Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Revest finance; they offer the ability to lock ERC20 fungible tokens into ERC1155 non-fungible tokens. The AMA took place on September 22 and our guest were @christophercharles92 and @RobAnon (Founder and CEO).
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
Gold Rocket | Satoshi Club: Hello again, dear Satoshi Club community! We are pleased to announce AMA with Revest. Today our guests are @christophercharles92 @RobAnon.
Chris (Verified username only): Thank you, we are excited to be here!
Rob M: Good to be with yall today.
Gold Rocket | Satoshi Club: Let’s start! Introduce yourself please. How did you get to be involved in crypto & Revest? Tell us please about your position in Revest.
Chris (Verified username only): I’ve been involved in crypto since the summer of 2019 when I first saw the price of Litcoin rise rapidly due to its halving. After that I became fascinated with the space, and I now seek to innovate and improve the financial space by disrupting traditional methods. I have since played a key role in several projects, my latest being Revest Finance, which we are here to talk about today.
Rob M: So I’m the Founder and CEO of Revest, been involved in cryptocurrency since 2012 when I learned about Bitcoin at $40/BTC. I’ve been around in various ways over the years, small scale mining, the like. This year was the year that I came into the space in a big way, though. I started the year running a validator, where I met many of the folks on my team. Expanded out into an interactive NFT project and put my long-standing hobby of programming to good use, creating a project called Negative Entropy. That went quite well, and during a period of downtime, I realized that the real application of NFTs wasn’t just art – it was the tokenization of non-fungible financial positions. The idea for Revest was born, I put together some of the most talented individuals I knew, both inside and outside of the crypto space, and Revest Finance was born.
In my day to day role, I work as both the CEO, steering the ship, and as one of the lead devs on the project, helping out where I’m needed.
Gold Rocket | Satoshi Club: Tell me honestly, did you sell those bitcoins?
Rob M: Well, I lost one when MTGoxx rugged in 2014/15, and I’m still trying to get it back. The other one, I definitely didn’t sell for beer money in college.
Gold Rocket | Satoshi Club: You are absolutely right. With mass crypto adoption, the world won’t be the same.
Gold Rocket | Satoshi Club: Give us a brief introduction to the project. What is the essence of Revest?
Rob M: Happily, and thank you very much! So what Revest does is that we offer the ability to lock ERC20 fungible tokens into ERC1155 non-fungible tokens. You can then trade them with other people, pass them around on sites like OpenSea, and whoever has them can ultimately redeem them for the underlying value. Since ERC-1155 can have multiple copies of the NFT, you can even split up a collection of tokens into multiple ERC1155’s – for instance, I could take 1000 ERC20 tokens and turn it into 100 ERC-11555 NFTs (which we call FNFTs), each worth 10 ERC20s.
However, what really makes our protocol useful is that you cannot instantly redeem these ERC1155s for the underlying ERC20 tokens. We place locks on top of these FNFTs so that people have to wait for the lock to unlock before they can withdraw the underlying assets. These locks can either be time locks, which are self-explanatory, value locks, which are based on price, or address locks, which can be functionally anything.
Andrés M | Satoshi Club: Very innovative technology.
Chris (Verified username only): Thank you, our FNFTs truly enable a vast array of new possibilities for Decentralized Finance.
Andrés M | Satoshi Club: We can do the same in reverse? To take 10 ERC-11555 and turn it into ERC20?
Rob M: Thanks, glad you like it. I actually got the idea writing an interactive NFT that would display the live price of Bitcoin; I did it mainly for fun, and was using Chainlink oracles to fetch the price for Bitcoin in this NFT, when I realized that you could take the same concept and do everything about it on chain. Realized there was a huge gap in the ability to transfer locked tokens in the crypto space, so much so that acquisitions are basically impossible right now, and I decided to fill it.
Once you have the ERC11155’s created by RVST, you can withdraw the ERC20s from them once the lock unlocks. But no, we’re mainly focused on turning fungible tokens and the associated positions into non-fungible packets with custom locks, not fractionalizing artistic NFTs.
Gold Rocket | Satoshi Club: Also we would like to know more about your team. Who is on the project team core?
Rob M: So we have a very wide variety of people from an extremely different set of backgrounds.
There’s myself, who has a background in Mechanical Engineering, and was working on my doctorate prior to catching the crypto bug.
There’s Chris, who yall already know.
There’s Louis, who has a background as a Professor of Finance, with an emphasis on Derivatives.
There’s Theto, who has a background in investment banking, private equity, and as a crypto advisor.
There’s Mickle, who has a long background in marketing and entrepreneurship.
There’s foobar, who has his background in computer science, NFTs, and Solidity development.
There’s James, who has a background in frontend web development.
And there are a bunch of other friends we’ve made along the way who have helped Revest become what it is today.
Q1 from Telegram User @Ajpaa
Financial Non-Fungible Tokens (FNFT) is said to form the backbone of the Revest protocol and this new breed of non-fungible financial instruments may be bought, sold, and traded on any platform which supports the ERC-1155 standard. What is the reason why you choose the ERC-1155 standard? What benefits/advantages does this standard offer that makes Revest protocol to leverage and use it? What are your plans for integration with other Protocol/Network with low transaction fee like BSC?
Rob M: We chose the ERC1155 standard because it is semi-fungible. Much like a stock or a bond in traditional CeFi is identical within a company but differs across the industry (that is, all Microsoft stock is identical, but Microsoft stock is different from Tesla stock), an ERC1155 can have multiple copies of an identical FNFT within a single “series” (or ID number). This means that we can fractionalize a single pot of ERC20’s into multiple different packets that all have identical unlocking conditions, but can be transferred independent of one another.
For instance, if I were a dev, and I vested my LP tokens under a traditional vesting system, I cannot allow any meaningful acquisition, partial or total, of the real rights to my company. I could sell someone my wallet, but I know the private key, so that isn’t secure. I can’t fractionalize the lock, and I certainly can’t easily transfer it using something like OpenSea. So if another crypto project wanted to acquire my project, they cannot take meaningful control of the rights to the liquidity, and such, they cannot meaningfully acquire my project. If, however, I have that project’s 1000 LP tokens stored in 100 packets of 10 LP tokens each, I can sell off a percentage of those ownership rights quite easily, and allow for a partial or full acquisition. With ERC721, I’d have to mint each of those 100 packets individually, and the gas cost would be astronomical; ERC1155 solves that problem.
Chris (Verified username only): In other words, real world companies such as Microsoft acquire other companies on a daily basis. FNFT technology will enable this safely for cryptocurrency companies as well.
Q2 from Telegram User @Ecmq10
Hello Revest team! I read that Revest liquidity providers and RVST holders will be given the opportunity to stake their tokens for a period of 1, 3, 6, or 12 months. What would happen in the hypothetical case that a user wants to unstake their tokens before that set time? Will there be any opportunity to do so? Will the user have to pay any additional fee to be able to unstake? Thank you.
Rob M: So we’ve actually thought through that extremely thoroughly. Instead of having the ability for the user to unstake, we’re instead locking their staked tokens into an FNFT; so while they can claim rewards whenever they want from that FNFT, if they decide that they’d like to retrieve a portion of the underlying asset’s value early, they can choose to sell or trade that FNFT on any marketplace that supports the transfer of ERC1155’s! We think this offers a nice balance between semi-liquid positions and a cost/benefit from selecting longer staking periods; longer periods will offer higher rewards, but the only early exit is to sell the staking position itself.
Chris (Verified username only): In the future, 99% of the fees generated by the Revest Protocol will be rewarded to our stakers as well!
Andrés M | Satoshi Club: Btw, what is the APR for staking? Is there a minimum quantity needed to hold for staking?
Rob M: Yes, should add that we’re launching in Open Beta; the first 6-12 weeks of protocol operation, stakers will be rewarded with RVST tokens set aside for the purpose. Following that, fees will be leveraged in ETH.
APR isn’t predictable, given that it will ultimately be based on how much traffic the platform itself receives, and that how much of those fees you receive is also dependent on how much of any given pool you control.
Gold Rocket | Satoshi Club: you really thought out all the options perfectly.
Chris (Verified username only): Yes, if someone wanted to they could theoretically sell their stake on opensea (while its locked in an FNFT), just like a developer who locks their LP tokens into an FNFT could sell them on opensea.
Rob M: We spent a lot of time working on every aspect of Revest.
Many late night chats and long meetings, but we hope that this hard work will pay off.
Gold Rocket | Satoshi Club: The Revest community has made the first day of the Reservation Event amazing (с) from your tweeter, tell a little about I. I think you have something to share.
Rob M: We’ve really been impressed by the way it has gone! Nearly 1000 ETH has been raised so far, and the entire event has gone off without a hitch. We chose a batch auction format for the reservation event, with the goal of avoiding gas wars, avoiding botting, and ensuring that everyone can participate in the sale without having to worry about being edged out by the first two. So far, haven’t seen any of those issues!
Chris (Verified username only): We also raised a fair amount in our seed round.
Andrés M | Satoshi Club: Wow big amount, you have a loyal community.
Rob M: We’re very grateful to them. Wouldn’t be here without these wonderful folks who’ve believed in us.
Q3 from Telegram User @Cheriemike
As part of Revest use cases you will make donations for Charity, but in your Tokenomics I noticed you didn’t allocate any % for Charity. So can you tell us the area of Charity will you want to make donations to? What is the % allocated for it? Will your community also have a say as regards to which Charity organizations you will make donations to?
Rob M: So I think this may represent some minor confusion: FNFTs can be utilized to raise money for charity through the multiple-deposits feature; this feature allows for additional deposits to be made into an FNFT series, either forever, or for a set period of time. We see charity raises as being an obvious use-case for this, where people can make deposits into FNFTs up to a certain cut-off point, and ensure that the value raised is distributed automatically across the entire FNFT series.
That all said, one of our seed round contributors is a charity-focused organization, whose mission is to raise funds for victims of sexual trafficking. So we’re very excited to be partnered with them, and hope to assist them in the future with this effort.
Gold Rocket | Satoshi Club: it is really noble to be engaged not only in business and technology, but also to think of charity.
Andrés M | Satoshi Club: It is great to see tokens with multiple usecases.
Chris (Verified username only): Yes, there are so many possible use cases, such as charity, inheritances, derivatives, the list goes on!
Andrés M | Satoshi Club: So, could you tell us about your tokenomics? How much is the total supply and current market cap?
Rob M: The total supply is 100M, and the market cap will not be determined until the end of the Reservation Event – wish I could comment on that, but any estimate I could give you would unfortunately be inaccurate within the next few days.
We are distributing 33M RVST tokens in our reservation event currently, which you can learn more about at revest.finance/reserve.
Q4 from Telegram User @Orlemys
Alongside the news to announce this AMA session, there was parallel news announcing new AMAs in two other Satoshi communities! It is very exciting to have projects so interested in doing AMAs and clearing up any doubt their users might have about their platform. With this in mind, would you tell us what are some ways in which you reward your community, and ensure their voices are always heard? Decentralization is all crypto is about these days, so how does your team connect with their investors, and what are your decentralizing methods? Is your ownership renounced? Do you have a DAO in place?
Rob M: So our token doesn’t just offer 99% of fees incurred by our platform as a reward for staking it; it also grants governance privileges. While this mechanic has not yet been implemented, we will transition fully to a DAO structure within a year of launch of the Revest Protocol. We absolutely believe in decentralization and want to turn the project over to the community.
Chris (Verified username only): I am sure that Decentralized Autonomous Organizations are going to play a key role in the future of cryptocurrencies and blockchains, and for that reason we will become a DAO.
Q5 from Telegram User @ss_dragon
The idea of locking the funds to sometime/price or other criteria is really great. But the question is, will it possible to break the lock. In case of value/time lock, let’s say, we lock an asset and the asset dumped by 50% and interest of portfolio, would like to sell the assets but the value/time didn’t meet. So security of assets and securing the portfolio is the key for any decentralized user.
Rob M: With our default lock system, breaking the locks is not possible; we designed it this way for maximum security, as we don’t feel that the power to break a lock should be centralized, by default, to any authority.
However, our address locks are designed so that anyone can write a lock and we do anticipate that people will write locks which offer this feature. Community sourcing of different locking mechanisms is one of Revest’s strongest aspects, as the more locks are written, the better the protocol becomes.
Once a custom lock has been written, it can be shared across the community and reused by any interested parties. When someone writes a particularly good lock, we’ll even feature it in the “presets” section of our address lock configuration page.
Andrés M | Satoshi Club: Talking about security, have you done any audit process or hackathons to ensure everything is ok?
Chris (Verified username only): If the Financial NFT is a value lock FNFT though, it could be set to unlock either above or below a certain price (the price is provided by chainlink oracle), so if it was set to unlock below that value it, it would be able to in that case.
Q6 from Telegram User @JaviSuBs™
How to start in Revest, from scratch, what is the minimum investment and from where can I deposit? Can smart vaults be distributed quickly and safely, what is the response capacity and what security system do they offer at the time of an emergency due to hacks or xploits? what is the usefulness of the token and the recommendation you give to give it the best use on the platform. can you explain a little more? Thank you
Rob M: So to participate in the reservation event, you’ll need to go to revest.finance/reserve – there is no minimum contribution. To get started with smart vaults, you’ll visit our webapp; once again, there is no minimum amount to deposit. We have an emergency response system in place, however, we are very confident in the quality of our code and do not anticipate any issues. The token has utility in both fee distribution and governance, as previously discussed.
Smart vaults (another term for FNFTs) can be easily sent to multiple addresses with our batch distribution feature; you can copy/paste a list of addresses and quantities of FNFTs to give each address from excel or a CSV. We expect this will facilitate the easy creation of large amounts of FNFTs for vesting systems and similar applications.
Chris (Verified username only): https://docs.revest.finance For anyone who would like to see our UI, check out value and time locks under the tutorial section!
For anyone who wants to contribute to our reservation event as well, it is currently live until Friday! revest.finance/reserve
Andrés M | Satoshi Club: Thanks for the answer, now, could you share with us the roadmap of the project? What is the greatest event coming for the next quarter?
Rob M: We haven’t finalized the roadmap quite yet, but I can tell you that our first priority is the low-hanging use cases such as team-token vesting, liquidity token vesting, and generalized vesting structures. Following that, we’re looking to expand into more complex tokenizations of non-fungible tokens (derivatives), such as the separation of interest and principal for interest bearing tokens (AAVE + Yearn). We’ve built the system to be incredibly compostable, so expanding to these exciting new use cases will be very straightforward.
Recommend that yall check out our Twitter for when we publish the official document: https://twitter.com/RevestFinance
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram user @vedamatrix
How do you determine the correct market prices on tokens and NFT’s do you work with Chainlink?
Rob M: We utilize two different oracle systems currently: Chainlink Price Feeds, and a Uniswap TWAP that works for any pair on UNI. We’re currently working with a third team we’ll be announcing our partnership with in the future to build an oracle that will work for any pair on Uni, Sushi, or any Dex desired, and without requiring the two transactions that Uniswap TWAPs do by design.
Q2 from Telegram user @nguyenben
You said: ” In the future, 99% of the fees generated by the Revest Protocol will be rewarded to our stakers”. So what about the remaining 1%?
Chris (Verified username only): Yes, 99% of revenue generated by the Revest Protocol will go towards the stakers. The other 1% will go to the RVST token liquidity!
Q3 from Telegram user @K2ice
How can I contribute to the reservation event in my own little way?
Rob M: revest.finance/reserve – there is no minimum contribution 🙂
Q4 from Telegram user @JaviSuBs
Greetings, Revest I see that it uses 3 types of padlocks, that proves to be a very safe and reliable system, but what are the characteristics and functions of the 3 types of padlocks? What is the best recommendation to use each of them?
Chris (Verified username only): The three different types of locks are time locks, value locks, and address locks. We also have several advanced functions that can be enabled for all of the above, making the possibilities endless. We had someone in our chat the other day asking if they could use FNFTs as a “dead man’s switch”, the answer is yes! We are getting all sorts of cool innovative ideas and proposals and the use cases for FNFTs are expanding by the day 🙂
Q5 from Telegram user @AugusS7
You comment that Revest offers 3 types of padlock to lock its ERC20 tokens, but I am not very clear on its second value lock and its unlocking, could you expand this information further?
Rob M: Certainly! Value locks are really quite simple: you specify an asset to measure the price of, for example, RVST. You next specify an asset to measure the price in units of – typically, either ETH or USD. You then specify a threshold value and whether you want the lock to unlock when the value of the primary asset rises above or below that threshold. For instance, you could cause the lock to unlock when the price of RVST rises above $1. In this way, you can introduce performance incentives to any team’s vesting and encourage investors to help build a project by locking some of their tokens to its value. There are a lot of possible uses-cases!
Q6 from Telegram user @MdLuffyo
Can the Revest platform run lock systems with all blockchains or does the system work on a single blockchain network? Can a multi-chain lock, especially address locks, become functional for both projects and users?
Chris (Verified username only): To begin with we are releasing the Revest Protocol on the Ethereum blockchain, which is the main hub of Decentralized Finance. You will be able to lock any ERC-20 token on the Ethereum blockchain into FNFTs, whether it launched the day before hand or it has been around for years!
Q7 from Telegram user @atmaca111
What should we expect to change or improve in DeFI after you?
Rob M: Many financial positions, both in CeFi and in DeFi, are non-fungible. That is to say, they are unique. A call option placed on the price of Ethereum relative to USD is a non-fungible position in that it is unlikely there will be another call option exactly like it; the strike price and the date will differ. However, in much of DeFi, non-fungible positions are confusingly represented by fungible ERC20 tokens. It is clunky and we think that it makes far more sense to represent non-fungible financial positions with non-fungible tokens. Just as companies like Amazon discovered that the true use of the Internet lay in E-commerce and not Pets.com, we believe the true use of non-fungible tokens lies in finance, not art. Art is fun, and NFTs based on it are fantastic; but we see far more potential applications in finance.
So we think we’ll see DeFi forever changed by this realization and understanding.
Q8 from Telegram user @surendra040
Rugpull is common in blockchain world when team is not properly doxxed. What is your team status and how can we trust and invest on your project?
Rob M: Myself, Chris, and Louis are all fully doxxed. I know half of the rest of the team personally, and I know everyone’s real name involved. All of our contracts are locked under gnosis multiset, so I’m very confident that we are a secure team. I speak with each of these people daily, and I’ve been doing it for over a hundred days now.
Q9 from Telegram user @cenkkargin0666
What is the token of Revest Finance, what are its main functions? Do you have tokenomics, if so, can you share it with us? Which blockchain network do you work with?
Chris (Verified username only): We don’t have any wild taxes to buy or sell or any of those tokenomics, you will be able to buy the RVST token with .1% slippage after we have listed on uniswap. In fact, we recommend you use the lowest slippage in order to avoid front running bots!
Q10 from Telegram user @tomo_fan
Revest Finance is audited by Solidity Auditors, & It is one to top Audit firms in Crypto field. How was the overall Report?
Chris (Verified username only: We passed with flying colors, I will provide a link to the audit report so that you can see for yourself.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Revest Finance. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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