Unifi Protocol AMA was conducted with Pramod’s Global Crypto Community at telegram on 24th November, 9 AM IST.
AMA was conducted by Pramod [Owner at ‘Pramod’s Global Crypto Community’ telegram group & Director at pSquare Capital] and was joined by Steve Green [Team member at Unifi Protocol].

Below is the AMA recap :

— — — — — —AMA STARTS — — — — — —

Pramod | pSquare.capital, [24.11.20 08:59]
GROUP IS NOW MUTED FOR MEMBERS
WE WILL START THE AMA NOW

Pramod | pSquare.capital, [24.11.20 09:00]
Plz welcome, @SteveGreen416 from unifi protocol

Pramod | pSquare.capital, [24.11.20 09:00]
Hi @SteveGreen416 could you brief about yourself and about unifi protocol

Steve Green | Sesameseed~Unifi, [24.11.20 09:00]
Hello. Glad to be here!

Steve Green | Sesameseed~Unifi, [24.11.20 09:01]
Sure. I’m Steve Green, Project Manager with Sesameseed and Unifi. I found crypto while browsing reddit. For some background, Sesameseed is a community organization that believes in fair and democratic governance as well as promoting blockchain development. So like everyone else on the team, I started off as a regular community member and my passion for solving problems with innovative blockchain technology just got me more and more involved. Which leads us to the Unifi Protocol we just developed, with the goal in mind to make DeFi more accessible to different blockchain communities and to provide the building blocks for next generation of Defi development

Steve Green | Sesameseed~Unifi, [24.11.20 09:02]
The Unifi Protocol is a group of non-custodial, interoperable, decentralized, and multi-chain smart contracts providing the building blocks for the next generation of DeFi development, focusing on building a community-driven ecosystem of governance and innovative DeFi products.
That’s just a long way of saying it’s a group of smart contracts designed for DeFi and for people to use and developers to build with.

(done)

Pramod | pSquare.capital, [24.11.20 09:04]
Let’s start with first round of questions

Pramod | pSquare.capital, [24.11.20 09:07]
GROUP IS MUTED

Pramod | pSquare.capital, [24.11.20 09:07]
Team will answer now

Steve Green | Sesameseed~Unifi, [24.11.20 09:07]
Ok! Lots of great questions. Let me go through them and see if I can answer a select few.

QUESTION 1 :
In FUTURE We CRYPTO, [24.11.20 09:04]

governance is a tremendously important issue today. How Unifi works on this issue? How to guarantee the effectiveness of this feature?

Steve Green | Sesameseed~Unifi, [24.11.20 09:09]
[In reply to In FUTURE We CRYPTO]

Well, I think Unifi has a very unique Defi governance ecosystem that noone has really seen before, at least not in the way we’re doing it.
It contains elements of Proof of Stake in the model, so there will be rewards for staking, and community organizations who campaign and form communities that advocate for the success of the Protocol

QUESTION 2 :
Republic and Freedom, [24.11.20 09:04]

Providing liquidity is something that depends exclusively on the users and their own decision to participate. What incentives, then, Unifi offers for users to provide liquidity to the protocol?

Steve Green | Sesameseed~Unifi, [24.11.20 09:11]
[In reply to Republic and Freedom]

Well this is an easy one haha.
Our liquidity mining token, UP, is unparalled.
It is 100% backed by the base token on the blockchain its on (dont forget, we are on multiple blockchains, as a multi-chain protocol), which means it can be redeemed at any time for those tokens.
But every single trade causes that redeem value to go UP! It can never go down. I urge everyone to take a look at how amazing these redeem values are doing on our homepage, unifiprotocol.com
liquidity providers have seen amazing growth of their mining token. Not to mention the automatic no-effort yield farming

QUESTION 3 :
💛💚Blanca💙 ❤️, [24.11.20 09:05]

Those less well documented about crypto usually believe that the highest point will be listed in binance and voila, the party ends later and it is time to look at other projects. How does UNIFI intend to stay ahead of technological progress and innovation?

Steve Green | Sesameseed~Unifi, [24.11.20 09:12]
[In reply to 💛💚Blanca💙 ❤️]

This wont be an issue, as you’ll soon see we will be making annoucements about partnerships and new blockchain launches. Our developement isnt stopping. We keep hitting all the milestones on our litepaper, which is available to see on our website

QUESTION 4 :
RedZZ CHAD, [24.11.20 09:06]

a few days ago we both heard a news headline entitled ‘hacking’, how do Unifi DeFi think about it ?? well, the most important thing is how Unifi DeFi prevents and protects assets from similar incidents.

Steve Green | Sesameseed~Unifi, [24.11.20 09:13]
[In reply to RedZZ CHAD]

Oh. We’ve been audited, our smart contracts are custom made from scratch and not a clone of other platforms.
Our UP minting system also makes the smart contracts less vulnerable as it would require more and more funds to take our more and more UP. Not economically viable

QUESTION 5 :
Hoang Nam, [24.11.20 09:06]

What are your plans to build an active global community? How can the community help you at this stage?

Steve Green | Sesameseed~Unifi, [24.11.20 09:14]
[In reply to Hoang Nam]

See my answer about our Proof of Stake Governance model. I expect vast and diverse communities to form about Unifi on multiple blockchains. Our community is growing with each new chain we add, and we add a lot..

QUESTION 6 :
Sofia, [24.11.20 09:06]

Why does UNFI still use Ethereum blockchain while it has a slow speed and high gas fee?Do you have any plans to launch your mainet or convert to other blockchains in the future?

Steve Green | Sesameseed~Unifi, [24.11.20 09:15]
[In reply to Sofia]

Eth 2.0 is coming! haha
But actually, Ethereum is a robust blockchain with great developer tools which really allow us to showcase our innovative and creative problem solving.

We need to communicate data effectively across a large number of blockchains (Tron Ontology, Harmony, BSC, ICX, ETH ++) today.

To allow for simplified communication bridges are needed to transport that data, regardless of if that data is a message, token, or other.

The simplest architecture for this is to have a single hub to collect data, and Eth has the most robust existing bridget architecture to the largest number of other chains, in addition to the most robust Data gathering tools.

QUESTION 7 :
Suraj Rajput, [24.11.20 09:06]

How is the Unifi protocol compatible with completely different blockchains like Icon and Ontology? Is it possible to adapt Unifi protocol to Polkadot blockchain?

Steve Green | Sesameseed~Unifi, [24.11.20 09:15]
[In reply to Suraj Rajput]

It’s certainly possible 🙂

Steve Green | Sesameseed~Unifi, [24.11.20 09:16]
Ok. Great start. I think it’s time for the next round

Pramod | pSquare.capital, [24.11.20 09:18]
GROUP IS MUTED
TEAM WILL ANSWER NOW

QUESTION 8 :
Olexander, [24.11.20 09:16]

I think you guys are doing very well! I just have a question related to the financial situation: Considering the bear market that has now lasted for some time, and might continue to do so for even longer; how is the UNFI doing in terms of funding to be able to keep up the development of the product and introduce new partnerships for years to come?

Steve Green | Sesameseed~Unifi, [24.11.20 09:19]
[In reply to Olexander]

Each of Unifi’s investors, advisors, and strategic partners were carefully selected based on their ability to support Unifi. Unifi’s investors and strategic advisors include major blockchains, exchanges, and media outlets.
And that has gotten us to the point where we are now, with an amazing community backing us, that is growing each time we launch on a new blockchain

QUESTION 9 :
Rahul, [24.11.20 09:17]

I want to learn more about UNFI ; but the information is very small;the community is relatively empty and less; what strategy does UNFI team have to develop the community and maintain long-term user?

Steve Green | Sesameseed~Unifi, [24.11.20 09:20]
[In reply to Rahul]

Agree to disagree 😂
Check out our happening community channel unifi_protocol
Lots of helpful members there, and some of them have even already declared they will be running as Community Council Representatives in our governance model. So better get some UNFI before these guys soak it all up to stake for themselves and earn all the rewards! haha

QUESTION 10 :
Bhaskar, [24.11.20 09:17]

Does Unfi exist as a solution for investors or traders who often lose or Rugpull??

Steve Green | Sesameseed~Unifi, [24.11.20 09:22]
[In reply to Bhaskar]

Totally! This is really what makes Unifi so special. Our sustainability. Our tokenized rewards system (UP and UNFI) dont have the same limitations as other uniswap clone platforms.

UP is 100% backed and verifiable on chain. They can be redeemed at any time, all completely goverened by smart contract. And that redeem value keeps going up and up after every trade…

QUESTION 11 :
Matthew, [24.11.20 09:17]

Steve, Will the governance be on ETH or BSC?

Steve Green | Sesameseed~Unifi, [24.11.20 09:22]
[In reply to Matthew]

Hey Matthew.
Eth

QUESTION 12 :
Bitcoin, [24.11.20 09:17]

What is your governance model, and do members have a say in unifying major decisions? Do you really implement decentralization?

Steve Green | Sesameseed~Unifi, [24.11.20 09:24]
[In reply to Bitcoin]

In short, UNFI holders will stake their UNFI tokens and delegate to Community Council Representatives who will represent the voice of their community on the Unifi Council, influencing and proposing changes to the DAO. At full implementation of the GGM, the council will be comprised of 75% community reps!

QUESTION 13 :
Maxim, [24.11.20 09:17]

AMM’s main drawback is setting stop losses. After hearing uTrade made from scratch will it implement stop losses in the future for the traders?

Steve Green | Sesameseed~Unifi, [24.11.20 09:24]
[In reply to Maxim]

We at Sesamessed “never say never,” so definitiely anything is possible. This is actually something that’s been brought up many times. So who knows 🙂

QUESTION 14 :
Roger Sandoval, [24.11.20 09:17]

What role do SEED tokens play in the Unifi Protocol platform?

Steve Green | Sesameseed~Unifi, [24.11.20 09:25]
[In reply to Roger Sandoval]

Oh man, one of my favourite tokens. SEED is offered as a trading bonus to traders on some Unifi blockchains. Its a wonderful token that once its in your wallet, begins to stake automatically on multiple blockhains and compounds your rewards daily. Which other trading platform offers that??

QUESTION 15 :
Maxim, [24.11.20 09:17]

When moon? 😘

Steve Green | Sesameseed~Unifi, [24.11.20 09:25]
[In reply to Maxim]

Every month. LOL

QUESTION 16 :
Infinite Crypto, [24.11.20 09:17]

What can we expect to see from this project in the short-term (at some point in 2020) and 2021 and beyond (long-term goals)?

Steve Green | Sesameseed~Unifi, [24.11.20 09:26]
[In reply to Infinite Crypto]

Oh we have an extensive roadmap, and so far we keep hitting our milestones. Check it out in our litepaper.
Cross chain swap and launch of the GGM (governance) with UNFI, that’s on the horizon.
Some partnerships to announce too 😉

Pramod | pSquare.capital, [24.11.20 09:27]
Let’s move on to final round of questions
GROUP IS NOW UNMUTED

QUESTION 17 :
Константин, [24.11.20 09:27]

What’s the story behind your Protocol success?

Steve Green | Sesameseed~Unifi, [24.11.20 09:30]
[In reply to Константин]

Our team and our community!
Sesameseed has been doing tokenized rewards and community incentivization for 3 years now, and we’ve learned a lot from that process

QUESTION 18 :
Republic and Freedom, [24.11.20 09:27]

For the products offered by Unifi, do you require use of decentralized oracles? Or do you plan to incorporate one to complete the experience?

Steve Green | Sesameseed~Unifi, [24.11.20 09:30]
[In reply to Republic and Freedom]

Great question! Trustless and permissonless is a core tenet of Sesameseed and how we do things. Stay tuned for details on this

QUESTION 19 :
Ashish Tripathi, [24.11.20 09:27]

What does this program promise for the ecosystem to make DeFi more common? What are the benefits of holding and staking UNFI tokens? And What plans do you have to help drive demand and scarcity for UNFI tokens?

Steve Green | Sesameseed~Unifi, [24.11.20 09:31]
[In reply to Ashish Tripathi]

Our Proof of Stake Governance model will certainly help with this.
UNFI holders will be able to stake their tokens for Staking rewards, and delegate those staked tokens to COmmunity Reps for even more rewards. It’s a highly rewarding governance model, more so than others, I think

QUESTION 20 :
In FUTURE We CRYPTO, [24.11.20 09:27]

You just said that unifiprotocol uses proof of stake elements. Does this mean that the new printed coins are rewards for holders? Can you explain the mechanism better?

Steve Green | Sesameseed~Unifi, [24.11.20 09:32]
[In reply to In FUTURE We CRYPTO]

i recommend you read the white paper we put out on UNFI POS. Its on our medium blog.
There is a token allocation for precisely this purpose. Once again — we built and designed this for sustainablity. Long term success.

QUESTION 21 :
Ashish Tripathi, [24.11.20 09:27]

The crypto world is becoming overcrowded with blockchain projects and tokens, But you have so many competitors, What are you doing to make Unifi Protocol ecosystem truly unique?

Steve Green | Sesameseed~Unifi, [24.11.20 09:34]
[In reply to Ashish Tripathi]

This is a question we get a lot, and especially more so when we launch on Ethereum, with all the platforms there. If you go back and read my answers, you’ll see what makes Unifi so different. Or team. Our community. Our tokens. Our governance model. UP. UNFI. SEED.
Its amazing!
And it all ties in together.
I havent even mentioned how UP can migrate to UNFI. Too little time to go into all the details here haha

QUESTION 22 :
Lanre Akorede, [24.11.20 09:28]

From a startup project to a mainstream project, being a pioneer in the industry, does the team anticipate that many new startup will shows up and compete?

Steve Green | Sesameseed~Unifi, [24.11.20 09:35]
[In reply to Lanre Akorede]

Sesamessed has been pioneers and innovating for 3 years now. Im not worried. Our talents are deep 🙂

Steve Green | Sesameseed~Unifi, [24.11.20 09:35]
ok i think thats all the time i have

Pramod | pSquare.capital, [24.11.20 09:36]
Thanks Steve for your time

Pramod | pSquare.capital, [24.11.20 09:36]
We had a wonderful AMA and it was a pleasure hosting unifi protocol in our community

Steve Green | Sesameseed~Unifi, [24.11.20 09:37]
some really great questions!!

Pramod | pSquare.capital, [24.11.20 09:37]
If you have any last comments for our community, plz you can say

Steve Green | Sesameseed~Unifi, [24.11.20 09:37]
I hope to see some of you in our community channel, or following us on twitter.

There may be some announcements coming out soon that you wont want to miss 😉

May i share our social channels here, Pramod. Or will you do so?

Pramod | pSquare.capital, [24.11.20 09:37]
Yes sure

Steve Green | Sesameseed~Unifi, [24.11.20 09:39]
✅ Join : @unifiprotocol for announcements

✅ Join : @unifi_protocol for discussion

✅Follow: twitter.com/unifiprotocol

— — — — — — — AMA ENDS— — — — — — —

AMA was conducted at https://t.me/pSquare_Chat

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