Recapitulation of VERA PROTOCOL PROJECT AMA event held at AMA LOVERS CLUB.
Date: Wednesday, 14th April, 2021
Time: 18:00 UTC
The VERA PROTOCOL PROJECT team was represented by @Muhandess who judiciously shared with us detailed knowledge and information about VERA PROTOCOL PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on VERA PROTOCOL?
ANS: I am lead software engineer for 15 years now, worked in multiple industries, and focused on finance for the last years, and blockchain for the last 6 years. I worked on multiple project for multi billions revenue companies world wide. and was focused on decentralization business process for enterprises. Vera team come from very divers backgrounds, all fields expert and deep network connection in the blockchain space, we are all very enthusiastic about DeFi and think it's the future.
Q2: Can you introduce VERA PROTOCOL, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Vera is DeFi solution for NFT, both for digial and physical assets. It give control back to assets owners over their properties. There is no solution today that bring liquidity easily to the NFT space. and give owner control and options over their assets.
Vera will allow NFT to be used as colletator , to be leased out, and exchaganged. No one else is doing this. This has huge future potential way beyond simple digital assets, its implemenation go all the way to eventually very large assets like real estate.
There is no other solution that makes is easy for user to create and use NFT on the blockchain like Vera.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: First milestone done is major research in the space and connecting with partners interested in the solution. Second is a PoC which consist of set of smart contract and web application to prove our flow. Major coming milestone Q2 is public version of our PoC, and MVP in Q4. and full solution in 2022. Also in the making deals on partnership with major players in the space, these will be announced in Q2,3,4.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: We have many high profile partnership in the making, these partnership bring technical knowledge and strong business network, they are interested in our solution to enrich their own ecosystem. These partnership include top 5 crypto exchange, and major technology providers like web3. I can't disclose more info yet unfortunately, but stay tune and before you know it you will have the news.
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $VERA Token?
ANS: We are building a DeFi infrastructure/platform for NFT. So the utility of the token is for the community to govern this platform.
Holders of our token can also earn income from fees and revenue in our ecosystem.
We have a cap of 1 billion tokens to be released over time.
i will send an image that shows our tokenomics.
2nd Segment: LIVE Questions
Q1: Vera is the first project to provide solutions to Lending NFTs, this is highly commendable. Can you tell us the strategies you will be adopting to help attract developers to build NFT DeFi on Vera Ecosystem?
ANS: First we are research the ecosystem with our partners to make sure our tools fit exsisting infrusturre. Then we are build detailed documentation and sample code for developers to build apps on top of our protocol. we will also have technical discussion group active for devs to participate ask questions and provide feedback, and vote on new feature for the protocol.
Q2: What motivated you to start the Vera Protocol? And what gap did you deem necessary to fill with the creation of the Vera Protocol?
ANS: Our team have been involved in crypto since Ethereum ICO. We are true believers in a decentralized Web 3 world and even during Crypto Recession we have been working hard on the technology and business use cases that empowers community and individuals to be less dependent on Big Tech even while many others quit crypto.
Vera aims to empower all of us by making it easy for everyone to create NFTs and use them in many DEFI use cases. We aim to be the top NFT infrastructure in the blockchain world.
Q3: I have read that on your website, Vera's smart contracts are integrated with NFC smart tags to enable secure generation of real-world NFT assets. However, I learned that NFC technology is still a new technology and the development process continues.
Do you think NFC technology is enough to fully ensure smart contract security?
ANS: NFC is well established technology, and one of our main partners is major manifacturer of NFC chips. we have unquie technology to link NFC with NFT assets. There will security challanges, but we will be clear on possible vulnerabilities, so our partners can build secure apps on top of our protocol.
Q4: Does Vera Protocol plan to grow its platform on a global scale with all its stakeholders? Have you currently started a conflict with local communities regarding the future of your project?
ANS: We already have disucssion with global player, to make Vera cross board protocol to faciliate the exchange and usage of NFT.
Q5: What's VERA opinion about DeFi? What do you think is holding the DeFi space back? What is preventing from the mass adoption of DeFi products?
staking , buyback , burn.
ANS: The success of DeFi lending platform (crypto lending and borrowing) shows real world use case is viable. We think next wave is doing this with NFT. Whats holding back adoption is the lack of projects like Vera thats focused on making the user experience to create and use NFTs super simple and user friendly for everyday people.
Thank you for everyone's support and interest. Let's work together to build the world's first open NFT infrastructure that empowers creators and individuals.
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