Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with CrossFi October 15, 2021. This guest star Amy, Chief Bussiness Officer of CrossFi. If you were unable to join the live AMA, no worries, here comes our 124th AMA recap!
We are glad to meet here:
Amy, Chief Bussiness Officer of CrossFi
For taking your time out from busy schedule for the AMA!
Q1. Could you give an introduction of yourself And how you can play an important role in CrossFi?
Amy: Hi, I am Amy Kim, the CBO of CrossFi, I am a Korean from South Korea. I am completing PhD for a doctorate in business administration at Zhejiang University in China. I have proficient knowledge in encrypted currencies and decentralized exchange markets, I have been in the crypto market for over 2 years. I have extensive experience in the Crypto industry, particularly in DeFi. After getting into the crypto industry, my goal has been to explore as much about this field as I can.
Q2. What is CrossFi? And how is the story behind the CrossFi Creation?
Amy: CrossFi is what we call an interoperability solution because it bridges different blockchains. CrossFi was made for anyone who wants to participate in DeFi but does not have their assets on Ethereum or one of the other major DeFi blockchains.
Filecoin is our first project because it has several issues which make it suitable for such a liquidity solution. Firstly, a certain amount of FIL must be staked to provide storage space so there will naturally be an imbalance of storage space providers and FIL holders. There may be FIL holders who do not own the expensive FIL mining machines but who will want to lend out their FIL to mining machine owners, who may have too much storage and not enough FIL to stake, so they can both benefit and share in the stake rewards. Along with FIL’s relatively long staking period, it is in desperate need of liquidity.
CrossFi is now available on the Ethereum Chain (ERC-20) and also the Binance Smart Chain (BSC). Users can use CrossFi Bridge to realize cross-chain interoperability between ERC-20 and BSC.
Host: Can you explain in more detail about CrossFi Bridge?
Amy: I think you can view CrossFi as enabling the creation of all kinds of synthetic assets across different blockchains.
CrossFi is a decentralized cross-chain liquidity sharing protocol of ERC-20 and BSC. It aims to integrate the distinct advantages of a variety of basic public chains to create a high-performance compound DEX ecosystem.
Our main product will be for collateralizing Filecoin so it can be used in the DeFi ecosystem. This is how it works – FIL holders can pledge FIL to the CrossFi platform and then mint cFIL which is compatible with Ethereum and BSC. They only need to send cFIL back to the redemption contract and pay a settlement fee to receive their FIL back.
Our Multi-asset Adaptor Protocol (MAP) will map the pledged FIL to the newly minted cFIL so they are essentially mirrors of the same asset on different chains. Now, cFIL can be used on the Ethereum and BSC blockchain in any DeFi application. cFIL is then burned when it is redeemed.
Q3. What is so exciting about CrossFi, which might make CrossFi different from all other projects out there?
Amy: Our Multi-Asset Adaptor Protocol is a cross-chain protocol that can map digital assets from one blockchain network to another. It’s sort of like an automatic money changer where I can send USD and receive EUROs.
Q4. What utilities does the token have, and what benefits will tokens holders get?
Amy: The total supply of CrossFi’s platform token CRFI is about 100 million, of which 15% is used as a team reward for team operation, technology research and development, etc. 10% and 5% are used for Foundation and Advisors & Early Supporters respectively.
20% is used as an early investor share to provide more sufficient and beneficial funds and resources for the development of CrossFi; 10% is used for market promotion and brand building. The remaining 40% is used for liquidity mining on ETH and BSC.
It is taking decentralized finance to the next level and you will be helping create a fairer economy for lending and financial services. CRFI is used for EVERYTHING on our platform.
We also expect that CRFI will increase in value as more users sign up and stake through our protocol. CRFI will be required to participate in governance on our platform. It is also the native currency of our platform used for transactions fees as well as the governance token.
Furthermore, CRFI holders will be able to swap their tokens for cFIL (1:1 pegged synthetic Filecoin) in our monthly CSO (CrossFi Swap Opportunity) special events.
Q1. Hackers are very active in the market and almost every day we hear about another hack attack. Can you please give some information about the security system of CrossFi? How safe are the funds of investors? Do you already have an audit?
Amy: CrossFi has always put user & asset safety first, and so far, no security incidents have occurred. The biggest challenge we face in expanding the market, especially in attracting new users, is how to prove that user property is very secure. The CrossFi team places great importance on the security of platform properties and always puts security at the forefront of development. Since its launch on June 17, the platform has been fully open-source for the first time since the security zero incident.
CrossFi has a dual system protection system.
1.The frontend, the backend, the database, and the physical separation between the three
2.Two-way encryption of communication, information verification and examination mechanism.
Our DApp is safe and audited!
Kindly click on this link for more details:
Q2. Can you tell us about your team members? Are they qualified and professional in their fields? What are the recruiting qualifications for team members for your extraordinary project?
Amy: Our CrossFi CEO, Paul Odermatt, is the main guy for executing what needs to be done with our team. He initiated, and project managed a successful real estate asset token company situated in Switzerland and Liechtenstein. Paul has been involved in various blockchain projects around the world, including Crypto Valley Switzerland (Zug), Singapore, Europe, China, Asia, and the U.S.. He is an excellent executive and manager of people.
All of our team members have extensive experience in finance, the internet, and blockchain. We have built up a team of developers with deep backgrounds in Web3 development. We pride ourselves as a development-focused team. They have been building and delivering blockchain-based solutions for a few years now. And we are still looking for bright minds to join our forces!
The core team at CrossFi has a deep passion for creators and builders alike and isn’t afraid to roll up their sleeves to contribute to the future of what’s often a crowded and challenging industry to stick out in.
Q3. If we want to stake and farm CrossFi, how will the profit be calculated? And will CrossFi cooperate with DEX AMMs from other projects such as Pancakeswap?
Amy: The method of using the CrossFi DApp is very simple!
Users can receive CRFI and FIL dividends by staking their FIL or CRFI. CrossFi is now available on the Ethereum Chain (ERC-20) and Binance Smart Chain (BSC). Currently, users can participate if they deposit Filecoin or CRFI, and receive CRFI and Filecoin incentives. The deposit product is available in four periods: 90 days, 180 days, 365 days and 540 days, our platform also supports on-demand!
We’ll cooperate on other DEX exchanges as well since we’re working with them.
For more details, please follow us on Twitter @globalcrossfi and join our community
https://t.me/crossfimain_en to stay updated with the latest information about the project.
Q4. One of the ways to promote the project and attract users is to create local CrossFi communities around the world. Does CrossFi have any plans for this? In 2021, will CrossFi promote its marketing as it is very important for almost every project?
Amy: There are many strategies that we deploy for marketing to raise awareness of the project. For instance, participating in an event like this AMA is one of our favourite ways to connect directly with engaged and educated members of the blockchain community
I think success is the best marketing tool you can have and I think that adoption and usage of our product will demonstrate that success and if you are a Filecoin miner or holder and you are seeing others staking with us and being able to use their FIL immediately participate in the DeFi earn even more. I think they will all naturally come over to us.
Host: other than the local Indonesian community, does CrossFi have communities from other countries?
Amy: Yes, We are Chinese, Korean, Vietnamese, and global communities
Q5. What types of users is CrossFi intended for? Is it simple for a novice investor to understand all the data and information you provide? Or does it require a minimum of knowledge to be able to understand it?
Amy: Anyone can easily participate in our CrossFi DApp! I mentioned before, CRFI and Filecoin holders can enQjoy some of the best APY and reward programs in the industry with liquidity mining and staking
Our project is straightforward, the initial product is simple and makes sense as it’s solving a real problem. We were able to bring on these Filecoin ecosystem stakeholders because we addressed their problems. We are solving a real problem and working directly with the stakeholders that are affected.
You can find more guides in our Whitepaper at https://docs.crossfimain.com/
If you have any more questions about how to use your CrossFi then reach out to us on Telegram.
Q1:Where can I currently buy Token?
Amy: ETH CRFI can be
purchased from Bittrex and Uniswap, and BSC CRFI can be purchased from
PancakeSwap, Sake, and DODO..
Q2:AUDIT play an IMPORTANT role in enhancing the stability of any PROJECT. Do you have AUDIT CERTIFICATES . Or are you working to AUDIT your project to make it more secure and reliable?
Amy: Internally we follow professional development, quality assurance and peer review cycles. Every launch is preceded by 2 rounds of audit by paid external parties with a solid track audit track record.
Our DApp is safe and audited! Kindly click on this link for more details:
Q3: Do you have any plans to burn tokens in the future to reduce token supply?
Amy: CrossFi is currently conducting a destruction plan through the activities of the CSO. You can follow the details of the CSO plan on our Twitter. CRFI tokens will also be used for consumables in DEX in the future. Continue to increase ecological empowerment for CrossFi.
Q4: Is your platform suitable for crypto beginners? Or does it only limited for professional users ?
Amy: Everyone can participate, use filecoin and CRFI, staking on DAPP, and get profits.
Q5. Do you have any plans to add NFT’s to your ecosystem as this is the hottest topic in the crypto space???Do you have a Token Burning plan to increase Token value and attract Investors to invest?
We are preparing to plan the ecology of NFT, which will be very good. At present, CROSSFI already has a token burning plan, and the CSO plan is. We are planning more ecological construction and good project cooperation with CROSSFI. You can look forward to this and pay attention to us.
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about CrossFi
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