FinNexus Weekly-chat Recap: 03/02/2020
Participants:
Boris Yang — FinNexus Founder & CEO
Ryan Tian — FinNexus Financial Specialist
Update: Ryan: The UM product offering circular has been finished recently and will be released soon.
Question1:
2themoon: Is the ICTO date already settled?
Ryan: Not yet due to the flu conditions, by within control. same as planned in Q1 2020.
The UM product offering circular has been finished recently and will be released soon. Here is a cover of the document for an early glance.
Question2:
Mark mit: Will there be a minimum investment threshold in the ICTO?
Ryan: No but the details are yet to be announced. Let me share the basic structure of the UM1S product. UM1S will be working as the Senior Tranche.
Question3:
Zafer metin: Mr. Ryan & Mr. Boris you were invited by communities in Malaysia to participate in the ‘cryptocurrency prison breakthrough program. What was discussed and what was highlighted in this program?
Ryan Tian: In the Malaysian offline meetups, Boris gave a speech on the DeFi industry, the development as well as the problems we are facing at present. Also, he shared information on what FinNexus is trying to do.
What will be the most important issues among the Finnexus roadmap for business and ecosystem building, protocol development and products and processes?
Ryan Tian: The importance of FinNexus Roadmap lies in the technical, products and operations. You may check the FAT theory article on the Medium channel, which makes the protocol theory in detail. Right now, everything is moving forward as planned.
Question4:
Abisola Lawal: Why should I convert FNX to UM1S since UM1S can not be traded on any exchange? What benefits will I derive from holding it?
Ryan Tian: UM1S will be acting as a bond-like product, which gives you fixed returns in the duration.
Question5:
Maranatha: From my studies, there are 2 tokens in Finnexus, what’s the purpose of this and explain more about your Token Conversion
Ryan Tian: FNX is the utility token of FinNexus, and UM1S is a FinNexus product and the first one. The reason for this design is to combine the launch of business with fundraising and listing; also, investors will be given a second choice. If the market changes dramatically or you lose faith in us or you just want your principal and interest back, you can have a choice of lower risks and fix returns.
Question6:
Abisola Lawal: My own question is about the community as we all know that its the backbone and pillar that any project needs to survive. Can you tell us how valuable your community is to you? are you proactive in addressing concerns that springs up from your community members? and what future plan are you putting in place to ensure you provide continuous and endless support to your community?
Ryan Tian: Community is the basis and foundation for all the DeFi projects. I agree it is important. Right now we have a large community group with differences in more than 10 languages. We will continue to put more effort and manpower in the community building and will hold more offline and online activities in 2020 according to the roadmap.
Question7:
Kambing: What is the role of FinNexus tokens in the network? Does the payment need to pay for FinNexus?
Do I need to pay for FinNexus to send a message? In other words, what is the FinNexus token appreciation logic?
Ryan Tian: Holder of FNX is eligible for the following rights or benefits (will be explained in details on the FinNexus official websites):
- Rights of the higher rate of returns on tokenized products;
2. Rights to invest in tokenized products with lower cost;
3. Benefits on the discount on the transaction commissions;
4. Derivative rights, like early settlement, resale or interest swaps;
5. Rights to interact with WAN;
Benefits on the FinNexus’ development; the revenue of FinNexus is from:
a. Underwriting;
b. Investment banking;
c. Market making;
d. Transaction commissions;
e. Investment in the tokenized assets.
There will be staking models in the later phases.
The logic of FNX appreciation is simple:
Real value distribution from the gains, limited inflation in the issuance model, decrease the circulation in ICTO with conversion, a lockup for early institutional investors, lockup to limit circulation in staking model in the future.
Question8:
Serg: How do you plan to constantly involve the community in order to keep it attached to the project? Beside AMA
Boris Yang: We have different activities for the community to encourage more people to join the projects including coding, marketing etc..
Question9:
Maranatha: Going through the ICTO rules, I got a little bit confused about whether to hold FNX or Convert to UM1S.
Can you please tell us which one is safer to choose between the two weighing the benefits and risks from a more professional angle? and if I mistakenly converted more FNX token than the normal amount I wanted to convert, can it be reversed?
Ryan Tian: I think I replied to this question in yesterday’s AMA. FNX and UM1S are totally different tokens. You may regard UM1S as the bond-like ones, which give you a fixed return in the duration. It provides a safeguard, a way back or a second choice when participating in ICTO. I cannot make the decision for you because the choice is totally depending on your risk preferences and investment strategy. you may check the article for more information.
Question10:
An L: what next location are you having in mind for your project? Apart from Malaysia? (Partnerships)
Boris Yang: We do have a partner in Malaysia at this moment. We are looking to partner with more organizations. Cardinal Capital and David Justin are our partners in Malaysia. They are doing some good blockchain training program there
Question11:
Maranatha: What are the possible effect of Finnexus on planned tokenized assets platform on XRP what is the positive impact on the performance of Ripple‘s solutions that actively use XRP? Is there a partnership with ripple?
Ryan Tian: FinNexus is building interoperable protocols to connect different participants and counterparties. Public chains are of course an important party. The protocols may connect any public chains, according to the users’ requirements, costs, efficiency, security, interoperability, and population. In our roadmap, we listed Wanchain and XRP as the main-net for the launch of our products. XRP is building a well-accepted and secure payment ledger and is ever-evolving. We see great potential in them and well adaptability with our products. And we are also well welcomed to build products on XRP.
Question12:
Maranatha: Besides SuperAtom and Wanchain, can you share about your present and future partnerships that will drive you to success in this highly congested crypto space
Everyone would ask what SuperAtom and Wanchain bring to Finnexus, but what does FinNexus add to THEM?
Boris Yang: FinNexus will bring more on-chain assets and Dapps to Wanchain. We bring more channels for Superatom’s assets.
Question13:
Nadyns: Do you plan to make a global tour with your team? To make conferences worldwide and make partners?
Ryan: Yes, we are planning some offline meetings in 2020 according to the roadmap.
Question14:
Victor: Does FinNexus need to get approvals under each jurisdiction that it operates in? Like an exchange?
Ryan Tian: The UM1S will not be publicly traded and can only be acquired by conversion from ICTO. Of course, we will particularly be careful about the legal issues and we have a legal compliance team working on the same.
Question15:
Abisola Lawal: In the next 20 years how would the success of FinNexus look like? Will you continue to remain in the market?
Ryan Tian: 20 years. Hmmm, let’s start with the first 5 years and build a solid roadmap:) You may check it from our whitepaper and medium channel.
Question16:
Abisola Lawal: Unfortunately, most crypto projects these days are made by young people who are not ready with any business equipment such as the know-how, solid experience, branding, marketing, positioning, etc. Hence, the business can’t be built on pure luck.
Can you kindly tell us how competent FinNexus team members are?
Do they have the knowledge and experience required of them to perform effectively in their various fields concerning the project?
Lastly, how can the community contribute to the physical and economic growth of FinNexus?
Boris Yang: Our team members have different backgrounds of finance, blockchain, internet. Most of them are professionals in their own field and have lots of resources.
Question17:
An L: What next locations are you having in mind for your project? Apart from Malaysia?
Ryan Tian: Other regions are SE Asian, Singapore, and Hongkong.
Question18:
Arnold Larson: What about regulations? What are the expectations in the Defi field? Do you think governments are prone to approve it? What about China?
Ryan Tian: Right now the attitude towards cryptocurrencies among different regions is much diversified. As the DeFi draws more attention to many, I expect the government will do something to regulate the market sooner or later. It is actually a good thing. It means reignition and acceptance, and more participation from the legacy finance institutions.
China will not be the first one to regulate, but it will definitely not be the last one.
Question19:
04.27 AM: Do you have any plans to attract non-crypto investors to FinNexus and how?
Ryan Tian: Yes. We will try to attract the non-crypto users in two ways.
1. Building the economic model easier to be understood by the legacy financial market participants, by connecting the technology with real-world applications and value.
2. Make it less costly and more user-friendly, which can be accessed and used without any difficulties.
Question20:
Maranatha: Yesterday was the Superbowl, does Finnexus consider the gaming industry?
Ryan Tian: We are actually building a decentralized gaming experiment product for Wanchain right now. You will see it soon I think.
Question21:
Red Z: When FNX will be listed on exchanges?
Boris Yang: Our plan is in this month.
Question22:
Kambing: There are many different Blockchains in Crypto, each one having different features like ETH for the smart contract, some have privacy features but what features does FinNexus have and why do you think people will use it and it can be a super hit in future?
Ryan Tian: The best of FinNexus is the protocols, connections, and interoperablities with others. We can utilize the strength of other successful projects, centralized or decentralized models, and connect them with our protocol stack. That is the value creation of FinNexus.
Question23:
Red Z: What consensus algorithm does Finnexus use and how was it selected? What’s being done to ensure price stability and drive global adoption at all levels?
Boris Yang: FinNexus is a top protocol without consensus algorithm but with staking in the future.
Question24:
Bronislav Levchenko: What are the possible effect of Finnexus on planned tokenized assets platform on XRP what is the positive impact on the performance of Ripple‘s solutions that actively use XRP?
Boris Yang: The main season is there is some fiat on XRP which assets backed token could be exchanged with fiat directly. XRP has lot of functions could support issuing token easily.
Question25:
Maranatha: I just heard about staking. Can you explain more about FINNEXUS STAKING, the minimum, and maximum requirement and APR as well as hardware or software requirements
Ryan Tian: We will fill in the staking model officially in the future. Still some details to be decided.
Three best questioners of today’s Weekly Chat:
@Levchenko_290
@endtimeprophet
@Abisola1
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 the open finance protocol 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.
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