POFID DAO Weekly discussion: 01/07/2020

The following is the transcript of Weekly-discussion held in our telegram group with Director of Business Development of POFID DAO Nikita.

Participant: Nikita Ernmakov

Question 1:

Nikita Ermakov: Yes, the Novac DApp can be used now, and soon our website will be working full-capacity. We are also finishing our commercial products for the clients.

Question 2:

Nikita Ermakov: Our team managed to gather initial investment that is being used to finalize our product and do some marketing on potential markets. We start with South Korea, China, and a few European clients already have shown their interest. We are focused on institutional clients, so a big part of our business will be direct B2B.

Question 3:

Nikita Ermakov:

1.Ability to digitalize assets.

2. Ability to create your own AOC via DMW.

3. Private transactions.

4. POFID services in settlements.

Question 4:

Nikita Ermakov: We have various backgrounds: blockchain, IT, finance, economics, marketing. We truly believe that stablecoins is a good way to link and even merge the traditional finance and crypto (now it is called DeFi).

Question 5:

Nikita Ermakov: We are working closely with the SERO foundation on many technical questions.

Question 6:

Nikita Ermakov: We are more flexible than others and our technical expertise is high enough. We are confident and not afraid of competition; we embrace it. Time will tell who is strong enough :)

Question 7:

Nikita Ermakov: Any set of assets can be used as AOC. This is a big advantage.

Question 8:

Nikita Ermakov: We have a strong business model and can adjust it to the market needs. We are targeting a big intersection of finance and crypto.

Question 9:

Nikita Ermakov: As of now, our technical team is very close to delivering an innovative commercial application, in which retail consumers will use POFID issued stablecoins for payment. The first use case will be SERO coin based stablecoin, which will be used by a decentralized mall. The same stablecoin will also be used on another SERO based DeFi — Coral DEX, as payment settlement. Later on, as we develop our product, we can integrate it with more organizations that require money transfers/payments, e.g. fintech companies moving to blockchain-based solutions or investment funds digitalizing their assets.

Veer Singh: It is already possible to get loans by collateralizing Sero?

Nikita Ermakov: Let’s be very clear about “loans”. As of now, anyone can pledge something on POFID (via Novac Dapp), and issue AOC. This AOC really is an I-owe-You, it is not really a stablecoin. The issuer must be able to sell this I-owe-You to get USDT, or fiat money, to complete the action of borrowing. If there’s no buyer of these I-owe-You’s, that means there’s no payment use case for the stablecoins that are issued... Maybe you want to collateralize something to borrow, but that doesn’t mean people are willing to lend. The assets should be liquid, e.g cryptocurrencies with high liquidity and market capitalization. Or Tesla stocks (Joking)

Veer Singh: Speaking about privacy, will the AOC be made available to the public? so they can see what AOCs are being issued, and then the buyer can trade their USDT for those AOCs?

Nikita Ermakov: The same wallet that deposits the collateral will receive the AOC, and the total issued balance can be read via a standard contract browser.

Veer Singh: Suppose you issued an AOC by collateralizing your SERO and want USDT, and now I and other prospective buyers who want to buy your AOC, will we be able to see the list of all AOCs being issued so we can choose whom to trade with?

Nikita Ermakov: Yes, Novac will identify different AOC’s if they are backed by different collaterals, because there are separate DMWs holding different collateral. We will provide a tool to query assets issued under the POFID contract. It may also be integrated into NovAC. Currently, it is not directly visible in the browser, I think we will keep it that way.

Question 10:

Nikita Ermakov: This will be based on a client-side, it is regulation. We just provide a tool and services.

Question 11:

Nikita Ermakov: Asset digitalization, Custodian services, Cross-border transfers (private), Fintech.

Question 12:

Nikita Ermakov: S.Korea (big corporations and investment funds), China (funds + exchanges), Western Europe (financial institutions, custodians). No direct changes due to COVID in our business line.

Question 13:

Nikita Ermakov: We can provide extra liquidity for assets that are not digitalized yet, they are being used in the real economy as a liquid asset, for lending, transferring value, etc. As blood in veins, capital flows develop the global economy in general. Also, we introduce and promote DeFi, this is our contribution to a digital future.

Question 14:

Nikita Ermakov: POFID is based on SERO blockchain, it fits in all these three terms perfectly. We spent quite a long time to find such a solution.

Question 15:

Nikita Ermakov: We are trying to keep our costs quite low, and our budget doesn’t need more funding, it is planned for the next two years forward. We have projected calculations, and we stick to our business plan. As a BD manager, I will be dealing with corporate clients, I believe POFID is in good hands :)

Question 16:

Nikita Ermakov: As we finish our products, we will do more marketing and address clients directly. Good reputation and convenience are the best PR tools.

Weekly-discussion winners:

Veer Singh: Congratulations everyone. You can send your USDT ERC address to me in PM 😁 Once again thank you everyone for joining our weekly discussion. We will see you all again next week.

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POFID DAO is a technology and governance framework based on Blockchain technology for the issuance and management of stable cryptographic and stable currencies.