Findora 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 : Mattarney — Head of Growth Findora
Ken Berniklau — Director of Product Management Findora
First Session Project Introduction
Before we start our first session can you introduce yourself?
Mr. Matt: I’m Matt and I live in San Francisco. Before joining Findora as their Head of Growth, I co-founded and successfully exited from three international startups in the enterprise language & technology space. My expertise is in corporate development, partnerships and globalization. In my free time, I enjoy being outdoors doing stuff like hiking, surfing and mountain biking.
Mr. Ken: Hello — my name is Ken Berniklau. I’m Director of Product Management at Findora and happy to answer some questions about our product. My expertise is in launching early stage start-ups, product development, leadership, and managing in a growth environment. In my free time, I enjoy motorcycles, golf and off-roading.
Q1. Can you tell us what is FINDORA? And a short story of how came up with idea for FINDORA?
Mr. Matt: Simply, Findora is a decentralized finance (DeFi) public blockchain project Findora’s vision started in 2017, and is to leverage blockchain technology in order to revolutionize financial services.
We believe that the financial services industry infrastructure is outdated and in need of innovation. We envision an open, fair and transparent financial infrastructure that can serve billions of people, providing true financial democracy. Findora’s technology and its democratically run network aims to become the backbone of Web 3.0, providing the necessary transparency and protection for everyone.
Q2. Can you briefly describe FINDORA’s main advantages over its competitors?
Mr. Ken: Findora solves four core problems inherent in today’s blockchain technology:
Confidentiality
Scalability
Interconnectivity
Auditability
Because of this, Findora has unlimited upside. For example, privacy coins such as Zcash, Dash and Monero are not auditable and as a result are facing issues with regulators and exchanges. In fact, Bittrex just announced they would be delisting Monero, Zcash and Dash on January 15, 2021 due to a lack of transparency.
Findora’s tokens are auditable and also support smart contracts, which increases the likelihood of being well-received by the market and by regulators around the world.
Q3. What is the name of the token that FINDORA has? How much supply is available and where the token allocated?
Mr. Matt:
FRA is the native token of the Findora platform and is required for access to its core features and functionality, including staking, governance, the payment of transactions, privacy-enhancing features, access to advanced financial application building tools, and other services.
Our token is the ultimate source of the network’s utility, and we’ve designed for several ways to increase the token value both intrinsically and with regards to its utility. For instance, we have hard-wired deflationary burning mechanics into the TRX fees. We have also designed many use cases where users must lock and stake a large volume of Findora tokens to access mining, application building, and premium features.
All info regarding requirements, supply and allocation can be found on our website here: info.findora.org
Q4. 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?
Mr. Ken: Great question! We build both powerful blockchain solutions and industry-leading tokenomics. We believe blockchain is fundamentally different from the traditional TMT startups. However, decentralized protocols still need to have a revenue model and 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 generating revenue for Findora. We also provide side ledger services to business users. Such services will require staking and pledging Findora tokens and will also contribute a 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 Findora tokens are providing increasingly valuable utilities.
Q5. To sum up, can you please share with us your nearest milestones that you plan to achieve by the next month/year?
Mr. Matt: Lets look at another visual
Our main roadmap items for 2021 revolve around launching our mainnet which will occur very soon (in Q1 2021)
As the image above shows, we also plan to focus on phase II which includes launching an RSA accumulator based storage optimization and our DeFi infrastructure. We plan to deploy ZK Rollup, Accumulator-based storage, confidential liquidity bridging and Dark Pool Dex. We will also optimize ZKPs for different use cases, hardware acceleration and MPC for blockchain use cases.
Second Session “Twitter Question”
Q1. We can see Findora in the test net, so when will it be fully released? In Findora, you can ‘create classified assets’ what does this really mean? What is included in Findora testnet and how can I participate?
Mr. Matt: Our testnet, named Forge, has been live since last year and many users have tested, tried and built applications on it already. On Forge, you can create, issue and transfer what we call “secret assets,” also known as confidential crypto assets. In the near future, we will also release a series of audit tools such as: ‘confidential asset tracer,’ ‘proof of solvency,’ ‘proof of accreditation,’ ‘range proof,’ and more.
When you create one of these “secret assets” on Findora, you can simply create your own Monero or Zcash on us without the hassle of having to build your own blockchain. Unlike Zcash and Monero, however, these “secret assets” can support smart contracts.
Zero-knowledge empowered tools such as “secret assets” can be configured for crypto just as you could with any real-world assets that can be used for real financial transactions.
Q2. Findora uses a consensus algorithm called FINSENSE How does Finsense work and what are the features of FINSENSE that makes it unique when compared with other consensus algorithms like proof of work PoW, Proof of stake PoS?
Mr. Ken:
Finsense is Findora public network’s consensus algorithm. It aims to enable a stable, high-throughput, and decentralized network for financial services secured by both real-world trust anchors and stake. Finsense targets fast finality under weak-synchrony network conditions, and favors consistency over liveness, minimizing the likelihood of forking. Here are three important points in regards to Finsense:
1. Findora operators run the Finsense consensus protocol to reach a synchronized view of global financial asset transactions.
2. Finsense will use state-of-the-art techniques to remain secure and operational in realistic network conditions.
3. Attacks on consensus are hindered by economic costs and the difficulty of infiltrating the network’s fabric of institutional trust.
Q3. Findora is now in the testnet phase. So, What is included in the Findora testnet and how to join ? And Why do you limit your participation in that experiment?
Mr. Matt: As mentioned above, Findora released a test network to select partners last year however we opened up testnet to everyone in December. News about this can be found here: https://findora.org/2020/12/findora-launches-testnet-2-0-forge-to-the-public/
The testnet contains an instance of the Findora transactional system operated by a fixed set of servers called validators. The validators run a permissioned BFT consensus protocol to maintain a consistent log of transactions. They receive and process transactions and periodically publish updates to the public log of transactions.
To sign up for testnet please go here: www.findora.org/testnet
Q4. For project development, the main priority is to have sufficient funds. Is your team financially able to carry out this project? Do you have sufficient funds for development?And how is $FINDORA project profitable?
Mr. Ken: Findora is fortunate to be well-funded and have secured investments from reputable institutional investors including Polychain capital, Allchaineed, Krypital Group, Axia8 Ventures, Cabin VC, Powerscale Capital and Jack Lee as well as the community at large. The funding size is enough for Findora to aggressively develop the community and enterprise applications as an entire ecosystem.
Q5. On your website you say that “Transparent block chains do not work for finance” It is a pretty strong but interesting statement… Why do you think this and why do you think Findora may be the solution?
Mr. Matt: First of all we can all agree that Finance is fundamentally broken. The world’s financial services are inaccessible and opaque. Millions of people are unbanked and trillions of dollars are wasted due to fraud and capital mismanagement. Financial giants are slow and exploitative. They are too big to fail and they consistently neglect consumer needs.Financial data silos infringe on consumer privacy, are vulnerable to cyber attack, and result in widespread inefficiencies.
The recent explosion of the blockchain industry promised a makeover of the worldwide financial system, but has thus far failed to deliver due to privacy, compliance, and scalability limitations. Findora’s technology and its democratically run network aims to become the backbone of Web 3.0, providing the necessary transparency and protection for everyone.
As an example, Many P2P lending platforms are opaque and untrusted. It is very difficult to distinguish the good platforms from the bad. China’s social P2P lending industry collapsed in 2018 due to widespread fraud.
Any lending platform operating on Findora can be both publicly audited for basic compliance as well as privately audited by regulators with tiered levels of access to more granular information.
The Third Session “Live Question”
Q1. Very little public confirmation of project progress. Can you share the current progress of the Findora project?
Mr. Matt: Findora held it’s public sale recently and completed 2 days early this past Saturday. Findora will primarily use the funds to grow its team and launch its Mainnet, which remains on track for Q1 2021. The Findora Mainnet is the flagship technology behind the Foundation’s ambitious DeFi undertaking, combining industry-leading privacy features, compliance, and scalability on a single platform. The upcoming launch will uniquely position Findora as the cohesive glue of the financial services industry, enabling assets of any nature and addressing the challenges necessary to support and unify a diverse collection of cryptocurrencies and traditional assets such as equity, derivatives, debt and fiat currency.
Immediately after the Mainnet release in first quarter 2021, the Foundation will focus on launching RSA accumulator-based storage optimization and its broader DeFi infrastructure. This includes the deployment of ZK Rollup, accumulator-based storage, confidential liquidity bridging and Dark Pool Dex. The infrastructure will also optimize ZKPs for various use cases, hardware acceleration and MPC for blockchain use cases.
Q2. During Findora Development , What challenges are you most proud of overcoming so far, where do you see your biggest challenges?
Mr. Ken: Findora enables assets of any nature on its network — fiats, cryptocurrencies, equity, debt and derivatives. Its mission is to address the challenges that exist when supporting a wide spectrum of assets and diverse financial use cases, while providing confidentiality and retaining transparency.
Q3. I am a investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose your project over the existing one ? What is your coin advantage that can convince me to change from my favorite token/coin ?
Mr. Matt: Going back to what Ken mentioned earlier, Findora solves four core problems inherent in today’s blockchain technology:
Confidentiality
Scalability
Interconnectivity
Auditability
Privacy has gotten a ton of attention lately — consider this: https://www.coindesk.com/bittrex-to-delist-privacy-coins-monero-dash-and-zcash
Findora’s tokens are auditable and also support smart contracts, which increases the likelihood of being well-received by the market and by regulators around the world.
Q4. Now have many super hackers so security, scalability, and data privacy are three aspects that are very important at enterprize level, how Findora foundation handle these issues?
Mr. Ken: We have a huge toolbox of auditability tools, including proof of solvency, range proof, proof of whitelisted assets; proof of accreditation; identity selective revealing tools, confidential asset tracers. These tools are all designed with one purpose: allow public or certain privileged auditors to understand and verify certain statements on a transaction while still keeping the raw data confidential
Q5. Could you give me 2 or 3 key points to convince me and other angel investors invest in findora in long-term?
Mr. Matt: Sure, we are at the beginning of a DeFi revolution — financial systems must and will change dramatically in this decade and Findora is at the forefront of the industry. Let me leave you with this:
The Internet is just for gambling and porn (1995)
People will never trust a website with their credit card (1997)
Bitcoin is just a tool for criminals and tax evaders (2015)
Ethereum is only good for scam coins and ponzi schemes (2018)
We will look back on 2021 and laugh at similar statements that some are making today
Alright, those are the 5 select question
Thanks to Mr. @mattarney and Mr. @KenB7 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
Website : https://findora.org/
THANKS TO ALL OF OUR COMMUNITY
HAVE A GREAT DAY
Edited By : Neng Yuni
