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
Veer Singh: Does POFID have an MVP(Minimum Viable Product)?
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.
Stay at home: What is the POFID strategy to fund the marketing campaign that will be needed to gain visibility and build a user base?
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.
IMY: What inherent qualities do stable coins issued on the POFID platform possess that make them so attractive to the extent that people will want to give up their assets to borrow them?
1.Ability to digitalize assets.
2. Ability to create your own AOC via DMW.
3. Private transactions.
4. POFID services in settlements.
Swapan Pal: What is your background and how did you come to the idea to create POFID DAO project? What is so special about POFID?
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).
Swapan Pal: Do you have partnerships with any existing projects?
Nikita Ermakov: We are working closely with the SERO foundation on many technical questions.
Mr X: At present, there are a lot of DeFis are emerging. What is your strategy to survive or to beat others and bringing POFID as a successful DeFi?
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 :)
IMY: Asides from Privacy, what are the other problems that POFID seeks to provide solutions to?
Nikita Ermakov: Any set of assets can be used as AOC. This is a big advantage.
Stay at home: What is your outlook on the future of POFID projects
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.
Veer Singh: what products will POFID deliver to its clients?
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.
Oisedebame: Are the operations of the POFID platform going to be restricted by regions? I mean can someone in one region or country make use of the POFID to transact business with another person in a different zone and country?
Nikita Ermakov: This will be based on a client-side, it is regulation. We just provide a tool and services.
Oisedebame: What scenarios in the financial field would the POFID platform be most useful for?
Nikita Ermakov: Asset digitalization, Custodian services, Cross-border transfers (private), Fintech.
Airdrop Lover: Which markets are you targetting for 2020 and 2021?
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.
Anuforo: How can POFID PROJECT help in today's fight against recession caused by the world pandemic COVID 19?
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.
Stay at home: Security, scalability, and data privacy are three aspects that are very important at the enterprise level, how POFID handle these issues?
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.
Airdrop lover: What is the POFID business model? How financially sound is this model to ensure that the POFID remains alive for the next 4–5 years?
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 :)
Swapan Pal: What are the measures to increase awareness of POFID in non-crypto space?
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.
@TheMorattuSingle, Oisedebame@pofid & @pranto33
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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