Thanks a lot for actively participating in the Ofin Protocol AMA held on 2nd Septemner 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Ofin Protocol
We have with us
Eric Wong
Hey everyone this is Eric from Ofin.io
Ofin is a non-custodial investment protocol that enables novices to invest directly into the funds managed by seasoned crypto traders.
Q1. DeFi is a buzz up in 2020 and is on everybody lips, what ROLES does OFIN Protocol play in the innovativeness and future of DeFi and how does it spearhead adoption of DeFi using blockchain solution?
Decentralized Finance (DeFi) is the new fin-tech wave which is definitely set to take current financial system by storm in days to come however until we won’t build tools keeping in mind the novices we won’t get desired mainstream adoption. Ofin is a non-custodial investment protocol that enables novices to invest directly into the funds managed by seasoned crypto traders, Ofin is being build to create a trustees bridge between the traders and investors which could be one of the best use cases of decentralised finance.
Q2. There are many INVESTMENT PROTOCOLS , How does Ofin differ from them ?
Well to be honest I am not aware which investment protocols you are referring to which allows non-custodial investment pools managed by traders however what Ofin is building is a very unique concept and does not see a direct competitor in the market as of now.
Q3. In what areas are you focusing on most for late 2020? Any plan to get new partners?
We have a very busy calendar for the rest of 2020 as soon as we finish our token sale and uniswap listing we will be entering into some very exciting partnerships along with token listing on multiple exchanges. We also expect our staking to go live by 15th of Sep followed by testnet in Oct and mainnet due for launch sometime in Nov.
Q4. What are the ways that #OfinProtocol generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both investor and your project ?
Well its too early for us to think of a revenue model as the focus is to ship out the product and bring adoption first however we will be charging a % fee for every transaction that occurs on the Ofin platform which will help us to maintain the project and fund its further development.
Q5. Can you give an overview of Ofin Protocol tokenomics? Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage or burning?
Ofin Token ( ON ) has max supply of 7,777,777 ON tokens out of which 50% tokens have been locked for staking rewards and 25% tokens have been allocated for sale. For a detailed tokenomics feel free to visit https://medium.com/@ofin/introducing-ofin-token-on-4d283b680f85.
Value of every token is tied up with the success of the project however it’s very early for us to go in that direction. Our token does not increase or decrease in supply as no new tokens can ever be minted. 80% of all collected platform fee will be distributed within the token holders through a systematic distribution method.
Q6. What kind of support does Ofin provide to users with little trading knowledge? Do you have any educational programs or programs that help users choose where to invest according to their risks?
Yes we are working with content partners to create some educational content however there won't be a fixed metrics users would need to pick an investment pool based on how much risk they are willing to take.
Q7. Trust and Security are vital fundamental in crypto space today, so how Secure are you to avoid hacking and sybil attacks
Users funds security is the biggest challenge for any DeFi project therefore we plan to go through a detailed audit of our smart contract before we make it available for use.
Q8. For all you is offering, it is built on ETH blockchain which is annoyingly slow and cannot scale, why have you chosen the ETH blockchain over other Comparatively faster and Scalable chains and do you have plans for main net to Migrate your own Chain
I totally agree that Ethereum is very slow at this moment however Vitalik and team are already working to solve this problem however we also can not deny the fact that currently 95%+ of the crypto assets are based on Ethereum chain. We also have plans to support other blockchain such as Tron, EOS, BINANCE Smart Chain and Polkadot in near future.
No we don’t have any plan to launch our own chain as its not required for a product like ours.
Q9. What kind of support does Ofin provide to users with little trading knowledge? Do you have any educational programs or programs that help users choose where to invest according to their risks?
So the whole idea behind the Ofin is to have seasoned traders manage your funds on your behalf therefore it is not required for us to provide trading related educational material however we will create educational content to train users how to use ofin platform effectively.
Q10. How can I join closed beta testing? Do I need to be an experienced trader or what are the requirements to be selected?
Yes our incentivised closed beta program is only open for experienced traders as we want to fine tune the system according to their needs and have their inputs to improve the product before its released for public testing.
Q11. As this Project is Very new in the Market, Can you tell about the Funding source of OFIN Project? & What made Investors believe in Ofin?
We have been backed by 3 blockchain agnostic seed funds however due to NDA we are not allowed to use their names until our token sale is completed and actual product is shipped out. Investors liked the idea of how we can solve a major trust problem which exist in current portfolio management business by using blockchain technology and let anyone invest in anyones portfolio without worrying about the security of the funds. Ofin acts as a trustless bridge between the traders and the investors.
Q12. Can you talk about OFINs marketing strategy? how are you planning to get ADOPTION around the globe?
We have already partnered with 2 PR companies and working closely with some major crypto you-tubers to spread the word about ofin who now have their own vested interest in the project since they have invested themselves in our private round.
Q13. Any big partners??
Yes already in working and we will announce the partnerships once they have been closed.
Q14. What is the structure of the company, is it a decentralised, open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
Ofin is fully decentralized project where token holders would lead the governance through systematic voting rights.
