FinNexus Weekly-chat Recap: 27/01/2020 – FinNexus
Boris Yang — FinNexus Founder & CEO
Ryan Tian — FinNexus Financial Specialist
Question1:
(Chota Don): What is an ICTO? Why did you choose ICTO instead of IEO? Is there any benefit of ICTO to investors and holders?
Ryan Tian: We have an article for ICTO. https://medium.com/finnexus/deciphering-the-finnexus-token-offering-model-the-icto-6029dbe02610?source=collection_home—4——7———————–
Question2:
@Xenon_Korea: What are the benefits that you provide to holders? Are there any staking rewards scheme?
Ryan Tian: Holders of FNX are eligible for the following rights or benefits (will be explained in details on the FinNexus official websites):
- Rights of the higher rate of returns on tokenized products;
- Rights to invest in tokenized products with lower cost;
- Benefits on the discount on the transaction commissions;
- Derivative rights, like early settlement, resale or interest swaps;
- Rights to interact with WAN;
- Benefits on the FinNexus’ development; the revenue of FinNexus is from:
- Underwriting;
- Investment banking;
- Market making;
- Transaction commissions;
- Investment in the tokenized assets.
Question3:
2themoon: Hi, when will the stacking mechanism be public? Can you share any information about how it will work?
Ryan Tian: It will be public after the ICTO. The stakers will have a number of benefits. One benefit with the tokenization model will be higher gains, lower transaction costs, derivative rights and etc. Another thing will be linked to our decentralized model which will be released in later stages.
Question4:
Bitboys: Hello Boris Yang and Ryan Tian!
Could you tell me when the ICTO FinNexus ends and what percentage will your founding investors SuperAtom and Wanchain own?
What is the difference between the #FNX token and the #UM1S and what role will they play in your ecosystem?
Boris Yang: We plan to start and end ICTO in Feb. Founding investors hold 15% tokens and will be released from 1 year after listing to 4 years later. FNX token will be used in eco of Finnexus, UM1S is just one asset-backed token for a limited period.
Question5:
Steve Malhang: What will be the transaction costs in the Network?
Ryan Tian: Transaction costs may include the transaction of any kind of the FinNexus’ products on this platform. In the first stage, the products will be mainly the tokenization models; in later stages, it will also cover a number of decentralized models.
Question6:
Xenon_Korea: Please let me know if your project is supported by any firm or private investors?
Boris Yang: We have got 4 capitals to invest as private investors. They hold less than 2%.
Ryan Tian: There were early fundraising stages, like the investment from the founding investors and institutional investors. you may check this one. https://medium.com/finnexus/fnx-tokenomics-62c582807219
Question7:
Xenon_Korea: And what is allocation of FinNexus tokens ? and how long you guys locked tokens of Team?
Ryan Tian: Please check the FNX Token economics here: https://medium.com/finnexus/fnx-tokenomics-62c582807219
Question8:
Xenon_Korea: How long you locked tokens of the team?
Boris Yang: 1 Year later after listing and keep releasing for 3 years.
Question9:
Nagy szabo: People are asking me if your system will be similar to Forex. Please explain what are the similarities and differences between these platforms
Ryan Tian: Forex? I’m sorry I have little info about this project. can you share more info?
Question10:
Serg: We know that at the beginning, for 3 months, we will be able to convert FNX. After that period, what will be the relation between FNX and UM1S?
Ryan Tian: After the conversion period, there will be no direct link and UM1S will expire after 3 months.
Question11:
Dejan Sisokovic: People are asking what will be the amount, in %, of their possible profits from holding FNX
Boris Yang: It is hard to give you an exact amount. FNX hold will share fee from token issuing and trading on FinNexus And FinNexus have a very small increase every year. So FNX will have more value when you keep it. In the beginning, the fee will be shared at a higher percentage.
Ryan Tian: I believe the bear market is where the opportunities are born. We are enriching the market with great varieties of products and different risks. Different essence of risks means the systematic risks that some of FinNexus’ products suffer from are different from the pure crypto models. It is a good time for real participants in crypto market to think more deeply and pay more attention to the products and models with real value. I believe FinNexus will stretch its root in the bear market and thrive in bulls.
Question12:
Maranatha: You will agree with me that we are still way off mainstream adoption, what are FinNexus doing in this regard to reach global expansion.
Boris Yang: Lots of good projects start from off-mainstream. And do you think in the market now there is the mainstream project? Polkadot for example is so mainstream, but I do not think it will give investors a good return because of its huge fundraising.
Question13:
Maranatha: I believe one of the core uses of blockchain is to reach the unreached and bank the Unbanked, how does Finnexus address this challenge in poor African countries
Ryan Tian: Bank the Unbanked is undoubtedly one of the use cases and goals of blockchain. But FinNexus is working hard to solve other problems. We are a DeFi project, right? What to invest in? Why invest? and How to invest? I believe the Bank the Unbanked is the goal of Libra or other similar projects.
Question14:
Bills: In the current market, there are no benefits to new investment projects. What plans do you have for the project to explode?
Boris Yang: What is the reason for no benefits? I think it is because lots of projects give investors nothing. We try to create a fee which could be shared by holders from the beginning.
Ryan Tian: The logic of investment is always if the project solves the industry’s problems that others neglect, or bring something new to the industry. FinNexus will be a down-to-earth project, focusing on the use cases and applications even in the early stages. To bridge the real-world value and make connections with multiple participants will always be our target.
Question15:
Carlos Jose: I see that you are Partners with Bitrue. Will you hold your ICTO on Bitrue?
Boris Yang: I think so.
Question16:
Best: Where is FinNexus team from?
Ryan Tian: Boris, Bob, Sarah and I are from China. Noah and Professor K are American and Veer is Indian.
Boyan Goran: You have 6 people in your team?
Ryan Tian: We have a lot more than that. Just mention the names that are in the group and participated in the chat before.
Sarah Huang: We are probably the management team you are most familiar with. We are also planning to expand the team.
Boyan Goran: Mainly IT, I suppose?
Boris Yang: There are more than 10 IT guys. Most of them work in Beijing with Us. Other work is remote.
Sarah_Huang: Our promotional video has been shot in our office, we plan to release it tomorrow, and you will be able to see the full picture of our team.
Question17:
Maranatha: In regards to the Peter Schiff situation that rocked the crypto world last week about losing his fund because not back up his keys, please how does Finnexus deal with issues like this.
How secure?
Since Data is the NEW OIL, What are the data sources that will make you highly competitive and be the top Defi project
Ryan Tian: It is a real problem for the crypto world now I believe. We are aware of the problems and will have a deep discussion with the wallet provider and work out a better solution.
Due to the characteristics of Defi and our project, I believe the key sectors of the success of ourselves are assets, users, and protocols. Finding good underlying assets that users may accept, tokenizing them and making a protocol stack to bridge all the counterparties.
Question18:
Boris Yang: Yes I think so too. So we are cooperating with partners in different countries. And we are trying to build more connections in different regions.
Question19:
Xenon_Korea: What is the need to be a member of your team?
Boris Yang: IT, marketing, business and finance, which ever you are good at. You are welcome. If you are professional in anyone, we will prefer.
Question20:
Bitboys: Does FinNexus plan to launch a staking program?
Ryan Tian: Yes, there will be a staking program.
Question21:
Maranatha: As the Finnexus team, how do you rate the community having this AMA, do you have ambassadors program for those who want to contribute?
Can Defi dapps be built on finnexus and what are the modalities involved?
Boris Yang: Yes of course, after we releasing more API or SDK for the protocols.
Question22:
Victor: How much does your development strategy rely on the viability of the fat protocol theory?
Ryan Tian: It has all the connections. The whole idea of FinNexus is built on the FAT theory, which is all about protocol clusters or stacks. We will keep on enriching our protocols from projects and use cases, and hence create more value from the protocols.
Boris Yang: Our protocol will be developed iteratively with a strong focus on usability. We will develop multiple protocols to suit different application scenarios.
Sarah_Huang: Boris and Ryan, please give us today’s best questioners:
Boris Yang: @Xenon_Korean
Ryan Tian: @endtimeprophet & @phuongnhi12345678
Each will receive a $10 FNX prize! Congrats!
Thank you FinNexus community for your support! Please follow us on Twitter, Medium, and Facebook to stay up to date about the project.
Published at Thu, 30 Jan 2020 08:09:44 +0000
{flickr|100|campaign}
