Details Of Our AMA
Thanks to everyone who participated in our AMA on the Bird.Money Community Flock Telegram group. In case you missed it, here is the full transcript.
Q: What kind of partnerships (other lending platforms?) does Bird.Money plan to establish in the future?
A: We have had some external partnership discussion with both parties from outside and inside the deFi world.
Without naming names, an example is a deFi project that plans to pay its employees in crypto-currency, they see a synergy between the off-chain analytics and regular employee payment as a form of financial guarantee which in turn increases the employees chances of applying for loans.
Another potential partnership discussion which is being handled right now by Deborah Wien is a micro finance institution looking to offer its clients crypto based loans but with the security of low default and high returns for its lenders.
Q: As I know you have many experience on Data analytics. Its obvious you want to mirror it on crypto. I wonder, is there anything you plan to transform your expertise into a crypto revolution?
A:. Blockchain and Data Analytics are match made in heaven. The opportunities are limitless. The structured manner of blockchain has made it even easier to further analyze big data. We aim to be the bridge and go-to for private institutions entering the blockchain space for simplified big data solutions.
Q: Do you see the oracle analytics Bird Score as a “crypto credit score”? If so, is this part of your strategy for future partnerships — allowing use of the Bird Score for their lending platforms?
A: Yes, we see this as a form of identity really for any DeFi service. The biggest issue for outside institutions looking to get into DeFi is the lack of identity with who you are actually transacting with. Investors want a guarantee that borrowers wont default and that is what we hope to mitigate with our unique services.
Q: When do you expect the oracle analytics platform and yield farming to be ready?
A: As Simba mentioned, everything is still in testing phases, concrete timelines can’t be provided as we don’t want to let anyone down, but we are certainly on track to deliver our goals! We are simultaneously working on multiple components and with a timeline of before Christmas.
Q: Will yield farming be interesting? Are you able to reveal its mechanism?
A: Yield farming is something we have definitely considered — ultimately our staking solution will be inflation-free and provide a good APR for all $BIRD stakers! We currently have plans to pay out staking rewards in a token that is separate from $BIRD to offset any sell pressure that may occur.
Q: Have you already decided if we can farm only $BIRD or always LP $BIRD-$ETH?
A: We are looking at staking $BIRD firstly, not liquidity mining yet. We already have a large pool of liquidity on Uniswap, and we didn’t want to add any increased sell pressure to our $BIRD token.
Q: Are you going to add new exchanges?
A: We have further listings planned on other exchanges. Our priority right now is on delivering the milestones on-time. Also, Unofficially Hoo exchange has listed $BIRD. Further down the line we hope to have $BIRD tradable in most of the DEX platforms and then CEXs. Any new official listing will be announced through our channels.
Q: What are the immediate updates/developments release that the community should be aware of in the next days/weeks
A: Please see our roadmap: https://medium.com/bird-money/bird-money-road-map-e4bdf0a011f6
Q: How does Bird.Money plan to attract loan requestors to the platform?
A: We plan to attract loan borrowers with our unique prepositions of getting more access to loans with less collateral or Bird+. Simply put, agood rating gives you access to better loan rates. Read more here: https://medium.com/bird-money/bird-money-loans-non-custodial-digital-asset-loans-b1f55341aa4e
Q: Tell us your marketing plan for the development of the project
A: We are focused on delivering our product and our message prior to engaging any marketing opportunities. We are relying on our community for support and once all of our criteria has been met and our product meets our expectations we will be exploring the next steps towards a full marketing rollout.
Q: Why doesn’t all respective LinkedIn profiles mention the project? Important for investor due diligence as we’ve received queries on this in this group.
A: Some team members have been recently added. Some may still be engaged in other commitments while putting their efforts towards our team and our platform. We don’t want to create conflicts for anyone. LinkedIn profiles are to display the calibre of our team and their pedigree.
Q: Are you planning to keep in touch with some legit twitter accounts for marketing?
A: As @birdcarer mentioned before, we have an extensive marketing plan which includes Twitter promoters and professional marketing agencies with expertise in the DeFi world. We are trying to be as responsible with our marketing spend as possible and not expose our community to market “shillers” who are only interested in pump and dump schemes. We believe an organic growth approach to marketing with scheduled product releases will protect our investors and maintain the price of the token in the long run.
Q: Is there going to be auto harvest on farming?
A: In terms of automatically paying out staking rewards, we have no concrete decisions yet, however the value of $BIRD and protection from inflation is our main aim.
Q: Would you be using the Bird score to do something similar to CDO (Consolidated Debt Obligation) tranching maybe?
A: Nothing is off the table for what the scores can be used for. We are an evolving organism and we welcome new ideas and ways of partnership to harness the power of analytics as part of DeFi’s working component.
Q: Using the Bird score to basically bring a tiering system to debt/loans, with the borrowers paying a lower interest rate if they have a high credit score, and borrowers with lousier credit score has to pay a higher interest rate and lenders can choose which credit scores they want to lend to.
A: That is very similar to what we outlined in our paper on using the score to determine how to reward borrowers, good point out there, and again nothing is off the table. We hope to get more ideas from the community as we go forward. Please feel free to read more here https://medium.com/bird-money/bird-money-loans-non-custodial-digital-asset-loans-b1f55341aa4e
Q: Given the value prop for providing a pair against $RFI, is this something you’re considering doing?
A: Integrations with any platform like $RFI is not off the table, we are open to integrating with other projects. However, any integration or partnership must be in the best interest of our community and token holders. Our values haven’t changed and won’t change. Investors and Community FIRST!
Q: When will the alpha version of the Oracle be ready?
A: We are currently in testing phases of the Oracle, with some scenarios being worked out on how to monetize it for other institutions and integrating it into the lending platform we are building.
Q: If u have to explain to a zero knowledge newbie; which oracle project is the competitor of Bird.money (LINK, BAND, TRB, OCTO, etc.)?
A: Our Oracles offers services beyond price feeds compared to the ones currently in the market. We believe ours will be the go-to platform for both internal and external services looking for trusted information that is not of high interest to attackers, which puts user funds at a reduced risk of exposure to all the platforms that will rely on us for trusted analytics data.
Q: Will there be a Governance token?
A: Governance is on the roadmap and will ultimately be linked to the native $BIRD token.
Q: So i guess we will be using $BIRD to farm for governance tokens?
A: More like, using your $BIRD tokens and your $BIRD stakes to govern the future direction of the project.
Q: How many coins are in circulation?
A: There are around 63,000 $BIRD tokens in the current circulating supply.
Q: How much money do you have left to develop the project?
A: We have enough to cover the development of the project with periodic releases scheduled to pay for other services as outlined in the Road Map.
Q: By private institutions, are these non crypto companies?
A: Yes, these are mostly non-crypto institutions looking to get into DeFi and ultimately we believe our use case will be popular for both crypto- and non-crypto companies alike!
Q: Usually DEX coins don’t protect their market value for long time. What do you plan to protect $BIRD’s value ?
A: With what we are cooking, we believe top CEX will come knocking soon and the doors are always open. We will try to approach them as soon as products are up and running and we are able to secure some decent partnerships with private institutions.
Q: Will the team consider locking their tokens for longer periods ?
A: We are considering that yes. The key team tokens are locked up for 5 years and we will be outlining a plan to re-lock more tokens that will be released in the coming months, with announcements made to the community
Q: I like TrustSwap’s score system where our score increases based on how much and how long we hold and stake. Can we have the same kind of system? Rewards to the stakers and 7 days release time for the stake?
A: We are trying to base our trust score on a wide variety of use cases not limited to just staking. We want external institution and other DeFi platforms to trust whatever information we provide hence the use of Oracles to achieve a consensus before these trust scores are updated on-chain. Implementing a form of reward for staking with the scores wont be that much of a difficulty going forward.
This concludes the AMA session. Once again, thank you all for your participation. We really appreciate you joining us.
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