Recap of Findora AMA Event Held on Crypto Mansion
Venue: https://t.me/cryptomansion
Date: 06/01/2021
Time: 16:00 UTC
Hello All,We have recently hosted a ama session with Findora.
The Findora team was represented by Matt Arney(Head of Growth)and Ken Berniklau (Head of Product Management). They shared a lot about the project in Details and many information about Findora Project
Session- 1
Can you briefly introduce yourselves to the community before we proceed?
Matt Arney:- Certainly, my name is Matt Arney - before joining Findora, I co-founded and successfully exited from three international startups in the enterprise language & technology space. My expertise is in corporate development, partnerships and globalization. In my free time, I enjoy hiking and extreme mountain biking.
Ken Berniklau:- Hello - 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.
Please give us a short introduction about your Team and your Project?
Perfect. Findora’s founding team set a goal to leverage blockchain technology in order to revolutionize financial services. We believe that financial services industry infrastructure is outdated and needs to change. We envision an open, fair and transparent financial infrastructure that can serve billions of people, providing true financial democracy. In the future, we hope that Findora’s technology and its democratically run network will be the backbone of Web 3.0, providing the necessary transparency and protection for everyone.
I checked out your website and found some unique word’s on there. Can you explain a little about Zero Knowledge Proofs (ZKPs) ?
Sure... A zero-knowledge proof (ZKP) enables one to convince others that a statement is true without revealing any information on why this is the case. For example, one may want to prove that a number lies in a specific range without leaking the value of the number itself. Zero-knowledge proofs are the core technical tool behind many of the privacy, policy compliance, and selective disclosure features in Findora. Findora’s cryptographic library contains many advanced ZKPs, some of which are based on peer-reviewed inventions by Findora’s research team.
Who are some business partner/clients for Findora?
In 2020 Findora has signed on a number of strategic partnerships including Tecent Cloud and Tokensoft. In addition, we have signed several MOUs that are in the queue to be announced soon. Among the newly signed partnerships are a large mobile payments company (processing over 40 million transactions daily!), a popular restaurant POS system and a leading travel booking service. Our plan is to continue to expand our partner network and bring real world solutions to the outdated financial services industry.
Can you give an explanation of what you are aiming to do, and what you intend to solve in this industry?
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.
Can you tell us more about the $FRA ?
FRA is the native token of the Findora platform and is required for access to its core features and functionality, including staking, governance, payment for transactions, privacy-enhancing features & access to advanced financial application building tools and other services.
Today is over a week since the start of Findora’s public sale and it is off to an exciting start! While we can’t yet disclose details about how many tokens have been sold, we can share that we are completely sold out of Options C, D and E and I hear we’re close to selling out of A and B soon. More info can be found at info.findora.org
So what’s the total supply of FRA?
All of this specific info is listed in detail at info.findora.org - there are lots of numbers so I don’t want to mix anyone up
Can you tell us what are the main benefits of a $FRA holder?
Sure, our FRA 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. Again more detailed info can be found at info.findora.org
What are the ways that your project generates profits/revenue to maintain your project and what is its revenue model?
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.
What are some of the benefits for FRA holders
Good question - the FRA is needed to access the core features and functionality of the Findora platform
Host:
So that means it will be leverage on the Findora Platform
Matt Arney:
Yes, you'll need FRA in order to access all the features of the platform.
Host:
How can people get FRA. Any presale ongoing
Matt Arney:
Yes, we've been in our public sale now for over one week and we are just about out of our total supply. We had 5 options available and just 2 more left - Option A and Option B. For detailed info please see info.findora.org
To purchase you'll need to complete our KYC process which is fairly typical for our industry
Host:
Any plans to list on external exchanges after presales
Matt Arney:
Ah, good question but one that my lawyers will not allow me to answer right now since we're in our pubic sale. Look for annoucements about this later in the month.
Why did you choose the DeFi ecosystem as a cross-chain blockchain for the Findora Platform?
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.
Can you share a little about your advisory team?
Sure, would love to. I hate to keep pointing people to our website but its the best place to review our advisors, contributors and other project leads - info.findora.org and towards the bottom of the page. In addition...
We’re thrilled to announce that Dr. Whitfield Diffie, Turing award winner and one of the most respected cryptographers in the world joined the Findora Project as a Senior Advisor. Among many things, Dr. Diffie is the Founder of Asymmetric Encryption and inventor of the "Diffie-Hellman key exchange" technique. We’re super excited to have him on board! Here’s a photo of Dr. Diffie along with Paul Sherer founding director of Findora’s Advanced Research Center.
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?
2020 was a very busy year for Findora. Our main achievements including inventing a very unique DAO, DeFi fund management system that supports privacy preserving asset operations voting/on-chain governance. We believe such blockchain based organizations will change the world. We are also responsible for discovering one of the most efficient trustless Zero-Knowledge Proof systems. We’ve also built an entirely new blockchain based on the newest ADS technologies from the ground up purely using Rust + WASM. Finally we completed one of the world’s most comprehensive cryptography libraries - ZEI.
graphic of our progress
Session-2
@Eliasbb_Pro
One of the benefits of Findora is that we can create our own asset on Findora platform. But Question is what kinds of assets it will be? Will this also be tradable? If yes then how will you determine the value of each token? And lastly will this also be untraceable like FRA?
,It’s a good question @Eliasbb_Pro - lets see...Findora enables assets of any nature on its network - fiats, cryptocurrencies, equity, debt and derivatives. Its mission is to address the challenges that exist when supporting a wide spectrum of assets and diverse financial use cases, while providing confidentiality and retaining the transparency.
Findora supports confidential asset policies and smart contracts, enabling automatic enforcement of rules and programs. For example, an asset tracing policy can be attached to an asset. This would require transactions of that asset to make selective information visible to an auditor, even though the transaction contents are confidential to everyone else. If a user doesn’t feel comfortable with the attached policy, they can simply use a different service.
By using Findora, financial services can enjoy the transparency of blockchain while remaining compliant and confidential to the public, and users remain in control of their privacy.
@ZamoraJoana
8% of the total supply is destined to something called "DeFi incubator", so can you explain us what is gonna be the purpose of these funds exactly?
Another good question from @ZamoraJoana. These funds will be distributed to individuals, developers, companies or startups willing to build and/or promote interesting tools, services or DeFi Apps on top of Findora. Details on all of our allocations can be found at info.findora.org (around the middle of the page)
@untillthemoon
Zero-knowledge proofs allow Findora to be publicly audited, while data remains confidential. Is it working as same as survey mechanism? We know not all of survey's questioner are valid. By considering its Zero-knowledge proofs, how does FIndora filtering these invalid data?
Survey mechanism’s and ZKP are different. Lets take a closer look at zero-knowledge proofs and how they work. Imagine there’s a door with a keypad lock next to it, and Bob is trying to persuade Alice that he has the correct password for the keypad lock. By unlocking the door with the keypad lock, Bob has given Alice a compelling argument of him knowing the password, without directly revealing what it is. In other words, Bob has convinced Alice that his statement about knowing the password is true, without revealing any additional knowledge about the statement.
To achieve privacy-preserving transparency, Findora uses these types of zero-knowledge arguments, or zero-knowledge proofs (ZKPs), to prove many complex statements without revealing anything about their contents. We call this privacy preserving single party computation.
Findora uses a consensus algorithm called FINSENSE. How does FINSENSE work and what are the features of FINSENSE that makes it unique when compared with other consensus algorithms like Proof of Work PoE, Proof of Stake PoS?
@shihazop
first a graphic to illustrate Finsense for everyone
Finsense is Findora public network’s consensus algorithm. It aims to enable a stable, high-throughput, and decentralized network for financial services secured by both real-world trust anchors and stake. Finsense targets fast finality under weak-synchrony network conditions, and favors consistency over liveness, minimizing the likelihood of forking.
What is the idea that made findora want to build a Cryptocurrency world while maintaining user privacy? And why did you choose the DeFi ecosystem as a cross-chain blockchain for the Findora Platform?
@BossRavi1972
From the beginning we set a goal to leverage blockchain technology to revolutionize financial services. We firmly believe the financial infrastructure has a long overdue change. 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.
Session -3 Telegram Live Question
Tell me its 3 unique features that your competitor doesn’t have?
How will people attract toward Your project?
Good question and a timely one right now...
Findora's tokens are auditable. Others are not
Privacy-preserving coins on Findora support smart contracts. Others do not
Findora can do everything that #ethereum does, with our tokens
On your website you say that "Transparent block chains do not work for finance" It is a pretty strong but interesting statement... Why do you think this and why do you think Findora may be the solution?
Findora implements auditability tools, without sacrificing privacy of users. What are these tools, how transparent they are? When would an audit be necessary? --- We have a huge toolbox of auditability tools, including proof of solvency, range proof, proof of whitelisted assets; proof of accreditation; identity selective revealing tools, confidential asset tracers. These tools are all designed with one purpose: allow public or certain privileged auditors to understand and verify certain statements on a transaction while still keeping the raw data confidential. Such fine grained audits are very necessary in many cases (and protect the privacy), not just under a regulatory circumstance.
What’s your next development step Findora .,.? _.._ What do you want to achieve next year 2021-2022?
here’s a snapshot of our main goals in 2021 - first thing we will do is launch mainnet in Q1
We can see Findora is in the testnet, so when will it be fully released? And How can I join the testnet? What are the benefits will early adopters get?
for more info: https://findora.org/testnet/
testnet is open now for everyone to try
How does Findora ensure that it is not used by criminals for money laundering and terrorism sponsorship, because most privacy blockchains are promoting this kind of illegal activities?
Really important question - Findora’s privacy features are highly customizable, thanks to our cryptographic implementation. Our privacy preserving assets are also completely auditable. It can be viewed by regulators by a special viewing key, or a trustless zk proof to prove it is compliant. This is how we can achieve transparency with privacy.
Importants Links
Findora Telegram Group:
https://t.me/findoraen
Follow Findora on Twitter: https://twitter.com/FindoraOfficial
Telegram Group of Crypto Mansion: http://T.me/CryptoMansion
