The first month of autumn flies by imperceptibly and as always there are a lot of guests and projects in Satoshi Club. Today we would like to tell you about the AMA session with PoFi. The AMA took place on September 24 and our guest was Cia Williamsm CMO of PoFi Network

The total reward pool was 500$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Mary | Satoshi Club: Hello, Satoshi Club! Our guest today is from @PoFiNetworkOfficial! Welcome to Satoshi Club

D. | Satoshi Club: hello all!

Serg | Satoshi Club: @ciawilliams , welcome to Satoshi Club!

Mary | Satoshi Club: @ciawilliams welcome:smiley:

D. | Satoshi Club: @ciawilliams hello! welcome! how’s it going?

Cia Williams: Everything is pretty good. Currently our private sale is going on. So little busy with that

D. | Satoshi Club: oh very nice! so how many of your tokens i can buy on private sale? can i buy them all and be a whale from the beginning? )

Mary | Satoshi Club: you decided to be the first whale:joy:

Cia Williams: Ha ha. We are community driven project. So we would prefer more members hold POFI tokens rather than a single whale who could manipulate the price. We love our community 😊

Mary | Satoshi Club: I see) and can you tell us about yourself?)

D. | Satoshi Club: a bit

Mary | Satoshi Club: Be careful with POFI whitelist now:joy:

D. | Satoshi Club: unfortunately i did not know about private selling 😔

Mary | Satoshi Club: I think @ciawilliams will tell us everything)

Cia Williams: Hello guys, I’m Cia Williams. I’m CMO of PoFi Network. I’m a finance professional with experience in industries such as banking, wholesale and manufacturing, insurance. I’m self taught on Oracle Financials and have proven track record of efficient sales growth for our company. I used to live in Boston and worked over 7 years as Business Analyst and currently living in Paris. I’ve been in Cryptos for more than 3 years and now I’m here to help PoFi Network to implement their goal to build Hybrid Blockchain for DeFi.

*You dont need to whitelist to buy POFI. We are community driven project and we respect anyone who would like to be part of our community

D. | Satoshi Club: great! hybrid blockchain is an interesting feature we will talk about it a bit later

Mary | Satoshi Club: Tell us more how much time did it take you to create your project? And when are you planing your chain to go live?

Cia Williams: We have been working for over 5 months and we are already ahead of our timeline and roadmap. Our Pofi chain is under development phase and currently it supports two languages java and python developers to communicate with PoFi Nodes. Testnet launch will be in Q4,2020

Mary | Satoshi Club: It was fast) so, are you ready for our community members questions?)

Cia Williams: Yes I am

Mary | Satoshi Club: let’s light the lights on the eiffel tower:wink:

Q1 from bitcointalk user nyosant

Interestingly, PoFi Network has no node validators per se: stakers play that role and rewards go directly to stakers. Why did you choose to make stakers = validators? What advantages does it bring in for your network? And are there any kind of minimum requirements for staking? Thanks!

Cia Williams: PoFi Chain uses proof-of-stake unlike the proof-of-work which is used by public blockchains. The node validators will be receiving staking rewards from the PoFi Network, so there is zero transaction fee for the transactions on PoFi Chain.
To become a node validator, one has to stake their tokens and to offer fairness among the node validators we use randomization and few other mechanisms to choose the node validator. The node validator receives the staking rewards from PoFi Network. There is no minimum requirement for staking but the average of the total staked tokens on PoFi chain to become node validator would be chosen as the criteria to be considered

Mary | Satoshi Club: Which percent of rewards will node validators receive?

Cia Williams: There is staking rewards for the node validators. Rewards would be varied from 1-3% of the total staked tokens as the rewards based on the demand of the transactions.

Mary | Satoshi Club: Not so much) may be higher rewards for the first year?)

Cia Williams: Yes. Its just the initial ones.

D. | Satoshi Club: btw i want to ask – working at PoFi is like a main job for you or it’s more like a side-project?

Cia Williams: It is a main job for us and we left our old jobs and now fully focusing on PoFi Network

D. | Satoshi Club: very ambitious decision

Q2 from bitcointalk user pedronino

Please explain your hybrid blockchain. How can it be public and transparent and also private at the same time?

Cia Williams: Well, we all are well aware of blockchains like Ethereum and Bitcoin. Each have their own importance and are widely used. In the past two years, various projects have blossomed in decentralized finance space on Ethereum. DeFi has about $100 Billion MarketCap and approximately $22 Billion in locked value. But, Ethereum blockchain is a public blockchain and has its own disadvantages. The major issues are Low Throughput, High Transaction Fees, Low Privacy, Unsustainable consensus mechanism like Proof-of-Work.
Right now, with attractive DeFi investment opportunities abound in the market, the DeFi which is built should be more efficient and a public blockchain should not reduce its efficiency and thus, PoFi Network aims to build Efficient DeFi on PoFi Chain. PoFi Network aims to build a Hybrid Blockchain called “PoFi Chain”. This PoFi Chain has transparency and security like a public blockchain and has high throughput, high scalability like a private blockchain. PoFi Chain uses proof-of-stake unlike the proof-of-work which is used by public blockchains. The node validators will be receiving staking rewards from the PoFi Network, so there is zero transaction fee for the transactions on PoFi Chain.
Efficient DeFi can be built on PoFi Network due to which the problem of inefficiency of DeFi on ethereum blockchain is solved. So it has both the features of public and private blockchains making it Hybrid Blockchain

D. | Satoshi Club: do you use some famous private protocol? maybe zk-snark or something like this?

Mary | Satoshi Club: Or, for example, like Dash POFI will have Private Send?

Cia Williams: As this is for our community we make it specific like a private Blockchain and avoiding it to become centralized and aiming for maximum Decentralization like a public Blockchain. I will show glimpse of our products in the following AMA.

D. | Satoshi Club: and if Eth has so many problems why you built your project on Ethereum?

Cia Williams: It is not built on Ethereum, we do have our own Hybrid Blockchain called PoFi chain. Our initial token is erc20. It will be migrated to native tokens after the mainnet launch

Q3 from Telegram user @michaelaelf

tokens will be able to be listed on PofiSwap only after the community vote. Each Pofi token is a vote. What’s the tokenomics and who will own the most tokens? because they will be able to decide who is listed and who is not. Also, give us more details about this process

Cia Williams: I think our article explains much better about tokenomics
“PoFi Network Token Economics and Token Metrics” by PoFi Network
https://medium.com/@pofi.network/pofi-network-token-economics-and-token-metrics-8f2491238ce
There will be major tokens like ETH, Trx, Eos, Dai listed on POfi Swap. Any other tokens will be decided by the community to list on our platform by voting for it. Each vote costs about 1POFI. Our PoFi token is also governance token apart from utility token

Mary | Satoshi Club: Which assets do you plan to list on PofiSwap? Oh, i see, so community will decide) By the way, how many tokens already sold?

Cia Williams: Initially eth, trx, eos, dai and pofi. About $200K in private sale of our hardcap $450K

D. | Satoshi Club: do you want to see Uni on PoFi?

Cia Williams: It will be decided by our community 😄

Mary | Satoshi Club: What will you do with unsold tokens if you will have them?

Cia Williams: It will be added to rewards and we have our upcoming event called Uniswap liquidity contest where the users who provide liquidity to POFI will be rewarded

Q4 from Telegram Username @Jonahapagu

5% of the Your Total supply of tokens will be used to pay Developers and well known Audit companies to keep up with the security standard and make sure the PoFi Network products are highly secured and error free..can you tell us if any Audit has been done yet on POFI Network, and what types of audit companies is POFI network looking forward to working with.

Cia Williams: Right now our code Is being audited by our Devs. We have known few auditing companies who could do auditing before our testnet launch. Security is our top priority

Mary | Satoshi Club: Can you disclose auditing companies names? Did you already talk with them? Any terms of audit?)

Cia Williams: Not yet. We will disclose before the start of auditing before our testnet launch.

Mary | Satoshi Club: Understand :smiley: hope you will choose the best)

Q5 from Telegram Username @stekbyte

Zero transaction fee for the transactions on PoFi Chain is a very attractive model. But the question arises as to how the network will be protected from spam attacks by creating multiple microtransactions?

Cia Williams: Unlike Uniswap, everyone cant add tokens on PoFi Swap. Only we can authorize what tokens should the PoFi swap support and it is voted by our community. So there will not be any possibility for spam attacks or fake tokens coming up

Mary | Satoshi Club: But the question is about PoFi Chain) as i understand PoFi Swap will be just dApp on Pofi chain)

Cia Williams: Sorry my bad. I didnt read question properly. Yes it is. PoFi Swap is just a DApp on PoFi chain and one of our products

Mary | Satoshi Club: Don’t mind, everything is ok)

Cia Williams: As I earlier said we do have features of a private Blockchain as well where only community members can participate in any activity of PoFi Network. So only POFI token holders will be able to do any transactions, we plan to give a unique key for a user to ensure such spam attacks doesn’t take place. It is still under development phase and I cant reveal more details than this as of now. But it’s a good question 😊

Mary | Satoshi Club: Oh, got it) thanks.

Q6 from Telegram Username @Brainchest

Please can you tell us about Melon Protocol and his role in the Pofy Network

Cia Williams: We dont have anything to do with Melon protocol in PoFi Network. We just forked that project in our github to understand how things work in finance onchain asset management. We have plan to develop a Dapp in future for asset management on PoFi chain making it much better than Melon protocol does.

Mary | Satoshi Club: Which melon features do you want to improve?)

Cia Williams: Not a specific feature, it is a protocol for onchain asset management. We want to build a DApp that has better UI, seamless asset management. More details will be out when it is under development

Mary | Satoshi Club: Ok, so let’s wait for development

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Abisola1

Q1. Most Defi’s built on Ethereum blockchain are highly inefficient, how does Pofi chain address this? Also, since you don’t charge transaction fee on Pofi chain, I want to know how node validators are rewarded?

Cia Williams: Well, we all are well aware of blockchains like Ethereum and Bitcoin. Each have their own importance and are widely used. In the past two years, various projects have blossomed in decentralized finance space on Ethereum. DeFi has about $100 Billion MarketCap and approximately $22 Billion in locked value. But, Ethereum blockchain is a public blockchain and has its own disadvantages. The major issues are Low Throughput, High Transaction Fees, Low Privacy, Unsustainable consensus mechanism like Proof-of-Work.
Right now, with attractive DeFi investment opportunities abound in the market, the DeFi which is built should be more efficient and a public blockchain should not reduce its efficiency and thus, PoFi Network aims to build Efficient DeFi on PoFi Chain. PoFi Network aims to build a Hybrid Blockchain called “PoFi Chain”. This PoFi Chain has transparency and security like a public blockchain and has high throughput, high scalability like a private blockchain. PoFi Chain uses proof-of-stake unlike the proof-of-work which is used by public blockchains. The node validators will be receiving staking rewards from the PoFi Network, so there is zero transaction fee for the transactions on PoFi Chain.
Efficient DeFi can be built on PoFi Network due to which the problem of inefficiency of DeFi on ethereum blockchain is solved.

Q2 from Telegram user @Rosane1a8

PoFi Wallet is built on PoFi Chain and takes zero transaction fees when a transaction is performed! which tokens are supported in the wallet, would this include ETH and ERC20 transactions?

Cia Williams: Initially PoFi wallet supports POFI token, later in version 2 we provide support to other erc20 tokens as well. You can even do erc20 transactions within PoFi wallets.

Q3 from Telegram user @DiegoRME

How can I participate in your PRESALE? Do I need to pass some kind of KYC verification? What requirements do I need?

Cia Williams: We are community driven project and we respect anyone who would like to become part of our community. So there will not be any KYC. Anyone can participate in the presale.

Q4 from Telegram user @Adialadi

What role does the community play in the #Melon Protocol ? What have you done and will do to attract people to join #Melon Protocol and build a thriving community?

Cia Williams: We don’t have any relationship with Melon protocol. We just have a plan to build to a DApp for asset management better than existing Melon protocol

Q5 from Telegram user @Albert3990

I verify Pofi Network have the option of transaction reversal. Can you explain to me what is it and your benefits?

Cia Williams: We don’t have any option of transaction reversal. All we do is allow the transactions to take place with zero transaction fees and PoFi Network provides rewards for the node validators making it zero transaction fee for users.

Q6 from Telegram user @henryexito

What is the mission and purpose of the PoFi chain and what does it solve in the ecosystem that makes it different from other chains based on that purpose?

Cia Williams: PoFi Network aims to build a Hybrid Blockchain called “PoFi Chain”. This PoFi Chain has transparency and security like a public blockchain and has high throughput, high scalability like a private blockchain. PoFi Chain uses proof-of-stake unlike the proof-of-work which is used by public blockchains. The node validators will be receiving staking rewards from the PoFi Network, so there is zero transaction fee for the transactions on PoFi Chain.

Q7 from Telegram user @Chinthaka93

POFI token is still not listed on CMC. What are the plan to POFI get listed on CMC, because listing on CMC will give a great potential to a new project specially??

Cia Williams: Currently, private sale is going on and presale will start on September 26th and ends on September 30th. Listing is on October 1st. We plan to list on CMC and Coingecko after listing on uniswap

Q8 from Telegram user @niko518

If PoFi Network is a community driven project. How can you keep you motivated community? is there a reward system? How do you keep people loyal to your vision?

Cia Williams: As PoFi Network is a Hybrid Blockchain, it has the same transparency that of a public Blockchain, it is similar to Ethereum and Bitcoin blockchains, But as it is a separate blockchain the transactions that occurs should be viewed separately. The Token holder can stake his tokens to get staking rewards or can stake in liquidity pool In PoFi Swap to get liquidity incentive mining rewards, Users can also lend and borrow assets which are decided by the community and lender can earn interest reward as well. POFI is both Utility token and Governance Token.

Q9 from Telegram user @Nickkiii

POFI SWAP already has competition in this space such UNISWAP, SUSHISWAP etc, what unique features can’t be found in your competitors that would draw users to POFI SWAP

Cia Williams: Unlike other swaps, Pofi Swap is for community. Only POFI token holders can use this Product called PoFi Swap. We have zero transaction fees, community chosen tokens supported, order book is present, high transaction speeds and greater scalability

Q10 from Telegram user @AugusS7

really what is the mission and vision of this PoFi Network project? just develop a totally independent hybrid blockchain that embraces users for its efficiency?

Cia Williams: The PoFi Network will be created with the vision to build a Hybrid Blockchain called “PoFi Chain” for DeFi. PoFi Network will be building PoFi Wallet to store native tokens of POFI after migration from POFI Erc20 to native tokens. PoFi Swap is one of the products of PoFi Network where there will be liquidity provided by the users and can swap the tokens at the best price, unlike uniswap this has an orderbook and can place limit orders. The support to tokens will be decided by the PoFi community by voting using the POFI Tokens. PoFi Finance is one more product of PoFi Network where the user can lend and borrow from the community users, To borrow, the PoFi Finance takes collateral and gives 65% equivalent of it. The user who lends his tokens will be receiving POFI tokens as the interest and will be receiving on the daily basis, this interest will be deducted from the collateral of the borrower. PoFi Network develops PoFi Financial Smart Contracts which are in the form of reusable components where the developer can use it using POFI Tokens. PoFi Network is built keeping developers in mind, so a separate developer documentation will be made which helps the developer to build DApps and financial smart contracts on PoFi Chain.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of PoFi. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

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