On the 10th of January, 2021, at 7:30 PM IST, Sainath Gupta, the CEO of Knit Finance, explained in-depthly to the community, the drive behind the Knit Finance ecosystem, it's great features as well as the benefits accrued to using it. The AMA took place in Pramod's Global community.
This recap was carefully drafted from the live AMA session with the Knit Finance CEO, Sainath Gupta, to ensure the full understanding of the event and the information shared thereof.
GUEST INTRODUCTION
Sainath Gupta, the CEO of Knit Finance, has been a Fintech Entrepreneur for almost a decade and the idea behind KnitFinance is to bridge the movement of assets and as well multiply Defi adaptation between multiple chains.
QUESTIONS AND ANSWERS
Q1: What coins are you looking to bring into Ethereum first?
Sainath: These are the ones currently integrated
Q2: Which L2 are you guys looking to build on?
Sainath: We will share that once the announcement comes from officially from there team thanks for being patient. We are exploring Polka as well for now due to the strong ecosystem around them.
Q3: What problem is knit trying to resolve?
Sainath: Defi currently is 2% market ( $20 billion in December 3rd week), while Crypto cap is near a trillion. Few of the reasons are the moot between multiple chains, high gas fees, not easy to use interoperability of assets and non usability of existing systems. We are trying to solve the above issues
Q4: How different is Knit from existing solutions?
Sainath: Current solutions are currently limited to one chain or bridging between two chains. Our idea is to bridge between multiple chains' assets.
COMMUNITY LIVE QUESTIONS (ROUND 1)
Q1. Smart contracts are prone to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audited it through any of the parties?
Sainath: Thanks for this question , Our tech team is highly experienced with a combined experience of 15 years, coming from a Fintech background 7 years ago I got my hands on my company PCI DSS, which involved 600 tests and certifications. We will use the best of non-crypto and crypto world policies, code bases and counter checks to avoid getting victimized.
Q2. As Education for cryptocurrency is necessary nowadays, what’s your plan to attract those people who don’t know about cryptocurrency?
Sainath: We have proposed to Polka to work on educating the newbie interested in Crypto on Blockchain coding, will keep you posted.
Q3. We are living in the advent of YIELD FARMING and Liquidity Mining, can you share your personal opinion on Yield Farming and also Briefly explain your Liquidity Mining Program?
Sainath: Yes, we will inherently use it so that our synthetic tokens are easily available on every chain.
Q4. Can you explain how your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team??
Sainath: We will share it in public soon
Stay tuned. Do follow our updated here:
Channel @knitfinanceann for more updates.
Q5: Earning the trust of investors is extremely important in a project. How do you manage to gain their trust and make them stay in the long term?
Sainath: Team gets its first instalment of tokens after an year of TGE, this ensures that the Team also looks at this in the long term.
Q6. What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Sainath: We are working on a few things. If you have any, please do suggest.
Q7. How secure is your smart contracts code, did you ever audit it via any third party? What has been the biggest challenge you have faced in KNIT FINANCE development?
Sainath: Yes, it's audited by a third party after every build.
Q8. Many new projects made a good impression at first but were suddenly abandoned. My question is, how will you manage the project and token to gain a place in the market and become the best token in the blockchain world?
Sainath: Work hard and be consistent is our motto. We have a team which looks at things long term and executes on short term targets.
Q9. Staking is the new trend. What staking options are available for KNIT FINANCE Token? Are there any incentives for staking? What are the various ways to earn KNIT FINANCE token and are there any limits to the amount of $KFT I can earn?
Sainath: We will announce it soon.
Q10. Truly, you've done AMA in many telegram groups, so what next, what other way will you make your project more popular?
Sainath: You might have confused us. This is the first one officially.
Q11. what are the ways that #KNIT FINANCE generates profits/revenue to maintain your project and what is its revenue model ? How can it benefit win-win to both investors and your project?
Sainath: Every swap generates 0.25% fees which is our revenue source.
Q12. Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
Sainath: Seeing the DeFi on Ethereum being so unwieldy (High fees, Slow, Front running of the bots) was our inspiration to make the DeFi better.
Q13. As I am a developer with knowledge of programming languages such as solidity, C ++, Java etc., can I create Dapps on your platform ? And HOW easy to create dapps on your platform???
Sainath: That would be lovely, please PM.
Q14. You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, ...So now I want to ask what do you want to receive from the community?
Sainath: Talk about us with your friends.
Q15. Can you please talk about the choice to have such a low total supply of tokens in the context of yield farming/Defi? What are the pros and cons of this particular tokenomic model? With such a low supply, how does this affect long term sustainability? What happens after 3 years?
Sainath: We want to concentrate on making a good product and get market adaptation for the same hope with right feedback and adaptation. We should be doing great 3 years down the line.
Q16: 1 - Increasing Token price
2 - make Token Valuable
3 - Building Community Trust
From the 3 aspects above, I want to ask,Which one is most important for you?
If all above are important for you,. Which one will you do first?
Sainath: 3, we will work hard and be transparent.
Q17. What is the business model of your project? How does it work?
Who are your potential customers and which markets are you targeting on?
Sainath: our target users are the holders of non erc-20 tokens who are missing the DeFi boat.
Q18. We all know that the Ethereum Network has many problems: scalability issues, high fees, slow speeds, and many more,
Why did KNIT FINANCE choose to build its own token on the ERC20 network over the other networks that are faster and scalable?
Sainath: It's just the first step, the idea is to make non ERC-20 tokens compatible with ERC-20.
Then the next steps will involve taking ERC-20 to non ERC-20 Blockchains.
Q19. What is the release schedule of tokens? What jurisdictions are eligible to participate in the sale? Will the sale be fairly distributed over the different membership tier levels or can we expect higher tiers to have the option to invest more?
Sainath: We have one of the best Tokenomics, will share soon.
COMMUNITY LIVE QUESTIONS (ROUND 2)
Q1. I would like to have a long term investment with your project but at the moment I have doubts, how can you convince and convince me that this project is very promising?
Sainath: I will only say this, normally Early adopters are always rewarded in the Crypto world.
Q2. Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform?
Sainath: We have a great and experienced team.
Q3. Is the KNIT FINANCE meant to be possibly adopted by other crypto projects and outside of blockchain space as well? What kind of advantages does it bring to, for example, financial institutions adopting the protocol? what are the ways that #KNIT FINANCE generates profits/revenue to maintain your project and what is its revenue model? How can it benefit win-win to both investors and your project?
Sainath: Currently, 6 projects are in pipeline for partnering 1 of the top 3 exchanges In India is also a partner (will announce after there official announcement). So yes, we will get adoption and as well help other projects grow with us.
Q4. Congratulations Sir!!
I have gone through your Medium Blog and I found this project super exciting, a Defi project that can help provide liquidity to non Erc-20 assets, a thing that's needed for every good project to sustain in the market.
I just have one question that's regarding security. How will @KnitFinance prevent phishing hacks like we have seen in current Defi hacks?
Sainath: Thanks @SamyakJain
We are working on a solution, need to see if it works after the launch.
Q5. Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
Sainath: I am chatting from my own handle
We recently had a spear head phishing attack, luckily the cyber security precautions helped us to be safe and catch early on but makes us wary hence even though we are a big bunch, only few of us are active in the telegram team and are active in our group and answer questions from time to time. Our early investors know the core team hence have invested nicely early one only on team strength
Q6. Can you please explain more on the requirements of participating in KNIT FINANCE Ambassador Program, who can participate and what are the benefits of being an ambassador?
Sainath: Please drop us a message on our group: https://t.me/knitfinance. We would be happy to get someone with passion onboarded quickly.
Q7. As we know, every successful project has a few stories behind the scene, what's the story behind your project success? Are there any special prototypes or upcoming updates that you want to show/share with us?
Sainath: Yes , our Alpha testers loved trying our product, we will share few in the future soon.
Q8. Most platforms take a substantial cut, meaning creators only see a portion of their rewards. So How is your project planning to solve this problem? Is the value that creators receive on the
Your platform always optimal?
Sainath: We are working on a marketplace model so that platform like us only takes very less commission, making it Win-Win for everybody involved.
Q9. It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its users?
Sainath: The token unlock for the team is spread over 3 years with first installment coming after one year after TGE.
Q10. Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Sainath: We help multiple projects' assets get connected as in getting knitted i.e., getting united / make (a garment, blanket, etc.) by interlocking loops of wool or other yarn.
Q11. What do you think with Asia market? Does your team have any plan to approach INDONESIA with the potential market in crypto? There are many great teams and investors want work and earn money from crypto?
Sainath: Asian markets are growing markets for next 30 years hence core of our adoption, our idea is to make the project accessible for everyone.
Q12. Although ETH 2.0 is delayed to next year, it will solve all existing problems of ETH and become the best choice for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier?
Sainath: Not all, but at least we will help congestion to be reduced no one can replace thanks to its wide adaptation but yes, we can definitely try taking a market share which is worth billions of dollars if successful.
Q13. What is your strongest advantage that you think will make your team leading the market? As I know a strong community is very important for every project. Do you plan to be a local or global project? What strategy will be used to expand the community?
Sainath: Its a global project, so the team has players from multiple locations
Q14. What is the team's orientation and development plan for 2020 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?
Sainath: DeFi is still small and my personal belief is that there is a huge growth for the same in the
Q15. KnitFinance as you move forward through your route, what is your most important next priority? Does the Ramp team have enough fundamentals (Funds, Community, etc) to achieve those milestones?
Sainath: My view:
Experienced team: Check (Cumulative experience; 40 years in Blockchain space)
Funds: Check
Community: getting good traction.
Q16. How will you prevent "copies" of tokens from being included for the purpose of defrauding users? Do you have a system to remove these tokens from the pool?
Sainath: We have an interesting solution for this, lets see how it works after we start testing it in the real world.
Q17. Is this project a Global project ?
Can local communities partake in it ?
Sainath: Its a Global initiative with many local communities support.
Q18. What are the difficulties and chances that You face right now while the crypto/blockchain market is still young and needs time to grow?
Sainath: Finding scalable problems to solve.
Q19. Personally, I consider two things in any project: the security and ease-of-use. Does KnitFinance have these two things?
Sainath: Yes, by the combination of various factors.
The AMA went so well that a lot of questions were asked and the guest provided lots of answers to them, bringing the AMA to a close.
For more details about Knit Finance, we have made some links available:
Website: https://knit.finance/
Telegram: http://t.me/knitfinance
Twitter: https://twitter.com/KnitFinance
