FinNexus Weekly-chat Recap 24/02/2020- WANdora’s Box

Veer Singh

Published in

Phoenix Finance

7 min readFeb 28, 2020

Participants:

Boris Yang — FinNexus Founder & CEO
https://twitter.com/BorisYangFNX?s=20

Ryan Tian — FinNexus Financial Specialist
https://twitter.com/rainiefield?s=20

Special guest: Li ni (ni li) — Vice President Wanchain https://twitter.com/liniwanchain?s=20

Li ni: To start the discussion, I would like to update the community that we have just accomplished EOS cross-chain this month at Wanchain.

Question 1:

Sarah Huang: Could you introduce more details about the Wandora’s box?

Boris Yang: It is a first dApp we have co-operated with Wanchain to build. As I said earlier that FinNexus will make itself launchable. So we will design and develop more Dapp’s for users. Wandora’s box is just a beginning and an experiment.

Lini: Sneak-peak here, this is only a webpage preliminary version, forget about the UIs. UI will be improved for sure but functions are being tested. But first of all, simple but fun predictions, WAN/BTC pair price every 8 hours.

Ryan Tian: Wandora’s box is a fully decentralized product and the first trial of FinNexus to collaborate with Wanchain. The interface is smart and simple, and it will give the users full participation in the price prediction without worrying about a centralized party.

Boris Yang: It is simple now that everyone could make a prediction on it for the price Wan/BTC. The winner is chosen by the contract, so it is pure decentralized. I would like to say it is a prototype for synthetic assets.

Lini: The most amazing part is FNX team is trying to use smart contracts to control the prediction and also the rewards distribution. It is simple now though but if it works, this could be easily expanded to many other aspects and assets very soon.

Question 2:

Killenovi: Can we connect to the Wandora Box with a ledger Nano s?

Boris Yang: Yes, if you have Wan and Wanwallet.

Lini: Web, nano, Trezor, Wanwallet, Wanmask all supported to play this fun game and nano ledger of course.

Question 3:

Sarah_Huang: Why did FinNexus build Wandora’s Box? How is it related to Defi?

Ryan Tian: Yes, it is a decentralized trial in DeFi, though the economic logic is simple in the beginning. The financial derivatives and synthetic products have everything to do with the price prediction and trade-offs of different counter-parties. Also, we need to see if the Oracle is working here.

Question 4:

Anas Y: So, this Dapp is built on top of Wanchain but with help from FinNexus using its protocol or on top of FinNexus & Wanchain?

Boris Yang: As I talked before it is a prototype of more synthetic assets and combined assets. It is more like a prediction now. After we introduce more assets or token in. It is more like a tool of synthetic assets. We have good cooperation with Wanchain so it is good for both to build Dapp on it.

Ryan Tian: FinNexus team is developing and building this Dapp on Wanchain.

Question 5:

J Leon: Where is the price feed from?

Boris Yang: From Oracle. In the Beta version, it is from the exchange we chose. Later, we will use third party oracle service.

Li ni: It is currently from a recognized exchange like Binance but later will involve oracles such as Chainlink or Band protocol.

Question 6:

Ciprian Ciubataru: Can you share the link to Wandora’s box?

Boris Yang: The engineers are working on the final tests now. You can join the test soon.

Question 7:

Anas Y: What if a developer wants to build something related to DeFi, where should they start?

Boris Yang: It needs more development work by FinNexus. If the function is common enough we will make protocol public. It is a strategy we are trying: first users and scenario and then protocols and developers.

Question 8:

Kaidera: Wandora, we can bet only for WAN, or for other cryptocurrencies as well?

Li ni: In the near future, for sure. To begin with, only one pair WAN/BTC.

Boris Yang: In the first version Wan is only token which could be used. Followed by FNX and more token will be added.

Question 9:

DEjan Sisokovic: Do you plan to develop a more complex betting platform? like wink on Tron?

Lini: I will say more complicated Dapps are under development but more like synthetix not betting.

Question 10:

Sarah_huang: So what is the future plan for Wandora’s box and other DeFi products?

Ryan Tian: We would like to start with something simple and smart to let the users actually feel FinNexus. And to test different kinds of service providers and interoperable parties. The decentralized trial platform will be tested before the end of this year according to the roadmap.

Boris Yang: Some products related to synthetic and combined assets in a more decentralized way.

Question 11:

John eck: What are your marketing strategies and strategic plan to attract more developers as well as users to Wandora?

Ryan Tian: The Wan army is our major target. Wan holders now can participate in something else rather than staking and holding. Of course, we are not expecting this Dapp to grow that big by itself in the beginning. The main goal of this Wandora at present is to test our coding and the main-net, the effectiveness and efficiency to run some applications, and collaboration with different counter-parties.

Boris Yang: Wandora is for Wanchain community users now. I think it is different from the developers' strategy which is the next step.

Question 12:

Alexandros: When will Wandora be launched?

Li Ni: The launch should be in early March. This Dapp can be accessed through webpage or Wanwallet.

Question 13:

Roja Saja: How did you come with the idea to launch this Dapp? you like the concept or you had studies that this kind of dapps are the most used ones? What is the next Dapp?

Li Ni: This is the very first step which will be followed by more complex ones with multiple asset products.

Boris Yang: In the first step we want to develop something for Wanchain community. There is no Dapp on Wanchain. At the same time, they could join FinNexus community.

Question 14:

Ryan Tian: Could you share some information about the reward mechanism in Wandora?

Li Ni: There’ll also be a weekly or monthly lottery, determined by on-chain random number generation. so just for fun, like a jackpot.

Question 15:

Anas Y: Are we going to have some kind of Hackathon soon ? Like to cane up with ideas for Capps to be built, and boosting the good ones?

Li Ni: Since FinNexus is not a chain right now, so there will be other types of hackathons like customize based on existing FinNexus products to introduce more fun and interesting assets or plays.

Question 16:

Ryan Tian: Could you share some information about the reward mechanism for Wandora?

Li Ni: Besides, the smart contracts that run the game will be fully open source later on Github

Boris Yang: Rewards are from transaction fee and outside domination. Every prediction transaction will be charged for 10% into the rewards pool. Everyone joins the prediction have chance to get rewards based on a random number.

Ryan Tian: It actually acts like a synthetic asset that mirrors the Wan/BTC price pair. If we increase the pairs and minimize the time intervals for judgment, as well as introduce stable assets in the future.

Li Ni: According to the rules if 1000 Wan is played there will be a deduction of 10% operation cost, rest 900 is divided into 30 winners, is that correct?

Boris Yang: Winners will have the right to predict the price. All winners share the amount from losers. 10% of all amounts will be put in the rewards pool for random selection once every 7 days. It means some lucky guys will share the rewards accumulated from 10% of all transaction amount in 7 days.

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 plans on releasing will be innovative tokenized assets (available Q1 2020) with value-based on real-world cash flows.