Recapitulation of VOX Finance AMA event held at AMA LOVERS CLUB
Date: Tuesday, 20th October, 2020
Time: 18 :00 UTC
The VOX Finance team was represented by Luka, the lead blockchain engineer and Jure, the software engineer for the project. They both judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you introduce yourselves and your backgrounds, also if you have any other team members, you can also introduce them
Ans : Hello to everyone!
My name is Luka and I’m the lead blockchain engineer at @VoxFinance. I’ll be here with you today along with @walkeraki, Jure, the software engineer for our project! We come from a mix of background combining finance and software engineering. We’ve both been crypto enthusiasts since 2016 and are happy to work together on our new project, @VoxFinance!
We have some more community members, programmers that have been helping us since the launch, because the project has become quite popular with the community!
Q2 : Can you introduce the VOX finance to us, what critical problems does it solve that existing solutions are not solving. What’s the UTILITY and competitive advantage in this DeFi season
Ans : We’re a novel yield-farming project that is trying to bring a new approach to tokenomics and governance models. We’ve started with a fair launch, fair distribution and are growing every day with many new members. We are focused on creating a scarce token — we’ve only got a token supply of close to 1400 tokens and we will max out at around 4250. A 2,0 % burn rate is active and providing additional deflation.
The other part is governance — we’re trying to give more power to the average user on the say of the direction of the project. That’s why all stakers in our stake pool, no matter if big or small — receive our governance tokens. Soon we’ll launch our governance platform where each individual will be able to share his voice on changes, proposals, discussions and everything else
We’re very excited to be able to share more in the coming days!
Q3 : Can you briefly describe the Top milestones you have achieved, and your target future milestones with timelines. Also share your roadmap
Ans : Gladly — we’ve launched our yield-farming and staking platform on Saturday and we already have more than 700,000 USD total value locked producing nice results for our early investors.
We’re currently working on the governance forum, which will be launched before the end of this month, so that users will be able to start voting on governance proposals.
After that we’re looking to launch our own vault strategies where we’re going to deploy new, profitable self-executing strategies to our customers.
After that we’ve got a lot planned — some we’ve announced, some we’ve not.
What we’re trying to build is a unified platform for everything DeFi — yield farming, staking, governance, swaps, lending and borrowing. All under one roof. And even more exciting is the fact, we’re bring it to mobile users.
2nd Segment: TWITTER QUESTIONS
Q1 : CONGRATS FOR THE SUCCESSFUL INITIAL UNISWAP LAUNCHING. QUESTION 1)WHAT ARE CHALLENGES YOU FACED DOING THE LAUNCHING AND THE DISTRIBUTION OF THE TOKEN TO THE RESPECTIVE INVESTORS?
Ans : Honestly, the biggest challenge we’ve faced was the large amount of investors that approached us — but we sticked to our rule of only providing 20 ETH of initial liquidity in Uniswap, which is now locked for one year. We had also put a lot of our efforts into the product development. Something we were not sure if it would succeed in the community — thankfully it did.
Q2 : Vox refers to “voice of the people”. Will this project be entirely community driven? Through governance will it be possible to make all decisions regarding the project and its smart contract?
Ans : Hey, great question! Our goal is of course to let the community govern the entire protocol at one point — right now we’re not at the level where it’s possible. But indeed you are correct. Our slogan, Vox Populi means voice of the people. So we’ll let every voice build the DeFi platform of tomorrow, where the power is in the hands of the users.
Q3 : From your whitepaper, an initial 2.0% burn rate on every transfer will be deployed along with the minting contract. Are you aware of the risks involved? How have you prepared to avert these risks?
Ans : We’re aware of the risks involved with burn rates and deflationary tokens. That’s why we’ve also started with a healthy token distribution where we currently mint around 75 VOX tokens per day. This is much more than the burned amount. However, every 14 days will cut the minting rate by 45,0 % — effectively lowering it until it comes to the same level as the burn rate — creating an equilibrium between deflation and inflation.
Q4 : With the governance token Populi, which we will collect when depositing VOX to the VOX staking pool, what privileges will we benefit from the ecosystem and does having Populi bring additional staking rewards?
Ans : Another great question regarding our governance — you guys really prepared really good topics!
Our $POPULI token is as you mentioned, given out to the depositors in the stake pool in a 1:1 amount of deposited $VOX. These tokens will allow you to as said before take part in the governance forum where you will be able to cast your vote. POPULI token holders will also be able to stake the governance token in private staking pools specific to the governance holders. We’ll pay out with funds from the treasury and also new community tokens!
Q5 : Despite the amount of initial liquidity, I believe your project doesn’t have enough yet. What steps are being taken to increase the amount of liquidity you hold?
Ans : Yes, the token supply is currently low — however 75 VOX is minted per day and the price is increasing in steps. This should start to help with the liquidity as we go on. However, our token economy is very scarce — what effect this will bring is also an experiment. Right now it’s developing nicely :)
3rd Segment: LIVE QUESTIONS
Q1 : From your website , we can submit problem,suggestion,idea or bug report and get reward,where we can submit that?
Ans : Hi! Thanks for looking at our webpage. You are correct — any contributions are welcome and we will also pay out bounties to users that spot bugs, make suggestion etc. If you want to participate and have something to share, join our social media accounts and share your voice! We’re always listening to your feedback and you can become part of the community. :)
Q2 : How will you control the entry of whales to prevent them from getting the most rewards? Will there be a maximum limit of $VOX per investor?
Ans : Right now we have a very good token distribution. This is already a good sign. We’re also only opening pools with VOX pairs which means that any investor needs to buy VOX before they can deposit liquidity tokens on our platform. Our voting platform will also use a quadratic voting function which means that smaller stakers have bigger voting power and bigger stakers have relatively smaller voting power.
Q3 : 1-Increasing Token price
2- make Token Valuable
3-Building Community Trust
From 3 aspects above,. I want to ask,. Which one the most important for you??
If all above are important for you,. Which one that Will you do first??
Ans : Building community trust is our first priority. We are building long lasting and high quality community so trust is of course our big motivator. We will make token valuable by providing great platform which is why we are constantly adding new features and reaching new goals.
We are cooperating with a lot of people from non English countries and we already built big Vietnamese audience. Japan, Korea and French follow the list and we keep expending as we speak!
Q4 : If anybody thinks your project really likes a scam project, and they can’t trust this project. How do you make them believe in your project?
Ans : Great question to ask. Firstly, we’ve been very transparent with our decisions. Everything is verifiable on the blockchain and we’re also posting on every update. We’ve also locked our liquidity and development funds. We’re focused on our product and making it grow. We’re not going anywhere and our community is starting to value our commitment.
Q5 : What is VOXfinance trying to solve for the development of the blockchain Industry? What are VOX’s current and future targets to be realized? How does VOX plan to promote its products in the world market? How can we help VOX?
Ans : We want to give power of shaping coin to smaller investors as well… Nothing hurts more than to invest into something and just stand by and watch how “bigger” fish delegate the project. We are currently working with handful marketing experts and new deals are happening every day. We cannot disclose all of them right now so just stay tuned :).
You can help in any way you can.. By contributing your skill, time, money or just with spreading the word!. We have special contributors page on our website where each month top contributors get mentioned on social media along with getting small reward. More you can read on https://vox.finance/contributors.html
Q6 : Is it possible to participate in the governance of VOX? If so, is there a specific amount of $VOX required? What are the benefits?
Ans : It will be possible to participate in the governance and every user staking VOX will have the right to do it. There will be no minimum period and the benefits will be many — private staking pools, exclusivity right to the governance forum and many more features down the line.
But before going, do you have any Final Words for community, we would love you to send every useful links to VOX FINANCE, also Uniswap direct trading link, and every useful details
And our final message is that we hope you’ve enjoyed our answers and that you decide to become a part of our story to become the decentralized finance platform of tomorrow, where the community has the power to shape their financial future!
Chat don’t forget this, chat!
Follow VOX Finance on the following platforms:
… Website: https://vox.finance
… Whitepaper: https://vox.finance/about.html
… Twitter: https://twitter.com/RealVoxFinance
… Discord: https://discord.gg/c32KurP
… Medium: https://vox-finance.medium.com/
… Ann Channel: https://t.me/VoxFinance
… Repository: https://gitlab.com/vox.finance/vox-finance-contracts
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