GAINS Associates
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GAINS Associates

Niifi — Telegram AMA — May 15

On Saturday, May 15, we had the pleasure to welcome to our Telegram chat:

Sakib, Co-Founder, and
Jacobo, CEO.

We asked them questions about the development of Niifi.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

NiiFi is a simple, fast, cheap DeFi (swapping and lending) that can be adopted by ANY industry and not only for crypto users.

NiiFi is built on patent-pending scaling technology allowing for instant finality, low cost and predictable gas/transaction fees, interoperability, and composability. NiiFi has been built with the future in mind.

NiiFi will be used to solve real business problems and will give more back to users by providing simple, elegant, and user-friendly tools. NiiFi is DeFi for the masses.

The NiiFi platform is open, easily adaptable, and natively merges DeFi & into a plethora of global industries such as gaming, fintech, and loyalty. The NiiFi tools don’t just solve problems, they enhance the entire ecosystem through innovation.

Introduction

Q — Ayeley from GAINS: What did you do before crypto and did you have any other previous venture in crypto? And what are your roles with Niifi?

A Jacobo from Niifi: My background is in software engineering. I have been building products for several industries such as Investment Banking, Media, Telco, and Oil & Gas for 26 years. Our previous platform, which was a content marketplace, was serving 50m users a day for companies such as Mozilla, Telenor, Alcatel, Xiaomi, and Panasonic. For the last 4 years, we have been working on building a scaling protocol for Ethereum.

Our protocol, nahmii, has been live on the main net since 2018 and we are currently building nahmii 2.0 which will go live this summer. Now, it is time to take DeFi to mainstream adoption via NiiFi! My role is the CEO of the company.

A Sakib from Niifi: Very similar to Jacobo, my background is also in the software industry but took a slightly different path. I worked in the logistics, e-commerce, and video industries beforehand before turning to run software companies. I am a cofounder within NiiFi and generally working on creating commercial adoption of our tooling.

About Niifi

Q — Ayeley from GAINS: What is Niifi about in a few simple sentences? For how long have you been working on NiiFi?

AJacobo from Niifi: NiiFi is a simple, fast, cheap DeFi (swapping and lending) that can be adopted by ANY industry and not only for crypto users.

We started working on some early prototypes 2 years ago but more recently we did a PoC in October/November 2020 and since February this year we have been working on the first modules of NiiFi.

We have 20+ people involved on NiiFi.

Q — Ayeley from GAINS: What is the relationship between Nahmii and Niifi?

A Jacobo from Niifi: NiiFi is built on top of Nahmii.

Nahmii is an L2 protocol that has been live on the main net since late 2018. We are currently working on a new version of Nahmii, Nahmii 2.0.

NiiFi cannot be built without Nahmii.

Well, in fact, you cannot have DeFi at scale without Nahmii😬 but that is a separate discussion.

Actually, if you want DeFi with instant finality of transactions, no latency, known fees, and the ability to apply KYC/AML (which every large public institution in the world needs if they want to provide DeFi tools to their customers, then you need Nahmii ;)

Q — Twitter user @cryptojuncky: Have you been in discussion with some big banks or industrial players? And if yes, what do they think about NiiFi/Nahmii?

A Jacobo from Niifi: Yes, we have.

We have also built PoC’s alongside them.

And their feedback is translated exactly into what NiiFi offers :)

Again, and sorry for repeating myself, cheap, fast, instant, and knowing the costs of transactions beforehand is a MUST for any company.

Q — Telegram user Wonderful BTS: NiiFi DEX promises institution-friendly features such as instant settlement and know-your-customer (KYC) capabilities. What exactly is it like?

A Jacobo from Niifi: This means a financial institution can offer NiiFi’s MMA and Lending tool to their bank customers for instance.

Q — Twitter user @anaananac: Could you explain a bit in simple words for those of us who do not have deep knowledge in programming about the operability of Ethereum-based contracts, how Nahmii provides viable solutions in the scalability paradigms of ETH which will be inherited by all the tools built on it?

A Jacobo from Niifi: Nahmii is what is called a layer 2 solution.

That means you move transactions from layer 1 (Ethereum) onto another layer (Nahmii) allowing you to perform more transactions per second. Unlike other Layer 2s, Nahmii also offers instant finality (all other L2s have the same finality as Ethereum which is suboptimal for commercial use cases).

In the process of moving transactions from Ethereum to a L2, you lose — in theory — security, as you centralize operations. The Nahmii team has fixed that problem (which is patent pending by the way) allowing us now to run thousands of transactions per second, cheap and instantly.

It is worth mentioning as well that Nahmii is non-custodial and therefore we cannot run away with users’ funds :)

Q — Twitter user @isa05962747: Your platform is built on Nahmii “a patent-pending technology”. Maybe we’re not all familiar with this platform, so can you share the main advantages it gives to NiiFi and why did you choose it?

A Jacobo from Niifi: Nahmii was one of the very first L2s ever deployed. The background story is simple: we were serving content to 50m users a day in 2017 and we wanted to build a content platform at scale. We spoke to a very high profiled project then, that was working on scaling, and we were told we could use their tech.

After 4 months of waiting, we got tired of it and on January 1st, 2018, we started working on Nahmii.

We saw the opportunity was immense as nobody else was being serious about fixing Ethereum’s scaling issues (time proved us right as now many of those projects are either dead or are ghost projects — pretending to be doing something but no development is taking place behind the scenes).

Now, the advantages Nahmii gives to NiiFi are massive.

For example, it gives NiiFi the ability for any Financial Institution to offer NiiFi to their customers as they can easily apply KYC/AML :)

Furthermore, and equally important, the transactions are cheap and instantly completed.

You cannot overlook the fact that the transactions costs are known beforehand because no commercial company is ever going to deploy a DeFi solution without knowing the costs of every transaction beforehand

And we chose Nahmii because we built it, so we are biased 😂, but also honest :)

Q — Telegram user Dayo: “If the Operator behaves badly, they will be held to account for their actions publicly; their reputation will be damaged.” Although bad operators will be punished, this will be only after they might have caused loss for certain users. How do you ensure that the right operators are chosen?

A Jacobo from Niifi: So far, Nahmii the company is the only operator. We have however a clear path towards bringing in more operators. I invite you to read the Nahmii 2.0 white paper that will be published soon

Q — Telegram user Carla: Since the NiiFi ecosystem has a structure to facilitate mass adoption to the solutive fields of the DeFi ecosystem. Do you mean that it makes it highly adaptable to any use case that can be given to it? or does it really have a programmable technical limitation?

A Jacobo from Niifi: Yes! It is highly adaptable! And the technical limitations are inherited by the interfaces we provide (SDK/API/CLI) and on Nahmii 2.0 by the new tools to interact with the generalized smart contract interface we will have.

Q — Telegram user tehMoonHunter 🤖⚡️: You say that NiiFii is used to solve real commercial problems, for example, now the pandemic has ended many Jobs, placing the economy at a critical level, how would NiiFi use its tools here to help solve and help businesses to lift their economy?

A Sakib from Niifi: I really like this question. We are introducing our tooling not just into the crypto space, but also the more traditional markets. With the introduction of anything that is disruptive in the technology space comes opportunity. By creating brand new markets for businesses, it will not only create innovation but also jobs.

Q — Telegram user Ariana💙🌹: NiiFi has the objective of giving more than just another tool to the crypto community, it aims to solve real business problems but at what scale? Is your project thought of as a small, medium, or big enterprise?

A Jacobo from Niifi: We have worked with very large companies before such as Mozilla, Telenor, Alcatel, Panasonic, and others. Our objective is to work with large enterprises to get as much adoption as possible

Token

Q — Ayeley from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?

A Jacobo from Niifi: The main use case today is governance.

The objective is to have fully decentralized governance over protocol changes, parameters, and upgrades for instance.

Furthermore, trading fee discounts will be an important way to reward users for their governance. We will of course also explore all other models for similar tokens also based on the adoption we will get from our customers/partners (always driven by adoption, which is key).

Equally, for the lending platform, we anticipate preferable lending/borrowing rates and governance functions. A lot of the possible token benefits will be discussed as proposals to be voted on by the community.

Competitive Advantage

Q — Telegram user 🐍 jidan🐍: Why did NiiFi choose to build on Nahmii and not Matic?

A Jacobo from Niifi: Because Nahmii is built by us and it is safe and scales the way we want. Polygon does not. Plus it is not safe.

Q — Telegram user Amina Peter: Why do you think large public institutions will consider using your solution? Why do we need NiiFi tools in crypto when we have many in existence?

A Sakib from Niifi: Well if we look at the market from 2 angles ie. crypto and non-crypto.

Crypto — The existing tools out in the market have major floors in their technology and so only work up to a certain extent. NiiFi and Nahmii are solving the problems of scaling, instant settlement, finality, etc. making it the best tool for implementing DeFi.

Non-Crypto — It’s the only true tool that crosses over successfully in the non-crypto markets. This is where we will win.

Financial

Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?

A Jacobo from Niifi: Yes. $3m. We were 20x oversubscribed.

We budget for the different operations and spend accordingly.

We might do future raises as the feedback we are obtaining is overwhelming. Always a good sign :)

Business Development

Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at? What should we expect in the upcoming weeks and months, following your public sale?

AJacobo from Niifi: Everyone should expect the deployment of products; something our tech team is focused on. The first deployment will take place mid/end next month.

From a business development point of view, we also expect to announce some key partners that will help us drive massive adoption of the products.

It is important to know that our go-to-market strategy is NOT only dependent on the crypto users but mass adoption.

That is where we come in with our background and experience have built products used by millions of users :)

Our most recent experience, after we deployed Nahmii 30 months ago, has also helped us gain solid visibility over what companies require to be able to adopt a product like NiiFi.

Q — Telegram user Moises:‌‌ I am currently wondering what Niifi will offer to the retail finance industry? ‌‌‌‌What can you tell us about that?

A Sakib from Niifi: Well there are plenty of examples of how it can be used. An example would/could be Invoice financing/discounting. Anywhere a liquidity pool is needed, NiiFi has a strong competitive use case based on the technology we are using.

Q — Telegram user lex matt: Does Niifi have plans for NFTs to attract more investors?

A Sakib from Niifi: We are looking into this space absolutely, its a great question and a great use case of how NiiFi would solve a traditional market problem.

Q — Telegram user Femi Oyinloye: What kind of marketing strategy does NiiFi adopt that will help them drive massive adoption to their products and what have you done to gain visibility since you’ve started this project?

AJacobo from Niifi: The best one is always adoption. That is the best way to gain popularity; build products used by millions!

We also work with a solid marketing company.

Jacobo and Sakib, it was a pleasure having you in our group today. Thanks for coming in and taking the time to answer all our questions. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS Associates

I would like to thank all the people that have participated with their great questions and answers. It was a real pleasure and we would like to invite you to follow us on our Twitter and Telegram.— Jacobo from Niifi

I’d like to thank everyone for attending today. This was one of my first AMA’s and its great to see such a great community with great ideas.

I really enjoyed the session and thank you Gains as well for hosting us. — Sakib from Niifi

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