Thank you to everyone who joined AMA Blockelite x Finance.vote (FVT) on 17th March at 03:00 PM UTC I 10:00 PM (UTC+7). Here is the recap for those who missed this AMA.
Our special guest today is Theo Goodman – Consultant of Finance.vote
Segment 1: Introduction about Finance.vote and Theo Goodman – Consultant of Finance.vote
Q1: Can you briefly introduce yourself as well as about the Finance.vote?
Theo Goodman – Consultant of Finance.vote: My name is Theo Goodman and I have worked on many projects in the blockchain space, including nymtech, world crypto network and artproject.io
I am an NFT expert and I also am an expert in anything beting and gambling related ,such as prediciton markets
I worked with @j328044 at an agency called proofofwork media as the Chief of Memetics
now @j328044 will say a few words too
Ksenya: Hey, I’m Ksenya, I’ve been around for a bit as well, worked for DAO Casino and for Proofofwork.media then had a break and joined Finance.Vote.
Theo Goodman – Consultant of Finance.vote: ok so now lets introduce finance vote
Finance Vote is a suite of dapps that will grow into a dao
it is eaisest to talk about the first app, which is market.vote a predition market that uses quadratic voting, and NFT as an ID mechnism
Q2: Your project wants to become “Governance dApps for DeFI”, so what can users do or expect when joining Finance.vote? Why users have to choose you?
Theo Goodman – Consultant of Finance.vote: Great question
Users dont have to choose us! but they can. The reason they should is because both small and large holders of fvt have power in our systems, and apps
Let me explain it in a simple way with the prediciton market app
WIth the prediciton market app you mint an NFT for an ID
Ksenya: Well, I personally joined this project because I found that it solves major issues of DeFi and DAO space – that being voter’s apathy and the super powers whales have in DAOs. It’s just basically no fun to take part in DAOs nowadays unless you’re a whale. Finance.Vote changes this.
Theo Goodman – Consultant of Finance.vote: for this you need FVT, and you can vote (bet) in the prediciton market, but you never lose! you can only earn FVT when you vote in the prediciton market! So even small players can earn a lot of FVT, if a big player wants to buy a lot of ids, this is also good for small players, small holders of fvt. Since it all uses quadratic voting then small holders have more power than in one coin one vote, but large holders also have a lot of power. I hope that helps to explain it. My suggestion is to take part for yourself in the simple app markets.vote and test it out. This is the best way to understand.
Q3: Can you briefly explain the core features of the $FVT token? How is it being used on the platform?
Ksenya: yeah, great question, it has multiple functionalities.
The dapp that is already released uses the token to prevent spam – you have to burn some FVT to create an NFT that becomes your identity.
This NFT identity is something we’re quite proud of, no one is using NFTs as a sybil protection yet.
Theo Goodman – Consultant of Finance.vote: You get rewarded in FVT for making correct predicitons in the predicion market app markets.vote
Ksenya: This NFT ID are also special because they accumulate reputation. So it’s not the amount of FVT youre holding that gives you more voting power, but how many times you have predicted the market winner correctly. You see it rewards reputation, not the amount of FVT you own.
Theo Goodman – Consultant of Finance.vote: we have more apps in the work
Ksenya: But we have another DApp coming out in the end of March called Yield. You will need FVT to pay Harberger tax in this dapp
Ksenya: It’s really a whole ecosystem. In Markets.Vote you earn FVT when you have an ID, and you create this ID by burning FVT. Then you vote with this ID every week, and only pay for gas. It’s like a free bet every week.
Theo Goodman – Consultant of Finance.vote: We are also launching a new version of markets.vote on Binance chain!
Ksenya: From Yield also. There are many ways DAO participants can earn FVT. Not just doing AMAs 🙂
Theo Goodman – Consultant of Finance.vote: One last thing, you can trade FVT on pancakeswap, on binance chain
Ksenya: Markets.Vote is coming to Binance Smart Chain this Sunday actually. There it will be really cheap to vote.
Q4: Can you share some of the notable partners Finance.vote has? And what can we expect from that partnerships?
Theo Goodman – Consultant of Finance.vote: Chainlink and Halburn are the most notable
but also Commerce block who does bitcoin sidechains
With Chainlink users will use our system to vote on the next feed that chainlink adds!
Ksenya: Its Halborn
Chainlink is a very important partner because the prediction market needs very high fidelity prices to settle
Theo Goodman – Consultant of Finance.vote: We also use chainlink feeds in our apps, so that there is an accurate price for the prediciton markets
Ksenya: We have other partnerships to be announced. All the partnerships are real collaborations, not just for the sake of announcing a partnership like some blockchain projects do. We have releases every week so a lot to publish and to talk about besides partnership announcements.
Q5: What milestones have Finance.vote achieved so far and the roadmap of Finance.vote in 2021?
Theo Goodman – Consultant of Finance.vote: A lot of milestones have been reached and even some that were not on any roadmap
Markets.vote is live, Yield.vote has been audited by halburn
and almost ready for launch
FVT is on binance chain which was not even on any roadmap
Theo Goodman – Consultant of Finance.vote: here is our road map you can see we have done a lot
I also want to take this time to invite people to our community call in VOICE CHAT every friday in our telegram !
I think also big is soon NFT ARTWORK!
Ksenya: Since we have multiple dapps in the making, we have multiple roadmaps sort of. Also a lot of features in dapps will be determined by voting. Token holders will vote on what dapps will be developed after the main ones are launched. And you wont need to hold a ton of FVT for your opinion to be heard
Segment 2: Twitter questions (5 winners)
Q1: You aim to give the power to the minority token holders by creating token specific miniDAOs. How will you do that? Will you exclude the major holders from this decision making? Because even if the DAO are mini, the big players can still participate
YES both big and small players can take part and have a role!
The things is that in our model the big players have to co-ordinate with the small players more, and in the end that is better for everyone, we have a graphic that helps explain this concept @j328044 is going to post
We want to build a better model than a few big whales dictating everthing but at the same time give big holders power as well, just not all power!
just a second we are looking for the graphic 🙂
Ksenya: The .vote consensus mechanism is the means through which token stake is used to weight
voting power in each of the miniDAOs in the finance.vote ecosystem. It utilises a pyramidic
stacking mechanism to normalise vote power across a voting population, ensuring that
large token holders do not have an extremely out weighted voice in the system.
sorry just a second but the graphic we just thought of is good
Please have a look at this, it uses a new way to think about blockchain governance and how large and small holders work together
Ksenya: It’s on the page 28 of the whitepaper if you want to read more about miniDAOs https://f646e629-e6ab-436e-b4b5-ad62237799a8.filesusr.com/ugd/2f63aa_acbd8518e6cb4b20ae956ef661f85335.pdf it’s a pretty neat mechanism to balance the whales and the simple mortals in a dao
Q2: The vast majority of DeFi projects have the full distribution of their tokens on their website, really why doesn’t FinanceVote have it? What is really the distribution of your $FVT tokens and on which exchange platforms is it listed?
Theo Goodman – Consultant of Finance.vote: 160 million is the current supply
fvt is not fully distroed yet, you can see in the whitepaper the plan
by may there will be 200 Million in the current supply
Also there will be an airdrop on users that have an FVT ID like the airdrops from uniswap or 1inch, so make sure to get an FVT ID
this is part of the distro
Every week there are also 100000 fvt given to the prediction market winners
Ksenya: You can get FVT on Uniswap and Pancake right now. If that’s what you’re asking. 160mil is the circulating supply. Remember some FVT is getting burned forever when you mint IDs, and there’s also emission to voters in Markets.Vote. If you predict the winner you get FVT – this is called vote mining.
Theo Goodman – Consultant of Finance.vote: I think the person asking the question is wondering why coingeeko and coinmarket cap dont show this, we just need some more tradiing volume and YOU asking them to list it properly, thanks
Theo Goodman – Consultant of Finance.vote: Yes, and if you are wrong you dont lose, you only can win,!
if you predict wrong you dont lose any fvt and you have a chance each week!
Q3: You are introducing new vote market concepts into this project. One of them called my attention: Meme markets, “the most difficult market of all”. Is that so? How will this kind of voting enrich your blockchain governance?
Ksenya: Memes cut through the noise. If you can predict what the next big meme is going to be you can predict anything. It’s the ultimate signal basically, this is why it’s the hardest of all.
Voting on memes does not goveren the blockchain, but it does help curation of content, right now we have a lot of content on the internet, new memes, sticker packs like the blockelite sticker pack, gifs and more, but what memes are good memes? What memes can help the community grow, how do people earn money for making memes that have impact? We are going to use our voting and prediciton market systems in order to give power to meme makers and give power to our community to create memes that help us, this creates a powerful feedback loop. We need an honest way to curate content and we are building a solution.
Theo Goodman – Consultant of Finance.vote: Maybe soon we will have a way to curate the best AMA questions !
Ksenya: Governance like in cybernetics is about information feedback loops
and people can predict which ama questions will be choosen
Blockelite Host: Can i earn FVt from this ?
Theo Goodman – Consultant of Finance.vote: YES , the app influence on our roadmap will allow this feature
Q4: Please explain to us what are the advantages of quadratic voting in your project? Why do people have to buy votes and what is the max. number of votes that someone can buy?
Ksenya: you’re not buying votes actually.
You’re minting an ID. It’s not exactly like buying votes. Then if you vote correctly you earn voting power.
Theo Goodman – Consultant of Finance.vote: There is no max number! Just that the price can go up depending on how fast you want to buy them. The votes are used in the prediciton market and you buy “Vote Power” which is 100 per ID right now, if you are correct you get more vote power, but you can mint more IDs to get more vote power starting at 100 for each ID, think of it as 100 bets on the prediciton market.
Ok so in the end everyone has an advantage from you buying more IDs because it costs FVT to mint the ID NFTs
It is to your advantage to vote with correct predictions in the vote market, even if you buy a lot of IDs because you will earn more FVT and more Vote Power
Then everyone has an advantage because the predictions are good
Qudradic voting- the advantage is that even as a small holder you have a voice, and as a large holder you still have quite a large voice, but you cant simply dictate things. Lets use the simple markets app as an exampl.e. You get 100 vote power, so you can bet 10 on one coin , 10 x 10 =100 or spread it out.
Ksenya: with quadratic voting you can express more complex sentiment and opinions, normal vanilla voting is too black and white. social systems like markets don’t work like that. I think quadratic voting will be really big soon. Once you used quadratic voting using a normal voting is kind of weird.
Theo Goodman – Consultant of Finance.vote: The best way to understand is to test it for yourself at markets.vote
Ksenya: quadratic voting is the best type of cumulative voting because it encourages people to consider as many options as possible
it opens your mind lol
Q5: Are you planning to move all the dapps to bsc?
Ksenya: yes, but not only on bsc, eventually we will be on all major chains
Kusama and Polkadot end of this year.
xdai sooner because it is EVM like Ethereum and we can just re-deploy the contracts there.
Markets.vote will have different tokens to vote on on bsc. It will be interesting. FVT will be bridged across all the chains eventually as well. It requires very thorough security audit. I’m personally looking forward to launching our own parachain and plugging into Polkadot ecosystem, but it’s not quite ready for us yet. So we started with bsc.
True DAOs should be multichain, it’s fairly normal if you think about it. Otherwise they’re not really decentralised.
Segment 3: Live questions
I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, do you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
Theo Goodman – Consultant of Finance.vote: We have had an audit from Halburn , but thank you we might have future projects were we need ethical hackers
I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I finance.voteuld choose your project over the existing one ? What is your coin advantage that can convince me to change from my favorite token ?
Theo Goodman – Consultant of Finance.vote: Because we have the best MEMEs
Once the product is developed, one of the main challenges seems to be adoption. What are some of the plans to stimulate adoption and build out the ecosystem around #Finance.Vote?
Theo Goodman – Consultant of Finance.vote: THERE WILL BE AN AIRDROP!!! You will need an FVT ID and to take part in our apps.
What do you think about the boom of the NFT + DeFi association that is causing so much interest in the world? How does Your project take advantage of and exploit this reality?
Theo Goodman – Consultant of Finance.vote: We are using NFTs in a very unique way, we use them as IDs for our prediction market, soon we will add artwork to our nfts to make them not only functional as a defi nft but also as a collectable, they are collectable right now! Also each ID has a different amount of VOTE POWER , think of this as an FVT miner! So you can trade your NFT , your FVT miner, or you can try to farm many IDs and trade them or just farm FVT!
How do plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Theo Goodman – Consultant of Finance.vote:We are working on this, great question!
Check out this twitter thread! https://twitter.com/financedotvote/status/1371144177334026241?s=20
Stable coins are hottest topic in crypto by finance.vote project,so where does finance.vote stand in this, Any plan for finance.vote stable coin.What is finance.vote ‘s strategy and Roadmap in 2020 ? What was the biggest milefinance.vote Mantradao had so far? What is plan in the next years?
Theo Goodman – Consultant of Finance.vote: we have a graphic about that
finance.vote token supports DEX liquidity and transaction growth, what strategy are you employing to turn it into a stable token with higher value than that of the competition?
Theo Goodman – Consultant of Finance.vote: Check out Yield.Vote
stay tuned, we will be doing something on binance chain
What are your plans for the nearest year in terms of marketing and business development? How do you plan to expand the network, community, partnerships, etc? Why finance.voteuld investors enter your ecosystem?
Theo Goodman – Consultant of Finance.vote: check out this twitter thread I posted