We were delighted to welcome our guest from Lithium. The AMA took place on July 10th, 2021 and our guest was @davidlighton.<\/p>\n\n\n\n
The total reward pool was 500$ and was divided into three parts. In this AMA Recap, we will try to summarize some of the most interesting points for you.<\/p>\n\n\n\n
Mary\nSatoshi Club: <\/strong>Hello Satoshi\nClub! We are happy to announce our AMA session with Lithium Finance! Welcome to Satoshi Club😀<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430 \u0420\u043e\u0443\u0447: <\/strong>today our guest – @davidlighton! 👏<\/p>\n\n\n\n David\nLighton: <\/strong>Hello!<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>welcome! good to have you here today!<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Happy to e-meet you, David!<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>how are doing? @davidlighton<\/p>\n\n\n\n David\nLighton: <\/strong>Oh I\u2019m doing well, thanks for asking.<\/p>\n\n\n\n David\nLighton: <\/strong>Pleasure to be here with you.<\/p>\n\n\n\n David\nLighton: <\/strong>How are you!<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>fantastic! 😇<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>I am fine and excited to hear more about Lithium\nFinance 🚀<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>let’s start our AMA 😀<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>with intro 😉<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>David, could you please introduce yourself and tell\nus more about Lithium Finance 😉<\/p>\n\n\n\n David\nLighton: <\/strong>Great stuff and by the way, im excited to see close to 20,000 guests\nonline. Thank you for having us. We\u2019re excited about our upcoming IDO\u2014<\/p>\n\n\n\n David\nLighton: <\/strong>And yes\u2026let me introduce myself\u2026<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Sure👏<\/p>\n\n\n\n David\nLighton: <\/strong>Hi everyone, I’m David, the co-founder of Lithium – and an entrepreneur\npassionate about inclusive financial innovation. My team and I feel the\ntraditional financial sector can be improved enormously by the innovative tools\nof DeFi and cryptocurrency. These changes are happening now and fast. As the\nDeFi space and the traditional finance world converge, the needs and\nexpectations of having real-world assets in the DeFi space are also growing\nsimultaneously. Pricing these assets in a decentralized manner is an inevitable\nprocess of bridging the two worlds together.<\/p>\n\n\n\n David\nLighton: <\/strong>Before Lithium, I was the Founder and CEO of SendFriend, a FinTech\nstartup using the blockchain to create faster, less expensive, and more\ninclusive international money transfers for immigrants in the US. Prior to\nfounding SendFriend, I served as Special Assistant on the Haiti Desk in the\nWorld Bank following the devastating earthquake of 2010, and co-authored the\nHaiti National Financial Inclusion Strategy, a Central Bank-sponsored\ninitiative to increase consumer account penetration from 25% to 50% of adults.\nI hold an MBA from MIT \u2013 Sloan School of Management and an M.A. and B.A. with\nhonors from Johns Hopkins University.<\/p>\n\n\n\n David\nLighton: <\/strong>Lithium Finance is an on-chain pricing oracle that fills one of the most\nimportant missing links between real-world asset investment and DeFi. The\nprotocol leverages collective intelligence to price real-world assets,\nespecially assets that are hard to value, such as pre-IPO stocks, private\nequity, and other illiquid assets.<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>that’s\nimpressive background you have 👍<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Your experience is great! 👏<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>To be honest i see such concept first time and\nthat’s what we need now😃<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>me as well 😄<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Tell us more about Lithium Finance team😃<\/p>\n\n\n\n David\nLighton: <\/strong>Ok !!!<\/p>\n\n\n\n David\nLighton: <\/strong>Thank you !!!<\/p>\n\n\n\n David\nLighton: <\/strong>I\u2019d like to use this opportunity to talk about my fellow co-founder,\nSteve Derezinski. Steve is a Senior Executive and MIT Blockchain Engineer &\nMBA, who has launched 80+ startups that have cumulatively raised over $250M to\ndate. Steve and I share the same ethos, that bringing real-world assets into\nthe world of decentralized finance \u2014 offering financial services with no intermediaries\nor guarantors \u2014 is the final frontier of crypto.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>I think Steve has a chance to double his raised\nfunds with Lithium Finance 🤣<\/p>\n\n\n\n David\nLighton: <\/strong>haha 😵💫😵💫<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>@davidlighton thank you for your intro! We have 6\nquestions from our community which we choose for the first part of our AMA 😀 do you\nwant to add something or we can go to the questions?<\/p>\n\n\n\n David\nLighton: <\/strong>I would just add that it\u2019s a pleasure to be here speaking with you and I\nknow we\u2019ll have a great discussion – go for it\u2026<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>thank you! 😊 and thanks for great intro! let’s gooo!<\/p>\n\n\n\n Q1 from Telegram User @KathDM<\/em><\/strong><\/p>\n\n\n\n You recently announced the launch of an IEO on\nKuCoin, this news came at the time that Lithium is going through an IDO on\nPolkastarter which the team announced earlier. What are the benefits of the\ndual IDO + IEO? Why did you decide to do both IDO + IEO simultaneously?<\/em><\/p>\n\n\n\n David\nLighton: <\/strong>Thanks for the question. We had initially planned to just do an IDO;\nhowever, we were presented with the great opportunity to list on KuCoin early.<\/p>\n\n\n\n Of course, this isn\u2019t an opportunity afforded to every DeFi project.\nListing on a high volume exchange such as KuCoin helps our credibility and our mission\nto be a universal token for pricing illiquid assets.<\/p>\n\n\n\n The view is that, while we don\u2019t want to list on ALL exchanges at the\nsame time, we did want to demonstrate to the community that we look at the\nworld in a certain way and that we\u2019re not only very focused on product but also\non developing relationships with exchanges. For example, in our last round,\nAlameda Research (FTX), Huobi Ventures, and OKEX all invested. While we don\u2019t\nhave announcements pending yet about listing, our intention is to list where we\ncan to demonstrate our credibility\u2026<\/p>\n\n\n\n I hope this helps to answer the question !!! 🚀😎🚀😎<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>thank you! is it not too late to take part in your IDO and IEO?<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Yes, we love Kucoin! 😍<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>if it’s not too late, can you share with us info, about how people can do\nit 😊<\/p>\n\n\n\n David\nLighton: <\/strong>Here are the related links if you need:<\/p>\n\n\n\n IEO announcement:\nhttps:\/\/www.kucoin.com\/news\/en-announcement-of-lithium-lith-token-sale-on-kucoin-spotlight<\/p>\n\n\n\n IEO subscription page: https:\/\/www.kucoin.com\/land\/spotlight_r5\/124?lang=en_US<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Thank you for sharing! 👏<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Good luck to everyone who is going to participate!😉<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Thank you for your answers, David! Ready to go to\nthe next question?<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>@davidlighton 😉<\/p>\n\n\n\n David\nLighton: <\/strong>Yes<\/p>\n\n\n\n Q2 from Telegram User @victorogb<\/em><\/strong><\/p>\n\n\n\n On the Lithium Finance tokenomics and token\nallocation formula, there would be a total supply of 10 billion $LITH tokens of\nwhich 10% is reserved for liquidity, 10% for community, 0.8 for public sales\nand 30% allocated to staking rewards. With an allocation of a meagre 0.8% of\n$LITH for public sales as compared to a 30% allocation for staking rewards,\nwouldn\u2019t this be inadequate for investors and traders and why would your\nlargest token allocation go to staking rewards? Additionally only 10% is\nreserved for Liquidity, how will Lithium Finance hope to grow it\u2019s liquidity\nreserves and what are the scheduled vesting periods for the various token\nallocations?<\/em><\/p>\n\n\n\n David\nLighton: <\/strong>This is an interesting question.<\/p>\n\n\n\n Candidly, I would say it is a more financially technical question than we\ntypically answer.<\/p>\n\n\n\n On the one hand, our tokenomics structure is quite typical and indeed a\nsimilar structure has been employed in other projects Liquefy Labs has\nincubated, such as Linear and Convergence. Moreover, this is a similar\nstructure to those used in other successful projects.<\/p>\n\n\n\n Having said all of this, I would add that we remain open to feedback and\nwe\u2019re happy to take suggestions under advisement. Please feel free to DM me\nwith comments and I can raise them with the team in due course.<\/p>\n\n\n\n Thanks for another interesting question!<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>thank you for the great answer!👍 by the way will you\nplan to start any farming events after the end of public sale?<\/p>\n\n\n\n David\nLighton: <\/strong>There will be more announcements about this forthcoming\u2026<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>appreciate for answers! ready for the next question? 😊@davidlighton<\/p>\n\n\n\n David\nLighton: <\/strong>Yesss<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>🚀🚀🚀🚀<\/p>\n\n\n\n Q3 from Telegram User @josegamboac<\/em><\/strong><\/p>\n\n\n\n Virtually all of the listed chain protocols use\npublicly available pricing information. Lithium is generating prices that are\nnot available in the chain and most are not available anywhere, pricing the\nones that are priceless. This is what sets lithium apart from other chain\nprotocols. But what is the source from which lithium drives prices? How do you\nguarantee to encourage the best responses from all sources?<\/em><\/p>\n\n\n\n David\nLighton: <\/strong>Sure<\/p>\n\n\n\n David\nLighton: <\/strong>Recent advances in peer-prediction capabilities allow Lithium to query\nindividuals to provide answers without access to the ground truth (an external\nanswer with finality, i.e. stock price once IPO, or final score of match).\nPreviously, aggregating multiple users\u2019 opinions has been thought to require\naccess to final answers (ground truth) — but this is not the case. We can\ntherefore select a set of Wisdom Nodes or aspiring Wisdom Nodes to answer\nquestions in binary fashion (i.e. higher \/ lower or yes \/ no) or ternary(i.e.\nhigher \/ neutral \/ lower) or categorically (i.e. <$10, $10-$20, >$20).\nFrom this set of Wisdom Nodes And their confidence staking, we can\nmathematically determine the best answer prior to disclosure of the future\nground truth, giving us the pricing information we need during illiquidity. The\nmathematical combination of all answers allows common answers to reinforce each\nother and off-axis — ornon-correlated answers to cancel each other. This\ncombination allows us to reward those participating inconsistent results. In\nsome cases where the eventual ground truth is revealed, the reward will be\ndistributed on disclosure, meaning once an asset is priced in the market. The\nalgorithm\u2019s core is based on calculating the determinant of answers after\nrandomizing their sequence into a set of matrices. This has been proven to\nsimultaneously a) discourage and negatively impact incongruent answers and b)\nprovide a strong reward calculation to encourage honest answers.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>I want to ask you which blockchain Lithium Finance\nwill be based on or you will have your own?<\/p>\n\n\n\n David\nLighton: <\/strong>We\u2019re an Ethereum-based project<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Do you plan to add more blockchains? 😉<\/p>\n\n\n\n David\nLighton: <\/strong>We will make announcements about cross-chain compatibility as we go\nforward\u2026<\/p>\n\n\n\n David\nLighton: <\/strong>Good questions\u2026<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>😉 do you have plans on your own mainnet? can you\nshare this info? 😁<\/p>\n\n\n\n David\nLighton: <\/strong>Yes we will have a mainnet launch, in due course<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>nice! thank you for answer! 👍<\/p>\n\n\n\n David\nLighton: <\/strong>You ask a lot of good questions, eh?<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Btw, will your protocol work only for big industry\nplayers who want to know prices or may be me and @Cool_as_Ice will also be able\nto use it to price our actives?😀<\/p>\n\n\n\n David\nLighton: <\/strong>I guess that\u2019s how you have so many followers 😎😎😎<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>We are doing our best😀<\/p>\n\n\n\n David\nLighton: <\/strong>In the spirit of DeFi and FinTech, Lithium is FOR EVERYBODY.<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>yes we\ntrying to 😄<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>That’s great! We will definitely follow your\ndevelopment progress 😉<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Thank you for your answers, @davidlighton ! Ready to\ngo to the next question?<\/p>\n\n\n\n David Lighton:\n<\/strong>Yes<\/p>\n\n\n\n Q4 from Telegram User @Cheriemike<\/em><\/strong><\/p>\n\n\n\n We are all familiar with Proof of Stake and Proof of\nWork consensus protocol and now Lithium Finance has what is called Proof of\nWisdom Staking (PoWS) Can you briefly explain to us the benefit of this\nconcensus protocol and how will the incentive structures implied by these\nalgorithm affect participation in the protocols themselves and the services\nbuilt on top of them?<\/em><\/p>\n\n\n\n David\nLighton: <\/strong>Proof of Wisdom Staking (PoWS), is a protocol that builds on the wisdom\nof the public to reward them. Reputation is an added incentive and enhancement\nto correctness over time. Initially individuals may have low or no reputation,\nbut as their performance improves they receive a higher reward, all else being\nequal.The closer a Wisdom Node is to the final ground truth, the higher their\ncompensation. In addition, the more an individual signals their confidence in\nthe results (by staking more tokens) the more they earn,enabling a strong\nfeedback loop to encourage positive, honest behavior. Of course if a malicious\nactor decides to provide answers designed to manipulate, they might also decide\nto add a significant stake to their answer to maximize the impact. In this case,\nonce the consensus answer or ground truth is uncovered, not only will the\nmalicious actor\u2019s reputation be slashed, so will all of their stake. In the\ncase of an attempt to collude with a number of malicious actors, the amount of\nfunds required to stake plus the lack of direct influence (due to the random\ndown-selection) means all of these funds will get slashed and the resulting\nanswers will not be impacted. Therefore, the best action is to both answer\nhonestly and stake your confidence.<\/p>\n\n\n\n D. \u041f\u0430\u043f\u0430\n\u0420\u043e\u0443\u0447: <\/strong>PoWS protocol was made by your team? is it something new that was never\nused before in crypto?<\/p>\n\n\n\n