Recapitulation of CHAIR FINANCE PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 11th May, 2021
Time: 12:30 UTC
The CHAIR FINANCE PROJECT team was represented by @Darren_Chu and @Adrielh who judiciously shared with us detailed knowledge and information about CHAIR FINANCE PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourselves and your background, also introduce the team working on Chair Finance?
ANS: Sure. My name is Adriel, I'm the CEO of Chair.Finance. Darren is the Chief Investment Officer for Chair.Finance.
I am a tech entrepreneur and have started multiple companies with expertise in solving business problems with cutting-edge technology. I was previously the Managing Director one of Singapore's first robo-advisors that provides automated portfolio management with algorithms. I also taught Blockchain at General Assembly, part of the technical committee for the ISO International Blockchain Standard, and an advisor for Singapore’s G2G supply chain platform.
I'll let Darren introduce himself
Q2: Can you introduce Chair Finance, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
Btw, we also have Jieren our CTO and Vigor as our CMO
Darren, what do you think makes CHAIR different? And what’s your role in the team?
As mentioned, a key characteristic of digital currency is whether it can transfer the value of data to transactions, and this concept is the basis for chair.finance. NFTs in the digital economy era meets all the above characteristics. It provides a unique proof of stake for creators and KOLs, while chair.finance ensures liquidity and tradability for these new tokens. Influencers can easily cast NFTs on the platform, and users can buy, trade or auction on it. I am the CIO of chair.finance, and I am in charge of CHAIR’s investment and KOL strategy.
Q3: could you introduce the BYP program?
ANS: BYP (build your planet) is created for users to share the revenue generated from CHAIR’s development. The program offers 101 stellar systems, each of which consists of one star and eight planets. Every planet is a base for a KOL on CHAIR. Every stellar system or planet is a tradable NFT.
25% of tokens distributed for mining rewards will be allocated to BYS. The amount of BNCH tokens released in each quarter will be 10% of the remaining tokens.
10% of BNCH tokens earned by each stellar system every day belongs to the owner of the system while 90% of them goes to the planets in the system. The closer a planet is to the star, the more BNCH tokens the planet can earn. Planets can also earn more BNCH by attracting more residents (followers) to their planet.
Users can participate in BYP by auctioning stellar systems or planets, building planets, settling on a planet, buying spacecrafts, and auctioning rights and benefits represented by NFTs at the locations broadcasted by the space station.
Q4: This project sounds quite interesting and attractive. Adriel, can you introduce the token economic model of CHAIR to us?
ANS: I'll try answering that one..
We have decided that there will be no private placement for CHAIR’s platform tokens. All BNCH will be distributed to CHAIR backers by NFT purchases.
The first batch of utility NFTs for sale: 2%. Each NFT represents the corresponding tokenized rights and benefits proportional to the USDT amount paid. To be released evenly over 8 quarters.
The second batch of utility NFTs for sale: 1%. Each NFT represents the corresponding tokenized rights and benefits proportional to the USDT amount paid. To be released evenly over 8 quarters.
The third batch of utility NFTs for sale: 10%. Each NFT represents the corresponding tokenized rights and benefits proportional to the USDT amount paid. To be released evenly over 5 quarters.
For the developer: 10%. To be released evenly over 14 quarters
Ecosystem construction: 15%
Future development and risk reserves: 12%
Q5: @Darren_Chu , you are responsible for CHAIR's investment strategy and KOL policy, so I would like to ask you what do you think attracts investors to Chair?
ANS: First of all, we have attracted many investors from both the crypto and internet industry, on the many advantages Chair brings to KOLs who join our platform and create their personal NFTs. Furthermore, the founders of CHAIR are influential in Asia with over 500,000 followers, and can help increase visibility for KOLs. KOL followers and investors alike can participate in KOL INOs, planet auctions or trade tokens post-INO.
Q6: what benefits people can enjoy if they join CHAIR’ s community?
ANS: Sure. There will be airdrops in the community from time to time; get the first-hand news of our project; as more KOLs create their personal NFTs on CHAIR, community members will be able to obtain more rights and benefits brought by KOLs.
The blockchain 1.0 era is marked by disributed ledgers such as the Bitcoin system. The blockchain 2.0 era is represented by smart contracts such as the Ethereum ecosystem. Both technologies are groudbreaking milestones for the crypto industry.
What is the most trendy technology in the blockchain industry in recent months?
The answer must be NFT and DeFi, with the former one growing even more rapidly.
As a bridge between the blockchain and the physical world, NFT is expected to become the largest breakthrough for blockchain, making it possible for humans to migrate to the digital world on a grand scale.
NFT first established its dominance in the fields of art and games, this marks the era of NFT 1.0. However, in the near future, art, collectibles, and its derivatives will only account for a small part of the NFT market's mass application.
The commercial application of NFT will certainly become much more prevalent because NFT's capability to reach almost all groups of people.
This foreshadows the beginning of blockchain becoming a truly universal technology, which we may name it, NFT 2.0.
2nd Segment: LIVE Questions
Q1: Your decentralized NFT TRADING idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you?
we know NFT is not just a trend! It is going to rule this decade and innovation has just started.
With NFT what is your future plan?
Do you agree that the strength of the community will lead your project to grow globally?
ANS: The strength of the community is always crucial in determining a project's success...regarding our direction w/ NFTs, we're looking to focus on the niche aspect of allowing KOLs to tokenize rights and benefits.
Q2: As I know NFT, it's represents physical asset. Then how does chair finance want to go about tokenizing rights of celebrities and entrepreneurs??
ANS: Rights of KOLs can be tokenised into NFTs, such as rights to a lunch, or rights to make an appearance. These NFTs can then be auctioned, which will benefit both the KOL and the buyer.
One subset of celebrities we'll be tokenizing rights of will be the celebrity investors or investment gurus, where their followers will be able to access investment insights from these investors through the purchase of their tokens.
Q3: Transparency is very important for every investor!
Every investor will want transparency in the project they are participating in. How about your project?
ANS: All smart contracts for Chair.Finance will be audited by Certik, one of the top three smart contract auditors in the World. Furthermore, Chair.Finance makes communicates regularly with our supporters and you can feel free to reach out anytime if there are questions we didn't manage to answer.
Q4: Can you share about BNCH token utility?
What are the use of BNCH token in your ecosystem?
Do u have farm or stake feature?
What are the ways that generates Revenue and what is its revenue model? also How can it make benefit win-win to both invester and CHAIR FINANCE ?
ANS: One example of revenue generation for the platform will be through the auctioning of NFTs.The winner of the auction would receive the NFT being auctioned off, while the other participants of the auction would still partake some percentage of the highest winning bid to the auction. The Chair.Finance platform would also receive a percentage of the transaction value.
Follow Us On Our Various Social Media Communities For More Update;
Visit the website :http://chair.finance/
Focus on Twitter: https://twitter.com/Chair_Finance
Join the Telegraph Group :https://t.me/CHAIR_Chat
Thumb up YouTube video :http://r6f.cn/bu1m7
Welcome to the world of CHAIR
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