POFID DAO Weekly discussion: 14/07/2020

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

Participant: Wanda and Nikita Ernmakov

Question 1:

Nikita Ermakov: Maker Dao is majorly based on Ethereum blockchain and smart contracts or tokens based on it, which are publicly available and traceable. When a user lends money/Use DAI, it is possible to track the users' funds, thus compromising his personal data, transactions, transaction history, connections with users who passed KYC, etc. We indeed see them as our competitors, but our solution is privacy-oriented and therefore has a very big an important advantage.

Question 2:

Nikita Ermakov: No users are willing to expose their assets to the public network, that’s true. As I said, POFID provides zero-knowledge proof and a Turing complete smart contract.

Question 3:

Nikita Ermakov: It is possible to set account asset privacy, the encryption of assets in the account, and accounts in the POFID system; unlike Ethereum, they cannot be queried through the block browser or other public means, only having the account private key or the query key let to obtain account asset information.

POFID supports transaction privacy, the transaction or payment information sent between accounts and accounts themselves also cannot be publicly accessible, and the content of the transaction can only be known if there is a private key or a query key in the account for both parties.

Input/output privacy protection policies in smart contracts, including CMC (Currency Management Contracts), can selectively protect the input and output assets or other condition data.

Question 4:

Nikita Ermakov: The clients willing to use POFID to issue their stablecoins for protected transactions, fintech, banking services, financial services e.g. PE firms, wealth management platforms etc. We are working to make it user-friendly while safe and sound, with the highest level of security and stability.

Question 5:

Nikita Ermakov: We are determined to provide the general public with more access to financial services and capital flows by building an easy entry point for financial institutions, willing to digitalize their assets. They will have access to a wider range of international users and can provide their deposit &credit services, wealth management, cross border money transfer, etc.

Question 6:

Many projects who promised privacy have been shown to be otherwise, have you tested the privacy function, and does it stand all know the technology that could negate such privacy?

Nikita Ermakov: It is already implemented in the main core. We are going through serious multi-level security and privacy testing before we finalize the product and offer it to the customers. We indeed developed certain technical solutions that are unique in many ways.

Question 7:

Nikita Ermakov : Well, attracting users' attention and driving adoption for the new technology is always a very big challenge. It takes time to reach and teach users, as well as to prove that POFID has more advantages and that it is actually on the forefront of DeFi . 설이 is doing great with promoting POFID in many markets, I am glad to work and support her~

Question 8:

Nikita Ermakov : Good question. Our clients will be required to pass a serious KYC, AML compliance check-up. Moreover, besides these policies and internal safety control, in POFID we have the Zero Tolerance Policy towards financial crimes, and each possible case will be investigated both internally and with cooperation with regulatory bodies of the of victims countries.

Question 9:

Nikita Ermakov : This is a very hard and important question. Right now a lot of public attention in the crypto industry is attracted to DeFi projects and a new paradigm of blockchain-based financial services, this helps POFID a lot. Also, as we are seeing the world financial system is falling apart because of uncontrolled money emission by the FRS, growing national debts, drop in GDP in most of countries, disbalance in wealth distribution new financial crisis is expected to hit very hard. With POFID, we are trying to give the financial industry a second breath, by making assets and capital flows liquid. This will definitely attract investors who are willing to generate or borrow assets to survive in the crisis and develop their client base. This is the biggest advantage of POFID — solving a real problem that everyone will face

Question 10:

Nikita Ermakov : We are developing a technical solution similar to a master key. Governmental bodies may access information on transactions by a direct request in certain cases related to financial crimes or sponsoring terrorism.

Question 11:

Wanda: Of course we value community development very much, and we expect POFID community can develop in different areas. Also, we are looking for local community volunteers.

Question 12:

Wanda: Yes. We will make plans for local volunteers and reward those who make the most contributions at the right time. Please follow our official channel and we will make announcements in the short future

Question 13:

Nikita Ermakov : Not sure about this, definitely there will be quotas on voting. The rest can enjoy profit distribution (staking).

Question 14:

Nikita Ermakov : This information is under the NDA. If you are looking for our competitors in DeFi — we are not looking for them :) We will see who can survive long enough to prove their worth and strength. Right now we are challenging MakerDao and COMP :)

Question 15:

Nikita Ermakov: Good question. Unfortunately, in our industry, many stablecoin projects, exchanges, wallets, and now DeFi projects get hacked. We can only say that we apply multi-level protection mechanisms, technical solutions, distributed reserves, alert systems, internal control, risk control, risk management policies. Transparency attracts hacker’s attention to the reserves and user funds, so we limit it.

Question 16:

Nikita Ermakov: We apply the Consensus system with 12 (12+1) master votes.

Question 17:

Nikita Ermakov: Time will tell who and when :)

Weekly-Discussion Winners:



Veer Singh: 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.