Thanks all for participating in our Ofin.io AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you .
Mayank – Hello @eric_ofin welcome to CryptoNationIN 🥳 🥳 Glad to have you with CryptoNationIN. 🎊
Eric – Hey Mayank thanks for hosting us today its pleasure to be here.
Mayank – Before we start, I request you to tell about yourself and about Ofin.io project.
Eric – Hey everyone this Eric Wong from Ofin.io. So Ofin is a non-custodial investment protocol that enables crypto novices to invest directly into the funds managed by seasoned crypto traders and it acts as a trustless bridge between the traders and investors.
Mayank – Good to know 👍🏻
Q1. What is the top priority of OFIN PROTOCOL now with regards to developing your platform? What stage are you in the market now? How does the team handle some difficulties and challenges while building the project in ofinprotocol ?
Eric – We are in a very advance stage of product development and most probably we would be able to ship out the testnet by mid of Oct assuming smooth audit clearance from the audit firm. We have a very experienced development team which has been associated with ethereum since early 2016 and recently joined Emergo foundation as well to explore Cardano ecosystem.
Q2. Could You please talk about some Dapps development on Ofin protocol ? What role its native Token (ON) OFIN PROTOCOL plays in the ecosystem?
Eric – Along with the protocol development we are also working on developing first user facing application which will allow anyone to use ofin protocol. At a later stage we also expect other teams to come and build Dapps on ofin protocol for use cases.
Coming to the Ofin Token (ON) it is the native fuel of Ofin ecosystem which allows traders to create an investment pool by staking a certain amount of tokens and everytime a user and trader withdraw their profits they are charged a certain fee in tokens out of which 80% fees is distributed between the token holders and 20% goes towards decentralized protocol development fund (DPDF).
Q3. The ETH blockchain is very slow, high fees. So why did you build OFIN on the ETH blockchain? What is the main reason for building it on Ethereum blockchain rather than building it on BEP- 2/ TRC- 20/ DOT Blockchain? Do you have plans to launch your own mainnet.
Eric – While i totally agree with you that Ethereum is very slow at this moment however Vitalik and team are already working to solve the scaling problem however we also can not deny the fact that currently 95%+ crypto assets are based on Ethereum.
We also have plans to support Tron, EOS, Binance Smart Chain and Polkadot in near future. Its too early to decide a winner in this space and its very unlikely we will one blockchain doing everything.
Q4. What is OFIN planning for the year for the remainder of 2020 and 2021? Can you share some next major events of OFIN project? Which developments we can expect from OFIN project in next years?
Eric – We have a very busy calendar for the rest of 2020 as soon as we finish our token sale we will be entering into some very exciting partnerships along with token listing on multiple exchanges. We also expect our staking to go live max by 15th of Sep followed by testnet in Oct and mainnet due for launch sometime in Nov. We would be announcing our Ofin Roadmap 2.0 by end of Dec.
Q5. Can you give me 3 main reasons why I should invest OFIN in the long term? What is the advantage of keeping this token for a long and short term?
Eric – Ofin protocol is building something which is definitely need of the hour, if we really want to achieve mainstream crypto adoption we would need to build tools for crypto noobs who have very limited to no knowledge about crypto and investments in general.
For an example lets assume, John has $1,000 to invest in crypto but he has no idea which coin to purchase and can’t even imagine to manage his funds in such a volatile crypto market, and on other hand we have Michael who knows everything about the market and can lend his services to John for a fixed commission from the profits. That’s where Ofin comes in picture it creates a trustless bridge between traders and investors.
I am sure a lot of us have missed many 10-20X gains during this 2 month bull market and everytime we see a coin pumping we ask ourself “Why i didn’t buy this on time or why its not in my portfolio”.
Coming to token part, ON token holders have ability to mine remaining 50% of the token supply by staking tokens and support the network along with that 80% of the platforms collected Fee is distributed within the token holders.
Q6. Ofin is intended for people with little trading knowledge. When choosing the liquidity pool to invest in, do you have a catalog of options and suggestions for those who do not know much about it?
Eric – Yes we are working on different solutions to solve this problem and continuously engaged with traders and investors to come up with a easy to understand parameter which helps people in choosing the right investment pool based on their risk exposure.
Q7. Is there a minimum time for which funds must be left in the liquidity pool? Is it possible to withdraw them at any time?
Eric – The ofin liquidity pools does not lock the user funds and the investors are free to exit the pools anytime they wish to with any profit or loss.
Q8. What is the utility of your native token ON (OFIN PROTOCOL TOKEN) ? when can expect public sale of ON token Also, what special features do you have or plan to implement that keeps you ahead of your competitors?
Eric – Ofin Token (ON) has multiple use cases within the ofin ecosystem such as, In order to launch a new liquidity pool traders are required to lock certain amount of tokens and the fees is also charged in ON tokens. Ofin tokens can also we staked to mine remaining 50% supply once the staking is live later this month. The token pre-sale is scheduled for 4th of Sep at 1PM UTC and more details you can join our official group @ofin_io.
Q9. Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?
Eric – Yes we are already working with several local communities to promote the project in local languages.
Q10. Does OFIN Protocol have a Stake program? If so, where can I do it? And how is the income calculated?
Eric – Yes we do have a staking program and our staking should be live anytime before 15th of Sep and we will announce the staking model soon. Initially you can expect upto 77.77% APR staking reward.
Thank you to Eric Wong, and Community for participating in the AMA. Have a nice day