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Wolfonaire Chatbox : AMA SESSION With Venice (8th Jan 2022)

Hello! Wolfonaire Family & Crypto Enthusiasts!

We recently hosted an AMA With Venice on 8th Jan, 2022 at 03.00 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…

Guest Speaker :

Mr. Alex Park | Head of Marketing , Venice Finance

(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)

INTRODUCTION

Alex : The Venice Team consists of experts with a strong technical background for various fields:
Alex Park, Head of Marketing at Venice Finance. He received his PhD from University of Southern California in 2013. Alex has worked for over 7 years in FinTech Professional. Before joining Venice, he was the Chief AI Officer for a decentralized blockchain company in Singapore. At Venice Finance, Alex is leading the product engineering team to pioneer and innovate the blockchain ecosystem.

Tanmay, software advisory. Tanmay has past experience being a senior software developer on OneLedger; Research Scientist for Conduent.
Taylor, a UC Berkeley graduate with an Architecture background who had previously worked as a private consultant for 2 years. Taylor joined Venice to use his project management skills to strengthen the team and help the team work more efficiently.

Oleks, frontend engineer, team lead of Venice. Oleks has 18 years of experience in the IT industry with multiple languages and tools. Before joining Venice, Oleks has past experience in Findora and another blockchain project where he built a wallet and worked a lot on improving and extending their block explorer. Oleks has also implemented Ledge integration into the wallet, and built a wallet chrome extension and worked on maintaining and supporting their SDK.

Sergio, cryptography advisory at Venice. Sergio worked as an innovation cryptography manager. He had led a team of developers to implement cryptography algorithms and explored prosing blockchain applications to the business using SAFe methodology for development.

Wolf : Solid Team powerful
For our members who are not already familiar with the project, can you give us a very high-level overview of what #Venice is and what competitive edge it brings to the Crypto Universe?

Alex : Venice is the next-generation, Zero Knowledge powered decentralized exchange, primarily focused on privacy preservation, front-running resistance and cross-chain liquidity aggregation. At launch, Venice will be the first front-running resistant, privacy-preserving Automated Market Maker (AMM) Decentralized Exchange (DEX) in the world.

Front-running has always been a problem for DEX and AMMs. Front running is When a trader sticks with the deal, watching the price accumulation, and figuring out when to slip past the other traders at the final possible moment to make a profit, since blockchain transactions are broadcast publicly, people on the lookout can spot large deals about to take place and submit their own trades to profit from the scenario. Good news is the Bulletproofs functionality can solve this problem and it is now live on Findora’s privacy-preserving UTXO ledger. Venice supports trades/swaps wherein the asset type and amount are masked, effectively removing any chance of malicious users exploiting the system. It also provides an elegant mechanism to prevent front-running while maintaining the ideology behind a completely decentralized and transparent system.

Choose Venice Finance for the best trading experience, most economical trading cost and safest trading.

As the first front-running resistant, privacy-preserving AMA DEX, Venice stands out because of three strength as follows:

First, advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice enjoys a function of front-running resistance and full anonymity to protect users from value extracting players.

Second, community-Oriented Governance as VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let venetians collectively decide on the optimum solution for the protocol through farming, staking and voting.

Third, chain-agnostic liquidity hub. Venice allows users to frictionlessly and trustlessly move liquidity inter-ecosystem without revealing their position or identity. Findora Foundation has committed $10 million worth of liquidity from its $100MM+ Ecosystem Fund towards the Venice launch.

Wolf : Interesting

Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?

Alex : For Venice being so young and new, we’re currently focusing on gaining as much publicity as we can before our launch in January 2022. We are working in partnership with some industry leading blockchain companies, including Tokensoft, Polygon and Findora and many more to come.

Per our roadmap here are what Venice plan to tackle in the year of 2022:
At Q1 2022, we will 1) drop our V1 Mainnet launch, 2) Bridge integration to BTC and Arbitrum, deploy on ETH and BSC, 3) we will make governance & VENI community DAO w/ $10 million liquidity support from Findora Foundation
Q2 2022: we plan to 1) Drop V2 launch w/ front-running resistance utilizing Bulletproofs, 2) Bridge integration to Polygon, Terra and Avalanche, deployment on Avalanche, Polygon and Arbitrum, and 3) Limit order & customizable liquidity positions will become available to users
Q3 2022: 1) Drop V3 launch w/ full anonymity utilizing Turbo-PLONK and Multi-Party Computation, 2) Single-sided liquidity provision, staking rewards auto-compounding, stablecoin swap support
Q4 2022: 1) Drop V4 launch with customized private money market, 2) Leveraged lending and NFT assets collateralization, 3) launchpad for new project incubation

Venice is designed to function as the first front-running resistant, privacy-preserving AMA DEX offering unique functionalities such as advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice will launch different versions on Testnet and Mainnet, and integrate bridge to Ethereum and BSC, Bitcoin, Harmony and Arbitrum, and Polygon. We will receive $10 million liquidity in Governance & VENI community DAO provided by Findora Foundation. We plan to and roll out single-sided liquidity provision, staking rewards auto-compounding, stablecoin swap, and the launchpad for new project incubation next year. Going forwards, we expect community members to participate.

Wolf : Amazing Explanations @alexpark7
Lemme pin your Twitter so more can engage

https://twitter.com/venicefinance?t=nxHPn0ZZZxoyNRryclbDIQ&s=09

Wolf : Must Follow venice @venice_finance

Must Join Wolfonaire Family
What’s the Venice business model?

Alex : Basically, Venice Finance is governed and controlled by $VENI — the governance token for Venice Finance. Users of Venice Finance can earn $VENI to participate in shaping the future of the first front-running resistant, privacy-preserving AMM DEX.

VENI’s governance is community-oriented. VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let venetians collectively decide on the optimum solution for the protocol through farming, staking and voting.

Total supply of $VENI is set at 1,000,000,000. This amount is a non-inflationary fixed supply set at launch. 10% of the $VENI supply was distributed at the genesis event to Venice liquidity providers and stakers. The remaining 90% is distributed over the course of four years.

Currently 0.3% trading fees are reinvested back in the liquidity pools providing income for LPs in addition to LP rewards. We are looking to use a portion of trading fees for $VENI buyback. This would be a feature upgrade that $VENI holders would vote on.

A unique feature of Venice is the$VENI governance token which enables changes to Venice protocol code via proposals. Approximately 25% of $VENI distribution over the next four years will be allocated to a development pool which will fund future product development, marketing, rewards, and liquidity provider acquisition. In the spirit of decentralization, we want $VENI stakeholders to play an integral role in the direction of Venice Finance.

We design this to balance value capture and to award long time investors. Several KOL and investors including DHVC and Findora discussed this innovative token economics.

Wolf : Amazing 👏

What are some of the utilities of $VENI? How do you think you stand out among the competitors if there are any?

Alex : VENI features the following utilities:
1/ Staking & Mining: The majority of VENI tokens will be distributed via Community Incentives and Liquidity Mining to achieve a balance of high market utilization and a wide distribution of governance participants.
2/ Governance: VENI holders can propose improvements (e.g. adjusting pool parameters, integrating new ecosystems) and collectively decide on the optimum solution for the protocol.
3/ IDO: we are targeting Jan for pub sale w/ tokensoft
4/ Ecosystem Partnership & Grants: our ecosystem partners and developer community will be aligned by VENI token to bootstrap the VENI ecosystem.

Venice is the first-of-its-kind, front-running resistant, privacy-preserving AMA DEX, Venice stands out because of the following strength:
1/ Advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice enjoys a function of front-running resistance and full anonymity to protect users from value extracting players.
2/ Community -Oriented Governance as VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let venetians collectively decide on the optimum solution for the protocol through farming, staking and voting.
3/ Chain-agnostic liquidity hub. Venice allows users to frictionlessly and trustlessly move the liquidity inter-ecosystem without revealing their position or identity.

Wolf : Thankyou For This AMAZING Answer 👏

Lets move for the Twitter Questions

Alex : Indeed, lots happened in DeFi world. We value our platform’s user data very much. And we understand in defi space there are many projects that get hacked on a day-to-day basis. That is why we are partnering with some of the top name audit companies around the globe, to ensure that we get not only just 1 audit done with our code but various audits through different companies.

To protect user’s privacy and security, the transaction you made on Venice is made confidentially and anonymously. This simply means that you won’t be targeted by hackers because hackers won’t know WHO’s making the transaction nor HOW MUCH the amount is being processed. This is achieved by the Bulletproofs functionality by encrypting the transaction so the transaction isn’t visible to other people’s eyes; which is now being practiced by Findora on its privacy-preserving UTXO ledger.

Alex : Also, Venice is partnering with top auditing firms including Certik to guarantee the security of users’ money. Besides, the codes are drawn with strict security auditing and through tests and bounty programs. I would encourage everyone to go try it out at: testnet.venice.finance

We will launch our Liquidity Mining program to attract the initial liquidity, and the announcement has not been published yet, so please stay tuned. This would be a great way to get excess returns.
Right now, we will be firstly on the Findora network. But we will launch our bridges to also support BSC AVAX ETH etc. Multi-china strategy plays key role in our liquidity aggregation plan.

Alex : Advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice enjoys a function of front-running resistance and full anonymity to protect users from value extracting players.
These are the newest cutting edge zero knowledge primitives. We are working on enhancing the cryptography support inside the EVM to make these privacy preserving transactions work well. For example, Bulletproofs are very efficient in hiding asset amounts and asset types. Plonk is jack-for-all-trades that can effectively form a “DARK POOL” dex. We also have KYC friendly address recreator that will help anonymize the user’s identity. well, just a lot of new features in the pipeline. We ultimately make Venice good for people free of censorship, MEV and front-running
Folks, our team has more than 100 years of combined expertise in zero knowledge cryptography, smart contracts, marketing, financial engineering and community building. We have developed rich APIs and SDKs along with the Layer 1 protocol’s devs to take advantage of the cryptographic primitives.

Alex : Venice is partnering with top auditing firms including Certik to guarantee the security of users’ money. Besides, the codes are drawn with strict security auditing and through tests and bounty programs. I would encourage everyone to go try it out at: testnet.venice.finance
We have already completed the audit and the reports will be released soon. Please rest assured

Alex : We plan to focus on larger cap markets of DeFi including advanced users, institutions amd of course retail users. Venice is permissionless so everyone can participate. Geographically, we are interested in expanding in North America, South East Asia, European markets. WIthin the ecosystem, we are fond of buidling relationships with Layer 1, lending procotols, liqudity providers, and stablecoins. We are focusing on our upcoming Public Sale and Product launch in Jan. And of course, we would like to expand our user scope, community as broad as possible. Please check https://testnet.venice.finance/ for Venice (VENI) Public Sale KYC and follow social platforms for latest development news.

Wolf : Amazing @alexpark7
Lets move for the community round
Get Ready With Your Questions guys

Now Group Question & Answer Session Began

Q1. How Do you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?

Ans. We are planning on our Global Ambassador Program, so yes, we really value places where English is not spoken. After the program launch, we will setup all the local communities.

Q2. Do you have a AUDIT certificates? Or are you working to AUDIT Your project, so that the security of the project becomes more secure and reliable? Thanks Sir.

Ans. Venice is partnering with top auditing firms including Certik to guarantee the security of users’ money. Besides, the codes are drawn with strict security auditing and through tests and bounty programs. I would encourage everyone to go try it out at: testnet.venice.finance

Q3. Where can I currently buy Token?

Ans. Venice partners with TOKENSOFT for a fully KYCed public token sale. It is not open to US and China persons.The sale details will be announced soon. I would estimate it will happen in early Feb. We have received very positive feedbacks and inquiries.

Q4. Is your token already listed on any exchanges to buy? when will be listings done??

Ans. Not yet, but please stay tuned and participate into our upcoming IDO !

Q5. Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?

Ans. We are working in partnership with some industry leading blockchain companies, including Tokensoft, Polygon and Findora and many more to come.

Now the session ends with lots of thanks to our Guest Speaker…

Here are some important links of Method Finance

Website | Telegram | Twitter | Wolfonaire Family Chatbox | Wolf

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