Easyfi -Cryptoverse AMA Recap
Date : 12th September 2020
Guest: Ankitt Gaur — Founder
Q: Please briefly introduce yourself and easyfi to our community?
A:Well, to introduce myself, i have been working in technology space for last 17 years and in Blockchain for last 3.5 years to be precise. Wrote Book on Blockchain for explaining Blockchain to CXO level people in more non tech manner with an objective of fuelling the adoption of Blockchain as always it’s the CXO layer that drive the mainstream adoption of any tech. I started Koinfox in 2018 and was then joined by other two partners Anshul (Who is also a co-founder here in EasyFi) and Opinder. After running Koinfox successfully for 1.5–2 years we decided to go deeper into this tech revolution, hence decided to do some ground level work. Hence started EasyFi with Anshul Dhir as Co-Founder and announced the project in August.
EasyFi is a layer 2 Lending protocol focused on solving an urgent pain point of exorbitant gas fees. Along with that, EasyFi is built to strengthen the borrowing side of lending protocols. hence most of our modules are built towards borrowing.
We are a lending protocol, built on Matic Network (not polkadot). We chose Matic due to its compatibility with Ethereum code base hence availability of Devs and it makes team building $EASY.
Q: Everyone is bringing new #DeFi Projects in no time. How $EASYFI is different from others?
A: Easy differentiator: Many #Defi projects are coming with unrealistic APYs as just forks and are looking at riding the wave. BUT, easyFi is built based on research worth 1000s of man days and sentiment review of the core defi industry specifically Lending. Instead of commenting on Defi overall, i would like to refer to Lending industry as that’s main area of business for EasyFi. Well, decentralized lending has inherently one fundamental problem and that is Borrowing (Deployment of funds) which can only improve over time with efficient solutions and we at EasyFi are committed to work towards that. All our modules are built with this core problem in mind.
Q: Can you briefly explain the Micro Lending features in Easyfi Network? What are the pros and cons?
What are the qualifications and requirements needed to be eligible in this feature?
A: Mirco lending is basically very small value loans to be returned within a fixed period, else considered lost. these will be loans with 0 to very small collateral. Hence, the amount will be very small. Loan withdrawl and collateralization will be enabled based on one’s trustscore which will be automatically generated on Blockchain. Consider it more like a Cibil Score for Decentralized Lending
Q: What are the main real utility and use cases of EASY tokens in the EASYFI ecosystem? Why should I invest EASY token investor? HOW can we earn EAST TOKEN?
A: Governance, Staking rewards (Dual Farming), User Incentivization, Cross chain settlement bridges. More on this will be released in Whitepaper in next 1–2 days. You can earn $EASY tokens by interacting with the protocol, that is by supplying, borrowing, repay, withdraw funds. More on this will be released as a Video right ahead of protocol Launch next week.
Q: How easyfi will be implemented in India since there are no proper regulations?
A: EasyFi is a decentralized protocol, hence not limited to any one specific geography. It’s a protocol on BLOCKCHAIN which just exist as money market.
Q: What does the Easyfi team think about long-term competitors such as traditional financial institutions, and what long-term strategies do they have to embrace traditional financial consumers?
A: There is no competition with traditional financial institutions. Don’t forget, at the end EasyFi is a protocol a.k.a technology which enables Lending operations. Instead of competing, we would rather invite the FIs to come and run their lending business on EasyFi. That will be the real power of a protocol. Hence, there is no competition, rather its more of a facilitation. BUT its a bit far fetched as of now as merging of Defi and traditional Finance is a VERY BIG thing, and the path is not that simple. The day it will be opened, we will make it .
Q: what are some key differentiators the EasyFi team has that make it particularly well-equipped to accomplish your goals?
As mentioned earlier we are focusing more on enabling and facilitating more forms of lending so that people can take loans more easily. Unlike current protocols, which are more focused on TVL and Supply side. Hence most of our products are aligned to borrowing side instead of Supply.
We have written many articles about these things please follow our announcement channel @easyfiann to stay updated and read more on these areas.
Q: What is the relationship between Easyfi Network and Matic Network? How are these two projects correlated? Do you own the same CEO?
A: No I am not CEO Matic. Lol!
Yes, we have been working very closely with Matic teams on different initiatives. Infact our project trustscore also received Matic grant last year for developing decentralised credit rating mechanism.
I have already mentioned why we chose Matic. Relationship that we have with matic is same that any defi project has with Ethereum. I.e. we are built on Matic.
Another thing Matic is supporting our Dual farming Initiative to begin with. Details of the same will be released via our announcement channel in weeks to come.
Q: How will Easyfi solve the expansion problem? How will it overcome the threat of community centralization?
A: Well we already have built many global partnerships and have reach to many countries. Hence protocol is not just limited to India. Details about the partnerships will be released gradually.
Further, the yield on idle funds is negative to 0 in European countries. Hence defi especially a money market protocol is a ripe opportunity for those idle funds to be put to use for some interest being generated.
With our focus on borrowing side and having created more channels of funds movement it will attract more and more customers.
We are already a established business hence have decent cashflow to sustain the project, plus we have raised some strategic investment to bootstrap the project from a closed circle. Hence we are good for next 24 months
Farming will be enabled for incentivizing the early supporters of protocol to get the tokens generated based on their interaction with the protocol.
To begin with EasyFi is starting as a fork of compound’s solid code base to not re-inventing the wheel. Rather we are working on making the wheel tubeless and nitrogen gas enabled so defi cars can run faster.
Q: What are the requirements to participate in the governance of the project? Is there a minimum of tokens that are needed to have the right to vote? Also, what would be the benefits of this?
A: $Easy token holders will be able to decide and run the protocol in times to come in form of voting and proposals. Something similar to compound.
Q: Easyfi claim to be a solution in terms of credits not just to digital space also the real world ( example : salaries), but how you guarantee the protection of your Lended funds? How you prevent the “EXIT SCAM” by inappropriated users?
A: Many geographies today already enable salaries in crypto like New Zealand, Australia, UK etc. We are already working on ground level to enable payday loans via EasyFi. Since the salaries in crypto are transferred via smart contracts, the routing is concrete. And these are most secured form of lending after collateralized lending. Hence the NPA ratios are too small in this category.
Q: What is your stragety to marketing and for Mass Adoption ? How do you evaluate the support from community?
A: As we mentioned EasyFi is very heavily going to work on the Borrowing side of avenues like one mentioned above hence will be enabling more revenue streams for Capital suppliers to the protocol.
Q: Have you considered the creation of a Mobile version of EasyFi? EasyFi can be integrated to Wallet like Metamask or Trustwallet?
A: We will enable protocol with Metamask. Post that we will release a SDK enabling various developers and wallets to integrate Easyfi into their native applications.
Q: What are the features of the partnership between Easyfi and TrustScore? What benefits does TrustScore offer Easyfi and how does it contribute to its growth?
A: TrustScore and EasyFi share some common members in the founding teams though not all the founding team members are same. These two are two separate businesses. In simple terms can be looked as cousins.
Q: what is the mission and vision of this Easyfi project? simply a platform that allows any user to enjoy DeFi financial services?
A: Vision of EasyFi is reflective in its name. Easy Finance is what Easyfi stands for.
We are working towards enabling easy finance for anyone anywhere in the world.
On the mission part to be precise we are solving issues one at a time. To begin with we are bringing down the transaction costs. With current gas fees on Eth blockchain Micro Loans are not at all feasible on ETh. Hence Matic.
Secondly, reducing the collateralization ratio. Currently collateralization ratio is 196% we are working in bringing that down.
Further, securing the capital with Credit Default swaps. Which is more of a debt insurance. Finance enthusiasts can read about it on internet. We are also having an article coming on this.
In Short, there is lot to be done.
But Vision and Mission is clear, and we are on it.
Q: What message do you want to send to community through AMA today?
A: Support us with love for the project like you all always have. Plus continuous feedback for us to improve if we start to fumble so everyone in the team stay on its toes.
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