Recapitulation of YFSCIENCE AMA event held at AMA LOVERS CLUB
Date: Friday, 25th September, 2020
Time: 14:00 UTC
The YFSCIENCE team was represented by the founder of the project. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 — Could you briefly introduce yourself and your experience and background in crypto and blockchain?
Ans — Hello everyone, I am happy to be here with you.
As you may know or not, I am the founder of YFScience. What is YFScience briefly? YFScience the a new generation decentralised platform that enables different features for liquidity mining and yield farming.
Personally speaking, I have been a software engineer for several years and architect in several companies across Europe. Considering crypto, I have been developing on the blockchain a couple of years now. I have been working in multiple small projects on a private manner. This time, with YFScience, we have something big, great concept and ideas, and we felt comfortable on going public and introducing it to the community.
Q2 — Could you elaborate more on YFSCIENCE? What does it entail and what are its main features?
Ans — The reason we thought about that name and niche is because we want YFScience to represent the Science of Decentralized Finance, or else DeFi. The main features of the project are staking & farming with YFSi our token and other tokens in the near future, Co-investing and lending. Everything done in a decentralized manner and with smart contracts on ethereum blockchain.
2nd Segment: TWITTER QUESTIONS
Q1 — What’s so scientific about YFScience? How do you integrate science into cryptology? Is that the idea of YFScience? Or is it just another YFI fork?
Ans — As I mentioned before YFScience represents the Science of DeFi. In other words, our goal is to provide the best technology possible in order to bring the true value of all the decentralized financial protocols out there, a lot of which YFI and other big players introduced. In addition to that we introduce Co-investing, something that has never been implemented sucessfully, as far as I know, in eth blockchain. We don’t aim to be a fork YFI, because we are not. We aim to be the next YFI.
Q2 — Why is there only 31415 YFSI in total? Do you plan to release more tokens in the future? How profitable is it that there is only this specific amount of tokens? How does it benefit the community? Thank you!
Ans — Our initial goal was to keep the total supply of tokens low so that the price will rise high in the future. The number 31415 was decided as it represents the first 5 digits of the constant PI which is 3,1415… A majority of the tokens will be given as staking/farming rewards to the farmers on our platform, so if you would like to gain some for free y better stake there. The community is benefited by having a low supply and an always increasing price as more join the project.
Q3 — If regulations change tomorrow, how to incorporate them into a tokenized security? How to comply with regulatory authorities in terms of KYC, DD and AML? How to enable dispute resolution mechanisms and enforce a transaction or reverse it?
Ans — Everything is done in a decentralized manner. The community of crypto is and will be decentralized, so in our case I dont see any restriction on this subject since there are no regulations in using software which is publicly available online. This is what crypto is all about. The main reason of KYC etc is for projects that require an investment, withdrawls in dollars, etc, as far as I know. We dont include any of these services.
Q4 — What is the role of your token within the ecosystem? Is it the same as other token like YFI, YFII, YFFII, or what differentiates it?
Ans — YFSI is the governance token and later will enable access to an on-chain voting model.
Moreover, will be used as the main token for staking and farming which will be available in the upcoming weeks.
By using the dapps in our platform, fees will be generated in YFSI which will go to stakers/farmers as well as to the staking reserves for feature use and distribution.
As you understand, YFSI has and will have a lot of functionalities which will make it the dominant token in YFScience Ecosystem and a token that every user using our platform will be necessary to hodl.
Q5 — Any small coding error can permanently damage the entire assets of the LPs. This is the biggest risk of Yield Farming . How will YFSI deal with this problem? Has your smart contract been audited by any blockchain system ? Why should we feel safe when provide liquidation for YFSI?
Ans — Well, security is a big deal especially in the defi ecosystem where millions are staked and locked every day.
As far as YFScience is considered DAPPs are built keeping the latest security guidelines in mind.
The development of the smart contracts follows the “Checks Effects Interactions Pattern”
As you understand we plan to put a lot of effort in making all Dapps 100% safe to use and eventually achieve high security standards for our community and everyone using our platform.
3rd Segment: LIVE QUESTIONS
Q1 — Why does YFScience choose to built in Ethereum? How does your network help lower the transaction fees or gas fees brought by ethereum?
Ans — We chose ethereum network as it is the biggest and most know for DeFI and Dapps at the moment. The team has bigger experience on solidity and ethereum smart contracts. Considering transaction fees, all community is waiting for eth 2.0 where the problem of fees and scalability will be solved. In the meanwhile, we will do our best so that the dapps we introduce( i.e. Co-investing) will require from the user low transactions and low gas, as confirmation time will not be a big deal.
Q2 — Can you list killer feature of YFScience that your competitors fear the most in your project?
Ans — IMO our best feature will be Co-investing. Giving the ability to small traders to follow the steps of big whales in a way that not only both of thme benefit from that but also the stakers who receive fees from their transactions.
Q3 — Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
Ans — Well getting the staking lab out there will motivate people to keep staking YFSI and earning more YFSI per day and thus, enjoy a passive income
Q4 — Will YFSI build a tools that will allow users to farm other Tokens from third-party with YFSI?
Ans — Yes, such farming Dapps are planned to be released YFScience Ecosystem
Q5 — Why have you chosen Uniswap? What are the pairs available to trade in YFSI? Also, is it available in another CEX or DEX? Thank you!
Ans — Uniswap is one of the biggest players in the industry right now and its the first step for everyone towards DeFi. The available pairs right now are YFSI/ETH . Will later on be available in other exchanges as well.
Q1 — Do you have any information you’d like to pass across to our community, perhaps any ongoing events or links to your platforms?
Ans — Yes in fact I would to introduce to the community the YFScience Labs platform that was released yesterday. You can find it here: https://yfsi.finance/
The first staking Dapp will be available within 2 weeks for everyone to stake and enjoy passive earnings.
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