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Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from iTrustFinance and our guest is @rlcooke. The AMA took place on the 20th of June.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Telegram&WebSite
Rob | iTrust.finance:
Hi everyone!
Gold Rocket | Satoshi Club:
Hello and welcome to Satoshi Club, @rlcooke!
Rob | iTrust.finance:
Hope you’re all having a good Sunday! Thank you @GoldRocket27.
Gold Rocket | Satoshi Club:
How are you?
Rob | iTrust.finance:
Yeah i am good! Been a crazy few months at iTrust, my phone is literally overheating if i’m on a call for more than 40 min. I’ve fried my phone and my health this past couple months! But good, how are you?
Gold Rocket | Satoshi Club:
Well, I hope it pays off
Rob | iTrust.finance:
I am sure this industry will prevail!
Gold Rocket | Satoshi Club:
We are very excited about the upcoming AMA
Rob | iTrust.finance:
Good to hear!
Gold Rocket | Satoshi Club:
Let’s start!
Introduce yourself please. How did you get to be involved in crypto & ITrustFinance?
Rob | iTrust.finance:
Yeah sure!
I am Rob! one of 5 co-founders at iTrust, I have been fully involved in crypto for about 5 years. I am half korean and half english, and lived in korea for 5 years! I have been helping to build many aspects of iTrust from the token economics, to platform development, and more so lately BD role.
Gold Rocket | Satoshi Club:
What is the essence of ITrustFinance?
Rob | iTrust.finance:
Btw, it’s become a bit of a tradition to end my answers with the iTrust auberMOON, so we know when to move to next Q
Yes, good question. So we are building with the DeFi insurance vertical.
Essentially we are helping insurance protocols build cover capacity, so they can offer more premiums. We use capital from the stakers in the DAO, they help the underlying protocol to build cover capacity which translates to the stakers earning from the native network rewards, as well as iTrust gov tokens. We came up with idea in theDeFi summer. 3 of 5 founders are seed investors at Nexus, so we saw the problem with a insurance protocol not having enough cover capacity.
Gold Rocket | Satoshi Club:
I think this is a very important direction in crypto
How did you get the idea to create this project?
Rob | iTrust.finance:
Which was the idea behind the initial concept:
https://medium.com/itrust-finance/itrust-finance-partners-with-nexus-mutual-to-offer-a-host-of-staking-benefits-to-nxm-and-wnxm-2015aa77f45c
This best describes what we are doing with Nexus mutual.
That was an official partnership announcement. I think we are bigger than a trend…defi insurance is trending. Building cover capacity is intrumental in the progression of defi insurance.
Gold Rocket | Satoshi Club:
Well, you are completely in the crypto trend
Also we would like to know about your team. Who is on the project team core?
Rob | iTrust.finance:
Yep, so as mentioned 5 founders: 3 were seed investors at Nexus, one is still an advisor there. These 3 founders have >25/30 years in trad banking/finance sector and all been in BTC/crytpo since 2013–2015.
Myself and CTO have been fully dedicated to crypto since 2016/17 building technical solutions in the bc and finance vertical for the past 3–4 years.
Paul, CTO, has over 30 years experience in building systems that scale for the likes of Barclays, Lloyds, Cigna and other major blue chip companies for years. Dev team is 4 devs, 2 front end, and we have marketing and community leads with very good history in their fields.
Gold Rocket | Satoshi Club:
The Nexus is a very good project. We are familiar with it
Wow! great background for the team
Rob | iTrust.finance:
DeFi insurance OGs
Gold Rocket | Satoshi Club:
Thanks for the introduction, we will have a question selected for the Part 1. ready to start?
Rob | iTrust.finance:
Yup, born ready
Lambo NOW!
Gold Rocket | Satoshi Club:
Q1 from Telegram User @yellowchamp
Can you explain more about the Genesis Loyalty Program of iTrust Finance? How does it work and what are the mechanics of this loyalty program? How and who will be eligible for this loyalty program in your platform? What are the incentives or rewards that is claimable from this loyalty program? How does rewards or incentive be distributed to users of ITrust Finance? Thank you.
Rob | iTrust.finance:
Wow that’s a loaded question! and someone been reading the whitepaper?
We have a Genesis Nexus Bonus Pool, anyone who stakes 10 NXM (or more) are eligable to join the Genesis Bonus pool. This pool will consist of a 6 month bonus pool, 12 month and 18 months, so as long as you stay staked in one of our Nexus Vaults for the period (6/12/18 months) then you will get a proportional share of the Bonus Pool!
Gold Rocket | Satoshi Club:
Satoshi Clubbers always carefully study projects. believe me
Rob | iTrust.finance:
Thats great!!!
Gold Rocket | Satoshi Club:
Sounds great
Rob | iTrust.finance:
Also why i was so excited to do this AMA before our IDO whitelist closes!!!
WIN a guaranteed $300 allocation to the iTrust.Finance IDO! We have a small number of whitelist spots to give away to Satoshi Club members for our hotly-anticipated IDO on SushiSwap MISO, 23rd June 2021. To enter:
Email: [email protected] (http://[email protected]/)
Use this Email Subject line: iTrust IDO?—?Satoshi Club If you are chosen as one of the winners, you will receive a reply with your link to complete KYC to secure your spot on the whitelist?—?with an allocation of $300! For more information on the iTrust IDO, visit: https://info.itrust.finance/ You can also join the iTrust Telegram group here: https://t.me/joinchat/3kGHhgf9Y-FlOTFk
There is our special whitelist, but i can also share the kyc form here:
https://verify-with.blockpass.org/?clientId=itrust_miso_ee834&serviceName=iTrust%20MISO&env=prod
We also have future bonus pools for onboarding future protocols, which is on our roadmap!
Gold Rocket | Satoshi Club:
Great opportunity for Satoshi Clubbers! don’t miss guys!
Rob | iTrust.finance:
Easier to go through KYC straight away as last few hours to complete KYC!
exciting guys!
Gold Rocket | Satoshi Club:
Thanks for sharing
that was the perfect answer! ready for the next question?
Rob | iTrust.finance:
No problem! haha.
Gold Rocket | Satoshi Club:
Q2 from Telegram User @andrey_seleznov
Hi iTRUST!
I know that iTrust.finance’s partnered with Nexus Mutual! This is a promising partnership as it will allow DeFi users to finally have a means of mitigating at least some of the risks and insure their investments. Could you explain in detail how this insurance works? Is it automatic for all iTrust users? What cases of loss does it cover and does it guarantee a 100% coverage? And finally where do the funds come from. There should be a substantial pool to compensate all victims if a major project collapses. Thank you!
Rob | iTrust.finance:
Yup, this is a good question, and signals some of the confusing around what iTrust is doing. So we are not offering insurance…We are offering stakers to help insurance protocol build the cover capacity needed to issue insurance.
Gold Rocket | Satoshi Club:
Explain to us please
Rob | iTrust.finance:
Yes sure, so the stakers of iTrust DAO are directly helping Nexus to build the “cover capacity” that is need to “back” the insurance that is sold… and in doing so, they earn a portion of the network fees, in the form of native Nexus rewards!
So theiTrust DAO is:
a. Helping insurance protocols build cover capacity and offer cheaper premiums.
b. Help stakers to stake their xNXM or NXM into the smart contracts that users by the insurance from increasing and accruing their token rewards
which they can claim at their own discresion, helping to “socialise gas costs” making reward accrual more efficient.
c. Increase the overall value of the protocol.
Gold Rocket | Satoshi Club:
Benefits are obvious!
What exactly are you most proud of?
Rob | iTrust.finance:
https://medium.com/itrust-finance/how-does-defi-insurance-work-9c6c2b99d73b
This is good overview of how DeFi insurance works.
Proud of what we have build in the last few months and the reception we have from community and investors has been a great verification of what we are doing. Also very proud of the website and concept of the iTrust Community Reef.
Gold Rocket | Satoshi Club:
I love that you are not caught off guard. You always have an article on Medium
Rob | iTrust.finance:
https://medium.com/itrust-finance/welcome-to-the-itrust-community-reef-8172eb709bf9
That explains the concept of the Reef, and how staking into insurance is mutually beneficial/symbiotic!
Like many of the animal relationships we find in marine ecosystems! Really want to have a respected crew of cryptonaughts in the iTrust mix!!!
Gold Rocket | Satoshi Club:
Yes, it’s a good idea, compare it to the marine ecosystem
Thank you very much for your answers! Ready for the next question?
Rob | iTrust.finance:
Yes, and the cooledt thing is marine insurance was one of the first forms available in 17th century! Because if you lost your ship at sea it was a lot of cargo/value lost, kind of like a rug pull!!! So now we have Nexus that insure against the ShipREKT market.
Gold Rocket | Satoshi Club
Q3 from Telegram User @victorogb
An important aspect of iTrustFinance support scheme is the iTrust Community Grants Program (CGP), which would be created to empower the community to develop projects for the benefit of the DAO. The CGP when fully functional, would provide guidance, mentorship and funding to individuals and teams participating in the program. Even as the success of this program is directly hinged on the availability of funds, how would the Community Grant Funds (CGF) be generated and consequently distributed among the selected individuals and teams of the CGP, and what criteria does iTrust consider in it’s choice of eligible persons or teams for it’s grant program?
Rob | iTrust.finance:
Yes, the grants program is being finalised now. We have been more focused on the grant distribution/proposal submission and selecting commitee
rather than just saying “we have a grants program, here it is”
we are thinking, “how do we define a community driven process to build a good grant issuance platform”. So we have Eugene who is really helping to build the structure within which the community can help to define the import buidling projects going forward. The grants will be focused around developments that better the DeFi ecosystem, educate the wider defi eco system about defi insurance, and make insurance more assessible. We have a partnership with GoodFi to explore more of these avenues!
Luis Merino
| Satoshi Club:
I’m here now
Rob | iTrust.finance:
Hi Luis!
Luis Merino
| Satoshi Club:
Hello Rob! Thank you for attending to the AMA
Gold Rocket | Satoshi Club:
Does community activity affect the final product?
Rob | iTrust.finance:
The community will become intrinsic in the Vault structures in the future
currently iTrust has defined a process to assess risk strategies for the staking Vaults. We have had a 3rd party, called Smarter Contracts to review our risk accessment process. I also have another medium post about this !!!
https://medium.com/itrust-finance/smarter-contracts-review-confirms-high-standard-of-itrust-s-contract-auditing-processes-a79d7e9c5bc9
Luis Merino
| Satoshi Club:
Looking forward to the date it is fully ready
Rob | iTrust.finance:
Yes grants should be released Q4, but platform is fully ready and functioning!!!
Gold Rocket | Satoshi Club:
You’re awesome
Rob | iTrust.finance:
We also have just had our zokyo audit in, but that is a platform audit, not our risk accessment process, so different.
Gold Rocket | Satoshi Club:
Please share your results with us. It is very important
Rob | iTrust.finance:
Signals end of answer (for Luis)
https://medium.com/itrust-finance/itrust-passes-zokyo-audit-with-flying-colours-ac9334d581b8
Functioning platform is most important, most projects/IDOs do not have working platform, but we DO!!!
Luis Merino
| Satoshi Club:
Oh really? I love it haha.
Btw, I love your sticker pack. (I’m the sticker lover inside Satoshi Club)
Rob | iTrust.finance:
Yes we have a great team of designers, can see from our website!
Gold Rocket | Satoshi Club:
Thanks for sharing! We will definitely take a look at this. Safety first
Luis Merino
| Satoshi Club:
That’s what makes you better
Gold Rocket | Satoshi Club:
Absolutely right! the designers did a very good job.
Luis Merino
| Satoshi Club:
As you say, many projects make IDOs without having their platform… And many of them never develop it
Rob | iTrust.finance:
That the ShipREKT!!! careful of that ApeAPY.
Luis Merino
| Satoshi Club:
iTrust does, that’s AMAZING!
Rob | iTrust.finance:
Yes, i have lived through that in 2017!
SaveDroid…where are you?
Gold Rocket | Satoshi Club:
Thanks for your great answers
Luis Merino
| Satoshi Club:
Q4 is coming
Gold Rocket | Satoshi Club:
Ready to proceed to the next question?
Rob | iTrust.finance:
Yes! @GoldRocket27
Gold Rocket | Satoshi Club:
Q4 from Telegram User @surendra040
iTrust IDO has already received over 10000 applications for 600 spots whitelist available. I understand that due to high number of kyc its taking period to accept but how long period is it is expected to be waited kyc on queue of applicants? you have further increased small number of spots but how many more spots wil be available is not clear. Please provide further details on this and the process of your IDO to be selected.
Luis Merino
| Satoshi Club:
Great question
Seems like many many people is interested on the IDO
Rob | iTrust.finance:
Yes sure, we had a crazy whitelist…like 10,000+ within the first week, and we knew that many of those ppl were not interested in project or IDO, so we decided to go down a more personal route by allowing whitelist participation for AMAs with strong crypto communities, but we have keep the same limit, 600 ppl, 500 chosen for max allo of $300 usd on MISO.
If Satoshi members join the KYC they will be likely to have a number of spaces on a first come first serve basis. Then on MISO the whitelist we share with them will be guaranteed
Gold Rocket | Satoshi Club:
This is a very good idea!
Luis Merino
| Satoshi Club:
Our community will love that for sure
Rob | iTrust.finance:
Awesome, we have big love for Satoshi Club!
Luis Merino
| Satoshi Club:
Satoshi Club has it also for iTrust
Gold Rocket | Satoshi Club:
Please specify the dates of the IDO.
Rob | iTrust.finance:
23rd June
We have a great info page:
https://info.itrust.finance/
Luis Merino
| Satoshi Club:
We are almost there
Rob | iTrust.finance:
Very close bro!
Gold Rocket | Satoshi Club:
Wow Wow wow! It’s very hot very soon!
Luis Merino
| Satoshi Club:
Thank you! Pretty visual and useful.
Rob | iTrust.finance:
Just the start!!!
Gold Rocket | Satoshi Club:
Thank you very much for sharing! Ready for the next question?
Rob | iTrust.finance:
That is literally all my tentacules overworked these days.
Gold Rocket | Satoshi Club:
Q5 from Telegram User @orlemys
You are a relatively new project, and something that has caught my eye about iTrust particularly is the number of innovative products you offer, which is quite an impressive feat for new projects nowadays. So, I’d like you to tell us more about the REKT Prediction Market and the Vault Strategy Discovery Fund. Even though they seem very interesting, I’m a little confused about them. How exactly will they work and what are the main benefits they will bring your community long-term? Also, if I’m thinking of investing in your project what are the steps I should take to become a part of your community?
Rob | iTrust.finance:
Ah ha read my mind! Love this question!!!!!! So, it is interlinked
Gold Rocket | Satoshi Club:
We believe in you! You can do it
Rob | iTrust.finance:
The REKT Market will be a prediction market that predicts on future REKT contracts with DeFi insurance. So we will look at all the contract available to buy cover and we will hold:
a. token weighted
b. quadratic voting
c. token rewards.
Luis Merino
| Satoshi Club:
I’m not good at all with predictions
Rob | iTrust.finance:
You probaly wont get promoted to the Vault Strategy Discovery Fund then!
Because good predictions will lead to a good “meritocratic rating” within the other participating sections of the DAO which in time will include buidling the vault strategies for the stakers in the DAO, because we want the DAO to ultimately control the operations of the DAO, but we do not want Luis making all the Vault Strategies!
Luis Merino
| Satoshi Club:
I will try my best…
Love it!!
Gold Rocket | Satoshi Club:
So pity Luis @LuisMe7
Luis Merino
| Satoshi Club:
Yeah…
Gold Rocket | Satoshi Club:
Lol
Luis Merino
| Satoshi Club:
Highly appreciated… Rob
(Just joking)
Rob | iTrust.finance:
Hehe, sorry not sorry.
Luis Merino
| Satoshi Club:
I love the idea, even though it isn’t profitable for me
Rob | iTrust.finance:
Haha, but you will benefit form the most strong vault strategies from the crowd wisdom! Just your voting in the quadratic market will affect what strategies go to the VSDF to pick from. Hope that makes sense
or…? haha not for now.
Luis Merino
| Satoshi Club:
Yeaaaaah
Rob | iTrust.finance:
We have a huge release scheduled with Finance Vote, who are making these quadratic voting systems and have been an integrual partner for us
and we are trying to keep things a bit hush hush about the REKT Market until after Launch. Too many things!!!
Luis Merino
| Satoshi Club:
Finance Vote, they are great
Rob | iTrust.finance:
We love Dr. Nick, he is so raw man…I mean ex academic turn Degen Overlord…
Gold Rocket | Satoshi Club:
It’s amazing how much you can do. man is not subject to it. so you are an octopus
Rob | iTrust.finance:
Fk yeah
Luis Merino
| Satoshi Club:
They have had two AMAs with us, I think
Rob | iTrust.finance:
Octopus, lives in ShipREKT’d market. Yeah we love Dr. Nick, there are a lot of synergies with the FVT team and iTG.
Gold Rocket | Satoshi Club:
Also, if I’m thinking of investing in your project what are the steps I should take to become a part of your community???(с)
Rob | iTrust.finance:
Haha, IDO! then straight to Sushi LP pool! This is a long term project, we are just at the start of the defi insurance infrastructure being built and we are a part of the infrastructure to enable growth!!!!
Luis Merino
| Satoshi Club:
Be careful with Gold Rocket! She’s a whale
Gold Rocket | Satoshi Club:
Thank you very much for not calling me a shark.
Rob | iTrust.finance:
Haha
Careful of the shark! He swims around the Underbelly of the Ocean, trying to eat me when i am investigating ShipREKTs.
Gold Rocket | Satoshi Club:
Thank you very much for your answers! Ready for the last question of this part
Rob | iTrust.finance:
Is it question time?
Gold Rocket | Satoshi Club:
He has no chance. You are awesome
Rob | iTrust.finance:
I am hiding under shells when he swims past, the “bear”shark? or the bullshark? Haha, the concept evolves…
Gold Rocket | Satoshi Club:
Q6 from Telegram User @nataliyakil
iTrust.finance partners with Nexus Mutual to offer a host of staking benefits to $ NXM and $ wNXM holders. So what are the benefits of staking for $ NXM and $ wNXM holders, and how do you access them? Do we need to own two tokens at once or do we have a choice? What other programs can you offer to $ NXM and $ wNXM holders? Do the benefits you offer users depend on which token they own? Do you cooperate with any other projects, offering advantages and benefits to the holders of their tokens?
Rob | iTrust.finance:
Wow, deep. I like it. Natali, you are stimulating my octopus brains.
So first distinction between wNXM and NXM:
NXM is the native token of Nexus Mutual, it is used to stake against contract by the Nexus community (who have to be KYC’d), wNXM is the wrapped token. You can not stake wNXM, and that means you are not able to get staking rewards. And, for the mutual, the wrapped tokens essentially take native tokens out of their “system”, which is affecting the “cover capacity” issue i mentioned early, so…iTrust takes both wNXM and NXM, it does not matter if you are Nexus (kycd member) or non-kycd wNXM holder,
you can both earn staking rewards, with iTrust!
“The iTrust platform will build a bridge to optimised staking for $wNXM token holders who cannot receive rewards via the Nexus Mutual platform, and $NXM holders who have been reluctant to stake or have been staking inefficiently. The resulting increase in staked tokens and engaged stakers will allow Nexus Mutual to unlock cover capacity that had hitherto been inaccessible and in turn, to lower cover premiums and increase their user base.”
Luis Merino
| Satoshi Club:
Wooow! Sounds good
Gold Rocket | Satoshi Club:
Tell us please about your tokenomics btw
Rob | iTrust.finance:
A range of iTrust Vaults will be available, varying staking strategies to suit the risk appetite of the particular staker. At launch there will be two Vaults for users to stake into: Vault A: An index of all the contracts available on Nexus Mutual. Vault B: A low risk / high rewards Nexus strategy developed by the iTrust.finance DAO. Enhanced Rewards: In addition to receiving Nexus Mutual rewards and any associated Shield Mining rewards, iTrust Vault users will also receive iTrust Governance Tokens ($iTG). The $iTG token is packed with utility and added value”
https://medium.com/itrust-finance/itrust-finance-partners-with-nexus-mutual-to-offer-a-host-of-staking-benefits-to-nxm-and-wnxm-2015aa77f45c
Do you cooperate with any other projects, offering advantages and benefits to the holders of their tokens? Yes! Finance Vote and Nexus
Luis Merino
| Satoshi Club:
And also tell us some words about your partners… And maybe the future ones that are on the way? Any clues?
Gold Rocket | Satoshi Club:
This is the case when copy paste is very appropriate.
Rob | iTrust.finance:
When we build the REKT market, we will have multiple project putting up token rewards! It will be a bonanza of token rewards that roll-over if contracts to do get REKT! Its gonna be super interesting, we are also in contact with a number of insurance protocols, with the aim of onboarding them in the same capacity as Nexus.
Gold Rocket | Satoshi Club:
Tokenomics?
Rob | iTrust.finance:
https://info.itrust.finance/assets/docs/iTrust_Token_Economics.pdf
Really really detailed answers in here. We have literally broken down every and been super transparent with all our number.
Gold Rocket | Satoshi Club:
You are definitely not a human, but an octopus! It was very fast
Rob | iTrust.finance:
This is crypto… we understand that wallet address and TxID will unravel everyone, so we have been super organised and transparent.
Luis Merino
| Satoshi Club:
That’s the way!
But an octopus has 8 tentacles… I think he has even more
Rob | iTrust.finance:
You beat me to it Luis!
Luis Merino
| Satoshi Club:
So… Part 1 is over… Or do you want to add something else?
Rob | iTrust.finance:
No no all good! I mean…
Gold Rocket | Satoshi Club:
Thank you very much for this incredible piece of AMA! It was fun!
And educational. Ready for the most impressive part of our AMA? Live questions
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @Ishan1_7
The warranty factors used by iTrust are divided into three categories: efficiency, increased returns, and simplicity. Can you explain why these three factors are critical to your ecosystem’s infrastructure and how they ensure user profitability?
Rob | iTrust.finance:
I. Efficiency
Build cover capacity1 for insurance protocols, enabling lower
premiums and increased adoption. Our first partnership is
with Nexus Mutual, with multiple protocols following shortly.
II. Increased Returns
Maximising user staking rewards by understanding the risks
surrounding leverage and exposure; and in the future
expanding to simple cross-insurer exposure.
III. Simplicity
Managing the end-to-end staking process with a simple
user interface, providing an easy-to-use reward accrual
platform.
Q2 from Telegram user @messilolz
I saw a very interesting logo of your project in the telegram community.What is the meaning behind your project logo and your project name?
Rob | iTrust.finance:
Deep Sea Question: Morse Code…We created the logo in Novemeber, and the Oceanscape theme didnt come until reletively recently…iTrust is actually based on an insurance trust, rather than “Trust Me Fren”. So yeah , i am going to leave that answer there, and let the community work out the cryptic answer from reading our medium posts x.
Q3 from Telegram user @Kabirkapoor9
What is genesis NFT programme? What kind of benefits will users enjoy through this event?
Rob | iTrust.finance:
So I love NFTs, i have been writing about them since 2018, in regards to a smart city utility system. If you take the bus/cycle into work then you earn an NFT for city parking on the weekends, which you can sell to other ppl in community who want them. Anyway another issue, but in iTrust the NFTs will contain business logic, so if you stake NXM/wNXM into one of the Vaults and hold it there for a certain amount of time then you will earn from NXM rewards, and if you keep it long enough then you will earn an NFT that essentially gives you privaledges within the platform and enables you more earning potential etc. These NFT s are also transferable, so they will hold an intrinsic value to anyone within the platform. Its an option to earn extra bonuses as well as earn DeFi Insurance/Nexus staking rewards at the same time. Benefits will include reduces fee structure, possible early access to features such as Prediction Market, Yield vote or Vault Strategy Fund.
Q4 from Telegram user @Amila19932
There are so many features on ITRUST, Could you please give us a brief introduction on these features? 1.Staking vaults
2.Coral farming
3.Community reef
4.Ship (REKT) market Which one of the above is more important in point of yourview?
Rob | iTrust.finance:
The Staking Vaults- directly staking into Nexus and earning reards. Coral LP Farming- we will be releasing a coral farming LP program within the first week, then the more complex yield vote about a week or so after. Community Reef-t his will be a section where governance votes take shape. ShipREKT Market- the most exciting development: token wieghted/quadratic voting, leading to multi token rewards pools and meritocratic ratings that will be taken forward in all aspects of the DAO. The meritocratic ratings will also be underpinned by users NFT ID! so IDs will be valuable! and you will need iTG to mint the ID.
Q5 from Telegram user @magnet0011
Can you provide the project, roadmap and tell us a little about, your plans for 2021. and your plans, for next year 2022???
Rob | iTrust.finance:
2021 Q2
Launch IDO
Launch iTrust.finance with Nexus Mutual
Launch LP Program
Launch SushiSwap / UniSwap Pools
2021 Q3
Launch Community Grants Programs
Onboard Next Insurer
REKT Market Launch
Yield.Vote LP Program
2021 Q4
Continued Insurer Integrations
Cross-insurer Vault Staking Announcement
Community Vault Discovery Fund Launch
2022 Q1
Annual iTrust DeFi Industry Overview: Including analysis across DeFi Insurance market, REKT markets overview, Vault Strategies Comparative Analysis, Industry highlights, etc
Q6 from Telegram user @JoanaZ
No matter how much security measures do you take, always exists risks , so can you tell us how do manage the risks?
Rob | iTrust.finance:
Security has been at the the forefront of the development teams mind. There are 2 elements of risk here:
- Risk assessment of Vault strategies and contracts chosen to stake against.
- Risk of users stake being vulnerable to hacks.
Number 1: We have our stragy/vault risk assessment process reviewed by smarter contracts, as shared earlier: https://medium.com/itrust-finance/smarter-contracts-review-confirms-high-standard-of-itrust-s-contract-auditing-processes-a79d7e9c5bc9
Number 2: We have built in Trustology into our wallet/vault solution, so users tokens, has been pre programmed, only be distributed to Nexus staking address and the iTrust ditribution contract, therefore, even we as founders hav eno way of tampering with the route that stakes and rewards travel!
Q7 from Telegram user @Smartling
What kind of relationship is between iTrust and Nexus Mutual?
Rob | iTrust.finance:
3 of our 5 co founders invested in Nexus seed in 2017. One is still an advisor there. We are very close and trusted with NXM.
Q8 from Telegram user @Zohaya
How can we put our trust in you, iTrust Finance? Is it true that there is no rugpull?
Rob | iTrust.finance:
We are using dApp technology from Finance Vote, e.g. their product “Bank.vote” means any community member can go and see where the token are distributed to. For example, the cliff-linear vesting schedules for the Community Grant and the Team Tokens will be completely viewable within bank vote, so you can seethat there has not been any rug pull or manipulation, and because we have a very transparent token economics which is publically available! We have also been kyc’d by all our investors, so… we are putting our professional careers on the line.
Q9 from Telegram user @mrorner
Have you developed or are you planning to develop a program for ambassadors so that your project can attract more people????
Rob | iTrust.finance:
Yes, one of main goals for the next step is to build a really strong and engaging community! If there are ppl that are interested please sign our support form, but yes we want to focus on community buidling next!!!
Q10 from Telegram user @soyestefanya
What level of stability, legality, balance, utility do they offer in this project? What are you proud of having achieved so far with your project?
Rob | iTrust.finance: T
The iTrust Governance Token ($iTG) is given as an incentive for stakers in the vaults, rewards for LPs who provide liquidity for the network, and to foster a strong active community. The iTrust tokens have many uses within the iTrust ecosystem;
Access Rights
To participate in community discourse (e.g. Telegram/Discord) users must hold iTrust tokens, allowing access to closed groups.
Application and Aquisition of Voting IDs
To participate in community and governance votes, users needs to purchase a voting ID. Having iTrust tokens gives the user the right to access the application process where the user can then purchase a voting ID with the iTrust token. The user needs to hold iTrust tokens for their voting ID to be valid. Once the user has a valid voting ID many areas of the DAO are open for participation.
Prediction Markets (e.g. REKT Market)
Using the voting ID (purchased with $iTG tokens) the user can participate in the prediction markets, utilising $iTG token to stake on contract(s) they believe to be compromised. Making correct prediction earns the user reputation, attributed to their ID. Utility of the reputational score will develop as the ecosystem expands.
User Defined Vaults (this is the exciting one!)
To launch a vault the user needs to pay an application fee in $iTG tokens. Once the application is approved, the user(s) running the vault will be required to stake $iTG tokens for the period the vault is in operation. The meritocratic reputation attributed to the users ID will affect the vault creation fees and charges, i.e. a better rating allows a lower fee to be paid.
Fee discounts
In future developments, iTrust token holders will be able to claim and purchase limited edition NFTs allowing the holder privileges, such as discount on fees charged by the DAO.
BOOMMM!
Part 3?—?Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
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Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
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Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/
Our partners:
Telegram Community?—?https://t.me/iTrustCommunity
WebSite?—?itrust.finance
