Recapitulation of UNIFUND AMA event held at AMA LOVERS CLUB
Venue: https://t.me/amaloversclub
Date: Monday, 12th October, 2020
Time: 20:00 UTC
The UNIFUND team was represented by the founder and creator of iFUND. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself, your background and your team if you have a team working with you on UNIFUND?
Ans : Hello to everyone and thanks for coming to learn about iFUND. I’m the founder and creator of iFUND, recently rebranded from UPP. We have a small core team and a few others that help on a part time basis. Recently we added a few community members to our team as well to help with marketing and design. Myself and the others on the core team have been in crypto a very long time, since it was just Bitcoin, and we have known each other many years before that as well
Q2 : Can you introduce the UNIFUND project, what critical problems does it solve that existing solutions are not solving and what’s the competitive advantage over existing solutions?
Ans : UNIFUND is a system for creating decentralized trading groups on Uniswap, and we will integrate will other similar protocols over time.
We are not aware of any other projects attempting the same concept as us, and we’re somewhat surprised no others are attempting because there’s a few key industry problem we offer a solution to
Trading is the biggest use case for crypto right now, but its difficult for new people to profit doing it. We connect quality traders with new users and they both benefit, instead of compete against each other. By joining trade groups the managers get more funds to trader with, as well as getting a percent of the groups profit. The members remove their need for the large amount of research needed to be competitive in crypto, also the need to manage emotions while trading is removed, which is one of the hardest parts
Since no one else is building a similar concept to us we are going as fast as we can to extend our lead before they do.
Another key point is the fee savings. By enabling many users to combine their trades into just a few, all the fees are removed for the users and paid by the manager. And this is offset by the percent of the profit they are entitled to for running the group
Q3 : Can you briefly describe the Top milestones you have achieved and the future milestones you want to achieve going forward with timelines? Also share your roadmap.
Ans : Even though it was not in our plans at all, our top milestone was definitely our surprise migration to a new token, and moving a locked liquidity pool. I dont believe any other project has done this before, or even tried.
From a product perspective we are very close to delivering on all promises made in the white paper. By the end of November we will have the rest of the UI features going, leaderboards are the one most people are excited for. And we are aiming to have our first trade contest start around then as well. The token migration was due to a bug in our staking contract, and we are relaunching staking with a new contract in 2 days. This time we are borrowing a very well tested contract for Yearn so make sure everything is super safe
We dont have an up to date roadmap posted anywhere right now. Things change very fast in crypto and our plans need to change with them. After we complete all promises from the white paper we will make the decision on what technology to integrate next. Our current plan is to add limit orders using unitrades contracts, but we cant know for sure until the date is closer. A good example of how fast things change is we were going to integrate sushiswap and even prepared some of the code, but even though it was very popular a month ago, it didn’t keep a lot of users and wouldn’t be good for us to spend our time on now.
2nd Segment: TWITTER QUESTIONS
Q1 : Does UnifundGlobal Network currently have alliances with other exchanges in the market? Are more alliances coming in the near future? Are you currently working on one?
Ans : When we first launched there was a lot of exchanges reaching out, but most were looking for a payment to be listed. We did a very small token sale compared to others, we raised 250eth and half was put into the liquidity pool. We are happy with only being on Uniswap for now, but as things progress we will be looking to being listed on normal exchanges. One big issue is our team is anonymous, and most exchanges require teams to sign documents
We haven’t made any official partnerships or alliances with other projects yet. But there is a few that we would like to integrate and will try for an official partnership when we do. The most important features that need to be added are charts for tokens, dextools and a few others offer that. Also as I mentioned before, limit orders for buy and sell. I believe only unitrade offers that at the moment, but we will have to see what else is out there and study all the contract before we figure out who is best and open talks with them
Q2 : Why Unifund have 2 types of tokens? $UPP and $IFUND? Can you tell me which are their uses cases?Thanks!!!
Ans : $iFUND is our new token, $UPP was the old token and no longer has a use. The market for the old one is still active on uniswap because we were not able to get all of the locked liquidity when we migrated. iFUND is used by Managers as collateral to open groups, and its used by members to to pay the fee to join groups. It is also used for staking, and when we changed the token name we also added a new feature where half of the fees paid by members when they join groups are burned, so it is deflationary as well which is good for speculators. Other smaller uses for the token will be added in the future, but we have not decided which to add first so keeping secret for now to make sure we dont create hype about something we dont end up doing.
Q3 : Does management have an effective system in place to model, manage, and balance risks and opportunity cost?
Ans : Since we have expanded our team and added a wider range of still sets we are doing a lot better in these areas. One of the new team members we added has a lot of expertise in this, and is making sure we focus on the right things, as well as take a safe approch. When we started everything was “full speed ahead” and most of the risks we’re taken by the team directly. By not having a system like this when we started the team ended up having to pay some costs from our personal funds when we did the migration.
The truth is the core team is mostly coders, so there was a lot of unexpected things we needed to add over time and this was one of them. Programmers often think that making something work is the most important part, but the reality is community is most important. You can build the best and most useful thing ever, but if you dont have a community to support the product, no one will ever find it and use it.
Q4 : Where is Unifund ambition set as of now in light of the further events that may come these remaining months and will 2021 be a year full of major disclosures?
Ans : We have extremely large ambition. I think we show this by creating our own unique product that one one else is doing. It would have been much more profitable in the short team for us to create a fork of another popular project, I think we could have done a large token sale and had an easier time marketing.
I cant speak for all the team on this, but I personally think 2021 is going to be a crazy year for crypto, just like 2017 was. Having a top project that everyone knows about because its good and useful is extremely rare but I want iFUND to be one of those. Even though there is now thousands of coins, more than 95% are just copies of other projects. The goal is to be a unique project that makes it to the top of the coin list because it has a real use and not just speculation. I dont think there is any way for a token to be more ambitious than that
Q5 : What kind of control do you have so that the whales do not make a disproportionate reward system?
Ans : Whales are just part of things so there is only so much you can do to prevent them from getting too much power. For staking the rewards are equal for everyone and there is no bonus given to bigger stacks of coins. But its also important to remember that on ethereum the fees are the same for everyone, so whales always do everything for a little bit cheeper when you compare the transaction cost to the transaction value.
Within the UNIFUND system the biggest protections we focused on were for users and some for managers as well. When people look into the details of our system design they often comment or question some of our choices, but almsot ever time the answer is the same, we had to make that choice to protect users. I would also like to say that having whales is not always bad, we have a couple large holders that have shown they are very dedicated to our system long term. In some ways they are like investors in our product, and when they communicate with us they always give good feedback and suggestions that focus on long term goals and not short term profits
3rd Segment: LIVE QUESTIONS
Q1 : How will UNIFUND continue to promote your product in the future? Do you already have plans for other interfaces with other companies?
Ans : We set asider 120% of the total supply to be given out in in trading contests, this will be one of the focal points of out future marketing efforts. We also recently brought an experienced CMO on to the team to help guide our marketing efforts long term. The 2 biggest things we want to add that others have already built are charts and limit orders, and we hope to add those through future partnerships
Q2 : Today, the activities of hackers have increased significantly. So do you have adequate security to protect your platform from them? Do you have any plans to settle investors’ money in case of hacking?
Ans : We got our main contract that holds user audited, and we are only making very small changes when we add new features to be extra safe. We want to protect users as much as possible from risk, in our recent migration the team used personal funds to make sure the liquidity of the new token is at the same place as the old one
Q3 : The importance of community members in any project for it to attain it Mission and Vision cannot be overemphasized. Can you briefly tell us how much you value your community members?
Ans : I have learned that community is the most important part of any project. Moving our locked liquidity pool to a new token would not have been possible if we didn’t have such strong support from our community. Even though the team is anonymous, and I am the only member with an online presence, we have done our best to be straight forward and truthful with our community every step of the way and it paid off more than we could have hoped with all the support we have received. There is now 4 community members who have joined the team in some capacity, we believe we only received offers from them because they saw how much we value them
Q4 : ETH is a problem because of the cost of fees, how does UNIFUN counteract this?
Ans : UNIFUND lets many users combine their Uniswap trades. So for group members they only need to pay a fee when the group starts to deposit, and when the group ends to withdraw. I think we are one of the few projects that help with fees and reduce the network load. We are also one of the few projects that targets normal users instead of whales. Building for whales is easier to make money and make a coin go up, but we have been in crypto a very long time, and our goal is to make useful things that actually help people. I know it might sound cheesy, but we want to make a real difference in the industry. People on the team have done very well in life thanks to crypto, this is our way of giving back
Q5 : Seems many projects are offering layer 2 scalable solutions e.g. MATIC. So how is $Unifund different from the others? What competitive advantage do you have?
Ans : In some ways we are a layer 2 ourselves, but we are a layer 2 on uniswap instead of a layer 2 for a whole blockchain. If a layer 2 system on ethereum gets popular and has a lot of users, we would look to integrate ourselves there for sure.
UNIFUND is lucky in some ways that there is no others doing what we do. Right now there is no competition for us, our focus is getting as far ahead as possible with more features before the competition shows up
Q6 : A project that wants to travel long distances needs a specific and long-term plan. UNIFUND please share with us your strategy and vision to 2022?
Ans : By 2022 we expect the market to be going down, sometime before that we will add features that let group managers make short trades. We already have them planned and designed, but dont think its the right time for them yet
Q7 : Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Ans : Right now we have gotten a lot of attention from Vietnam so we are looking to get things translated for them first. The original goal of bitcoin was to “bank the unbanked” and help people get global services that couldnt. We want to keep that original mission alive as best we can. because right now most of the western world only cares about “number go up”
Q8 : If UNIFUND gets popular, there is a probability that scammers will try to come in. What are your plans to prevent scammers in order to protect your users?
Ans : A lot of features we put in our product were designed to prevent scammers. There is no way to prevent them all, Uniswap is a good example there is more scams than there is real projects. Since we allow a high level of customization when creating groups, users should take the time to learn what the important features are. Right now we dont show groups on the main page if they are created with dangers features. The 2 most important features to keep users safe are the “trade list” which is the coins the manager is allowed to trade with, and the “collateral” thats the leader puts up to create the group. If a group is made with very low collateral and doesnt use a trade list, the manager has a lot of power to scam. In the future we want to show all group types on the main page, but need to figure out a proper warning system first
CONCLUSION
Q1 : But before going, could you please do good to drop every useful links to UNIFUND project, also drop the Uniswap trading link for those who would be buying after the AMA?
Ans : We are UnifundGlobal across all of social media
Follow UNIFUND on their platforms:
… Website: https://unifund.global
… Telegram: https://t.me/UnifundGlobal
… Telegram channel: https://t.me/unifundann
… Twitter: https://twitter.com/UnifundGlobal
… Medium: https://medium.com/@UnifundGlobal
And you can find the token on Uniswap here http://bit.ly/myIFUND
Thanks again everyone!!
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