Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with SCIFI Finance, on December 9th at 02.00 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 SCIFI Team, 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 SCIFI Finance to our community in layman’s term?
Ans — SCIFI is an index token, curated by industry experts that gives exposure to vetted small and mid cap projects. SCIFI is 100% collateralised by these tokens. We believe its super hard to pick those. Hence we are creating a product people can get exposure to this part of the market. SCIFI is governed by SPICE token holders. SPICE is a governance token. 2.5% of SPICE is always included in SCIFI. Hence there is a demand for SPICE, impacting the tokeneconomics. At the same time this enables to make SCIFI without any fees. Everybody benefits SCIFI investors and SPICE holders. SPICE is supported by the senators, a group of the most recognised KOLs in the industry.
Q2. What are the advantages of SCIFI Finance to other alternatives in the Blockchain field?
Ans — There are some other really great index projects on the market at the moment, which really shows that the market is making a similar development as the traditional financial market did with ETFs.
What sets us apart is the combination of a focus active curation of low and midcap constituents, involvement of the community through the SPICE DAO, a zero fee structure for the product. And I’d say that the brand is pretty special too.
Q3. What are the major milestones SCIFI Finance achieved so far & what are in the future pipeline?
Ans — We have been building and preparing SPICE and SCIFI the past months until we announced it last week. During this time we were able to get the leading figures from the crypto community involved, people such as the crypto dog or the wolf of walstreet to just name a few. We are ready with the product and are now preparing the public allocation of SPICE which will happen in very due time. Right after that we will be creating SCIFI with the first set of projects included. We have a ton of great partnership innitatives and product upgrades vcoming up next year. Also we will be starting to decentralise the governance through the DAO.
We want to already enage with our community. One example is to aks them for the communitay gem. So feel free to participate.
More info on the communty gem:
Questions Asked on Twitter For SCIFI Finance Team!
Q1. I read that Scott Melker, a major trader and investor, will be a member of the Galactic Council of SCIFI Finance. What requirements need to be met to be part of that council? Can any user become a member of that organization?
Ans — Yeah we are super happy to have him and all the others on board. In fact, we are going to annoucne a couple of additions later today.
Initially we are installing the Galactic Council, making sure that the members have a good undertstanding of the marekt and its dynamics and have a trusted reputation and significant reach.
Later on, we will involve the DAO in the shaping of the Council. The exact process will be fleshed out in a lively discussion with the community, as we want to involve them as early as possible.
So to answer your question, anyone who meets above criteria and who is supported by the community can become a senator, yes!
Q2. what are the benefits for early adopters participating in the Big Bang $SPICE public token sale? If Uniswap will endow its liquidity pools with autonomy, set fee rates. Will SCIFI services be in demand?
Ans — I guess with a lot of good public offerings they showed to be a good investment to be early in. Not implying this is the case.
But we believe that we have a very interesting and novel distribution structure. We are creating a uniswap pool that will result in a price of USDC 1.40 per SPICE. With demand the price will go up. We implemented 5 price floors by setting limit orders. All limit orders that wont be sold will be burned, resulting in a demand contraction.
Also we will not announce the final date and hope people will benefit from beeing fast instead of having most of the funds.
Here is an overview of what the price mechanics will look like. Read up more detail here:
The Big Bang
The first issuance of $SPICE in a public distribution will take place soon.
Q3. I came across Galactic Council in one of your medium article and I’ve been anxious to know more about it since then. Can you tell us more about the Council, how they were chosen, what responsibilities will they be saddled with and is it possible for the community members to nominate and vote for their favorite crypto influencers to be among the Council?
Ans — The Galactic Council is part of the $SCIFI mission to educate the communities about $SCIFI and $SPICE and to broadcast the messages. They give valuable feedback on the project and have a unique understanding of the space.
The group was chosen for their expertise, reach and reputation. In the future, yes — the DAO will be involved in shaping the Council.
Q4. I find SCI Finance’s vision, solution and mission to be amazing. But that is in theory, and in fact is a different story. For SCI Finance to be as realistic as you say it needs a strong, experienced team. So can you recommend your team (Founders, R&D, Developers, etc…)?
Ans — I fully agree, it takes experts from different fields to achieve our mission in provididing a key gateway for investors in the market. We believe we assembled this so far, but are concious that by leveraging the community and a DAO structure we will be adding more insights, knowledge and capabilities over time. This can be clearly understood as an active outreach for you, the community to get involved.
Q5. Lots of angel Investors available in Blocktalks community, and many projects on the High-DeFi end has turned out to be a bad investment for us.
How can you guarantee our investment is secured and yielding with Albetrage?
Ans — With a bull market people tend to do less research and invest as they believe all investments are going up. It requires lots of ressources and knoledge to pick the right investments. Exactly for this reaspon we believ SCIFI is providing so much value. If you believe you can do better piucks than SCIFI, let us know. We are actively listening to the community recomendations of projects. Speaking about the value appreciation of SPICE we have a very clear token economics. With SCIFI and other future products growing there is demand for the SPICE as a constitute. So demand is increasing with the growth of the product and hence the value of SPICE.
Questions Asked by our BlockTalks Community Members during live Session to SCIFI Finance Team!!
Q1. Could you tell what differentiate $SCIFI from $SPICE? What role does each play in the ecosystem and why two different tokens?
Ans — SPICE is the governance token of SCIFI. SCIFI contains 2.5% of SPICE, creating a demand for SPICE.
SCIFI is a basket on tokens and investors receive exposure to that tokens, similar to what a NASADQ ETF gives an investor exposure to the underlying equities. SCIFI does not charge any fees from investors.
Q2. What is the release schedule of tokens? What jurisdictions are eligible to participate in the sale? How to buy $SCIFI ? What is your listing plan after the sale ? DEX or CEX….?
Ans — You can see the schedule in the lightpaper here: https://docs.google.com/document/d/1FZ8PGEIvUcr9KnyTowOv-KFBHevoNADee_fhkPTorsA/edit#heading=h.6wgf587q386z
The public sale will take place on a DEX. All info regarding this is available in this post: https://scifinance.medium.com/archived-the-big-bang-831ed0b54922
Q3. I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?
Ans — We are implementing this. Best way to get started is to join or DIscord and join the dev channel. https://discord.gg/JV53jHCf
Q4. Can you explain me about the performance chat? Where did this idea come from and when do you plan to implement it? Do you have new projects and new earnings dynamics in the future to attract the beholder eye, investors and users to your platform?
Ans — not 100% sure what you mean, but the performance chart can only show data, once the tokens are on the market. It will be live for SPICE after the public sale and for SCIFI when the index token has been minted.
Q5. Recently there have been many projects pre-selling to the public, this is a good product introduction strategy, does SCIFI Finance open a public pre-sale? and what is the minimum nominal to participate on your platform?
Ans — We did a private sale. Private sale tokens will not be allocated before the Big Bang (public sale) is finished. Private sale is closed.
Q6. $SPICE is very interesting name Why do you choose the name of your projects native token Where on this name derived and any for inspiration behind the name of the project?
Ans — Thanks! The name for $SPICE was inspired by a cult classic science fiction epos called Dune. We find it brings a great backdrop to build the story around and is a lot of fun to create and consume 🙂
Q7. Do you have any plans to attract non-crypto investors to SCIFI Finance and how? What are the actions to increase awareness around SCIFI Finance in non-crypto space?
Ans — We believe that SCIFI is a great gateway not only for the knowledgeable trader but especially people who are new to the place and are looking for a diversified investment solution.
Q8. Big Bang is the name of your public token sale, so can We know what are the requirements to participate and obtain $SPICE tokens? How many % of the supply is destined to be sold during this event?
Ans — 8% of the total supply will be offered. The exact details can be found here: