Hello, Satoshi clubbers and guests of this site. Glade introduces to you Finance.vote crypto project. It is a decentralized system for enhancing the governance of crypto networks, engaging in market discovery, and socially coordinated trading.
The AMA session was divided into 3 parts with total crypto reward pool is 500$.
Leading the AMA our clever and fun admins:
@madamlobster and @Cool_as_Ice
The Representative of the project: @DrNickA the CEO finance.vote
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Finance.vote! Welcome to Satoshi Club😀
D. | Satoshi Club: @DrNickA hello! Welcome to the Satoshi club! 😊
Dr Nick: Hey! Nice to be here. Thanks for having me.
Mary | Satoshi Club: @DrNickA you are welcome 😃 How are you today?
Dr Nick: I’m great thanks. Busy!
Mary | Satoshi Club: Tell us, please, more about yourself and your background in crypto) and of course, how did you start with Finance.vote)
Dr Nick: Sure, so I’m Nick founder of finance.vote. I’m a physicist by background and I have worked in a number of fields for the last 20 years including education, governance, and blockchain technology.
I used to teach cryptography years ago, which is where I discovered Bitcoin, and more recently I’ve been obsessed with governance and voting systems.
Mary | Satoshi Club: Oh, wide background 😃
Dr Nick: I’ve worked in a Fashion college too, but that’s a different story 😀
Mary | Satoshi Club: I need more info😂 (joke)
Dr Nick: It’s actually where I’m leaving. At the London College of Fashion, I was an Associate Dean there.
Mary | Satoshi Club: Oh, I have friends from London, love this style😉
Dr Nick: Yeah it’s a cool place So, I’ve just left academia which I’ve been in for nearly 20 years, and now I’ve full-time crypto😀
D. | Satoshi Club: so finance.vote is your main job now?
Dr Nick: Yep, I’m a full-time crypto. Took me a long time to find the project I knew I could make the leap for, but this is it.
Mary | Satoshi Club: And why voting?) Do you think it’s really so big problem in crypto?
Dr Nick: It’s a big problem generally, but crypto is where the innovation in voting and governance is happening. Voting is how you get humans to interact with blockchains Blockchains aren’t good at storing much data, so you need some mechanisms for getting an opinion on the blockchain.
Mary | Satoshi Club: It has sense) btw, as I see your first voting had a place in the telegram group. Not blockchain) I mean ticker voting😉
Dr Nick: Yeah we’re voting in our group at the moment to make some decisions like ticker name and launch date etc. But it’s not on-chain yet, that’s when it gets serious😀We had to change from $FIN to another token because it was being used by another project, so we let the community decide.
We’re now $FVT
Mary | Satoshi Club: Got it, nice choice for the ticker) so, I think it’s time to take a serious decision and start with our community questions 😉 ready to answer them?
Dr Nick: Yes sure!
D. | Satoshi Club: What about your launch date? when it will be?
Dr Nick: We’ve got a vote up for 3rd or the 8th. 3rd is Election Day in the states. We thought it might be poetic to launch a voting app on Election Day, but a lot of people think it’s a bad idea haha, 3rd is winning so far in our poll.
D. | Satoshi Club: Haha ok, got it! 🙂 Okay, now is question time.
Q1 from Telegram user @dominiksss
I have to buy 100 tokens to be able to vote. What advantages do I have if I buy more tokens? I have more vote rights?
Dr Nick: Yeah good question. So yes you buy 100 tokens to get an identity. These will take the form of a unique NFT. They will be numbered so $FVT 1 to whatever number of users we have. You can buy more of these identities if you wish. A big thing in voting technology is Sybil resistance, so we’re making you pay for setting up multiple accounts if you want them.
Eventually, you will be able to stake $FVT to increase your voting power in our miniDAOs and main governance DAO. They will be like community environments where people can discuss their favorite tokens.
Mary | Satoshi Club: Ok, but is this possible, that one or two persons will simply buy all votes?
Dr Nick: So this is the very thing we’re trying to fix in blockchain governance. They all tend to turn into plutocracies. Our voting power is independent of the token stake. There is an interplay, but having all the tokens doesn’t mean having all the voice. You have an internal token called $V which represents your vote power, that’s non-transferable and can’t be bought on the open market. You can only earn it.
Mary | Satoshi Club: It started to become clearer for me.
Dr Nick: Plutocracy is a system which is where the rich run everything. If you look at a lot of the governance systems in the space that tends to be the case.
Mary | Satoshi Club: Yes😀 I know this system and even live in it😂
Dr Nick: Ha, don’t we all.
D. | Satoshi Club: How that NFT would be look? can you tell me more about that? it will be some unique card/sticker or what?
Dr Nick: To start with it will just be a unique identifier. You will be able to skin it yourself. We’re just working up the details of where that can go, but we’re very excited about it. A lot of people have associated NFTs with art at the moment, but they have much broader use cases. We’re calling them Decentralised Identity Tokens (DITs)
Mary | Satoshi Club: But it has to be beautiful😂 p.s. how it will be possible to earn it?
Dr Nick: You will be able to make it beautiful. I told you I worked at a Fashion school, they will be fabulous. Haha. You can’t earn these you have to burn some $FVT to get one. You can buy as many as you want but if a lot of people are buying them at the same time they get very expensive.
Mary | Satoshi Club: Understand))) thank you😃
D. | Satoshi Club: thank you for your answer! ready for the second question?)
Dr Nick: Yep!
D. | Satoshi Club: Q2 from Telegram user @jobel4
Honestly, I read the content on your website but I can’t clearly understand the steps in predicting or voting. Can you clearly and simply explain to us those 4 steps mentioned on your website? How does the voting process take place? What is the difference between predicting and voting in Finance vote?
Dr Nick: Yeah, I’ll be quite honest this is our biggest challenge. We’re presenting a kind of voting that hasn’t really been done before so it’s hard for people to get their heads around. It normally takes about an hour with me in a room with a whiteboard for people to get what’s going on completely.
I’ll try and break down the workflow for voting in our vote markets. You will obtain some $FVT, then you obtain an identity. You’ll be able to do it in one click from our dApp.
Then you will have a budget of 100 $V to spend on our vote markets. You spend these $V tokens using quadratic voting.
That means you can vote more than once but it costs you more by the square of the votes.
So 5 votes, is 5 x 5 = 25 $V So you can vote on a number of tokens in a list. If one of the tokens you pick is the top gaining token you win a share of the reward pool
Mary | Satoshi Club: It’s hard to understand from the very beginning, but I will try) btw, do you have any articles which explain this system?
Yeah there’s a blog that explains the whole thing.
https://link.medium.com/fPtI5v5yQab
Dr Nick: It’s very important to us that we’re totally transparent about how the whole thing works.
It’s complicated but if you get it, we think people will earn some $FVT from it.
Mary | Satoshi Club: Definitely need to read this)
Dr Nick: There was a follow on the question there what’s the difference between predicting and voting.
Mary | Satoshi Club: Yes.
Dr Nick: In prediction markets, you buy shares in probability. It’s basically betting odds. You need a peer to take your bet. Someone who believes the opposite of you. We’re a bit like a prediction market in the sense that your predicting an outcome settled by a market, but because you’re using quadratic voting you can make many bets. But you don’t need a peer. You’re playing against the network. There is always liquidity in the game. We’re prediction because we’re a bit like prediction markets, voting because you play by voting.
Mary | Satoshi Club: As I saw you already had voted on your Twitter, yes?
Dr Nick: Yeah we tried something out there, but it was a pain. Twitter isn’t very transparent at all about how many comments you get etc. We got 300+ players, but it only displays half of them, etc.
Good for us, because it means it can’t be done on Twitter. You need a blockchain haha.
Mary | Satoshi Club: Yes, I saw😂
Dr Nick: We think we’ve nailed it down to 4-5 winners who share a stake of 5 ETH. We’re paying them out tomorrow and might even set another one up in our TG or on Twitter this Sunday.
Mary | Satoshi Club: And yes, blockchain will be much better) you won’t lose anyone)
Dr Nick: Exactly, it’s time-stamped, it’s a guaranteed fair history,
Mary | Satoshi Club: 4-5 winners for 5 ETH?😀
Dr Nick: They win a share of 5 ETH.
Mary | Satoshi Club: Nice numbers)
Dr Nick: Like in our real vote markets. The winners will win a share of 100,000 $FVT
Mary | Satoshi Club: Which exchanges $FVT will be listed?😉 Can you give me any info?)
Dr Nick: We’re talking to a few CEXs, but honestly I’m more interested in the DEX space. If they can bring liquidity to our market we’ll be open to listings, but largely it’s Uniswap that excites me
Mary | Satoshi Club: Oh, Uniswap is the king)
D. | Satoshi Club: Yeah. DEX is the future. Indeed and that’s changed the game.
Ok, thank you for answers Dr Nick! ready for the third question?
Dr Nick: Sure!
D. | Satoshi Club: let’s go!
D. | Satoshi Club: Q3 from Telegram user @jmagsss
What are the advantages and benefits of using a quadratic voting consensus system and do you think this technology can be implemented and used outside of Finance.Vote ecosystem?
Dr Nick: Yeah nice question.
We think quadratic voting will change the world. The potential use cases of it boggle the mind once you get your head around it. If you think about an election, it’s typically picking A or B, or if you’re lucky one or two more.
Quadratic voting allows you to pick preferences, make your voice louder on some issues more than others, and generally broadens the parameter space for decision making. It’s revolutionary. You’ll see lots of people using this in the future.
We use it because it allows us to add an economic dimension to our voting. There’s a cost to making your voice loud and we’re adding crypto-economics to that. As for will it be used out of the crypto-space.
Definitely. We’ve got big plans for how to use it and we will do a lot of adoption outreach work, but we think the best place to try New Democratic models in the crypto-space. We want early adopters.
Mary | Satoshi Club: Where this type of voting obtains now?
Dr Nick: We’re one of the first to use it. There are some implementations out there. Gitcoin use it for funding projects. The challenge for these things is Sybil resistance. That’s why we have our identity system.
Mary | Satoshi Club: You mean in crypto, but maybe in other spheres?
D. | Satoshi Club: Btw do you use some oracles for the voting mechanism? I’m just curious if this technology needed on your platform.
Dr Nick: It’s been used in a couple of political experiments. The inventor Glen Weyl is doing some really cool stuff with it.
Yeah we’re going oracle shopping soon. We will need one to settle our vote markets in a completely decentralized way, but we’ve yet to find the perfect solution yet. If we can’t find one we’ll build it.
Mary | Satoshi Club: Oracle shopping 😂 I like this term😀
Do you have funds for shopping? Will you have a public sale for $FVT?)
Dr Nick: Yes we’ve raised enough to go for a few years privately. We’ll enough to bootstrap the network we think.
Mary | Satoshi Club: As I know you had a private sale, am I right😀? Yes, I see
Dr Nick: We’re not doing a public sale as such. It’s a liquidity generation event. And will be an auction. All the proceeds go to liquidity.
Mary | Satoshi Club: I think it’s a good decision)
Dr Nick: Yeah we think so
Mary | Satoshi Club: Thank you for your answers 😃 Ready for the next question?
Dr Nick: Sure!
D. | Satoshi Club: 4th question is coming…
Q4 from Telegram user @keliertg
According to your website, at the end of each prediction tournament, the winners get a greater voting power and “a share” of the tournament’s reward pool. What percentage of the winnings does “that share” mean? What factors will determine the amount of money I can win if I get it right?
Dr Nick: So the reward pool is shared with the winners by votes. How you sent your $V and if you’re correct and who else is determines what you will win
Mary | Satoshi Club: Ok, can you give an example with numbers.
Dr Nick: It’s a liquidity pool that you earn by being correct. So a big thing that we’re focussed on is not knowing the outcome before it starts. So we really don’t know. It depends on how many players there are, how people voted, and how the market behaves. There are some interesting maths in there that my CTO and I have been working through but it’s quite complicated. It’s basically 100,000 $FVT divided by the number of votes in the pot going to who voted, but when there are multiple identities at play it gets really interesting.
Mary | Satoshi Club: Let’s imagine, me and @Cool_as_Ice voted correctly) and you have the reward pool 1ETH.
Dr Nick: You’d get half each if you voted the same
Mary | Satoshi Club: Ok, 100 000 FVT
Dr Nick: 50k each
Mary | Satoshi Club: Got it👍
Dr Nick: If you voted 10 and @Cool_as_Ice voted 5 you’d get double.
Mary | Satoshi Club: Yes😀😀i want my 10😂
D. | Satoshi Club: Ok now it’s understandable for me. I’m bad at math😅
Mary | Satoshi Club: Wait, till I will start to count questions 😂
Dr Nick: It’s a game theory battle really. We think people will have a lot of fun with it.
Mary | Satoshi Club: Yes, this is a good battle with good prizes👍
Great, can we go to the next question? Or you want to add something?)
Dr Nick: Yes? let’s go.
D. | Satoshi Club: Q5 from Telegram user @amirjosh
Finance.vote’s medium article mentioned your own DAO, the Decentralized Monetary fund or DMF, and miniDAO’s which is part of your second layer governance system. Can you give us a little preview on how you will integrate them into your voting technology and when will it be implemented?
Dr Nic: The DMF is our layer one DAO, it makes all the serious decisions. Our second layer governance system is a discussion system, where you will be able to vote. Our second layer governance system will be a network of what we call miniDAOs they’re places for people to learn together, share sources, the debate about their favorite tokens. And if those ideas are good they graduate to our main DAO the DMF. That sets all the monetary policy decisions, prices of identities, prizes in the vote markets, and things like that.
Mary | Satoshi Club: Like this? Or it’s not the correct picture?
Dr Nick: So this is an example of what our second layer governance system might look like. You share votes, opinions, sources for any token in the space. This example is bitcoin.
This is where we want to build arguments to lobby blockchains to release the stuff that they want. If you’re a token holder in a blockchain and you want it to change in a certain direction you can start building your argument here.
Mary | Satoshi Club: Ok, how do you plan to attract members to use it? A lot of projects have their own governance systems.
Dr Nick: People will be able to earn a share of the system rewards. We’re using a system we’re calling vote mining. The more you vote the more you earn. It will be a bit like Reddit but you can earn money and vote power on it.
D. | Satoshi Club: Interesting approach.
Dr Nick: Thanks
Mary | Satoshi Club: Got it. Maybe you also want to partner with some projects? Which wants to use your voting?😉
Dr Nick: There’s a few interested already. We will do I think. We want to influence the government in the space, some won’t want minority token holders to have too much of a voice.
Mary | Satoshi Club: Wish you good partnerships)😉 hope, you will find the best)
Dr Nick: Thanks 🙂 We’ll let you know as soon as we announce some.
Mary | Satoshi Club: And the last question from this part?😃
Dr Nick: Yep!
D. | Satoshi Club: Q6 from Telegram user @jonahapagu
Finance. Vote in the long term intends to signal out Scam tokens in the market using the collective wisdom of users through a prediction voting process.. in your prediction game is voting on which coin will be a Top gainer the only prediction users will be voting on.. do you think this alone is a sufficient tool to signal out Scam coins Considering the fact that even scam tokens with lazy teams Can still be top gainers?
Dr Nick: Interesting question. Yeah, so we think we can aggregate people’s research to find out which tokens are good and which are bad. We can’t claim to catch all scam tokens because our signal is only as good as the voters in it. It was also pretty impossible, there are 100 new tokens a day and most are scams. But we do hope to be able to help people focus their attention on which tokens are good. We’re going to expand our vote markets starting with top 10 DeFi, to all sorts of token lists.
Mary | Satoshi Club: Did you ever think about what you will do if you caught someone voting for a scam token?
Dr Nick: The “New Tokens” market could be really exciting but we need to figure out how to manage what goes on the list. Anyone can vote for whatever they like. If people think a project is interesting that’s a reason to be interested in it. Doesn’t mean it’s a good project. Just where the attention is.
We haven’t planned any kind of slashing mechanism for people trying to swing consensus towards scams and probably won’t.
Mary | Satoshi Club: Decentralisation.
Dr Nick: Exactly
Mary | Satoshi Club: So, you won’t be that man that call scams, you will give this right to your community.
Dr Nick: Exactly that yeah
D. | Satoshi Club: Nice! thank you for the answer! are you ready for the second part of our AMA?
Dr Nick: Sure let’s do it
Mary | Satoshi Club: Let’s go 🚀
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
Q1 from Telegram User @Thienzoro
✅ If I donate 1000$ for $FVT or $V, will I get more votes? Or will my vote be more valuable than the tickets of others? 🤔🤔🤔
@DrNickA
✅So what will I get when I burn $ FVT? And when we want to buy DITs, we have to buy early to avoid high prices, so if for long term, the price will increase or decrease? 🤔🤔🤔
Dr Nick: You don’t get more voting power for your identity. The only way you can get more $V on identity is to be correct in the market. If you vote 6 on a token you spent 36 $V and you’ll get 36 more $V in the next round. You can buy more identities, but they will always drift back to their base value of 100 $FVT when no one is buying. The price of them only goes up when there’s a rush for them.
Q2 from Telegram User @biegy
What do you guys see as the biggest barrier preventing DeFi/synthetic assets in particular from gaining widespread adoption?
Dr Nick: I think at the moment it’s complexity. It’s just all a bit complicated for the everyday user. Eventually, I think people will build infrastructure on top of everything that makes it super simple. But we’re very early adopters at this point.
Q3 from Telegram User @BboyForteVZLA
What is the minimum amount of tokens that I have to buy in order to vote in your ecosystem?
Dr Nick: All you need is 100 $FVT to get an identity and then you can vote in our vote markets for free forever. The only cost is the Tx (gas) costs on the network.
Q4 from Telegram User @Jmagsss
Token prices across different exchanges are not the same, they vary by tenths to a thousandths decimals. How would the Finance vote assess what price is the TRUE price of the token?
Dr Nick: And this is why we need to go oracle shopping. We’re going to have this fairly centralized to start and then we want as decentralized a solution as possible. The probability of it coming down thousands of decimals in our top gainer market are very low. But it will be important in the future.
Q5 from Telegram User @CElllIFE
Does this mean that finance.vote system can be used for pump and dump schemes, as it was popular in 2017?
Dr Nick: No, pump, and dump schemes are heavily asymmetric. There’s always someone running the thing that will dump on you. Everything we’re doing is transparent and on-chain. This is just market prediction. If we’re moving markets, we’ve got pretty big!
Q6 from Telegram User @KhaleesiTheCryptoLady
Hi @DrNickA 😊
A few days ago, you decided to change your ticker from $FIN to $FVT. What is the reason behind the rebranding of your ticker?
Dr Nick: There was another project out there with the same ticker. We checked Etherscan months ago and there was no active token ticker using $FIN so it was our token. But I’m really pleased we’ve now got one that’s community chosen. It’s a great way for a governance platform to start.
Q7 from Telegram User @Manugotsuka
How many types of cryptocurrencies or real assets Finance vote can interact right now?
Dr Nick: We’re just starting on the DeFi top ten tokens, but there’s no reason why we couldn’t do any tradable asset in the future.
Q8 from Telegram User @Jonahapagu
I read your Tweets and saw some interesting solutions you profered for some major problems of Prediction projects you pointed out that Finance. Vote will be able to solve the problem of voter apathy through the payment of Voters who partake in the prediction game. How does Finance. Vote intends to fund these payments and ensure that this is sustainable for a longer-term what happens when you begin to get large numbers of Voters which will mean more rewards to payout.
Dr Nick: So 10% of the token supply is going to be distributed to voters over 5 years. It’s a bit like the Uniswap airdrop but this will be based on your participation in the system and instead of being a one-off, it goes on for years very day.
Q9 from Telegram User @apocan99
What is the mission of The Decentralised Monetary Fund (DMF), how does it work?
Dr Nick: Its mission is to run the whole system completely. A lot of DAOs have attempted to give power to everyone but it requires a transition phase. It’s no good if all the power is in the hands of a few token holders or smart contract developers. We want the DMF to be run on parameters that a lot of people understand. Think of it like dials on an old synthesizer. You turn the dials and the game changes. That’s what people will vote on.
Q10 from Telegram User @Xusuo
Many people evaluate projects based on their value, not the features the project possesses. How can the FinanceVote team add educational value to their investors so that more people understand your project?
Dr Nick: Yes this is really important. We want to make sure everyone understands what we’re doing so that they can make an informed decision on whether they want to play or not. We also don’t want to say what the value of our network is ourselves. So we have created an entirely new price discovery mechanism for our launch. It will be something called an exponential token auction and will decide our listing price. We think the best way to understand value is for it to be done by consensus.
Add Your Heading Text Here
Part 3 – Quiz Section
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the project. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Quiz Correct Answers.
User must acquire a minimum of ___ $FVT before engaging in voting activity on vote.finance.
C. 100
Which of the statement(s) is/are true?
A.User’s identity address becomes the user’s source of reputation
C. The history of correctness in each tournament determines the voting power tokens ($V).
Correct is E. A & C
What is it that Finance.vote doesn’t allow Users in private groups?
B. Compare votes
What of the following will the Finance.vote governance architecture utilize to introduce a new paradigm of governance into the crypto-space?
B. Decentralised Monetary Fund (DMF)
For more details:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Website: https://esatoshi.club/
Twitter: https://twitter.com/esatoshiclub
Our Crypto Partner by this AMA:
Web-site: Finance.vote
Finance.vote Telegram group
Finance.vote Twitter
