AMA RECAP : Crypto Caravan × Finance Vote
Venue : @Crypto_Caravan
Date : 25 May 2021
Time : 03:00 PM UTC
Special Guest: Dr. Nick Almond
He shared detailed information about the project Finance.Vote
SEGMENT 1 - INTRODUCTION
Q1.Please introduce yourself and tell how you started a crypto business to the Caravan Community !?
Dr Nick:
Hey everyone, I’m Nick and I’m the protocol leader for finance.vote.
As for how I started in this.
I’m a physicist by background, and I did a PhD in Physics many moons ago. For the last 10 years or so I’ve been working in academia designing governance systems for universities.
For a while I was teaching cryptography and I discovered Bitcoin and realised it would change the world.
Not long ago I realised it was DAOs that would be the most important piece in decentralisation and everything we’re building at finance.vote is designed to make DAOs better and make decentralisation technologies the future.
Q2. Can you share with the community what Finance.vote has been doing from the roadmap ?
Dr Nick:
This is our roadmap
As you can see it’s a little bit different than most. It’s non-linear.
That’s because we want our community to direct us around it by voting.
We’ve built 5 dApps over the last 6 months that are all ready for adoption and up and running.
So we’ve been very busy building. Our approach is rapid prototyping and deployment and build our applications alongside our users.
I’ll give you a quick run down of what each does
Markets.vote is a prediction market that uses voting and you can vote on which tokens you think are going to perform in the next week. We have live markets on Ethereum and BSC at the moment, but we’re going everywhere multi chain.
Dr Nick:
Auction.vote is a launch pad, but instead of everyone competing for allocations it’s open and permissionless and designed to find a fair price for new tokens. All the raise goes to liquidity. It’s a fair launch platform.
Yield.vote is a liquidity mining / yield farming platform with a twist. You own ‘protocol properties’ that earn you money.
Bank.vote is our bank (but not a bank), it’s where people working for our DAO get paid.
And influence.vote is our governance system where everyone can vote on what they care about most. It gives all of our users a voice.
Q3. What is that one significant milestone Finance.vote has achieved which you are proud to share ?
Dr Nick:
I overviewed everything we’ve achieved in a recent review that I recommend people reading. https://link.medium.com/QLZRxFu8xgb
I would say it’s probably creating a sybil resistant quadratic voting system. I think quadratic voting will change the world and building one that is difficult to break is a hard problem in blockchain.
Q4. What are the unique features does Finance.vote provide as compared to other projects?
Dr Nick:
Probably too many to mention here haha.
For one, unlike a lot of stuff out there we have real products that people can use. We believe in building real things that will change the cryptospace for the better.
We’re one of the only voting focussed projects out there.
We’re DeFi but everything we build is new and not a fork.
We’re very much community focussed. I spend (probably too many) hours a week talking to our users and asking them what they want next.
We’re very focussed on the user experience and doing some good for crypto.
Q5. What are your upcoming plans or events?
Dr Nick:
Sure. We have lots coming up.
We have literally just launched our resident pool yield application which you can check out here
https://bafybeicyndkidgnoyxyz6v4vuttfu2bphbglwt2tgpc6gixkyec3udccpa.ipfs.infura-ipfs.io
We do everything on IPFS so we’re properly decentralised. It’s a yield farming pool that never fills up, you can displace people out there by opting to pay more fees that them
We’re launching a number of new pools on there soon. Tycoon Pool (for the big players) and a number of partner pools where you can stake assets and earn multiple tokens back from our partners. We have a number of interesting partnerships coming up.
We are launching v2 of bank.vote that will issue our first major airdrop.
If you come and get involved their you can earn tokens by voting.
We’ll be launching our “What Token Next?” Vote on inluence that will allow you to choose what tokens get added to our prediction market
And we will be doing a first of it’s kind NFT auction event, where we aim to get some very high value NFTs in our soon to be launched crypto auction house.
We’re also going to polygon soon and we’re going to be doing all sorts of fun votes, like voting on memes and community generated content.
We’ve generally got something happening every week for the next couple of months.
SEGMENT 2 - TWITTER QUESTIONS
Q1. I read that Finance Vote offers a set of project validation tools. How do you determine which project has quality and which is a fraud? How does this tool work when examining new gems?
Dr Nick:
You can check our our prediction market here https://marketsdotvote.eth.link
Our users are constantly voting on what they think are good tokens. If our users think they’re good then they’re probably good. At the moment we’ve just had a list of DeFi blue chips on there and major alts on BSC, but in the next couple of weeks people are going to be deciding what new tokens get added to it.
In order to get in they have to have the highest vote consensus, it’s highly unlikely our users will vote in scams since they have to reason about why they’re good.
Our New Tokens market will launch soon, which will allow users to talk about any and all tokens in the cryptospace. We believe the best tokens will rise to the top. Consensus will find us the new gems :)
Q2. Security is always most important for a users. Can you tell us about your platform security? Have you done any audit via any audit platform?
Dr Nick:
It should be important to all users, but yes we’re very focussed on it. In fact you may have heard over the last few days that some nations have decided to start making DeFi sites inaccessible to their citizens.
We’re based on IPFS so that means that our site is always accessible. We like to think of them as unstoppable apps.
https://link.medium.com/IosYjhyaygb
You can read about our stack there.
We’ve also hired Halborn to work along us full time so we have audits for everything but we also work with the security and contract auditors directly whilst we’re writing our smart contracts so we have a high degree of security about then.
We also release every one of our contracts to on test net first. We call them test flights.
And we let our citizens test them out for us first with real money at stake
Q3. So we could say that Finance Vote is subjectively based on market speculations of an ecosystem. However, most of the time these specifications are not as feasible due to the volatility of the market. How then can they generate accurate information through quadratic voting
Dr Nick:
Everything is subjective, but our quadratic voting ecosystem is designed to capture collective intelligence.
Dr Nick:
In order to play you need an ID
They’re issued in an auction. This is about as cheap as they’ve been for a while actually.
Once you pick up of these up you earn more voting power the more you’re correct over time
That means if you predict the market correctly you get more voice in the next round.
So we capture the people who are good at it and reward them more.
We think this means our predictions will get better over time! We’re just about to start doing our first wave of analysis on them soon. We think we can build an index out of it in the near future.
SEGMENT 3 - LIVE Q&A
Q1. Do you have plans to burn tokens in the future to reduce the supply of tokens and increase their investment attractiveness? Could you introduce yourself to the community and tell us about your background?
Token burns are something we use extensively. The ID I showed up there 👆 when they’re bought the tokens are burned. We’ve burned nearly 2m tokens so far and that will continue onwards into the future. We’ll also be integrating burn mechanisms into the system for our future apps. I think burning tokens (has to be from the circulating supply) is an effective way of aligning users with the monetary policy of the network.
Q2. -I read that they have a mobile consensus system based on finance vote quadratic voting. How does this model motivate users to make market predictions in a series of tournaments focused on baskets of assets from across crypto space? What are the incentives?
Once you have an ID in our system, you get a free bet (outside of gas costs) every week. All the voters share 100k FVT each week. So, particularly on the new side chains like BSC and Polygon it’s basically free to play and the winners share that pot. We also have something we call “vote mining” which will go on for 5 years and it means that users share a vote incentive every time they vote. Incentives is how you build a user base in crypto.
Q3. Does your project supports
Local community and what are the plan for awareness of project where english is not spoken?
We’re actually just about to open our discord up, which we’re going to call “The Embassy” and it’s designed to take our community internationally. We’ve been very English language focussed so far but that’s about to change if you think you can help us set up an international community in different languages we’ll be very keen to hear from you.
Q4. Considering that Finance.vote offers an opportunity to holders of minority tokens in any network, what tools does it use to execute this support?
This is a nice question! This is absolutely a huge part of what we’re doing. We want to make it so whales don’t run everything. And we do that through our IDs, which you can earn reputation on. That means there will be influence to be had in that DAO that is earned through participation rather than simple the amount of tokens that you own. There will be lots of ways to be influential in our system that can’t be bought, only earned.
Q5. Upon going through Finance.Vote’s Whitepaper I learned that DITs will be tradable as any other NFTs, so, since they have the same kind of trading procedure, could you tell me what other similarities there are between both DITs and NFTs other than tradability? In what ways does the flow of DITs fuels the Finance.Vote ecosystem and contributes to its further development?
Ah someone’s read our whitepaper! :) Yes DITs are basically NFTs and are compatible with all the NFT platforms because of it. But they are so much more. They carry both aesthetics and utility. I’ve earned over 200k FVT on my NFT and if I trade it now it holds the token stake with it. It also carries my voting history and therefore my reputation. It also gives you voting rights in our governance system and they are your identity in the system. People aren’t even close to understanding how big NFTs can be yet! We’ll be one of the projects that are there to make them so much more than they are now.
THE END
📌Here below are links for you to get the latest updates about Finance.Vote
FOLLOW CRYPTO CARAVAN
