ForTube x Binance Turkish AMA Recap
Host: Hi Jeffery, great to have you here! Feel free to shortly introduce yourself to our community.
Jeffrey: Hi everyone, thanks for having me! Currently, I’m the co-CEO of ForTube. Previously, I worked in China UnionPay as a senior manager for a long time, focusing on the R&D of inter-bank transfer clearing system and investment.
My previous working experience included partnering with People’s Bank of China to establish the standardized payment training systems in China, and promoting financial technology and blockchain technology in the financial system for a long time. After that, I was focusing on the investment consulting blockchain and digital economy, so I have great experience on investment and operation in the Blockchain and fintech industry.
Host: A pleasure to e-meet you, Jeffrey. Please share a little bit about ForTube as well.
Jeffrey: ForTube is a DeFi lending platform launched by The Force Protocol. ForTube is based on smart contracts and automated algorithm technology. Users can deposit and earn interest, and also mortgage currency and loan currency to pay interest. The interest rates on ForTube are determined by market supply and demand, and the assets are controlled by users. ForTube supports deposit and withdrawals, borrowing and repayments at any time.
ForTube is committed to providing decentralized lending services for crypto asset enthusiasts around the world. It supports a majority of popular assets in the world.
ForTube supports both ETH and BSC chains. Users can deposit to earn interests, mortgage and borrow the digital assets.
ForTube has a strong user base around the world, with more than 5,000 Chinese community users, more than 17,000 English, Korean and Turkish Telegram user groups, and more than 21,000 Twitter followers. ForTube’s original offline security audit model has passed the joint audit of three major security audit companies, which are CertiK, Peckshield and Slowmist.
With its outstanding security concept, technical level and user base, ForTube was in the first batch of five projects supported by Binance Smart Chain (BSC).
Host: Thanks for the intro, Jeffrey. Great to know about you and ForTube. Next, let’s jump into Segment 1! My first question for you is — What are the new features of the V3 version? Except lending, does ForTube have plans to develop other DeFi products?
Jeffrey: The V3 version will layer digital currency assets into an innovation zone and a stable zone. Mainstream assets will be launched in the stable zone, and non-mainstream assets will be launched in the innovation zone. At the same time, the initial staking rate and the closing staking rate are set. Compared with Compound and Venus, users can borrow tokens according to the maximum borrowing amount, reducing the risk of liquidation.
After the launch of V3 version, the team will focus on disassembling borrowing and wealth management functions, and launching a number of borrowing products and wealth management products. The backend product implementation logic is not limited to the capital pool lending model, and will have more interaction with other DeFi products. In the future, ForTube will focus on the core needs of users, and continue to introduce borrowing and wealth management products that meet the needs of users, and become a decentralized digital currency commercial bank.
Host: Thanks for your answer. After the launch of the new version, how do platform governance token capture value? It seems that the current economic model of FOR tokens is rather chaotic and does not fully capture the value of the platform. Compared with other DeFi lending platforms, the market value is also much lower.
Jeffrey: The current token economic model has historical reasons. At the beginning of the plan, it was not expected that the current DeFi economy would develop so prosperously. For this reason, after the launch of V3, major adjustments will be made to the token economic model.
We will initiate a community vote for token deflation. Secondly, the fDAO platform will be established, which is the governance role of the ForTube platform. At the same time, 60% of the revenue of the ForTube platform is allocated to fDAO. All FOR holders can stake FOR to fDAO and become the governor and receive the benefits. See the figure below for details.
Host: Nice to know! Let’s talk more about ForTube V3 — What security mechanisms does ForTube V3 have? How can ForTube avoid hacker attacks? If the platform is attacked, will the user be compensated?
Jeffrey: According to the statistics of The Block Research, 15 DeFi platforms were hacked in 2020 with the total amount of $120 million stolen. Safety has always been the top priority of ForTube. Since its launch, it has maintained stable operation without major safety issues.
ForTube guarantees platform security from three aspects.
Financial risk control: Learn from the accumulated experience and models of the existing financial risk control industry for many years, according to the characteristics of blockchain financial applications, formulate risk control models and rules suitable for ForTube’s own business characteristics.
Smart contract security: ForTube contract developers have rich experience and hire at least one well-known security organization in the industry to conduct a comprehensive audit. In addition, ForTube’s unique DeFi security component can greatly improve system security.
Oracle security: ForTube once again upgraded and optimized the oracle system, using a combination of decentralized oracles and self-feeding nodes.
If the user’s funds are lost due to a hacker attack, part of the reserve asset FOR in fDAO will be auctioned to make up for the loss. If it is not enough, the system risk reserve will be used.
Host: Thanks for the explanation. Next up — Why allocate 60% of platform profit to fDAO holders? Can you elaborate on the role of fDAO? How to get fDAO?
Jeffrey: After the establishment of fDAO, it will be the highest decision-making institute of the ForTube platform and the main bearer of ForTube platform risks. It can be similar to the role of the controlling shareholder of a traditional company, so it is necessary to allocate 60% of platform profit to fDAO holders.
The role of fDAO has already been mentioned above. ForTube platform administrator private keys and important contract private keys will be managed with multi-signature by fDAO. The types of assets on the platform and other important rules must be approved by fDAO before the execution. Specific functions and roles can be defined by fDAO. The only way to obtain fDAO is to stake FOR to the fDAO contracts. The earlier you participate, the more profit you can get.
Host: As we know, ForTube V3 currently supports BSC Chain and ETH Chain. Will it consider migrating to the new popular public chain in the future, like Polkadot and Heco?
Jeffrey: The public chain is the infrastructure for the development of blockchain. ForTube has always been actively paying attention to the development of other public chains. ForTube was in the first batch of five projects supported by Binance Smart Chain (BSC).
The current problems encountered by DeFi applications on the Ethereum network are obvious. The high gas fee prevents many users from using DeFi products. It is contradictory to our concept of inclusive finance.
The cost of deploying a set of applications for each chain is too high and it is also difficult to operate. We pay more attention to the technical methods that can connect different chain assets, so that one chain deployment and multiple chain applications can be realized. This is a difficult technical problem that our developers have been studying.
Host: For my last question, let’s talk about the trending topic — NFT. The field of NFT is developing very rapidly recently. Will ForTube V3 introduce NFT into the protocol?
Jeffrey: NFT tokens have become valuable due to the non-replicable information they carry, and there are many application scenarios that we have been paying attention to. In the future, we will select high-quality and stable NFT assets to be launched on the ForTube platform to add a liquidity option for holders of NFT assets.
In addition, ForTube community NFT tokens have been issued. In the future, NFT will be integrated with the platform’s membership system. ForTube members can support the development of the platform by participating in voluntary activities, and they will also receive NFT tokens of different levels. Keep your exclusive NFT tokens, there may be unexpected surprises in the future.
Question 1 asked by: Emin Ekşi @EminExi
FOR Adoption is an important factor that all blockchain projects should focus on to make them more attractive to investors. and also What have you done and plan to achieve adoption?
Jeffrey: We have a few ways of achieving adoption. Firstly we plan to have as many network options as possible. Like I mentioned before, ForTube is currently integrated with Ethereum and Binance Smart Chain, and we are actively looking at other options that will come available and gain popularity over time.
Next, we provide a simple product that is very easy to understand. Users know that they can deposit their assets and earn interest, as well as borrow assets. The simplicity is easy to understand.
Question 2 asked by: Poyraz @Poyrazyesill
Could you explain how ForTube stands out from its competitors in the non-blockchain space? How would it attract more market share?
Jeffrey: Our competitions in the non-blockchain space are things like traditional banks and financial institutions. They are slow, expensive, and not adaptable. The great thing about blockchain technology is that it is fast, cheap and available 24/7. If you want to use a traditional financial institution, they are only available some days of the week and at certain times. ForTube is open 24/7! Deposit and withdraw at any time!
Question 3 asked by: samurai- @cptspoilsport
Due to hack attacks, is ForTube trustable? How is it protected, what are the security measures?
Jeffrey: ForTube products are independently developed by their own R&D team. The original DeFi technology components can avoid external attacks or reduce losses. For example, our BEAMS component can continuously monitor the operation of the contract, audit data and assets. Once issues have been detected, the system can be locked immediately to avoid losses.
Our MAK component can prevent a single administrator from committing illegal activities or revealing the secret key. For example, in the Ethereum Infura accident, ForTube activated the security protection.
In addition, the ForTube team hired more than three well-known security audit companies around the world, and launched a long-term bug bounty reward program to make sure the platform is safe.
Also, we have prepared 100 million FOR as a risk reserve to deal with the possible loss of user assets under extreme conditions.
Question 4 asked by: cicekgiller @mustafa85185580
Can you explain the place of the For project among Defi projects and which innovative technology it is based on? Also, what are the future integration possibilities?
Jeffrey: ForTube is based on smart contracts that allow users to deposit and borrow assets with interest rates. ForTube, as well as other competitors in the space, can easily and quickly adapt to the market needs. ForTube is looking at ways to integrate emerging technologies into the platform, and there will be some interesting integrations coming in V3!
Host: Thanks for the great answers. Now it’s time for the long waited Segment 3!
Question 1 from T.E.K: Does allocating 100 million #FOR for security leaks indicate that you are not trusting in your own project and/or components?
Jeffrey: Not at all. People buy car insurance all of the time, but nobody plans to get in a car accident. Crypto is still such a new market, and it’s impossible to always get everything 100% correct. We have great programmers, and we hire great auditors, but it’s still an important thing to have a back up plan in case something does go wrong.
Question 2 from George Koma: So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Jeffrey: Yes! We have monthly token burns, where a fixed % of the platforms fees are used to buyback and burn FOR! You can find some of our recent burns on Twitter.
Question 3 from Ayh: As one of the top five projects supported by Binance Smart Chain, how do you evaluate the contribution of Binance Exchange and BSC to the ForTube ecosystem?
Jeffrey: Our involvement with Binance Chain has been great! Binance has been very supportive, and working with other Binance Smart Chain projects has been a great way to grow the community. Binance has done a great job of supporting BSC, and in return this is providing great results for BNB holders too. A very interesting ecosystem is being built on BSC, and this is only the beginning.
Question 4 from Kuzey: Regarding the ForTube bank, is there a schedule to make deposits and withdrawals? Or can we deposit and withdraw our assets at any time?
Jeffrey: Users can deposit and withdraw their assets at any time on ForTube Bank. This is the great thing about blockchain 😁
Question 5 from zafer metin: Is approval from a central party required to ensure transactions are valid? What are your transparency principles?
Jeffrey: No, there is no central 3rd party. As they say “Code is Law’’. By using smart contracts on both Ethereum and Binance Smart Chain, users can execute deposits, withdrawals, and asset lending by themselves.
Everything is on the blockchain, which is as transparent as can be. Users can check how much people have deposited, borrowed, and all other information through the blockchain.
Jeffrey: Thanks to everyone for joining today, and for all of your great questions! I look forward to sharing more information about ForTube V3 over the coming weeks, and hope you will all come to try it out!
Host: Thanks a lot for being here and sharing with us the insights on ForTube, Jeffrey. It’s great to get to know ForTube in detail!
Once again, follow ForTube on the following channels, now!
Telegram (English): https://t.me/theforceprotocol666