The AMA Room
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The AMA Room

Passport.finance AMA with Zoran Cuckovic and Youngsung Chong

Eric: Welcome @passport_dev and @PassportWingman

We will start soon!

Passport: Thanks for the opportunity, Eric. Sure we also have our advisor @youngsungc with us today.

Youngsung: Nice to meet you all.

Zoran: Hello everyone!

Eric: Let us start!

Passport: Sure. Excited!

Youngsung: Awesome! 🥳

Eric: Welcome @passport_dev and @youngsungc. to kick it off. can you introduce yourselves, your role at PF, and your background?

Youngsung: I am Youngsung, advisor to Passport Finance and CEO of Axis Labs. Until now, I have been advising over six different blockchain projects with business development, marketing, and global expansion.

Zoran: I’m Zoran, I’m a full-stack dev with a solid background in AngularJS, ReactJS, NodeJS, Python, Blockchain, PHP, My SQL, and more. I’m leading Passport dapp development. In my past, I’ve worked with several blockchain projects including MakerDAO.

Eric: Nice to meet you, fine gentlemen. So in your own words, what is Passport Finance?

Zoran: Passport Finance is a compelling, complex DeFi application that pushes the development team to its limits.

Youngsung: To me, Passport.Finance is the key to bridge non-crypto and crypto users in DeFi sector.

Eric: Please tell us what exactly does the Product do?

Zoran: Passport Finance brings DeFi to mobile users. Recently, there was a lot of DeFi projects building from hardforks of Uniswap, etc. This creates a barrier for users not knowing Metamask or crypto. Passport Finance will provide all the necessary blockchain-based financial services to the users with a simple and elegant UI / UX. We are mainly focusing on mass adoption with additional services being developed for enterprise-level vendors.

Eric: What would be a similar product or competition for Passport.finance?

Youngsung: Binance’s Swipe application is quite similar to what Passport is to offer.

Eric: got it. So what makes Passport better than Swipe?

Youngsung: From the business perspective, Passport.Finance has more potential than Swipe because of its strong ties to the co-incubator Paparazzi. As Paparazzi is a photo-centric SNS (similar to Instagram and Tiktok), the user adoption and acquisition will be much easier for Passport compared to Swipe. Swipe is an amazing project, but as a sole ‘payments app’ it will be difficult to challenge against PayPal, Venmo, and more. The passport team made the right decision to expand its ecosystem through in-depth partnerships.

Eric: Nice.

@youngsungc can you tell us more about Axis Labs?

Youngsung: Yes, Axis Labs is a blockchain development company focusing on building proprietary blockchain protocols. We have been researching our consensus algorithm and protocols since mid-2019. In 2020, we have been working with the Paparazzi team to build a layer 2 blockchain platform: Vitae.

Eric: So Paparazzi and Passport are built on Vitae, right?

Youngsung: Yes that is right. Further details about Vitae will be public quite soon.

Eric: That would be an interesting thing to discuss as whatever unique with Vitae will be passed on to Passport.

One of the key features of Swipe is the fiat onramp/offramp. how many fiat currencies will Passport support on day 1, and what is the timeline for adding more?

Zoran: As of the moment, we are working with our legal advisors on the compliance for adding fiat currencies to the payment application. In the roadmap, we have plans to add KRW first for the application in Korea. Other fiat options and card service will follow.

Eric: Passport Finance has a central token, Please tell us what it is and the utilities or role it plays in the product.

Zoran: PASS tokens will be used for crypto conversions, payments, governance, staking, yield farming, and fees. Our goal is to create the token as decentralized within the next three years.

Also, 25% of our total supply is allocated for liquidity mining.

Eric: How do Axis Labs and Paparazzi team support Passport in designing a frictionless blockchain platform and why is the Vitae Network using Axis Lab’s second layer technology?

Youngsung: Paparazzi and Passport are blockchain-based applications within a very specific market sector: social networking and finance. These applications need a very simple, scalable blockchain platform similar to Binance Chain. We are thus helping Passport to have customized APIs and smart contracts to have further third-party support. Later, Vitae will use our proprietary second layer technology as our consensus algorithm, and protocols are designed to add additional security from potential vulnerabilities like the DAO attack.

Eric: Ok, will open the floor for community questions! @youngsungc @passport_dev please wait 2–3 minutes before answering.

Community AMA

Q: The faces of the team are currently cartoons on the website. Any specific reason as to why you chose that instead of showing your real faces?

A: For the website’s design, we have used illustrations. However, in this article, we have our actual pictures and introductions.

Introducing Passport Finance Lead Dev & Advisory Board

What is Passport?

medium.com

Q: It is known that the DeFi wave is at its peak but few projects will prevail. How confident are you about the future regarding the validity of your proposed technology? Kindly share your thoughts with us?

A: Whether a blockchain project will remain standing in the market is depending on their adoption rate outside of the blockchain space. Passport Finance team is preparing to play the long game by focusing on user acquisition and user experience. This philosophy prevails within the Paparazzi ecosystem.

Q: What are the advantages that DID offers in DeFi? and in Passport Finance? Why is a DID necessary?

A: Decentralized Identity (DID) is important to implement in DeFi to allow users to have full control of their assets. It is also the reason why users will prefer cold wallets or Metamask over exchanges. With a shared DID system for Passport and Paparazzi, the shared user pool will be exponentially growing.

Q: What roles does your project play in the innovativeness and future of DeFi and how does it spearhead the adoption of DeFi using blockchain solutions? #passportfinance

A: We are planning to spearhead the adoption of DeFi in two ways. Technologically, Axis’s Layer two technology will provide us security against key vulnerabilities of DeFI protocols. In terms of usability, our priorities on mobile help us to make us outstanding against the recent DeFi projects. For example, governance will be available for users via mobile as well.

Q: How did Paparazzi blockchain contribute to the improvement of Passport Finance? Can you explain more about the process of incubation done by Paparazzi blockchain to your platform?

A: Paparazzi team and Axis Labs is helping Passport not only with technological development but with branding, marketing, and partnerships. Paparazzi and Passport teams both share the same agenda and philosophies. We think the two platforms are a good fit for each other.

Q: What problems did you face when trying to implement your product in working businesses? Is it hard to explain to the usual non-crypto people what is Passport and what are the advantages?

A: While we are still before the official release of the application, such challenges are expected. If non-crypto users have difficulties using Passport, we will have difficulties. This is why the development team is prioritizing user experience.

Closing Remarks

Eric: Ok. Let’s wrap if up

@passport_dev @PassportWingman pls invite everyone to your telegram group

Passport: Thanks for the opportunity @ERCSU. We had a great time answering questions by community members of TheAMARoom. Also, here are the links to our website and socials.

Website: passport.finance

Telegram: @passportfinance

Twitter: www.twitter.com/passportfin

All our DMs are open as well, so anything related to Passport Finance if you’d like to know, feel free to DM any one of us @passport_dev @youngsungc @PassportWingman we will be happy to answer all your questions

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