🐋 TELEGRAM AMA: Im Community & Portal Finance 🐋
⏰ AMA Timing : 14 September 2021 l 04:00 PM UTC l 23:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw

🎁 Reward Pool 100 USDT
Bà Tân | :
Welcome @CDuggi, @hansonso1, @geoburke from Portal Finance

Bà Tân | : Welcome everyone. Today Im Community will host AMA with Portal Finance.

Bà Tân | : Today our guest is: @CDuggi, @hansonso1, @geoburke from Portal Finance.

Bà Tân | : Please introduce yourself a bit: @CDuggi, @hansonso1, @geoburke.

Hanson : I’m Hanson So. I was the CEO & co-founder at http://Contract.org. I’m currently a partner at B21 Capital and the earliest investor in Portal. I think defi on bitcoin is severely lacking and Portal will be the first project to bring this to reality.

Chandra Duggirala : I am the Founder of Portal. I am a serial entrepreneur and previously ran an AI based personalized health company. I started Portal because there are no peer to peer trading systems and apps that are sufficiently censorship resistant.

George Burke : My name is George Burke, a co-founder at Portal. Our team started working on this since 2018 but I’ve been involved in bitcoin since early 2013. Always a believer in censorship resistant, egalitarian technologies.

I built a bitcoin/altcoin exchange in 2013 which was sold. I later went on to build the first bitcoin debit card in the US called FreshPay.

Prior to crypto, I launched the first “”netflix for books”” subscription club.

I also currently run the first-ever bitcoin meetup — Silicon Valley Bitcoin — first started by Roger Ver and Andreas Antonopolous

Bà Tân | : Thanks for the introduction from Portal Finance team.

Bà Tân | : Today’s AMA will have 3 sessions

Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team Portal Finance

Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1437439963885305856).

Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.

Requirements:

🗣Im Community (https://t.me/imcommunityitw)

🗣Portal Finance (https://t.me/portalgroupchat)

🗣Portal Finance VietNam (https://t.me/portaldefi_vietnamese)

🗣Twitter Portal Finance (https://twitter.com/portal_finance)

👉More information about Portal Finance :

🗣Website (https://portaldefi.com/)

🗣Medium (https://medium.com/@Portal_team/portal-a-financial-internet-built-on-bitcoin-9c817f07bb8f)

Bà Tân | : Don’t forget to join the group https://t.me/portalgroupchat https://t.me/portaldefi_vietnamese

Bà Tân | : Start session 1 AMA @CDuggi, @hansonso1, @geoburke .

Bà Tân | : Question1. Can you briefly describe what is Portal Finance? We would like to know more about it and how it works.

Hanson : This is also the public whitelist sign up form: https://kflg187s2yj.typeform.com/portal

Bà Tân | : Noted.

Chandra Duggirala : Let’s first discuss the WHY before we discuss the WHAT.

The motive behind Portal is expression of self-sovereignty. Portal is to cryptotrading what Tor is to p2p communication. Portal is an unstoppable p2p exchange.

For Bitcoin to become money, we need a censorship resistant, peer to peer trading system that crosses blockchains. That’s why we are building DeFi using cross chain atomic swaps. BItcoin is strengthened by building many layers of functionality.

Our team started in 2018 by building a self-sovereign multi-currency wallet that allows people to trade at many centralized exchanges right from within the wallet interface, but quickly noticed that the biggest point of failure for the entire crypto ecosystem exists at the layer of exchange. So between 2019 through to today, we’ve been concentrating on making trading coins as trustless as can be and decided to focus on making cross-chain atomic swaps usable, practical, and fast. Portal, at the layer of trade, will free up so much potential within the ecosystem.

Ahrix : @CDuggi, @hansonso1, @geoburke Please say “Done” when you have finished the question, thank you.

Hanson : Portal is a decentralised, trustless DEX that enables cross chain swaps between different blockchains with planned support for the top public blockchains built onto of the security of the bitcoin network.

Hanson : done

Bà Tân | : Question2. Why did Portal Finance build its project Built on Bitcoin? why not BSC , Ethereum or Polkadot for example ?

George Burke : There are a few answers to why we’re working on Bitcoin as opposed to other chains or building our own Layer 1 chain:

Bitcoin provides the security; no need to implement a new system and attempt to garner superior adoption. Bitcoin is the most decentralized and secure system and we think it is the monetary layer. If you want to build functionality, financial contracts and beyond, it makes sense to build it on top of the monetary layer vs any other layer. More importantly, layers of functionality enable bitcoin to capture the value, but not the risk of a failure of a layer 2 system.

When trillions of dollars of financial contracts are running on crypto chains, it creates an entire economy that politicians wouldn’t dare over-regulate for fear of collapse. DeFi, when finally applied to Bitcoin, is how we will protect Bitcoin from nation state attacks.

Hanson : done

Bà Tân | : Question3. What is Portal Finance’s private token? What role does it play in your ecosystem?

Chandra Duggirala : In the current model, Portal decentralized network rewards the facilitators for the value of trades they facilitiate. The fee accumulate in the community treasury, and Portal tokens are a claim against the treasury. This model ensures that facilitators compete with each other and provide the best service to the end user for a competitive fee.

Done

Bà Tân | : Question4. What achievements have the Portal Finance team achieved so far?

Chandra Duggirala : In terms of achievements, we invented zero knowledge swap, which fix the Layer 1 tier nolan atomic swap problems. In addition, Fabric protocol (the protocol we use to build p2p ZK circuits for Fully Homorphic Encryption), has been used to build peer to peer communication and other apps. With the atomic swaps integrated into Fabric, we are rebuilding the Web from client server model to an uncensorable, decentralized architecture.

Done

Bà Tân | : Question5. What is Portal Finance’s development plan this year?

Chandra Duggirala : Our plan for the rest of the year is to add features and partnerships. Support more blockchains, trading instruments (Peer to Peer options, borrowing/lending on chain & peer to peer). We will do whtever other priorities the community comes uo with. Moreover, several blockchains are looking for bridges to swap between their token and bitcoin, but these don’t trustlessly exist (yet). We have a few blockchains wanting integration for near trustless swapping and bonding between their token and bitcoin (or other tokens of incompatible blockchains). This interoperability is the holy grail of the crypto space. One partner we can name is Aeternity, and we will name the other partners over time.

I can also mention some of our strategic investors. with more coming. We’ve received investments from ArringtonXRP ventures, Coinbase Ventures, Republic.co Capital, CEO of MobileCoin, a co-founder of Dfinity, the CEO of Bitcoin.com, and many other prominent firms.

Done

Bà Tân | : End of session 1

Bà Tân | : We will move on to session 2

Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1437439963885305856).

Bà Tân | : Question1. Portal is built using Fabric, so can you tell us more about Fabric? What advantages will building on Fabric bring to your platform? @stewie22k1

Chandra Duggirala : Fabric is the protocol for peer to peer message passing and contracting using bitcoin as the security layer. All of the layered networks built using Fabric can use portal to exchange into Bitcoin and other assets. It is a natural fit for what we are doing. Portal improves Fabric protocol and Fabric is needed for Portal.

George Burke : I knew the Fabric CEO Eric Martindale for many years as a friend in the bitcoin space. He was a bitcoin god. Early at a Blockstream and early at BitPay and was one of the few human beings to undestand Layer 2’s and sidechains. Eric was first a mentor and advisor to our team. Later he joined us to build Portal.

What Eric invented for Fabric is the protocol built ON BITCOIN for peer to peer message passing and contracting using bitcoin as the security layer. All of the layered networks and DAPPs built using Fabric can utilize Portal to exchange into Bitcoin and other assets. It is a natural fit to have our teams unified and aligned.

Done

Bà Tân | : Question2. What are the highlights of Portal Finance technology and products that you believe will help you achieve success? In which way the revenue would be generated to sustain the project’s development, and what plans do you have to attract more users in the future? @Hera2Chris

Chandra Duggirala : To answer this, you need to know what Portal is and its underlying technology, Fabric.

1) Fabric is the protocol, built ON BITCOIN, for peer to peer message passing and contracting using bitcoin as the security layer. All of the layered networks built using Fabric can use portal to exchange into Bitcoin and other assets. It is a natural fit to have the team unified and aligned.

2) Portal, built on Fabric, is enabling atomic swaps for coins across incompatible blockchains; trust-minimized trading using the security model of bitcoin.

3) Here’s what’s so exciting and unique about atomic swaps:

Atomic transaction means either the entire cross chain contract (typically updating of both ledgers) happens all in one piece. For example, if you “atomic swap” your Bitcoin with someone’s ETH, either you get their money and they get yours, or nothing happens. It provides guarantees of a secure execution of an exchange without a trusted third party.

To fix the problems that have made layer 1 “tier nolan” atomic swaps impractical until today — such as miner front-running, long transaction times, lockup griefing, and all-or-nothing order execution, first we are utilizing Layer 2 for fast communication and coordination, including the ability to recompose orders into smaller chunks to create execution that is fungible, and therefore scalable. It’s done through the Fabric protocol (the protocol we use to build p2p ZK circuits for FHE), has been iused to build peer to peer communication and other apps. We utilize Fabric like a Lightning Network that is purpose-built for trading.

Second, we invented zero-knowledge swaps at a layer 3. How can a decentralized exchange layer be truly censorship-resistant if traders are known and addresses can be traced? So, Fabric technology enables ZK circuit creation which, when implemented, opens the door to a whole host of new methods of obfuscating transactions without losing verifiability. With regards to revenue, all facilittors get paid based on the value of trades they facilitate. Our revenue is tied to the growth of the network and userbase. We are seeing a lot of interest from users and we expect it to only go higher.

Done

Bà Tân | : Question3. How exactly is Portal DeFi able to merge the speed and security of centralized exchanges and the privacy and security of underlying blockchains to authorise seamless peer-to-peer atomic cross-chain transactions? What feature is responsible?

@arianne_juliet

Chandra Duggirala : For some background, a layer 2 is a sequence of unsettled transations on the main chain done for a purpose. For example, Lightning Network is a layer 2 system for peer-to-peer micropayments. However, lightning transactions — until settled — are not broadcasted to the main chain.

Because the transactions take place in layer 2, you get the speed, similar to lightning network. Also, because of he ZK Swarm structure, partial fills enable aggregating liquidity just like centralized exchanges.

Portal is building a true cross-chain method of trust-minimized exchange without a 3rd party. But because these chains do not natively interoperate or communicate with another, a layer must be built above the base layer for such communication. Portal is a layer 2 system for peer-to-peer cross-chain contracting. Cross-chain contracting facilitates a variety of in-demand DeFi activities, like spot-trading, options, peer to peer lending etc

Done

Bà Tân | : Question4. How do you plan to spread awareness about your project in different countries/regions where English is not spoken well?Do you have local communities for them to let them better understand about your project? @MTommat

Chandra Duggirala : Thanks for having us guys, we have to go now.

Bà Tân | : Thanks for the useful information from @CDuggi, @hansonso1, @geoburke

Bà Tân | : For questions that have not been answered today, you can send them to @portalgroupchat for answers.

George Burke : Sorry, no more time today, but please visit the project’s Telegram https://t.me/portalgroupchat

Bà Tân | : IM Community, if you would like to know more about Portal Finance ! here are some useful links for you:

Telegram (https://t.me/portalgroupchat) |

Announcement (https://t.me/getportal) |

Twitter (https://twitter.com/portal_finance) |

Medium (https://medium.com/@Portal_team) |

Discord (https://discord.gg/5BShgKqEQc)

Bà Tân | : Allright, I declare the Im Community AMA with Portal Finance has ended.

Thanks to @CDuggi, @hansonso1, @geoburke | Portal Finance joined us and provided us with Portal Finance information, we hope that this knowledge makes us understand more about https://portaldefi.com (https://portaldefi.com/)

To the members, thank you for following this event to the end. winners will be announced soon.

Bà Tân | : Thanks @CDugg,i @hansonso1, @geoburke for joining the AMA today. Have a good day.

George Burke : Also visit the Portal website https://PortalDeFi.com

Bà Tân | : This is also the public whitelist sign up form: https://kflg187s2yj.typeform.com/portal

IM is a PR group — Marketing support for Airdrop, advertising, AMA, Services … in Vietnam Flag of Vietnam. — — — — — — — - TG: https://t.me/imcommunityitw