FinNexus Weekly-chat recap 28/05/2020
Participants:
Boris Yang — FinNexus Founder & CEO
Ryan Tian — FinNexus Financial Specialist
Ryan Tian: Thank you very much for all of your support. We want to apologize for the inconvenience and trouble on the first few hours of exchange. There was some technical problem causing the transactions on bitrue later than the listing on BKex. We understand it had negatively influenced the passion and trust on us. We are deeply sorry for all the trouble.
Btr-is-stablecoin: Bitrue goes live at -50%.
Ryan Tian: This accident also kept us off guard. It was the last thing we expected to happen.
Question 1:
Doge: Any updates on the decentralized bitcoin options platform?
Ryan Tian: Yes, we have made great progress recently with our technical team. A series of introduction posts on our blogs will be released soon.
Boris Yang: If you check the codes on GitHub, we basically finished coding. The next steps are UI development and testing. If everything goes well Beta version will be released in the end of next month(June).
Nagy Szabo: What are the expectations after the launch?
Ryan Tian: The options market will be huge. We will firstly launch on Wanchain, and later on Ethereum, to interact with the while EthFi Eco. The liquidity is the key. We will try to boost the liquidity of options with the Dexes and by ourselves.
Boris Yang: Beta version is more for testing. And than we will make it perfect and add new version both on Wanchain and Ethereum.
Question 2:
Doge: Do users need KYC to use FinNexus options market?
Boris Yang: I do not think so, it is totally decentralized on chain.
Question 3:
Danny: What is the current marketcap of FinNexus (28/05/2020 @ 5.15 PM IST)
Professor K: It is technically around $4M but this will decrease as FNX is burned in the process of converting to UM1S.
Question 4:
Doge: What is the exact date and time of the cutoff to convert FNX to um1s?
What is the exact amount of FNX that equals 80% of the circulating supply?
Professor K: The conversion would end on 26th August at 4PM UTC +8 with 80% of 41,782,610.
Question 5:
Serg: Do you plan to list on 1 or more exchanges before the conversion ends? This will allow us to list on CMC.
Professor K: We actually found out that CMC has changed the minimum listing to 1 CMC-approved exchange. So that is getting taken care of as soon as possible!
Question 6:
Dogerino: Except UM1S, what will be the next asset for the which FNX token will start accuring interest and what is the expected timeline?
Ryan Tian: The next one will be on XRPL, with similar underlying assets. The next tokenized assets will have interactions with FNX, apart from the options.
Question 7:
Doge: Do you guys have any details at all for the required amount of FNX to do anything on your platform: staking, voting, usage, etc. Anything. How many FNX does someone need to use your platform in any way? You never gave numbers.
Ryan Tian: The required amount for ‘staking’ or collateralizing to mint options tokens has no minimum unit. Similar as MakerDao, there is a minimum collateral ratio.
Question 8:
Doge: How can we judge the value of each fnx if we don’t know the amount of fnx needed to do literally anything at the moment.
Ryan Tian: The FNX tokens right now can be benefited from the distribution of gains from the platform; there are gains in each issuance of the real-world backed tokenized assets because right now, it is connected to the issuance model. So the conversion is the first use case. But in the future, there will be more.
Boris Yang: We do not want to create inflation of staking with any real use case like some public chain. I think it is easy to design. We want to make FNX more like SNX or Dao. It will combine with our products such as options. We are designing the mechanism and will release the rules when we think it is reasonable.
Doge: The circulating supply would go up after 90 days?
Ryan Tian: We only have 8,333,333 FNX tokens in these slots. It is 694,444 unfrozen each month
Question 9:
Doge: When will your API and SDK be available publicly?
Boris Yang: For options product it will be available when beta version release.
Doge: Even though it’s beta will it be fully working and require fnx to stake or mint contracts?
Boris Yang: Beta version will use FNX to be collateral with cap for safety.
Question 10:
The Economy: I have question about convert UM1S. Must to do all at once? Or can I send in 100 today, 300 tom, 3000 next week etc..
Ryan Tian: I have question about convert UM1S. Must to do all at once? Or can I send in 100 today, 300 tomorrow and 3000 next week etc
Question 11:
Doge: Is any company or person other than your team secretly building anything with FinNexus or does everyone have to wait for the public SDK and API?
Boris Yang: We talked this cooperation with BKEX. We are trying to cooperate on this options.
Ryan Tian: What Boris means is the collateral and main Smart contracts are on chain. But liquidity and the pricing may be more diversified.
Question 11:
Doge: Wandora box will use Band protocol as oracle in the future right?
Professor K: Yes.
Doge: Will your SDK and API have access to the Band Protocol?
Ryan Tian: Yes. We will integrate them on our next product.
The roadmap stays intact, except the listing schedule of course.
Question 12:
Captaincanada: How big is your development team? Where is the code?
Professor K: Checkout our GitHub: https://github.com/FinNexus
Question 13:
Doge: Do you have an internal or external marketing team? Will they be focusing on just Asian markets/people in the short term? Will you be running paid online ads? Facebook, banner ads, etc?
Ryan Tian: We have a market group in FinNexus team. There will be some adjustment after this listing. And of course, we are open to the external marketing cooperation.
Question 14:
Danny: Q3 is almost here. Do FNX will be available to keep on more Wallets and will be available to stack FinNexus soon?
Ryan Tian: We are WRC20 right now and have to follow Wanchain and its wallet. But in the future as we are integrating Ethereum and XRPL, it will be a whole new world.
Question 15:
Doge: Will we ever need KYC to use certain FinNexus applications?
Boris Yang: Yes for a few of them.
Ryan Tian: For decentralized apps, it is not necessary. But you know, we are working as protocols, if we integrate with other platforms and services, we have to follow their rules.
Professor K: FinNexus will not be creating the options. FinNexus will create the protocols that will allow token holders to mint the options themselves.
Ryan Tian: Thank you very much.
We are sorry again for the problems we had on Bitrue when listing. We will try to work hard as we have always been, and bring something different and interesting to the DeFi world.
Token burn update on 28/05/2020:
Veer Singh: Thank you everyone for participating in the weekly-chat discussion.
About FinNexus
FinNexus is building an open finance protocol to power hybrid marketplaces that trade both decentralized and traditional financial products. The FNX token will live on the Wanchain blockchain to take advantage of the most robust cross-chain capabilities currently available in the industry. The first products FinNexus plans on releasing will be innovative tokenized assets (available Q1 2020) with value based on real-world cash flows.
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