Defi has been the main topic in the last month and today we would like to tell you about the AMA session with our friends from DefiKing. The AMA took place on August 31 and our guests were Neo Wang and Artem Gordadze.
The total reward pool was $600 and it was splitted into three parts.
In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Serg | Satoshi Club: Hello, dear community! Our guests today are from @dfkofficial. Welcome to Satoshi Club!
Irina K. | @satoshi_club: Hi everyone. 😀
Serg | Satoshi Club: @artem_gordadze @Neo_WangCWV , welcome!
Neo Wang: Hi! Glad to be here with Satoshi Club community!
Artem Gordadze: Hey.
Serg | Satoshi Club: Welcome to Satoshi Club 🙂 let’s make a small introduction. Please tell us a bit about yourself, how did you get in crypto, how did you start DefiKing.
Neo Wang: …I’m Neo Wang, early investor of BICC exchange, manager of CWV main chain Foundation.
We initiate the project Defiking in 2017, very early, even before Defi was hot in the market
DeFiKing is a decentralized financial cross chain protocol platform, which completes smart contract through cross link protocol and achieves better decentralization and data security through Oracle Mechanism. At present, it includes tools for automatic liquidity mining, loan protocol, one button savings account, mutual aid game playing platform, etc.
Defiking will combine Centralized Finance (Cefi) and Decentralized Finance (DeFi) to solve the main pain-points of users such as high service charges, poor user experience and high threshold for understanding smart contracts.
Artem Gordadze: Here is also brief about myself. My name is Artem Gordadze and I am responsible for the overseas Marketing Strategy and communications.
Irina K. | @satoshi_club: Thank you! How big is your community at the moment, by the way?
Neo Wang: Our early development mainly focused on China, creating communities of tens of thousands of people, and get supported from many projects, such as Tron.
Our overseas community is just getting started. In half a month, we have created over 1,000 main communities and over 3,000 small language communities, including Indian, Indonesian, Vietnamese, Turkish, Spanish, Filipino, Arab, And Russian-speaking communities. https://t.me/dfkofficial
Serg | Satoshi Club: We had Justin here as a guest, are you friends?
Neo Wang: Yes, we are very familiar with each other. Our project just launched in Justswap, and they have been very supportive and promoted.
Q1 from Bitcointalk User juanes
You claim to solve issues and reduce costs for both centralized and decentralized finances. For what services specifically and how?
Neo Wang: Defining adopts the mode of out of chain and uses VRF consensus mechanism to reach the final agreement of external data. The purpose of the language sub chain is to analyze the acquisition of data outside the chain, use the nodes of edge computing, face to a wider range of user nodes, actively participate in consensus, and jointly maintain the fidelity of Oracle data.
Compared with other mechanisms, we have a lower threshold and can be closer to the general users. Through our parameterized decentralized DeFi template library, any individual can start financial business on our DeFiKing, everyone can become a financial expert, and everyone can be an intelligent investment adviser. This is our goal of DeFiKing. Therefore, we believe that we will win our end users in the brand-new market, and realize asset income increase through intelligent investment advisory.
Q2 from Bitcointalk User idee002
Security, Liquidation and Slashing risks are associated with Defi protocols. What are DFK countermeasures to deals with such risks? What are DFK Risk to Reward ratio, compared to other DeFi protocol platform?
Neo Wang: Thanks for the good question.t In terms of security, I would like to explain that DFK is based on the CWV master chain network that has been running steadily for 2 years. The transaction and data of clearing assets are in the CWV master chain, and the transaction speed is also a key factor to reduce risks. Technically speaking, CWV 2.0 has achieved instant block generation with the stack height at about 50 million blocks, TPS/CTPS higher than 50 thousand. It can also support supernodes at the amount of over 100.
The new 2.0 main net of CWV has adopted a VRF, PoSt and a multi-layer consensus structure with transaction block confirmations of less than 1 second to create an underlying storage framework with high scalability, performance, and stability shared by users that will be the world’s best. DFK is a protocol that runs on CWV, and the speed and fees of the network make it possible to quantify transactions more reliably than other protocols.
Q3 from Telegram User @cryptomonkss
How does your crosschain system work and on how many Blockchain? Where do we have more advantages for mining? On Tron or Ethereum?
Neo Wang: In the future, it can be seen that the yield of the same product is definitely higher, accounting for 5% of the fee. The purpose of cross-chain is to address the community’s demand for opportunities to trade different assets and to lower operational barriers.
TRON and Ethereum will both have protocol nodes to drive cross-chain asset transactions. Besides that, there are a number of data sets in the Defiking agreement, and each data set has its corresponding token.
The data set’s token is exchanged with the token pool and the protocol token king.
The data provider needs to pledge the tokens of the data set, the holder of the tokens of the data set votes on the data provider, and the top nodes become the data providers.
There is a coordinator in the Defiking protocol, who collects data submitted by the data provider for aggregation, and then sends the aggregated data to the node signature in the data set. The signature ratio reaches more than 2/3, and the coordinator uploads the data to the chain for call by the data demander.
After completing the data supply, the system will reward the data set token to the data provider and the voter, and the reward will be mostly distributed to the data provider.
Irina K. | @satoshi_club: Like a smart contract? Or what kind of agreement?
Neo Wang: Of course.
Q4 from Telegram User @jefer_bn
I have read that beside the liquidity mining you also have the loan option. What is the percentage for borrower and lender? Is the smart contract audited for this?
Neo Wang: Many of the features are currently in final deployment, being tested, and will be invited to test and participate once they are open. Smart Code has been open source and submitted to security audit.
Together, through community autonomy and professional institutions, we ensure stability, and at the same time, we have our own mobile rewards.
At the same time, we will listen to the opinions of the community, give the community a better reward, to complete the whole more perfect.
Q5 from Telegram User @GoldRocket27
I want to start mining $DFK. What do I need to know for this? When exactly do you start mining?
Neo Wang: This will start soon, and it will pay off handsomely. Please pay attention to our project and wait for notification. 😁
Irina K. | @satoshi_club: Yep. Where should people follow you? Maybe someone hasn’t notices the links.
Neo Wang: https://t.me/dfkofficial Welcome to join us and we shall have liquidity mining soon!
Irina K. | @satoshi_club: Thank you. Let’s jump to the last question of part 1.
Q6 from Telegram User @thoatuy2507
One of the most controversial question in blockchain is transaction reversal. There are a number of users and devs who do not agree with this. I verify DFK has this option. How does its works?
Neo Wang: This is an interesting question. But as an entrepreneur, as a server, I think, community voting and team autonomy, sometimes we don’t have to prove who’s right or who’s wrong, but we try to do what everyone wants. At the same time, we will have partner companies and security companies to help us audit our vulnerabilities and solve problems.
In my opinion, it is basically impossible for a decentralized system to capture data from a centralized system to do justice and public trust. The problem of reliable data sources to be traced to the source is not something that can be solved by prophecy. Even if the lottery results, there will be rollbacks, and there are plenty of examples of exchange rollbacks. Blockchain is to solve the problem of trusted computing. Data trustworthiness means that it will not be tampered with or rolled back in the calculation process.
The data credibility problem of DeFi does not depend on the data source, but on the calculation, the calculation results and consensus. There are many algorithms to prevent data from being predicted, such as VDF, beacon, etc. In the case of preventing the node from doing evil, the consensus mechanism can ensure that the calculation is credible, so the data is credible.
In the aspect of preventing data fraud, DeFiKing’s Oracle adopts the way of VDF delay verification function, which makes it difficult to predict and control data unilaterally. In terms of data input, we do not use manual input, but through the Oracle engine robot mode. Oracle language control script, to achieve data timing and fixed-point sampling. Of course, if the contract script is not well written, it is difficult to ensure the data consistency. Therefore, we have a complete set of security audit mechanism for contracts, and only contracts that meet the security and performance requirements will be accepted.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @fionatodamoon
As a decentralized financial cross chain protocol platform, may I ask you to explain Defiking’s cross chain mechanism and its role. Compared with Polkadot and Cosmos, what are the characteristics of Defiking’s cross chain protocol?
Neo Wang: In the cross chain platform, the out of chain protocol adopts the Gateway mode. By connecting different link ports, the two-way contract locking is attached to ensure the consistency of cross chain assets view and the security of assets.
Gateway mode is also a multi-point consensus, which is the verification node mechanism of each chain, and does not need a lot of storage space and memory. It can be rapidly deployed and applied, and the mode based on multi-point backup and multi-point consensus is also the guarantee of system reliability.
In contrast, DeFiKing’s model is easier to implement, and easier to include agreements of other main chains, to realize cross chain asset parallelism and asset encapsulation management, and to realize decentralized financial derivatives such as mortgage, equity distribution, fixed income, floating income, hedging, leverage, futures and other financial derivatives.
Q2 from Telegram User @YANG_TERSAKITI
Can you list 1-2 killer features of #DefiKing that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Artem Gordadze: I believe that the main feature is that Defiking Agreement will combine centralized finance (CeFi) and decentralized finance (DeFi) to solve the main pain points of users, that is, high commission, poor user experience, and high barriers to understanding smart contracts.
This hybrid solution definitely becomes the most necessary bridge between blockchain space and classic financial markets.
Q3 from Telegram User @Jonahapagu
The Goal of DeFiking is to be the King of cross-chain DeFi what types of public chains do you plan to integrate into your ecosystem.
Neo Wang: So far we have reached a preliminary collaboration between ETH Ecology and EOS, TRON and DOT. In the future we will publish our own collaborative standards and developer standards. We will have our own preferential policies on GAS fees and developers.
For community members, we are happy to have you on board, we hope you are a developer or better communicator, we will also give you relative rewards based on your information and contribution.
Q4 from Telegram User @BboyForteVZLA
DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is DeFi King approach towards the DeFi sector?
Artem Gordadze: I believe that DeFi model still needs to prove while it would be expanding in different verticals as well as different blockchains beside the Ethereum.
I could say that DeFi is to the current alt season what ICOs were to 2017’s alt season. However, it’s worth noting that price surges, although impressive, are still considerably small when compared with 2017. It’s also worth noting that while DeFi has been growing exponentially, the amount of funds locked in DeFi is still small compared with the numbers generated by ICOs in late 2017. There is currently over $7 billion worth of tokens locked in DeFi protocols, while the ICO of EOS alone raised a record-breaking $4.1 billion.
While DeFi may not be as hyped up as ICOs were, there are still a number of concerns that could signal the demise of DeFi if not dealt with. There are still many security issues within the DeFi ecosystem that have resulted in faulty protocols and malicious attack vectors for several projects, and governance is also a growing concern within the space. There is also the question of Ethereum’s sustainability, as the blockchain continues to be under more pressure.
Q5 from Telegram User @HeRmAwAnTrAdEr
What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year of DefiKing?
Neo Wang: Multiple data and trusted data are the key metrics we use to ensure flow, and in the market maker sector, we use company-level collaboration and our own controls to give the market more of what it wants as users grow and markets grow.
Q6 from Telegram User @halofit
Can you list 1-3 killer features of $DFK that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Neo Wang: Free choice of the number of node operators required.
Use the on-chain validation contract to identify high quality nodes.
Use up – and down-chain reputation indicators to identify high – quality nodes and penalize the collateral assets of malicious nodes. These are our strengths, and the team is currently one of the best in the world in terms of multiple data, trusted data, and cross-chain.
Q7 from Telegram User @Aguacate30
There are mining platforms in which you must comply with a number of hours mining in order to be rewarded. I read that you offer mining, do I have to comply with a strict schedule on your platform or are the rewards given by the amount of validations made by the miners?
Neo Wang: Compliance with the schedule of the platform and the requirements of the mine owner seems to be the same at present, but in the future, we will make better optimization to facilitate more participants to have a better experience. We also hope to hear better opinions from outside the team, so as to make the project reach a higher height.
Q8 from Telegram User @CryptoEnth
How is Defiking, CWV and BICC related? What are your future plans to bring them altogether? And how will it be a win win situation for users and investors if all 3 come together?
Neo Wang: Many people have asked me this question. Let me explain it in detail here.
CWV: Provide blockchain infrastructure and solution output.
The Defiking: a decentralized trading aggregation platform (with underlying technical support and incubation provided by CWV).
BICC: An early cooperation platform for CWV and the first choice for CWV transactions.
My experience in the industry is one from Turn from CeFi to the wave of DeFi. In my opinion, in addition to Bitcoin and Ethereum public chain, DeFi is almost the only field that can generate real revenue, especially from Uniswap, Balancer, compound, etc., which can capture the actual cost. If the daily trading volume of Uniswap was US $100 million yesterday as its average daily trading volume in 2020, the annual trading volume could reach US $36.5 billion, and the fee income that could be captured could reach US $109.5 million. In the field of encryption, the number of revenue is not small.
I personally think that Uniswap highlights the venture capital part of DeFi, and enlarges the nature of the game infinitely. Its logic is very similar to the hot ICO in 2017. In a short period of time, there are countless tokens trading in Uniswap every day. A large number of users enter the market crazily. They issue coins, fry coins and fight wantonly in the secondary market. As a result, this project originated from “DeFi” has become more and more far away from DeFi.
However, due to the lack of playing method, application, value and landing, the rate in the field of DeFi is also short-lived. Although there are many disadvantages, this does not hinder the contribution of Uniswap innovation attempt to the field of DeFi.
At present, I see many problems in my eyes, including speed, security, gas cost, cross chain currency conversion, Oracle trusted environment, so I am more willing to solve these problems. I personally think that I need to make my due contribution and responsibility to the global blockchain industry. At the same time, I also recognize the future market of DeFi, so I will join it.
Q9 from Telegram User @Idee01
Total supply of $DFK is 1BILLION. How do you plan to improve the token value to benefit long term holders? Any plans for token reduction such as token burn, buy-back or staking?
Neo Wang: The company Defiking distributes 50% of all earnings to coin holding users for dividends, and participates in the DFK lock warehouse to enjoy the platform dividends. All the Defiking earnings are changed to 50% for buyback and destruction, and deflation represents value added.
If you own DFK, you will enjoy the right to vote on the development of our Platform. In terms of growth space, we are more willing to work together with the market and the community to achieve better returns.
Q10 from Telegram User @anhdao23
In the bad situation of the Covid-19 epidemic, every industry was heavily affected. Does it affect on the growth of DefiKing team and its? What are your plans to turn challenges into opportunities for DefiKing Development?
Artem Gordadze: The Covid-19 epidemic, every industry was heavily affected, that’s true. But for Defiking and blockchain space that’s also a good opportunity cause everyone spend more time online and sitting at home. The main point is that in this space you still can invest and trade while in classic businesses people have big losses because of the global shut down, especially air flights, tourism, etc.
We are moving forward with our project development and expanding the team with professionals from different parts of the word. Trying to be on the same page with our competitors, following market trends.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about DefiKing. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 500$ were distributed among winners.
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Website: https://www.defiking.io/