Ramifi Protocol — Telegram AMA — March 29
On Monday, March 29, we had the pleasure to welcome to our Telegram chat:
We asked him questions about the development of Ramifi Protocol.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Ramifi Protocol is one of the first fully decentralized inflationary units of account. The protocol aims to become a platform for multiple synthetic currencies that are specifically inversely related to inflation using Supply Elasticity. Ramifi uses a weighted basket of the world's top commodities in order to discern real purchasing power.
Ramifi will not track Bitcoin, in the same way, the rest of the market does due to its supply-based token mechanics. Ramifi is the first protocol to abandon the notion of tracking the US dollar creating a crypto native unit of account.
The Ramifi Protocol recalculates its total supply daily in order to maintain its’ commodity-based peg. Leveraging the fact that supply and demand dictate the price of the asset, Ramifi is able to maintain a peg while simultaneously creating a robust market.
The protocol has a peg that is equivalent to 1 dollar multiplied by the relative increase in commodity prices since launch.
Q — Ayeley Commodore-Mensah from GAINS: Let’s begin by learning a bit about you. What did you do before crypto and did you have any other previous venture in crypto? What are your roles at Ramifi?
A — Kyle F from Ramifi Protocol: Hello everyone, my name is Kyle Forkey, I have been actively involved in this space for approximately 4 years. I have a background in civil engineering and had an interest in the notion of securitized assets on the blockchain when I first began. Since then my focus has shifted and evolved and I am now much more interested in moving this tech beyond our legacy structure and creating something self-contained and new. I am the lead dev and the crypto equivalent of whatever a CEO is for Ramifi.
A — Kyle K from Ramifi Protocol: I began getting involved in the space back in 2016, my first exposure was to bitcoin faucets. After that, I began to develop a passion for decentralization and worked as much as I possibly could to gain more understanding about just how much technology will change the world. Kyle and I both loved the idea of decentralized stores of value but only came up with Ramifi after inflation began to be a problem here in the US. I am the co-founder and I manage the community/investors/and innovation.
About Ramifi Protocol
Q — Ayeley Commodore-Mensah from GAINS: Let’s learn about how Ramifi is tackling this problem of inflation. What is the project about in a few simple sentences?
A — Kyle K from Ramifi Protocol: Ramifi is initially using supply elasticity to bootstrap growth and distribution but will soon enact a protocol migration to create a platform for inversely related currencies with regards to inflation. Ramifi itself is pegged to a basket of weighted commodities by global volume, as we believe commodity prices are a raw measure of the materials necessary for life. This basket allows us to denominate it against the dollar. Hyperinflationary events have been shown to drastically increase the prices of commodities, and it is something local inflation measurements like the CPI don’t address.
Q — Ayeley Commodore-Mensah from GAINS: That reads like a lot of economics. How does the average crypto user interact with your protocol?
A — Kyle F from Ramifi Protocol: At the onset, users will for the most part be investors, and they can participate in liquidity mining to receive governance tokens with which to guide the protocol or RAM tokens to increase their position. Eventually, users will simply use the protocol in the same manner that individuals use DAI or USDT today as an on/off-ramp.
Q — Ayeley Commodore-Mensah from GAINS: For how long have you been working on Ramifi? And How many people are on the team?
A — Kyle F from Ramifi Protocol: We began work on the project in October and currently have 7 team members.
Q — Twitter user @ShadowJK_1: The U.S. dollar is constantly inflating and losing value. Stable currencies suffer the same problems due to this fact. How has The Ramifi Protocol solved this to avoid devaluation even in stablecoins? As the prices of the most basic things we buy go up, so does the RAM token?
A — Kyle F from Ramifi Protocol: We are pegging the price of RAM to a dollar-weighted by a basket of commodities. As currencies inflate, their buying power against basic goods and services weakens. We increase the RAM peg proportionally to that loss in purchasing power.
Q — Twitter user @augustk95: Most stablecoins normally stagnate, but if you say that Ramifi is “infinitely scalable”, could you tell us how it will achieve that “scalability”? was it simply for being dollar agnostic?
A — Kyle F from Ramifi Protocol: Infinite scalability is a trait shared by all algorithmic stable contracts, it simply means it does away with the need for a 1:1 reserve of the currency it is pegged to. Achieving this will require a great deal of effort in both partnerships and community building to become a commonly used currency and hit the mark we are aiming for.
Q — Telegram user Lee Chen: Which area do you focus on at the moment? (DeFi, Nft, Dapps, Stake, Yield Farming..)
A — Kyle K from Ramifi Protocol: We are focusing on DeFi, staking, and yield farming. Currently DeFi.
Q — Telegram user Antonio González: Ramifi’s proposal is incredibly risky but very innovative. Can you explain why you think the project is immune to inflation? If in all the economies of the world, whether centralized or decentralized, inflation is present in different percentages but always present, it can be said that it is vital for any economic ecosystem in the world.
A — Kyle K from Ramifi Protocol: We developed our commodity-based peg to accurately measure the inverse change in dollar value. If the dollar loses purchasing power due to inflation, our peg reacts in the opposite way. Commodities are used because we believe they are the raw materials necessary for life.
Q — Telegram user Marian Merheb: There are countries that don’t have a stable coin thanks to the hyperinflation they have and the use, and value of USD is very out of reality as well. In these countries Ramifi could be a great alternative, so, how do you plan to get to those places?
A — Kyle F from Ramifi Protocol: I think we have taken a strong first step in this regard with our investor people. We sought out funds and VCs in every major geography to assist in the building of our global community.
Q — Telegram user Sang Captain: Do the token holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
A — Kyle F from Ramifi Protocol: Only liquidity providers gain governance tokens. Our team will get those tokens at the same rate as everyone else based on the amount of liquidity we provide.
Q — Telegram user Eberth: Is it possible to control inflation in a country, such as Venezuela 🇻🇪, for example, with this currency?
A — Kyle F from Ramifi Protocol: Yes, RAM would have been quite useful in Venezuela’s situation.
Q — Telegram user Isabella Isla 🌸: You say the Ramifi Protocol recalculates your total supply on a daily basis to maintain your “commodity-based parity.” Can you explain how this works? How can Ramifi maintain parity and simultaneously a robust market and be scalable without the need for USD?
A — Kyle F from Ramifi Protocol: The protocol has a peg that is equivalent to 1 dollar multiplied by the relative increase in commodity prices since launch. When the tokens price is too high, tokens are generated and distributed to every user, thereby increasing the token supply driving the price down. When the price is too low, tokens are burned which decreases the supply and drives the price up.
Q — Telegram user Femi Oyinloye: Can you tell me the main vision of this project and how it will benefit me as a crypto user?
A — Kyle K from Ramifi Protocol: Our main goal is to provide inflationary units of account that provide uncorrelated utility in the space beyond the movements of bitcoin. Ramifi should be labelled as a multi-use case token that is not tied to one utility and is not pegged to the dollar!
Q — Ayeley Commodore-Mensah from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?
A — Kyle F from Ramifi Protocol: Its primary use case is a stable currency and along with that go all of the reasons an individual would need such a thing. Collateral, on/off ramps, multi-token lending pools, and entering and exiting investment positions.
Q — Telegram user Bea 🐝 Evolet 🏵: Why does Ramifi’s team keep 600,000 RAM? For what purpose? Many people complain that project teams often retain a large portion of the tokens.
A — Kyle K from Ramifi Protocol: These tokens are retained and locked up after our initial growth phase to allow undisturbed growth. Our team tokens are roughly 20% and are in the average range for elastic supply protocols. This is also not used for personal reasons but to be able to hire more people and make Ramifi a competitive option for good people looking to contribute to the project.
Q — Ayeley Commodore-Mensah from GAINS: How has the support been for the project so far? Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Kyle K from Ramifi Protocol: We have been working on Ramifi for about 4 months now!
We raised about 740k through multiple experienced backers in the space who believed in our vision in tackling inflation and raising awareness of this matter. No future raises. These funds will be used to further protocol development and ensure our devs have a competitive advantage.
Q — Telegram user Natasya: Revenue is a key element for the survival and development of all platforms. So how do you get income? How do you attract new users and investors and maintain your platform over the long term?
A — Kyle F from Ramifi Protocol: The more people that use the network the more the protocol increases in size (though rebases) the team has a token allotment which will grow. How much that grows depends on our adoption efforts.
Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at? And what should we expect in the coming weeks and months?
A — Kyle K from Ramifi Protocol: We are at the launch phase. We will also be releasing a road map a couple of days after launch to show our long-term plans regarding the direction of the protocol.
For now, after launch, will be our growth phase where volatility is expected as the protocol is in Market Cap Discovery.
Q — Twitter user @Raju5478: What’s your vision ultimately? What is the project trying to achieve in the longer term and how do you plan to get there? How will your ultimate vision and mission make a difference in the world?
A — Kyle F from Ramifi Protocol: We have the incredibly ambitious goal of doing away with the need for USD (within the crypto ecosystem). We have started with sound fundamentals that seem to resonate with many individuals, who seem more keenly aware than ever that inflation is theft. We simply need to take an aggressive approach in the pursuit of adoption from the entire community.
Q — Telegram user Magdalena: How are you going to get users who have been comparing the dollar to anything else all their lives to discard the dollar and adopt the RAM token?
A — Kyle F from Ramifi Protocol: There is inherent friction that exists between USD and crypto, by chipping away at the need to go back to USD to purchase things that friction will make switching back and forth less and less attractive.
It was a pleasure having you in our group today Kyle, Kyle. We wish you the best in the IDO and Uniswap listing tomorrow. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Thanks for having us, the team at Gains is killing it so we definitely will be collaborating a lot more in the future. Let me send our links!