2nd BonFi Ask Me Anything(AMA)

with Tiffany Liu (Council Member)

Blockelite x Bonfi AMA Recap — 22nd September 2020

Segment 1

Moderator: @tifftiffany are you ready ? We will enter Segment 1 right now !!!

Tiffany:

Yes! Let’s go!

Miss Tiffany, could you be so kind and tell us a bit about you and Bonfi project ?

Tiffany:

My name is Tiffany and I am a council member at BonFi. I am an investment specialist with asset management experience across multiple industries. I have joined BonFi because I believe in the vision of the project to build a platform that fosters inclusion as part of the open finance movement that we call DeFi.

BonFi is a multilayered open finance liquidity mining platform complemented by the AI-powered BonVest, a diversified liquidity pool giving users exposure to a basket of underlying crypto assets.

Moderator: The project is currently in the pre-sale can you tell us more @tifftiffany ?

Tiffany:

That is correct. Anyone wanting to join Bonfi can do so by registering for presale here: https://www.bon.finance/join-the-token-sale.

The minimum ticket is 100 USDT or 0.3ETH. For any questions the team in our main TG channel is there for you

We have completed the introduce for segment 1, thank @tifftiffany very much for telling us about yourself and your project

We will move on Segment 2 right now, Ms @tifftiffany will answer 5 best questions from Twitter

Segment 2

Q1: What is the role of your token within the ecosystem? —

@genesis46743212

Tiffany:

The BonFi Token is a utility token and is called $BNF. We are using a dual utility model where the BNF Token allows BonFi members to either stake their assets to leverage the benefits of our liquidity pool, the BonVest or to govern the BonFi DAO.

One of the most interesting features of the $BNF token is that members can unlock 3 Tiers to receive amazing rewards for when they are using the platform. The 3 Tiers are divided into 1) Rookie, 2) Professional and 3) Legendary. Each Tier has their distinct differences that impact your earning potential using the platform. For example, with Legendary Rank come Legendary Perks that will make you earn the most on your staked assets.

The $BNF token seamlessly integrates with our mobile application called the BonFi App. You will be able to store, stake and vote using the app. It will be your one stop location to manage your crypto assets.

Q2: Which market does BonFi active mostly right now?, Does BonFi have any plan to expand its market in Vietnam in the future? —

@BashirianFaye

Tiffany:

This is a great question.

BonFi is currently gaining popularity in Europe and Asia, specifically China and Korea. This is in line with our strategy to capture those markets.

The wider South East Asian community is also very important for us with Vietnam playing an important role as the crypto community and blockchain development is growing there at a rapid pace. Projects such as TomoChain have really accelerated the adoption of blockchain technology in Vietnam, and we aim to play a part of this development as well.

Q3: How big of a team there is behind BonFinance and are you planning to develop and increase on this field in the near future? —

@Tsheljabinsk

Tiffany:

The BonFi Org. consists of DAO council members looking after the daily operations of the BonFi Platform, and Bonvest, our AI-powered liquidity pool.

The DAO council currently consists of 5 members currently, who are professionals from various industries, including blockchain technicians, financial analysts, data scientists, and crypto enthusiasts.

Most team members have been active in the crypto industry since 2016, either as investors or early technology adopters.

Q4: What exactly does the BonFi AI do with the assets? How does it optimize resources to get the most benefit? —

@Ale_Urich

Tiffany:

The BonAi is part of BonVest and powers its price prediction and algorithmic trading activities. Conjoining data with sophisticated data analytics, BonAi is able to contextualize market information.The BonAI plays an important role in the profitability of the BonVest and represents the backbone of our operations.

The way assets are handled is by combining predictive modeling algorithms to rate, score, understand, and interpret information. This process allows for autonomous decision-making while being future proof against potential verifiability requirements.

Q5: What are the top milestones and objectives that http://Bon.Finance aims to achieve before the end of this year? —

@Jcomann

Tiffany:

Currently the most immediate milestone for the team is closing the early member token sale. This will be closed on 16 October, 2020. <<< Be sure to sign up for the token sale: https://www.bon.finance/join-the-token-sale

Aside from this milestone the team has planned to complete the following until the end of Q4:

  • Global Community Building
  • Marketing & PR Campaign Kickoff
  • Uniswap listing & Other Exchange Listings
  • BNF Token Exchange Listing
  • Pre-development of Proprietary Crypto Liquidity Pool Algorithms

Thanks Tiffany for answering all the questions from Twitter.

Segment 3

We will move on to Segment 3: Miss Tiffany will select 5 best questions from the community

1. Artificial intelligence has been applied to many areas, but even when it is so innovative, it still has shortcomings. How does AI optimization work within BonFi? How do you guarantee its operation?

Tiffany:

The AI technology used by our liquidity pool, the BonVest, is built from the ground up and aims to revolutionize how we leverage data to make maximize yield in every aspect. The BonAi consists of different components:

  1. Algorithmic Trading: behavioral data, crypto market data, technical trading indicators etc
  2. Market Intelligence Data: automated web data mining, advanced feature engineering, intelligent database management
  3. Price Prediction: cross-correlation data, real-time prediction engine
  4. Market Risk Evaluation: macro-economic data, real-time risks assessments etc.

Together this builds a comprehensive framework to base BonVest’s liquidity mining operations.

2. I think this is the first time I hear “DeFi 2.0”. What is the advance that offers BonFi in relation to DeFi 1.0? What is innovative about it and why is an upgrade to “2.0” necessary?

Tiffany:

The difference between DeFi 1.0 and DeFi 2.0 lies in understanding the industry’s status quo, compared to where we will take DeFi in the future.

In the still underdeveloped, rapidly growing DeFi industry, BonFi’s liquidity pool, BonVest, will generate a long-term sustainable annual percentage yield. With this, it ushers in the next development stage of Decentralized Finance.

BonFi’s core advantage stems from the use of Artificial Intelligence, decentralized governance, and multi-layered reward mechanisms that will drive our ecosystem’s value.

3. Why does Bonfi still use Ethereum blockchain while it has a slow speed and high gas fee? Do you have any plans to launch your mainet or convert to other blockchains in the future?

Tiffany:

We have decided to use Ethereum, because it is a proven platform and very secure. In a platform where users deposit their crypto assets, security is a fundamental concern. Another important factor driving our decision is that there is a greater availability of available blockchain developers for Ethereum compared to other chains.

BonFi Platform will fully launch in 2021, and in the meantime we may consider converting to another blockchain or to build interoperability with other chains. Our engineers are continuously evaluating the strengths and weaknesses of different platforms.

4. Kindly explain more about your Tokenomics, Release Schedule and UTILITY, is it inflationary or deflationary

Tiffany:

Unlike many other DeFi projects, we have built our token model not on the basis of inflation, because that will have a negative effect on token price. Our token supply is fixed for the coming 2 years. Afterwards, the DAO Council including community members, will evaluate whether token inflation is required, or whether BonFi should commit a token burn (hard cap 6%).

Each year, our team will also commit to token buy backs in order to support $BNF token.

Here is a breakdown of our token supply:

  1. Token Sale (2 rounds): 25%
  2. Ecosystem Development: 15%, used for marketing, community building, partnerships etc.
  3. Team & Advisors: 15%, vesting period of 2 years, with periodic unlocks every 3 months
  4. Reserve: 45%. This will be fully locked until the full launch of BonFi Platform. The reserve is used to issue staking rewards, and provide referral rewards to our members and new joiners.

5. How many slots are available at presale #BonFi this time ??? what is the minimum transaction to participate in the #BonFi presale ?? and how do I make a payment ???

Tiffany:

The BonFi presale is conducted in two rounds: early member token sale and member token sale. The details are as followed:

  • Early Member Token Sales: 100 million BNF
  • Member Token Sales: 150 million BNF
  • The minimum contribution amount is: 100USDT or 0.3 ETH.

You register on our website here: https://www.bon.finance/join-the-token-sale .

As soon as you filled in your information and qualify for the token sale, you will receive an ERC20 deposit address to submit your contribution.

Tiffany:

I have one last bonus for everyone who participated in this AMA
Anyone signing up to the Token Sale and Contributing using the code: BlockElite, will receive 5% $BNF bonus

If you signed up during the AMA, just message one of our Admins to add the code to your submission. The code will be valid until Fri 26 Sept. 2020

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BonFi is a multilayered open finance liquidity mining platform complemented by the AI-powered BonVest, a diversified liquidity pool giving users exposure to a basket of underlying crypto assets.

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