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GAINS Associates

Vera Labs— Telegram AMA — October 22

On Friday, October 22, we had the pleasure to welcome to our Telegram chat:

Jason Lee, marketing director

We asked him questions about the development of Vera Labs.

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

Summary

Vera is the most powerful open financial platform for non-fungible token (NFT) assets. Vera offers decentralized financing, renting, lending, and other essential financial services for any NFT marketplace, game, or application.
Founded in 2021 by Vera Labs and backed by notable investors in the decentralized fintech space such as Animoca Brands (leader in blockchain gaming and NFTs; key investor in Axie Infinity, Open Sea, Dapper Labs, CryptoKitties, and much more) and the Web3 Foundation, Vera’s mission is simple: To build open, secure, and powerful NFT financial products that are equally available to everyone everywhere.

Vera’s protocol is audited, secured, and is completely open-source, which allows anyone to interact with a user interface client, API, or directly with the smart contracts on any of our supported blockchain networks such as Ethereum. Being open-source means that you are able to build any third-party service or application to interact with the protocol and enrich your product.

Today, if you want to buy an NFT on a marketplace or game, you must pay the full price in crypto and there are no financing options. Also, credit cards do not support direct NFT purchases due to the risk of theft from chargebacks and refunds. Once you own an NFT, you are limited to selling the NFT to generate income — that is if you are even able to find a buyer in the increasingly crowded NFT marketplaces. These limitations and problems cause poor user experiences and slow down the innovation and mass adoption of NFTs. Vera solves these challenges and supports NFTs minted on any blockchain, building the foundation for an ecosystem that serves as the gateway that connects real-world assets to the digital world.

Introduction

Q — Ayeley from GAINS: Let’s learn about you. Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?

A — Jason from Vera: My name is Jason Lee, I’m the Marketing Director for Vera.

I have a background at a high level in marketing, operations management, organizational effectiveness, procedure development, and causal analysis.

I was brought aboard to help lead Vera’s marketing initiatives and support scaling business operations. I have about 4–5 years of experience in crypto. Before that, it was primarily the clean energy sector.

Here you can see our developer docs.

Q — Twitter user @ed_crypto_master: There must be an experienced team behind. Can you share some about your team and their experiences in the field?

A — Jason from Vera: Denis Lam, our CEO began coding at age 6 and launched his first start-up gig at age 14. He has a background in Engineering from the University of California, Berkeley, and is a serial entrepreneur and full-stack product engineer. 10+ years cross-functional experience working with startups, Fortune enterprises, and venture capital funds and have been on a founding team that took a company from $0 to $100 million in valuation, expanding into several countries the first year.

His venture into crypto began at the start of 2017 when the company tasked him with exploring the feasibility of launching a venture arm into blockchain technologies in Silicon Valley. He worked with several projects in the blockchain space from that point moving forward, wearing several hats ranging from founder, advisor, to investor. To this date, Denis is passionate about working with firestarters to democratize access to products/services and disrupt the status quo, especially with innovative technologies such as blockchain.

Michael Arbach is our CTO. Michael’s background is in Mathematics and Computer Science and a software developer for 17 years building software for cross industries from fintech, health tech, to supply chain and IoT. He has been focused on blockchain development (DLT and NFT) for the past 6 years full time and worked with world-class enterprises and institutions such as Dapper Labs, BitRail, Daikin, and Northern Trust — the 4th largest custodian bank in the world with $14T in assets, and NASA. those are the founders.

We will be building a team page on the website for future reference but right now there are about 15 people on board, too many to mention outside the founding team. At the executive level reporting to CEO and CTO are me and our Operations Manager, Jeralyn Tan.

About

Q — Ayeley from GAINS: What is the Vera project about in a few simple sentences?

A — Jason from Vera: The NFT industry does not currently have any DeFi financial products or services. Vera is the first project that we know is providing open-source, secure, trustworthy, and reliable essential financial services for NFT apps or games equally available to all developers. The initial services we are currently building are:

FINANCE RENT LEND VERIFY

We believe our services will give NFTs so much more utility and creative business use cases beyond just buying and selling — and this will accelerate the massive adoption of NFTs to become the next trillion-dollar industry. It’s exciting to be at the forefront of this new movement!

What are some requirements for developers to access these financial services? Vera can provide NFT DeFi services to NFT assets on any blockchain network — Ethereum, Solana, BSC, Polygon, etc. We also have a Plan B to launch our mainnet on Ethereum or Solana in case our Polkadot Parachain launch is delayed in 2022.

Q — Telegram user hydra: I was quite surprised to read that Vera was founded this year by Vera Labs. How have you managed to grow so quickly and drastically in such a short time? And what relationship does Vera Labs have with the project?

A — Jason from Vera: Unique product idea, solves a big problem, marketing efforts, MagicFew consulting for a bit of time, and our IDO on Polkastarter helped. 🙂

Lots of notable brands and backers to help us as well, they all have an interest in shared success

Literally, it’s about having the right people surrounding your project

Token

Q — Ayeley from GAINS: And what role does the token play in the Vera ecosystem?

A — Jason from Vera: $VERA is used primarily to govern the decentralized Vera network. $VERA is used to vote and decide on the outcome of Vera Improvement Proposals (VIPs). Apart from this, VERA can be staked within the protocol to provide security/insurance to the protocol/depositors. Stakers earn staking rewards and fees from the protocol. $VERA is compatible with ERC-20 (Ethereum) and BEP-20 (Binance Smart Chain) wallets.

The official $VERA token contract addresses are:
$VERA (ERC-20): 0xd7f0cc50ad69408ae58be033f4f85d2367c2e468
$VERA (BEP-20): 0x4a0a3902e091cdb3aec4279a6bfac50297f0a79e

You may swap between ERC-20 and BEP-20 $VERA at any time using our Vera Swap secure cross-chain bridge powered by ChainSwap. $VERA tokens that do not have either of these contract addresses are scams or fakes.

Please be careful and do not be tricked! Information about the market price of $VERA or when to buy/sell $VERA may be found on CoinGecko or Coin Market Cap. Check out the Token metrics page to learn more about $VERA’s private and public sale token metrics. Documentation on tokenomics and governance design details will be released later. Meanwhile, feel free to join the discussion on our Discord.

We are launching our new staking rewards program on October 29th. It will run through December 31 and we will award one-time bonuses, APY bonuses, free NFTs from partners, over $100,000 in giveaways over the holidays

Funding

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 — Jason from Vera: we are backed by notable investors in the decentralized fintech space such as Animoca Brands (leader in blockchain gaming and NFTs; key investor in Axie Infinity, Open Sea, Dapper Labs, CryptoKitties, and much more) and the Web3 Foundation

we are not planning future raises at this point and we just launched on Gate.io, Uniswap, and Pancakeswap with plans to launch on several more exchanges going forward in Q4 this year

The total raise was 4 million

Multiple presale rounds for Vera have concluded: Strategic Round: 15% released after 24 months, followed by 21.25% each quarter over 12 months (total vesting of 3 years) Private & Strategic 2 Rounds: 20% released after 12 months, followed by 20% each quarter over 12 months (total vesting of 2 years)

Business Development

Q — Ayeley from GAINS: With respect to your roadmap, what should we expect in the next weeks and months?

A — Jason from Vera: we’re looking to list on ZT, Chainswap, Anyswap, possibly Kucoin, and Ascendex

In October we are launching the staking contest, where participants will be able to stake VERA likely at 15% APY and enter by performing other actions for chances to win various prizes

There are multiple testnet and NFT Killer Application releases, and design work for cross-chain liquidity hub and liquidity pools being built. one sec there’s more

we’re also attending the NY blockchain conference Nov 1–4 and Denis will be presenting on stage and making several major announcements 🙂

It’s on our agenda to continue growing our ecosystem partners and hiring as well in our marketing and product development departments. community moderators are needed as well, especially ones that speak/write in other languages as we’re growing quick in foreign markets

Our top priorities are: setting up processes and systems internally, product dev, staking contests, and growing partnerships whose ecosystems we can help

Check out our roadmap here.

Q — Twitter user @carl_crip: Can you tell us a bit about your participation in this year’s Solana Hackathon and officially supporting the Solana ecosystem so that people can easily rent, loan, and finance Solana NFTs? When will the Hackathon be active? How important is Solana to Vera?

A — Jason from Vera: It’s very important, we believe we have a good chance to come out on top. Our CEO is a major supporter and early investor of Solana 🚀🚀🚀

Launching the next wave of crypto apps and infrastructure. Here you can perform a search and vote on projects

Q — Telegram userTahani SG 👠: Can you tell us a bit about the challenges the Vera Network team is facing right now? Can you mention if you have had any setbacks in your development plan? How are you solving them?

A — Jason from Vera: Our biggest challenge honestly is in hiring. We have a great need to expand the team with high-quality high skilled people and it is difficult to find blockchain/crypto experienced people to fill different departmental roles. We are getting there, it’s just not as fast as we’d like. it’s a lot easier on the product development side, but when it comes to HR, Marketing, etc. that is a unique crossover. So far we’re keeping pace with our workload though and the team is dedicated so it’s a lot of hours and effort. The development plan is on track in terms of product rollout.

There is a hiring link on our website or you can reach out on Discord to connect with the executives that are hiring for various roles.

Thanks, Jason, for coming into our community, and taking the time to answer our questions. Any final words you’d like to share? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS

Follow us on Twitter | Discord | Telegram | Blog | One-Pager — Jason from Vera

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