Thank you to everyone who joined AMA Blockelite x Vera Protocol on 12th April at 3 PM UTC I 10 PM (UTC+7). Here is the recap for those who missed this AMA.
Our special guest today is Denis Lam – Founder & CEO of Vera Protocol
Segment 1: Introduce about Vera protocol and Guest Denis Lam – Founder & CEO of Vera Protocol
Q1: Can you briefly introduce yourself as well as about Vera Protocol?
Denis Lam – Founder & CEO of Vera Protocol: Hello, my name is Denis. I am the captain of Vera Protocol project. My background is in engineering – I graduated from the University of California, Berkeley College of Engineering with specialization in Biotechnology. I’ve began coding at age 6 and have have been a serial entrepreneur and full-stack product engineer for startups and Fortune enterprises for the past 10+ years. My previous startup scaled to $1 million dollars monthly revenue in less than 1 year and $100 million dollars revenue in less than 2 years. I’ve worked with a Fortune company to develop an e-commerce Proof of Concept (PoC) using blockchain and IoT technologies.
Vera is an open protocol that enables the peer-to-peer Decentralized Finance (DeFi) transactions of digital and real-world NFT assets on the blockchain.
Q2: Can you explain how Vera Protocol works? What NFTs will release by Vera Protocol?
Denis Lam – Founder & CEO of Vera Protocol: Our mission is to empower consumers and reinvent the global economy by enabling open access to consumer markets. To achieve this, our vision is to make NFT creation, management, and usage accessible, user-friendly, and decentralized.
To achieve this vision, Vera has three objectives:
1) Allow anyone to create and manage NFTs easily using applications such as a browser extension.
2) Allow NFT owners to easily lend, rent, or swap their NFTs on any marketplace (not just buy/sell or auction).
3) Become the #1 decentralized platform for any NFT DeFi application.
Vera Tokens are compatible with ERC-721 (Non-Fungible Token) and ERC-1155 (Multi-Token) standards.
Blockelite Host: extension, oh, user can add it to chrome, right?
Denis Lam – Founder & CEO of Vera Protocol: Vera Tokens are designed to bring blockchain liquidity to real-world assets by enabling new direct-to-consumer (DTC) revenue streams for existing businesses such as:
- New Direct to Consumer (DTC) subscription model
- New DTC rentals/leasing model
- DTC product authentication
- DTC asset custodian service
Using Vera, anyone can create decentralized NFT DeFi applications:
- Asset Exchanges
- Asset Lending/Borrowing
- Asset Rental/Leasing
- Asset Liquidity Pooling
- Asset Staking
- Asset Marketplaces
Q3: How can people get involved with Vera Protocol and what are the incentives?
Denis Lam – Founder & CEO of Vera Protocol: We are currently doing our token sale. Strategic partners may participate in it. We also plan to do an IDO on Polkastarter.
By holding on to our Vera token, you can participate in our Ecosystem such as voting, governance and earning interest/dividends from NFT DeFi applications.
Blockelite Host: wow IDO, sounds great
Everyone can take part in the whitelist, right?
Denis Lam – Founder & CEO of Vera Protocol: As long as Polkastarter or the IDO platform allows you to do so.
So we are partnering with Polkadot and Web 3.
Q4: What are the advantages that can make Vera Protocol become a top Defi project? In contrast, what is your weakness? How will you overcome it?
Denis Lam – Founder & CEO of Vera Protocol:
We are providing solutions to Lending NFTs – this does not really exist in today’s ecosystem – NFTs are focused on buy/sell/auction
One challenge we will face is attracting developers to build NFT DeFi on Vera Ecosystem.
We will overcome it by focusing on community building and building easy to use developer SDKs.
Q5: What milestones have Vera Protocol achieved so far and what is the next roadmap for 2021?
Denis Lam – Founder & CEO of Vera Protocol: We are currently finishing up our private sale fundraising. We are oversubscribed so we are focused on looking for strategic investors that can add value to our project in different markets around the world.
By end of Q2, we plan to release our new whitepaper and an MVP demo.
By end of 2021, we will launch our NFT wallet and lending DeFi app prototype.
Segment 2: Live questions.
Q1: NFT is very hot trend now, do you pretend to catch up with this trend or still follow and focus your original roadmap? create values, not create TREND !
Denis Lam – Founder & CEO of Vera Protocol: We are the first NFT DeFi project that focuses on creation and lending NFTs in the Polkadot ecosystem.
We believe NFTs are here to stay and will only get more popular over time. We are building a key infrastructure for the entire NFT market.
Q2: Can you briefly describe what is VERA in 3-5 sentences? And what is your Mission and VERA?
Denis Lam – Founder & CEO of Vera Protocol: Vera is an open protocol that enables the peer-to-peer Decentralized Finance (DeFi) use cases of digital and real-world NFT assets on the blockchain.
Our mission is to empower consumers and reinvent the global economy by enabling open access to consumer markets. To achieve this, our vision is to make NFT creation, management, and usage accessible, user-friendly, and decentralized.
Q3: What inspired how you arrived at the project name “VERA”? in real sense, what significance does the name have in the project functioning and ecosystem development?
Denis Lam – Founder & CEO of Vera Protocol: Vera is based on the word Verify. NFTs are digital representations of real world assets and therefore must be verified and authenticated to give the buyer protection and trust.
Q4: How has your engineering background helped you in the journey of Vera Protocol project?
Denis Lam – Founder & CEO of Vera Protocol: Our team has decades of experience building real-world blockchain projects. Our CTO, for example, has written blockchain code that has powered over a billion dollars of financial transactions around the world and has been the lead blockchain architect for major US banks and fintech companies.
Q5: Can anybody use your marketplace/platform from anywhere in the world? Can anyone participate In the development of this project?
Denis Lam – Founder & CEO of Vera Protocol: Yes, that is our vision. To build a platform anyone can use.
Q6: How do you 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?
Denis Lam – Founder & CEO of Vera Protocol: We partner with key strategic partners, influencers in different countries to reach out to new communities.
Q7: 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 # VERA?
Denis Lam – Founder & CEO of Vera Protocol: Holding on to Vera tokens allow the user to generate income. This will incentivize adoption.
Q8: I’m deeply concerned with personal privacy, personal and organizational security, and decentralization and sharing of power. What are your goals and motivation for implementing anonymity with general transparency specifically your project priorities?
Denis Lam – Founder & CEO of Vera Protocol: This is why creation, management, and usage of NFT should be decentralized and anonymous. Currently there are many centralized NFT marketplaces. We need to make NFTs more decentralized!
Q9: In the long run, why should we trust and follow you and your project? How do you raise awareness and elimination of the doubts of investors / partners / customers?
Denis Lam – Founder & CEO of Vera Protocol: Our project has investment from Polkadot Web 3.0 – they do technical due diligence. We also have secured investment from a major crypto exchange and other partners we will announce soon.
Q10: 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?Is Your project a Global project ?
Denis Lam – Founder & CEO of Vera Protocol: Yes we plan to do all of those things you mentioned in the near future.
Our AMA session is now over !!!
More about information Vera Protocol
Github – https://github.com/veradefi