Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with The Force Protocol on July 15, 2020. This guest star CEO & CO-Founder David Liei. If you were unable to join the live AMA, no worries, here comes our 30th AMA recap!
We are glad to meet here
David Lei, CEO & CO-Foundet at The Force Protocol
For taking your time out from busy schedule for the AMA!
I’m David Lei, CEO of The Force Protocol, co-founder of ForTube platform. I’m very glad to have this chance talking to you!
Introduction Session
Q1: Can you introduce yourself to the community? What is your background and how did you join The Force Protocol?
First, introduction about myself, I was engaged in Bitcoin mining for about one year between 2011 and 2012 when I was in graduate school. After my graduation I worked for several leading companies in Healthcare, Internet finance and software development. I began the research on blockchain and crypto since 2016. After 2-year research and study, I founded The Force Protocol with my friends in business school, they are Allen An, Louis Xu and Michael Yu, aiming at Crypto Finance.
Our name is original from the movie Star Wars in which “the force” is a very important concept. It is the most important power to secure love and peace in the universe, drawing on this important concept, we named our product “The Force”.
Q2: Can you briefly describe what is The Force Protocol? and what makes The Force Protocol different from other competitors?
The Force Protocol, strategically invested by more than 20 well-known institutions in and abroad including AlphaCoin Fund, Zonff Capital, Consensus Lab, Collinstar Capital, and 8 Decimal Capital, is a decentralized finance (DeFi) service protocol project built on blockchain systems and is comprised of a set of DeFi technical components and tokenized protocols.
ForTube is a DeFi platform developed by The Force Protocol, relying on blockchain technology to carry out innovative experiments aimed at practicing inclusive finance and providing appropriate and effective financial services to all users of the world.
what makes The Force Protocol different from other competitors? Firstly, we are a Chinese background technical team so that we will develop our business and market-based in the China market and all the Asian markets. That is the most important differentiation with the western projects in decentralized finance service. For example, we offer HBTC, imBTC, and BUSD crypto assets in the lending business on our platform. In most of the western projects, assets from Asia are not included. We will focus on the Asia market and will have the market influence and collaborate with all Asia DeFi projects.
Q3: What are The Force Protocol Progress from the beginning until now?
The Force Protocol was launched in 2018 Q2, we have completed the ForTube DeFi service platform release, which is comprised of ForTube Bonds, Bank, decentralized stablecoin QIAN. ForTube Bond has already been live on Ethereum mainnet. ForTube Bank is also live for operational and QIAN will be launched soon.
Q4: What technology stands behind and What are its advantages?
The answer of this question will be a bit long. The APEC, BEAMS structures are our answers to this question, we will not only solve the issue in our own project but also providing a solution to the whole industry.
In response to the challenges in Ethereum DApp development like difficulty in contract upgrade, fixed data structure, slow on-chain interaction, poor user experience, lack of necessary infrastructure, and security issues, the Force Protocol proposes three DeFi technical components: fundamental components, extension components, and financial components, which collectively form “The Force”
- Fundamental components
APEC
As the core on-chain structure, APEC (Assets Protected Elastic Contracts) is based on Solidity smart contract and ensures decentralization and asset ownership while making adjustment and improvement in deficiencies of contract development. It has three characteristics: asset security，upgradable logic，scalable data. - Extension components
BEAMS
BEAMS (Blockchain Enquiring, Auditing & Messaging System) is an off-chain system that works closely with contracts. They constantly monitor the operation of the contract, audit the data and assets, and accelerate the response speed of a product, making the response speed more stable, and the inevitably asynchronous feedback smoother and more fluent. - Financial components
GEL & CALM & MAK
The financial component includes three parts: Global Emergency Lockdown(GEL), Cooperative Automatic Lockdown Mechanism(CALM), and Multisig Admin Keys(MAK).These three parts protect the platform from attack and invasion, protect the assets once the platform is invaded, and minimize the loss when the assets are no longer secure.
Q5: What are the major milestones The Force Protocol achieved so far & what are in future pipeline?
You can see from our roadmap, we have launched our latest official website and whitepaper, launched ForTube Bond. Our future development milestones will be in the July, we will finish the integration of the loan, stablecoin and Bond into the ForTube platform. And then we wish to create a one-stop DeFi platform.
Also in July 2020, we will initiate the launch of stablecoin, the QIAN 2.0 version, the second version of QIAN.
And in Q3, we will officially launch the DEFI application security protocol components that is can be used by other DEFI project, which includes our understanding of the security protection in the DEFI industry.
This year we will also collaborate, try to collaborate with Binance Chain, Polkadot, Cosmos. So these great projects in the ForTube business. So that is to introduce our service to more users worldwide and to different, great projects.
In Q3, we will launch a NFT to DeFi tool in ForTube, to bridge the NFT and DeFi. That is our roadmap in this year.
Q6: what is your opinion about DeFi? and do you think this DeFi user will always go up every time?
I remain optimistic about DeFi, and as more and more DeFi projects emerge, the Ethereum ecosystem It’s also going to get better and better. As more and more assets are connected to the DeFi ecosystem, more users will be brought into the ecosystem as well. I expect DeFi to be a long-term theme in the Crypto space, just like the crypto exchanges, and will give birth to Huge projects in the DeFi space, hopefully our ForTube will be one of them.
Twitter sesion
Q1: DeFi has evolved from a movement to basically the fastest growing and the most accessible facet of the blockchain industry. In your opinion, do you think we are at risk of saturation?
I think that in the crypto space, there will be a short term explosion of projects focused on a certain theme, creating FOMO sentiment and driving The heat of the market. This will inevitably be followed by a bursting of the bubble and a drop in the market, after which, as the bubble disappears, some of the quality projects will continue to get Development that ultimately brings real prosperity to the entire ecology.
Therefore, when you choose a DeFi project for investment, we must pay attention to the selection of quality targets, in addition to the industry leader, like ForTube such a focus on the Asian market, business logic complete and clear project, but also
Q2: Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the investors’ eyes. What Force Protocol has done and plans to do to achieve real world adoption?
Before we launch the crypto bond service, we have already reached a collaboration relationship with some companies in China that are focusing on the supply chain financing business.
In our road map, the real enterprise business is focusing on the supply chain financing business. Now our partner company has the resources of core entities in China market which controls all the supply chain orders from their factories and records that are very valuable business data that can be transferred on-chain to be part of DeFi assets.
We also seeking more collaboration relationships in the Southeast Asia market in the supply chain business aspect. So we are trying to connect the off-chain supply chain business and the on-chain decentralized financial service. Together we will create a huge market in the future.
Q3: Could you explain what is the value of using decentralized oracles in DeFi projects? Where do you see the defi space developing in the next 5 years? Will defi merge somehow with mainstream finance or will they stay separate for the foreseeable future?
So first, why we need to use oracle service in the DEFI product? Because we all know the oracle problem of the DEFI. A smart contract is only as good as its data source. However, you know the data is a completely open, decentralized network. It is not necessarily reliable. So you can’t trust a decentralized price source.
If we want to use the decentralized smart contract every day, but you know that oracles are usually centralized, so it’s not only safety, but also the necessity of the smart contracts existence will be challenged because you know the oracle is centralized, but your smart contract is decentralized.
Where do you see the defi space developing in the next 5 years? In my prediction, the DeFi space can grow 50X value than now in the following 5 years. Just as I said, more and more projects, assets, users will be engaged in DeFi, it will be a very interesting trend.
Will defi merge somehow with mainstream finance or will they stay separate for the foreseeable future? It’s sure DeFi will grow with both on-chain and off-chain assets. We are seeking the best off-chain assets such as supply chain orders, we also see great potential in NFT assets, which is purely on-chain assets.
Q4: Many defi projects are now popping up, what is the advantage of Force over other defi competitors? are there any plans to list on the best exchange such as Binance or Okex?
The first part of this question is a duplicate of the one above, so I’ll answer it briefly. We have particular strengths in terms of our technology base, asset class, and market positioning, so for the ForTube platform Development, the team is very confident.
Considering the new listing. We have been exploring the opportunity to get listed on several tier-one exchanges and are still working on that. We will inform our community as soon as we get good news.
We just lunched the official news of collaboration with BUSD yesterday.
BUSD holders can now use our DeFi service on ForTube, if you are holding BUSD, try to use them on ForTube, you will see great benefits!
Q5: Do you have any plans to attract non-crypto investors to Force protocol, and how? What are the actions to increase awareness around $FOR Coin in non-crypto space?
It’s also same as previous question, we will focus on supply chain assets, also bring NFT tokens into DeFi space, NFT has great potential to attract more users from non-crypto space, let’s see the development of the DeFi and NFT trend in the near future.
Live AMA
Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period
Yes, it’s a very good question here to our project, we really care about the long development of our business. Actually we have the enough development fund when we start our business and we held a successful exchange listing activity last year. Now we are seeking for the funding from more investor of our fortube platform. Also we will generate enough income by our business in the upcoming days.
Force Protocol did lots of Development in recent times, Got listed on Hoo Exchange & Now the Coinbig Exchnage, What are the plans to reach out to Global Users? What’s the main Unique thing about force Protocol ?
Thank you, about the listing progress. We will continue to list on tier one exchanges and more regional exchanges. Also we will set up connection with such as supply chain companies and business relationship in different continent.
As you can see the ama sessions recently is also one of our community building plan. Welcome everyone to become our community member and share the growth of our project with us.
Staking is currently a Popular topic in Crypto Industry & its helpful to Many projects to encourage investors to hold tokens and make it healthful for project ecosystem.
Does, FOR project Also Supports Staking? If yes, then what are the Requirements for a Node and Validator Node be? Also, How rewards based on for running a Node?It’s easy to make a token but it’s really hard to make this
We FOR are not a public chain coin but a erc20 token, So staking is not supported in our business model. However, we will support yield farming in the near future to attract more people doing lending business on our ForTube platform. Which will also attract people to hold and use our token.
Nowaday most investors simply focus on the price of the token in the short term, and not on the real value of the project.
Can you tell us about the motivation and advantages of an investor in a verge in the long term ?
Thank you very much. This question is also important to us, we would like to bring long term benefits to our token holders. In our business model. With the growth of ForTube platform, the usage of FOR token will become more and more popular and important. Which means the price of our token will raise up following the growth of our business. That will be the most healthy business model to us.
All project’s coins have their main Utilities & real-life use! So, Can you tell us what are the main role of FOR in your ecosystem? Explain its Utilities & Real-Life usecases? and Why should i invest in FOR for long term?
I would like to show you a picture here:
As decentralized financial service grows, the risk of smart contract business model is also growing. From the picture we can see many famous decentralized financial projects has encountered risk accidents.
In our design, we have three principles for the decentralized financial security.
The Force Protocol proposes three core technical components including Fundamental component（APEC）, extended component（BEAMS）, and financial component, with the goal to realize an industrial level of code development and upgrading pace as well as user experience among finance DApps while maintaining their security.
Here are some detail Informations of the BEAMS system.
We really care about the risk of our business, we will use the advanced design of our technical components to support the safety of all our users’ assets.
QIAN is an innovative decentralized stablecoin designed for everyone to mint and use freely. Cryptoassets holders can lock their assets to QIAN’s smart contract to obtain the amount of QIAN stablecoin that is equivalent to fiat currency without having to pay any interest. The stablecoin QIAN is regarded as the currency exchange proof issued by the smart contract to the holders of cryptoassets. You can image QIAN is next generation of MakerDAO’s DAI. QIAN introduces innovative price stabilization mechanisms such as 0 holding cost, volatility index, smooth arbitrage liquidation of crypto assets, etc. QIAN stablecoin can be used for investment in ForTube Bond, for deposit in ForTube Bank for interests, or used as the payment tool in transactions. QIAN will peg the RMB, our market strategy is focusing on Asia market, a lot of crypto holders have the need of RMB in stablecoin, these people will be our first users.
Thank you all again for your support! Pls check the following info if you are interested in The Force Protocol:
- Crypto Open Financial Services Protocol
- Bond protocol Bond;
- Loan Protocol Bank;
- Stablecoin protocol QIAN;
Official website: https://www.theforceprotocol.com
White paper: https://www.theforceprotocol.com/theforceprotocol_whitepaper.pdf
Open source code GitHub: https://github.com/thefortube
Stablecoin QIAN white paper: https://for.tube/qian_whitepaper_zh.pdf
Force Protocol DeFi products:
ForTube – A secure decentralized wealth management platform
ForTube official website:
https://for.tube/home
ForTube product introduction:
https://docs.for.tube/
ForTube Bond: Decentralized bond issuance platform
https://for.tube/bond/home (Support 50+ token issuance and financing USDT, pledged loan, fixed term, fixed income)
ForTube Bank: Decentralized fund pool lending platform
https://for.tube/bank/home (Support 15+ token deposit and borrowing, deposit and withdraw at anytime, borrow and reply at anytime, free and flexible)
QIAN 2.0: Decentralized stablecoin
https://for.tube/qian/home (will be live in July) (The world’s first decentralized stable currency denominated in CNY)
Platform access guide
PC: Use Google Chrome browser to install MetaMask wallet
DApp: imToken, TokenPocket. Click on the ForTube DApp in the DeFi section
Wallet: currently compatible with Coinbase wallet, imToken, Trust wallet, Huobi wallet, MYKEY, Bitpie, TokenPocket, etc. Enter for.tube in the browser built into the wallet
Token information
Token abbreviation: FOR
Total amount issued: 1 billion
Total circulation: 350 million
Exchange:
Huobi, BetaEx, Biki, MXC, Bibox, CoinW, Hoo, Coinbig, Hotbit, Dcoin, etc.
Huobi official website: https://www.huobi.sc
BetaEX official website: https://www.betaex.com
Official media and community
Weibo: https://weibo.com/6873998108/
Telegram group: https://t.me/theforceprotocol666/
Twitter: https://twitter.com/Force_Protocol/
Medium: https://medium.com/@theforceprotocol/
Yes, I’m very impressed of the enthusiasm in this community. I’m very happy to have this chance talking here.
Thank you very much. Everyone here, which we would continue the talking and share our progress in the force protocol global community. Welcome to join us.
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about The Force Protocol
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.
