{"id":8092,"date":"2021-04-14T04:57:41","date_gmt":"2021-04-14T01:57:41","guid":{"rendered":"https:\/\/esatoshi.club\/?p=8092"},"modified":"2021-04-14T04:57:44","modified_gmt":"2021-04-14T01:57:44","slug":"finminity-x-satoshi-club-ama-recap-from-11th-of-april","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2021\/04\/14\/finminity-x-satoshi-club-ama-recap-from-11th-of-april\/","title":{"rendered":"Finminity x Satoshi Club AMA Recap from 11th of April"},"content":{"rendered":"\n

Welcome to another episode of our AMA\nseries. Today we are glad to tell you about the AMA session with our friends\nfrom Finminity<\/a>.  The project is an innovative Polkadot driven\ncross-chain investor services platform that is flexible, rewarding, transparent\nand secured. The AMA took place on April 11 and our\nguests were Ron Lahirih (Founder and CEO), Shaik Hamdan (Marketing Head) and\nSaloni R. (Business Analyst).<\/p>\n\n\n\n

The total reward pool was 500$ and was\ndivided into three parts. In this AMA Recap we will try to summarize some of\nthe most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

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

D. | Satoshi Club: <\/strong>Good\nday everyone! we will have AMA session with Finminity! today our guests – @RonLahiri\n@shaikhamdan @Ragg_47. Welcome to Satoshi Club!<\/p>\n\n\n\n

Ron | Finminity:<\/strong> Thanks\na lot for having us here – we are doing good and a shout out for Satoshi Club!!\nThanks.<\/p>\n\n\n\n

Shaik Hamdan: <\/strong>Hello.\nWe are doing great and look forward for an interesting session with your\ncommunity.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>So\nlet’s begin our AMA with a short intro! please guys introduce yourselves and\ntell us about Finminity!<\/p>\n\n\n\n

Ron | Finminity: <\/strong>Thanks,\nI am Raanngin (Ron) Lahirih the founder and CEO of Finminity. I have worked in\nManagement Consulting for 18 years after which I started my Blockchain journey\nwith my first agricultural provenance startup in Netherlands. While working\nwith that company, I found that Funding at the early stage for companies is a\nproblem and is there a way we can use DeFi Safety protocols, Tokenization to\nmake it save for investors as well good companies to raise early capital. That\nstarted us on Finminity journey about a year back.<\/p>\n\n\n\n

This is my profile https:\/\/www.linkedin.com\/in\/raanngin\/<\/a>\n<\/p>\n\n\n\n

Shaik Hamdan is our marketing head and supports us growing\nthe presence in Middle East and Gulf, which is very hot in Blockchain and Crypto\nCurrency. He also heads his own startup in Robotics Space. Saloni is our Business\nAnalyst, Marketing support for Digital Channels.<\/p>\n\n\n\n

S R | Finminity:<\/strong> Recently\ngraduated and completed my MBA from a university in Kolkata, India, following\nwhich I was introduced to the world of Blockchain when I joined the Finminity\nteam as a Business Analyst – Digital Channels. The journey has been pretty\nexciting and I look forward to having a great evening with the Satoshi\ncommunity.<\/p>\n\n\n\n

Shaik Hamdan:<\/strong> I\nam in IT industry last 25 years but Blockchain world is making me really\nexcited.   I love going to office\neveryday with that excitement. My LinkedIn www.LinkedIn.com\/in\/Hamdan<\/a> <\/p>\n\n\n\n

Ron | Finminity: <\/strong>The\nname came from the words – Finance Infinity and Community… Regarding Finminity,\nit is an innovative cross-chain investor services platform that is flexible,\nrewarding, transparent and secured with its IDO as well a full performing\ninvestor engagement platform.<\/p>\n\n\n\n

Our aim is to make Fund Raising easy for Startups with\ncomprehensive investor engagement through DeFi driven ETH and Binance Smart\nChain (BSC) platform with inbuilt safety protocols of Value Locks, DAO and\nMilestone based fund release.<\/p>\n\n\n\n

We prefer blockchain startups which has business model\namenable to tokenization, with known teams, some runway like existence for some\ntime, availability of POC or basic MVP and some customer interests.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Got\nit! by the way congrats on your successful IDO😉🥳\ni know it happened not long time ago.<\/p>\n\n\n\n

Ron | Finminity: <\/strong>Thanks\nto our supporters we made it. It was a collective effort and we would like to\nbring in good companies with the above checks. Quality, safety rather than\nQuantity. I know it\u2019s a mad rush but it plays to be safe and have good\ncompanies.<\/p>\n\n\n\n

Q1 from Telegram user\n@lukacy<\/strong><\/p>\n\n\n\n

I really like the new\nbridge created by Finminity; the FINMINITY BRIDGE\u201d. Can you explain a bit about\nhow it works and we can use it? Presently, you only allow crossing $FMT token\nbetween the ETH and BSC network. Will $FMT be the only default token that can\nbe crossed between platform or will you later add supports for other token (tokens\nthat exist on both network like USDT, etc.). Is there maximum or minimum limit\non the amount I can cross? I tried crossing from $FMT BEP20 to $FMT ERC20, I\nhad to pay Eth gas fee also since I am using metamask. Please would you add\nsupport for other dapp supported wallets like trustwallet soon?<\/em><\/p>\n\n\n\n

Ron | Finminity: <\/strong>The\nbridge is made for people to use both the chains. As we raised funding in Ethereum\nchain as that was decided earlier, but we found that Binance Smart Chain\ngetting so much traction for its low fees and less congestion and many small\ninvestors supporting it. And we are Cross Chain – hence we build the bridge for\nour investors to use and take benefits. \nHow this works – https:\/\/finminity.medium.com\/finminity-fmt-introduces-cross-chain-bridge-between-ethereum-and-binance-smart-chain-for-its-27a9017d15fa<\/a>\n<\/p>\n\n\n\n

The limit is based on the amount of FMT you hold. As of now\nit is only FMT – as generics bridges are available with others. The gas fees\nare unavoidable as of now.<\/p>\n\n\n\n

This bridge can be used by the companies we onboard into our\nplatform as value add. BSC will be a good place to for the next companies to\nraise funds as it is cheaper and much manageable than Ethereum.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Will\nyour bridge support other blockchains? except Eth and BSC.<\/p>\n\n\n\n

Ron | Finminity: <\/strong>In\ncase the next company raises fund only on BSC, then our supporters can use that\nmove to the BSC and based on the Token they are holding, their tier and\nallocations will be found out and they can participate in the sale.<\/p>\n\n\n\n

Q2 from Telegram user\n@AmirJosh<\/strong><\/p>\n\n\n\n

One of functions of\nFinminity is taking Care of Investor Risk & Rug Pull by Companies through\nsmart contract-driven milestone-based payment release. Can you explain how this\n\u201csmart contract-driven milestone-based payment release\u201d ensure that companies\nwill have no options to do the rug and pull stunt which is frequently happening\nthese days?<\/em><\/p>\n\n\n\n

Ron | Finminity: <\/strong>Yes,\nwe would like to use this function for slightly larger raises. For larger\nraises, the fund raised by the company is not given to them straightaway and\ndisbursed as per milestone achievement. \nThe Milestone remains in the escrow contract and when the milestone is\nverified by our FMT Staking Token Holders (Voters), the money is released. In\nthat way there is some safety of the investor money.<\/p>\n\n\n\n

In addition, a Know your Business Check and Due Diligence is\nalso done to know the quality of the company. True good companies should be OK\nwith this as this is a prevalent practice in non-crypto crowdfunding process in\nthe fiat world. We just eliminate the Client Money Custodian with DeFi\nprotocols.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Do\nprojects have to pay some sort of fees to be able to use your launchpool?<\/p>\n\n\n\n

Ron | Finminity: <\/strong>Normally\nwe would like to charge a % but for the first few companies we would like to\nwaive this of.<\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi\nClub:<\/strong> Can you tell us more about those companies that you are working with?\nPlease tell us more about your partnerships.<\/p>\n\n\n\n

Ron | Finminity: <\/strong>X21\nDigital is our key partner and guide in the journey. We have been supported by\nquite a few good private institutions as well. Our IDO partners were Mantradao\nand Zeroswap, they have been a good support and will support us as we go along.\nAnd we are using DeFi Wizard and some more companies in some of the tech\nblocks.<\/p>\n\n\n\n

Q3 from Telegram user\n@Highpee<\/strong><\/p>\n\n\n\n

You have said that you\na not a strong supporter of token burning approach but you believe in\ndeveloping real utility for tokens in order to ensure a constant demand for\nthem. Apart from using $FMT to pay onboarding fees, what other use cases and\nreal time utilities will $FMT have which can help drive a constant buying\ndemand for it? And if you are not going to implement a burn system, how then do\nyou intend to strike an equilibrium between a constant demand pressure and\nensuring a deflationary token supply as a continuous demand for token may cause\nthe circulating supply of $FMT to keeps increasing?<\/em><\/p>\n\n\n\n

Ron | Finminity: <\/strong>The\nbest use we think is that every company who comes into our platform has to be\nhave some percentage of liquidity pair using FMT Tokens. This is in addition to\nuse the tokens as onboarding fees or giving community as rewards in voting for\nresolutions.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Do you planning any token farming event in the\nnear future?<\/p>\n\n\n\n

Ron | Finminity: <\/strong>Yes, we are thinking about this with our advisory\nteam and we will let our community know.<\/p>\n\n\n\n

Q4 from Telegram user @Indomiekuy<\/strong><\/p>\n\n\n\n

Finminity have privilege\/VIP access feature as their product, can you\nexplain more about this VIP access, how to join and become VIP member? And what\nuser possible to do if they already become VIP access member?<\/em><\/p>\n\n\n\n

Ron | Finminity: <\/strong>This\nVIP access is basically the persons who are in the LP Staking Program who will\nhave a higher allocation for the IDOs. Even normal tokens holders snapshot will\nbe taken to check their allocation levels but LP guys will have a slightly\nhigher % – making them VIPs.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>So\ntheoretically anyone can become a VIP?<\/p>\n\n\n\n

Ron | Finminity: <\/strong>There\ncould be supporters who may not like to be part of LP but they are also holders\nwith fair chances of allocation. We are talking with one of X21 partner\ncompanies for audit. And also DeFi Wizard code has been validated earlier.<\/p>\n\n\n\n

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

Finminity is said to\nwork in the HYFI that means taking the best of CEFI and marrying that with DEFI\nand decentralization, thinking of it this would be the first time I am hearing\nof HYFI and I did like you to explain how you want to achieve and bring\ntogether the CEFI world with the DEFI world.<\/em><\/p>\n\n\n\n

Ron | Finminity: <\/strong>In\nour earlier business model we were thinking of supporting asset tokens\/security\ntokens which are basically kind of hybrid. As of now we are not doing that.<\/p>\n\n\n\n

But we are looking at robotics and data driven monetization\n& tokenization model in our raise companies. These companies though are\nutility token driven, but has real life use cases making them a kind of hybrid.\nIf we can support these kind of companies which has use cases in crypto and\nreal world, it makes the business more sustainable through business\/crypto\ncycle up and downs.<\/p>\n\n\n\n

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

Finminity has made it\nmandatory for any company doing token sale to set aside a fixed liquidity of\nFinminity token pairs when listing on exchange and also every company that\ncomes into Finminity for token generation & funds raise needs to have 15%\nof their Uniswap liquidity in FMT Tokens, as these measures set to drive demand\nand price of FMT tokens. Will these measures be extended to DEXs apart from\nthat stated above where such companies prefer to list or conduct TGEs, what\nother ways or through what channels does Finminity aim to drive a stronger\nliquidity for FMT?<\/em><\/p>\n\n\n\n

Ron | Finminity: <\/strong>For\nthe time being it will be applied to DEXs. In addition, good APY driven liquidity\nprograms will drive a stronger liquidity.<\/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 120 seconds; a lot of questions were posted by Satoshi Club\ncommunity. Our guest chose some of them. <\/p>\n\n\n\n

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

I found a fairly large list of\nFinminity investors in Medium.  This\nallowed you to raise USD 1.13 million during the funding round for your\nmulti-chain platform DeFi Investor Services. \nAt the moment, do all investors continue to cooperate with you?  Is everyone confident and determined to have\na positive outcome for Finminity?  After\nall, an investor seeks to reduce his risks and always tries to foresee all\npossible scenarios and calculate his risks in advance.<\/em><\/p>\n\n\n\n

Ron | Finminity: <\/strong>Our\ninvestors are long term and their hodling and vesting structure are also made\nin that way. They will help us in the journey in the steps and guide.<\/em><\/p>\n\n\n\n

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

Please list the\nfeatures that make the Finminity project special and attractive than its\ncompetitors?<\/em><\/p>\n\n\n\n

Ron | Finminity: <\/strong>There\nare quite a few platforms who are helping to raise funds but with raising funds\ncomes investor engagement and post investment services and a host of associated\nactivities so that investors interests are kept in priority. We plan to\nspecialise on those 2 parts in addition doing selective fund raises through\ncross chain Dapp. Following are the key areas we are targeting.<\/p>\n\n\n\n

Investor Engagement<\/em><\/p>\n\n\n\n

  1. Companies can pitch to investors through an easy\nto view pitch portal<\/li>
  2. Talk to potential investors through Discussion\nmodule (Open Discussion Boards)<\/li>
  3. Create company events that can be scheduled in\nplatform<\/li>
  4. Investors can build or be part of a community to\ntalk in specific topics or companies related to a specific area (say women\nfocused companies in crypto, Crypto CSR)<\/li><\/ol>\n\n\n\n

    Investor Services<\/em><\/p>\n\n\n\n

    1. Companies can set their milestones for fund\nreleases<\/li>
    2. Investors get interest in their Investment as\ntheir funds is kept in client money contract and given to companies only when\nthe achieve roadmap milestone<\/li>
    3. There is a voting through which this milestone\nachievement is validated (and if voting doesn\u2019t work for paucity, it moves to\nmultisig)<\/li>
    4. Investor can vote for other resolutions and get\nrewards for that.<\/li>
    5. Investors can rate companies and get benefits<\/li>
    6. P2P community marketplace to do P2P sell within\nthe platform in the closed community<\/li>
    7. Integrated\nKYC for KYC driven fund raising so that there are no issues from a regulatory\nperspective<\/li><\/ol>\n\n\n\n

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

      I see that Finminity\nalready do ama on satoshi club on October 2020, so what is your opinion doing\nama in satoshi club? what is the benefit that you got from 1st ama on oct 2020?<\/em><\/p>\n\n\n\n

      Ron | Finminity: <\/strong>We\nhad done an AMA for thinking odd raising in November but the market turned bad\nand postponed fund raise. We kept working on the project and waited for the\nmarket to look up. And also within this time lot of things happened and we\nwanted to let Satoshi Club know what we have done and what we are up to.<\/p>\n\n\n\n

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

      Are there any special\nrules to be able to join the project that you are making now? If so, can you\ntell us what are the rules so that you can join your project?<\/em><\/p>\n\n\n\n

      Ron | Finminity: <\/strong>KYB\nof the company, verified founders, technology capability and MVP in some state,\nsome months of existence and interest from customers\/ revenue\/business model\ntied to tokenization.<\/p>\n\n\n\n

      Q5 from Telegram User @Airborne19<\/strong><\/p>\n\n\n\n

      How COMPANIES will use\nFMT token? What will be the UTILITY of FMT for COMPANIES?<\/em><\/p>\n\n\n\n

      Ron | Finminity: <\/strong>Companies\nwill use the FMT tokens as<\/p>\n\n\n\n