A Recap of our just concluded AMA with ICO Pantera
At Smarts, we believe one of the best weapon to build a strong community is to engage them. In this article, we highlight some of the best questions asked by our brooding community in our recently concluded AMA workshop hosted by ICO PANTERA and co-hosted by Hillary Sam and Anthony Paul.
The questions banks started off on a lighter note and gradually progressed into more technical aspects as we stream rolled and uncover what Smarts Finance entails in clear terms..
Find out and acquaint yourself with all the details below
Question 1
Please introduce the project
Answer: Smarts is an innovative DeFi platform which offers services and products aimed at providing an autonomous and flexible money market on the ethereum blockchain. To achieve this, Smarts will utilize a community-centric approach to reach consensus on decisions to move the project forward,
As a holder of SMAT, you get to partake in: Smarts Staking, Smarts Lending & Borrowing, Liquidity mining and farming. Also, as an Holders of SMAT you will be able to perform the following role in governance:
- Change a market or service interest rate
- Propose listing of a new token market
- Redefine reward structure and their distribution
- Propose contract terms or update oracles
In addition to that, SMARTS Finance mission is to democratize the DeFi ecosystem by adopting an open but fair economy that can bring about true decentralization. Smart just like the Ethereum blockchain on which it is built upon, fully embraces anonymity. So token holders via community tools of engagement such as proposals and voting dictate how the platform is governed.
We are sure of success because SMARTS is completely decentralized and transparent in our dealings as we put the community first. Also, our mode of operation is unique as we provide one of the biggest APY to investors and the same time maintain a sustainable ecosystem.
Question 2
The most important part of DeFi is autonomous trading and growth through DEX. As a result, many systems such as Uniswap / BSC appeared. Is Smartsfinance also planning to go public with Uniswap?
Answer: Yes. As a DeFi outlets. Our first listing iteration will features decentralized exchange.
We all know the reach and popularity of Uniswap and it's definitely one of our top priority exchange.
Other than this will plan to list on many Cex exchange to complement the use choice of many traders and users alike.
As you know exchange listings are not to be made public unless they are confirmed. Therefore, we are restricted on how much information we can give on this.
Question 3
Among the characteristics of Smartsfinance, it is said that it collects all the deposits in the pool and carries out transactions at once to solve the high gas cost. I heard that it will reduce the cost of gas, how does this system work? I can't understand at all. Please explain in detail.
Answer: Ethereum though with its huge adoption is very expensive to use. We thought implementing a feature that will ease the onboarding process would be an advantage on the project side as well for the users.
Answer: We can achieve this by pooling transactions together in a contract and submit it via a single deposit. This will by effect limit the gas cost by many folds
Question 4
The SMAT token is the governance token of smart system. Many of the DefI projects have launched a set of tokens, along with governance tokens. Typical examples are kava and hard. Do you have plans to release other tokens like the kava project at smarts finance?
Answer: SMAT will be the single token to govern the use of our ecosystem and network. It will be utilized in governance as we believe decisions should be made by participants of a system. It is also the basis of value generation and distribution for participants of our network
No, we won't discharge other tokens with our network, not at this initial phase.
Question 5
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: What makes us stands out is our unique and dynamic offerings. Although we are building on existing tech. But our offering takes new concepts and approach that is unique in their approach.
Firstly, our staking product goes over the use of the native token only and will adopt other ERC-20 tokens to be staked to earn SMAT.
Secondly, we have an attractive Liquidity mining proposition with good profit return and a logical vesting period to limit market influences.
There is also a fee implementation for buys and sells which cumulated amount will be used for buybacks and further reward distribution in other to support the market value for the token.
Our motive for creating the project is to bring additional use cases to the DeFi products and lay out new models that can be incorporated.
We set out to provide additional opportunities to DeFi participants and are not operating under a profit-generating mechanism.
Other than the assigned team token portion. Other than this all generated fees and funds will be directed towards the project use and promotions.
Question 6
SMAT allows us to vote and change governance. Also, they said that they can get compensation by steaking SMAT. Steaking systems are already in use on many platforms. What's the reward for SMAT's steak? Also, I heard that investors who use LP will be given incentives through SMAT, what's the ratio?
Answer: Yes. Decentralization is an inclusive notion that allows everyone and anyone to participate in offerings established around it. We are building on that notion and want to make sure the core decisions are made by the user of the products through the governance function and structures. With this participants will permit and define
- What needs to be removed and included.
- Rates they are willing to work with.
- Future direction and progress of the project
The essence of Decentralized finance (Defi) is to redefine finance, its approach, and liable profit rates. One of the ways this has been done by many establishments is through staking. With time it has proofed to be a good way to incentivize participants. Smarts Finance will have a staking feature not only with our native SMAT token but with other ERC-20 tokens voted in by the community.
We need to define the final token availability (Incase of unsold tokens that might be burnt or re-allocated to the reward pool based on community decision) after our Token Generation Event to finalize the rates of rewards as this is a very important subject in order to set sustainable rates. Nevertheless, early participants will have the benefits of being exposed to at least 200% APY on staked and deposited assets.
Question 7
The SMAT in Smartsfinance is a governance token. SMAT uses include market use / new token listing / compensation structure change / Oracle update etc. But these systems are in other projects. What systems will be added in the future?
Answer: The role of governance permits a wide range of permission and innovations. Some are obvious from the onset, others are discovered along the journey.
Governance will allow many of the features that are mentioned and many more to be carried out. The important relevancy is that it allows decisions and new ideas to be made and brought forward.
More importantly, Smarts is built to be adaptable. This powerful function will ensure we continue to adjust to new strategies that will permit the continued usage of the token.
Question 8
How is the security system in Smarts Finance smart contracts? Usually there are bugs and often harm. Will you partner with another project(slowmist or certik) to audit your smart contacts?
Answer: We "the Smarts Finance team" are of the notion that security plays a huge role in the success of every entity, most especially blockchain-based projects that are operating around the DeFi concept, and that, it comes with a lot of responsibility. Security is #1 priority for us, and that is why we are engaging the services of well-qualified developers in this area with conversant knowledge of blockchain for the development of our smart contracts.
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.
Part of the security measures we've taken was making a deep assessment of our contract with confirmation that it is safe to interact with by our CTO. Here is a report of the internal audit done by our CTO
Note: 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.
To further strengthen the security of our Smart contracts, we look forward to partnering with professional bodies such as certik and the likes to do a proper audit for our smart contract and confirm its safety very soon.
https://www.linkedin.com/mwlite/in/jorge-rodriguez-115570139
Question 9
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: Sustainability is the keyword here!
One way we can effect that is through a well-defined reward distribution model. As such, we will be introducing additional vesting of the newly distributed tokens given to investors as a reward for providing liquidity to keep the Smarts Tokenomy healthy.
Another is by increasing the rate of adoption as a continuing interest in the project will ensure it keeps surviving and performing well.
If we see, most of the established DeFi projects are also limited to the initial features but the continued use of the network through interest ensures that the project keeps striving and surviving.
We have drafted a good marketing channel that should allow good adoption over time which by effect should give a good reason why investors should invest in us and stick along.
Other than this, our rewards mechanisms are attractive and should be profitable enough for many investors.
Question 10
I heard that voting is possible at Smarts Finance.
What are the other ways to get SMAT and why are you asking investors to use Smarts Finance instead of others?
Why should I choose you?
Answer: Yes. Governance will feature a voting process.
We have an upcoming Token Generation Event starting 15th of December, which is a good way for qualified participants to get SMAT.
People who are unable to participate can obtain the token from exchanges where it will be listed after the completion of the TGE.
Smarts have many unique features that make us stands out.
Like mentioned above. Our staking feature and mining program have features that are unique in their own way.
Why investors should choose us is because we are here to stay and work through the booming and rough season. We have a system architecture that is adapted and flexible with other attractive proposition. Also, we understand the importance of adoption and will give it a good short to spread the reach of our project.
Question 11
Most Defi projects are parming. We make LP pools, we deposit assets, and we mine tokens. By the way, Smarts Finance pre-sells about 12 percent of tokens. I'd like to know why you've planned this token matrix. Some teams don't have enough capital, so they ask if they did this to increase their capital through pre-sale.
Answer: As mentioned earlier, SMARTS Finance is building around existing concepts and models of the DeFi offerings but we are doing these with different dynamics and approaches and that makes us stand out.
I will like to bring to the notice that due to recent developments, we've revised our tokenomics to bring in added advantage to the SMARTS ecosystem. In view of this recent development, 25% of our token is allocated for our Token Generation Event (TGE).
This tokenomics was a well laid out plan set out to foster the prominent use case of SMAT as a governance token to vote on proposals, provide huge incentive for SMAT holders and stakers, and at the same time maintain sustainability, and trigger a healthy market and reward system with high APY for long term investors.
Question 12
What's the team composition of Smartsfinance? Even if you look at the homepage / white paper / SNS, there is no information about the team. They said that they will maintain a semi-anonymous state. However, as the DeFi market became active, a lot of scams came out, and projects were often abandoned and disappeared. Investors are unlikely to trust the Smartsfinance project unless we disclose the team member's information.
Answer: "Trust the tech/code and not the team, because that's exactly what the decentralization from "Decentralized Finance (DeFi)" preaches."
Notwithstanding, 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 external parties’ signatures to the wallet of which ICO Pantera is a bearer.
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://wallet.gnosis.pm):
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 13
If you look at the website, it says that the DeFi platform is still in the experimental stage, so it requires caution. They're saying they're not confident about their platform. If you look at these words, investors will not be able to trust them. What do you think?
Answer: DeFi is a relatively new form of financial system built on top of the blockchain. The fact that it is new explains why it comes with a lot of risk which might be as a result of bugs and uncertainties.
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.
In a bid to maintain transparency, the information on our website is there majorly to sensitize our investors about the risks which comes with investing in the DeFi market despite the mouth-watering reward it offers.
We are totally confident about the services and products we are here to offer and we have devised an operating mechanism that should ensure the sustainability of our system.
A look into our whitepaper, roadmap, coupled with the dedication shown by the team and support from the community will definitely convince you as 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 14
Smartsfinance has the largest number of SMAT/ETH pools. Are you going to provide additional grasses? I heard that there is a 6-month lockup when using ETH Pool, why did you create such a system? Is it a way to stop inflation?
Answer: SMAT/ETH liquidity pool will have the highest assigned rewards. As a new token. The token is currently still very volatile and there should be enough compensation to complement this singular factor.
The lockup period was to ensure the rate of the pool is feasible to trade and interact with. However, with recent revisions, we will be locking this pool for 3 months only, as we want to prevent a scenario where we hold investors' funds at ransom for a long term. After this period has passed users will be able to unlock their liquidity at a random rate within a month while the reward is subjected to another vesting period of 1 month for its distribution.
All these is to prevent the release do not interfere much with market activities. To complement this we will be locking additional liquidity to ensure the liquidity and trade of SMAT/ETH is viable enough.
Question 15
The characteristic of DeFi is the price increase. The reason DeFi received the most attention in 2020 is because of its high rate of increase. I think SMAT can also show a high rate of increase. Is there anything you have prepared as a means to increase the price? (MM or incineration / Lockup)
Answer: First of all, I will like to bring to the notice that the SMARTS Finance team would have no direct influence on the price of SMAT token. The price of SMAT will be determined by different factors like demand, supply and the use cases.
However, we have devised an operating mechanism that should ensure that the usecase built around the SMAT token is highly effective to trigger a sustainable balance between demand and supply of SMAT token.
Furthermore , we have devised a working deflationary model that reduce the supply of SMAT token overtime. We are incorporating a buyback mechanism of SMAT directly from the open market using fees generated from trading, and we also have a fair token distribution model to minimise constant sell pressure of SMAT into the open market.
In the long run, all these strategies we are implementing should provide a sustainable SMAT tokenomy and indirectly affect the value of SMAT positively over time.
Question 16
I think the core of the DeFi platform is the creation of an ecosystem. I think it's essential to create an ecosystem to provide and use liquidity. I think partnership is essential for that. But Smartsfinance doesn't seem to have any projects to build an ecosystem. There is no information about the partnership. You're not ready?
Answer: As a new project. It is expected to build step by step.. We are working towards many partnerships which will be announced in the coming days.
We are ramping up our marketing a strategy and with the coming TGE (Token Generation Event). Enough resource should be available to pursue more marketing actions.
Question 17
I think a lot of difficulties will arise in order to use Smartsfinance for people who are not usually interested in blockchain. For first time entrants, I would like to know if Smartsfinance is preparing a guide.
Answer: There will be guides on our upcoming new website which will features powerful features. Everyone needs to acquire the knowledge of what they are interacting with. We are working to provide that.
Question 18
Protecting users data and privacy has become a problem that many companies/projects must face in their development.
So can you explain a bit about your project Security?
Answer: We are a decentralized outlet and would have nothing to do or interfere with users data and privacy (questions about security was answered earlier)
The AMA was a big success and we appreciate the participants and the team of ICO Pantera for hosting us.
Do ensure to Visit our official links for more information about smarts.
