A recap of our just concluded AMA.
It is no news that having a stake in new crypto startups if done right has been a very lucrative endeavour provided you do your own research wholeheartedly. After the boom of Ico, Exit scams and rug pulling has been a recurring decimal in the Defi space. Aside these factors, there are several other factors which investors consider before throwing their hard earned money on an emerging project.
The whole Defi idea is undoubtedly still in its infant stage. Every Defi related project out there is basically still an experimental idea and a work in progress. Smarts finance is a new Defi frontier deemed at adding value to the existing Defi ecosystem.
Now the million dollar question is: why should you give this new dawn (Smarts finance) a shot?
Yesterday being 24th of November, we decided to hold an AMA session with our base community and believe me it was a massive success. The AMA is not to make you a covert but to serve a guideline for you while you do your own research.
If for any reason you missed our AMA, here’s a recap of what went down. Although we had loads of questions coming in from both our twitter page and the Google form. We had about 65 and 44 questions from Google form and twitter respectively. But for time management purpose, we had to streamline the list down to the 10 best questions.
Ride along!!
The AMA was anchored by the founders (Anthony p and Hillary Sam).
The party started off with Hilary Sam giving a quick overview of Smarts at its core. Afterwards, questions from our potential investors were dealt with.
Here is a complete recap!
🔹Questions 1🔹
How do you convince us that your project will be successful when we don’t even know your team?
Answer: The team wishes to be public having had prior experience working and interacting publicly in the crypto space with many projects for over 4 years.
However, crypto regulation in this jurisdiction limits how we can interact with crypto product offerings as a crypto project owner.
“Laws have to be obeyed”
But there is an advantage the blockchain technology permits. “The ability to operate without the need to TRUST”. The downside to this is that most crypto services or projects do not adopt mechanisms that implement this feature.
With our form of appearance, eradicating the need to trust the core members is a must-do. One solution that best addresses this is creating a multi-signature model to approve blockchain transactions.
That is why we are adopting a multi-sig wallet for our resources management, token allocation, and distribution. This will be achieved by hosting the wallet with entities who do not have a primary connection with the project founding members. With this, we selected our product building department from an outside country with a lenient outlook on crypto regulation.
Our devs are from Spain and are individuals with expansive knowledge and familiarity with blockchain, Ethereum, and DeFi concepts. They are the first party we deployed our multi-sig wallet with by using a consensus that allows both parties consent to approve a transaction. However, there is a downside to this on the outlook of outsiders. With this, our plan involves adding additional parties’ signatures to the wallet.
Decentralization is a continuous process and we are constantly on the lookout for entities that are capable of bringing this model into a working practice that limits team total influence on resource allocation, distribution and management.
Gnosis multi-sig wallet permits additional permission based on a logical level up to a balanced level.
We ensure the parameters are set right not to allow any of the parties involved to independently approve a transaction
The wallet contract can be found at
https://etherscan.io/address/0x07b9cafB1a7fC12Bb258D0F3985d1abaf3127b8f
We have a good track record working with successful crypto projects and have the minimum required knowledge needed to push the project forward in a positive light.
🔹Question 2🔹
If we see there are so many defi projects at the moment, but on average they don’t have any advantages, tokens are created, distributed, listed dapps, users add liquidity and get a pool share. After that there is no long-term progress for the project. Is the project Smarts Finance the same as other projects? and what are the investors’ reasons to buy and hold from this project?
Answer : Firstly, one thing that creates such chaos among DeFi projects is because of the niche being at its infancy and experimental stage.
Most products launch with Beta, which cements the risk involved.
However, just like how bitcoin is gaining notable adoption and growing popularity.
DeFi will surely see continued growth and adoption which by effect will make products offering and interaction more secure and safe to use as the niche matures.
On our side, we can not blatantly make a promise. However, we have devised an operating mechanism that should ensure the sustainability of the system.
Through:
• A burning deflationary model
• Buybacks mechanism using fees accrued from trading.
• A well-thought-out token distribution and reward mechanisms.
In the long run, all these implemented factors should sustain the total value over time bearing we have good support from the community.
🔹Question 3🔹
What will be the prominent use case(s) of the $SMAT token?
Answer : This is one of the most important questions to address.
SMAT token is the governance token of the Smart ecosystem.
It will be used in governance as dictating factors that propel the project forward by allowing community members to make proposals on how the products can be well improved and also a representation to vote on proposals.
Users of SMAT dictates how the project proceeds
On another side, it is the basis of incentives and rewards distribution to better encourage DeFi participants to push forward the notion of decentralized finance which is inclusive and meant for every common person.
🔹Question 4🔹
What are the strategies to attract new users and investors to your platform?
Answer : Marketing is the lifeline of any successful project. We are in contact with several marketing agents to promote the project to a wider audience and tap into different markets.
We are also in the process of establishing different communities under the umbrella of Smarts Finance.
🔹Question 5🔹
You said you have a distributed gas fee to minimize transaction cost by liquidity? Ok , will you be burning some coins quarterly because that is what is holding Tron from increasing in price, they burn few. Also if you notice in recent week 90% of crypto coins are in move, in the sense that the value has skyrocketed e.g btc,eth,even bnb due to their frequent review on gas fee. Would you do such to help encourage your holders.
Answer: We have so many quality questions to answer from the form section and had a headache selecting the above.
Nevertheless, we think the above question is an important aspect of our project too since gas problem is one of the major issues the Ethereum blockchain is facing which is not so good from the user experience point of view.
One way we can achieve this is by pooling deposits together in a pool and submitting them via a single transaction. This will decrease gas fee by 100x folds.
Regarding the other part of the questions. There are burning mechanisms that will be adopted to decrease the supply of the tokens which can affect their value positively with time.
🔹Question 6🔹
What is the unique thing that SMARTS brings to the blockchain community?Now is a difficult time when many industries are still hit by the pandemic, What is the current SMARTS revenue model?What motivates you to create the $SMAT project?
Answer : Innovations are needed to better the development of an industry.
Although, we are not offering entirely new products.
However, we are adopting mechanisms that are unique in their own way with different dynamics.
This is what makes us unique and stand out.
And we want to contribute to the niche by offering these models.
🔹Question 7🔹
How is the security system in Smarts Finance smart contracts? Usually the
re are bugs and often harm. Will you partner with another project to audit your smart contacts?
Answer : No doubt, security is one of the most important features of every entity, most especially blockchain projects that are operating around the DeFi concept. Security is #1 priority for us, and that is why we are using one of the best developers in this area with conversant knowledge of blockchain and related concepts for the development of our products.
Our CTO is an expert in this field with over a decade of experience working with big companies and operating a big company.
We are fortunate to have such competency in our midst.
Here is his LinkedIn profile detailing some of his work and experience.
https://www.linkedin.com/mwlite/in/jorge-rodriguez-115570139
Although we are also using outside sources for contract verification, auditing, and authenticity. Jorge made a deep assessment of our contract and confirmed it is safe on a level to interact with (the report will be published very soon).
Bugs and uncertainty are enemies of code and no setup is safe from them. Our contract Is liable to be affected by these. Nevertheless, we are adopting security practices that should ensure continued safe interaction with them.
🔹Question 8🔹
And how flexible is smart finance to change and keep up with technological trends? What is your long-term vision for the DEFI space in which the smart finance project operates?
Answer : The Smarts Finance team are a group of experienced individuals and are very vast with cryptocurrency, blockchain and the DeFi market.
We know what it takes to remain relevant in the space and we are ready to give it our best both technically and financially. Also, our products and services have been designed and will be adopted with unique features which render them flexible enough to accommodate newly improved and advanced technological concepts within the DeFi space.
Our long term vision is for Smarts Finance to remain relevant within the DeFi space without jeopardising but rather improving on the basics and fundamentals of existing trends in the decentralized finance system.
🔹Question 9🔹
There a lot of holders who did sell and run, how you maintain and keep the trading volume keep stable
Answer: You can’t directly influence what people do with their money. People have varied objectives and goals.What we can do is try to improve the operating basis of our project.With this, we will be listing on various Exchanges both decentralized and centralized one that has popular usage within the crypto community.
Our offerings, interaction, and promotional efforts should see good adoption that will ensure healthy trading volume to establish proper liquidity of our tradable token asset.
🔹Question 10🔹
What are different methods for getting $SMAT?Is voting available in Smartfinance?For a trader/investor why should select SMARTFINANCE instead of others?
Answer: SMAT can first be acquired in our coming sales. After this, they will be listed on Exchanges that trade crypto assets.
Yes, voting will be available. Our governance system will permit the ability to submit proposals and vote on them. This exercise will be carried out by SMAT holders and only them.
Our competitive edge lies in our ability to adapt or respond to current situations. The team has good individuals in their respective field that have the required knowledge to move the project forward.
The AMA was indeed a successful one! A reward Pool of $100 worth in ETH will be distributed within 24 hours after the end of AMA. to those whose questions were picked.
thanks for reading and best regards.
do ensure to Visit our official links for more information about smarts.
