Recapitulation of Prophet Finance AMA event held at AMA LOVERS CLUB
Date: Monday, 30th November, 2020
Time: 17:00 UTC
The Prophet Finance team was represented by @poseidon0x. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the Team working on Prophet Finance project
Ans : Before we jump into the questions, i wanted to announce something special we’re doing for the AMA Lovers Club.
We’re going to give away free PROPHET to a few lucky people who buy PROPHET during this AMA. All you need to do is buy PROPHET here while the AMA is ongoing: https://app.uniswap.org/#/swap?inputCurrency=0x8d5db0c1f0681071cb38a382ae6704588d9da587
Then tomorrow, we will pick a random buyer and send them 100 FREE PROPHET tokens.
I am Poseidon, god of the sea and also the lead dev for the PROPHET project.
Prophet is a protocol that allows for fluid and automated staking, meaning you can earn passively yield just by holding your tokens. There’s no need to stake your tokens in the traditional sense. That way, it’s a lot more hands off and secure. No gas fees or contract risks.
Prophet yield are funded based on transaction tax rates which can be adjusted and will be governed by the community.
Q2 : Can you introduce the Prophet Finance project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : Prophet solves the issue of poverty in a sense because 1. people who don’t buy PROPHET will always be poor and 2. PROPHET holders will earn yields automatically whenever someone else buys/sells PROPHET
Here’s how it works:
Every time, someone transfers PROPHET, 3% of it is taxed and gets automatically distributed to you if you’re a holder. Your rewards are based on what % of the token holdings you own. 1% of every transaction is burned making the supply deflationary.
This is to further incentivize holding because you will gain a greater marketshare of tokens both from passive yields and others contributing to the burn.
Competitive advantage is you’re earning money completely passively and instantly. There’s no other token that allows you to do this!
Q3 : Can you briefly describe the Top milestones you want to achieve with timelines, also share your roadmap if available
Ans : Sure. Our roadmap for the near future:
- creation of community DAO (in progress)
- partnerships with other projects to use PROPHET as trading pairs
- opening an options market / going into uncollateralized trading
- BINANCE LISTING
- Coinbase listing
2nd Segment: TWITTER QUESTIONS
Q1 : What are the enhancements offered by Prophet’s readjustable rates over the fixed ones? What flaws have you found in the latest rates and how do you fix them? What are the benefits of your new protocol?
Ans : Having readjustable rates allows PROPHET yields to be higher when more users enter the system. projects like RFI with non-adjustable yields will with close to 0% yields as more users enter.
No flaws so far as the community is very happy with how much they’re earning
And benefits new protocol is ability to earn passive income without gas fees or contract risks (as there is with staking)
Q2 : One problem that hindered the initial progress of the RFI project was that the developer left the liquidity unblocked and eliminated 50% of the liquidity after the price rose 20 times. How has Prophet solved this to generate confidence in the users again?
Ans : Right good point. Plus, the rest of their liquidity unlocks in less than 24 days (I believe they are pulling it completely to pay for legal fees or something).
we have 75% of the liquidity locked for 1 year+
the rest is already unlocked but the team hasn't touched it, because we don't need the funds yet. when we do need the funds, we will only take out up to the initial liquidity w put in (20 ETH) and relock the rest.
3rd Segment: LIVE QUESTIONS
Q1 : I just want to give suggest for you
Would you agree if I provide suggestions for your project Motto? please pick one,
"MY PROPHET IS MY PROFIT" or "NOT YOUR PROPHET NOT YOUR PROFIT" which ones is looks better? 😊
Ans : I like these. would you like to join our PR /branding team?
I like the first one
Q2 : Where are you listed?
Ans : On Uniswap, the world’s biggest decentralized exchange!
Q3 : Why do we have to buy Prophet?What is the potential of this token? How practical is to hold Prophet token in a long period of time?
Is TOKEN Prophet financially supported by the sponsors Or The Community?
Ans : You don’t HAVE to buy Prophet of course. Only if you want to earn a passive income and make money doing nothing
Q4 : Website state, audited. Are you planning further security audits? Never can be sure, as dapps getting constantly exploited.
Ans : Yes we are working on an audit from Vitalik himself
Prophet’s vision is to provide full financial freedom to its holders. in fact, it’s the Prophecy
Q5 : What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?
Ans : By hosting more AMAs with active, intelligent, and high-quality communities like this one
Q6 : Besides addressing the main issues of the RFI protocol,how do you plan to ensure/increase the security of the Code in future?
Ans : We’ll be increasing security of the code by hiring bodyguards for our development team
Q7 : What are the better ways to invest with Prophet once it’s launched? I mean, something people can see and stay in medium-long time?
Always is important to feel safe. Do you have a strong security system for protecting users and their earnings?
Ans : the best way to invest is to buy directly from Uniswap and hodl: https://app.uniswap.org/#/swap?inputCurrency=0x8d5db0c1f0681071cb38a382ae6704588d9da587
Thanks you can share where can buy token and all social media.
Join our telegram group: @prophetfinance
▶️ Follow Prophet Finance on their platforms:
... Website: https://prophet.finance
... Telegram: https://t.me/prophetfinance
... Twitter: https://twitter.com/prophet_finance
... Coingecko: https://coingecko.com/en/coins/prophet
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