Thank you to everyone who joined AMA Blockelite x Unifi Protocol on 22nd October at 2 PM UTC I 9 PM UTC+7. Here is the recap for those who missed this AMA.
Our special guest today is Steve Green, Project Manager of Unifi Protocol and SesameSeed
Segment 1: Introduction about Unifi and Steve Green, Project Manager of Unifi Protocol and SesameSeed
Q1: Can you briefly introduce yourself as well as the Unifi protocol?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Sure. I’m Steve Green, Project Manager with Sesameseed and Unifi. I found crypto while browsing reddit. For some background, Sesameseed is a community organization that believes in fair and democratic governance as well as promoting blockchain development. So like everyone else on the team, I started off as a regular community member and my passion for solving problems with innovative blockchain technology just got me more and more involved. Which leads us to the Unifi Protocol we just developed, with the goal in mind to make DeFi more accessible to different blockchain communities and to provide the building blocks for next generation of Defi development
The Unifi Protocol is a group of non-custodial, interoperable, decentralized, and multi-chain smart contracts providing the building blocks for the next generation of DeFi development, focusing on building a community-driven ecosystem of governance and innovative DeFi products. That’s just a long way of saying it’s a group of smart contracts designed for DeFi and for people to use and developers to build with.
Blockelite Host: Very detailed 🙂
When have you been in crypto?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Oh, ive been involved since 2017, so I think that makes me a veteran by now, right?
Blockelite Host: Yeah, Do you join ICO in 2017?
I think ICO is the trend of 2017, and now is defi 🙂
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Oh no, I just read about crypto and learn more and more about it, because I think it is the future. And that is how I got involved with Seseameseed, who uses blockchain tech to solve problems in an innovative way.
Q2: How is Unifi Protocol development going? How is Unifi Protocol different from other Defi projects?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Well, in just two months we’ve launched on three different blockchains (Tron, Ontology, Harmony) and we are very close to being ready to launchh on about 2-3 more, all in the next month or so. You can take a look at our UNFI Litepaper that is available on our website and see the roadmap we have planned. There are a lot of exciting announcements to be made this quarter
Q3: How does UP Token (Unlimited Potential Token) work and what are some of its use cases?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: UP is the blockchain-specific liquidity mining token of the Unifi Protocol.it’s backed by the native token of whatever blockchain its on (e.g. UPtrx is backed by TRX, UPone on Harmony is backed by ONE). It is designed to only increase in redeem value, and it can do so sustainably because it is 100% backed by those native tokens. It’s a long Term, sustainable reward token on each blockchain. For example, UPone started being redeemed for 1 ONE, and now it can be redeemed for almost 10 ONE, in just a few days of trading. Each time more UP is minted, this value goes up. And that’s why its a good idea to start mining UP now 😉
Also I should add that all UP holders on all the blockchains will be able to use UP to migrate into our multi chain governance token, UNFI. We will be releasing more information on this soon, but I think this will really create excitement about our whole tokenomics once people see how everything works together.
Q4: uTrade is an UniFi protocol-based trading platform. How will uTrade solve the liquidity and speed problems many DEXes faces?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Well actually, we recently discovered that our liquidity has been outpacing our trading activity, which is great! That means we are doing a good job of spreading awareness and people are really excited to mine UP. So now we also have to spread awareness to traders – we are the only platform that offers rewards to traders, not only the LP. So on our current chains all our traders are earning SEED as a rewards. This is a token that once you have it, it starts automatically staking on multiple blockchains and compounds those rewards daily for you. So it’s a trading reward that gets better the longer you hold it.
Blockelite Host: What is SEED? Do you have an introduction to it?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: oh forsure. SEED is the rewards token from Sesameseed (who developed the Unifi Protocol).
It’s backed by tokens from multiple blockchains, and those are all staking blockchains. So if you hold SEED, it’s like you’re holding all those tokens and staking on all those chains. So you earn the rewards.
And then SEED automatically compounds those daily rewards.
Its an amazing token!
Blockelite Host: Wait a minute
seed running on TRON?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: We offer SEED to the traders on our Unifi trading platform as a reward.
SEED exists on multiple blockchains! Its on tron, ontology, and harmony. We have plans for it to be on two more chains by the end of the year
Q5: How do you view the importance of the community? Do you have plans to launch any special campaigns to engage and grow the Unifi community soon?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: We are very big believers in community. After all, we have been a cross chain staking community for over 2 years, so we are basically the experts. Not to mention we have been doing tokenized rewards and incentivizing participation that whole time too. We just talked about that haha
It’s why you’ve seen such rapid growth and expansion with Unifi. We already have the skills and technology.
Everything else follows from having a great community. They are necessary to entice development on the project and attract attention. We are certainly doing that.
We have Unifi Ambassadors, which is open to anyone. Active and engaged and knowledgeable community members are who we love and want representing us. This group of candidates gets larger with each blockchain we launch on, as a whole new community gets introduced to Unifi.
Blockelite Host: Does the project have a local community?
If not, do you plan to open in the future?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Oh we have a great community! In fact, I was hoping some of you would get interested after learning more about Unifi today and join our telegram community channel haha
There’s over 3500 members there and it grows larger as we launch on each new blockchain and more people become aware of how awesome Unifi is
Blockelite Host: Yeah, you have a great community 🙂
I want to know uLend 🙂
What time does the user pay after taking a loan from uLend?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Of course.
I mentioned earlier that Unifi provides the tools to build DeFi products. uTrade is one example – a trading platform with liquidity mining. But it doesn’t always have to be trading. There are other ways to create a Defi service. An example of that would be uLend. Assets that are backed by real value can have many different uses beyond just watching them go up in redeem value, like our UP and SEED tokens. These tokens are backed by funds which are verifiable on-chain. uLend can allow unlocking that value for re-use, without giving up the underlying value they represent.
The great thing about Unifi Protocol is that anyone can build these services and DeFi products on our protocol, and UP and UNFI token holders will benefit from that! Imagine earning rewards from a completely developed DeFi ecosystem, and not just relying on traders and miners. There’s a whole world of opportunities out there.
So uLend is on our roadmap for next year. But anyone can actually use the idea and build the service with our smart contracts before then, and UP and UNFI token holders will still benefit!
Segment 2: 5 best questions from Twitter
Q1: UNIFI PROTOCOL looks good but it confuses me that there are so many other Blockchain project. What should I pay attention in UNIFI PROTOCOL to give it the importance it deserves? What are your planning to achieve with your project?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: That’s a very fair point. But I just want to point out that Unifi Protocol is not a clone of another project. It’s completely custom made smart contracts from scratch, all developed in house by Sesameseed. It has completely unique tokenomics that are built for real value and sustainability.
We have already launched the protocol on three blockchains, so this is not a speculative project anymore. We are actually accomplishing our goals. And the history of our team is another asset that should be appealing to the community. We are experts on community building, multi-chain and interoperable tokenized rewards, which is what allows us to expand and grow so rapidly.
Blockelite Host: nobody wants to be a copy of someone else 🙂
similar to the project
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Yea, I agree!
We have been doing things differently for over 2 years. Just ask our community. Completely unique ideas Or unique solutions to existing ideas, i should say
Blockelite Host:Sounds great 🙂
A great community with project =))
Q2: The market today has a lot of development projects on the Blockchain platform. One of the factors that makes the platform appealing to many users is its special features. So what are the outstanding features and advantages of UNIFI PROTOCOL Network to attract users and investors?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: I think our UP token is quite unique. It has a redeem value that can never go down, it can only go up. We launched on Harmony with UPone being redeemed for 1 ONE, and now its almost 10!
The UNFI token will be a cross chain governance token. We will be releasing some pretty unique announcements about this quite soon. Then our whole system will be online and the true potential of the Unifi Protocol will be revealed.
Blockelite Host: The token’s name shows us what it means 🙂
UP , up and up
Steve Green, Project Manager of Unifi Protocol and SesameSeed: hahaha exactly!! That’s why we called it that (and also Unlimited Potential)
You got it, im so happy haha
Q3: What’s your vision ultimately? What is Unifi Protocol trying to achieve in the longer term and how do you plan to get there? How will your ultimate vision and mission make a difference in the world?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: True interoperability and decentralization. The proof of concept has already been operational with our SEED Swap technology for over a year. That’s how we are so confident that we can achieve our goals. But we always like to do things with a bit of flair, so we are working on some other advancements that would really take things to the next level.
Q4: What is your plans in place for global expansion, are Unifi Project focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: We have a global marketing strategy, in association with our amazing partners and investors in Asia. The Unifi Protocol has captured the interest of quite a few interesting blockchains and projects, and they have approached us about potential partnerships and agreements. They recognize the value that the Protocol brings to their project or blockchain.
Right now we are focused on building a community about Unifi. That community should be a healthy mix of liquidity providers and traders, as well as those interested in UNFI for governance.
Blockelite Host: Asia is a potential place 🙂 many projects are focused on Asia
Vietnam in Asia 🙂
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Precisely 😉
That’s why Im so glad to be here with you all today haha
Blockelite Host: you are healthy when you constantly work and answer questions from the community
Steve Green, Project Manager of Unifi Protocol and SesameSeed: hahaha Yes. We have been invited to many AMA’s recently. People are starting to learn more and more about Unifi, it’s really exciting to see
Q5: What is the most interesting and deadliest feature in this protocol(Unifi protocol)? and what makes you sure that your project will not be easily dropped by your competitors?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: There is a lot to say, but I think today I will just tease the upcoming UNFI token launch. This is a governance token with a model that noone has ever seen before. I think this will electrify the Defi community and people will realize how UP liquidity mining ties into this system. This model, in conjunction with our sustainable tokenized rewards, makes us confident that we will stand out from our competitors.
Blockelite Host: lol, i am waiting 🙂
try to show me what you say is true 🙂
Steve Green, Project Manager of Unifi Protocol and SesameSeed: hahaha You wont need to wait long, I dont think. Check out our roadmap, and you’ll see that we need to move quickly to accomplish it
Segment 3: Live questions
1. DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes $UNFI unique?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: UNFI is our global governance token. It is multi-chain, which is already different from other platforms. Plus, we have some announcements coming up about UNFI which I think will help people realize how depositing liquidity and mining UP will tie in with holding UNFI and pariticipaing in a unique governance system
2. What does Unifi hope to achieve by the end of this year 2020? What has the development team focused on? Can you anticipate what is to come? What is the Unifi roadmap like?
Steve Green, Project Manager of Unifi Protocol and SesameSeed:
This quarter we hope to:
Launch on 2-3 more blockchains
Introduce our UNFI token and public sale
Launch the Global Goverance Model
Interoperability (cross chain swaps)
3. What problems did you face when trying to implement your product in working businesses ? Is it hard to explain to usual non-crypto people what is Unifi Protocol and what are the advantages of using it ?
Steve Green, Project Manager of Unifi Protocol and SesameSeed:
People in crypto are so used to there being so many scams out there, it’s hard to get people interested in a new project without them thinking right away its a scam.
But Sesameseed has been developing in this space for over 2 years, and we have a reputation built on trust and transparency. The things we create are typically 100% backed and fully verifiiable on chain.
take a look at the redeem value of SEED and UP. The blockchain proves everything we are saying haha
4. Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like your?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: We recognied that Defi was going to become super popular, and we also recognized that it was going to infiltrated by projects that are just looking to soak up all the money and leave the average person with nothing.
This is not something we enjoy seeing. In fact, it’s why we started the Sesameseed staking community in the first place. We are big believers in the power of community.
We want to form a large and powerful community around our Protocol, and our UNFI token, and I do believe we will be able to accomplish this when we reveal our UNFI token.
5. To create the $UNFI financial ecosystem, will there be a buyback or burning of a token supply?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Yes! The full governance model will include UP token burn mechanisms. This means the redeem value of UP will increase that much faster if the supply is constantly being burned.
This is how the token was designed actually, and it’s why I keep saying to wait until we launch UNFI and everyone sees the whole big picture. Things will get very exciting, so make sure to start mining UP today!
6. How does UNIFI plan to solve the issue of cross-chain DeFi platform offered by UNIFI while many projects have been unsuccessful ?
Steve Green, Project Manager of Unifi Protocol and SesameSeed: This is a great question. So the proof of concept is already operational for over a year with our multi chain SEED token. It exists on multiple chains and can be swapped between them using our staking wallet, Sprout.
But we are working on the newest version of this swap mechanism, and I cant wait to talk about it. I think we’ll proably have to have a whole new AMA just for that alone, its that special! lol
Blockelite Host: Thank you for joining today AMA! It was awesome! Would you like to address the community before we open the chat? 😉
Steve Green, Project Manager of Unifi Protocol and SesameSeed: Sure.
I just want to say that I hope to see some of you in the Unifi community channel.
Would be glad to answer more questions there later
Our AMA session is now over !!!
More information about Unifi Protocol: