Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Amplify and our guest was AMPT Eugene tan – @AMPTet. The AMA took place on the 8th of April.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Amplify! Welcome to Satoshi Club😀
D. | Satoshi Club:
Our today’s guest – @AMPTet ! hello, thank you for joining us!
AMPT eugene tan:
Hi all, is my privilege to be here.
D. | Satoshi Club:
Hello! 😊 how are you doing?
AMPT eugene tan:
Am good.. thank you. Hope all well at your end and the members too.
Mary | Satoshi Club:
Let’s start our AMA 🚀 And as usual, we will start with an intro! Could you please introduce yourself and tell us more about Amplify?😀
AMPT eugene tan:
Sure, Mary. Hi all, my name is Eugene Tan, am the CEO of Amplify. I started Amplify in 2020 along with my co-founders. The reason being we firmly believe that there is a more sustainable way in doing supply chain financing moving forward. We empathize with the SMEs and the financing problems they face are very real but with little redress as of now.
Mary | Satoshi Club:
You have great goals!
D. | Satoshi Club:
Amplify is your first project in crypto?
AMPT eugene tan:
Not really, prior to this, I was handling a crypto project which was ICO in 2018.
Mary | Satoshi Club:
Was it successful?😀
AMPT eugene tan:
Well, the project got quite a lot of followers and investors, but it did not reach the success of Ethereum, LTC that level of success.
Mary | Satoshi Club:
Gotcha! But now you have a good experience. How big is your team?😀
AMPT eugene tan:
Yes, throughout this period, my team and I have learned from the mistakes we have made and this is why we don’t believe in creating protocols like others where it goes to crypto speculation. We are focused on real business applications. As of today, we keep our team lean. We have more than 10 including advisors and we are growing as we speak.
D. | Satoshi Club:
Could you tell us briefly in this intro, what is Amplify all about? And what problems are you aiming to solve?
AMPT eugene tan:
Sure. Amplify is a B2B2C or C2B DEFI protocol that focuses on supply chain financing through the lending of cryptos. we all know there is a huge TVL in the Defi space and all these assets can be put to better use in servicing real business needs and helping the global economy. We want to help corporates SMEs to get avenues of financing more efficiently. An area in which they have been sidelined in today’s context.
Mary | Satoshi Club:
Awesome! Thank you for your intro! And let’s dive deeper into the details with the questions from our community 😀 Ready?
AMPT eugene tan:
Yes.
D. | Satoshi Club:
Q1 from Telegram user @meml97
While reading your whitepaper I saw that In order to solve the supplier finance-related problems, you have created an innovative decentralized network architecture based on blockchain for B2B2C. Can you tell us more about this? How will this solution work and what makes it so innovative? What advantages does Amplify have thanks to this architecture if we compare it with other projects that are similar to Amplify?
AMPT eugene tan:
Thanks for the question @mem197, in today’s context, there are a lot of individuals like yourself who hold cryptos and of cos, u are holding for capital gains. of course, you can also stake or lend out the cryptos for trading purposes. Instead, we are harnessing your assets and transfer the economic value to business needs, helping SMEs to improve their operating cash flow, thereby generating more revenue and creating more jobs.
Mary | Satoshi Club:
What other crypto projects do you consider as your closest competitors?
AMPT eugene tan:
In today’s context. there are a number of platforms using blockchain to solve supply chain financing needs but in fiat. there are few using crypto but focus on institutions. we believe a true disruption is to have both the lenders(which is u) and the users(borrowers) as the main beneficiaries. the protocol is only a tool in matching. out value proposition is not about the technology but the value proposition. There is a number we have seen like Tinlake, Trade plus 24, etc.
Mary | Satoshi Club:
Not so many😀
Thank you for your answers! Ready to go to the next question?
AMPT eugene tan:
Shoot.
D. | Satoshi Club:
Q2 from Telegram user @NataliyaKil
On your site, I drew attention to the location of your partners on the geographic map of the world. Flovtec Switzerland, Wizkey Italy, Emirex Estonia, Holdex Hong Kong, Xlog Singapore and X10-Academy Moscow. They are all centered on one continent. Do you plan to conquer other continents? Are these your only partners? Have you already achieved an off-chain and on-chain partnership with them and what are the goals of partnering with each of these companies?
AMPT eugene tan:
Tq @NataliyaKil, of cos we have plans to expand but we are mindful of one thing. this is not a C platform. Our target users are the B sector and unlike in a C platform, you go for the explosive start with a big bang. Conversely, we need to ensure success and safety in the transactions. And from there onwards we will scale sustainably. With each of the corporate partners, they play a different role but all of them important in building this ecosystem together. We are still on the lookout for other partnerships which will aid in this goal.
Mary | Satoshi Club:
How many partners do you currently have? Can you name some of them?
D. | Satoshi Club:
What kind of partners are you looking for? Are they all should be from the financial sector?
AMPT eugene tan:
The partners are mentioned above. but as of now, we are still discussing with others. until there is an MOU signed, i can’t disclose as of now.
In terms of partners, not only financial. it can be the tech side like the Chain, the insurance aspect as well as exchanges or NEO banks in transferring fiat money to users.
D. | Satoshi Club:
👍 Thank you for the answers! ready for the next question?
AMPT eugene tan:
Yes, sure.
D. | Satoshi Club:
Q3 from Telegram user @cryptofollower
The transformation of traditional finance into defi is not an easy job. As Amplify focusing on small and medium businesses for lending mostly, what kind of difficulties are you dealing with right now on borrowing and lending processes for SMEs and business to business financial resources?
AMPT eugene tan:
Crypto is still not widely used in business transactions as yet. thought overtime it will be. More so for SMEs, they are generally more traditional and are not easy to convince. hence we need to design in such a way that they don’t have to worry about the crypto aspect. all they need to know is the ease and the cost in getting the financing.
Mary | Satoshi Club:
Do you need any licenses for your business?
AMPT eugene tan:
Of cos, the other issue is on the DD part of the SMEs. as a protocol, we need to be nimble and hence cant and will not work on huge compliance and DD procedures, otherwise, it defeats the purpose. On the other hand, we can’t be too free in matching the loans at the expense of the lenders. As of now, there is no need for the license as we are only a protocol.
Mary | Satoshi Club:
That’s good news😉 Ready to jump to the next question or you want to add something?
D. | Satoshi Club:
But in the future, you can face some issues from the regulators’ side? it can be a problem when you trying to combine traditional finance and DeFi.
AMPT eugene tan:
Yes, in fact recently FATF has also made some recommendations in this aspect. I think like any other business, nothing is constant and hence we will need to evolve along the way. The most important principle is that we are not doing illegal and if there are more regulations, it will mean more work in screening, incurring cost and time. otherwise business as usual.
Mary | Satoshi Club:
I am sure you won’t do anything illegal😀
Ready to proceed?
AMPT eugene tan:
Yes.
D. | Satoshi Club:
Q4 from Telegram user @victorogb
AMPLIFY uses a curved auction based on Ethereum Smart Contracts to produce the AMPT which is basically an auction algorithm that determines the price of the AMPT token during an auctioning round as against the number of tokens sold. How viable is this process, and how will it guarantee true liquidity and stability to the AMPT token?
AMPT eugene tan:
Tks for the question. at the time when we worked on this white paper, we feel it very viable. But over time, the dynamics have changed and we are already working on a new tokenomics which belief will be better than before. this version will be released soon. pls, stay tuned.
Mary | Satoshi Club:
Will it be a big change or you will change only some details?
AMPT eugene tan:
I will say quite a fair bit of change..for the BETTER.
D. | Satoshi Club:
So AMPT token is not out yet?
AMPT eugene tan:
Is mined, but not in circulation. once we launch our v1.0, users will be rewarded accordingly.
D. | Satoshi Club:
Oh, gotcha, nice! 👍 then we will be waiting for the release 😉
Mary | Satoshi Club:
Thank you for your answers! Ready for the next question?
AMPT eugene tan:
Ok.
D. | Satoshi Club:
Q5 from Telegram user @lukacy
AMPLIFY is well connected to traditional financial resources by connecting large numbers of SMEs to loan and Credit. How did you work this out? To get a Credit, you need collateral, what solution do you have for this? Will an off-chain asset be used as collateral or an on-chain or maybe a mixed? There is also the issue of verification, how would you verify users?
AMPT eugene tan:
Hi, we are not the banks and we cannot take the collateral ., the only collateral per se is the invoice whether you are using it for borrowing or factoring.. hence this is where due diligence is important. we partner with “tokenizers” who help us to do the screening, be it KYC or AML. as we progress, we will also work with credit bureaus or maybe social media analytics for further verification. this is built for the community and has to be by the community. if there is a community that can play a role in helping facilitate the transaction, we welcome it.
Mary | Satoshi Club:
So, you’re looking for ‘tokenizers’ partners? Or already find some?
AMPT eugene tan:
Yes, we are looking. The more the merrier..but the ones who are “serious” 😊
D. | Satoshi Club:
Thank you for the detailed answer! and the last question from this part! 🙌
Q6 from Telegram user @Winner_don
As a financial B2B2C lending platform, who sets the lending limit, interest rate, payback time, e.t.c. How will your project work satisfy both parties – the lender paying on time and the lender getting a loan with a low-interest rate. Is there a reward for both parties in a way that would encourage them? And for those that just want to hold and or farm the AMPT token, what is their reward?
AMPT eugene tan:
Great question. as mentioned before, this protocol is by the community, we only facilitate. hence we will propose rates that will be voted by the council (represented by the community basis number of tokens) of course.
Mary | Satoshi Club:
So, far everything is in the development process? When do you plan to start the voting process?
AMPT eugene tan:
And to encourage both the lenders and borrowers, they will be rewarded with the AMPT after each transaction. and these reward tokens if not transferred out, can be used to reduce the fee to the protocol. this likens to reward points.
Yes, currently is in the development process. we have launched community testing of v1.0 yesterday and we are getting a good response. We hope to have more support in this. Just wanna share here, pls follow us closely below on Amplify updates.
D. | Satoshi Club:
So everyone can participate? In testing.
AMPT eugene tan:
Also, please mention, that the current amplify community is here:
🔘 Twitter https://twitter.com/ampt_defi
🔘 Discord https://discord.gg/yv4Muwya
🔘 Telegram chat: https://t.me/ampttoken
🔘 Telegram channel: https://t.me/AMPT_DeFI
🔘 For the testers, we have a group managing the tokens and also issues in Holdex https://holdex.io/x/amplify
Amplify helps individuals and SMEs to get liquidity and makes supply chain financing more inclusive and democratic.
Sure, everyone can participate, just need to sign up.
D. | Satoshi Club:
Cool!
@AMPTet thank you for the great answers in part 1! are you ready for the next part of AMA? 😉
AMPT eugene tan:
Yes.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @AmirJosh
Amplify is not about the technology but is about the business case and a vision of financial inclusion for businesses. So you Amplify will not gonna develop some kind of new technology for your platform but will utilize what is already available and build a business plan or create a bridge to make transactions of banks, cryptocurrency and business efficient and more inclusive to SMEs?
AMPT Eugene tan:
Yes. We don’t believe in reinventing the wheel, which is why is open-sourced.
Q2 from Telegram user @SPAZEEEE
Each project has the main focus to develop the project so that it progresses and develops. Of course, your project has good fission and mission. Can you give users an overview of your project’s fission and mission?
AMPT eugene tan:
VISION
To build a sustainable, bias-free and inclusive financing system powered by decentralized innovation.
MISSION
To provide SMEs with a sustainable alternative financing method by involving digital assets investors.
Amplify believes that through Decentralized Finance (DeFi) we can forge a win-win B2B2C relationship between SMEs and community investors, achieving the needs of all parties and building a sustainable and efficient economy.
Q3 from Telegram user @highpee
👋Hello. In one of your weekly Defi topics publication on your medium, you wrote on NFTs and how they can be utilized for many financial purposes. However, I have not seen any NFTs implementation planned on Amplify. Is there no way AMPLIFY can deploy NFTs in tokenizing the value of off-chain lenders’ assets? Don’t you have a plan to introduce NFTs into the amplify project?
AMPT Eugene tan:
The NFT will be tokenizing the invoices.
Q4 from Telegram user @Ratash99
Since AMPLIFY is a decentralized supply chain financial B2B2C infrastructure how will you attract crypto traders since one of blockchain’s main purposes is p2p trading?
AMPT Eugene tan:
I think crypto owners have a choice of how best to make their cryptos work for them. and I think social media like this as well as seeing success stories will give a boost to investors/crypto owners like you in making the right decision.
Q5 from Telegram user @cryptoneco
”Amplify helps individuals and SMEs achieve liquidity and makes supply chain finance more inclusive and democratic.” So, are you likely to encounter legal restrictions on this issue? There are different legal regulations in each country. Is this a problem for AMPLIFY?
AMPT Eugene tan:
Yes, this is a real potential problem but I do think such issues will elevate into opportunities. The regulation is more of ensuring no leakage, no money laundering and terrorist money. We just have to play our part and work with the regulators and not against them.
Q6 from Telegram user @Robotliker1
What are the ways to get AMPT? When will it be available to buy?
AMPT Eugene tan:
Yes, in time to come it will be listed. But as of now, suggest you participate in our campaigns to earn them.
Q7 from Telegram user @feranno
If the project is not listed within 6 months, Amplify will get the tokens back at a 20% higher price,” the announcement you posted on Reddit. you say. What are the chances of this possibility happening? If so, how will you fund the repurchase?
AMPT Eugene tan:
We hope not. We are working on a series of fundraising, private and then public. We are working towards listing by the time frame. Of course, will need all your support.
Q8 from Telegram user @NataliyaKil
Most recently, in an article by Bloomberg, AMPLIFY advisor Nizam Ismail (founder of Singapore-based Ethikom Consultancy) spoke about the world’s regulators’ changing approach towards cryptocurrency. Can you elaborate on what kind of interview it was and what your advisor is concerned about?
AMPT Eugene tan:
Well, I will think that his concern is being over-regulated will kill innovation which is something we don’t want.. on the contrary, we can’t be too open about it, where to strike the balance.
Q9 from Telegram user @Trilogic3
🌄🌄🌄What are the forward projects that AMPTet will launch in the near future? Are all projects audited and guaranteed security?
AMPT Eugene tan:
Yes, we will come out soon for the factoring of the invoices. Every system we roll out will ensure audits for security and safety.
Q10 from Telegram user @adaatalay
The race for success in crypto is a very long marathon and you can never do it alone. What is your opinion on the partnerships and collaborations you need? When will you give priority to partnerships?
AMPT Eugene tan:
Yes, I firmly believe in collaboration. We are not alone and amplify is about collaboration with partners who have the expertise in building the ecosystem with us.
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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🔘 Twitter https://twitter.com/ampt_defi
🔘 Discord https://discord.gg/yv4Muwya
🔘 Telegram chat: https://t.me/ampttoken
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🔘 For the testers: https://holdex.io/x/amplify