Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Opendefi on September 30, 2020. This guest star Mohit Madan, Ceo & Co-Founder
Tarusha mittal,Coo & Co-Founder . If you were unable to join the live AMA, no worries, here comes our 73th AMA recap!
We are glad to meet here:
Mohit Madan, Ceo & Co-Founder
Tarusha mittal,Coo & Co-Founder
For taking your time out from busy schedule for the AMA!
Introduction Sessions
Q1: Can you introduce yourself to the community? What is your background and how did you join Opendefi ?
Tarusha mittal
I am Tarusha, the COO and cofounder of OpenDefi. OpenDefi is creating a bridge between real wolrd assets and defi. Rohit Rai
I am Rohit, the Comunity Manager and support specialist of OpenDefi.
Tarusha Mittal
Mohit and I have been entrepreneurs for nearly a decade, now.
We have known each other since we were in school.
This is our third startup together.
Previously, we were working on one of the first ethereum exchanges of India. We moved to Oropocket- which is the user interface layer for OpenDefi. We founded OpenDefi because we truly believe that users should have the option to be financially empowered and take decisions to create a more secure future for themselves.
Q2: Can you briefly describe what is Opendefi ?
OpenDefi is a financial ecosystem which is creating a bridge between traditional finance and Defi.
We are bringing real world assets to the defi space and enabling users to invest in multiple investment instruments and also enjoy a slew of services on top of these investments. This helps them in wealth creation ann preservation.
You can find more details here: https://opendefi.finance/
https://openfinance.oropocket.com/
Q3: What companies/projects do you see as competitors, and how does Opendefi stand out compared to them?
So, there are some projects like Reserve and Synthetix.But we are vastly different than them in multiple ways.
Synthetix is not a positive sum game in terms of the network. We are on the other hand, are a positive sum game, when it comes to the network.
We are doing our pilot with Gold ans silver but we intend to add multiple asset classes to the platform to make sure that it is inclusive.
We are enabling users to be able to earn a yield on otherwise dead assets, which they would not be able to do otherwise.
Moreover, we also offer fungibility.These are real assets, that you can redeem.
Q4. What is the use-case of the Opendefi Token?
There are multiple used cases for OpenDefi.
OpenDefi enables users to be able to invest in multiple asset classes on one platform in order to make it more inclusive for users to empower them to make financial choices that would embolden their life in the future.
We are doing a pilot with gold and silver.
For eg- if you are holding gold then you can use to to spend it online or offline using a mastercard, take a loan against it ( a flash loan) or stake this asset and earn a rental on it.
OpenDefi also makes international remittance a breeze.
It is cheaper, quicker – the assets are fungible and can be sent across the world.
This link will also shed more light on the use cases https://openfinance.oropocket.com/use-cases
Q5. What are the major milestones Opendefi achieved so far & what are in future pipeline?
The major milestones that we will be covering would the TGE event that would be happen on the 15th of October.
Post that, there would be a slew of listings, on uniswap and other tier 1 exchanges.
This would be coupled with more b2b partnerships – we are already in a partnership with Tezos and Matic.
This will help with the roadmap.
Twitter Session
Q1. What is OroPocket’s integration strategy in relation to traditional companies that continue to exist with their own systems?
A1) OpenDeFi bridges centralized or traditional finance with the DeFi or crypto world. Whether its tokenization of assets, or cross chain support, or yield farming or instant loans, we strongly believe in giving users the control. Therefore creating a breathable economy.
Q2. What key advantages does OroPocket have with blockchain technology than traditional exchanges for buying precious metals? What is the role and function of the blockchain on the OroPocket platform?
Great question!
Blockchain adds an added layer on security and transparency.
The idea of allowing precious metals on blockchain is simple – we are empowering users to interact with a smart contract rather than a centralised exchange allowing them to buy or sell without any price slippage. So, users can send money to an address and get the equivalent amount of gold tokens in their wallet, this works both ways.
Role and function of blockchain is for tokenising, security and transparency. Tokenising it, essentially opens up the potential to open up a secondary markets.
If you are buying via us then you have a chance of earning a rental on these assets, as well.
We have a special offer for this community – it is an exclusive sign up link, using which community members can sign up and get 1mg of gold for free.
https://oropocket.com/u/?invite=NanoAMA
Q3. The Gold and Silver market is low-volatility, while the cryptocurrency market, on the contrary, is very volatile. Why did you decide to unite these markets? How can a cryptocurrency market participant benefit from OroPocket?
That is true but we are unifying these two worlds to provide a more inclusive opportunity to our users.
A crypto investor can benefit greatly:
– multiple real world assets are being tokenised on opendefi.
– these assets are fungible.
– there are several financial services that are provided on top of these assets
– it is highly liquid.
– we are enabling flash loans against holdings
– we are providing a card – in select countries for ability to spend these tokens in real time
– we are enabling staking, which is empowering users to earn a rental on these assets
– seamless international remittance
– get paid, pay, buy and sell these assets with a simple ui
-available on ios and android
Q4. What are your plans to educate and raise awareness and adoption among the community to make more people understand Opendefi and its technology?
We are creating very interesting and detailed content that goes out on our blog and social media.
We are also working on a video course that will help users to get educated on the intricacies of OpenDefi.
We also have a really amazing ambassador program, please DM for the details on that.Apart from this Tarusha also host a podcast on blockchain i.e https://livingonblockchain.com/
Living on Blockchain is about removing the jargon from the blockchain and crypto space, disseminating information for greater adoption and most important
Q5. OpenDeFi is bridging the gap between physical assets and DeFi. Which are completely opposites, how do you achieve it without risking the decentralization and security of DeFi?
All the assets that we are empowering users to be able to invest in are held by custodians and under bailment so that even if the company goes under, you are still able to redeem your assets.
We are trying to create a bridge between the real world assets, and the defi space.
The bridge enables users to be able earn a yield on otherwise dead assets.
All the underlying assets are 100% insured
Live AMA
Q1. Whats the Advantage of Opendefi over personally buying Gold or silver stocks and trade it in banks to buy and stake crypto?
There are several advantages to trading assets on OpenDeFi.
1. You get to earn a yield or rental on the real world assets.
2. You can get instant low cost loans(2-5% interest rate per year!)
3. In built hedging mechanisms
4. Cross chain support
5. Fungibility – You can actually exchange your tokens for real Gold/Silver
Q2.What is your background and how did you come to the idea to create your project?
What is the business model of Opendefi ? How Opendefi project generates revenue for project development?
I have been an entrepreneur for nearly a decade. Working on my third startup.
I have been in the blockchain space since 2014 – have tinkered with mining and whatnot, have a podcast in this space.
We feel very strongly aout users having the prerogative to do what they want with their money, that is why we have created OpenDefi. OpenDefi is bridging the gap between real world assets and Defi.
There is a fee involved with every transaction, moreover, there is a developer fee too which gets taken out of the fee pool.
Q3.I read the beginning I like to tokenize assets and how do you maintain asset security properly #OpenDefi? thank you!
We have custodians who hold these for us, we hold them under bailment even if the company goes under, you can still claim the assets. These assets are 100% insured.
Q4. ✅ I’m very interesting with
your your project朗
✅ As a community,. How to support your Project???
✅ What should we do to help, to increasing, to gaining ,to grow up your Project??
How to make contribution to your Project?? What should we do in order to make your Project become the biggest, the greatest potential Project now and future??? Tell me your killer strategies
Thank you
Absolutely. Community support is super important. So, please do show us some love by joining in the community and sign up using the special link that we have created the community.
Q5.Adoption is one of the important factor that all sustainable blockchain projects should focus to be more aOpenDefiractive in the investors’ eyes. What did OpenDefi do and plans to do to achieve real world adoption?
We are on track with our roadmap, the first part of this project which involves tokenising these assets has been completed already.
You can check the roadmap and more details here :
Q6.Are OroPocket just designed to save Gold and Silver assets? If yes, What innovations does OroPocket offer in DeFi? How do OroPocket changing the new DeFi ecosystem and what are the plans for the next few years?Are OroPocket just designed to save Gold and Silver assets? If yes, What innovations does OroPocket offer in DeFi? How do OroPocket changing the new DeFi ecosystem and what are the plans for the next few years?
We are working on bring more assets like stocks, art, coffee, etc to our platform. Apart from investing you can also get instant loan, yield, these are just few over the coming list.
I believe that there is no way that I will be able to answer all of these questions and some of them are repeating now.
Please take a look at the whitepaper here:
https://openfinance.oropocket.com/
Do join in the community for quick updates:
https://t.me/oropocket
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Opendefi
I hope we can doing some collaboration or partnership in the future
We have a special offer for this community – it is an exclusive sign up link, using which community members can sign up and get 1mg of gold for free.
https://oropocket.com/u/?invite=NanoAMA
✅ DON’T FORGET JOIN & FOLLOW
✅Telegram Group
http://t.me/oropocket
✅Telegram announcements :
http://t.me/myoropocket
✅Twitter :
http://t.me/myoropocket
✅Official Website :
https://opendefi.finance/
🙏Thanks
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