Recapitulation of FINSWAP AMA event held at AMA LOVERS CLUB group chat
Date: Saturday, 12th September, 2020
Time: 10:00 UTC
The FINSWAP team was represented by Mr. David Cooper, CEO of FINSWAP and Mr. Michael Gohan, Technical Lead for Finswap who shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 — Can you Kindly introduce yourself and FinSwapAPP to us, and also tell us your Background?
Ans — Hi guys, Michael Gohan here, Technical Lead for Finswap. I am a software developer by profession. Have combined experience of around 6 years with backend technologies with particular interest in scaling and blockchain technologies.
I have been fascinated about the decentralised economy from my early Engineering days at University of Texas but unfortunately did not get a chance work directly within the space. Finswap has been a great experience providing excellent opportunity to work hands on bc tech. Done :)
Myself David Cooper, CEO of FINSWAP having an industry experience of more than 10 years. I had worked as a Senior Business Development Manager for E trade and IBM. This trading expertise has led to the birth of FINSWAP.
Finswap is a culmination of all the trading tools that are available on centralized exchanges but are not available on a decentralized exchange.
Finswap aims to provide DEX users various advanced trading technique like Stop loss, Limit orders etc. and combining them with Defi protocols.
Q2 — What problem is FINSWAPAPP solving that is not solved by existing solutions today, why are you better than existing technology?
Ans — We always felt DEX’s are quite cool when it comes to keeping your stake in your hand but they do miss a lot more when compared to CEX.
To fill this missing piece, FINSWAP is amalgamating the tools of CEX like stop loss, limit order etc into DEX
To add to what David has said, we are also looking at integrating various defi protocols (and aggregations) so that users can combine defi and decentralised trading on a single platform.
Q3 — Can you briefly describe the Top milestones you have achieved and the top milestones you have to achieve going forward?
We already have developed our alpha prototype to get a sneak peak of Finswap platform plus our roadmap is available on the website . Stay tuned for more exciting news!
Development wise, we are currently in testing phase and have been able to integrate successfully with trading contracts and able to flesh out data on our UIs using https://thegraph.com/ APIs. We will be moving soon to alpha 2.0 where users will be connect wallets and fullfill market orders. We plan to release this working update soon after our pre-sale completion.
2nd Segment: TWITTER QUESTIONS
Q1 — As I see in your roadmap that you will launch your Litepaper in Q3 2020. Do you also plan to release Whitepaper in the future? Can you briefly summarize the content of your Litepaper? Thank you!
Ans — Yes we will launch our whitepaper in the coming days.
Our Litepaper contains all the details and issues FINSWAP aims to resolve and the methods to be used in resolving them.The Litepaper will be updated regularly.
Q2 — Can you highlight 1–5 killer features of FINSWAP over all other competitors? And how is FINSWAP any better than UNISWAP?
Ans — (a) Mobile and Web versions
(b) Stop loss, limit orders
© Chart Trading
(d) Lower Transaction fees ( Capping fee structure)
(e) Exciting returns on Staking
Deflationary token model based on burning platform fees ;)
Q3 — Why are you using LID Protocol for $FNSP token Presale? Why not use Uniswap or other platforms? What makes LID Protocol best for you?
Ans — LID protocol signifies credibility and confidence these days. Through growing with LID, we want to restore the community’s faith in good projects.
LID provides 60% of all eth raised to uniswap liquidity, increase contributors confidence manifolds.
Additional they also use 15% of eth raised for token buybacks furthering price stability.
Q4 — What your long-term vision of the industry FinSwap works in? Are you afraid that someday another project with better and more innovative technology will replace FinSwap?
Ans — No, we are not afraid. Frankly, we want more competitors so that everyone gives their best to attract the users. Monopoly always leads to less interest.
It’s a billion dollar industry. Many competitors survive effortlessly when they give off their best.
Q5 — How do you keep your platform safe for Investors and is your platform guaranteed to be protected from hackers AND what makes investors, customers, and user feel safe when working with FinSwapAPP?
Ans — Great question, Our product will be connecting to metamask/web3 wallet and the private key remains with the user. If you believe in your wallet, their is no question of getting hacked. We completely believe in the quote : “Not your keys, not your coins”.
3rd Segment: LIVE QUESTIONS
Q1 — How can I benefit from your Staking.?
What are your Staking criterias and reward structures?
Ans — Staking will allow users to earn rewards for locking tokens on Finswap platform. In addition, we are planning to introduce staking UNI-V2 FNSP-ETH as well to further feedback staking and uniswap locking. We have allocated 16.5% of total supply for staking rewards. On fully diluted basis we assume yield will be 14% and above, with initial return being even higher.
Q2 — Can you list 1 or 3 killer features of #FinSwap that makes it ahead of its competitors ?? What is the competitive advantage your platform has that you feel most confident about ???
Ans — None of the players in the DEX market have been able to build a platform where a user could really play with his trades. We at Finswap want the user to be completely flexible while trading on our platform.
1. Limit Orders on dex (noone has done this yet )
2. Stop loss orders
We have plethora of more features. Please visit our website (https://finswap.app) to look into them
Q3 — What is the structure of FINSWAP, is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
Ans — Thanks, great question. Although we had initial discussion to add governance as token utility but we aren’t continuing with same as to first evolve the project on team’s decision. Rest assured, we will be be moving to governance based model once project matures. We are building proprietary tools, so those codes will not be open sourced but our contracts for say lending aggregation will be open sourced and audited.
Q4 — What role does the community play in the FINSWAP ecosystem? How important is the community to you? Community is vital for the development of blockchain projects.
Ans — Finswap would be totally community driven. Its the community in the end which has to choose the right platform to trade. We are just aiming to be that right platform. Come, trade freely, stake if you want to, enjoy returns.
Q5 — When will the testing phase completely end and when exactly will users be able to connect their wallets? What updates are you working on right now?
Ans — These features will be there in Alpha 2.0 which is planned for within 48 hours of pre-sale, team is working hard on this :)
Q6 — Uniswap is the most common DEX. Why should users choose FINSWAP over Uniswap? What makes you a better competitor???
Ans — We never asked you to switch from UNISWAP. As we said, FINSWAP would be built over DEX. So for the front user, he would be doing his trades on FINSWAP which is integrated to your favorite DEX
Q8 — Dex platform have many problem with liquidity and fees, how will Finswap Dex handle these issues in Finswap Dex?
Ans — We are building atop dex, so we will face no liquidity issues. We will integrate highly liquid dexs like uniswap, balancer, synthetix etc to our platform.
Q9 — Is this a universal project ? Can every of the communities part take in the project?
Ans — This project is community driven
Q10 — Uniswap is the most common DEX. Why should users choose FINSWAP over Uniswap? What makes you a better competitor???
Ans — We are not competing, we are building tool for and above decentralised exchanges
Q11 — Most Of the users like Centralized platform for User interface & Good Liquidity & Dex for Security How does FinSwap plan to Provide all the benefit at single platform??
Ans — Good question, As i said we will be integrating with the DEXs to provide enhanced user experience. In the near future we also aim to achieve cross DEX integration to look after the liquidity
Q12 — As we know that use of the API has posed a great risk to user funds today, with funds lost due to movements made without the consent of the owner.
How do you handle this issue of security in terms of HTTP API used by Finswap platform?
Ans — We will never touch the keys and the intent of users will be explicit when he places the order, and thus it will only be executed from user side(say his finswap desktop application) and transaction broadcasted to blockchain. Funds and keys are never touched by us.
Q13 — To use Finswap Dex platform do user need to provide Private key or API?
How does Finswap Dex ensure security of user asset?
Ans —You will need to connect your Metamask to our platform. Our moto is NOT YOUR KEYS, NOT YOUR COINS.
Q14— What is the weaknesses in dex platform that Finswap Dex project try to fix?
Also what’s step will Finswap Dex project takes?
Ans — Weakness of restricted trading features.
Q15 — Do you offer token BURN or BUY BACK to increase the value of your token?
Ans — It is part of our token utility model, we plan to use 60% of fees generated on platform to buyback tokens and burn them, bringing in deflationary feedback based on platform usage
Q16 — Finswaps claims to World’s First User Friendly Crypto DEX Tools Platform. So I would like to how user friendly is your platform for new users on decentralized platform?
Do you provide some guidance videos for your platform?
Ans — We will releasing detailed tutorials soon :)
Q17 — What is the basic security system that Finswap Dex use to protect user data and asset?
Ans — Finswap does not directly has any contact with your private keys.
If your wallet is safe, your coins are safe
Q18— Could you tell us if your target is to be a global or a local project? Are there any possible restrictions users could face while using Fineswap?
Ans — We plan this as part of current decentralised economy being built in blockchain space, so it is by design a global product.
Q19 — There we see many projects that claims they are Decentralized. But they done their work in a Centralized way. How can we sure that FinSwap is Decentralized? Can you please tell us what’s FinSwap working method?
Ans — We are on top of DEX’s which means the actual trading is done on DEX’s . We are just on top of them with extra features. So, centralization cannot be there
Q20— How are streaming quotes prepared in your trading application and how are quotes matched? What are the procedures you follow for quotes?
Ans — In uniswap and related swapping exchanges there is no concept of order books and matching. As we are building atop these, semantics remain same here as well. For limit order we will monitor price for user orders and push updates where these intent can be executed.
Q21 — How do you feel about this AMA today? Do you see it as an effective marketing tool?
Ans — Definitely :)
Q22— Who are the customers of #FinSwap , currently and in the near future? What incentives drive customers and/or businesses to use #FinSwap?
Ans — Our customers will be our community who would be trading actively using our platform
Q23— DeFI got atention in Crypto now,
How do you see Defi potential for Finswap Dex right now!?
What role do you think Finswap Dex will takes to makes defi better in global usage!?
Ans — It’s one of the major things we are looking at. We plan to be central place where users can aggregate defi protocols and combine them with trading protocols.
Q24 — For me as Crypto trader Charting is very important and extensively useful in crypto trading.
So can you tell me what various charting, drawing tools, and chart types are provided by #FINSWAP Platform?
Ans — Yes. You can refer to our medium article on FINSWAP Charts
Q25 — What is your long-term vision about the industry which Finswap Dex is working at? Are you afraid some day there will be another project with more innovative technology replace Finswap Dex?
Ans — At present day, nobody is even near to us. Whereas we would welcome our competitors with open heart as its a billion dollar industry with plenty of room to grow
Q26 — How do you plan to bring about global adoption?
Will you adopt more communities into the project?
Ans — Obviously. The more adoption we get, the more we could reward the community
Q27— We are all aware on what happened to $SUSHI, wherein the team dumps their tokens to the investors. How can we make sure that this will not happen to Finswap?
Ans — Great question, this is issue with new farming projects in particular. For finswap we don’t ask users to deposit funds on our platform our provide farming based on providing liquidity (basically we don’t have any first mover advantages to dump our tokens on Investors). Also our tokens are locked by LID pre-sale contract only to be released 10% per month, starting one month after the sale. To add, 60% of eth raised by us is also locked at uniswap.
Q28 — So far, what can you say is your biggest achievements in the year 2020?
Ans — Having AMA’s with you guyz and getting the feedback.
Jokes apart, its the implementation of the idea what we dreamt and having partners like LID and DEXTOOLS
Q29 — Are there any other people who may claim they are owed or responsible for your ideas?
Ans — Anyone is free to have an idea. Implementation of that is a big deal. We have taken the first step towards making that idea into reality
Q1 — So I would like David and Michael to share with us every vital information we need to know here, your links, your sales and so on.
Ans — Hello Everyone!
Welcome to Finswap . Help us to help you thrive in the world of decentralization and innovative Blockchain technology!
What is Finswap?
Finswap is building the next generation product to power the future of Decentralized Finance (DeFi). We believe DEXs will continue to gain adoption as the technology matures and becomes user friendly and intuitive. Unlike others, we want you to thrive in the world of DEXs!
Trading on DEX is hard these days. There is cut-throat competition out there, and you are forced to compete against Bots, AIs, Algos and whatnot. The average person is positioned to lose even before he\she starts to trade on a DEX. We here at Finswap want to help save that person from getting Rekt!
The Finswap team is building the next generation product to power the future of DeFi and DEX.
How it Works
Finswap will provide you with the opportunity to trade like a PRO in the decentralized world. It will be the most convenient and intelligent way to trade on DeFi DEX platforms.
Finswap’s functions will allow you to leverage the advanced trading tools with features such as Stop Loss, Trailing Stop Loss, Trade Automation to help you Buy/Sell and manage risk.
Use Finswap to unlock the benefits of centralized exchanges while maintaining control of your assets and trading directly from your wallet.
Trade when you want, where you want, how much you want without an intermediary.
• Finswap Web : A web-based trading application featuring keyboard shortcuts, streaming quotes, advanced charts, elegant UI, and more.
• Finswap mobile App : Finswap Mobile is a simple and powerful mobile trading app that is available for iOS and Android operating system based devices.
• Finswap Connect API : Simple HTTP APIs for developers who want to explore more.
$FNSP will be used to pay for transaction fees and purchasing services within the platform. The platform will automatically identify token holders, providing them with a discount for all services and interactions with the platform. Additionally, large holders of FNSP tokens will be granted access to various premium services. All fee collected will be utilized back into the ecosystem in the following manner:
Percentage allocation of fees into various heads will be made flexible based on voting by token holders as part of governance rights.
Announcement Channel: https://t.me/Finswapann
Discussion channel: https://t.me/Finswap
Let’s take back control of our funds and take control of our future one block at a time!
NOTE: The team will never initiate private communication with you, especially asking for funds. For your safety, assume such messages as scams even if they look like they came from the team.
The latest Tweets from FinSwap (@FinSwapAPP). World’s First User Friendly Crypto DEX Tools Platform.
I think above post covers everything in brief and contains all our social media links
Looking forward for your support
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