Recap AMA with BEAKING
On Tuesday, May 18th, we had the pleasure to welcome to our Telegram chat
Potti ( Chief Community Officer )
We asked them questions about the development of Crafting Finance.
INTRODUCTION
Q 1~ Can you please introduce yourself and your background, also introduce the team working on Crafting Finance?
A~
Potti : I’m Potti, and I am the Chief Community Officer, I am a heavy Defi User and a Crypto early adopter.
Crafting Finance is founded by a US PhD team, members of the team have many years of experience in the development of Ethereum smart contract, and are familiar with the development of Polkadot technology framework Substrate.
Q 2 ~ What is misson of your project? And what users can get from Crafting Finance?
A~
Potti : Our mission is to realize a decentralized virtual asset issuance platform and decentralised contract trading exchange, which can not only replace the perpetual/futures contract functions of major centralized exchanges in the long term, but can also even realize the issuance of any type of assets on the protocol, and play an important role in the traditional financial market.
We know that centralized contract exchanges have exposed more and more issues, and the entire industry needs a solution for decentralized contract exchanges. The decentralized contract trading program of this project not only has the characteristics of general DEX, such as openness and transparency, anti-censorship, and does not require KYC, but also because there is no counterparty, it perfectly solves the problems of general DEX in transaction depth and liquidity. Therefore, we believe that the prospect of CF is very broad and it is a real DEX solution.
Q 3 ~ Could you explain a little about Crafting Finance and what makes it different from other projects?
A~
Potti : Crafting is a synthetic asset project based on the Polkadot ecosystem. Similar to Synthetix, it provides the issuance and transaction capabilities of various synthetic assets, which can support the issuance and transaction of almost all types of cryptocurrency assets and real assets. The important modules of the product include MintR, Kingsman, and various synthetic assets (Raft, RaftStable, UnivRaft, BondRaft). MintR supports a variety of collaterals to generate various synthetic assets and even user-defined assets. The debt pool model DEX used by Kingsman does not require counterparties, which solves the problem of DEX trading depth.
We know Synthetix on Ethereum is the inventor of synthetic assets. So it is better to explain what is different from them and what upgrades we will provide, as follows.
(1) We support multi-token collateral to issue synthetic assets, while Synthetix only supports their own token SNX.
(2) We can forge all types of synthetic assets, such as Bond, stablecoins, customized assets, etc. directly, while in Synthetix you need to mint their stablecoin and convert to other assets.
(3) After allowing users to issue synthetic assets, they can choose whether to join the shared debt pool (SDP). This is our most important innovation over Synthetix.
(4) Multiple debt pools are natively supported (the synthetic assets issued by synthetix directly enter the debt pool, and multiple debt pools are not supported). In the future, the debt pool can be split based on various methods (when the liquidity is enough, it can be completed by DAO)
Q 4~ How you tell us about some of the partners project is currently working with Crafting Finance?
A~
Potti : Yeah actually we have partnership with Acala and chainlink.
We will use Acala as parachain and chainlink as Oracle. And there are plenty of partnerships we are going to disclose
Q 5~ How can we use the product & what are the ways to get involved?
A~
Potti : Just like all Defi platforms, it is pretty simple to use. Users can stake their tokens to use all functions directly and CRF holders can participate in community governance.
And of course it is a global project and you can use it from anywhere in the world. We know it is the best feature of Defi. Defi means decentralised, uncensored, permissionless financial service for everyone. It has no threshold, provides financial freedom for everyone, and at the same time guarantees safety. We believe Defi will definitely make the old ridiculous banking system obsolete in the long term.
QUESTIONS FROM TELEGRAM
Q~ I would like to have a long term investment with your project but at the moment I have doubts, how can you convince and convince me that this project is very promising?
A~ All our investors believe that we are a very promising project which will change the financial world, so we believe they will hodl the tokens for the long term. And we have three ways to encourage users to hold CRF(project token).
1. The system will also reward the users who’re using the CRF as collateral, so the investors will choose to forge to get the reward, which will also benefit the liquidity of the system.
2. The fees collected from trading in Kingsman will enter the fee pool. Those fees will be used as rewards as well as buy back and destroy CRF.
3. Users who choose not to join the SDP will pay interest on their synthetic assets, and the interest will enter the interest pool. Those interests will be used to buy back and destroy CRF.
With all these three incentives, there will be a very solid support for the price of CRF and it will be beneficial to the long term holders.
Q~ 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 ?
A~ Sure. You are very welcomed to participate in contributing to our project. And we do have plans for this. Please stay tuned.
Q~ Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?
A~ I think the most difficulties in this project is that we creatively allow users to enter the debt pool optionally, and of course it is also our important innovation, which allows users to have more choices and increase user experience. We innovatively put forward the concept of “personal debt pool”. The synthetic assets minted by users will be similarly added to a “personal debt pool”, and the system can calculate the debt pool accordingly. When a user wants to join the “shared debt pool”, we need to perform two operations:
Record the user’s debt amount, add the debt to the shared debt pool, and then update the user debt ratio of the entire debt pool;
Record the user’s current issued asset type and quantity, and add the asset to the liability calculation of the shared debt pool.
After these two operations, individual users can rejoin the shared debt pool. This function has high requirements for the development of smart contracts, and we are in the process of research and development.
Q~ There are 3 core issues prevalent in crypto and blockchain: Security, Interoperability, and Scalability. How does Your Project plan to overcome these issues?
A~ Security is always our top priority and we will do everything to ensure it. All our codes will be audited and we will run a lot test to verify the robustness of the entire system.
As for interoperability and scalabity, we know Polkadot is designed for interoperablity and our project is based on it. It has better scalabity then Ethereum as well. So there won’t be these two issues in our project.
Q~ What is the structure of this project , is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
A~ It is a decentralised and open source project, so everyone will be able to contribute.
The project token CRF will be the governance token. Every token holder can participate in the community governance.
QUESTIONS FROM FORM
Q~ As far as I can see, NFT and BSC are the next trend of new projects. As I know there are a lot of very good development projects on this platform, what do you think about this development?
A~ NFT is indivisible, irreplaceable and unique. Its unique feature is reflected in the blockchain. This is a very important application on the blockchain. You can’t get the same tokens as others. This is its feature.
I also think BSC is a very good platform for NFT.
Q~ Where is road map now? Are all targets in accordance with the current road map?
A~ The roadmap is in the BP which you can find it on our mainnet, and we could say that our progress is beyond the plan now.
Q~ Does Crafting Finance target only on Crypto Space? What about the real-world companies?
A~ Of course we will target real-world companies as well. Because of the nature of synthetic assets, we can mint anything on-chain actually. So we will not only have crypto assets in Crafting, but also real-world stocks, gold, financial derivatives, etc.
Q~ What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
A~ I think the top 3 things are launching the platform, starting the liquidity and reaching a market cap of our RAFT.
And we will focus on listing more kinds of synthetic assets and improve the TVL and market cap of the RAFTS. We will also launch our DAO system, which means Crafting finance will become a distributed project.
CONCLUSION
Please feel free to come join us at
https://t.me/craftingfinanceofficialgroup
It’s really nice having the Crafting Finance project in here!!!
Welcome to join our official channel for more information and discussion:
Website: http://crafting.finance/
Twitter: https://twitter.com/craftingfinance
Telegram: https://t.me/craftingfinanceofficialgroup
