Findora AMA Recap With Neng Yuni Forum

Dear Community, Welcome to the recap of our AMA with Findora.

Our vibrant and enthusiastic community had a lot question to ask. To those who want to know quickly what Findora is about, we are sure this recap gonna help you. So without further, continue reading.

Speaker : Lily Chao (Founder of Findora)

First Session Project Introduction

Before we start our first session can you introduce yourself?

Mrs. Lily : My name is Lily Chao. I founded the Findora organization along with John Powers, the former CEO of the Stanford University Endowment Fund. I am quite well connected as a young entrepreneur and investor active in Silicon Valley and Asia Pacific Rim. — Before founding Findora, I have a successful track record of investing and advising in early stage tech businesses and providing financial advisory to growth stage tech companies both in the US and in Asia. My expertise is in privatization, SPAC, merger & acquisition. Being tech-savvy generation who seeks to disrupt and improve legacy businesses, as opposed to following their lead, I am the original thought leader, along with the late John Powers, that devised the strategic and product vision of Findora Foundation. With one foot in Silicon Valley and another in the broader Asia-Pacific rim, I have seen the ways technology can create real world solutions across all corners of the globe. In my leisure time, I enjoy cooking, shopping and off-roading.

Q1. Can you tell us a short story of how came up with idea for Findora?

Mrs. Lily: The story behind Findora was pretty straightforward. Back in 2017, John Powers and I were busy starting an endowment style fund of $5 billion. While dealing with all the fund setup, KYC, investor communications and capital calls etc, we were really curious if the new blockchain technology can help evolve the financial industry, especially for global alternative investment markets.

A closer look into the blockchain and the technology behind them was very disappointing: we found that the current blockchain won’t be useful at all. It lacked two essential elments for blockchain to become a new financial infrastructure: the scalability and the privacy. We decided to incept Findora to solve these two issues. The rest of the story was all about action plans and bringing in talents thorugh our network.

Since then, we have been consistently developing the necessary technology and heavily investing in people.

Q2. Can you briefly describe findora’s main advantages over its competitors?

Mrs. Lily: There are a lot of things that set us apart including technology, product, problems we solve and the team and the market strategy. But I wanted to focus on the technology and product: Findora represents the cutting edge of blockchain technology: we are aiming to bring breakthrough to Web 3.0 rather than incremental improvements. The problems we solve and the technology we use make us unique: we use a variety of the newest trustless and efficient zero knowledge proof techniques to bring efficient confidential/anonymous asset operations/transactions to an open blockchain; we use the similar technology to create confidential identity and credential for open blockchains; we use the best in the class zkSNARKS to create optimized ZK Rollup services to help scale up the entire blockchain sphere; we innovatively use a variety of authenticated data structures to make a highly efficient new blockchain.

Q3. Can you please tell us more about the token economics of the project? What utilities does the token have and what benefits will tokens holders get?

Mrs. Lily: Findora 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.

The tokens will also be used for running ZK Rollup nodes to share the revenue.

Q4. To sum up, can you please share with us your nearest milestones that you plan to achieve by the end of 2020?

Mrs. Lily: Our main milestone items so far: 1. 1st Testnet with confidential multi asset operations and anonymous transfers 2. Address Identity layer implementation 3. Phase I asset policy language and restrained virtual machine; Planning for end of this year/next year! — — Launching mainnet! We are ready to go!!! In 2021, we will focus on the phase II mainnet (RSA accumulator based storage optimization) and the DeFi infrastructure. We will deploy ZK Rollup, Accumulator based storage, confidential liquidity bridging and Dark Pool Dex. In 2021, because of a significant improvement and reorg of our research, we will be able to pool more resources to optimize ZKPs for different use cases, hardware acceleration and MPC for blockchain use cases.

Second Session “Twitter Question”

Q1. As we know scalability is a major problems in most of Blockchain & Dapps. So, how your project solves scalability problems and allows Dapps a great scalability?

Mrs. Lily: Yes. Scalability is such a high profile problem especailly after September and October of this year: DeFi mining caused the gas fee to skyrocket.

At the core of the scalability is the capacity within the tolerable security threshold. At Findora, the scalability is addressed in two ways for now: 1. the overall best efficient blockchain architecture and execution (Rust + WASM). 2. ZK Rollup

ZK-Rollups bundle hundreds of transfers into a single transaction. The smart contract will deconstruct and verify all of the transfers held in a single transaction. A “zero knowledge proof” approach is used to present and publicly record the validity of the block on the Findora blockchain. ZK reduces computing and storage resources for validating the block by reducing the amount of data held in a transaction; zero knowledge of the entire data is needed. Advantages include:

Reduced fees per user transfer

Faster than Optimistic Rollup and Plasma

Blocks will be computed in a parallel computing model which encourages decentralization

Less data contained in each transaction increases throughput and scalability of layer 2

Does not require a fraud game verification like Optimistic Rollup, which can delay withdrawals by up to two weeks

Do you guys like it?

The ZK Rollup is the way to go for high throughput. And we are workig with DeFi protocols to embed ZK Rollup. The DeFi will be faster and cheaper (in fees) and more secure.

Q2. The signature required for each operation in the transaction must also sign a digest of the entire transaction. Is there a guarantee that individual operations in the transaction cannot be performed replayed individually?

Mrs. Lily: t is guaranteed cryptographically. The UTXO set index stores the SHA-256 digest of every active UTXO along and a reference to its position in the transaction log. Transactions with asset transfer operation outputs are added to the UTXO set index. The UTXO inputs referenced by the asset transfer operation are removed from the UTXO index. It is an common operation to sign both the TRX and the digest.

To be more precise: When a transfer operation output is added to the UTXO set index, the data entry placed in the index includes the following

a SHA-256 digest of the entire transaction

the position of the transaction in the transaction log

the index of the transfer operation

the specified output address and its index in the transfer operation output list

When a transaction transfer operation output is removed from UTXO set index, this data entry is deleted. Data service nodes store the complete UTXO index because UTXOs are critical to transaction formation and end users will frequently query for their UTXOs. In the Phase I, all full validator nodes store a simplified UTXO index consisting of the SHA-256 digest of every UTXO. In Phase II, the full validator nodes will not store the UTXO index.

No replaying is possible.

Q3. Findora partners is tencent cloud, how does this association generate profitability for the Findora Ecosystem? besides, what other partners are supporting this project? what is the role of tencent cloud in the findora ecosystem?

Mrs. Lily: This will be very (extremely) profitable. And the revenue streams flow into the Findora public chain constituents. The nature of our partnership is to deploy an elastic and highly scalable Transaction-As-A-Service side ledger to Findora. Fintech companies and businesses can subscribe to that services to outsource their transactions (be it game assets, banking transactions, API based banking balance and more) without worrying about the security of a cloud and of course, these transactions exist on the Tencent cloud in the form of ZK proofs so they are auditable and interoperable. We are working with many partners including banks, enterprise blockchain application builders, DeFi entrepreneurs and stable coin issuers to signing them on to this service. Tencent Cloud is a strategic infrastructure and co-sale partner.

We have a variety of partnership within and beyond crypto. We work with oracle services like Chainlink and Nest to help create privacy presrving oracle; we work with stable coins like TrustToken; we also work with banks to help create banking ledgers to be connected to Findora pubic chain. We have a consortium of cross border remittance providers with increasing number of partners joining such as MoneyMoov etc

Q4. DeFi is booming. Defi is becoming a trend. It’s become a popular issue lately. Is Findora just following that trend? Or are you well prepared to enter this space?

Mrs. Lily: DeFi is HUGE. In my personal view, DEFI is what blockchain about and in the future, people will only care about the DEFI applications themselves, rather than the underlying chain. But now, Defi is all about Defi on ETHEREUM and/or ERC20 tokens. Findora participates in the Defi in two ways: 1. Findora provides ZK Rollup and confidential transaction capability to the existing Defi apps on ETHEREUM as that Defi apps running on Ethereum can be better: faster, cheaper and can realize a lot more features otherwise impossible without confidentiality; 2. Findora is based on cross chain and verifiable computation technology, any Ethereum based assets can atomically transfer, transact on Findora. We can provide scalability and cost advantage to apps built directly on us.

Private Defi applications include a series of new defi products including Dark Pool Dex (allow secret large ticket crypto transaction), confidential FX pool (that can allow confidential cross-border money transfer), just to name a few. We will release soon with mainnet launch.

The technology we use to build privacy preserving defi incudes Bulletproofs, Darker compiler, Supersonic, Plonk, advanced cryptography signatures and more. The Zei cryptography library that Findora built is one of the most advanced and comprehensive crypto lib in the world.

Q5. What is the business model of FINDORA? How it works for users? and Who are your potential customers and which markets are you targeting on?

Mrs. Lily: Great question! We build great blockchain and great tokenomics. We believe blockchain is very different from the traditional TMT startups. However, decentralized protocols still need to have a revenue model. The revenue should come from utility and asset transactions. Findora plans to act as the blockchain transaction hub by leveraging our expertise in cryptography. Not only serving the applications on Findora, our ecosystem play includes providing cross-chain ZK Rollup to Ethereum, helping lower the GAS fee while making revenue for Findora. We also provide side ledger services to the business users that are willing to pay. Such services will require staking and pledging Findra tokens and will also contribute large revenue streams 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 happy to see the Findora tokens are providing increasingly valuable utilities.

Speaking of our potential customers, I think Findora is positioned as a financial infrastructure that is accessible, secure and privacy preserving. So first and foremost, we will target the developers, both defi developers and enterprise developers. We will also incubate and sponsor consumer facing financial applications such as cross border remittance, payment processing and more. This will require Findora to establish a direct brand with consumers and the global communities.

In summary, we are targeting both 2B and 2C markets. Currenty, rest of the world market is our focus. That includes SEA, Europe and Africa and Latin America.

The Third Session “Live Question”

Q1. Do you think your system is secure enough? How safe is your system in securing funds and user data?

Mrs. Lily: Yeah. The Findora blockchain is build around one of the world’s most comprehensive cryptography library — ZEI, developed by Findira team. We not only have a lot of innovative zero knowledge proofs implementation, but also have optimized hash functions, signatures and other goodies. The authenticated data structures we use are very comprehensive and secure including Merkle Tree, Sparse Merkle Tree, Accumulator, and more.

On a market where there are still public blockchains that do not support multi-signature, we are like being equipped like a combat tank.

And most importantly, we are a zero knowledge blokchain. The name says it all!

There is no knowledge on the chain 😂

seriously, this is the ultimate protection to the users. The transactions and their metadata are not stored onchain.

Voila! So that’s why Findora is extremely safe for users!

One thing to note is that today’s DeFi vulnerabilities come from one very important issue: the Ethereum virtual machine and the Solidity laguage . At Findora, our smart contract mechanism is different. We develop a domain specific language for asset operation called Discret. Discret is the smart contract language people easily learn and use. It has automated bug detection. It can supports other code while keeping control and enables privacy. It is safe by design: fights bugs and exploits while offering the power of a high-level language. The virtual machine is restrained. Recursion will be detected and causes an immediate failure at module load. Our Atomic transaction will roll back if error occurs. You can see ours is much more secure and efficient and designed for DeFi.

Q2. What is the long term vision of FINDORA ?

Mrs. Lily: Our long term vision is actuallly: Blockchain eats financial world 🙂 Or we commit ourselves to building a global decentralized financial infrastructure that everyone can fairly access. It is beyond being the leading project to provide asset transfer tools. It is about to move all financial assets in the world: currency, equity, debt, derivatives onto the blockchain.

Q3. Findora breaks open data silos for easy interoperability, how can data be easily reachable and shared, but yet secure ans private according to the users will?

Mrs. Lily: Thanks to the newest development in large scale distributed system and advanced cryptography (especially breakthroughs in Zero Knowledge Proofs technology), Findora is able to achieve high-performace confidential blockchain: the Findora blockchain can be viewed as a trustless warehouse of zero knowledge proofs: such proofs can prove transactions of all types while no any third party can gain knowledge about the meta data of the transacitons. That being said, the Findora blockchain nodes process and validate the ZKPs of the transactions. The nodes don’t know the transactions themselves. Only authorized parties can view the transactions on a block explorer — — this is very very different from Bitcoin and Ethereum, where everybody can see any transactions.

Since the privacy on a blockchan is guaranteed, we can break the data silos: even competitors can do transactions on the same Findora blockchain without being worried that they can see each other’s business secrets. — — Is that interesting?

And these Zero knowledge Proofs technologies we used, are the newest and best transparent algorithms that no pre-Quantum computers can break. They are extremely secure.

Q4. The two most common cryptographic techniques used by findora are “Zero-knowledge proof” and “multi party computation” can you explain how this techniques work and their functions in Findora Platform.

Mrs. Lily: Zero knowledge proof is a group of cryptography protocols by which one party (the prover) can prove to another party (the verifier) that they know a value x, without conveying any information apart from the fact that they know the value x.

MPC is a set of cryptography and computation protocols with the goal of creating methods for parties to jointly compute a function over their inputs while keeping those inputs private.

Findora uses a lot of ZKP instances in various use cases. The MPC is mainly used in DEX, order book matching and transactional data blind sharing.

Findora Advanced Research Institute works with leading universities to improve efficiency of MPC under malicious assumption.

These techniques are widely used in our stacks. Our Zei crypto lib has a lot of implementations such as Bulletproofs, Supersonic, Plonk and more. Most of the confidential transactions for now will require Bulletprooofs or Plonk or Supersonic

Q5. There are lots of new protocols launching that are designed to bring non-ethereum tokens to ethereum via a bridge. Is this something as a lending service you are looking forward to?

Mrs. Lily: Lending is at the core of finance of any types. There is no exception at Findora. A large part of our MVP prototyping is surrounding a marketplace lending case. We are working to set up confidentail and atomic cross chain asset bridges in/out Findora so that BTC, ETH and other major liquidity sources can move freely with privacy. The liquidity is not only for lending. We also aim to attract and retain liquidity by offering privacy features and L2 mining and other incentive models.

Alright, those are the 5 select question

Thanks to Mrs. Lily @lily52099 who gave us the time to share this knowledge, I hope we will understand more about Findora.

Well…

We declare AMA’s Series Neng Yuni with Findora, is Done. 🥳🥳🥳🥳

thank you to the participants who have attended this event to the end.

the winners will be announced soon🥳🥳🥳

Telegram: t.me/findoraen

Channel : t.me/findoraANN

Twitter : https://twitter.com/FindoraOfficial

Instagram : https://www.instagram.com/FindoraFoundation

THANKS TO ALL OF OUR COMMUNITY

HAVE A GREAT DAY

Edited By : Neng Yuni