have your own courses?
Cameron Dennis: My nonprofit has started the first courses at UCLA and UCSB but we’re here today to talk about Findora. Fortunately, Findora ALSO has it’s own free online course where you can learn everything from bitcoin, to consensus, to digital signatures, and more! – https://www.youtube.com/channel/UCkhY3HZViowhJC4UWxfqpJw/videos
D. | Satoshi Club: great! thank you! i have a small question: what Findora means? it’s some abbreviation?
Charles: There is no official explanation for the name Findora 🙂 The goal is to have a unique name to describe our vision of a fundamental platform for the vast world of global finance!
D. | Satoshi Club: ok. got it! thank you for answer!
Charles: Hello Mary:smiley: thank you for hosting us!
Damien Leung: Hi. Findora is a public blockchain built with advanced cryptographic technology and verifiable computation framework. Our main goal is to help build the new global fianncial infrastructure that everyone can use.
Serg | Satoshi Club: Everyone is joining little by little 😁
Mary | Satoshi Club: Yes:joy: we have a nice party)
D. | Satoshi Club: party is not even started yet 😉
Mary | Satoshi Club: Guys, thank you for your intros and may be we will start with the questions from the part 1? That’s means questions party:joy:
Eli: sounds great!
Q1 from bitcointalk user nyosant
Findora will aim to support any kind of assets, which is a huge goal, so what measures will you implement to avoid toxic assets infiltrating your system? E.g., to avoid scams or things such as subprime lends, which were legal in their time, but caused a financial disaster.
Eli: Findora is fundamentally a blockchain technology platform and will provide a balance between transparency and confidentiality. We provide tools that enable users to demand more transparency. Our auditing tools enabled by ZKP can give users a holistic view of assets. Users will be able to assess the assets much more efficiently than on a traditional fragmented system. The Findora ledger gives people the ability to see thoroughly without infringing on business privacy.
Damien Leung: I think a 2008 financial crisis would not have happened on Findora, becasue the toxic assets would be detected easily.
Mary | Satoshi Club: In which way? For example, i am your user from the future?) How would i detect them?)
Damien Leung: Yeah. Say some irresponsible bankers wrapped subprime loans and their deravitives into a complex package of assets and sell as investment grade. Findora blockchain will make sure the underlying assets can be confidentially traced to the root. Hence, the buyers will easily understand the quality. And also, because people all work on the same platform, we will get a holistic view and much easier to figure out the wrongdoings without infringing on privacy
Mary | Satoshi Club: Nice feature :+1: When you are planning Findora network to go live?)
Damien Leung: Good question! We already have a powerful testnet live! I am hoping we can open to the entire world and be ready for business very soon!
stay tuned
:heart_eyes:for our official announcement
Mary | Satoshi Club: Don’t forget to inform us before:wink:, we like to know about secrets or news)))
Eli: of course!
Q2 from bitcointalk user george.bend
I’ve seen that you have several members from the team/advisors which had high positions in big exchanges. That’s good. I will not ask if you are gonna list on them because it’s NDA 😀 to make it easier to answer: Do they still have good relationships with those exchanges? 😀
Mary | Satoshi Club: More secrets)
Lucca: we like secrets, that’s why we have the best privacy in Findora 😛
Eli: the short answer is yes, we are on good terms with various partners including exchanges both crypto and traditional as well as many other regulated financial institutions
Mary | Satoshi Club: Can you give us some names):wink:
Eli: stay tuned for more details (;
Mary | Satoshi Club: Ok, got it:+1: so, next question?)
Ethereum, monero, banks are using your technology. what technology specifically? did you partnered with them or they just bought the right to use it? Thanks
Charles: The fact that these projects and institutions chose to use our technology speaks to the amazing technical prowess of our team. The technology used by Monero and JPMorgan: Bulletproofs, invented by Benedikt Bünz, our founding team member and head of research A technology used by Ethereum 2.0: Verifiable delay functions, formalized by our cofounder and CTO Ben Fisch, Benedikt Bünz, advisor Dan Boneh, and peers There’s also plenty other projects that make use of these and other technologies developed by Findora team members Our partners make use of not just published research and technology, but also use our custom built solutions for enterprise.
D. | Satoshi Club: could you tell us a bit about ‘bulletproofs’ and how does this technology work? in simple terms
Charles: Simply put, Bulletproofs were a massive breakthrough in the world of zero knowledge proofs because they are (1) efficient (2) require no dangerous trusted setup with “toxic waste” (3) and fast. They allow you to prove something is true without revealing it. For example, we can prove a transfer amount is valid using a range proof enabled by Bulletproofs
Mary | Satoshi Club: It will look like some tx hash or… This proof of transfer?
Charles: Yes it will look just like any other random data, so it fully preserves privacy
Lucca: (a range proof allows you to prove a number is within a range, say 1-1000000, without revealing the amount)
You have an open zero-knowledge blockchain. It means that it will be a privacy coin, right? Do you think that we need another privacy coin in the market? what new it brings
Cameron Dennis: First of all it’s more than just a privacy coin. It supports private assets of any nature and private smart contracts. Findora also makes use of a lot of new technology, like accumulators and zkrollup, that allows us to scale way more than other privacy coins. Secondly, Findora also has a focus on auditability and compliance. projects and individuals on Findora can prove many things about themselves without losing control of their privacy. This is a big shift from other privacy coins.
D. | Satoshi Club: Findora is faster than other private coins on market?
Cameron Dennis: This means anyone can issue their own and unique privacy coin 🙂
Mary | Satoshi Club: Which main focus do you have – on projects or individuals?)
Damien Leung: We are all in to empower financial democracy to individuals!
Charles: We are optimizing for many important factors, including transaction size, security, confirmation time, proof verification speed, prover speed, etc.
And we are targeting
the optimal solution for many use cases!
Lucca: Findora is also interoperable, so large projects that use Findora will also be directly available to individuals, wether they are running their own sidechain or not.
Mary | Satoshi Club: You will have sidechains not tokens, am i right?
Lucca: sidechains have the same functionality as the main network, so they can issue tokens etc on the sidechain. the difference is that they can run with a different consensus alrogithm.
Mary | Satoshi Club: Which use cases Findora will have?
Eli: our infrastructure supports all varieties of financial assets such as, but not limited to: private cross border payments, lending services, DEX, dark pools, etc.
Supersonic is a feature which belongs only to you. it has a zk-snark. Very tech thing. Can you explain in simple words what is this and what features does it have?
Lucca: A zk-SNARK is a type of zero-knowledge proof(ZKP). This means it’s a technique for proving a certain statement to be true, without revealing the contents of that statement. In cryptocurrency/Bitcoin terms, this means I can use a ZKP to send somebody 5 Bitcoin, but rather than telling the blockchain directly that I sent 5 Bitcoin, I send a ZKP. This will prove to the blockchain that I am being honest. Any observer can see I haven’t created Bitcoin out of thin air, without me having to reveal how much was sent or to who. So it allows for very good privacy. In the past zk-SNARKs needed a trusted party to work together in order to set up the system. If the party behind the setup worked together, they could break the entire system. This is called a ‘trusted setup’. This is used by projects like Zcash. Supersonic is a new kind of zk-SNARK that doesn’t need a trusted setup. So there is no party that can break the system. This is known as a ‘trustless setup’ or a ‘transparent setup’
Mary | Satoshi Club: And you already tested this technology? By the way, how your tests going?)
Charles: Yes—we are rigorously auditing and testing our technology since so much is at stake! First of all, Supersonic has a peer reviewed academic paper: https://asz.ink/wp-content/uploads/2019/10/dark.pdf
Since then we have made further improvements and are spending lots of resources testing and validating it
Mary | Satoshi Club: You are auditing by yourself or with the third part?)
Charles: Supersonic is a big breakthrough so many other teams and groups in the zero-knowledge research community are working on improving and testing it. 🙂
Mary
| Satoshi Club: It means it
would work perfectly :grinning::+1:
Findora platform has what is called a “Financial passport” which aggregates Informations about a user, what types of information does this Financial passport aggregate and how does findora secure this financial passports and ensure that this data cannot be compromised by third parties
Lucca: There is no real limit to the types of data you can aggregate. It can be for insurance, income, accredited investor status, etc. It all depends on the types of entities that are handing out credentials. Users will be able to control their financial passports much like they control other cryptocurrencies. As long as you own your keys, the data can’t be compromised.
Charles: Yup! You can think of it as a wallet for your identity and credentials instead of your assets. We hope to allow users to take control of their private and personal information! We are using various technology for our implementation, including a very cool concept called “selective disclosure credentials”
Mary | Satoshi Club: Can you give an example from life where this passport may be needed? Or used)
Eli: applying for a mortgage, credit card, registering for an investment account, etc
Charles: Yes, in these cases, users could potentially prove they meet the requirements but without sharing their specific personal information 🙂 this helps preserve user privacy
Mary | Satoshi Club: So, institution which has some requirements will point them and if my passport satisfy them they will approve my needs without seen my information?
Lucca: right, for example the range proof we mentioned earlier can be used to prove you are an accredited investor without revealing your financial data.
Charles: Yes, simply put, you could generate a zero-knowledge proof to prove you meet the requirements without seeing the specific information.
Mary | Satoshi Club: Oh, now i understand thanks:grinning: Live questions?)
Eli: we’re ready
Part
2 — live questions from the Telegram community
Q1 from Telegram user @Hendrasico
DeFi
is one of the trendy subject matter in the blockchain space. Can you
share your opinions and insights on DeFi with us. Do you think that
DeFi will disrupt the existing financial system? What is $Findora
approach towards the DeFi sector? We would love to see $Findora on
Defi
Eli: We believe that DeFi is reshaping the way that people access financial services in a way that gives them access to products and services regardless of their location, economic status, or identity. DeFi needs privacy to gain mainstream adoption which is exactly what Findora is providing to the DeFi ecosystem
Q2 from Telegram user @jobel4
Can
you explain the reason why Findora’s libraries are written in Rust,
with a focus on security, by veteran secure C and C++ experts? What
will be the additional security that it brings to your network? Can
you also explain C and C++ security?
Charles: Great question! Findora is being designed and implemented from the ground up for security, performance, reliability, and interoperability. Rust helps us meet all those goals. Using Rust for implementation helps us eliminate large classes of potential bugs and vulnerabilities in our code while also ensuring performance as fast as highly optimized C++ code. All our cryptography and base platform code is based on Rust
Q3 from Telegram user @chunhocxitrum
There
are many public chains also integrate privacy features
(zero-knowledge), so what make Findora different and unique about
Security and Privacy?
Charles: Findora is aiming to go beyond other blockchain projects in both functionality and performance. In terms of functionality, many other projects using zero-knowledge only support simple operations such as single asset transfer. Findora aims to provide advanced privacy and auditability tools using zero-knowledge including multi-asset transfer, proof of solvency, private credentials, asset tracing, and more. Since Findora is also underpinned by the latest research developed by our researchers, we have made massive strides in performance and other considerations, such as eliminating the need for trusted setups
Q4 from Telegram user @Aleurich
How
can Findora be auditable if it uses zero-knowledge techniques? Are
transactions discovered at the time the audit is required? Or does
their anonymity prevail?
Lucca: Findora’s main auditability comes from something called ‘verifiable selective reveal’. This is an umbrella term for techniques that are used for auditing purposes. A user can selectively reveal components of their private data, instead of their entire personal financial profile. In many cases, users and projects can prove complex statements about themselves (e.g., an income range, proof that they are an accredited investor and complex combinations of several qualifications) without revealing any additional personal details at all. Findora has specifically developed techniques to achieve this, such as proof of solvency and proof of whitelisted asset, which, for example, allow investment firms on Findora to be audited without infringing on their privacy.
Q5 from Telegram user @huydo
Why
do you think public blockchain is suitable for individuals and
enterprises rather than private blockchain for privacy-preserving
transparency?
Eli: Findora provides the flexibility to support public/private individuals, enterprises, and organizations through a modular approach to our design that allows for the operation of public and private networks. This satisfies the needs for all types of users for their required network environment
Q6 from Telegram user @Jhonathanch
One
of its partners is Tencent Cloud! How does this association generate
profitability for the Findora ecosystem? Besides this, what other
partners support the project? Thank you!
Damien Leung: Great question! The project is to build a world class transaction-as-a-service platform that is connected to the Findora public blockchain. This platform can be used by anyone to conveniently take advantage of the most secured trtansaction processing system in the world: TRX metadata are kept locally in a decentralized way and only the zk proofs of the TRXs are in the cloud: making the system unbreakable. This transaction-as-a-service platform scales automatically when the users scale. I see this is a game changing product to seamless move financial ledgers to the blockchain and to the cloud. We have a variety of partners particiupating in the development including some international banks, DeFi projects and so on.
Q7 from Telegram user @tv100029
What
Language does Findora’s Smart Asset Framework use ?
Charles: Findora is developing a special domain-specific language (DSL) called Discret, which will enable financial applications to be expressed as “smart contracts”. Our language has various exciting properties, such as being easy to audit and verify, being integrated with our privacy tools, and more. We hope to make it available for our community to begin developing apps soon!
Q8 from Telegram user @Aguacate30
We
know that financial services in most countries are accessible to
large entrepreneurs or business people with a lot of money. How can
Findora break this barrier and make financial services accessible to
small business owners too?
Charles: Great question! Traditional financial services are often limited to only large institutions and the super wealthy. Access is certainly not equal across the board. One big reason is because the barriers to auditability and due diligence are so high. Another reason is that large institutions amass data silos, often keeping and profiting off users’ personal information and engaging in rent-seeking behavior. Findora’s technology aims to meet the basic requirements of privacy while also providing additional auditability, so that the barrier to entry for financial services is low and it’s also easy for anyone, not just large institutions, to perform due diligence. At the same time the vision is to eliminate data silos so that data is interoperable and users can remain in control of their financial data! 😄
Q9 from Telegram user @boehmcarmel
I’m
interested in contributing to Findora , Do you have any Global
Ambassador Program, if yes, how do I apply ?
Lucca: Yes! We are currently developing an ambassador program. You can e-mail cameron@findora.org and stay tuned to our newsletter for information on when we launch the program: https://tinyurl.com/yyz7va94
Q10 from Telegram user @clindad
What
your plans in place for global expansion, are you focusing on only
market at this time? Or focus on building and developing or getting
customers and users, or partnerships?Marketing is a central element
for every project, so that everyone knows the potential that a
project can bring is vital to achieve the goals set. What is your
strategy to attract new users and Investor to $Your platform and keep
them long term.
Cameron Dennis: We are taking a multi-strategy approach to expand internationally that includes hosting educational meetups and conferences around the world, partnering with some of the largest blockchain and non-blockchain companies, building great relationships with key media partners, working with legitimate staking-as-a-service companies, teaching courses at universities, and much more. We have seen that developers are very interested in building on top of Findora because they cannot seamlessly issue verifiably confidential assets on other other platforms. As for investors, our team and product speaks for itself. Many credible investors, like Polychain, have expressed interest in participating in supporting our growing project. Up to now, we have been primarily focused on development and strategic partnerships. We are in the early stages of executing our marketing strategy and there is a lot more to come 🙂
Part
3
– Quiz
Results
In the final part we would like you to check your knowledge in terms of Findora. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!
Q1
What
is Findora?
a. Findora is an open zero-knowledge blockchain-based network that enables individuals and enterprises to transact with privacy-preserving transparency.
b. Findora is an ERC20 token on Ethereum for permissionless controlling and sharing of data, while keeping user data confidential.
c. Findora is a mobile first blockchain platform that makes financial tools accessible to anyone with a smartphone.
d. Findora is an open source and non-custodial protocol enabling the creation of money markets. Users can earn interest on deposits and borrow assets.
Q2
What is a zero-knowledge proof?
a. A kind of data encryption where a user doesn’t have to know any encryption keys.
b. A technique for proving a statement is true, without revealing what the statement is.
c. A technique used to prove someone doesn’t know something specific.
d. The ability to perform an operation on encrypted data, without having to decrypt it.
Q3
What is the name of the trustless zk-snark invented by Findora co-founder Ben Fisch et al in 2019?
a. Plonk
b. Spartan
c. Supersonic
d. zkSTARK
Q4
Which
of the following projects make use of research and technology
invented by Findora co-founders Benedikt Bünz and Ben Fisch.
a. JPMorgan, Monero, Ethereum 2.0, Filecoin, Chia, Zcash.
