Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Unifi Protocol on October 16, 2020. This guest star Juliun Brabon Ceo Of Unifi protocol . If you were unable to join the live AMA, no worries, here comes our 79th AMA recap!
We are glad to meet here:
Juliun Brabon, CEO Of Unifi Protocol
For taking your time out from busy schedule for the AMA!
Stevan: Oh, so unfortunately Juliun was unavailable for this AMA, as his schedule is extremly busy with meetings with different blockchains and partners 🙂
But I am very excited to be here and talk about Unifi with you all
Q1: Can you introduce yourself to the community? What is your background and how did you join UniFi Protocol ?
I’m Steve Green, Project Manager with Sesameseed and Unifi. For some background, Sesameseed is a community organization that believes in fair and democratic governance as well as promoting blockchain development. So like everyone else on the team, I started off as a regular community member and my passion for solving problems with innovative blockchain technology just got me more and more involved.
Which leads us to the Unifi Protocol we just developed, with the goal in mind to make DeFi more accessible to different blockchain communities.
Q2: Can you briefly describe what is UniFi protocol ?
Sure. Simply put, the protocol is a group of smart contracts designed for DeFi.
Unifi Protocol has developed from the ground up a series of smart contracts similar to other Defi Exchanges, that allows for individuals to provide liquidity and earn a share of the protocol fees in a long term and sustainable way.
BTW – I’d just like to add this – my personal favourite part of the Protocol is that anyone can use these smart contracts to build their own product. So the potential of Unifi is unlimited.
Q3: What companies/projects do you see as competitors, and how does UniFi Protocol stand out compared to them?
That’s a really good question.
When building Unifi, we really thought about the existing systems (Balancer, Uniswap, Bancor) and identified some areas we could improve to make the economy surrounding these systems more sustainable. Some of the most important changes we made were to our rewards mechanism, which unlike other protocols, happens entirely on chain and is managed by the smart contracts.
This mechanism also allows the value of the rewards that individuals earn to increase over time. Are you guys familiar with how the redeem value of UP only can go UP, and never down. Pretty cool!
In addition, Unifi is designed to be a cross chain DeFI platform, allowing communities from different blockchains to easily move into and out of different ecosystems. This ties into our cross-chain governance token, UNFI, which we’ll be releasing more information on that soon 😉
Q4. What are the major milestones UniFi protocol achieved so far & what are in future pipeline?
Well, we really started off earlier this year with a clear focus, to reassess the existing Defi landscape, and find which improvements could be made to existing contracts and infrastructure to provide more sustainable rewards to liquidity providers, and better cross chain interoperability to users. We developed all of our smart contracts in house from scratch with these goals in mind. This has really set us up for an interesting future.
We successfully completed a capital raise from a diverse group of investors
We have deployed our fully audited smart contracts on Tron, Ontology and actually we just announced that we are launching on Harmony tomorrow at 1pm UTC! This is big news, so please go out and share with everyone – Unifi is coming to your blockchain…
We’ve set ourselves up for rapid growth for our future, and currently in negotiations with a few more exciting projects and blockchains.
We plan to add on many additional blockchains including -Ethereum,
-Deploy our mainnet $UNFI token,
-Launch our cross chain Governance Ecosystem,
-Launch our Cross Chain trading / functionality.
Q1.Unifi promises intelligent contracts that are not compared to any other. Then, could you explain in detail what are the cardinal differences between your smart contracts and those of other platforms? How have they been improved and perfected?
Of course. One of my favourite differences is the tokenomics. We offer a tokenized rewards system on Unifi, which is different from other platforms which just offer the native blockchain token. UP and UNFI are very interesting tokens.
This distinction removes a lot of limiitations that other platforms face, and allows Unifi to offer sustainable rewards with value that is entirely backed on chain.
Q2.What liquidity model will Unifiprotocol use to increase token value? Can you explain the structure of the Unifiprotocol, What is the main focal point of your platform? Who is your target market? why investors should pay attention to Unifiprotocol?
So I’ve already explained what makes our liquidity mining token, UP, different from others. And we haven’t even released the information about how UP will be used to migrate to UNFI, the governance token. I think this will drum up quite a bit of excitment when people find out, and they will want to LP to mine that UP. Remember, you will always be able to mine UP, but its a lot better to do it today than tomorrow 😆
You can say our target audience are those people that are interested in community building, and providing real value to their particular blockchain. Interoperability is the way to do that – it’s what everyone is talking about, and we’re way ahead of the curve on that one
As for investors and why they would be interested in us – I think its our History and Team.
We’ve been in this space for a while now, we’ve proven we can build a community, and proven that we are experts in community governance and smart contract development.
With the right Team, dedicated to a truly sustainable principal (building a community) in an industry with that as a founding principle, I think that aspect is easier. We’ve been here for several years, and are built to be around far into the future.
Q3.Reading about you I could see that your platform uses four tokens (UNFI, UP, uL and SEED). Why use a system with multiple tokens instead of creating a currency that integrates all the features you would need?
So these tokens all play very important roles within the platform:
UP is the blockchain-specific liquidity mining token of the Unifi Protocol.it’s backed by the native token of whatever blockchain its on (e.g. UPtrx is backed by TRX, UPont is backed by ONTd). It is designed to only increase in redeem value, and it can do so sustainably because it is 100% backed by those native tokens. It’s a long Term, sustainable reward token on each blockchain.
UNFI is the global governance token on all Protocol blockchains. By using UNFI’s global position in the Protocol token economy, liquidity providers can mine UP on one blockchain while still benefiting from the liquidity mining on all the other Protocol blockchains. It is designed to be cross-chain, allow users to participate in Voting, Proposing governance activities, and earn more UNFI as a result of their participation. This token ensures the underlying protocol is constantly evolving along with community sentiment.
uL tokens are simply the tokens that represent the share of liquidity you provided, these are burned when you withdraw your liquidity and minted when you add. They can also be traded on a derivative market, something coming in the near future – In fact, I’ll let you guys be the first to know, this Derivatives market will probably be launched next week. This is very exciting as it will allow users to earn more rewards! For example, JustSwap users can earn rewards on JustSwap and uTrade at the same time!
SEED is the rewards token for Sesameseed. Since Sesameseed exists already on all of the blockchains that Unifi Protocol is on, its acts as a token we can integrate with the ecosystem.
This is my favourite token in all of crypto, I highly recommend you read up on it. Its auto-compounding and auto-staking on multiple blockchains, all you have to do is hold it in your wallet. That’s it
Q4. To be able to provide the best liquidity for Dex, we need market makers to join the platform. So what incentives will Unifi offer for market makers?
This actually ties in nicely with the last answer.
Unifi Protocol is the only platform to offer a trading reward in addition to the liquidity rewards.
Traders earn bonus SEED for each trade they make in any pair (except the SEED pair, of course).
As I just mentioned, this SEED token has real redeem value that is increasing all the time. It’s backed by node rewards being earned on multiple blockchains, and always expanding. Have you seen the announcement about Unifi and ICON??
So this trading incentive should be factored in by market makers, as it’s not available anywhere else. Once they earn bonus SEED, it starts auto-staking and auto-compounding every day.
Q5.Unifiprotocol currently supports tron and ontology on its platform. Are there any plans to integrate other blockchains or do you plan to launch your mainnet? Why you chose tron over other blockchains like ethereum?
Tron and Ontology, and we just announced Harmony is coming tomorrow!
So we are definitely expanding to other blockchains. I recommend everyone to join the community channel or follow us on Twitter so they can keep up with all the updates. There should be a lot coming out in the next few weeks … 👀
These chains were initially chosen as Sesameseed is already operating nodes on them, so deployment could be rapid.
Not to mention they are lower fees and faster speed than Ethereum, which is causing issues as we all know.
Unifi is Launching on Harmony
Q1.What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
Great question.I would say the cross-chain functionality. Interoperability is what everyone is talking about, and I will just say that the way we accomplish this goal will be completely revolutionary to the industry. It will shock everyone 🙂
Q2.there are many cryptocurrency startups were established by talent teams, but they got problem in raising capital via token sales due to many factors as bear market, bankrupt… This leaded their potential startups fail. So how will
You break these barriers and attract more funds from outside crypto SPACE
Oh we’ve already led a very successful raise. AMB Crypto just published an article about that actually. Chain Capital led the funding round, and they have some pretty well-known names in their portfolio, including EOS and Polkadot. Clearly they saw the potential of Unifi 🙂
Q3.Besides from UNFI and UP token, uTrade also has SEED token which play a vital role on its platform,
Can you explain more about this SEED token?
And why do we get the SEED tokens as a bonus after we do trade on uTrade?
I will probably get in trouble for talking too much about SEED, but i really love this token. I think everyone should find out about Sesameseed and SEED token. It’s a completely unique token and there is nothing on the market today that compares to it.
Shh dont tell my boss I talked about SEED 🤫 haha
But now I will answer some more questions about Unifi!
Q4.How do you plan to spread awareness about your project in different countries where English is not spoken well?
Do you have local communities for the them to let them better understand about your project?
Awareness is criticial, thats an excellent point.
We are hoping that you guys can become our Ambassadors. In fact, we have a group of very community members that become Ambasadors, and often they get to read announcements first, and provide feedback. So you are rewarded for putting in the time to spread the word about Unifi!
The website and all doccumentation will be translated into multiple languages. Which ones do you guys want to see??? 🙂
Q5.I am a professional vulnerability finder on the web, do you think Your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?
We can take a look at some of the most recent hacks, and they mostly happen because though many aspects of the underlying protocol are decentralized, they aren’t completely decentralized an on chain. This is why we’ve seen rewards mechanisms hacked and we’ve seen governance and minting mechanisms hacked.
Unifi has both of these mechanisms built into the smart contracts, there is no server running in the back ground sending our rewards or determining tokens to mint. There is no master login that can manipulate the system in such a way. Its designed in such a way that there are no keys to hack.
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