Today, YfDFI Finance held their very first AMA in their official telegram channel. Administrators DeGen TheGem & Captainlink hosted the event, and one of the 10 founding contributors of YfDFI Finance, Kevin, provided the answers. Members of the community were invited to submit their questions via YFDFI’s twitter profile (@YfDFI_Finance) the day before. The following is a transcript of the AMA:
DeGen TheGem: Hello YfDFI Community! The project is conducting its first ever AMA in the official channel. I hope you understand why the project chose to do it in here instead of other groups. It’s a community project and it’s good to hear the concerns within the community and get the community involved and rewarded.
Today we have Kevin, one of the first 10 contributors to YfDFI Finance, who is going to answer the questions asked through the twitter post.
Kevin DeFi: Hi Community!
DeGen TheGem: Hello Kevin.
Kevin DeFi: Hi DeGen.
DeGen TheGem: Can we start with a brief history of your background?
Kevin DeFi: I am a specialist in business and organizational strategy and have a Master’s degree in Marketing and Management from a renowned business school. I also have more than 10 years’ experience as an Expert Consultant and have co-founded 5 successful companies. Finally, I’ve been in the crypto space since 2017 and have been involved in numerous projects.
DeGen TheGem: Good to know. How did you get involved with YfDFI Finance? And what’s your role or contribution?
Kevin DeFi: I joined YfDFI as one of the first 10 contributors last September.
The initial contributors were looking for someone to work with them on the strategy, especially on the community part of the project. One of the initial contributors is a big player in strategy, so he used his network to link with other strategists, including me. I received a message with info about the project and also what they were looking for in terms of strategy and I jumped in!
I was directly convinced by the vision of the project; I have been pro-decentralization for a long time.
DeGen TheGem: You are right. The docs and the way in which the project was developing was what got me in as well. Let’s get started with the questions from the community.
Our first question is from Jar Jar Crypto:
With staking rewards guaranteed until April 2021, do you worry many holders may move on to other projects when staking ends, and do you have any plans or announcements to mitigate that?
Kevin DeFi: No, we aren’t worried at all. We all know many projects that came into DeFi offering insane APY to attract people just for a pump and dump without any sustainable strategy. At YfDFI Finance, we are here to build what we call a “circulating economy”!
Let me explain more:
The idea is to have community rewards at the heart of the ecosystem. The dedicated supply for community rewards isn’t a problem if you are in a circulating economy. The first step was the staking pool launch that is helping us to attract people and build the core community (it’s happening now and you’re a part of it), then the farming pool will come (very soon) and extend the reward period. This long period helps us to build, involve and engage a strong community while developing all solutions (DEX, Swap, Governance, Insurance, Ventures…).
Then, we will start generating profits that’ll be redistributed to the community through different ways (direct distribution, special staking events (with Ferrum), Gigs & Rewards to always encourage contribution…). It’s for our common interest. Circulating economy and long-term vision. I love it.
DeGen TheGem: We have next question here from Defi Trader:
Are you planning to bring any new updates, and good news for yfdfi in 2021, which haven’t been planned and announced?
Kevin DeFi: First of all, I hope you’ve seen where we are heading since the roadmap has been released by Altcoinbuzz.
No less than 3 platforms are planned to be released: DFI.Swap, DFI.Governance and the final version of DFI.Exchange including integrations such as ChainLink or Chartex.
There are a lot of interesting things that are going to be developed by next summer (2021).
I can also tell you today that it is possible that some solutions initially planned for Q3-Q4 2021 could be delivered in advance, particularly the Self-Banking solution.
We will tell you more about it at the start of the year if things are confirmed. But keep in mind that from Q1 2021, DFI.Governance will be available which means that the good news will soon depend on your ability to make interesting proposals that will be validated by the community.
There are no limits to a community project. The ecosystem initially presented is the one thought up by the initial contributors, but it could become bigger and much more complete if the majority wish. This is a real community-driven project!
DeGen TheGem: So we can expect governance to go live in Q1 2021 and the community will be fully able to submit and vote on proposals?
Kevin DeFi: Yes, this is the plan.
DeGen TheGem: Great, moving on to the next question. From KinGinG:
I read on your medium post that solutions will be community developed and all profits generated by the ecosystem will be automatically redistributed to contributors and token holders.
How do I benefit from this?
And are the Community members the main investors in this project?
Kevin DeFi: Firstly, the solutions won’t BE community-developed, they already ARE community-developed 😉 …and all upcoming ones will also be community-developed!
As you know, YfDFI Finance was initially started by a team of DeFi enthusiasts who got fed up seeing projects fool the community and damaging the image of DeFi within the industry. They believe that it is necessary to get the community actively involved to stop the proliferation of pump and dump projects that plague the market.
The first contributors had the idea. They then involved people from all over the world to lay the foundations for the community-project. Several weeks later, others volunteered to manage the community, social media, marketing, and to pursue the ecosystem development.
This is how I ended up in front of you today. Trust me guys, I’ve been in this space for years and this is a one-of-a-kind project which employs decentralization at every level!
So, second part of this question now:
As explained previously, the ecosystem’s profits will be redistributed to the community through different ways (direct distribution, special staking events, Gigs & Rewards to always encourage contribution…). You’ll also benefit from it, by receiving shares in DFI.Ventures — the world’s first community-owned venture capital initiative. Regarding the profit sharing, the idea is to have a fully automated redistribution system run by smart contracts.
CaptainLink: Just wanted to clarify that you mean to say all “solutions will be community developed”?
Kevin DeFi: All solutions will always be community developed, as they have been so far 🙂
DeGen TheGem: Great. I was going to ask, thank you for chiming in CaptainLink.
CaptainLink: Thank you! That’s the beauty of a community-based project!
Kevin DeFi: So, I was saying that the idea is to have a fully automated redistribution system thanks to smart contracts. These smart contracts will send to each vault the share of profit dedicated to it (Direct Sharing Vault, Special Staking Vault, Gigs & Rewards Vault, DFI.Ventures Vault, etc).
We will go from a manual system to a fully autonomous system along the way.
While waiting to automate it, the first profits generated will be periodically sent to the wallet dedicated to Gigs & Rewards. As usual, it will pay the community contributors helping the project to become better day after day.
I’d actually like to take this opportunity to share with you something that has not yet been shared!
We already have a platform that is generating profits, our Staking Pool! All collected fees are currently in a trackable public wallet which contains no less than 140 YFD: https://etherscan.io/address/0x3cb1e955aed25c24048a48cb43c5bba92c7f50fd#tokentxns
Each redistribution will lead to an announcement and each member of the community will be able to verify the proper movement of funds. The first redistribution to Gigs & Rewards wallet should take place next week!
My question: have you ever seen this level of transparency in another project? Many questions are asked about the team (the possibility of being fooled etc). We know the space but don’t be put in doubt for rumours, look at the facts! The initial contributors’ intentions are crystal clear, they are here to make the world a better place thanks to DeFi! That’s the vision behind YfDFI Finance.
DeGen TheGem: I have verified the Gigs & Rewards movement myself before getting involved and they all matched the work that was being done. This is what got me to stay with the project.
Sorry for the interruption. Back to the last part of the question. Are the Community members the main investors in this project?
Kevin DeFi: Yes. We did not call upon any investment fund or any whale. The project was voluntarily launched under the radar to have as many small holders and contributors as possible before whales found the project. We know that a healthy distribution of token supply increases the level of decentralization. That’s why the marketing took a long time to start, it was intentional.
DeGen TheGem: Next question, from Txtdarirealife:
How big is the team? Are the team members public? If not, do they plan to be public in the future?
Kevin DeFi: The so awaited one 🙂
DeGen TheGem: We get this everyday here!
Kevin DeFi: First of all, I’m pleased to inform you that the first contributors are three people. The first one has a PhD in Cryptography, ex-cypherpunk, pro-decentralization, in crypto space for a while. The second one is a Blockchain/Business Strategy Consultant & Serial-Entrepreneur. The third one is a Tech SAVVY Blockchain Serial-entrepreneur having contributed to many blockchain projects you surely know.
The full contributors list can be found on the website (https://yfdfi.finance/about). I’ve noticed some new contributors missing that will be added soon.
As explained, the project foundations have been laid out thanks to “Gigs & Rewards”. Moreover, there are more than 20 contributors working on the project at the moment.
Why they decided to stay anonymous?
For one important reason. They want to keep in line with the original vision of YfDFI Finance — to be a community-centred project and NOT a project owned by a centralized team!
The first contributors really think that centralizing a project using decentralized technologies around a small team is a big paradox of decentralization that is widespread in the crypto space.
For example, we could say that Yearn.Finance is a DeFi project, right?
However, it was fully centralized on one guy, Andre Conje, its founder. What happened when Andre started to be less present on social media and within the community? The community started to freak out and the project started to collapse at that time! Most of us are using pseudos here, even the admins. And it works!
Our vision is completely different, a fully decentralized project where the community is in the centre; it doesn’t mean that the first contributors aren’t working hard in the project, they are, but they consider themselves as community contributors, like all of you!
Did someone ever ask you to share your identity card or pass a KYC here? Never! As you’re all anonymous, I also don’t know who you are, so should I think that you are all here with bad intentions? I’ll never think that of our community! Would it be fair to impose certain rules on some of us and not others? No guys, this is what killed the world in which we are living! We all know it. Maybe some of the initial contributors will become public when the ecosystem will be stable, everyone is as free as you here. However, if it’s mandatory for you, remember that you’ll be able to vote on it through DFI.Governance, but also remember that voted rules are imposed to all YFD holders. So, if becoming public is a rule we’ll all become public through KYC guys. I’m not sure this is what we want here, so think well about that.
Ask yourself the right question every day, and here the right one is “How am I going to contribute to the project today?”
DeGen TheGem: Hopefully the community will speak when the governance goes live and this makes our job as admins easier moving forward lol.
Kevin DeFi: The job you’re doing is amazing though! Great community over here! Well managed and friendly.
CaptainLink: Definitely. We get this question all the time so thank you Kevin for clarifying everything.
Kevin DeFi: My pleasure.
DeGen TheGem: Thank you. Are we done with the team part of the question?
Kevin DeFi: Yes mate.
CaptainLink: Yes, our intention is to always have positive vibes, help each other and create that trust where no one feels left out.
Kevin DeFi: I see it every day Captain.
DeGen TheGem: Our next question is from StarCrypto:
Maintaining and ensuring security, scalability, and interoperability will provide a competitive edge for blockchain projects. So, how will YFDFI project solve and overcome these problems?
Kevin DeFi: You pointed out really interesting and important topics for the sustainability of our ecosystem.
Regarding the maintenance of platform security, we have planned to set up routine audits. That’s why we are currently in discussions with various potential partners, including Nasdax Security Team who have already taken care of our smart contract’s audit. I’m personally involved in these negotiations. In addition, a contributor specializing in cybersecurity, and particularly in finding and correcting breaches has recently joined the project.
In terms of scalability and interoperability, we currently have developers who are very good at building bridges between platforms. We’ve been able to confirm it during the feasibility study that was carried out on the possibility of integrating Chainlink and Chartex APIs into our ecosystem.
Finally, the team of developers will surely grow along the journey, we receive daily proposals for contributions from people in the community and we thank them for that.
This is one of the strengths of a project led by the community, there are unlimited skills! We could have as many developers as Google but in a decentralized way. I love the idea!
DeGen TheGem: That’s a great idea and I hope the project will succeed in achieving its goal.
Kevin DeFi: I’m sure it will.
DeGen TheGem: Those were the 5 selected questions.
Kevin DeFi: I hope my answers were clear. Next time it would be great to have the Dr here.
DeGen TheGem: They were clear and very detailed. Yes, it would be great to have him here next time! If you have anything else to share you can at this time. Otherwise, we’ll open the chat.
Kevin DeFi: I think all current news has been shared already and I know that you’re keeping the community informed on a daily basis.
Thanks a lot guys. I hope all the community keep pushing the project, we have a lot of milestones to achieve for 2021. We’ll need a big community support. Any skill is valuable here. Never forget it.
DeGen TheGem: Awesome, the community is great here! Thank you for your time.
Kevin DeFi: My pleasure.
That concludes today’s AMA with early contributor Kevin, hosted by DeGen TheGem & Captainlink. We hope that all questions were answered satisfactorily. If your question was not featured, or if you have any additional questions regarding YfDFI Finance, please head over to our official telegram channel (https://t.me/yfdfi_finance) where one of our community admins will be more than happy to provide you with a quick answer.
Join YfDFI Finance Community
- Official Website: https://yfdfi.finance
- Documentation: https://docs.yfdfi.finance
- Official Telegram: https://t.me/yfdfi_finance
- Announcement Channel: https://t.me/yfdfi
- Gigs & Rewards Channel: https://t.me/yfdfi_gigs
- Medium: https://medium.com/yfdfi-finance
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