POFID DAO Weekly discussion: 07/07/2020

5 min readJul 14, 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:

Nazmul: In the market every day lots of coins are emerging with new and identical projects and propose the same as your coin(POFID) but why do you think POFID is the best project and it is the future of crypto? How do you overcome your competitors in what means to POFID unique?

Nikita Ermakov: Our team has been in the industry for quite a long time and we have a clear picture of what kind of services will be needed in the space, also see a good opportunity which are being missed by many projects.

Our partnership with the SERO foundation gave us the highest level of expertise regarding launching and governing private stablecoins, and we believe our advanced smart contract system is more scalable and has more business scenarios.

Moreover, we have corporate BD members (including me, here at your service) so we already have a business module and ready to generate profit from our services.

Question 2:

Airdrop Lover: What are your plans in place for global expansion? Is POFID focusing on only the market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?

Nikita Ermakov: Good question, right now we are focused on three markets: S.Korea, China, and Russia, with potential extension to Western Europe and the US. We started building local communities and discussing cooperation with exchanges, funds, and media companies at the moment.

Bit Mamba: Why did you choose these three markets?

Nikita Ermakov: Our team members have a lot of expertise in these markets; these countries are very active in DeFi adoption and already have shown a big interest in using and investing in DeFi products.

Question 3:

My Life: As people can Issue their own crypto in POFID’s NOVAC. Maybe some people can try to create coins for scam purposes. Is there any way in POFID which can be used to avoid these kinds of problems?

Nikita Ermakov: Good question! In the case of token manipulation or other compromising behavior, the funds in the DMW will be frozen until the governance committee make a decision on repurchase/redeeming funds.

Question 4:

Nazmul: What is your progressive plan to ensure that project remains relevant & valuable in the next 5 years, in terms of adoption and use-cases?

What is the vision of POFID in the era of Blockchain technology?

Nikita Ermakov: First, we will stick to our business plan and development roadmap, second, with major clients we will provide technical service and support as in it in the contract. As we have several business lines we will adjust accordingly. We can not predict what will be crypto-like in five years (no one can) but we are flexible enough and motivated to go on, no matter what.

Question 5:

Stay at home: With the current strength of token in the ecosystem as larger what do you think could be the value of the POFID Coin project in the future? And what are beneficial factors or guarantee factors for the investors to know your POFID will be of best in the crypto space?

Nikita Ermakov: As I mentioned before, but I want to clarify now in detail: our services will be extended to the DeFi space: provide loan services, escrow services, custody services, smart investment management (wealth management), staking, building new cross-chain assets. This has unlimited potential and huge market demand.

Question 6:

Oisedebame: The whitepaper states that 15% of the total PFID supply will be allocated to the Early Stage Investment Firm…Is there a minimum amount of PFID tokens that an organization or individual will need to buy to qualify as an early-stage investor?

If yes, what is the minimum?

Nikita Ermakov: We are discussing this part with the team.

Question 7:

Airdrop Lover: What can we expect about the strategic partnerships of POFID in the future? And how does it help to grow the development of the project?

Nikita Ermakov: Follow our public accounts and you will know :) We won’t announce something that has not happened yet. I can only say we are discussing it with major exchanges and token funds at the moment.

Question 8:

Annibd: Can you expand our knowledge about POFID’s roadmap this year and the future and any Updates on your Research and development progress?

Nikita Ermakov: We are very busy with finishing our product and smart contract; also having negotiations with partners. Will will publish our roadmap as soon as we confirm it between the teams.

Question 9:

Dr. John: I am so much interested in this project of yours. I am since with this project from the start of this group. Can you share with us the Tokenomics of #pofid, the Inflationary and Deflationary model on the price action of #pofid, and how you have been able to utilize the Defi Infrastructure with POFID?

Nikita Ermakov: Tokenomics is a very big topic to discuss, I probably should write a long article explaining POFID’s token economy and token supply. This will be also explained in our updated white paper. Stay tuned!

Question 10:

Stay at home: What Services will be provided by POFID?

Question 11:

Stay at home: Trust and Security are the most important things in cryptocurrency. Why do we feel safe with POFID? The recently released Defi dForce protocol has been hacked for 25 million dollars. Do you have any tips to avoid these situations???

Nikita Ermakov: Excellent question! Even MakerDao lost over 4 million dollars on March 12. We have several levels of automatic and manual protection, based on smart contracts: price prediction oracle, price stability mechanism, early alert system, currency governance contract, intervention mechanism before passive liquidation, passive liquidation-auction exercise mechanism, and finally SLC Clearing and Governance Committee which is a final guarantee for the value stability of the AOC (Assets on Chain).

Question 12:

Dr. John: The CORONA and MARKET CRASH impacted way too much within MILLIONS of companies, LAYING off many many Employees.

How is POFID dealing with this problem? With the market crash and corona

Nikita Ermakov: We provide a lot of liquidity to digital and other assets, provide loans for businesses, this will increase the capital flow, boost consumption, and improve the world economy globally.

Question 13:

Stay at home: What are your major goals to achieve in the next 3–4 years? What are your plans to expand and gain more adoption? How does POFID elevate crypto participants’ understanding about the project?

Nikita Ermakov: We have a fairly good chance to go big in the DeFi space, and people will come and learn eventually. Some will be users, some will join through partners, some will see the price going up, and hop in. One step at the time!