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
Annibd: What’s the major difference between POFID and maker Dao, would you favor a partnership with them or consider them outright rivals?
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.
My Life’s Player: Sir, Some users now don’t want to expose their assets on public. How can POFID helps in this kind of problem?
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.
Veer : Could you explain the policies in the smart contract?
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.
Nazmul: Which target users does POFID aim to serve? Will its technology be easy for participants to use but still ensure an open, transparent and equal way
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.
Airdrop lover: How is #DeFi changing our relationship with money, investing, credit, and debt? Will DeFi one day take over the traditional financial systems? What problem did POFID solve?
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.
Legendary-Guy: As regards the privacy protection with the use of POFID, I want to know if this is already implemented or the technology is still in the making
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.
Cryptolover: What is the biggest challenge of any User on your project? and how does POFID do to keep all users staying with your project for long term?
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~
Oisedebame Odijie: Will the privacy protection POFID platform offers to serve as a festering ground for the commission of financial crimes? If yes, how does POFID hope to prevent this?
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.
Annibd : What about POFID adoption and futures roadmap?
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
My Life’s Player: But will it affect the usage of SERO Blockchain legally as libra accepted? Coz governments want to know about the details of the assets of a user and they can’t see the user’s assets in Sero?
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.
Neloy: What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community
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.
Folashade Akinyode: Regarding the local community volunteers- what do you propose and how do they benefit in same. would this improve POFID system and people involved in it?
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
Oisedebame Odijie: Am sure there is possibly a minimum amount of tokens required to have before each PFID holder can vote on platform issues. Does the POFIDplatform plan to create an allowance for smallholders of PFID to participate in voting on important platform issues by delegating their tokens?
Nikita Ermakov : Not sure about this, definitely there will be quotas on voting. The rest can enjoy profit distribution (staking).
Fahim: What are the notable funds supporting POFID ? Are there any traditional funds involved as well? Currently there are many DEFI development projects, so Who are the POFID competitors?
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 :)
NAZMUL: I want to know — What’s about Transparency?AS security is one of the most important in DEFI project, & BZX was hacked and 650000 dollars stolen. So, WHAT strategy you applied to make POFID more secure ?
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.
Oisedebame Odijie: The POFID platform is going to be fully decentralized. When voting sessions end in an impasse, is there any singular person that holds the veto power on decision making at that point?
Nikita Ermakov: We apply the Consensus system with 12 (12+1) master votes.
cryptolover: What do you think is DAI stablecoin ready to do with financial transactions in big sectors and organizations like banking, hospitals, etc. just like USDT does?
Nikita Ermakov: Time will tell who and when :)
Veer Singh: Once again thank you everyone for joining our weekly discussion. We will see you all again next week.
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