CryptoFun X Finance Vote AMA Recap

16 Oct 2020 02:14
CryptoFun X Finance Vote AMA Recap

Hello, We had an AMA with Finance Vote on October 14, 2020. For those of you who are late to follow or watch, you can read the following AMA recap.

Guest JoNick Almond (CEO of Finance Vote)
Moderator Cryptofun Team
Online participant 2698
Live Question 437

Segments:

  1. Introduction
  2. Twitter Questions
  3. Live Questions

Introduction

CRYPTOFUN:

Welcome to the CryptoFun community, Thanks for taking the time for today’s AMA ! 

Before we start, can you please introduce yourself to the community? @DrNickA

Dr. Nick:

Hi Everyone, my name is Nick CEO of finance.vote. I'm a physicist by background which is what I completed my PhD in. since then I've worked in education, mathematics and blockchain and now I'm full time crypto for finance.vote!


CRYPTOFUN:

Thank you for the introduction, glad we all know it 😊. Now let's move on to the first segment. Are you ready? @DrNickA


CRYPTOFUN:

Q1. Could you please describe what is Finance.vote in few simple sentences to our Community?

Dr Nick :

Sure, at the base of it all we're introducing new voting technology into the crypto space. We use that in a few different ways. 
1 . We are launching prediction markets which people can vote on different tokens from the cryptospace and they are rewarded if they are correct.
2. We are launching a community platform with miniDAOs that form our second layer governance platform.
3. We are using our voting tech to allow people to trade together in chat groups. Decide on what coins you want and trade them as a group via the DEX space.

CRYPTOFUN:

Sounds good, you are very excited to explain sir 😊, thank you, this is easy to understand by the community


CRYPTOFUN:

Q2. What are the advantages of Finance.vote compared to other alternatives in the Blockchain field?

Dr. Nick:

I would say there is no one quite like us out there at the moment. But I would say the closest is Augur and snapshot.page and maybe set protocol. We use something called quadratic voting to collect votes from people which hasn't been used in many other places before I we think it will change the world! We also use token economics to reward all of our users for participating in the platform. We pay you for voting!


CRYPTOFUN:

Q3. What are the advantages and uses of $FIN tokens over other tokens? What benefits can be obtained by holding it?

Dr. Nick:

We actually think we will have to change the name of the token, because another project has picked it so token ticker will change soon. But! It is both a utility token and a governance token, it is used as money within our system as incentives to participate, but it also determines your voting power. It will be 'power' within the system. We intent to give more power to our users than any other network


CRYPTOFUN :

Q4. Can you explain a little about Semantic Ballot Voting Finance.vote?

Dr. Nick:

Yes, so this is our new voting system. It uses quadratic voting which means instead of everyone having one vote per person, or per coin. you get a budget of vote power ($V) that you can spend across a range of things. We give you a list of coins and you order them by preference. It means you don't just have to predict one token in our prediction market, but you can pick several that you think have a chance.


CRYPTOFUN:

Q5. Finally, what are the main milestones that Finance.vote wants to achieve before the end of this year & in the future?

Dr. Nick:

We will launch very soon. We'll announce in our channel this week when that is, but it is weeks rather than months. That will be the launch of our vote markets and a new auction system where people will be able to participate in the initial distribution of the tokens. Then by year end we will add new vote markets and start off our community voting system. Early next year we launch our main DAO, and our social trading system. We want to ship everything we have planned in a year.


CRYPTOFUN:

We really hope to see the development of Finance.vote reach its peak of glory 😉


SESSION 2 QUESTION FROM TWITTER


Q1. From Twitter @maitrinh789

why do you need to build your own blockchain for voting? If scalability is your aim why not let the other build that and you focus on the voting dAPp.

Dr. Nick:

We're actually building on Ethereum to start. That's where all the users are at the moment and actually the gas costs provides some sybil resistance that is useful. Eventually, we might build our own blockchain, potentially something substrate based on Polkadot. We actually think our vote markets will be perfect places to test out a range of scalability solutions, because we'll have lots of users and probably ones that bunch towards votes closing. We'll be a good scalability test, but we aren't trying to invent new protocol tech at this point.


Q2. From Twitter @andrasusin

Recently finance.vote has successfully raised $1,4M from its $FIN token private sale, With that much amount of funds, How does finance.vote manage and distribute those funds for its project developments?

Dr. Nick:

We have calculated around a three year runway with those funds that includes scaling our core engineering team, marketing and design. Our goal is to make the network fully sustainable in that time and in fact, there is nearly a third of the token supply dedicated to the community that can be used to fund community projects. There will be a lot of work to do and opportunity for people to get paid for working with us.


Q3. From Twitter: @Oktaykonda

Which traditional financial institutions are you looking to integrate into Finance.vote in the first place? How do you select partners from the traditional financial sector..?

Dr. Nick:

Yeah interesting question. The traditional financial insitutions are slow and a little bit scared of DeFi. If we integrate with them it will be because we have something they want. We think our voting technology could be integrated into security token based shareholder voting and all sorts of corporate governance activity. We also think it will generate market alpha that trading firms may find very interesting. We're largely avoiding them for now though, we're all in crypto for the time being...


Q4. From Twitter: @Siswa99867793

Finance Vote has a unique and very interesting feature. predict, vote, and get prizes. Then how do we participate in the vote? is there rule on what to bet? how is the prize calculation for the winner? and what do the losers get?

Dr. Nick:

Very good question! We are a permissionless system so anyone can vote. The barrier to entry is obtaining an identity. Once you have one of these identity tokens (you burn some tokens to get one you can vote in every vote market. It will cost you the transaction cost but otherwise it is free. The reward pot is shared based on how many times you voted for a token, so someone who voted 6 for a time, will get twice the amount as someone that voted 3. So you have to vote carefully! There is 100,000 tokens avaialable in every vote market. So if you guess correctly the upside is high especially in the early days.


Q5. From Twitter: @Rosanela08

Finance. Vote allow users to form private groups, which can leverage its voting power. Many holders don't know how to choose over a network plan, don't you think that highly empowering low educated holders would be negative?How can you solve this?

Dr. Nick:

Interesting points! So voting power is shared towards the correct over time. Everyone starts with 100 $V and if you are correct you get more. For example if you vote 5 times on a token you spend 25 $V (the square of the votes). If you are right you get 25 more $V in the next round. This will filter out the users that are doing the research on the markets and the high quality tokens. If you're right, you're right. It doesn't matter how educated you are. This is our reptuation system. There are people who know crypto out there who've never been to school. They can still earn money on our platform!


SESSION 3 LIVE QUESTION

CRYPTOFUN:

Q1. What is your background and how did you come to the idea to create Financevote project?

Dr. Nick:

I haven't really said much about me yet, so I'll pick this one. So I'm from the north of england in the UK. I spent 10 years in experimental physics doing three degrees in that subject and finally deciding I loved teaching more than doing research science. So I left to teach astrophysics and then mathematics at a university where I ran a course on cryptography and discovered bitcoin. Since then I specialised in learning theory and became and associate dean. All through that time i've been studying blockchain and especially governance systems that I think will change the world. I couldn't be more excited to finally be in crypto full time.


CRYPTOFUN:

Q2. Finance Vote offers Decentralized Social Trading, exactly what can be shared by users? Is everyone's identity known or can they participate anonymously?

Dr. Nick:

Yes interesting question, we've thought a lot about that recently and we've decided that everyone in the system should have the ability to stay completly pseudoanonymous. You'll have the ability to set an avatar on the platform, which will also carry your rank in the various tournaments. So people will be able to choose. Privacy is very important to us and it is a big reason to be decentralised so we're optimising for that. This will carry through to our social trading functionality, of course people might know each other from their groups, but it will be possible to trade with both your friends and your enemies 😉


CRYPTOFUN:

Q3. How important is the community to You? Do you Agree the power of community? And how can the community collaborate or help Finance Vote for the development of the project?

Dr. Nick:

Community is one of our absolute top priorities. Our platform gets better and better the more users are involved in the network. We want that to be a massively global community and that will power our governance. The more diverse and interesting people we have in the network the more effective the network will be. We will be developing a very broad community engagement network that will ramp over a number of years. We're looking forward to you all being involved!


CRYPTOFUN:

Q4. Can you explain what is the Purpose of Vote market simulation program?

Dr. Nick:

yes, so a couple of weeks ago we ran a 'vote market simulation' on Twitter. It was an experiemnt to see how good people are at predicting the market with just one vote. It was really interestig and we got over 300 votes. The bounty was 5 ETH, and 5 people won. So that was a very healthy prize. We learned that twitter is not at all an ideal platform to do this, which make us really relevant. We're going to release a blog on it soon and if we can fix the problems we encountered there we'll do it again before our launch. Make sure you take part!


CRYPTOFUN:

Q5. Could you please elaborate more about your tokenomics? What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?

Dr Nick:

Ah ok, let's finish on some token economics. We have 1 billion tokens in total, which we ran a number of simulations on to make sure the deonomination is right and understandable for use. You need 100 tokens for an identity to start with with the possibility of winning a share of 100,000 in every vote. Every vote market has a reward pool which is the inflation in the system and the identity set up is the deflation. The DAO will set the reward and deflation rates in the future and we have rewards for participation 'vote mining' and providing liquduity (pulsed liquidity mining). Our emission curve is pretty crazy, you will be able to see for yourselves this week when we release our token economics.


CRYPTOFUN:

Alright, you are on fire 🔥. So i think most of the important questions have been already answered.
Lets end it it here 😃


CRYPTOFUN:

The answer is very detailed and complete, we went through the AMA session, thank you for accompanying me with the AMA session today, and for clarifying Finance.vote and the technology and utilities it brings to people. @DrNickA


Dr Nick:

Thanks! And thank you all for the interesting questions. Please do join our TG channel where i'll be answering some of them with videos soon.

All About Finance.Vote :


Website: Finance.vote
Telegram Group: Finance.vote TG group
Twitter: Finance.vote Twitter
Medium: Finance.vote Medium
Whitepaper: Finance.vote Whitepaper

End
Oezank
Oezank is a Crypto enthsiast who has more than 3 years of experience observing Crypto projects and strongly believes in blockchain technology in Indonesia.
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