Recap of Marcus Crypto x RioDeFi AMA: introduction to RioDeFi Q1 Tech Roadmap, by James Anderson
Last Friday on January 29th, James Anderson, CEO of RioDeFi was invited by Marcus Crypto (an active Vietnamese crypto trading group) to introduce RioDeFi’s Q1 Tech Roadmap.
A giveaway campaign was organised to engage with the community. We are delighted to announce the 10 winners:
James had a great time talking to this AMA and we would like to thank the organisers and all the persons who attended it.
Below is the transcript of the AMA in English where you could learn more about the Tech roadmap and RioDeFi’s priorities for the weeks to come. To access the Vietnamese version, please click here.
James James Anderson [29 Jan 2021 at 7:01:03 PM]:
I’m ready! It’s a pleasure to be here Anh
Anh: Q1: Can you introduce yourself and RioDeFi?
RioDeFi started from conversations between Calvin Ng, Stephane Laurent, Katerina Volkova, Gino Yu, and I. We envisioned a world in which everyone has access to DeFi services, because we think DeFi gives people better access to financial freedom and more abundant lives.
Rio is the word for river in Spanish, and to us it represents the ideas of liquidity and flow. We believe that money is energy in a liquid, spendable form, so Rio represents these flows of wealth. As you know DeFi stands for Decentralized Finance, and it’s RioDeFi’s mission to accelerate the mass adoption of digital assets by bridging traditional and decentralized finance.
I got into blockchains through my interest in economics and my research of gold, silver, and alternative currencies after the financial crisis of 2008. It was in 2012 that I really started looking into Bitcoin. One year later I met Vitalik Buterin and Erik Voorhees at a conference called Porcfest in New Hampshire, USA, where I bought my first Bitcoin.
In 2017 I co-founded a business called Blockchain Investor, in which I taught people how to invest in cryptocurrencies, trade them on exchanges, and securely store them via hardware wallets. In 2018, I co-founded another business called Social Evolution, where we sought to create DAOs for mutual aid services (market-based welfare).
I took the lessons from those experiences to start RioDeFi in 2019 with our co-founders with one clear mission: to accelerate the mass adoption of digital assets by bridging the gap between traditional and decentralized finance.
Anh: Q2: Can you tell the community some of the RioDeFi achievements?
RioDeFi is still an early-stage project, so most of our achievements will be coming in the near future. That said, we’re excited to announce that we’ve completed testing on our RioChain Mainnet Generic Asset Bridge for RFUEL cross-chain swapping. We plan to open this up for everyone next week so that they too can deposit RFUEL onto RioChain.
Also, we now have our dev portal online for RioChain. It’s actively being updated and serves as a helpful resource for anyone who’d like to build dApps on RioChain https://developer.riochain.io/
Anh: Q3: Can you share the RioDeFi roadmap?
- RioChain’s Generic Asset Bridge cross-chain support for RFUEL, BTC, ETH, BNB (ERC-20 version), USDT (ERC-20 version), and OM
- Launch updated web version of RioWallet with new User Interface and functionality
- Incorporate OAuth solution into RioWallet that will allow the creation of a wallet using different email & social media platforms, including Gmail and Facebook
- RFUEL staking options on RioChain MainNet
- DeFi Pools (part of RioFinance) allowing RioWallet users to stake various cryptocurrencies to earn staking rewards that are generated through DeFi protocols such as Uniswap and Curve.
- Launch RioWallet mobile versions for Android and iOS
- Launch RioExchange to allow people to easily convert fiat currencies into cryptocurrencies, deposit cryptocurrencies, trade them on the exchange, and withdraw into various fiat currencies
- Integrate Moonpay into RioWallet
- Join the Rococo v1 Parachains Testnet
Questions from the winners
1️⃣ Any advice you will give to someone who is new to cryptocurrency, bitcoin, investment, assets etc. There is so much information, it gets overwhelming
Sure, thanks for the great question Zenna! In my former business, Blockchain Investor, I got this question a lot. What I recommend is that people only invest what they’re willing to lose. This is a very volatile and risky space where asset prices can go up or down by 20% + in a single day. That makes it very exciting, but also quite stressful when things drop.
I also suggest that people do a lot of research before purchasing anything. It’s important to understand what you’re putting your money into. This also gives the confidence needed to hold strong through the dips.
I view Bitcoin as a better form of gold, one that’s built for the digital age. I personally think Bitcoin could reach $1,000,000+ over the next 10 years, so I’m quite bullish on it. I think it’s a solid asset to hold. I’m also very bullish on Ethereum, Polkadot, and of course RioFuel as well!
For those who are new, one of the most important things is making sure your funds are securely stored, ideally in a hardware wallet or on a licensed and regulated exchange.
Make sure your mnemonic phrase is securely stored in a physical (not digital) format. Anyone who has access to that can control all of your funds.
AND DON’T LOSE IT!
2️⃣ When will the long awaited iOS and Android RioWallet be announced? Are they trying to get listed on Binance yet?
We plan to have the Android version of RioWallet ready by early March, and the iOS version ready by the end of March.
As for Binance…We’re not at liberty to discuss that. That’s considered classified information.
3️⃣ You once said: “Cross-chain DeFi (Cross-chain DeFi) will be a big trend of 2021, why? How will RioDeFi apply CrossFi?”
We chose Polkadot and the Substrate framework because we believe that cross-chain DeFi (CrossFi) is the next big evolution of blockchains. Interoperability is key. This is because each blockchain has its own community and set of tradeoffs — advantages and disadvantages — so it’ll help the entire industry grow when these currently siloed blockchain are able to communicate with each other and transfer value across networks.
One of the ways we’re approaching CrossFi is through the Rio Generic Asset Bridge.
For cross-chain interoperability, the core developmental task is designing how to bring one blockchain’s assets onto other blockchains in a secure and transparent manner. Currently, many blockchain networks are pursuing “trustless” cross-chain approaches, such as Lightning Network and Liquid sidechain. But, after years of development, such applications are still not mature enough for mainstream adoption. Either the user experience is too complex, or there is not enough functionality to cover the cross-chain assets. We prefer to adopt a Federation based cross-chain mechanism (Federated Blockchain).
RioDeFi has partnered with Hex Trust, a licensed and regulated Trust company in Hong Kong that’s focused on the custody of digItal assets. They use bank-grade Hardware Security Modules (HSMs) and a multi-sig process to secure cross-chain assets on RioChain. This process creates a seamless, cross-chain transfer link, ensures security, and eliminates the risk of a single point of failure.
The Rio Generic Asset Bridge supports simultaneous cross-chain transfers of multiple assets, and the end-to-end functionality can be summarized as follows:
1. A user locks an asset (e.g. Bitcoin) on the original chain by depositing the asset in the custodial account.
2. The mapped asset is issued to the user’s address on RioChain.
3. The new RioChain asset can then be transferred between users or used in dApps on RioChain; all RioChain asset transactions are finalized within 2 seconds of transfer.
4. A user with a non-zero asset balance requests a withdrawal from RioChain to their designated address on the original chain (e.g. Ethereum blockchain). Note that withdrawal fees apply (charged in the token being withdrawn) in order to cover the gas fees of the native blockchain network.
5. The asset is then unlocked and sent to the user’s designated address on the original chain.
4️⃣ Do you have any plans to attract non-crypto investors to RioDeFi ? Because it is the success of a project to get more investors who are still not in the crypto world specially as a new project entering crypto. What are the plans to increase awareness about RioDeFi around non-crypto space? And which region is in your mind?
Yes, absolutely! The reason that DeFi has not yet reached mass adoption is correlated to the over-extension of centralized finance, as well as the complexity and lack of scalability in existing DeFi products.
Traditional finance has a number of issues, such as slow speeds, high costs, low interest, opaque governance, poor accessibility (many people can’t get bank accounts), and ultimately it’s powered by fiat currencies that can be created by those in power to benefit the few at the expense of the many.
In order for DeFi to challenge the traditional financial system, it needs to achieve better usability, scalability, security, and trust. Every product and service of the Rio DeFi ecosystem is designed with these factors in mind.
While it is certainly true that in some ways DeFi is competing with traditional finance, we will also be providing a bridge between traditional and decentralized finance that will help normal people gain access to fiat-based savings accounts that generate higher APR yields by using DeFi on the backend. In this way, we see that they can be complementary.
And many don’t know this, but you can actually buy RFUEL directly through our website through our Moonpay integration — https://riochain.io/moonpay
They even accept Vietnamese Dong (VND)
5️⃣ How is RioChain better than Ethereum? As the current situation Ethereum is facing so, do you think in future RioChain can be a replacement of Ethereum Network?
First of all, I love Ethereum. It’s a fantastic network that has paved the way for DeFi and will be valuable far into the future.
When looking at the two blockchains, RioChain is faster, more scalable (up to 3,000 TPS compared to Ethereum’s 17 TPS), and has lower transaction fees than Ethereum. We aim to achieve mass adoption by making cryptocurrencies so easy to use that even a grandmother can use them. This happens by massively simplifying the user experience and having integrated services so that the blockchain components happen in the background. With our OAuth wallet creation solution using a Gmail or Facebook account, and free RFUEL pre-loaded into every mobile RioWallet, we think we can bring blockchain to the masses, which Ethereum dApps have yet to do.
6️⃣ What if I have savings in the bank, then I want to save the money in the savings by investing in RioDeFi while I don’t have etherium assets. Can I deposit directly from my bank account without changing it to ETH?
Yes, you can buy RioFuel (RFUEL) directly through our website using fiat currencies via a debit or credit card. People in Europe can use bank transfers. https://riochain.io/moonpay
7️⃣ If you were to summarize your project in one word, what would it be?
CrossFi (cross-chain DeFi)
8️⃣ How will your project generate profits / income to sustain your project and what is the revenue model? How will it benefit your investors and your project?
RioDeFi has a Business-to-Business-to-Consumer economic model.
We are a Blockchain technology company and as such an important part of our revenue model lies in the solutions we develop for our clients. They can be organizations but also, in the case of RioWallet for example, individuals.
We are connecting people to digital assets, mobile payments, and DeFi services such as savings and lending. Our solutions enable lower transaction fees, faster confirmations, energy efficiency, secure storage, and global reach. We’ve created RioChain, RioWallet, RioPay, and RioExchange to form a user-friendly, compliant fiat to crypto gateway. This will help bring the other 99% of the world into cryptocurrencies, all while generating sustainable revenues through real business.
As we expand our ecosystem of technologies and services, we intend to create new lines of revenues. The viability of RioDeFi as a company is as important to us as making RioChain a successful project.
9️⃣ Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some reasons why they should buy and hold your token in the long term?
We’re building a long-term ecosystem that will be valuable for decades to come. My life’s mission is to create a bridge between the old, centralized world and the new, decentralized world. I want everyone to have access to instant payment, low fees, value-generating currencies, financial sovereignty, transparency, and automation. We’re heading toward a world of massive abundance for all, and I’m working hard each day to help speed up this transition. And my focus is on building a powerful ecosystem to facilitate this, fueled by RFUEL.
🔟 Where do I get information about your team? Do you have a plan to identify your team later?
James Anderson: Many of our core members can be found on our website at https://riochain.io/about
Anh: Our AMA is over, thanks so many questions from the community and great answers from James
RioDeFi accelerates the mass adoption of digital assets by bridging traditional and decentralized finance. Our vision is a world in which everyone has access to decentralized financial (DeFi) services.
We develop solutions that connect banking institutions with blockchain systems. Our applications enable lower transaction fees, faster confirmations, more efficiency, better returns for savings account holders, and global reach.
To learn more about the latest developments regarding RioChain, visit: Riodefi.com