ADD.xyz AMA Recap

ADD.xyz AMA Recap

CryptoDiffer team

Hello, everyone!

We are glad to meet here 

CEO at ADD.xyz (@CryptoArnie)

CEO at ADD.xyz, Arnie Hill

Hey everyone. Really glad to be here once again. The last time we were here was before our Token Sale

CryptoDiffer team

Let`s start from the intro:

Q1: Can you introduce yourself to our community ?

CEO at ADD.xyz, Arnie Hill

I’m Arnie Hill, the CEO of Add.xyz (formerly Plutus Defi). We have been up and running Since September 2019.

I’ve been in the blockchain space since 2016 and have been deeply involved in all aspects, particularly around democracy and decentralisation

CryptoDiffer team

Q2: Can you briefly tell us what is ADD.xyz in 3-5 sentences?

CEO at ADD.xyz, Arnie Hill

Add.xyz is the only defi platform to take composability to the next level. We aim to aggregate key and niche components of DeFi and to allow users to interact in a single place

We aggregate key protocols and actually allow them to interact simultaneously. Whether it’s privacy, lending and insurance or another pathway

This has never been done before

CryptoDiffer team

Q3: Let`s now talk about the latest updates of ADD.xyz, maybe you can share with us some insides ?

CEO at ADD.xyz, Arnie Hill

We’ve secured a partnership with the largest mobile networks and banks in Kenya and Nigeria for our defi mobile money solution.

We have finished our privacy mixer for DAI AND ETH.

Today we had our first draft of our governance structure which will be open to public consultation.

And we have a new website about to go live!

Theres so much more happening behind the scenes

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

Is it true that ADD will introduce yield farming incentives for other DeFi users to act as liquidity providers? If yes, when will this be implemented, is there a tentative date for it launching?

CEO at ADD.xyz, Arnie Hill

This is correct. Our first MVP of yield farming integration will be into our privacy mixer. Uses will get a unique yield farming token for depositing into the mixer. We are working on smart contract architecture for this.

Cryptodiffer Community

Recently ADD. xyz made parnership with major mobile money network and Banking provider in Africa.

How does ADD. xyz sees African country potential for Defi Lending platform!?

CEO at ADD.xyz, Arnie Hill

There is a huge potential for DeFi in developing countries. One could say that the leapfrogging of traditional financial infrastructure such as banking in favour of Mobile Bakning was an early version of banking. In some sense, developing countries and their citizens already use some form of primitive DeFi 🙂

Cryptodiffer Community

My question refers to the release of the V2 platform of ADD.xyz. Are there already specific plans when the beta will take place and when a final release including marketing efforts  is planned? Q2: And what is the most unique selling point of the V2/V3 platform compared to other multi protocol DeFi platforms, besides anonymity, in your opinion?

CEO at ADD.xyz, Arnie Hill

The Beta will take place within 2 weeks hopefully. It’s in Alpha testing at the moment, we want to iron out enough basic bugs so that we receive comprehensive feedback. Our audience needs to bare in mind that we are working on not just 1 or 2 DeFi projects at once, but more than 6. All of them are part of the V2 platform, but they all have their own individual roadmaps, which we then need to work out the token architecture to make sure that the token economy underpins the value created.

Cryptodiffer Community

As a decentralized lending protocol , How do you deal with algorithmic credit risk protocol with legacy classical services? Where are my deposited funds stored? How can I withdraw my funds ? Is there any fee or deduction to unlock assets before the lock period?

CEO at ADD.xyz, Arnie Hill

Your funds are held in a smart contract owned by your address, so you can withdraw from the the protocol at any time, however, most DeFi protocols in lending, and other forms of liquidity solutions, involve the risk of impermanent loss.

Worth reading up on Impermanent loss

Cryptodiffer Community

What further (aggregated/automatically running) investment products do you plan to enable over the next few years (real estate, insurances for sudden losses…)? Will you develop/integrate an AI to make the investment choices even faster and better by analysing the opportunities beforehand?

CEO at ADD.xyz, Arnie Hill

As an aggregator, we aggregate existing solutions until we build up enough of a user base, and if there is interest, or an actually need which will compliment other companies solutions, then we will make our own in paralell and also offer this. We will see what the DeFi space leads with but also come up with unique solutions of our own, such as defi mobile money or privacy and lending.

Cryptodiffer Community

Hackers are always studying the latest strategies to break systems. How will Add.xyz and Confidant will stay up to date on security?

CEO at ADD.xyz, Arnie Hill

We are engaged with Peckshield, one of the leading DeFi and smart contract auditors in the space. They have audited big blockchains to the value of billions and some of the largest exchanges so we should be in good hands. Our first audit review is returned with feedback at the end of November. We will publish their report.

Cryptodiffer Community

At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it With Us?

CEO at ADD.xyz, Arnie Hill

At the moment, just building. Our marketing strategy is slowly lining up, but we are still in the hiring process of finding someone who understands defi and blockchain.

Cryptodiffer Community

On moving forward through your roadmap, what are your most important next priorities? Does Add.xyz team have enough fundamental ( Funds, Community, ect ) to achieve those milestones??@CryptoArnie

CEO at ADD.xyz, Arnie Hill

We have a 5 year run way, I think we do have enough funds, and by the time we launch V2, we should start generating just enough revenue to cover our monthly burn rate. which will be great. We are a lean term so are costs are quite small.

Cryptodiffer Community

How secure is your system? Many DeFi is getting rug pulled and customers have lost faith in non popular setups? How are you different?

CEO at ADD.xyz, Arnie Hill

I’ve been in the space for many years, we aren’t interested in financial gain, but technical and social revolutions and innovation.

As a young man, I was actually in a documentary on netflix at the moment, but im not going to tell you which one lol

Cryptodiffer Community

ADD.XYX was formerly known as Plutus DeFi but was surprised to see that the name had changed. What necessitated this sudden Change of name? Your token name is still $PLT, do you have intention of changing it as well to $ADD or something of that nature?

CEO at ADD.xyz, Arnie Hill

There were over 5 different “plutus” in the blockchain space, including cardano’s blockchain being called Plutus. It made sense for us to rebrand and change the name. The token ticker does not need to change, but in the future if we see a need to upgrade and token swap our contracts we will use that opportunity to change the symbol

Cryptodiffer Community

I am a professional vulnerability finder on the web, do you think Your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?

CEO at ADD.xyz, Arnie Hill

Yes we plan on launching a traditional bug bounty for people who find vulnerabilities in our system

Cryptodiffer Community

The other day you were hiring a full-time marketing leader for ADD. How is it progressing? What requirements do you ask for besides a lot of experience in the blockchain and DeFi space?

CEO at ADD.xyz, Arnie Hill

Quite slowly, finding someone with the relevent traditional marketing experience, then with defi and blockchain experience is generally 1 in a million, and we are a low cap project that wont’ pay someone half a million per year, so as we increase our value and brand, it will be easier to find that person. A bit of a chicken and egg situation

Cryptodiffer Community

Before investing, I use to research behind the scenes of projects and always look at the people who make up the team. What I noticed is that you were politically active at a very early stage. And your ambitions overlap with your project ideas. What I find great… Do you believe in changing the world with your project?

CEO at ADD.xyz, Arnie Hill

That is true, I was politically active in various international movements from the age of 17, this then funnelled into blockchain as I realised that political and social movements do not have the ability to make permanent non-spontaneous change because they lack tech infrastructure. There are some principles that come into play in how ADD.xyz’s team builds. There is no mercy behind the scenes with the development team and it can be quite stressful, but we are all aligned to being one of the best defi platforms known.

I think we can change the world with our tech, it might not end with Add.xyz

Cryptodiffer Community

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?

CEO at ADD.xyz, Arnie Hill

Both – from the core with our technology we’re building in a decentralized way – like using IPFS – and our code will be open-source 

initially the governance will be centralized so we can efficiently get the platform to a relevant point of scale at which point we will transition to being fully decentralized. your tokens will give you voting power in future governance decisions etc. 

relevant info in our latest Medium post – https://paidnetwork.medium.com/paid-network-token-economics-228438623514

I was once requested to build a blockchain voting system by the catalan government just before the spanish government stopped the elections by force. It would have been unconfiscatable, but alas it did not happen. That would have revolutionised the way people vote and legitimised the referendum. Blockchain is more than just a gambling instrument.

Cryptodiffer Community

How are you trying to minimize the barrier to overcome when entering crypto markets for completely new people (knowlegde etc.)?

CEO at ADD.xyz, Arnie Hill

We will have educational prompts across our platform (i) buttons, to explain what features mean or what they do, or take them to more informative articles or eduvideos.

Cryptodiffer Community

ADD.xyz said it will enable tens of millions of African Mobile Users to directly access DeFi lending protocols through mobile money. This indeed first ever DeFi solution of its kind, can you tell us more about it and how exactly can people from Africa benefit from it?

CEO at ADD.xyz, Arnie Hill

We don’t want to reveal too much about the architecture just yet, since releasing the news last week. We had many many projects attempting to spy and find out what our architecture and tech build was behind the pathway.

Cryptodiffer Community

Many investors hit and run in the sell and sell session after listing on the first exchange, How did Your project prevent early investors from selling their tokens and what benefits you would give them?

CEO at ADD.xyz, Arnie Hill

There was a 55% burn fee for seed investors, less than 50% of them have crossed the bridge so far, that means more than half are still holding their tokens, even from the top of the price to these lows.

That said, most of our seed investors are long-term and experienced ETH investors themselves, so they know that projects take a while to get up and running once funded

Cryptodiffer Community

I heard you guys have partnered with MTN Mobile Money. This makes me wonder if actually there’s a correlation between mobile money and DeFi? How will this impact people’s life positively?

CEO at ADD.xyz, Arnie Hill

It will give the access to DeFI, by firstly providing the interest rates of DeFi protocols, to africans, via mobile. Interests have crashed and inflation is 50%-100% within 6 months on some local currencies due to COVID, corruption and collapsing governments this year. There has been a huge push into crypto in most african countries. Everyone is trying to get it

Cryptodiffer Community

I like so much How Add.XYZ connects so many lending platforms in just one place, but apart of Lending products , Add.XYZ will support Borrow platforms too?

CEO at ADD.xyz, Arnie Hill

But we decided to not initiate borrow side until we develop our own lending protocol and that will happen once we have 10,000-15,000 active users, we will start architecting our own lending protocol

Cryptodiffer TEAM

Thank you for your time! Great answers!

Thank you everyone who took part today!

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CryptoDiffer Admin
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