BlockTalks x P2P Finance AMA Transcript!
We recently hosted an AMA with P2P Finance, on September 17th at 2.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Christof Waton, CEO at P2P Finance. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce P2P Finance to our community in layman’s term?
Ans — P2P Finance is the first DeFi ecosystem being build on Cardano.
We are the first that introduce Affiliate Campaign, Address Milestones, and DAO to the entire industry!
P2P Finance has multiple passive earning opportunities:
- progressive staking
- Farming (liquidity staking)
- DAO
- Referrals
- Lending
- Within the P2P Finance Ecosystem we are building our P2Pswap and Cardanow — IDO Launchpad
Q2. What are the advantages of P2P Finance to other alternatives in the Blockchain field?
Ans — e are the first one that introduces an affiliate campaign and address milestones in the entire DeFi industry.
We are innovative and making the evolution which was due in DeFi for over a year now!
P2P Finance rewards user activity and platform growth and offers innovative passive earning mechanisms
Where other products are single products with 1 or NO utility for their token, P2P Finance offers 4 utilities for the token:
- Activite Affiliate campaign
- Minimum required in staking to claim a DAO title
- Lending interest can be paid in P2P tokens
- 3000 P2P required to get a lottery ticket to Cardanow Launchpad
Q3. What are the major milestones P2P Finance achieved so far & what are in the future pipeline?
Ans — The major milestone of every startup is getting the team together!
It was a long and tough road, but finally pieces of the puzzle are together and we are starting to work like a machine.
Getting used to communication and task flows is tough aswel sometimes with a new team.
The haskell developers was also very tough to get, so I am very happy that we have them who have already delivered products on Cardano testnet. This gives us a huge advantage over other products in the Cardano ecosystem
The first milestone to reach is getting out staking smartcontract on main net. The coders are right now writing out the documentation is haskell so it can go through a Cardano blockchain simulator to check is the code is 100% functional, then we we bring it to test net for private testing and getting the smartcontract audited. Full process schedule towards the later half of October
Questions Asked on Twitter For P2P Finance Team!
Q1. Currently lending platforms are centralized and commonly require people to deposit funds to start earning their fixed APY. So, can you explain how P2P Finance can make a paradigm shift in this sector?
Ans — P2P Finance performs lending by smartcontract. We are DeFi that means that you connect through a non-custodial wallet, where you stay 100% in control of your funds (or it is borrowed ofcourse, then it is in the lending smartcontract waiiting for the borrower to pay back the loan within deadline or the liquidition of the borrowers)
P2P Finance lending has an insurance fund by smartcontract, protecting lenders at all times from loss of funds.
Q2. 3000 P2P tokens are required to apply for the private sale pool. How can these 3000 P2P tokens be obtained? How long can they be obtained?
Ans — Currently we are in the private sale, and seed sale, where people can buy the token now at a beneficial price.
0.08$ seed sale, 0.10$ private sale
In November we will conduct our public sale at 0.16$
Afterwards the tokens can be bought on swaps / CEXs by trading.
Q3. P2P Finance uses the Cardano network as the basis for its passive income model. How can this network help maximize the revenue generated for users? In terms of this passive yield model, Cardano offers a higher APY than BSC or ETH? Why have you chosen this network?
Ans — The Cardano network is beneficial with smartcontract interaction and is cheaper than BSC / ETH.
There the user already benefits on P2P Finance.
The 2nd question is not 100% a question I would say. But we are a DeFi ecosystem built on Cardano. So when users have ADA in their non custodial wallet they can allocate them to staking consesys.
The P2P Token has an individual progressive staking reward model, up to 30% APR.
Why I chose Cardano?
The gate to a new ecosystem on an already branded blockchain. The innovation that we bring with the passive earning opportunities makes it easy for us to grow and be at the top.
Q4. An interesting feature of P2P Finance is that they plan to develop a DAO, but can you explain how the governance system of the project would work? Would governance be closely related to staking?
Ans — Users need to stake a minimum amount of tokens, to claim their DAO title.
There are 3 titles to be claimed:
- Counselor (25,000 P2P in staking)
- Minister (50,000 P2P in staking)
- Ambassador (100,000 P2P in staking)
the information can be found here:
Q5. P2P finance brings together a variety of useful defi services in one convenient location, however this is impossible without adequate security, so can you explain us how you defend your ecosystem? Have you completed any audits or verifications?
Ans — When talking about DeFi, the smartcontracts need to be audited.
Not once but frequently! P2P Finance ecosystem works on smartcontracts so it is only normal that we have a good budget allocated for the continuous audits.
Currently we have not completed audits yet as we are going to run the code first through a blockchain simulator to make sure it is 100% functional
Before we start the community live question, i would like to notify that unfortunately i can’t answer everyone’s question.
Therefore, we have decided to conduct a bi-weekly series of AMAs in our telegram channel over the next 10 weeks, with a Total Reward of 5000$ USDT.
We start this Sunday 19th!
In case there are members that want to participate in that AMA, please join:
Questions Asked by our BlockTalks Community Members during live Session to P2P Finance Team!!
Q1. I read that with P2P finance Token Bridge users will be able to convert their assets from other blockchains to Cardano. Can you tell us how cheap and safe it is to interact with this Bridge? Since users will need to send their asset to the provided smartcontract address, won’t there be possibilities of loosing these assets? Hope the token bridge has been tested and verified by external or third-party?
Ans — The tokenbridges is at an early stage.
We are cooperating with a project to deliver such tokenbridge (ethereum — Cardano).
We have found a simple but affective solution, which requires:
- Custodian wallet
- Escrow smartcontract
- Oracle (to prevent double spending)
- continuous minting and burning smartcontract
=> Each and every piece NEEDS to be audited and be fail proof.
Auditing such smartcontracts would not be trusted to just 1 partner or third party, but multiple!
Q2. I could see that P2P finance is built on Cardona blockchain, however, there are limited number of wallets available on Cardona blockchain, won’t this be challenge for you in reaching more users? Which wallets will you integrate to help you offer your services to as many people as possible?
Ans — On the contrary
We are close to sign an MOU with a wallet that will allow P2Pswap to be integrated with the wallet.
Metamask for example is a swap aggregator. We would be the first swap — wallet partnership on Cardano blockchain!
Q3. I understand that P2P Finance wants to reward user activity and contribution to the growth of the platform by building its affiliate network, so can you explain how this affiliate network works? How do affiliates benefit?
Ans — You will have 3 downtiers and can earn from their user activity.
As we have address milestones, individual user activity is rewarded, but the affiliates get a commission of the address milestones rewards of their referrals.
Q4. Can you explain about the key progress of the P2P project? And do you have a killer strategy to pass on to competitors? In your own opinion, does the P2P project have any competitors?
Ans — Strategy planning is my strenght.
I have pawns in place that are not only innovational but will also brand P2P Finance as quality.
Q5. Are there any new rules in the republic of seychelles that I should be aware of before investing?
Ans — Since when does Seychelles have any rules? 🙂
We have registered the company 3 months ago on 24th June.
We have a legal office in place that will alert us of any changing and if we need to prepare for something.
Q6. Currently scams are still happening and harming the cryptocurrency sector, so can you explain why users and and the community should invest in the long-term development of the P2P Finance ecosystem?
Ans — DeFi stands for transparency.
Smartcontracts will be published in github with open repository.
As we are DeFi, there is no rug pull possible as long as the smartcontracts are bullet proof.
People that have experiecne with me know that I hammer on transparency.
Q7.Could you explain the basic mechanics behind your affiliate program? what consist of the kickback taken in the commissions?
Ans — to activate the affiliate program it requires 500 P2P.
- referrals that have the affiliate program active receive a 10% kickback of the commissions that go to his referrers
Q8. If we invest and p2p doesn’t collect all the money it wants to start, will we be refunded?Or it will start in any case?
Ans — The law says ‘if a softcap for a startup is not reached, a refund is mandatory’
We have sold over 30% of the softcap and marketing is just starting.
We have no fear to reach the softcap that makes us able to develop the products we introduce.
Q9. P2P finance is based on the Cardano blockchain, which is highly compatible. Is this the primary reason P2P.Finance chose Cardano in the first place? Do you plan to expand your project to include other blockchains in the future?
Ans — As the P2P Token utility is within the cardano blockchain, we are not intending to have it issued on a different network.
With a tokenbridge however users will be able to bridge the P2P Token to Eth / Bsc but the utility would not be functional.
Q10. Almost 77% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long time?
Ans — Long term:
We have a long roadmap, wth each product and feature bringing additional passive earning opportunities that should riase the demand for the P2P Token more and more
