The Force Protocol x Chainlink AMA Recap

ForTube
ForTube
Jun 24 · 8 min read
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Q: Can you introduce yourself, give us a little of your background and what your team has built and is currently building?

A: Hello everyone, I’m David Lei, CEO and co-founder of The Force Protocol. I’m very happy to be here with Rory in this AMA. First, introduce about myself, I was engaged in Bitcoin mining for about one year between 2011 and 2012 when I was in graduate school. After my graduation, I worked for several leading companies in Healthcare, Internet finance, and software development. I began the research on blockchain and crypto since 2016. After 2-year research and study, I founded The Force Protocol with my friends in business school, they are Allen An, Louis Xu, and Michael Yu, aiming at Crypto Finance.

Our name is original from the movie Star Wars in which “the force” is a very important concept. It is the most important power to secure love and peace in the universe, drawing on this important concept, we named our product “The Force”.

The project is building a DeFi service infrastructure based on blockchain systems. The Force Protocol’s products include DeFi technical components and multiple tokenization protocols. Based on DeFi technical components, our team integrates the bond financing protocol, crypto loan protocol, decentralized stablecoin protocol to form the ForTube DeFi service platform.

Q: Yeah, awesome. Thank you so much for sharing.

I’d love to get a little bit more into the, into ForTube and really the three products. So if you could maybe explain a little bit, maybe what ForTube is and a little bit more detail, and maybe getting into what those three products are in detail.

A: “ForTube” is the short version of “Fortune Tube”, people may think we are a video site however we are not, we wish our users can make a great fortune through our DeFi service on ForTube. The ForTube will provide individual and enterprise users with crypto-asset investment, financing, and trading services, to meet various crypto-financial needs of different users. ForTube has three functional components, they are ForTube Bond, ForTube Bank, QIAN stablecoin.

ForTube Bond is a bond funding protocol of crypto-asset loan service with fixed terms and interest rates. Users can issue crypto bonds on the ForTube platform, the whole process is total decentralized, each term of the crypto bond is issued in the form of ERC-20 and we call them BondTokens. Each term of BondTokens has its own ERC-20 contract, which contains all the necessary information and related operations of the bond. BondTokens are indivisible, and their face value is usually $100. BondTokens can be transferred freely. The person who holds BondTokens is the creditor in the debt relationship and can redeem the principal and interest on the ForTube platform.

ForTube Bank is a loan service protocol provides token deposit and loan services with algorithm-driven current and variable interest rate. I guess people are familiar with Compound finance, we will provide similar service like compound, the difference is we will focus on Asia market first, support crypto assets such as HT, OKB, HBTC, imBTC, etc. we also introduce different interest rate algorithm of Compound, we use a three segmentations function model to calculate the interest rate at different lending ratios, this can make our adjustment more precise. And the most important point is, the code of our products, every one of them, is developed by ourselves, not fork or copy from existing projects, we respect current DeFi players, they are doing a great cool job.

QIAN is a decentralized stablecoin designed for everyone to mint and use. Cryptoassets holders can lock their assets to QIAN’s smart contract to obtain the amount of QIAN stablecoin that is equivalent to fiat currency without having to pay any interest. The stablecoin QIAN is regarded as the currency exchange proof issued by the smart contract to the holders of crypto-assets. You can imagine QIAN is the next generation of MakerDAO’s DAI. QIAN introduces innovative price stabilization mechanisms such as 0 holding cost, the volatility index, smooth arbitrage liquidation of crypto assets, etc. QIAN stablecoin can be used for investment in ForTube Bond, for deposit in ForTube Bank for interests, or used as the payment tool in transactions. QIAN will peg the RMB, our market strategy is focusing on the Asia market, a lot of crypto holders have the need of RMB in stablecoin, these people will be our first users.

Q: Very cool. So I love to get, so I know you said the Bond, the Bond is live, interested to know what’s kind of the next thing on your product roadmap. What do you expect to go live next?

A: Our future development milestones will be: In July 2020, we’ll integrated loan, stablecoin, and bond into ForTube and create a one-stop DeFi platform ForTube. Also in July 2020, we will initiate the launch of stablecoin QIAN 2.0. In September 2020, we will officially launch the DeFi application security protocol component. This year we will collaborate with Binance Chain, Polkadot, and other great projects in ForTube business, to introduce our service to more users worldwide.

Q: What challenge were you trying to solve with this integration?

We all know the oracle problem, a smart contract is only as good as its data source, however, the data in a completely open, decentralized network isn’t necessarily reliable, people using decentralized smart contract every day, but the oracle is usually centralized, not only safety but also the necessity of smart contract’s existence will be challenged. The oracle opportunity is where a project like Chainlink step in to solve that problem by using a valuable token to let participants get rewarded for providing good data.

How do you secure anything that is correctly operating in a blockchain? You need to put some crypto or token behind it to play the governance role, there’s some kind of governance token to make sure all the players are behaving so that the data quality can be assured.

And that’s exactly what Chainlink has done, chainlink team has done it in an open and extensible fashion, in that they have a technology solution to make sure the price sources are decentralized and reliable. That’s also the reason why we are seeking for the integration.

Q: Why did each party pursue this integration?

A: Like I just said, our smart contract needs reliable price sources. To chainlink team, they need to expand their market sharing in decentralized oracle service, and we both agree to have FOR token price feeds in near future, this can help Chainlink team expand their price source, also can help ForTube and The Force Protocol get more business partners in DeFi industry, it’s a very good win-win situation for both teams.

Q: How is The Force Procol using the Chainlink decentralized oracle network?

A: Chainlink is a decentralized oracle network that currently provides decentralization at both the oracle and data source level. By using multiple independent Chainlink nodes, we can protect against one oracle being a single point of failure. Also by using multiple data sources for sourcing market prices, we can protect against one data source being a single source of truth.

We are going to integrate Chainlink price source into our ForTube Bank service, we believe this will bring great value to our service and our users.

Q: Architecturally what does this integration look like, how does it work?

A: Chainlink already offers secure and reliable market data via the Price Reference Contracts, a collection of decentralized oracle networks currently live on mainnet that secure 25+ DeFi price feeds, such as ETH/USD, CHF/USD, ETH/BTC, etc. Each Price Reference Contract is backed by at least seven of the 30 independent, security reviewed nodes. These nodes source market data from a large pool of different highly respected data aggregator APIs, with at least seven deployed on each oracle network. The nodes’ individual responses are then aggregated together into a single data point and updated on-chain at specified intervals, such as by time (daily), deviation (every .5% change in price), or a customized combination of both (minimum once a day + 1% price deviations).

Q: What is the value of using decentralized oracles in DeFi projects?

A: The chainlink team of oracle experts is unmatched in their speed of execution, ability to deliver, and communication. Their expertise allows us greatly to accelerate development time, as well as create a high-performance oracle solution that fits our unique needs. Backed by Chainlink’s tamper-proof inputs and outputs, we can bring huge value to the DeFi service users through high-performance financing options without having to worry about ongoing security risks.

We are glad to see Chainlink connects more and more DeFi projects, this will gradually make Chainlink as the standard oracle solution in the industry, which will help DeFi projects develop steadily and securely.

Q: I am interested to know is there anything people should look out for? And then what’s kind of the best way to follow you or to follow the development of the Force Protocol?

A: I think you know we are building our community on the Telegram and on Twitter. So every step of our project we will share with our community in the community channels.

If people are interested in our project and our services.

First, I recommend them to use ForTube. Therefore, the first step to becoming our users, to try the cool DEFI service. And after that, if people think we are really good, they really recognize us. So I recommend people join our community on the Telegram and to follow our Twitter account.

We will share every interesting step with our friends.

Q: Awesome. Perfect. Thank you so much for that. We’ll put those links in the description as well. So anyone viewing the video can certainly watch that. The kind of the last thing is there anything else that you want to share before we kind of wrap up the Q&A here today?

A: I’d like to share about the security of our product. Before we launch our product officially, we will first make our code be audited by the tier-one audit team.

For example, before we launch our Bound Protocol, we have the SlowMist audit team to audit our codes together with us. And so we make sure every code is safe before we launch our product. But the audit is not enough so we run our service and we are having a bug bounty program currently. If you find a bug on our platform, just send information to us and we will give you rewards. So welcome to join our bug bounty program!

Q: I definitely respect and appreciate that you kind of audit your code prior to going live. I’m sure you’re aware that sometimes people created DEFI product without auditing their code and just going live and then kind of hoping everything sort of works out. So I definitely think that was the right approach.

Could you explain a little bit, maybe kind of how long that process is? How long does that auditing process usually take for a team like yourself from the beginning of the audit to the end?

A: Take the bond audit process as an example, it took us about three weeks for the whole audit process. But if we add the discussion of our process. It took over one month for the total audit process.

—————————————·END·—————————————

Know More About The Force Protocol:
▲Medium: https://medium.com/@theforceprotocol
▲Official website: https://www.theforceprotocol.com/
▲ForTube website: https://www.for.tube/home
▲Twitter: https://twitter.com/Force_Protocol
▲Reddit: https://www.reddit.com/r/The_Force_Protocol/
▲Github: https://github.com/thefortube
▲knowledge library of ForTube platform: https://docs.for.tube/

ForTube

ForTube is the world’s top DeFi lending platform.

ForTube

Written by

ForTube

ForTube is the world’s top DeFi lending platform launched by The Force Protocol.

ForTube

ForTube

ForTube is the world’s top DeFi lending platform launched by The Force Protocol. It is committed to providing decentralized lending services for cryptoasset enthusiasts around the world, supporting most of the world’s popular assets.

ForTube

Written by

ForTube

ForTube is the world’s top DeFi lending platform launched by The Force Protocol.

ForTube

ForTube

ForTube is the world’s top DeFi lending platform launched by The Force Protocol. It is committed to providing decentralized lending services for cryptoasset enthusiasts around the world, supporting most of the world’s popular assets.

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