Phoenix Finance
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Phoenix Finance

FinNexus / Band Protocol / Wanchain AMA Winners & Recap

Announcing the winners of the FinNexus / Band Protocol / Wanchain AMA

AMA Recap:

Participants:

Noah Maizels — Technical Marketing Manager at Wanchain
Soravis Srinawakoon — CEO and Co-Founder of Band Protocol
Ryan Tian — Economics Expert at FinNexus

  1. @toanphamhdWhat are the benefits that Band really brings to the community? What is the motivation for the project development?
    Soravis — All smart contracts and applications on blockchain have no capability to access data outside of blockchain. This makes them fairly limited in use case and very difficult to build useful dApps. Imagine trying to build blockchain payment system that cannot connect to traditional bank API or think building Uber without any mapping data from Google or identity from Facebook. Band enables this to happen by connecting off-chain data to smart contract and blockchain applications so they can easily use these data reliably.
  2. @HodlboyWhat problems will Finnexus solve on DeFi? What are the scopes of finnexus in DeFi space?
    Ryan — Thanks Rocky. I’ll answer your question first. Everyone knows that DeFi is decentralized finance, but the true combination between the two still has a long way to go.1) Borrowing and Lending is the first natural DeFi application scenario, as it was the beginning of finance since thousands of years ago. It cannot be everything about DeFi. 2) The risks in the DeFi world is similar, in other words, most of the DeFi models are facing the same systematic risks. In cases when the bitcoin collapses, every businesses and scenarios will be affected. This is not healthy.3) The DeFi applications are not so user-friendly. One has to take some time to learn how to deal with one decentralized product. — that’s what we want to solve on DeFi. On the jumpstart stage, FinNexus’ goal is to establish an open financial protocol or hub in the crypto world. As a project incubated by Wanchain and SuperAtom(Cheetah Mobile), the UangMe assets will work as an initiator with the form of asset backed tokens, and it has the potential of the amount of 100M USD. In the meantime, similar assets in Malaysia are under discussion. In addition, there will be other types of products the users may expect in the first quarter of 2020, like crypto borrowing and lending products, easy-operating crypto-currency derivatives, ETF products, staking related products, etc., and they are all under development right now.
  3. Can security problems occur in the integration of Band blockchain and DeFi applications? Can external attacks damage your system? Or can it change your data?
    SoravisOur protocol ensures integrity of the data as long as not majority of the token holders collude to attack (i.e. 51% attack). This is true for ALL blockchain protocol. However, in order to conduct 51% attack to manipulate our data, the attackers must spend a lot of money in order to gain more than 51% of voting power and manipulate data providers. By using bonding curve and dPoS like system, we ensure that cost to attack is significantly higher than the benefit derived and hence deter possible attacks.
  4. — Will Financial Data Feed on Band Protocol can be useful for building/operating Finance Protocol system on FinNexus?
  5. @zaferceBand, Wanchain and Finnexus as project managers,
    how do you see the future of DeFi and blockchain ecosystem? Ethereum creator Vitalik Buterin also criticized the positive thoughts. Do you agree that the DeFi infrastructure is not suitable for most real-life issues?
    Buterin criticizes DeFi as new and untested. Therefore, he said there was a “risk of break”. Do you agree?
    NoahAs I mentioned in my previous answer, I still think blockchain is still in its very early stages. There is much work to be done to make DeFi an actual alternative to traditional banking for the masses. It’s currently too user unfriendly and unaccessable for the vast majority of people. Also as you mentioned, there are risks. Nothing is without risk, and certainly blockchain and DeFi projects included.
    However I think that over time, the risks will be identified and and dealt with, and the applications will become (and are already in the process of becoming) more and more user friendly. I believe it is only a matter of time until blockchain based decentralized finance becomes a viable and user friendly alternative to traditional finance.
  6. — What does Finnexus think about solving issues that the DeFi ecosystem still can’t solve? Can people and machines trade every day through smart devices that use digital currencies? How do you see this in the future?
    Soravis — Thanks. As we mentioned before, the DeFi products right now are bearing the same systematic risks. Just as MakerDao is introducing the Multi-collateral Dai model, it will further diversify the risks into the real world, as the founder Rune mentioned many times. We would like to be the first one building a protocol that makes connections between the two. We will solve the homogenous risk problems by introducing assets from real world. One of the initiator SuperAtom from Cheetah Mobile is providing us valuable assets, and we will put it into practice in two months. In the future, I believe Digital currencies will definitely play an importance role. I believe the concept of value may even be re-defined by the digital ones, like USD’s role right now but different. Cos the future money will be borderless, transparent and trustless.
  7. Can you tell us something about your Vision and target that WanChain is focusing most until end of this year?
    Noah — As I mentioned above, one of our main focuses in 2020 is on making Wanchain a more attractive choice for DAPP developers, especially for those who wish to leverage Wanchain’s cross chain functionality. For those developers who value decentralized cross chain transfer of value, we are working to make Wanchain their go-to platform. In 2020 we will be releasing a set of tools which make it easier than ever for developers to build their cross chain DAPPs, and we expect to see a significant increase in developer activity on Wanchain in the new year.
  8. +84 707034566 Cool hi — Can you tell us about the background of the team? WAN
    Noah — The Wanchain team is made up of top blockchain developers with years of experience as well as a strong research team with PhDs in cryptography and other areas related to blockchain development. It is an extremely strong team technically, as reflected by the Wanchain cross chain protocol and self designed proof of stake mechanism released earlier this year. On the marketing, communitiy management, and business development side, the Wanchain team is a very international with team members all over the world in the USA, China, SE Asia, Europe, South America, and more. The marketing / business development team has a unique combination of individuals with experience in both the worlds of traditional business as well as that of the blockchain startup / ICO world.
  9. @rindysanHow will FinNexus resolve three major pain points for crypto investors: diversity, value, and convenience? Which specific about technology and stategy of FinNexus that make you believe it will be successful?
    Ryan — Diversity is our major focus by introducing risks and returns from real world assets, and these assets have actual cashflows in the future, hence the value. We have best engineers and financial specialist in our team. And from begining we have built good partnership with the Wanchain for technical support and Superatom for finance business support. We are not a project just on the whitepaper. We will come into practice in the begining.
  10. @notme88Sharding, layered, and cross-chain are the three future solutions for high-performance blockchains. FinNexus is currently at which direction? And what are the main reasons for taking this direction?
    Ryan — High-performance is the basic direction for blockchain. FinNeuxs focus more on user experience and usability in Defi. So FinNexus is the protocol above layer 1 and layer 2.
  11. @bitboyss
    Q1. What improvements have occurred on the Wanchain platform due to integration with the Band protocol?
    Q2. Why is Wanchain’s cross-chain mechanism is the industry leader in terms of currently usable cross-chain solutions?
    Q3. I studied FinNexus a bit and came to the conclusion that this is the brainchild of Wanchain! Maybe I’m wrong?
    Q4. The FinNexus team is full of talented and experienced people. Tell us how the team got together? And why did some professionals switch from Wanchain to FinNexus?

    Ryan — As for Q3, I would put Wanchain as one of the major initiator, who provides FinNexus with monetary, technical and manpower support. While the other one is SuperAtom, subsidiary of Cheetah mobile, who privides startup assets, internet development experiences, and potential cooperation with Bitrue exchange. We will be an active player in the Wanchain ecosystem, also with the strong support from Band Protocol. As for Q4 Though key members of FinNexus team seem to have different educational backgrounds or working experiences, we come together with the same beliefs and goals. FinNexus team members knows each other for a long time, and some of us worked together for a long time. Some of us were classmates from university. So we are a mature team in blockchain and finance. 😄
    Noah — Q1 — Currently Band Protocol is available for any DAPP developer who wishes to make use of Band Protocol’s integration of off chain data on Wanchain. As I mentioned earlier, this opens up a wide array of new possibilities for developers to build new use cases for their applications.
    Q2 — Wanchain’s focus is on the cross chain transfer of value between blockchains with heterogenous consensus mechanisms and design infrastructure. For blockchains such as Cosmos with their hub and spoke model, cross chain transger of value is built in for other blockchains also built on with the Tendermint consensus mechanism (same as Cosmos), Wanchain however is focused on connecting chains with entirely different consensus mechanisms, which is where its strength lies.
    Q3 — FinNexus does have some connections with Wanchain, in that its founder, Boris Yang, was also deeply involved with the foundation and development of Wanchain. However, as stated above, while Wanchain is providing support for FinNexus, Wanchain and FinNexus are separate organizations with separate management and resources, although they do maintain a close informal relationship, as is natural of an ecosystem project.

About FinNexus

FinNexus is the open finance protocol built on the Wanchain blockchain. It is a hub for connecting different decentralized ledgers to each others and users, and also for connecting with traditional finance applications. The first iteration of FinNexus will be a marketplace for hybrid decentralized/traditional financial products.

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