FinNexus Weekly-chat recap 22/05/2020

Veer Singh

Published in

Phoenix Finance

5 min readJun 2, 2020

Participants:

Boris Yang — FinNexus Founder & CEO

Ryan Tian — FinNexus Financial Specialist

Question 1:

Nagy Szabo: Beside 41,456,510 FNX, how many more will be added to the circulating supply from 26th May?

Professor K: A small amount of tokens that were used for airdrops and Bitrue event.

Question 2:

Hussaini Sevak: What’s your thought on covid-19 impact on financial sector? What are your suggestions that would be useful to restart the economic activity. Since, every sector is effected. Is there any chance you see for a fine growth of crypto industry in the upcoming time ?

Ryan Tian: Crypto is born our of chaos and ashes in 2008. Why not? It will be growing ever stronger and thrive in another era of uncertainty?

Question 3:

The hype man: can I ask what are some marketing plans the team intend to promote the project after the ICTO?

Boris Yang: We are doing some marketing activity in Chinese market with Bkex exchange.

Professor K: You should see all our Chinese press releases. Here are few screenshots:

Question 4:

Boon: How did FinNexus begin and how did the team form?

Ryan Tian: The key FinNexus team has already known each other for a long time. Boris and I are roommates in the university :)

Question 5:

Serg: Could you tell us what are the plans for the next 3 months, since one big step has been achieved?

Boris Yang: Listing, BTC Options product, UMxS on XRPL and more cooperations with other partners.

Ryan Tian:

1. Tokenized assets on XRPL

2. Conversion starts with the listing to decrease the circulation of FNX;

3. Decentralized options products on Wanchain and later on Etherum

4. More FNX involvement in the business model, like collateral benefits and staking.

Question 6:

Silent Man: I got one question so there was a Airdrop with bitrue where anyone who Hold 100$ in bitrue account can participate in Airdrop Nanf will get 100 FNX.

It was for first 500 people. When the list will be announced and how do we know if I was in 500 or not?

Veer Singh: Bitrue announced today that the evaluations are in progress and should release the rewards soon. Here is the screenshot of the tweet.

Question 7:

Silent Man: There are only 41M Supply, how will other tokens be unlocked? Through community? Throughout giveaways? Or how?

Ryan Tian: There are lockup periods for the earlier investors and managements. Please check our tokenomics for details.

FNX Tokenomics

All the details you need to know about the FinNexus Token (FNX) distribution

medium.com

Silent Man: How do you plan to release them? Just dump them in the market?

Professor K: Fund tokens get released 1/12 per month after the conversion period. I wouldn’t call that a dump.

Ryan Tian: Here is a screenshot from the tokenomics article to help you understand the release and lockup period.

Lockup period screenshot from the Tokenomics article

Question 8:

The hype man: How heavily is Wanchain involved with FinNexus?

Ryan Tian: FNX tokens are born from the Wanchain blockchain, and we will heavily integrate the cross-chain technology of Wanchain, also, they provide us the seed fund and human resource support initially.

But the FinNexus’ protocols are open to integrating any public chains. The 2020 roadmap for FinNexus already includes tokenized assets to be released on the XRP Ledger. And later decentralized models on Ethereum.

I would call wanchain will be one of the most promising projects in the next few years.

Professor K: Prof K, the Shanghaipreneur, [22-May-2020 at 5:58:22 PM]:

WAN is actually pretty advanced.

They have cross chain for BTC ETH EOS and more coming

They have ouroboros POS like a whole year before Cardano.

Question 9:

The hype man: Good tech does not always win in this space, we need to build a community that is half of the battle.

Boris Yang: I agree with you. So, we are working on the products which could be accepted by users. Next is BTC options.

Ryan Tian: A good projects needs both good marketing (like exchanges) and products. We want to make FinNexus a long-lasting star in DeFi. Some bad exchanges will ruin the market and projects. It is not good for the users or projects.

Question 10:

Benson: How did Covid-19 effect your plans? are you working from office or from home?

Professor K: It actually made us more productive.

Boris Yang: Yes, we work longer everyday.

Ryan Tian: We are used to this kind of remote working arrangements. After all, we are not in the same city or even country. But most of the tech team is in Beijing.

Professor K: They are in Beijing, I’m in Shanghai, Noah is in the US, Veer is from India etc..

Ryan Tian: We are truly thankful for all the support from all the communities and friends. Your love will be our biggest impetus for something bigger tomorrow. Hope we can grow stronger together in the future.

Boris Yang: More activities with Bitrue and BKEX will be released soon.

Question 11:

Doge: Will you guys be visible on CMC after listing?

Boris Yang: Yes, of course.

Doge: Boris I know internet marketing and your project and current website are way too difficult to understand. The overall goal, the current and short term use cases (including FNX function), and the roadmap. Feel free to message me about it when you redo the website. I invested in the ICTO btw.

Boris Yang: Thank you very much. It is better to get your suggestion when we do it.

Veer Singh: Thank you everyone for participating in the weekly-chat discussion. Like always a recap of the weekly-chat will be updated on our medium blog for everyone who missed it!

About FinNexus

FinNexus is building an open finance protocol to power hybrid marketplaces that trade both decentralized and traditional financial products. The FNX token will live on the Wanchain blockchain to take advantage of the most robust cross-chain capabilities currently available in the industry. The first products FinNexus will release are innovative tokenized assets with value based on real world cash flows that live on Wanchain and XRP Ledger. The second product to be released is a fully decentralized bitcoin (and other cryptocurrencies) options model.