Recapitulation of Reef Finance AMA event held at AMA LOVERS CLUB
Date: Monday, 26th October, 2020
Time: 12:30 UTC
The Reef Defi team was represented by Denko Mancheski, CEO and Founder of REEF Finance. 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 if you have a team, kindly introduce the REEF DeFi team
Ans : I am the CEO of Reef. I have a tech background myself. Started development in early high school with C++ (did algorithmic competitions for few years), then moved into the enterprise world where I worked for 2 ERP providers (built some modules and some mobile apps which are still used to this day). Few years later I moved to one of the biggest healthcare platform providers in Europe. Worked there for over 2.5 years and the last 6 months I was leading a team (we were building a complex app for healthcare data modelling around the OpenEHR standard). 5.5 years ago I got into crypto and started blockchain development myself. My first experience was with NXT (then turned into Ardor), and I have also been doing a lot of Solidity (Ethereum), Steem and some EOS. Since I am based on Slovenia, the development community is not so big, so I’ve been working with familiar people. 2 years ago we teamed up and worked on multiple blockchain as well analytics projects together. In January this year we decided to focus on DeFi and started building Reef
Q2 : Can you introduce the REEF DeFi project, what critical problems does it solve that existing solutions are not solving and what’s your Comparative advantages
Ans : Reef is a DeFi operating system — a permission-less smart liquidity aggregator and yield engine where any financial hub can integrate into. Powered by Polkadot, it shares its security model with the ecosystem, and enables cross-chain integrations across top DeFi protocols. Reef gives the retail investor access to the DeFi landscape with a very low technical barrier of entry while at the same time it augments the decision making process based on user’s risk levels.
In short, imagine this analogy: If every app on the app store had to be downloaded from a different website. Additionally, you dont know if the app is any good since obviously on their website they wont put 2/5 rating. Reef is basically uniting the fragmented DeFi Landscape and allowing the user to access it from a single command-center-like place
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : You can find our live roadmap here: https://reef.finance/roadmap. There you can see what we have done so far and what is our focus at the moment.
Since most of the DeFi activities are currently on Ethereum, we will be supporting all the major Ethereum protocols from day 1 and we are very close to finalizing this phase. Right after that we are going to fully focus on polkadot, and onboard ethereum users to other defi ecosystems as well
2nd Segment: TWITTER QUESTIONS
Q1 : Right now the Reef Finance just have the capacity to deploy its infrastructure into Decentralized clouds, but in the future you also will support others ways to integrated the Reef Finance solution?
Ans : Actually Reef’s infrastructure is decentralized. I think what Manugotsuka is refering to is our analytics engine which is the off-chain component. In order to integrate with Reef, one would always connect in the decentralized infrastructure layer. Eventually we will allow other off-chain intelligence sourcing units to directly integrate in our smart contracts.. this will mean that other traders or funds will be able to provide their strategies (they will have to be approved by the DAO)
Q2 : From medium, you partnership with so much other platforms and project. Every partnership got some benefits for users of platform. What are the best partnerships #ReefDeFi had with other platforms that improved it?
Ans : All the partnerships have different purpose so its hard to say which one is the best partnership. Some of those are invisible from the users since they are infrastructural (Chainlink). Reef is all about composability and integrating on top of the ecosystem, so the way we are positioned we will be partnering with many projects
Q3 : Do you solely base your marketing strategy on AMAs? What other plans do Reef Defi have to get the project closer to the community?
Ans : Community is super important for us and thats why I wanted to personally do most of the AMAs. Our product is made for the retail investor. Of course besides AMA we do more marketing activities (we are currently running a gleam campaign with 5000$ giveaway, check it out in our reef telegram group). We also plan to launch the liquidity incentive program right after TGE.
3rd Segment: LIVE QUESTIONS
Q1 : Why is Reef integrating Ethereum DeFi (v1) protocols without skipping this stage to move on to v2?
Ans : We dont want to skip anything that we believe the users need. Reef being cross-chain gives us flexibility, which means we are able to shift our product and features based on where the users are (currently on Ethereum) and what the users want/need in the future.
Q2 : Why did Reef choose to build on Polkadot ecosystem?
What is the advantage using Polkadot for Reef?
Ans : Polkadot’s parachain communication (XCMP) and bridging mechanism, combined with the possibility to run solidity code on parachains such as Plasm, use native Ethereum addresses and huge ecosystem support (Web3, Parity) were the reasons why we chose to build on Polkadot.
Q3 : Can you tell us what inspired you to start this idea and what assured you that it will be a success.
Ans : You should check the origin story, its under the blog section on our website
Q4 : Reef Smart efficient agriculture system,
Why is it designed to be AI driven and how does it provide exclusivity?
Ans : The AI powered intelligence engine is needeuse there is a lot of data from which we can extract important info and a lot of high-frequency processing. We derive risk levels based on multiple metrics, from social media traction, to on-chain traffic. This way, the users have a better understanding of how they allocate their funds, and can adjust based on their risk tolerance
Q5 : How Can I Earn The Best Return Staking, Lending, And Yielding Farming Automatically?
Ans : Initially you will get notifications when certain reallocation or rebalance is necessary for your baskets, but by Q2 we aim to be fully automated
Q6 : Can I use Reef just with just a metamask wallet? Do I need to verify the KYC?
Ans : You will always be able to use Reef just with just a metamask wallet. The moment we integrate CEX liquidity, if the user wants to have access to it, certain KYC procedures will have to happen. We will not be storing user’s data at any point in time. The KYC procedure regarding CEX liquidity will flow from the user’s machine directly to the prime broker.
Q7 : To reach massive adoption from community and mostly non crypto users, an user friendly platform is necessary, as DEX usually are not. How easy is to use Reef for beginners?
Ans : We provide a way for the average retail user to access to the whole landscape with very low technical barrier of entry. All DEXes and other protocols are abstracted away from the user
Q8 : How does Reef work to get liquidity from so many different
exchanges? The user must create an account in each
exchange and connect them with Reef to work?
Ans : DEXs through integrating all of them on-chain, while CEXs through prime brokers and integrations such as binance access
Q9 : Is there a detailed guide to the use of Reef for new users? Can you use Reef if you only have a metamask wallet?
Ans : We will have an interactive onboarding experience, so based on how familiar the user is with the crypto landscape, he will get properly educated. Not only about how things work, but also around the risks involved
Q10 : Reef Finance is Powered by Polkadot so that means that the only can run on this network? Or have Cross-chain operability?
Ans : No, Reef is all about connecting the DeFi landscape together though Polkadot’s interoperability. So besides deploying our smart contracts on multiple Polkadot parachains, we will also support Ethereum as well as other ecosystems
Q11 : When a person use Reef basically have access to everything ( DEX+CEX+AMM) ? How is possible interact between differents Exchanges pools without have an account on It?
Ans : Prime brokers and integrations like Binance Access
Example for a prime broker is Changelly
Q12 : How Can I Earn The Best Return Staking, Lending, And Yielding Farming Automatically?
Ans : By using Reef :D
Q13 : As I Know you are 100% non-custodial. But, How do you guarantee the transparency of your operations? do you have plans to do audits in reef?
Ans : Yes, we are currently in process of being audited. Reef is completely non-custodial, so everything can be tracked and seen on the blockchain (we will provide tools which will allow easy monitoring).
Q14 : In your road map, by 2021 you mention the "REEF DAO structure". Do you expect to launch your DAO next year or will you just lay the foundations of the platform? What features will your DAO have that will distinguish it from the rest?
Ans : We plan to launch the DAO in Q1 2021
Q15 : I saw on your roadmap that there are two types of platforms that Reef DeFi will launch (V1 and V2),
Can you explain to us what is the difference between the V1 and V2 platforms?
Is the V1 platform only made temporarily as a social experiment?
Ans : Yes, our basket engine has to go through multiple iterations before we get to the fully automated version. First the baskets will be static, next the user will get notifications and accept (or decline) the proposed reallocation/rebalancing, and third is the fully automated solution. Since our engine is AI powered we want to increase the confidence overtime plus make sure everything is resilient and working as expected in a bigger scale
Q16 : In your opinion, which is more important for the Reef DeFi and why
3. Market or Exchange
Ans : 1!
Q17 : - Do you have a maximum number of pools that will be integrated into Reef Finance? or can these pools be progressively increased either by team or governance decision?
Ans : We can progressively increase the protocols and the instances (pools). Great question
Before we wrap up, do you have any final words for the community, perhaps important links and how we can purchase the token?
Ans : In order to follow the project and make sure to not miss out on any announcements or TGE, make sure to join our telegram group + follow us on twitter and medium.
Also, participate in the 5000$ giveaway
Follow Reef Finance on the following platforms:
... Website: https://reef.finance
... Twitter: https://twitter.com/ReefDeFi
... Telegram: https://t.me/reefdefi
... Medium: https://medium.com/@ReefDefi
... Reddit: https://www.reddit.com/r/ReefDeFi/
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