FinNexus AMA on Wanchain 25/02/2020- Recap

Veer Singh

Published in

Phoenix Finance

9 min readFeb 27, 2020

Participants:

Boris Yang — FinNexus Founder & CEO

Ryan Tian — FinNexus Financial Specialist

Li Ni — Wanchain Vice President

Oliver Birch — Wanchain Vice President of Communication

Noah Maizels — Global Marketing Advisor

Question 1:

Noah: To start with, can the FinNexus team please introduce themselves and their project?

Ryan Tian: Hey, dear Wan friends. My name is Ryan. I’m the co-founder of FinNexus. I was an investment banker for 10 years, and now I am at FinNexus in charge of the financial model and product design.

Boris Yang: Hello everyone I am Boris, so pleasant to be here with you. I worked for Wanchain for a long time. Today I feel I have come back home.

Ryan Tian: FinNexus is the new open finance protocol being built on the Wanchain blockchain. It is a hub for connecting different decentralized ledgers to each other and users, and also for connecting with traditional finance applications. The first iteration of FinNexus will be a marketplace for hybrid decentralized/traditional financial products.

Boris Yang: Jack Lu(Wanchain Founder & CEO) guided me into this industry. I believe blockchain is changing world, especially in finance. We need more to improve the industry together. That is why we run FinNexus which builds the protocols for open finance in future.

Li Ni: Okay let me further explain a bit. Boris contributed a lot to wanchain project and when WAN is on the right track, he decided to quit but still work on Waneco for building financial projects. He got full support from Jack and whole wanchain team. BUT, it’s a completely independent team, not mixed with wanchain staff.

Ryan Tian: We are indeed getting great assistance from the Wan Team. Thank you all.

Boris Yang: Thank you Li Ni. As I said Jack Lu guided me into the industry 4 years ago. I got lot from Wanchain. When our team wants to build something, Wanchain is the first option.

Question 2:

Noah: Can you please tell us very briefly a little about what Wandora’s box is?

Ryan Tian: Wandora is the first Dapp built on Wanchain by the FinNexus team. It is like a trial box or sandbox for the decentralized applications. The first product you will be getting involved into is the decentralized ‘game’ on the price of WAN/BTC. And there will be more to expect in the future.

Question 3:

Noah: And can you also briefly let us know what the ICTO token issuance model is?

Ryan Tian: The full name of ICTO is Initial Convertible Token Offering. The ICTO model is designed to give token holders a safer investment opportunity than that of a typical ICO. FNX holders will have the option during a three-month conversion period to change FNX to another token (UM1S), which is backed by real-world assets that guarantee holders a stable return of ~10% APR over three months. The token holder may choose to either hold the FNX tokens and bet on the success of the FinNexus platform, or to convert their tokens to UM1S to earn a safe and moderately high return rate of ~10% APR.

You may find the ICTO rules here https://finnexus.github.io/Pdfs/ICTO_en.pdf

The essence of the ICTO model is that the holders of the FNX token are entitled to conversion rights, a second choice even after subscription.

One may either choose to convert to the asset-backed token UM1S to enjoy lower risk and a fixed return for 3 months, or may hold FNX to be involved with the benefits from future FinNexus development. Investors may choose whether or not and when to convert according to their risk preferences.

Moreover, the conversion will act as a market adjusting mechanism to balance the issuance of FNX in circulation. The converted FNX will be burnt, leading to a decrease in the circulating supply, which benefits the remaining FNX token holders. The market decides how many FNX tokens are left on the market.

You may have a deeper understanding from this article. https://medium.com/finnexus/deciphering-the-finnexus-token-offering-model-the-icto-6029dbe02610

Also, I have recorded an introduction of FinNexus and ICTO in the insights summit

Question 4:

Kordor: What will you use for calling APIs and what APIs exactly? Oracles ? Centralized ?

Boris Yang: In beginning price will be from top exchanges. In later version we will use oracles from third party.

Question 5:

Nuno Neto: what will be the main impact from FinNexus Dapp in wanchain token?

Li Ni: From the Wanchain perspective: FinNexus’s dapps will increase the utility function of WAN tokens, all TXs/gas fee will be paid solely by WAN tokens.

Ryan Tian: The Wandora will be the first decentralized Dapp built on Wanchain. You may have noticed the rise of Ethereum has everything to do with DeFi and 2020 will also be the year of DeFi, but not merely on Ethereum. Wanchain is building its DeFi eco since last year and now it is stretching its roots deeper. I think you may have some idea if you compare the Wanchain token with the ones on ETH.

Question 6:

Kordor: Can you also explain what the first asset class will be hosted on Wanchain ? Tokenized Corporate bonds, commodities or other ?

Boris Yang: Tokenized corporate bonds we call UM1S. Fundamental assets are from Uangme which is a Superatom owned company in Indonesia. We will release the paper of UM1S to show more details behind it.

Ryan Tian: Actually it is an asset backed token, or tokenization of a real world asset with cash flows in fiats. It is working like a bond to investors. Very soon the offering circular will be released

Question 7:

Yannick: Will FNX only be purchasable with Wan?

Li Ni: WAN is definitely one of the asset to participate in their ICTO model, along with USDT I guess.

Boris Yang: No. Anyone using Wan to buy it directly in the contract could get some discount. In exchanges, users can use USDT to buy.

Question 8:

Kordor: How will Wanchain benefit from these Tokenized assets ? Will they be in WRC-20 and other “W” formats ? Transactions on-chain? Settlements ? But aside from that, are you also working on exchange solutions and liquidity booster ?

Boris Yang: Your questions always hit the points. FNX and UM1S are both on Wanchain in WRC-20. Holders could transfer on chain or in exchanges.

Ryan Tian: FNX and the first batch of FinNexus assets are WRC20 Tokens, issued and transacted on Wanchain. Later, we will provide the OTC liquidity solutions for products, and will combine the DEX solutions with Wan eco.

Li Ni: For exchange, as you may notice Wanchain’s partner will soon launch the world’s first cross-chain DEX, called WRDEX.

Question 9:

User root: In the whitepaper Initial sale — 30%, ICTO cap 80m(16% of total supply), 14% was sold to private investors?

Ryan Tian: Please check the details of tokenomics here https://medium.com/finnexus/fnx-tokenomics-62c582807219

Boris Yang: 14% will not be sold in this stage.

User root: if not at this stage, then when are you planning to sell them and at what price?

Boris Yang: It will not be sold before FinNexus eco increasing strong enough. I think in 1 year selling would not happen. Another option is burning all of them. So general principle is rest of token will not destroy the benefits of holders. Everything about it will be public to community.

Question 10:

Ram Ram: What is the big difference between FinNexus and DEFI technology and which one is more better?

Ryan Tian: We are part of DeFi and should not compared with DeFi. FinNexus is a hub for connecting different decentralized ledgers to each other and users, and also for connecting with traditional finance applications.

Question 11:

Machine Gun Kelly: How will you convince DEVELOPERS to dump other chains and migrate to FinNexus for building dapps? Do you have any incentivization plan for us?

Ryan Tian: Well actually, FinNexus is building to be on the upper protocol level on top of the public chains and below the applications. The goal of FinNexus is to build the interoperable protocol clusters which enables a new world of open financial applications. It will act as a hub to collaborate with all participants or a marketplace for different assets with various risk profiles. It will not be working as the base chain layer.

The main incentive I believe you are talking about will be involved in the token models. Later this year, according to our roadmap, a decentralized DeFi product will be released, and there will be much on staking and other incentive models to benefit the participants and stakeholders

Question 12:

T L: Blockchain is a rapid-change industry. Can FinNexus ’s infrastructure design be promptly changed to be suitable with blockchain updates?

Boris Yang: The strategy is iterative development. Make sure what we develop could be used and then go for next. It is better to save development resources and follow the tech trend.

Question 13:

Kordor: With elections and other interesting events coming up, will you expand prediction markets from crypto to real world ? About US president, next conflict in world, next this or that.

Boris Yang: You mean put these predictions in the game? We truly have not thought about that. But it will be very interesting indeed. Thanks for advice.

Sometimes prediction is part of finance. For example we can say futures is a type of prediction. FinNexus will focus more on Defi not pure prediction like election.

Question 14:

T L: How do you plan to explain such technical FinNexus to a wider audience? How do you plan to show the world that your product is not just another useless blockchain solution to a non-existing problem.

Boris Yang: Great questions. Our strategy is make the project launchable. That is why we have assets token and Dapp in the beginning. I believe there are lots of protocols. If we get more users by assets and Dapp, more developers and partners would use our protocols.

Question 15:

Oliver Birch: What other chains would you like to see integrated with Wanchain? What chains make the most “financial” sense when deploying these different dApps on Wanchain, where can we unlock the most power ?

Ryan Tian: Later this year, apart from Wanchain, we are going to launch our later phases of tokenized products on XRP ledgers. The XRP ledgers can be a good base to collaborate, with the payment portal, fiat transactions and ledger functions.

Boris Yang: I think now Ethereum is the top one for Defi. Wanchain need integrated with more assets not only chains in tech. It means Wanchain choose which one to integrated by assets on. For example integrating Ethereum for stable coin, FIAT for XRP, game assets for EOS.

For now focusing on speculators for future focusing on real investors with different risk preference. I think both of them are always and ever the most power for finance.

Question 16:

Li Ni: Besides Kava & Cosmos, what other renowned project you are in discussion with?

Ryan Tian: You may check our guests on the insights summit, there are long lists there. :) Still, we are building something down-to-earth and solid. That’s the code of conduct of the team and why we launch the first product together with ICTO, and the birth of Wandora. No empty promises.

Question 17:

J Leon: KAVA pivot from a crypto-collateral stable-coin to Synthetix assets, from what I heard?

Ryan Tian: Not really. We just held a joint AMA on the FinNexus group https://t.me/FinNexusOfficial several days ago, and they are still sticking to the stable coin model, USDX.

Noah: One last message for you guys, if you sign up for the FinNexus newsletter now at: https://mailchi.mp/e135a0f4e0d6/insights_summit, you can get free access to all the presentations at the Insights summit (https://www.insights.finnexus.io/)! The second batch of presentations is coming out this week, so sign up to see them and also stay up to date on important FinNexus news (Please check your spam / junk box after you sign up if you don’t see an email with the Summit password in it).

Three best questioners of today’s AMA Chat:

@kordorr

@user140818

@jleony

Each will receive a $10 FNX prize! Congrats!

Thank you FinNexus community for your support! Please follow us on Twitter, Medium, and Facebook to stay up to date about the project.

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.