BLOCKCHAIN will have an AMA session with FINDORA ✅
⏰Monday, 23th December, 2020 || 9am UTC+7
Part 1: Project Introduction
First question: Can you introduce about yourself and your project?
Thanks for having me here and Happy Holidays to everyone — my name is Matt Arney and I am an active cryptography theory aficionado and outspoken proponent for transforming traditional technology through blockchains. Before joining Findora as their Head of Growth, I co-founded and successfully exited from three international startups in the enterprise language & technology space. My expertise is in corporate development, partnerships and revenue generation. In my free time, I enjoy hiking, mountain biking and playing tennis.
I also have with me my colleage Ken Berniklau
Hello everyone. Also, thank you for having us today. My name is Ken Berniklau. I’m Director of Product Management at Findora and happy to answer some questions about our product. My expertise is in launching early stage start-ups, product development, leadership, and managing in a growth environment. In my free time, I enjoy motorcycles, golf and off-roading.
A little about our project or shall we wait for translations?
Coindesk has recently described Findora in the media as a decentralized finance (DeFi) public blockchain project.
Okay, I also introduce myself as Alexander Phuc. I’m Co-Founder of MB BC BLOCKCHAIN COMMUNITY I have been working here for many weeks.
So a very short intro to Findora and our project now.
Coindesk has recently described Findora in the media as a decentralized finance (DeFi) public blockchain project.
To go a bit deeper, Findora is a globally trusted financial infrastructure owned and democratically secured by a decentralized network of worldwide organizations and economically incentivized parties. Findora was created to enable the creation of financial services that are transparently operated while preserving user and institutional privacy.
Q2: where did name Findora from?
Honestly, the name Findora came up in a brainstorming session with the founding team but many have suggested we should say it means “The Pandora of Finance”. It’s also easy to pronounce across most languages so has a global appeal. How does it sound in your country?
Other people suggested we say “Findora is the Pandora of Finance”
Q3. Who are some business partner/clients for Findora?
As “Head of Growth” I love the topic of partnerships!!
Findora has signed up a number of strategic partnerships including Tecent Cloud, Injective Protocol, Bank of Asia and dozens of signed deals are soon to be formally announced. In fact, we have a major new partner announcement with a payments company due to be released in the next few days — stay tuned! Please see the bottom of info.findora.org for a list of our strategic partners. See attached screen showing our partnership with Injective Protocol and our goal of making privacy-preserving derivatives trading a reality.
Q4: Can you give a brief introduction of what Findora is？What is it aiming to do, and what it intends to solve in this industry?
I can provide some background on this question.
Findora is operated by a decentralized network of operators. But the software stack can also be deployed and operated by a variety of interoperable networks. It can be used by a traditional bank to replace the infrastructure they currently run on, deployed in the cloud, or It is a platform for issuing assets of any nature, including cryptocurrency. Findora’s mission is to address the challenges necessary to support this broad class of assets and diverse financial use cases. One of the primary challenges is providing confidentiality while retaining the transparency and public accessibility of other blockchains. Achieving this privacy-preserving transparency is Findora’s major focus and product differentiation.
I hope that answered the question.
Q5. Can you tell us more about the $FIND ?
Yes, but first the token name isn’t $FIND but rather we are calling it FRA as you can see from the image Ken provided
Just last week we announced our pre-registration phase for our public sale and you can find more info at sale.findora.org We plan to open the public sale on Dec 28th and it will only run until Jan 11th. FRA is the native token of the Findora platform and is required for access to its core features and functionalities, including staking, governance, payment for transactions, privacy-enhancing features & access to advanced financial application building tools and other services. For more info please see info.findora.org
Last question: Currently, there are a lot of scam projects so how can the Findora project gain the trust of users?
Findora is an open source, investor and community-owned platform poised to alter the trajectory of the global financial services industry. From day one, we’ve been transparent about our mission, partners, stakeholders and assets on our website and have regularly communicated updates publicly through multiple channels. We’ve also let investors, developers and end users access the platform through our Testnet and explore the underlying technology for themselves. For more info on Testnet please go to this URL — https://findora.org/tesnet
Part 2: Question from Twitter
Sure… Again our token goes by FRA. The first step is a good tokenomics design and a forward-thinking token distribution model and unlocking strategy. We have designed an excellent economic model (with help from several renowned economists) that fully aligns the interests of token holders, developers, validators, and network users.
Our strategy is to distribute tokens evenly and fairly across jurisdictions, demographics, and holders’ profiles in the sense of initial distribution. We try our best to distribute to community members, rather than only focusing on institutions. For more information go to sale.findora.org
Q2. Question from @CongTra47826457
Creating a token is easy, but it takes professional intelligence to keep it valuable in the long term. So what is your plan to make the $FIND token valuable in the long run?
First of all great question from @CongTra47826457 — To expand on what Ken said our token is the ultimate source of the network’s utility, and we have a lot of ways to increase the token value both intrinsically and with regards to the utility. For instance, we have hard-wired deflationary burning mechanics into the TRX fees. We have also designed many use cases where you have to lock and stake large amounts of Findora tokens to access mining, application building, and premium features.
Our private holders have a long locking period and are encouraged to participate in staking and validation activities. For more information please see our lawyer approved website info.findora.org
You two have a very good cooperation
We are actually brothers from another mother
Q3. Question from @okme58111039
Can you explain on what basis you say that Findora is a transparent Blockchain that doesn’t work for finance? So what do Findora’s profits pay off?
The money question by @okme58111039. As an example, banks have begun the transition from their legacy IT systems to cloud-hosted servers in order to benefit from the scalability, flexibility, and cost efficiencies of cloud infrastructure. Notable examples include Capital One’s transition to AWS, and Bank of America’s announcement of their intention to use IBM Cloud. Primary roadblocks on this transition across the banking industry are data security and regulatory compliance, and the extensive trust that banks must place in the cloud operators. In 2019, a former AWS employee exploited a vulnerability in order to leak confidential data of over 100 million Capital One customers that was stored on AWS servers. With a cloud operating Findora’s platform, the banks can outsource transaction processing securely to the cloud without giving the cloud any raw customer data.
Q4. Question from @Nam99028780
what are the ways that your project generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Well this is a serious question and deserves a thoughtful answer. Thank you to @nam99028780 for it!
We believe blockchain is very different from the traditional TMT startups. However, decentralized protocols still need to have a revenue model and the revenue should come from utility and asset transactions. Findora plans to act as the blockchain transaction hub by leveraging our expertise in cryptography. Not only serving the applications on Findora, our ecosystem play includes providing cross-chain ZK Rollup to Ethereum, helping lower the GAS fee while generating revenue for Findora. We also provide side ledger services to business users that are willing to pay. Such services will require staking and pledging Findora tokens and will also contribute large revenue stream to the public blockchain. Onchain L2 liquidity mining and cross-chain asset transfers are also part of the business revenue generation plan. I am confident our token holders will be pleased to see that FRA tokens are providing increasingly valuable utilities.
Q5. Question from @tranminh2805
What is the idea that made findora want to build a cryptocurrency world that requires transparency while maintaining user privacy? And why did you choose the DeFi ecosystem as a cross-chain blockchain for the Findora Platform?
@tranminh2805 just asked a great question — it seems DeFi is everywhere right now so please allow me a moment to address this important question
DeFi has been one of our “key focus areas” and we will solve issues such as a lack of financial inclusion around the world, overcollateralization and a lack of interoperability and scalability. We believe that DeFi is what blockchain is all about, and in the future, people will only care about the DeFi applications themselves, rather than the underlying chain. For now, DeFi is all about ‘DeFi on Ethereum’ and/or ERC20 tokens.
Findora participates in the DeFi space in two ways:
1. We have added ZK-Rollups and confidential transaction capabilities for existing DeFi apps on Ethereum, which means that that running DeFi apps on Ethereum can be better, faster, cheaper, and can realize a lot more features that would otherwise be impossible without confidentiality;
2. Findora is based on cross-chain and verifiable computation technology. Therefore any Ethereum-based assets can atomically transfer and transact on Findora. We can provide scalability and cost advantage to apps built directly on us.
We will be releasing a series of new private DeFi applications, including ‘Dark Pool Dex’ (for secret large ticket crypto transactions) and ‘Confidential FX pool’ (for confidential cross-border money transfer), just to name a few. These products will launch alongside our mainnet.
The technology we used to build our privacy-preserving DeFi infrastructure includes Bulletproofs, Darker compiler, Supersonic, Plonk, advanced cryptography signatures, and more.
Furthermore, the Zei cryptographic library that we have built is one of the most advanced and comprehensive cryptographic libraries in the world.
Part 3: Free Asking
Smart contract vulnerability is major problem that often accours project cryptocurrency, can lead to loss of funds, what steps has Findora for solve to fix this major problem and prevent such occurrences in the future?
So as we know Ethereum smart contracts are vulnerable and we feel sorry about the recent events. At Findora, our smart contract mechanism is different. We have developed a domain specific language for asset operation called Discret. Discret is the smart contract language people can easily learn and use that has automated bug detection and can support other code while keeping control and enabling privacy. It is safe by design, fights bugs while offering the power of a high-level language. The virtual machine is restrained and recursion will be detected and causes an immediate failure at module load. Our Atomic transaction will roll back if any error occurs. You can see ours powered by Discet is much more secure and efficient and designed for DeFi.
Are you taking any precautionary measures to hacker will not be able to mislead investors into sending coins to the wrong address and what security features does FINDORA use so that hackers can not get what they want?
We are extremely secure. Thanks to the newest development in large scale distributed system and advanced cryptography (especially breakthroughs in Zero Knowledge Proofs technology), Findora is able to achieve high-performance confidential blockchain: the Findora blockchain can be viewed as a trustless warehouse of zero knowledge proofs: such proofs can prove transactions of all types while no third party can see through the meta data of the transactions. That being said, the Findora blockchain nodes process and validate the ZKPs of the transactions. The nodes don’t see through the transactions themselves. Only authorized parties can view the transactions on a block explorer — — this is very very different from Bitcoin and Ethereum, where everybody can see any transactions
When they express that “ Findora “, helps anyone establish an influential community,” do they do so through an algorithm that connects people’s similar interests? or otherwise?
We view the community as the key to our success. We divide community into several sub segments: general crypto community; developer and researcher’s community and enterprise users as a community. We believe these communities should be equally strong and benefit each other. On the general crypto community side, we have teams around the world to raise awareness of Findora brand and services, deploy all kinds of growth programs including incentivized participation, gamified application experiments, bounty program. We also have a privacy preserving stable coin project that is designed to help solve lack of banking access and cost efficient international remittance issues.
On the developer and researcher’s community side, we have Advanced Findora Research Institute consisting of established researchers, economists and computer scientists. We have specialized funds to sponsor and support research projects for both private and public domain especially cryptography. We are willing to invest and flourish a developer’s community, an ecosystem fund is being set up to invest in Defi and other applications
Finally, enterprise adoption is huge for blockchain. We firmly believe, practically, a large portion of the world’s total transactions will be moved onto the blockchain. And we are already working with partners like Tencent Group to help move small-to-medium sized enterprises onto cloud hosted blockchain based transaction systems. Such systems are configured as Findora public blockchain’s side chains and the more adoptions, the more support to our Findora main chain and token utilities.
We think we have a lot here but lets start with this…Privacy-preserving Transparency… The Findora blockchain doesn’t make trade-offs between confidentiality and auditability. Users can choose to selectively reveal only what they want others to know.
Significant Innovations…The Findora blockchain incorporates some of the latest groundbreaking innovations in cryptography and distributed systems. The renowned Diffie-Hellman Key Exchange sets the foundation for modern cryptography and blockchain. Its recent paper on Supersonic described the most efficient transparent zk-SNARKs to date (btw — Turing award winner Dr. Diffie is one of our Senior Advisors)
We have vibrant communities and partnerships — Findora was built to solve real world problems. We have attracted thousands of users and developers to participate in our testnet, resulting in a wide range of partners building business solutions across industries as well as global supporters’ community.
You can also build private Defi apps on Findora — The Findora public blockchain can host confidential and anonymous assets and smart contracts, allowing for privacy-preserving DeFi applications and more with rock solid security.
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
From Day One, Findora’s founders, set a goal to leverage blockchain technology to revolutionize financial services. We firmly believe that financial infrastructure is due for a long overdue change. We envision an open, fair and transparent financial infrastructure that can serve billions of people, providing financial democracy. Today, we still feel the freshness of this goal. In the future, we wish Findora’s technology and its democratically run network will be the backbone of Web 3.0, providing the necessary transparency and protection to everyone.
MB BC BLOCKCHAIN Community Information:
Group telegram: https://t.me/Mbbcblockchaincrews
Channel telegram: https://t.me/MBBCBLOCKCHAINCHANNEL