The future belongs to those, who believe of their dreams.(c) This can be said about our friends and partners from RioDefi. Satoshi Club always wants to present the most promising and interesting projects to our community. Our guest was James Anderson CEO / CO-FOUNDER at RioChain.
Total Reward pool: $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
Luis Merino 🇪🇸| Satoshi Club: Hello SatoshiClubbers! Welcome to a new AMA session, this time with RioDeFi. Our guest today is @LibertyBuddhist. Welcome! Thanks for joining 🙂
Gold Rocket | Satoshi Club: Hello dear community! @LibertyBuddhist We are very glad to see you again. We missed RioDefi. Tell us what has happened at this month.
James Anderson: Hello, thank you for hosting me again! Satoshi Club is quickly becoming my favorite group on Telegram (besides the RioDeFi official one of coure 😉).
Luis Merino 🇪🇸 | Satoshi Club: Satoshi Club likes RioDeFi too! What a gem project 🙂
Serg | Satoshi Club: Hi James! Glad to see you here again 🙂 RioDeFi is one of my favourite projects as well. Btw, people are talking here about a mysterious listing 😁 are the rumours true?
James Anderson Hmmm… depends on which rumors you’re hearing 😉
Serg | Satoshi Club: so, our dear James, what new happened in this month?
James Anderson: A lot has happened this month!
We’ve had new partnership announcements almost every day this week. Let me share an overview
At RioDeFi, we have a broad ecosystem of partners that we work with. Yesterday we announced our partnership with Vauld (formerly Bank of Hodlers) to offer INR focused financial infrastructure services for any developers wanting to build their dream businesses on RioChain. With this partnership, RioWallet will now have easy-to-use fiat on-and-off ramps for INR. https://medium.com/@riodefiofficial/riodefi-builds-a-bridge-to-india-663e02a71e2f
We’re also partnered with Hex Trust, a licensed Hong Kong Trust company that offers bank-grade digital asset storage services for its institutional clients. These assets are also insured. From the moment we start accepting money to build our business to when assets are stored on Rio Chain and eventually withdrawn back to their native chain, we operate in a secure and audited system that uses Hardware Security Modules (HSMs) and multi-sig cold storage solutions to ensure the safety of all digital assets. https://medium.com/@riodefiofficial/riodefi-appoints-hex-trust-as-custodian-c5c5bb62d6fc
We also worked with CertiK, one of the leading blockchain security auditing firms, to audit the core runtime modules of RioChain and penetration test the web & mobile versions of RioWallet. https://medium.com/certik/certik-audits-three-riodefi-modules-and-performs-a-pen-test-for-riowallet-54d21af3741d
RioDeFi has brought on digital payment & network technology experts BCW Group to assist in expanding its services infrastructure. BCW Group is a strategy consulting firm that specialises in digital payments, digital assets infrastructure, and DLT node validation as a service for enterprise clients. BCW Group will design key strategic infrastructure initiatives, technical elements, and industry best practices to bolster the payment and value transfer aspects of the RioDeFi ecosystem. The BCW consulting team is experienced in leveraging its global network to facilitate critical partnerships in cross-asset payment rails, merchant services and regulatory compliance requirements throughout the evolution of RioDeFi’s journey from startup to established industry player. https://medium.com/@riodefiofficial/bcw-group-inks-partnership-with-riodefi-5b71bb859bdd
RioDeFi has brought SK Chain Advisors on digital payment and network technology to guide us in expanding the services which will benefit the community members in various ways.
SKChain has a great team which has senior management from top global investment banks also they have management consulting firms such as McKinsey & Company, Ernst & Young, and HSBC. https://medium.com/@riodefiofficial/sk-chain-advisor-builds-partnership-with-rio-chain-98b44e5591de
RioDeFi has partnered with payment gateway MoonPay to offer effortless purchasing of its RFUEL token. The new decentralised finance protocol will host MoonPay’s payment services on its website to facilitate purchases with all major debit/credit cards, bank transfers and new mobile payment methods such as Apple Pay, Google Pay and Samsung Pay. RioDeFi’s RFUEL token will also be made available for purchase through other channels where MoonPay is enabled, such as exchanges and digital wallets. MoonPay accepts payments from over 160 countries with its simple, developer-focused API’s. https://medium.com/@riodefiofficial/riodefi-goes-live-with-moonpay-as-a-payments-partner-efd1ea2e50a0
Additionally, twelve Venture Capital funds joined the RFUEL Community Crowdsale and are providing strategic support to RioDeFi as we develop our ecosystem. https://medium.com/@riodefiofficial/rio-defi-scores-landslide-victory-during-private-round-of-investments-f03b0b398a5e
Q1 from bitcointalk user gustafsson
20% of the tokens are meant for distribution for the community. Please tell us how this process works and how can I be a part of it
James Anderson: Our economic model encourages rapid adoption. We will distribute 10 free RFUEL to new users of RioWallet, which is enough for 100 transactions since the current transaction fee is 0.1 RFUEL. These promotional RFUEL can only be used for transaction fees; they cannot be transfered or traded. We will also have a referral program in RioWallet to encourage people to share it with their friends.
We will also be adding a referral program into RioWallet soon that will encourage people to invite their friends to try it out. Additionally, community members can earn additional RFUEL by staking RFUEL.
Our IDO starts tomorrow at 8:30am UTC. Get your gas ready! https://medium.com/@riodefiofficial/rfuel-initial-dex-offering-ido-on-uniswap-14033dff930c
Q2 from bitcointalk user JonahAp
As part of RioDefi’s effort to build bridges between traditional finance and the digital asset services RioDefi recently Built a bridge for India.. Can you explain how this bridge functions and what it does…. What other regions are you currently looking at to build a similar bridge for
James Anderson: We certainly hope that doesn’t happen, because we really value our Indian communities and feel that India could be a huge market. That said, we are a global company with communities in many countries. RioDeFi is also working with the team at Vauld (formerly Bank of Hodlers) to offer INR focused financial infrastructure services for any developers wanting to build their dream businesses on RioChain. With this partnership, RioWallet will now have easy-to-use fiat on-and-off ramps for INR. Developers can also build dApps on RioChain focused on Indian markets that allow Indians to easily interact with them due to the fiat payment rails. We’re currently exploring create a similar system in other countries. Our partnership with Moonpay allows the fiat on-ramps side of things with MANY different fiat currencies, including:
AUD – Australian Dollar
BGN – Bulgarian Lev
CAD – Canadian Dollar
CHF – Swiss Franc
CNY – Chinese Yuan
COP – Colombia Peso
CZK – Czech Koruna
DKK – Danish Krone
DOP – Dominican Peso
EGP – Egyptian Pound
EUR – Euro
GBP – Pound Sterling
HKD – Hong Kong Dollar
HRK – Croatian Kuna
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
JPY – Japanese Yen
JOD – Jordanian Dollar
KES – Kenyan Shilling
KRW – South Korean Won
KWD – Kuwaiti Dinar
LKR – Sri Lankan Rupee
MAD – Moroccan Dirham
MXN – Mexican Peso
MYR – Malaysian Ringgit
NGN – Nigerian Naira
NOK – Norwegian Krone
NZD – New Zealand Dollar
OMR – Omani Rial
PEN – Peruvian Sol
PKR – Pakistanee Rupee
PLN – Polish Złoty
RON – Romanian Leu
RUB – Russian Ruble
SEK – Swedish Krona
SGD – Singapore Dollar
THB – Thai Baht
TRY – Turkish Lira
TWD – Taiwan Dollar
USD – US Dollar
VND – Vietnamese Dong
ZAR – South African Rand
Q3 from Telegram user @alex_satang
I’ve seen that Certik has done your audit and made some recommendations for you to improve. What have they found and are you working on it? Also, do you plan to have any other audit from other parties?
James Anderson: We’ve already made all of their recommended changes, which was done prior to them publishing the audit report announcement. We’ve also just had an audit completed by Slow Mist on the RioFuel (RFUEL) ERC20 token smart contract, which successfully passed every check!
Serg | Satoshi Club: btw, I’ve got some messages now. People ask me why have you chosen the name Rio? 🙂 is it from Rio de Janeiro?
James Anderson: Rio is the name for river in spanish, and to us it represents the ideas of liquidity and flow. We believe that money is energy in a liquid, spendable form, so Rio represents these flows of wealth. As you know DeFi stands for Decentralized Finance, and its RioDeFi’s mission to accelerate the mass adoption of digital assets by bridging traditional and decentralized finance.
Gold Rocket | Satoshi Club: @LibertyBuddhist By the way, do you have something like insurance fund in case of some emergencies?
James Anderson: Yes, our reserves can be used for insurance should the need ever arise. Additionally, our custody partner Hex Trust has an insurance policy in place for the digital assets they store on our behalf.
Q4 from Telegram Username @stekbyte
At the moment, there are three wallets in development (Android, iOS and Web wallet). When can we expect the development to be completed?
James Anderson: We plan to have this finished during Q4 of this year. We’re actually planning to launch our on-chain staking program toward the end of October. RioWallet will be able to store a wide variety of digital currencies from different blockchains, plus it will allow users to easily purchase cryptocurrencies with that large list of fiat currencies I shared earlier. At the beginning it will have staking functions and a dApps section, and by Q1 2021 we’ll have savings programs & lending programs as well.
Users can deposit assets from other blockchains using our Generic Asset Bridge, then they can use those currencies within RioChain dApps and send them to other users at the speed and cost of RioChain, which is 2 seconds and 0.1 RFUEL. I don’t know that we’ve actually set a minimum in there yet, but it’d probably be as low as 1 RFUEL.
Q5 from Telegram Username @julioceazar
The Rio Generic Asset Bridge supports simultaneous cross-chain transfers of multiple assets, and the end-to-end functionality. How can the Rio Generic Asset Bridge compete with Lightning Network and Liquid Sidechain?
James Anderson: It definitely offers an alternative to using the Lightning Network and Liquid Sidechain, but it also has a ton of other features such as being able to interact with RioChain dApps, including our planned Savings & Lending applications. Currently just the features already mentioned, which are having access to cross-chain DeFi services and fiat payment solutions.
Q6 from Telegram Username @BeratToker
I saw on your telegram group that RioDeFi will hold an IDO for your $RFUEL token at September 28th. My question is, what is the maximum supply of $RFUEL token to be circulated, and how do you control the coin price so its doesn’t get dump and keep stable after its get listed on several markets soon?
James Anderson: The circulating supply on day 1 will be 109,375,001 RFUEL. The total supply after 5 years will be approximately 1 Billion RFUEL (a bit less due to the burning of some promotional tokens). We had over 14,000 people subscribe to our Community Crowdsale whitelist with over $65M USD in commitments, which is over 10 times the entire public sale raise amount, so we think the buying demand for RFUEL is incredibly strong. And that was a few weeks ago. Demand has grown even stronger since then. Additionally, we’ll have some staking programs in place from day 1, which will give people strong incentives to hold RFUEL.
We’re planning to expand quite rapidly to build out our ecosystem. First we’ll be focused on finalizing and launching the Rio Chain main-net, which is currently planned for the middle of October. We already have a strong team in China, and we’ll be hiring Country Managers in the Philippines, Vietnam, Indonesia, India, Thailand, Japan, Korea, Turkey, and a few other countries, because we really aim to expand the reach of our ecosystem and get everyone familiar with our financial solutions. Additionally, we’re working with some of the leading marketing & PR companies in the blockchain industry, including Market Across, Block72, and SK Chain Advisors
Part 2 — live questions from the Telegram community
Q1 from Telegram Username @Fitri1510:
✅ Increasing Token price
✅ make Token Valuable
✅ Building Community Trust
From 3 aspects above,. I want to ask,. Which one the most important for you?? If all above are important for you,. Which one that Will you do first??
James Anderson: Our #1 priority is to build long-term sustainable value for the RioDeFi ecosystem and the RioFuel (RFUEL) token. Of course this involves building community trust as well, and if you do a good job with those two things, then price appreciation is the natural result. Every action on RioChain has a transaction cost (0.1 RFUEL for basic transactions) that is paid in RioFuel (RFUEL), which is its native platform (gas) token. The more dApps that build on RioChain, the more demand there will be for RFUEL, and with a fixed supply of 1 Billion and a rapidly expanding ecosystem of dApps, users, and businesses built to support the ecosystem, we believe that RFUEL will increasingly gain in value over time in proportion to the growth of the network. RioDeFi will also earn revenues by engaging in new ventures with entrepreneurs and businesses who seek to build products and services on RioChain. We have arranged our business model so that we can get paid in tokens for assisting projects to grow. All these profits will go back into building a stronger ecosystem, all powered by RFUEL.
Q2 from Telegram Username @starshades007
What is the mutual development between Mantradao and Rio Defi? Will you share users or business value?
James Anderson: In addition to being the CEO at RioDeFi, I’m also a Council Member of MANTRA DAO, which was incubated by RioDeFi. MANTRA DAO leverages the wisdom of the crowd to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on RioChain for the Polkadot ecosystem, it focuses on staking, lending, and governance. MANTRA DAO gives financial control back to the people to grow wealth together. As a dApp on RioChain, every MANTRA DAO staking, lending, or governance action will require RFUEL. Sending OM tokens on RioChain will also require RFUEL. In this way, RFUEL will grow in value when the MANTRA DAO ecosystem grows. We are thrilled to have MANTRA DAO as the first external dApp that’s built on RioChain. In this way, every user of MANTRA DAO is also a user of RioChain, so both users and business value will be shared.
Serg | Satoshi Club: which one is your first priority? 🙂 Rio or Mantra?
James Anderson: 100% RioDeFi. My duties as a Council Member of MANTRA DAO only require a few hours per week, whereas I work around-the-clock, 7 days a week on RioDeFi.
Q3 from Telegram Username @Brucedt
Could you give me 2 or 3 key points to convince me and other angel investors invest in #RioDeFi in long-term?
James Anderson: Rio Chain has faster speeds, better scalability, lower transaction costs, lower energy consumption, strong security, and an increased ability to work with regulated institutions when compared with many other blockchains. Rio Chain features 2 second block times, and up to 3,000 transactions per second. We think these features will make it VERY attractive to build dApps on. One key reason for developers to build on Rio Chain is that we give 20% of all RFUEL fees back to the dApps that generate those fees. We reward developers for bringing value to our ecosystem. Additionally, we have grant allocations that can encourage people to build on the superior technology offered by Rio Chain, which is a scalable, interoperable, fast, and secure blockchain that can interact with the Polkadot network, as well as directly with other blockchains. We have a suite of financial products to rival those of Crypto.com, and a layer 1 blockchain with a DeFi focus that can challenge Ethereum, so we think long-term HODLers of RFUEL will be very happy in the coming years.
Q4 from Telegram Username @Alika061
When will #RioDefi see uniswap with $FUEL tokens and can you give a little leak about how many purchases on Uniswap at the initial price ?? for all of us. thank you!
James Anderson: Sure, we’ll be on Uniswap tomorrow starting at 8:30am UTC. We’ll be putting 5M RFUEL tokens and $1M worth of Ethereum on Uniswap as initial liquidity in order to set the starting price at $0.20. More details can be found in our official announcement. https://medium.com/@riodefiofficial/rfuel-initial-dex-offering-ido-on-uniswap-14033dff930c
Q5 from Telegram Username @rogerass
Does Rio Defi have offices in the real world or only work in cyberspace?
James Anderson: Haha, good question! We have offices in both Hong Kong and Shanghai, plus we have remote developers and operations staff that work in co-working spaces around the world.
Q6 from Telegram Username @foreveralonek
Your project development is really commendable. Let me know how can you survive this longest market and keep building and growing as many projects are dead and scrapped during this time period?
James Anderson: We were fortunate to have a strong seed investor, our President Calvin Ng, who believed in our vision from day 1. RioDeFi was established in April 2019 by its co-founders, which include Calvin Ng, Stephane Laurent Villedieu, Katerina Volkova, and myself. All of us are veterans in the Blockchain industry. The vision behind RioDeFi has always been to connect traditional financial services with interoperable DeFi in order to make DeFi services accessible to everyone. We believe this is the prerequisite to bring blockchain and cryptocurrencies to mainstream adoption. We’re building a long-term sustainable financial ecosystem, so this is more resilient to temporary market cycles.
Q7 from Telegram Username @DimasLavigne
What are the use cases of the RFUEL token and how do you ensure that the token captures the value of the architecture of Rio DeFi?
James Anderson: RFUEL is RioChain’s native platform token, it is required to conduct a transaction or execute a smart contract on RioChain network. Every action on RioChain has a transaction cost (0.1 RFUEL for basic transactions) that is paid in RioFuel (RFUEL), which is its native platform (gas) token. The more dApps that build on RioChain, the more demand there will be for RFUEL, and with a fixed supply of 1 Billion and a rapidly expanding ecosystem of dApps, users, and businesses built to support the ecosystem, we believe that RFUEL will increasingly gain in value over time in proportion to the growth of the network.
Q8 from Telegram Username @RoZerius
With the economic crisis and outbreak due to Covid-19, What difficulties does your project have? What has been done to maintain growth, strengthen investor confidence, and community support?
James Anderson: COVID-19 has been terrible, but one positive effect that came out of it is that it gave us time to focus and build. Without much else to do or conferences to travel to, we’ve been able to do more work and build faster than we ever have in the past. This has allowed us to accelerate our plans. We think COVID-19 has also helped to spur the adoption of digital assets and mobile payment solutions, as these can be utilized 24/7 from around the globe. No visit to a bank needed.
There have been some struggles at times due to team members not getting to visit each other as much as we’d like, but it’s also helped us to develop some better communication systems so that we can work effectively even while geographically dispersed.
Q9 from Telegram Username@Maksyrn
What else needs to happen in the world in order to start using DeFi?
James Anderson: There has always been strong demand for DeFi. The reason that DeFi has not yet reached mass adoption is correlated to the over-extension of centralized finance, as well as the complexity and lack of scalability in existing DeFi products. Some people may think DeFi is overheated these days, but I will regard this as the avid exploration of what is possible with DeFi. There is still a lot which DeFi can do for the people. The more people paying attention to it, the better future it has.
In order to achieve mass adoption, we need to make cryptocurrencies so easy to use that even a grandmother can use them. This happens by massively simplifying the user experience and having integrated services so that the blockchain components happen in the background.
RioWallet will have an OAuth wallet creation solution using a Gmail or Facebook account, and free RFUEL will be pre-loaded into every mobile RioWallet, so we think our users will find RioWallet to be a refreshing experience compared to what’s come before.
Q10 from Telegram Username@DavidHunte
How is RioChain Bette than Ethereum? As the current situation Ethereum facing so, do you think in future RioChain can be a replacement of Ethereum Network?
James Anderson: RioChain is faster, more scalable (up to 3,000 TPS compared to Ethereum’s 17 TPS), and has lower transaction fees than Ethereum. We chose to build on Parity’s Substrate framework because it allows for cross-chain communications and true interoperability, which is something Ethereum hasn’t achieved yet. The Substrate framework allows for forkless upgrades, lower fees, better efficiency, faster speeds, and customizable consensus modules. Their on-chain governance features are also quite robust. We’re to be a part of the rapidly growing Polkadot ecosystem. With the Polkadot network leading the charge on cross-chain interoperability, and RioDeFi forming the bridges between CeFi and DeFi, as well as scalable business applications within the Polkadot ecosystem, we are ready to lead the future of cryptocurrency mass adoption!
Part 3 – Quiz Results
In
the part 3 we would like you to check your knowledge in terms of
RioChain. They’ve prepared 4 questions for this part, so everyone
could be a part and answer. All the correct answers you will find at
the bottom of this Recap. Enjoy!
RioDefi Quiz Correct Answers:
1. What is the speed of RioChain?
3000TPS
2. What’s percentage of $RFUEL will be used for Reward distribution ?
20%
3. What will be the estimative staking APR in the beginning ?
50%+
4. When RioWallet will be launched?
Q4
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