Finminity x Satoshi Club AMA Recap from 11th of April

Finminity x Satoshi Club AMA Recap from 11th of April

Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Finminity.  The project is an innovative Polkadot driven cross-chain investor services platform that is flexible, rewarding, transparent and secured. The AMA took place on April 11 and our guests were Ron Lahirih (Founder and CEO), Shaik Hamdan (Marketing Head) and Saloni R. (Business Analyst).

The total reward pool was 500$ and was divided 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

D. | Satoshi Club: Good day everyone! we will have AMA session with Finminity! today our guests – @RonLahiri @shaikhamdan @Ragg_47. Welcome to Satoshi Club!

Ron | Finminity: Thanks a lot for having us here – we are doing good and a shout out for Satoshi Club!! Thanks.

Shaik Hamdan: Hello. We are doing great and look forward for an interesting session with your community.

D. | Satoshi Club: So let’s begin our AMA with a short intro! please guys introduce yourselves and tell us about Finminity!

Ron | Finminity: Thanks, I am Raanngin (Ron) Lahirih the founder and CEO of Finminity. I have worked in Management Consulting for 18 years after which I started my Blockchain journey with my first agricultural provenance startup in Netherlands. While working with that company, I found that Funding at the early stage for companies is a problem and is there a way we can use DeFi Safety protocols, Tokenization to make it save for investors as well good companies to raise early capital. That started us on Finminity journey about a year back.

This is my profile https://www.linkedin.com/in/raanngin/

Shaik Hamdan is our marketing head and supports us growing the presence in Middle East and Gulf, which is very hot in Blockchain and Crypto Currency. He also heads his own startup in Robotics Space. Saloni is our Business Analyst, Marketing support for Digital Channels.

S R | Finminity: Recently graduated and completed my MBA from a university in Kolkata, India, following which I was introduced to the world of Blockchain when I joined the Finminity team as a Business Analyst – Digital Channels. The journey has been pretty exciting and I look forward to having a great evening with the Satoshi community.

Shaik Hamdan: I am in IT industry last 25 years but Blockchain world is making me really excited.   I love going to office everyday with that excitement. My LinkedIn www.LinkedIn.com/in/Hamdan

Ron | Finminity: The name came from the words – Finance Infinity and Community… Regarding Finminity, it is an innovative cross-chain investor services platform that is flexible, rewarding, transparent and secured with its IDO as well a full performing investor engagement platform.

Our aim is to make Fund Raising easy for Startups with comprehensive investor engagement through DeFi driven ETH and Binance Smart Chain (BSC) platform with inbuilt safety protocols of Value Locks, DAO and Milestone based fund release.

We prefer blockchain startups which has business model amenable to tokenization, with known teams, some runway like existence for some time, availability of POC or basic MVP and some customer interests.

D. | Satoshi Club: Got it! by the way congrats on your successful IDO😉🥳 i know it happened not long time ago.

Ron | Finminity: Thanks to our supporters we made it. It was a collective effort and we would like to bring in good companies with the above checks. Quality, safety rather than Quantity. I know it’s a mad rush but it plays to be safe and have good companies.

Q1 from Telegram user @lukacy

I really like the new bridge created by Finminity; the FINMINITY BRIDGE”. Can you explain a bit about how it works and we can use it? Presently, you only allow crossing $FMT token between the ETH and BSC network. Will $FMT be the only default token that can be crossed between platform or will you later add supports for other token (tokens that exist on both network like USDT, etc.). Is there maximum or minimum limit on the amount I can cross? I tried crossing from $FMT BEP20 to $FMT ERC20, I had to pay Eth gas fee also since I am using metamask. Please would you add support for other dapp supported wallets like trustwallet soon?

Ron | Finminity: The bridge is made for people to use both the chains. As we raised funding in Ethereum chain as that was decided earlier, but we found that Binance Smart Chain getting so much traction for its low fees and less congestion and many small investors supporting it. And we are Cross Chain – hence we build the bridge for our investors to use and take benefits.  How this works – https://finminity.medium.com/finminity-fmt-introduces-cross-chain-bridge-between-ethereum-and-binance-smart-chain-for-its-27a9017d15fa

The limit is based on the amount of FMT you hold. As of now it is only FMT – as generics bridges are available with others. The gas fees are unavoidable as of now.

This bridge can be used by the companies we onboard into our platform as value add. BSC will be a good place to for the next companies to raise funds as it is cheaper and much manageable than Ethereum.

D. | Satoshi Club: Will your bridge support other blockchains? except Eth and BSC.

Ron | Finminity: In case the next company raises fund only on BSC, then our supporters can use that move to the BSC and based on the Token they are holding, their tier and allocations will be found out and they can participate in the sale.

Q2 from Telegram user @AmirJosh

One of functions of Finminity is taking Care of Investor Risk & Rug Pull by Companies through smart contract-driven milestone-based payment release. Can you explain how this “smart contract-driven milestone-based payment release” ensure that companies will have no options to do the rug and pull stunt which is frequently happening these days?

Ron | Finminity: Yes, we would like to use this function for slightly larger raises. For larger raises, the fund raised by the company is not given to them straightaway and disbursed as per milestone achievement.  The Milestone remains in the escrow contract and when the milestone is verified by our FMT Staking Token Holders (Voters), the money is released. In that way there is some safety of the investor money.

In addition, a Know your Business Check and Due Diligence is also done to know the quality of the company. True good companies should be OK with this as this is a prevalent practice in non-crypto crowdfunding process in the fiat world. We just eliminate the Client Money Custodian with DeFi protocols.

D. | Satoshi Club: Do projects have to pay some sort of fees to be able to use your launchpool?

Ron | Finminity: Normally we would like to charge a % but for the first few companies we would like to waive this of.

Andrés M. | Satoshi Club: Can you tell us more about those companies that you are working with? Please tell us more about your partnerships.

Ron | Finminity: X21 Digital is our key partner and guide in the journey. We have been supported by quite a few good private institutions as well. Our IDO partners were Mantradao and Zeroswap, they have been a good support and will support us as we go along. And we are using DeFi Wizard and some more companies in some of the tech blocks.

Q3 from Telegram user @Highpee

You have said that you a not a strong supporter of token burning approach but you believe in developing real utility for tokens in order to ensure a constant demand for them. Apart from using $FMT to pay onboarding fees, what other use cases and real time utilities will $FMT have which can help drive a constant buying demand for it? And if you are not going to implement a burn system, how then do you intend to strike an equilibrium between a constant demand pressure and ensuring a deflationary token supply as a continuous demand for token may cause the circulating supply of $FMT to keeps increasing?

Ron | Finminity: The best use we think is that every company who comes into our platform has to be have some percentage of liquidity pair using FMT Tokens. This is in addition to use the tokens as onboarding fees or giving community as rewards in voting for resolutions.

D. | Satoshi Club: Do you planning any token farming event in the near future?

Ron | Finminity: Yes, we are thinking about this with our advisory team and we will let our community know.

Q4 from Telegram user @Indomiekuy

Finminity have privilege/VIP access feature as their product, can you explain more about this VIP access, how to join and become VIP member? And what user possible to do if they already become VIP access member?

Ron | Finminity: This VIP access is basically the persons who are in the LP Staking Program who will have a higher allocation for the IDOs. Even normal tokens holders snapshot will be taken to check their allocation levels but LP guys will have a slightly higher % – making them VIPs.

D. | Satoshi Club: So theoretically anyone can become a VIP?

Ron | Finminity: There could be supporters who may not like to be part of LP but they are also holders with fair chances of allocation. We are talking with one of X21 partner companies for audit. And also DeFi Wizard code has been validated earlier.

Q5 from Telegram User @neverencryp

Finminity is said to work in the HYFI that means taking the best of CEFI and marrying that with DEFI and decentralization, thinking of it this would be the first time I am hearing of HYFI and I did like you to explain how you want to achieve and bring together the CEFI world with the DEFI world.

Ron | Finminity: In our earlier business model we were thinking of supporting asset tokens/security tokens which are basically kind of hybrid. As of now we are not doing that.

But we are looking at robotics and data driven monetization & tokenization model in our raise companies. These companies though are utility token driven, but has real life use cases making them a kind of hybrid. If we can support these kind of companies which has use cases in crypto and real world, it makes the business more sustainable through business/crypto cycle up and downs.

Q6 from Telegram User @victorogb

Finminity has made it mandatory for any company doing token sale to set aside a fixed liquidity of Finminity token pairs when listing on exchange and also every company that comes into Finminity for token generation & funds raise needs to have 15% of their Uniswap liquidity in FMT Tokens, as these measures set to drive demand and price of FMT tokens. Will these measures be extended to DEXs apart from that stated above where such companies prefer to list or conduct TGEs, what other ways or through what channels does Finminity aim to drive a stronger liquidity for FMT?

Ron | Finminity: For the time being it will be applied to DEXs. In addition, good APY driven liquidity programs will drive a stronger liquidity.


PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram User @NataliyaKil

I found a fairly large list of Finminity investors in Medium.  This allowed you to raise USD 1.13 million during the funding round for your multi-chain platform DeFi Investor Services.  At the moment, do all investors continue to cooperate with you?  Is everyone confident and determined to have a positive outcome for Finminity?  After all, an investor seeks to reduce his risks and always tries to foresee all possible scenarios and calculate his risks in advance.

Ron | Finminity: Our investors are long term and their hodling and vesting structure are also made in that way. They will help us in the journey in the steps and guide.

Q2 from Telegram User @tatarrama

Please list the features that make the Finminity project special and attractive than its competitors?

Ron | Finminity: There are quite a few platforms who are helping to raise funds but with raising funds comes investor engagement and post investment services and a host of associated activities so that investors interests are kept in priority. We plan to specialise on those 2 parts in addition doing selective fund raises through cross chain Dapp. Following are the key areas we are targeting.

Investor Engagement

  1. Companies can pitch to investors through an easy to view pitch portal
  2. Talk to potential investors through Discussion module (Open Discussion Boards)
  3. Create company events that can be scheduled in platform
  4. Investors can build or be part of a community to talk in specific topics or companies related to a specific area (say women focused companies in crypto, Crypto CSR)

Investor Services

  1. Companies can set their milestones for fund releases
  2. Investors get interest in their Investment as their funds is kept in client money contract and given to companies only when the achieve roadmap milestone
  3. There is a voting through which this milestone achievement is validated (and if voting doesn’t work for paucity, it moves to multisig)
  4. Investor can vote for other resolutions and get rewards for that.
  5. Investors can rate companies and get benefits
  6. P2P community marketplace to do P2P sell within the platform in the closed community
  7. Integrated KYC for KYC driven fund raising so that there are no issues from a regulatory perspective

Q3 from Telegram User @Indomiekuy

I see that Finminity already do ama on satoshi club on October 2020, so what is your opinion doing ama in satoshi club? what is the benefit that you got from 1st ama on oct 2020?

Ron | Finminity: We had done an AMA for thinking odd raising in November but the market turned bad and postponed fund raise. We kept working on the project and waited for the market to look up. And also within this time lot of things happened and we wanted to let Satoshi Club know what we have done and what we are up to.

Q4 from Telegram User @SPAZEEEE

Are there any special rules to be able to join the project that you are making now? If so, can you tell us what are the rules so that you can join your project?

Ron | Finminity: KYB of the company, verified founders, technology capability and MVP in some state, some months of existence and interest from customers/ revenue/business model tied to tokenization.

Q5 from Telegram User @Airborne19

How COMPANIES will use FMT token? What will be the UTILITY of FMT for COMPANIES?

Ron | Finminity: Companies will use the FMT tokens as

  • Fees for onboarding
    • Token minting and Liquidity Pair creation
    • Resolution creation and posting them to vote through Finminity DAO and
    • Reward/Incentive/Liquidity Yield distribution

Investors will use FMT tokens for

  • Get Preferred access for all tokensale in the platform
    • Voting in the resolutions
    • Staking and get incentives
    • Transaction fees in the P2P marketplace

Q6 from Telegram User @highpee

Who set MILESTONES TARGET and how will you evaluate if a target is met? Will it be through a quarterly audit of companies or through voting? And in case of company failure, what resolution procedure will you use to determine the partial investment return and interest that investors get as compensation?

Ron | Finminity: Very good question – we suggest you to look at Soft Rug Pull and Hard Rug Pull Vides on our YouTube Channel to know more about the process. Remember that we will apply for large fund raises, for the Initial IDOs we will do, they will be small fund raises.

Q7 from Telegram User @Arisabela

Currently, your bridge solutions work by using your token $ FMT, is it possible that in the future other tokens and this type of swapping may be incorporated? Or will it be exclusive to Finminity and its token?

Ron | Finminity: Finminity tokens and tokens for the companies that onboard us for IDO.

Q8 from Telegram User @neverencryp

In the process of helping a company crowdfund, do you have the requirements for people to pay through fiat currency and which type of currency do you accept if you do so.

Ron | Finminity: As of now this is not available.

Q9 from Telegram User @MCBTrade

….

Ron | Finminity: The team has worked in Enterprise Ethereum Blockchain and then into Crypto and DeFi for quite some time. On top of that the team has the experience to run a regulated crowdfunding platform in Middle East, under DFSA/DIFC and doing that has understood what extra best practices that we can bring into crypto, not being rigid like the regulators but take the flexible options.

The combined team has experience of more than 50 years into Information Technology, consulting with brands like PwC, IBM, Cognizant, Etisalat and has experience of running companies and very importantly execute projects as per the roadmap.

Q10 from Telegram User @MCBTrade

What do you think is the biggest problem Finminity solves or will solve, but not solved by other projects? And what is the benefit of solving this problem to crypto or our lives?

Ron | Finminity: Finminity Platform leverages the Ethereum & Binance Smart Chain (BSC) blockchain to allow confidential, secure, streamlined, efficient and reliable transactions for SMEs to close fund raising that would usually take 8 to 12 months to close, in weeks or even days and that too being compliant to all regulatory checks. We have built both the Dapps /launchpad for startups to raise funds using these important chains.

It also has a decentralized Investor Services Platform with inbuilt staking rewards powered by Finminity DAO for permissioned community and investor voting for resolutions and other statutory obligations. Investor engagement services like Pitching in a nice format so that you can know more about the company you are investing, Events and Community Build and Discussion can also be done within the platform. There is also a public discussion board where questions can be asked to the company that is using the platform.

Q11 from Telegram User @Robotliker1

Where is $FMT available to buy? Could you provide me a contract address to buy $FMT in pancakeswap?

Ron | Finminity: Please head to https://t.me/finminityofficial and see the pinned message to see the token contracts, Uniswap and Pancakeswap Links.


PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Finminity. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

Finminity Official: https://t.me/FinminityOfficial Website: www.finminity.com

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