CREDEFI x IM community AMA RECAP
TELEGRAM AMA: Im Community & CREDEFI 🐋
⏰ AMA Timing : 08 January 2022 l 02:00 PM UTC
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100 USDT
➡️ The reward pool for the best 5 questions from Telegram is $50($10 Each) 💸
➡️ The reward pool for the best 5 questions from Twitter is $50 ($10 Each) 💸
Bà Tân | : Welcome everyone. Today Im Community will host AMA with CREDEFI.
Bà Tân | : Today our guest is: @ivogrigorovvv from CREDEFI.
Ahrix : Welcome @ivogrigorovvv to the IM community.
Bà Tân | : Please introduce yourself a bit @ivogrigorovvv ���
Alex Stan : Hello! My name is Ivo Grigorov and I am the CEO of Credefi. Credefi’s team has 40+ years of experience in finance — from private equity funds to commercial and central banks, and we are crypto believers as well, being in the space since 2016. We have been working in leading roles for several commercial banks, private equity funds, asset management institutions and the Central Bank of Bulgaria. In our experience we have seen time and time again the great deficiencies of traditional finance, while witnessing the tremendous growth of DeFi and the opportunities it opens and that’s how the vision of Credefi was born.
Bà Tân | : Thanks for the introduction.
Alex Stan : Always welcome!
Bà Tân | : Today’s AMA will have 2 session
Session 1: Project Introduction
Session 2: Question From Twitter (https://mobile.twitter.com/IM_Communityitw/status/1479209752601063426) (will choose 5 question)
Bà Tân | : Start session 1 AMA.
Bà Tân | : Question1. We saw that Credefi will be implementing the NFT technology as a revolutionary derivative instrument on its platform. Can you please briefly explain what will this look like? @ivogrigorovvv
Alex Stan : That’s a great one :)
Let me explain
We have created a derivative instrument designed to even further secure your investments in our platform and create a secondary market for your asset backed lending. It is designed for all participants in our platform who wish to hedge their lending activity against credit defaults, hence allowing them to take riskier positions in both our portfolios or on an individual basis.
We call it NDS (NFT Default Swap).
The idea behind it is that people can wrap their LP tokens generated from investing in different portfolios on the platform and issue a unique NFT, which can recuperate their losses and also can be sold on a secondary market. We have a very detailed article on the topic, which explains everything about this revolutionary product here: https://medium.com/@credefi/credefi-employs-nft-technology-to-create-an-advanced-derivative-instrument-into-the-crypto-space-d341be9599c2
Bà Tân | : Question2. We know a product launch is behind the corner and your team is working relentlessly to make it happen this Q1. Can we expect news from the Credefi team soon?
Alex Stan : Thank you!
Yes, we are very happy we are on track to fulfill our Q1 goals on time. In the upcoming days we will surprise the entire community with some great news about our Testnet going live. However, we will not disclose anything more at this point, so that we do not spoil the surprise. Everyone can expect a lot of excitement, prizes and a unique opportunity to become a close part of Credefi’s never ending growth! Follow our channels, so that you don’t miss the news in the upcoming days!
Bà Tân | : Question3. When can we expect to see more information about your partnership with Experian? And the rest of the roadmap goals?
Alex Stan : As you know, the team behind Credefi has a strict rule when it comes to following our main goals and roadmap: work, work, work. We can assure everyone that great things are happening in our “kitchen” and all the processes are on track. Of course, we cannot share all the details, but being the first and only blockchain project to partner with an industry giant like Experian, we will be rolling out more information about this partnership within next week. The topic is extremely interesting and informative, so please make sure to follow our Meduim and socials, so everyone can see what Credefi and Experian have to offer to both the traditional and DeFi world. We promise, it is a groundbreaking innovation, never seen before in the cryptoverse!
Bà Tân | : Alright, Session 1 has finished perfectly. Appreciate your detailed responses @ivogrigorovvv ���
Bà Tân | : End of session 1
Bà Tân | : Session 2: Question From Twitter (https://mobile.twitter.com/IM_Communityitw/status/1479209752601063426) (will choose 5 question)
Bà Tân | : Question1. Can you tell us, has ‘CREDEFI ‘ been audited? As we know, smart contacts are vulnerable to hacks, and to carry out an audit costs a lot of money. So can you tell us a little about that, because investors need to know? @caomyle3
Alex Stan : Great question
Our development team is constantly looking for and acting to resolve any potential vulnerabilities, regardless of how small they might be. We would also conduct a bug bounty program very soon and implement all relevant findings to ensure maximum security of our platform. We have passed a smart contract audit with Armors Lab — a leading provider of smart contract audit services with a very good reputation. You can find the full report here:
Bà Tân | : Question2. Credefi will solve the key challenges that DeFi and TradFi face today, but could you really describe to us what are those big challenges that you are facing? and really the only platform that is working on solving them in CreDeFi? @Cina656 (https://twitter.com/Cina656)
Alex Stan : Perfect :) Let me explain
On the DeFi side, DeFi yields are inconsistent, fragile, and evaporate in bear markets and the aftermath of DeFi winter and the market crash in May ’21 are a clear proof of that. We see that speculative borrowers cannot satisfy DeFi lending supply.
-On the TradFi side, small and medium enterprises are historically underserved by traditional banks and are borrowing at consistently high interest. There are insufficient lenders to satisfy SME borrowing demand, pushing SMEs to alternative lending solutions such as peer-to-peer and crowdfunding which are billion-dollar industries in the US and EU.
We believe DeFi is the future of banking and are quite frustrated that so far it has very little connection with and impact on the real economy, it’s a closed universe. We aim to change that and open a brand-new niche in DeFi by enabling stablecoins to flow to real businesses and earn a fixed and non-crypto-related yield. At the same time we aim to become a gateway to DeFi and blockchain technologies for SMEs and render obsolete the outdated, bureaucratic and overregulated banking services SMEs now have to cope with, replacing them with quick, flexible and user-friendly funding solutions.
Bà Tân | : Question3. Could you list some of your most advanced features that we have not seen on the market before? What kind of additional input does your project have to already-existing solutions on the market? @NgocTran573
Alex Stan : Credefi is a new breed of De-Fi protocol tapping into the trillion dollars market of real world companies and assets. We do that in a structured and disciplined way, harnessing the best from both the Trad-fi and De-Fi domains. We have a battletested in-house credit scoring allowing the lending to proven and credible borrowers while protecting our lenders and LPs, and providing them fixed and stable APY.
We are different from our peers by performing our own credit scoring in-house and accepting real-world assets collateral that will be administered and managed by a licensed financial institution.
We also emphasize on the security for lenders as our main priority and thus, we’ll kick off our operations using guarded launch, accepting initially borrowers primarily from the European union with the aim to limit the risk of default.
After our operations are well established in the EU, we’ll be expanding to Asia and Africa and start introducing loans with low to non-collateral requirements.
Bà Tân | : Question4. I have read that CREDI token holders can contribute to the security of the system. How will we contribute to security and how much xCREDI will we be rewarded for? @fawad_ahammed (https://twitter.com/fawad_ahammed)
Alex Stan : Our tokenomics is designed and inspired by the latest trends and developments in the space. We have implemented a 2-token economy model, which secures and stabilizes the platform, while increasing APY for our stakers and token holders. Through staking our native token CREDI in our ModuleX, you will be able to receive higher APY as well as mint our governance token xCREDI. Additionally, we have implemented a buyback and burn mechanism of xCREDI, in order to return part of the revenue generated by the protocol. Users will be able to stake CREDI tokens in our ModuleX and mint our governance token xCREDI right after the launch. Early stakers will enjoy the best conversion rate between CREDI and xCREDI, as well as increased APY and additional rewards as soon as the platform starts operations.
We have introduced a preferential staking program for our early CREDI holders allowing them to book a spot on the CREDI — xCREDI bonding curve and mint xCREDI at 1:1 rate to CREDI. It’s once in a lifetime opportunity and we welcome all Credefi enthusiasts to dive into the details available in the article here: https://medium.com/@credefi/discover-credefi-series-the-credi-and-xcredi-tokens-how-do-they-work-e31fe425b529
Bà Tân | : Question5.According to your website you’ll be implementing a 3-layer security for your platform lenders, so could you tell us about Credefi’s security module and how will it prevent possible attacks from external parties all the time? What’s the real protection you can get from it? @TrnTrun19211761
Alex Stan : Our three-layer protection mechanism, providing maximum security to our lenders is based on our:
1) in-house credit scoring backed by Experian — one of the Big Three credit-reporting agencies;
2) crypto and real-world assets collateral;
3) our Security Module (Module X)
- professional credit scoring of each borrower, validated by Experian and available for free to our users
Bà Tân | : Congratulations to the winners of session 2.
Bà Tân | : Thanks for the useful information from @ivogrigorovvv
Bà Tân | : End of session 2
Bà Tân | : For questions that have not been answered today, you can send them to @credefi for answers.