Findora AMA Recap
Findora AMA was conducted with Pramod’s Global Crypto Community at telegram on 29th December, 10:30 AM IST.
AMA was conducted by Pramod [Owner at ‘Pramod’s Global Crypto Community’ telegram group & Director at pSquare Capital] and was joined by Matt Arney [Team member at Findora].
Below is the AMA recap :
— — — — — — AMA STARTS — — — — — —
Pramod | pSquare.capital, [29.12.20 10:33]
WE WILL START THE AMA NOW
first we will ask few questions to the team and then we will start with community questions
Pramod | pSquare.capital, [29.12.20 10:33]
plz welcome @mattarney @KenB7 from FINDORA team
Pramod | pSquare.capital, [29.12.20 10:33]
They are here to answer community qiestions
Ken Berniklau, [29.12.20 10:34]
Hello everyone!
Matt Arney, [29.12.20 10:34]
Thanks for having us here and Happy Holidays to everyone! Where are the majority of your community members living?
Matt Arney, [29.12.20 10:34]
Ken and I are both in San Francisco, CA
Pramod | pSquare.capital, [29.12.20 10:34]
hey Team, Please give us a short introduction about your Team and your Project.
Matt Arney, [29.12.20 10:35]
Coindesk has recently described Findora in the media as a decentralized finance (DeFi) public blockchain project.
Matt Arney, [29.12.20 10:35]
To go a bit deeper, Findora is a globally trusted financial infrastructure owned and democratically secured by a decentralized network of worldwide organizations and economically incentivized parties. Findora was created to enable the creation of financial services that are transparently operated while preserving user and institutional privacy.
Pramod | pSquare.capital, [29.12.20 10:36]
I checked out your website and found some unique word’s on there. Can you explain a little about Zero Knowledge Proofs (ZKPs) ?
Ken Berniklau, [29.12.20 10:37]
Sure. thanks for asking: A zero-knowledge proof (ZKP) enables one to convince others that a statement is true without revealing any information on why this is the case. For example, one may want to prove that a number lies in a specific range without leaking the value of the number itself. Zero-knowledge proofs are the core technical tool behind many of the privacy, policy compliance, and selective disclosure features in Findora. Findora’s cryptographic library contains many advanced ZKPs, some of which are based on peer-reviewed inventions by Findora’s research team.
Pramod | pSquare.capital, [29.12.20 10:38]
Q3. Can you tell us more about the $FRA ?
Matt Arney, [29.12.20 10:38]
Sure, FRA is the native token of the Findora platform and is required for access to its core features and functionalities, including staking, governance, payment for transactions, privacy-enhancing features & access to advanced financial application building tools and other services.
Matt Arney, [29.12.20 10:39]
Today is actually Day One of the Findora public sale and it is off to an exciting start! In the past few weeks leading up to the sale our team has been hard at work conducting KYC and making sure those interested are able to easily participate in the Findora sale. Thousands of individuals were approved for purchase before the sale began this morning and we will actively approve applications throughout the duration of the sale. While we can’t yet disclose details about how many tokens have been sold, we can share that we are completely sold out of Option C. We are also committed to sharing more when options A, B, D and E are sold out. We are we are witnessing record high volumes in this sale and are looking forward to growing the Findora community. For more info see info.findora.org
Matt Arney, [29.12.20 10:39]
…
Pramod | pSquare.capital, [29.12.20 10:39]
Q4. Why did you choose the DeFi ecosystem as a cross-chain blockchain for the Findora Platform?
Ken Berniklau, [29.12.20 10:40]
I love this question, so sit back with something to drink
Ken Berniklau, [29.12.20 10:40]
DeFi has been one of our “key focus areas” and we will solve issues such as a lack of financial inclusion around the world, overcollateralization and a lack of interoperability and scalability. We believe that DeFi is what blockchain is all about, and in the future, people will only care about the DeFi applications themselves, rather than the underlying chain. For now, DeFi is all about ‘DeFi on Ethereum’ and/or ERC20 tokens. Findora participates in the DeFi space in two ways:
Ken Berniklau, [29.12.20 10:41]
1. We have added ZK-Rollups and confidential transaction capabilities for existing DeFi apps on Ethereum, which means that that running DeFi apps on Ethereum can be better, faster, cheaper, and can realize a lot more features that would otherwise be impossible without confidentiality;
Ken Berniklau, [29.12.20 10:41]
2. Findora is based on cross-chain and verifiable computation technology. Therefore any Ethereum-based assets can atomically transfer and transact on Findora. We can provide scalability and cost advantage to apps built directly on us.
Ken Berniklau, [29.12.20 10:41]
We will be releasing a series of new private DeFi applications, including ‘Dark Pool Dex’ (for secret large ticket crypto transactions) and ‘Confidential FX pool’ (for confidential cross-border money transfer), just to name a few. These products will launch alongside our mainnet.
Ken Berniklau, [29.12.20 10:42]
The technology we used to build our privacy-preserving DeFi infrastructure includes Bulletproofs, Darker compiler, Supersonic, Plonk, advanced cryptography signatures, and more.
Ken Berniklau, [29.12.20 10:42]
Furthermore, the Zei cryptographic library that we have built is one of the most advanced and comprehensive cryptographic libraries in the world.
Ken Berniklau, [29.12.20 10:42]
…
Matt Arney, [29.12.20 10:42]
Is that all Ken?
Ken Berniklau, [29.12.20 10:42]
😂😂
Ken Berniklau, [29.12.20 10:43]
for now
Ken Berniklau, [29.12.20 10:43]
…
Matt Arney, [29.12.20 10:43]
Next time you might want to just link to a whitepaper or book on DeFi — ha!
Matt Arney, [29.12.20 10:44]
Sorry Pramod it’s late here so we’re trying to have a bit of fun 🙂
Pramod | pSquare.capital, [29.12.20 10:44]
No problem Matt, Our community is always eager to learn more!
Pramod | pSquare.capital, [29.12.20 10:44]
This is the last question, after which we will start with community questions.
Q5. Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Matt Arney, [29.12.20 10:45]
Lets have a quick look back at our year in 2020 — here’s a visual
Matt Arney, [29.12.20 10:45]
Privacy and scalability are the core problems we are solving. Back in 2017, when we started Findora, we envisioned that blockchain had the potential to be the new global financial infrastructure. But soon we discovered the then current technology would not support that goal: eg. the existing blockchain was very slow, expensive and had no robust privacy built in.
Matt Arney, [29.12.20 10:45]
Lacking scalability and privacy, the great majority of the world’s financial applications would not be able to work. Many applications such as exchanges all require certain performance thresholds. any without privacy we guarantee the majority of the population and institutions will never adopt. So the team figured out a way to leverage state-of-the-art Zero Knowledge cryptography to achieve both scalability and privacy. Speaking of roadmap here is what we’re looking at for 2021 which is just a few days away now.
Matt Arney, [29.12.20 10:46]
…
Pramod | pSquare.capital, [29.12.20 10:47]
Now we will start with first round of community questions.
GROUP IS UNMUTED FOR QUESTIONS
Pramod | pSquare.capital, [29.12.20 10:48]
GROUP IS MUTED
Pramod | pSquare.capital, [29.12.20 10:48]
I think enough questions for round 1, right Matt?
Matt Arney, [29.12.20 10:48]
Wow — that’s crazy almost 200 questions?
Pramod | pSquare.capital, [29.12.20 10:48]
Plz pick few questions which you like to answer. Take your time.
QUESTION 1 : Founder Kwangtung, [29.12.20 10:47]
How profitable is FINDORA? What features help distinguish FINDORA from other similar apps? thanks
Matt Arney, [29.12.20 10:50]
[In reply to Founder Kwangtung]
Here is a good one with two question — I’ll take the later one
Findora solves the following core problems inherent in blockchains today
Confidentiality
Findora uses zero-knowledge proofs and secure multi-party computation to support many privacy-preserving features.
Auditability
Specialized zero-knowledge proofs allow Findora to be publicly audited, while data remains confidential.
Scalability
Findora features a high-throughput ledger design, and reduces storage requirements through cryptographic accumulators.
Interconnectivity
Findora breaks open data silos for easy interoperability between the main- and side-ledgers.
QUESTION 2 : Jimhax, [29.12.20 10:47]
Mention the reasons why choosing Findora as an investment? What are the long-term benefits to be gained?
Ken Berniklau, [29.12.20 10:51]
[In reply to Jimhax]
Not only serving the applications on Findora, our ecosystem play includes providing cross-chain ZK Rollup to Ethereum, helping lower the GAS fee while generating revenue for Findora. We also provide side ledger services to business users that are willing to pay. Such services will require staking and pledging Findora tokens and will also contribute large revenue stream to the public blockchain. Onchain L2 liquidity mining and cross-chain asset transfers are also part of the business revenue generation plan. I am confident our token holders will be pleased to see that FRA tokens are providing increasingly valuable utilities
QUESTION 3 : Hoang Nam, [29.12.20 10:47]
Great tokenomics design, forward-thinking token distribution model and unlocking strategy play significant role in the success of any project. How excellent is your economic model? Does it fully align with the interests of your token holders, developers, validators and network users?
Matt Arney, [29.12.20 10:52]
[In reply to Hoang Nam]
Lets talk tokenonmics Hoang
The first step is a good tokenomics design and a forward-thinking token distribution model and unlocking strategy. We have designed an excellent economic model (with help from several renowned economists) that fully aligns the interests of token holders, developers, validators, and network users.
Our strategy is to distribute tokens evenly and fairly across jurisdictions, demographics, and holders’ profiles in the sense of initial distribution. We try our best to distribute to community members, rather than only focusing on institutions. For more information go to info.findora.org
QUESTION 4 : Diana, [29.12.20 10:47]
When looking to FINDORA roadmap, lot of great updates are coming in near future, what are the most important upcoming Milestone ? Does Your Project have Great team and Financial support to achieve that milestones ?
Matt Arney, [29.12.20 10:55]
[In reply to Diana]
This one is easy — our most important milestone will be releasing mainnet in Q1 2021. Financially we are in great shape with a mix of public and private investment to make this happen and our team consists of some of the top talent the industry has to offer.
QUESTION 5: 😱Absied_100😱, [29.12.20 10:47]
Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for Your project and how could you overcome this barrier?
Ken Berniklau, [29.12.20 10:55]
[In reply to 😱Absied_100😱]
We are very different from another other projects. Our goal is to bring scalability and Transparency with Privacy to the blockchain world. These are the road blockers for mass adoption. I am confident that there is a strong position for Findora in the market.
Pramod | pSquare.capital, [29.12.20 10:58]
Lets take next round of questions
GROUP IS UNMUTED
Pramod | pSquare.capital, [29.12.20 10:58]
GROUP IS MUTED
Matt Arney, [29.12.20 10:59]
Wow — your group is active!
Pramod | pSquare.capital, [29.12.20 10:59]
🔥
QUESTION 6: Wang Soo PoP √ pOp, [29.12.20 10:58]
Tokenburn is beneficial for any project, in being able to control the amount of token circulation and providing greater incentives to investors Findora . Does your amazing project have a token-recording plan?
Ken Berniklau, [29.12.20 11:05]
[In reply to Wang Soo PoP √ pOp]
Such token is the ultimate representation of the utilities on Findora blockchain. Our token economics is designed by experts in game theory, computer network economy and financial engineering. The goal is to make sure the token will directly reflect the growth of the network and the aggregated asset scale on the network while keeping reasonable scarcity. In addition to the common use cases of the tokens such as staking, gas fee, block creation rewards etc, such tokens are also being required for L2 liquidity mining, asset pooling, deployment of commercial applications and side ledgers, and more. For instance, the enterprises that deploy side ledgers for multi-party supply chain finance, trade financing, equity swap trading and KYC management will be required to pledge our system tokens.
QUESTION 7: Rembrandt, [29.12.20 10:58]
Are there any new partnerships in the pipeline you can announce?
Matt Arney, [29.12.20 11:01]
[In reply to Rembrandt]
So as Head of Growth I’m a partnership guy. In 2020 Findora has signed on a number of strategic partnerships including Tecent Cloud. In addition, we have signed ten MOUs that are in the queue to be announced just as soon as the holidays are over. Among the newly signed partnerships are a large mobile payments company (processing over 40 million transactions daily!), a popular restaurant POS system and a leading travel booking service. Our plan is to continue to expand our partner network and bring real world solutions to the outdated financial services industry.
QUESTION 8: Suraj Rajput, [29.12.20 10:58]
As a community driven project, how can I contribute my quota to your success? Do you have a Global ambassadorial Program or Referral Reward System? Do I get any benefits from holding Findora token in the long term?
Matt Arney, [29.12.20 11:05]
[In reply to Suraj Rajput]
Smart question(s) Suraj — I’ll tackle the one in regards to community via this graphic.
I’d like to tackle this from the R&D side of things
Our research center is actively seeking proposals for projects — reach out to them at research@findora.org if you have ideas
QUESTION 9: Satoshi Bitcoin 🦊, [29.12.20 10:58]
One of the most used methods to demonstrate credibility in a project is to lock the fund for a period of time and have a reasonable development fund. FINDORA Can you explain your plan regarding tokenomics and inventory to hold in the medium to long term?
Matt Arney, [29.12.20 11:12]
[In reply to Satoshi Bitcoin 🦊]
Besides your name I like your question. Instead of going into details again about our tokenomics I’d like to suggest everyone go to info.findora.org and see the various vesting periods we have for each of our options. Thanks for your question!
QUESTION 10: Luna, [29.12.20 10:58]
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.
Ken Berniklau, [29.12.20 11:08]
[In reply to Luna]
By driving the Open Banking concept is an answer. Findora will provide a complete set of APIs and SDKs and even sample software stacks to facilitate the move. Under such, consumers will be able to have their traditional banking institutions to safely blind share their information or statements regarding their balance/trx info to designated parties. We will ensure a fully interoperable and private platform can be a great hub for seamless transition between the rigid old school banks to challenge banks to even, DEFI. And such, driving increased demand.
Pramod | pSquare.capital, [29.12.20 11:13]
Lets wrap up the AMA, i think we had very good questions and community was very eager to ask and learn
Pramod | pSquare.capital, [29.12.20 11:13]
thanks for your time @mattarney & @KenB7
Matt Arney, [29.12.20 11:14]
Thank you and your great community for all of the questions — if anyone has additional questions we have an active Telegram group come see us
Ken Berniklau, [29.12.20 11:15]
Thank you Pramod. Nice job!! and everyone!
— — — — — — — AMA ENDS — — — — — — —
AMA was conducted at https://t.me/pSquare_Chat
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