MEXC Global
Published in

MEXC Global

AMA Session with Alvin Foo of DAOventures (DVG)

Guest: Alvin Foo, Co-Founder of DAOventures

Host: Gerald of MXC Exchange

Introduction:

Hi everybody, I’m Alvin Foo, co-founder of DAOventures. I was previously heading up Interpublic Group’s digital agency Reprise in China and also worked at Google and Nokia. My co-founder, Victor and I are both avid crypto lovers having discovered it in the early days of bitcoin. We were determined to get into the space having incubated BItcurate, a crypto analytic startup together in 2018 and pivoted to DAOventures in 2020.

My twitter: https://twitter.com/alvinfoo

Questions from community:

Gerald of MXC Exchange: What is Daoventures? Can you share with us more in detail?

Alvin: DAOventures is decentralized finance (DeFi) technology protocol aiming to simplify DeFi investing by focusing on core investor’s needs such as security, compliance, simplicity and risk management. We are our own customer and we wanted to really make DeFi simpler for everybody. Our mission is to bring DeFi investment to the masses.

Gerald of MXC Exchange: What triggered you to launch DAOventures? What are some of the real-world problems/ pain points that DAOventures aims to solve?

Alvin: We started the DAOventures last year after we noticed the rise of DeFi and for the 1st time, DeFi captures the attention and liquidity from the centralized exchanges market share.

DAOventures started because of our own needs and also through customer validation. From our survey and validation, the majority of crypto investors struggle with DeFi due to the complexity of risk, lack of trust and expensive gas fees. We were investors ourselves on Defi and discovered how complicated it is for a regular crypto investor to invest in Defi.

Therefore, we are our own customers trying to understand and invest in DeFi protocols ourselves and we know the risk, complexity and trust are a major component in the DeFi.

Our mission is to go from trading initiated by the traders to fully automated where the machine can help to set up and trade automatically. But we will start with simpler products such as automated yield farming based on risk profile; low, medium and high.

We are determined to solve the problem of crypto customers trying to get into DeFi and show DeFi is the next path in crypto 3.0.

Gerald of MXC Exchange: Wow. That means even someone who is completely new to the subject, can invest in DeFi! What a noble cause for the community! Truly impressive.

Could you share with us, what are some of the challenges that DAOventures currently face? How do you aim to solve them?

Alvin: We want to make it easy for everybody to trade on Defi optimizing UX and providing simplicity for the average-crypto-Joe to trade. To succeed, these are the main bottlenecks that we are trying to solve.

We need more trust, belief and peace of mind from the crypto investors that our platform remains safe and managing their money wisely and responsibly!

1. Bad UX. DeFi is difficult to use for regular investors. UX is bad and not easy to interact with DeFI.

2. Trust. Many anonymous founders on DeFi and thus creating an environment of distrust.

3. Security. DeFi platforms are known for hacks and loopholes. Security, audits and pen-test are crucial.

4. Compliance. Investors need to know if their money is protected through regulations. Compliance & audits are keys to create trust.

5. Profitability. Strategies are proven to work with backtesting and copy-invest with proven protocols.

Our platform will ensure the most optimal return. If you know how a typical VC works, you can kind of think of DAOventures working in a similar way. Instead of sourcing deals and investment opportunities with actual human beings, we have built the technology that will help discover all of these opportunities!

Talk about democratizing DeFi investment for the masses!

Gerald of MXC Exchange: Mistrust and doubt is definitely a formidable opponent, especially in the decentralized finance space. Now with Daoventure’s project, I’m sure many investors can rest assured that their money is safe in the right place!

Alvin: That’s our driver to help them to invest smartly and safely Gerald

Gerald of MXC Exchange: With all the waves of attention and achievements, I’m sure the community here at MXC Global would like to know what is ahead for DAOventures! This brings us to question 4.

Alvin: Their success is our success

Gerald of MXC Exchange: Are there any exciting news or updates with regards to DAOventures that you would like to share with the users? Truly noble! That is the way to go for DeFi!

Alvin: Other than the listing on MXC tomorrow 👍, we will be announcing the launching of our beta product in early April where we will be inviting limited testers from our beloved community to try our products where we hope to get their valuable feedbacks. The feedback will help us to make improvement before opening up to the masses after the completion of a code audit conducted by a reputable 3rd party company.

Gerald of MXC Exchange: Exciting indeed! Make sure to keep a lookout for DAOventures in April 😉

Alvin: Watch us out and follow us on our telegram for more updates.

Gerald of MXC Exchange: Now to wrap things up, we would like to drop a difficult question.

Alvin: Assure all of u we have good things coming up

Gerald of MXC Exchange: If you were to summarize DAOventures as a DeFi project, in 1 word. What word would it be?

Alvin: DAOventures is a Robo Advisor & automated money manager

Gerald of MXC Exchange: Short and simple, yet it wraps up exactly what DAOventures does! Amazing!

Alvin: If I had to pick one word in Defi, to sum up, what we offer: “simplicity”. Thanks for the kind words, Gerald.

Gerald of MXC Exchange: Ah yes, Simplicity. What a fitting word!

Alvin: It’s a bold vision and we are determined and committed to delivering what we envisioned from day 1.

Free-Asking Segment

Q1.All project coins have their main utilities & real-life use case! So, can you tell us what is the main role of your coin in your ecosystem?@alyaakin

Alvin:

We intend to reward our DAO community who are holding DVG governance token with several mechanisms.

1/ Staking incentives

2/ Gas fees reduction

3/ Any other proposal that would be voted and passed by the community; ie. sharing of yield %

Q2.Now have many super hackers so security, scalability, and data privacy are three aspects that are very important at enterprise level, how DAOventures foundation handle these issues?@stargateeatlantis

Alvin:

We are using several methods:

1. We are currently using Zokyo.io and they are also our partner in the security audit.

2. We will be also using a 3rd party developer to look at our smart contract regularly, i.e. monthly routine to spot developer mistakes & potential bugs.

3. We will also be doing unit testing before we deploy the smart contract to mainnet.

4. We intend to launch a white-hat bounty for our smart-contracts through Github.

Q3.For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for its development Can you tell us how your project generates profit?@washinchab

Alvin:

Just like any startup, we run our ship lean. The fund that we had raised will provide us with a decent runway to build a good team and develop a great product. Our success will only come if both of these work Magically. Our revenue comes from product and the only way forward for us is to continue to develop good products for our customers and build partnership across the ecosystem to speed up development.

Follow us:

Medium: https://medium.com/MXCExchange

Telegram: https://t.me/MXCEnglish

MXC trading: https://t.me/MXCtrade

Twitter: https://twitter.com/MXC_Exchange

https://twitter.com/MXC_Fans

Reddit: https://www.reddit.com/r/MXCexchange/

Facebook: https://www.facebook.com/mxcexchangeofficial/

Discord: https://discord.gg/zu5drS8

--

--

--

Founded in 2018, MEXC Global is a centralized exchange that employs a high-performance mega-transaction matching technology. The CEX platform is run by a team of professionals with extensive financial industries and blockchain technology experience.

Recommended from Medium

The sad state of institutional crypto custody — and why it’s a barrier to blockchain adoption…

Credefi Is More Than Just Loans!

InsureDAO

SUPERBONDS: GET IN THE KNOW

UBS is exploring [several alternatives for offering] digital currency investments

7 Paradigm Shifts and Why We’re Long on Digital Assets

ComingChat: Focus on finance and supported by social function

Transfer our Clone BTC To Anyone & to any wallet

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
MEXC Global

MEXC Global

Founded in 2018, MEXC Global is a centralized exchange that employs a high-performance mega-transaction matching technology. Visit us at https://www.mexc.com/

More from Medium

A new competitor for MetaMask and Trust Wallet from UseCrypt Nation

Sheesha Finance Partnership Announcement: ZigPad

AMA With AlgoBlocks’s CEO — Joseph Kim (Recap)