{"id":1634,"date":"2020-09-03T21:40:00","date_gmt":"2020-09-03T18:40:00","guid":{"rendered":"https:\/\/esatoshi.club\/?p=1634"},"modified":"2020-09-03T21:40:03","modified_gmt":"2020-09-03T18:40:03","slug":"pofid-x-satoshi-club-ama-recap-from-1st-of-september","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/09\/03\/pofid-x-satoshi-club-ama-recap-from-1st-of-september\/","title":{"rendered":"POFID x Satoshi Club AMA Recap from 1st of September"},"content":{"rendered":"\n

On September 1st our friends from POFID were invited to conduct an AMA session at Satoshi Club. This time we had many rewards, including a $500 pool for users who joined the POFID telegram group<\/a>. Our guest was Dane Elliot (head community organizer). <\/p>\n\n\n\n

The total reward pool was $1000, it was splitted into three parts and the special task .<\/p>\n\n\n\n

In this AMA Recap we will try to summarize some of the most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS<\/strong><\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Hello dear community! Our guests today are\nfrom @pofid<\/a>. Welcome to Satoshi Club!<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>Hi everyone, and a warm welcome to @d41145<\/a>.<\/p>\n\n\n\n

Dane Elliott: <\/strong>Hi all! Glad to be here and talk to\nyou all!<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Please tell us a bit about yourself, how did\nyou get into crypto?<\/p>\n\n\n\n

Dane Elliott: <\/strong>Sure thing. So hi everyone at Satoshi\nClub! I\u2019m Dane. I\u2019m head community organizer for POFID and I\u2019ve been working in\nblockchain since 2017. I first came to know about POFID sometime towards the\nend of 2019 and since then have been really fascinated by the project and the\npotential it presents. Right now, DeFi projects are extremely hot and have\nbecome almost the buzzword of choice as of late, but I think it is important to\ndistinguish POFID from some of the other projects out there. POFID is a DeFi\ninfrastructure project with privacy protection that supports advanced financial\napplications and general tools on the SERO network. We believe DeFi is the real\nFinance 2.0 and POFID DAO is an extremely important piece of infrastructure\nthat underlies that revolution.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>You hoped in during the ICO hype. \ud83d\ude42<\/p>\n\n\n\n

Dane Elliott: <\/strong>Haha, yes, that’s essentially\ncorrect!<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>DeFi is on fire for sure.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>I feel like in the ICO bubble to be honest 😁\nI hope I am wrong.<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>(To Dane Elliot)What did you do before crypto-life?<\/p>\n\n\n\n

Dane Elliott: <\/strong>Before crypto I was working in tech\nand later finance. Crypto seems like the perfect step up from the two of those,\ncombining the two and adding so much more value on top. DeFi obviously goes\neven further, but we are only just now starting to see it take off! So very\nexciting times ahead!<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Thanks for the introduction, Dane! We’ve\ncollected some questions from the community. Ready to dive in and take a look\nat them?<\/p>\n\n\n\n

Dane Elliott: <\/strong>By the way, before we talk about\nproject specifics, here is our group link for anyone looking to learn more\nabout us and join in on this revolution! \nhttps:\/\/t.me\/pofid<\/a> <\/p>\n\n\n\n

Yes,\nabsolutely, let’s go!<\/p>\n\n\n\n

Q1 from Bitcointalk User zygote59<\/strong><\/p>\n\n\n\n

Based on some available data, POFID\nDAO uses Decentralized Mortgage Warehouse (DMW) as your primary smart contract.\nCan you explain DMW in simple terms, how it works and what it uses in your\nnetwork?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>So let’s start by talking a little\nabout pledged lending and stable coins. This is a concept that is often\nconfused. Logically speaking, lending activities require a certificate, but the\ngenerated certificate itself is not a loan. For example, the DAI generated on\nMaker is nothing more than a debit note. The loan only occurs when you use the\ndebit note in an exchange for other assets. The so-called stable currency is\nthe debt (if any) that occurs under this IOU. The amount of debt is anchored to\nthe value of some other asset (such as legal currency or USDT). But this does\nnot change the essence of what it is as IOU – if you don’t use it, there will\nbe no debt. From the perspective of infrastructure, Maker can be regarded as\nsuch, but it is almost limited to the function of printing IOUs.<\/p>\n\n\n\n

In view of\nthis recognition, you can think of POFID as a container that manages a set of\nassets, a “Decentralized Mortgage Warehouse (DMW)” that accepts and\nrelies on various deposited input assets that map onto (or are issued onto)\n\u201cAssets on the Chain\u201d (AOC), according to certain rules. Making use of stable\ncoins in the case of POFID means that the collateral in the container must have\nan observable value that can be measured by the anchored object. The ratio\nbetween the number of AOCs is then fixed by the amount of collateral and\nmapping (or issuance), according to this value. If a user who issued this AOC\nexchanged it for USDT or a certain fiat currency (that is, the anchored\nobject), then the loan of the anchored object has been completed. At this time,\nthis AOC is not only a kind of IOU (since the user exchanged the anchor object\nto complete the loan) but also a kind of stable currency as the user who\nreceives this AOC can use it to make payment.<\/p>\n\n\n\n

Q2 from Bitcointalk User george.bend<\/strong><\/p>\n\n\n\n

With POFID, anyone can issue their\nown cryptocurrency using digital assets as a pledge. Explain the process. Is it\nlike creating a token on Ethereum?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>Essentially, yes! The process is very\nsimple and, as you mentioned, is basically the same as creating a token on\nEthereum, like almost all DeFi projects. If you\u2019re interested in exact details\nand learning about some of the mechanism behind it, please feel free to consult\nour white paper: https:\/\/github.com\/pofid-dao\/pofid-docs\/blob\/master\/POFID_ENG.pdf<\/a> <\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>So, if I would like to create it, why not\ncreating directly on ETH? Why would I choose to use your tools? What would be\nthe advantages?<\/p>\n\n\n\n

Dane Elliott: <\/strong>So Ethereum is a great project. It\u2019s\nsupported by some of the most talented people in the industry. But the the\nproblems that it faces today is deeply rooted in its fundamental design.<\/p>\n\n\n\n

Now, lots of\npeople are looking forward to Ethereum 2.0. When that will be launched and what\nadvantages it will provide is beyond my scope of knowledge, but what I can say\nis, in the current situation, I think the technical limitations and high costs\nof using Ethereum make it unsustainable and unpractical for real world\nenterprises. Incidentally, POFID does not run on Ethereum, but rather on SERO,\nthe world\u2019s first anonymous public blockchain platform.<\/p>\n\n\n\n

We don\u2019t\nface the same problem as Ethereum. One SERO token (currently about 13 cents)\ncan sustain 100,000 transactions. With SERO 2.0 we will see even more\nbeneficial innovations: some of the highest TPS and a structure that can be\ninfinitely expanded.<\/p>\n\n\n\n

One more\nthing. Besides avoiding the problem of high gas fees and congestion, we fully\nsupport privacy protections.<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>Could you elaborate please what “support\nprivacy protections means”?<\/p>\n\n\n\n

Dane Elliott: <\/strong>Of course! This is really the main\nfocus of the POFID project. Financial activities cannot be separated from data\nprivacy protection, so decentralized finance cannot avoid this problem. On this\nissue, there is no room for compromise.<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>Yeah, sounds important.<\/p>\n\n\n\n

Dane Elliott: <\/strong>Although this is not necessarily a\nkey regulatory element, it is an underlying element that is essential for\ncompetition and survival in the business world. Let me give you some basic\nexamples.<\/p>\n\n\n\n

In the real,\nwork if you take out a loan from the bank will the entire public be able to see\nthis? Of course not!<\/p>\n\n\n\n

How\nembarrassing would that be if all your financial transactions were available\nfor everyone to see. Now, for individuals this might just seem like a pain, but\nthe privacy of financial transactions is essential for real world businesses. The\nbusiness world would not exist without privacy.<\/p>\n\n\n\n

But with\nplatforms like Ethereum, EVERYTHING is public and accessible for all too see. Whatever\nway you slice it, it can be concluded with certainty that when DeFi is\nrecognized by global regulation, data privacy protection will inevitably be one\nof its key characteristics. By putting a focus on this aspect, POFID is\npreparing itself for DeFi\u2019s future disruption of traditional finance.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Thanks for explaining. \ud83d\ude42<\/p>\n\n\n\n

Dane Elliott: <\/strong>One quick note. We keep a very close\nrelationship to the SERO team, but we are completely independent.<\/p>\n\n\n\n

Q3 from Telegram User @kosmonavto<\/strong><\/p>\n\n\n\n

Share with us more details about the\ntokenomics. 51% from 2 million will be shared among hodlers for 20 years.\nPlease explain the details of this distribution. Also, who holds the rest 49%?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>Sure. Let me break the tokenomics\ndown very quick. 51% is mined and given to the community. The remaining 49%\ngoes toward the ecosystem – 34% is given to various, for example the\nliquidation committee, the investment committee, as detailed in the white\npaper. The remaining 15% goes to the public and private sale.<\/p>\n\n\n\n

We are still\nscreening private equity and there is no clear private equity institution that\nwe have chosen yet. We are considering joining some international\norganizations, such as the Korea Trade Promotion Association, the blockchain\nresearch institution under the Ministry of Information Industry.<\/p>\n\n\n\n

Just a quick\nnote, the tokenomics should all be outlined in our white paper, and specific\ndetails will be released to the public in the coming days as we launch on\nUniswap and centralized exchanges.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Why Korea? are you based there?<\/p>\n\n\n\n

Dane Elliott: <\/strong>No, we’re not based in Korea. We are\ndefinitely a very decentralized team, with some of us in Europe, some in China,\nsome in Indonesia, some in Vietnam, some in North America etc. With that said,\nwe have a very active Korean community and very strong links to real-world\nKorean businesses, including the Port of Busan (the largest port in Korea).<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>What centralized exchanges will you be listed\non? Can you share this info with us?<\/p>\n\n\n\n

Dane Elliott: <\/strong>Unfortunately, I can’t elaborate on\nthe specifics of the exchanges, but I can say we have quite a few surprises in\nstall in the next few weeks.<\/p>\n\n\n\n

One thing I can say… Out initial\nfocus is on Uniswap (which we will achieve through Ethereum contract obviously)\nfor initial exposure, and honestly, to join in on all the Uniswap fun. But\nafter that our focus will be on centralized exchanges.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Btw, we have a tradition 😁\nevery guest is sharing a secret with us. A secret revealed in premiere here, in\nSatoshi Club. <\/p>\n\n\n\n

Dane Elliott: <\/strong>Haha, ok I”ll try reveal a\ncouple secrets here then. We will focus on one or two core crypto-crypto\nexchanges first. There are many good candidates that we are in talks with,\nincluding top 10 exchanges. But after that our focus will be with regional,\nmostly fiat exchanges. <\/p>\n\n\n\n

Why fiat exchanges? Well, our product\nis dealing with people in the real world. Real world businesses haven’t really\ncome to the realization of crypto yet. It’s a big step up for them and a huge\nlearning curve. However, with fiat exchanges in certain regional markets\n(Indonesia, Turkey, Korea, etc.) they will be able to adopt our technology and\nutilize our services much more easily and without the huge learning curve!<\/p>\n\n\n\n

Q4 from Telegram User @daviessss<\/strong><\/p>\n\n\n\n

I have read the description of your wallet but\ndidn’t quite understand what do you mean by digitizing more complex\nnon-homogeneous assets and pledged for currency issuance. (Sorry for my lack of\nknowledge) Please explain in simpler terms this.<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>This is a great question, like the\ntalk about privacy earlier really lies at the heart of the POFID project. So\nlet me try elaborate in some detail! In the real world, there are fantastic\nassets that cannot be effectively or efficiently tapped. For example,\nsupply-chain finance, real estate, art products, etc.<\/p>\n\n\n\n

The barrier\nhere is the infrastructure of traditional finance. We\u2019ve seen huge changes in\ntraditional finance in the internet era, but essentially these changes are all\nsuperficial. The infrastructure underlying traditional financial systems has\nessentially not changed in DECADES, if not even longer!<\/p>\n\n\n\n

One reason\nDeFi is so revolutionary is it\u2019s providing a new infrastructure for finance. If\nDeFi wants to shake off the image of speculators\u2019 playground, it MUST adopt to\nthe real world and show that it can do what traditional finance cannot. But at\nthe same time, it needs to approach the level of complexity of traditional\nfinance and integrate itself within existing systems from an INFRASTRUCTURE level.<\/p>\n\n\n\n

POFID is\nworking to provide that infrastructure. Two key characteristics of POFID\u2019s\ninfrastructure are 1) privacy protection (as mentioned earlier) and 2) support\nfor diverse asset structures. In simple, without privacy there can be no\nfinance. And without data complexity, there\u2019s really no real business to speak\nof!<\/p>\n\n\n\n

We believe\nwe are in a position to combine real world assets with pure crypto assets to offer\nlines of products that represent a new direction of digital finance. For the\nspecifics of how we do this, please scroll up to my answer about DMWs.<\/p>\n\n\n\n

Q5 from Telegram User @stekbyte<\/strong><\/p>\n\n\n\n

As known POFID supports transaction\nprivacy, the transaction or payment information sent between accounts and\naccounts themselves also cannot be publicly accessible. Could this create\ndifficulties when listing on exchanges? How does it happen with Monero?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>So I\u2019m not sure I understood the\nquestion entirely, and I certainly can\u2019t speak for Monero, but the private\nnature of POFID poses no issues for listing at all. One thing I should mention\nto clear things up. Being private doesn’t mean you have to remain private all\nthe time.<\/p>\n\n\n\n

We provide a mechanism for allowing transactions to be\naccessible to others if they have access to the key. So this is just like in\nthe real world. As I mentioned earlier, if you take out a loan from a bank,\nwell generally only you and your bank know about this. But that doesn’t mean\nonly you two should know about it.<\/p>\n\n\n\n

You might want to share this information with others. And you\nhave the right to. We run a very similar system. I think he wanted to say that\nsome privacy coins have issues listing because exchanges don’t know where are\nthe deposited funds coming from.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>That’s good. It is great of you can choose\nwhenever to share or keep the data of the transfer.<\/p>\n\n\n\n

Dane Elliott: <\/strong>Yeah, I think it’s really important\nfor the real world. Crypto can be very extreme at times. Either something has\nto be 100% transparent or 100% private. The real world doesn’t really work like\nthis. There are situations were privacy is ideal and others were transparency\nare ideal. We allow users to adapt to both scenarios where appropriate, but\nwith private as the default, just like the real world.<\/p>\n\n\n\n

Q6 from Telegram User\n@Aleurich<\/strong><\/p>\n\n\n\n

When making a contract in Pofid DAO,\nan 8% service fee is charged, of which 80% is sent as a reward to PFID holders,\nbut what is the destination of the other 20%? How are the profits distributed\nto the holders?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>The fee is AOC or PFID. POFID\ncollects AOC is the fee and distributes part of the proceeds (80%) to the\nholders of PFID, and the other part (20%) buys back PFID from the market and\ndestroys it.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>So, you have a burning system as well?<\/p>\n\n\n\n

Dane Elliott: <\/strong>Yeah that’s right. This system is a\nlittle complex and there are quite a few facets involved. Probably a bit beyond\nthe scope of this AMA, but all the details are in the white paper.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Thanks for sharing, Dane. \ud83d\ude42<\/p>\n\n\n\n

\n\n\n\n

PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

The\nchat was open for 80 seconds; a lot of questions were posted by Satoshi Club\ncommunity. Our guests chose some of them. <\/p>\n\n\n\n

Q1 from Telegram User @ngoccam<\/strong><\/p>\n\n\n\n

What does POFID stand for?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>POFID DAO stands for Privacy-Oriented\nFinancial Instrument Distribution Framework & DAO.  I\u2019ve heard that in some languages where \u2018V\u2019\nis pronounced as \u2018F\u2019, POFID sounds like the brother of Covid-19. 😂 And in fact, many people in their questions wrote \u2018POVID\u2018\n😂 I can assure you, this is just a coincidence haha.<\/p>\n\n\n\n

The\nname was chosen to put the focus on the core main features of POFID: privacy\nand its DAO governance structure. If I was to explain the project in just one\nsentence, I would say POFID is a comprehensive DeFi infrastructure based on\nblockchain technology that provides a decentralized way of managing assets on\nthe chain. Thanks for the question, Stay Up Late!<\/p>\n\n\n\n

Q2 from Telegram User @Concutrangxoa<\/strong><\/p>\n\n\n\n

Are you planning to promote your\nproject in different countries, where English is not good? Do you have a local\ncommunity for them to better understand your project?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>This is a good question that we are\nasked a lot. Let me tackle it. As a global project, we are of course looking to\nexpand globally.<\/p>\n\n\n\n

We are a project with real-world use cases, so obviously we\nhave to target specific markets as well. Now, besides Korea and China, which I\nspoke about a little earlier, we have many other very important target markets\noutside of the English-speaking world. We very recently launched an Indonesian\ncommunity and we are looking to really expand that market and engage with local\nbusiness leaders moving forward.<\/p>\n\n\n\n

In the next few weeks, we will be opening up a Vietnamese\ncommunity as well and doing great things there. In addition to the existing\ncommunities we have (English, Russian, Korean, Chinese etc), we will also be\nexpanding into some core markets like Turkey, Italy and Latin America in the\nnext few months.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>We have a good Spanish and Russian community\nbtw.<\/p>\n\n\n\n

Dane Elliott: <\/strong>Yeah I saw that! That’s fantastic!\nI’m going to have to check those out. 😊<\/p>\n\n\n\n

Q3 from Telegram User @Luisz2210<\/strong><\/p>\n\n\n\n

Once this year ends, what is your\nnext step on your roadmap to fulfill in 2021?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>I think this is the question that has\nbeen asked the most today, so I would be remiss not to answer this one. 2020\nhas been a tough year for most people!<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>A good year for crypto though. \ud83d\ude42<\/p>\n\n\n\n

Dane Elliott: <\/strong>With that said, it’s been a bit of a\nboon for crypto, and of course DeFi in particular.<\/p>\n\n\n\n

Haha absolutely. The focus on most (good) crypto projects is\nthe real world though, so ignoring that aspect of reality can be deceiving! Our\nfocus is also on the real world. Helping businesses in the real world and\ndisrupting traditional finance.<\/p>\n\n\n\n

Now with that all said, and despite all the stuff going on in\nthe world right now, we have HUGE plans for the rest of the year!<\/p>\n\n\n\n

Our initial focus for the next couple months is mostly on\ngetting the word out and raising exposure, as well as listing on relevant\nexchanges, paving the way for easy adoption by real world businesses moving\nforward. As I mentioned before, we will be listing on Uniswap in the next week!<\/p>\n\n\n\n

Then the focus will be on certain key centralized exchanges.\nWe will list on at least one very large, well-known crypto-crypto exchange and\nthen fiat, regional exchanges in countries like Indonesia, Turkey, Korea and\nLatin America so that we can fully engage with local businesses and users\nthere.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>What is the starting price?<\/p>\n\n\n\n

Dane Elliott: <\/strong>We will be announcing that and many\nother exciting things in the next two days in our group! https:\/\/t.me\/pofid<\/a> <\/strong><\/p>\n\n\n\n

Q4 from Telegram User<\/strong>\n@Hyynyom12<\/strong><\/p>\n\n\n\n

How important is the community to\nPofid? and how can we collaborate or help share token for the development of\nthe project?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>Community is the backbone of every\ncrypto project and we’re no exception. By our DAO nature, we are very much\ncommunity-driven.<\/p>\n\n\n\n

Q5 from Telegram User @abowhasebe<\/strong><\/p>\n\n\n\n

What\u2019s the competitive advantages of\nPOVID project?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>In short: privacy and the ability to\ndeal with heterogeneous assets (multiple assets in one basket) at once, making\nus a much better fit for the real-world than most DeFi projects out there right\nnow.<\/p>\n\n\n\n

Q6 from Telegram User @thaiquoc<\/strong><\/p>\n\n\n\n

How can you monitor all products,\nDApps, ecosystem and others at same times?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>It can be daunting for any one person\nto monitor all things at any time, especially in a large ecosystem. That is why\nwe have gone with a DAO governance model – things are monitored by the ENTIRE\nDAO community.<\/p>\n\n\n\n

Q7 from Telegram User @jakatinkaro1<\/strong><\/p>\n\n\n\n

COVID 19 has slowed many economies\naround the world but as a crypto business has it affected you negatively or\npositively? Secondly, are you still on track to achieve your targets as the\nroad map says?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>As a project with links to the real\nworld, it would be a lie to claim that we have not been affected by COVID 19. I\nthink all crypto projects (even those with no links to real businesses) have\nbeen affected, if not for the fact that most conferences, exhibits, meetups,\noffline events have been cancelled\/disrupted. With that said, we have changed\nour strategic focus for the next few months, so essentially we are not that\naffected now.<\/p>\n\n\n\n

Q8 from Telegram User @jakatinkaro1<\/strong><\/p>\n\n\n\n

Presently as at today, can we\npossibly use your token in real life for payment?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>At present, no, since we haven’t\nlisted on any exchanges yet. But in addition to crypto-crypto exchanges, we\nwill be listing on many fiat exchanges, so you will be able to buy and sell our\ntokens in a very convenient way moving forward. Watch this space!<\/p>\n\n\n\n

Q9 from Telegram User @Adnan_Shakib<\/strong><\/p>\n\n\n\n

How does the Layer 2 algorithm\ndesigned by POFID work? Also, why did you decide to base the project on SERO\npublic chain? Thank you!<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>We chose SERO for its privacy\nprotection. Privacy is essential for any DeFi project to adapt to the real\nworld and disrupt traditional finance. The details of our algorithm are quite\ninvolved but are all mentioned in our detailed white paper!<\/p>\n\n\n\n

Q10 from Telegram User @Vutkamalo<\/strong><\/p>\n\n\n\n

DeFi is one of the hottest topics in\nthe blockchain field. Can you share your opinion about DeFi with us? Do you\nthink DeFi will destroy the existing financial system? What’s your project\nApproach towards DeFi?<\/em><\/p>\n\n\n\n

Dane Elliott: <\/strong>For the final question, I thought I\nshould pick something that really gets people excited and talks about the topic\nof the times – DeFi!<\/p>\n\n\n\n

So, it\u2019s clear that the current DeFi boom was triggered by\nyield farming. But I believe yield farming is just one very small, very limited\naspect of DeFi and it doesn\u2019t come close to fulfilling the potential of DeFi. Does\nyield farming embody the promise of DeFi? Is it something that is replacing\ntraditional finance? Absolutely not!<\/p>\n\n\n\n

DeFi is far more than just yield farming. And if it is to be\nsomething that disrupts traditional finance, if it is to be the real Finance\n2.0 that is so talked about, then there needs to be fundamental changes from\nthe infrastructure up. This is something that POFID is working to achieve.<\/p>\n\n\n\n

That’s all, thanks everyone! Had a great time!!<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Thanks again for joining. We had a great time\nas well.<\/p>\n\n\n\n

\n\n\n\n

PART 3, QUIZ AND INFO<\/strong><\/p>\n\n\n\n

As usual, for the third part, Satoshi\nClub Team asked the chat 4 questions about POFID. A link to a Quiz form were\nsent into the chat. Participants had 10 minutes to answer. 300$ were distributed\namong winners.<\/p>\n\n\n\n

For more information and future AMAs, join our\nSocial Media channels: <\/strong><\/p>\n\n\n\n

English\nTelegram group: https:\/\/t.me\/Satoshi_club<\/a> <\/p>\n\n\n\n

Russian\nTelegram group: https:\/\/t.me\/satoshi_club_ru<\/a> <\/p>\n\n\n\n

Spanish\nTelegram group: https:\/\/t.me\/satoshi_club_spanish<\/a> <\/p>\n\n\n\n

Telegram\nChannel: https:\/\/t.me\/satoshi_club_channel<\/a> <\/p>\n\n\n\n

Website: https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n

Twitter:\nhttps:\/\/twitter.com\/esatoshiclub<\/a>  <\/p>\n\n\n\n

Our Partners: <\/strong><\/p>\n\n\n\n

POFID Global: https:\/\/t.me\/pofid<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

On September 1st our friends from POFID were invited to conduct an AMA session at Satoshi Club. This time we had many rewards, including a $500 pool for users who joined the POFID telegram group. Our guest was Dane Elliot (head community organizer). The total reward pool was $1000, it was splitted into three parts […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/1634"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=1634"}],"version-history":[{"count":2,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/1634\/revisions"}],"predecessor-version":[{"id":1637,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/1634\/revisions\/1637"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=1634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=1634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=1634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}