AMA Recap NanoNews with Venice Finance

Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with December Venice Finance 27, 2021. This guest Alex Park, Head of Marketing at Venice Finance. If you were unable to join the live AMA, no worries, here comes our 129th AMA recap!

We are glad to meet here:
Alex Park, Head of Marketing at Venice Finance
For taking your time out from busy schedule for the AMA!

Introduction Sessions

Q1. Could you give an introduction of yourself And how you can play an important role in Venicr Finance?

Hi Everyone, this is Alex Park, Head of Marketing at Venice Finance At Venice Finance, I am leading the marketing and growth team to pioneer and innovate the blockchain ecosystem.

After graduating from USC in 2013, I have spent almost 7 years in the Fintech industry and got involved in the Blockchain field in 2019. Before joining Venice, I was the Chief Marketing Officer for a cross-border payment company based in Asia, where I gained valuable insights on the friction & pain points of the legacy payment system. I certainly understand the need to revolutionize every block in the #TradFi system and how blockchain helps transform it with more decentralization and transparency; also, after so many years of experience dealing with kyc providers and capricious regulations, I also understand the importance of privacy preservation to build a real, open, decentralized financial system.

Q2. What is Venice Finance? And how is the story behind the Venice Finance Creation?

Venice is the next-generation, Zero-Knowledge powered decentralized exchange, primarily focused on privacy preservation, front-running resistance, and cross-chain liquidity aggregation. At launch, Venice will be the first front-running resistant, privacy-preserving Automated Market Maker (AMM) Decentralized Exchange (DEX) in the world. Venice is an innovative project on the market that has made huge strides over a short period of time compared to other similar projects.

Q3. What is so exciting about Venice Finance, which might make Venice Finance different from all other projects out there?

Venice is the first-of-its-kind, front-running resistant, privacy-preserving AMA DEX, Venice stands out because of the following strength:

  • Advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice enjoys a function of front-running resistance and full anonymity to protect users from value extracting players.
  • Community-Oriented Governance as VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let Venetians collectively decide on the optimum solution for the protocol through farming, staking, and voting.
  • Chain-agnostic liquidity hub. Venice allows users to frictionlessly and trustlessly move the liquidity inter-ecosystem without revealing their position or identity.

Q4. What utilities does the token have, and what benefits will tokens holders get?

Venice is well-positioned for community-led growth with the introduction of VENI (FRC-20 standard) to guarantee such sustainability, led by a dedicated governance mechanism and shared community ownership.

A total of 1 billion VENI tokens will be minted at genesis. Venice features a unique deflationary economy design in which – at the VENI token issuance master smart contract level – a per-transfer 0.2% tax policy will be enforced and sent to a black hole address. Effectively, VENI is a DEX platform token which incorporates a tax that creates clear deflation for every on-chain movement. A 5% average movement per day creates an effective deflation of 4% annually.

The majority of VENI tokens will be distributed via Community Incentives and Liquidity Mining to achieve a balance of high market utilization and wide distribution of governance participants. VENI holders can propose improvements (e.g. adjusting pool parameters, integrating new ecosystems) and collectively decide on the optimum solution for the protocol.

The Veni currency is DEFLATIONARY
Community Mining Allocation Breakdown:

  • 20% VENI token incentive mining
  • 2% each month for TGE+5mon, 0.5% each month for TGE+5mon onwards until the finish
  • 17% FRA incentive mining
  • 1% each month for TGE~TGE+5mon, 0.5% each month for TGE+6mon~TGE+12mon, 0.25% each month for TGE+12mon onwards until finish
  • 6% Mining across all LP tokens
  • 0.5% each month from TGE onwards

And we have huge incentive programs with the Layer 1 chains we will deploy on such as Polygon.
We also have a burning mechanism for transaction fees etc to make sure the VENI supply is deflationary and scarce

Twitter Sessions

Q1. Which target users does Venice aim to serve? Will its technology be easy for participants to use but still ensure open, transparent and equal way?

The first group of target users is general DeFi users since they have the needs for on-chain confidential trading and front-run resistance Dex.

Front-running has always been a problem for DEX and AMMs. Front running is When a trader sticks with the deal, watching the price accumulation, and figuring out when to slip past the other traders at the final possible moment to make a profit, since blockchain transactions are broadcast publicly, people on the lookout can spot large deals about to take place and submit their own trades to profit from the scenario. The good news is the Bulletproofs functionality can solve this problem and it is now live on Findora’s privacy-preserving UTXO ledger. Venice supports trades/swaps wherein the asset type and amount are masked, effectively removing any chance of malicious users exploiting the system. It also provides an elegant mechanism to prevent front-running while maintaining the ideology behind a completely decentralized and transparent system.

Choose Venice Finance for the best trading experience, most economical trading cost, and safest trading.

Q2. Venice Finance is a DEX, but it is important for DEX to attract liquidity and create a large pool, the more liquidity there is in the pool, the less slippage the orders will have. What strategies will you use to attract enough liquidity and thus counteract the slippage of orders?

We will launch our Liquidity Mining program to attract the initial liquidity, and the announcement has not been published yet,
so please stay tuned. This would be a great way to get excess returns.
Right now, we will be firstly on the Findora network. But we will launch our bridges to also support BSC AVAX ETH etc.

Q3. I noticed the project “Findora Network” featured at the bottom of your website. Could you please tell us about your relationship with Findora Network? How is this project related to and associated with your project?

Venice Finance is a chain agnostic multi-chain asset swap. We decided to first launch the MVP on the Findora network because of the technical support, cryptographic support and liquidity support from Layer 1. Findora utilizes the latest breakthroughs in zero-knowledge proofs, Bulletproofs, and multi-party computation, to allow users transactional privacy with selective disclosure and auditability. This is the biggest advantage of Findora over other public blockchains.

Therefore, based on Findora, Venice could offer a programmable & composable privacy solution for liquidity migration across all blockchain bridges. Venice aims to be the Chain-agnostic Liquidity Hub, where users can frictionlessly and trustlessly move liquidity inter-ecosystem without revealing their position or identity.

Additionally, Findora Foundation has committed $10 million worth of liquidity from its $100MM+ Ecosystem Fund towards the Venice launch.

Q4. Venice was once regarded as one of the world’s most important commercial and trading centers. But what inspired your project to be inspired by this magnificent city? What is the backstory to this inspiration, and why did you choose to use it as a guide for your project?

Venice is also known as “City of Water ” and, exactly, it was a leading commercial center. We wish Venice to be the same, become the “City of Liquidity” and the leading decentralized trading center. Also, Venice is known for its fantastic masks, which correlated nicely to the privacy features we are focusing on! Welcome to Venice!

Q5. What are your targets for 2022? Will you enter the NFT industry in the future? Are you also thinking about an NFT to your project? NFT is now, do you pretend to catch up with this trend or follow and your focus originally roadmap

For Venice being so young and new, we’re currently focusing on gaining as much publicity as we can before our launch in January 2022. We are working in partnership with some industry-leading blockchain companies, including Tokensoft, Polygon and Findora and many more to come.

Per our roadmap here are what Venice plan to tackle in the year of 2022:
At Q1 2022: we will 1) drop our V1 Mainnet launch, 2) Bridge integration to BTC and Arbitrum, deploy on ETH and BSC, 3) we will make governance & VENI community DAO w/ $10 million liquidity support from Findora Foundation
Q2 2022: we plan to 1) Drop V2 launch w/ front-running resistance utilizing Bulletproofs, 2) Bridge integration to Polygon, Terra, and Avalanche, deployment on Avalanche, Polygon, and Arbitrum, and 3) Limit order & customizable liquidity positions will become available to users
Q3 2022: 1) Drop V3 launch w/ full anonymity utilizing Turbo-PLONK and Multi-Party Computation, 2) Single-sided liquidity provision, staking rewards auto-compounding, stablecoin swap support
Q4 2022: 1) Drop V4 launch with customized private money market, 2) Leveraged lending and NFT assets collateralization, 3) launchpad for new project incubation

Before we proceed to the Live segment, do you have any important information that you might not have mentioned earlier or useful links that you would love to share with the community?

Please stay tuned for further announcements. Please check https://testnet.venice.finance/ for beta product on testnet

Please visit us at Venice Finance for official site updates
Join our telegram channel at:
https://t.me/venicefinance
Join our telegram Announcement:
https://t.me/venice_finance
Join Our discord at:
https://discord.gg/CbCDJvk3
We will post daily updates about our product, roadmap and also we have various different campaigns coming up! So stay tuned for more information 🙂

Live AMA

Q1.please sir,How important is the COMMUNITY to you? and how can we collaborate or help you for the development of the project?

Community is about empowering.
Venice is a 100% community driven blockchain project, so we wish we could have a robust community to mature the development of Venice Finance. VENI’s governance is community-Oriented Governance as VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let venetians collectively decide on the optimum solution for the protocol through farming, staking and voting.
Regular programs include Bounties, Global Embassadors, Airdrops, VIP (Venice Improvement Proposals), lotteries, and more

Q2.PARTNERSHIP & COLLABORATIONS are the backbone in making every project more widespread. Can you list some of ur partners with us?

Right now we are partnering with Tokensoft and several Layer 1 chains. We have already received commitments of $60 million + worth of liquidity from various layer 1 foundations and undisclosed liquidity partners towards the Venice launch. We also have a partnership with Polygon and will deploy on Polygon soon. Polkadot and Web3 Foundation is our infrastructure partner as well. In the near future, Cosmos and Near and Avalanche will be announced soon!

Q3.A common problem is that nowadays most investors are only interested in initial profits and ignore long-term benefits! So can you give them some reasons why they should buy and hold your tokens in the long term?

Venice is well-positioned for community-led growth with the introduction of VENI (ERC-20 standard) to guarantee such sustainability, led by a dedicated governance mechanism and shared community ownership. VENI features the following utilities:

1.Staking & Mining: The majority of VENI tokens will be distributed via Community Incentives and Liquidity Mining to achieve a balance of high market utilization and a wide distribution of governance participants.

  1. Governance: VENI holders can propose improvements (e.g. adjusting pool parameters, integrating new ecosystems) and collectively decide on the optimum solution for the protocol.
  2. IDO: we are targeting Jan for pub sale w/ tokensoft
  3. Ecosystem Partnership & Grants: our ecosystem partners and developer community will be aligned by VENI token to bootstrap the VENI ecosystem.

Q4.Where can I buy your tokens right now what is your current contract and how can I buy them??” Will you have any other DeFI feature like staking, yield farm or NFT in the future?

We will announce our Public Sale in the near future, please stay tuned! We also have a burning mechanism for transaction fees etc to make sure the VENI supply is deflationary and scarce.

Q5.Do you have any audit report and how safe is your smart contract from bugs?

This is a great question and I strongly believe that the way we handle privacy and security at Venice is very unique compared to other protocols available in the industry.
To protect user’s privacy and security, the transaction you made on Venice is made confidentially and anonymously. This simply means that you won’t be targeted by hackers because hackers won’t know WHO’s making the transaction nor HOW MUCH the amount is being processed. This is achieved by the Bulletproofs functionality by encrypting the transaction so the transaction isn’t visible to other people’s eyes; which is now being practiced by Findora on its privacy-preserving UTXO ledger.
Also, Venice is partnering with top auditing firms including Certik to guarantee the security of users’ money. Besides, the codes are drawn with strict security auditing and through tests and bounty programs. I would encourage everyone to go try it out at: testnet.venice.finance

Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Venice Finance

Join our Telegram group and you can talk directly with other Communities and enjoy some of the events that we created for Nano Gang, We are always here to support the current adoption of cryptocurrency in Indonesia


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