Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Finance.Vote on October 13, 2020. This guest star Dr Nick Almond , CEO Finance.Vote . If you were unable to join the live AMA, no worries, here comes our 78th AMA recap!
We are glad to meet here:
Dr Nick Almond,CEO Of Finance.Vote
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join Finance.Vote ?
Hello everyone, my name is Nick i’m CEO of finance.vote.
I am a physicist by background, which is what I obtained a PhD in around 10 years ago.
Since then I’ve been an academic in some big universities in the UK and now I’m full time crypto setting up finance.vote!
I’m a physicist by background and I have been working in universities for the last ten years.
Thanks, it’s going to be fun working in crypto full time!
Q2: Can you briefly describe what is Finance.Vote ? and what makes Finance.Vote different from other competitors?
Yes, finance.vote is a governance system that begins using a prediction market system we call vote markets that users can earn money predicting market price action.
secondly, it is a space for users from across the cryptospace to build influence in our miniDAOs. It will be like reddit for crypto.
thirdly, it will be a platform for social trading. which means you can vote on tokens and decide how to trade with your friends.
Q3: What is the use-case of the Finance.Vote ?
The major use case is upgrading governance for DeFi and the crypto space. It is all about voting technology. We want to improve the way humans can talk to blockchains. That’s the key to a decentralised future.
Q4. What are the major milestones Finance.Vote achieved so far & what are in future pipeline?
Right as we speak now we’re working on our launch product, which will be our vote markets. That will launch in a few weeks along with our TGE event which will happen on the same day.
Follow us on TG for the exact announcement day, it will happen soon. Then we’re going to push out social trading and our miniDAOs all in the first year.
Q1.Users must spend their $V on votes, what happens if the user’s prediction is not fulfilled? Does the user only lose the votes that he paid or is there an additional loss percentage?
Every user gets a budget of $V in every round. This starts at 100 $V, you spend them on votes. If you guess correctly then you get more $V in the next round. So if you vote 6 times on a toke that wins you get the square of your votes in $V in the next round. So 136 $V in round 2. Even if you lose you always get at least 100 $V in every round. We call it voting power UBI. The only thing you risk losing is a bit of gas to put your vote in, however there are ways to play that practically guarantee you with something. You’ll have to find that out for yourself though 🙂
Q2.what are the terms & regulations for registering on Finance.vote,
how do you select users who have more than one account? please give me some understanding if Finance.vote platform is running fairly
Yeah this is an important question. This is a decentralised permissionless system so there is very little in the ways of terms and regulations. Just like there isn’t on uniswap. The question of users having more that one account is an important one and one that we have put an awful lot of thought into. The answer is we can’t stop them, but we have designed the game to make it more expensive for users to buy LOTS of accounts. In fact, you will be able to buy multiple identities and even trade them. What makes it fair is that the cost of playing through buying identities and through burning gas. We think the optimal way to play will be through one or two identities and thinking very carefully about your choices.
Q3.FinanceVote launched 2 different tokens on its platform: $FIN and $V,
Can you explain to us what is the relation between these 2 tokens?
What’s the functions and what role will these tokens play in financeVote Ecosystem?
$FIN is our governance and utility token within the system and will be externally tradable on DEXs and CEXs. $V is only used internally to the system and will be your balance of vote power in the system. The more $V you have the more vote power in the vote markets, which means higher rewards. The only way you can get it is by earning it in our system.
It works like this, if you vote 5 times on a token in our vote market. You will spend 25 $V (everyone starts with 100 $V). If your chosen token is correct you get 25 more $V in the next round of the vote market. Making your vote more powerful. It means voting power is collected by the people most correct about the markets. It should be really interesting what happens over time with that system!
Q4.According to your website, users will vote for the coins they predict will perform well in the next week. How are you sure that the coins that have more vote will be on top gainers or will perform well by next week?
We don’t in fact know that the coins with the most votes will be the highest gainers. If that happens our system is predicting the future! If that starts to happen and it is our hope that it does, then this will be pretty game changing. What is going to be very interesting is that the vote power collects towards people who have been most correct about the market over time. That means if it does become predictive of that market, it will get more predictive over time. At the very least it will be a fun voting game, but if it produces market alpha we will be very happy!
Q5.What kind of advantages do you bring differently for enterprises and SMEs?
How will your mission progress to implement a transparent and flexible system and act with the value of investors’ hard-earned money?
We think voting technology will be incredibly transformative for organisations. In fact I have worked in organisations with over 50 thousands people in and I know for a fact that the technology we are building will improve their governance. But it’s not our first target, those users are not quite ready for web3 tools just yet, they will be though!
As for transparency and flexibility. That’s what we’re all about! All of our systems will be modifiable by our token holders through the governance system. We strongly believe that the blockchain space is all about transparency and that will be both important for crypto and for organisations as a whole. We think our work will be a big part of business in the future it will be a long road for them. For now, we’re focusing on the users that are early adoptors and that’s you guys!
Q1.How does finance vote second layer governance will bring better experience for Every investors that use finance vote?
I think this questions deserves it for being first! It’s a great question too! The second layer governance system is all about creating better connection between token holders and their chosen networks. DAOs are good at super serious decisions that change the blockchains at the smart contract level. We want to create miniDAOs that will be spaces for dialogue and sharing of information, or even the curation of memes! Imagine a community like this but with voting and you can earn tokens every day.
Q2.There were a lot of projects trying to predict the market using different algos. Some of them were using predictions from thousands of people to make an estimation, some of the were using AI and so on. What is your model for this? are you using both those models or have you added something else?
This is an interesting point. Yes there has been lots of people trying to do collective intelligence predictions in the past. Although this is a probably outcome of what we’re doing, it isn’t the primary driver. If we start predicting the market then our dreams have come true, but if we don’t we’re still driving governance forward in the crypto space. Our network doesn’t rely on this happening. However, no one has ever tried this with quadratic voting and no one has ever found a meritocratic way to filter in the best market predictors and make their voice louder. We absolutly want to let some AI experts at this data in the future too, there is most definietly signal there and it would make sense that it might need AI to draw it out.
Q3.Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Actually yes, everyone who takes part in the voting system will have to burn some tokens to mint an identity to play. It’s not a huge amount of money but is important to make it expensive to make a lot of accounts. The net result will be that the token supply reduces the more adoption happens on the system. We also don’t have any tokens personally as a team for the first 6 months and we plan to buy some just so we can vote in our own system. No one is more bullish on our token than us 🙂
Q4.We all talk about the Positive ,Strength , Good Points & Features points of every Project in AmA, there is no Project that tells about the Cons / failure. So can you honestly tell us the Cons & Lacks ?
Ok if no one does this, I’ll give it a go. It is important to be self critical and really appraise the limitations of the technology. So here is a few. I think this will be difficult for people to understand to start with. When we release our token economics document you will see that it is quite complex and new. This is why we are targetting crypto users. They are the early adopters and the ones that are most likely to give it a go. We also intend to provide lots of educational materials for our users to give them the best chance of learning the important things about crypto that you will need to take part effectively. The other is scalability, we don’t know for sure that people will spend gas to take part in our system. This barrier has been enough to kill lots of other projects before us, so we’ve built our token economics to balance rewards in a way that we think users will make money over time and earn back their spent gas fees, but we know scalability will be a challenge for us. We will move to one of the scalability solutions at some point in the future if we need to. We also worry about voter apathy which is a big problem in the governance space at the moment, but again we’ve tried to fix this by adding ‘vote mining’ to our system, which means we pay people to vote across the network. We know we have some weaknesses but they are weaknesses for everyone and we have added some features into our system to address them all. Hope that answers your questions!
Q5.What mechanism has finance vote put in place to help reach sybil safety? In the event where a user tries to corrupt the consensus outcome by splitting votes across multiple ballots by creating multiple accounts, how do you mitigate this kind of attack?
I’m glad you’ve mentioned sybil safety! This is the mechanisms you have to put into place to stop people setting up lots and lots of accounts to mess up the network. This is a huge problem for the likes of twitter and facebook and even more important for us because we’re a voting sytste. The answer is that you can’t really stop them without something like the hash power of bitcoin, what we can do is make it difficult or expensive to make lot of accounts. We’ll be using an auction mechanism to buy an identity. The more people try to buy at once the more identities will cost. So sybil safety comes from systems that protects against bots just automatically setting up accounts. If people do that with us, it will cost them a lot of money! Everyday users however will get one cheap, they just need to wait for the price to drop. We expect this to be on ongoing battle, we call it the Sybil War 😉
Excellent. Thank you all for letting me join your community for the day. It’s been a pleasure.
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