finance.vote AMA Recap

finance.vote AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

Dr. Nick Almond (Co-Founder and CEO of Finance.vote)

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

Hey everyone, nice to be here

CryptoDiffer team

Q1: Can you introduce yourself to our community ?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

Sure, my name is Nick I’m the founder of the finance.vote network. 

I’m a physicist by background and have mostly been an academic for the last 20 years. For the last 10 years or so I’ve been working in institutional governance and learning theory. Trying to understand how people organise and work collaboratively.

And now I’m trying to take it onto the internet with finance.vote 🙂

CryptoDiffer team

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

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

The top level is we’re launching new kinds of voting technology that uses blockchains to manage ballots and identity.

The first phase of our network is something we call vote markets, which uses our voting technology as a prediction market

You vote on coins you think will succeed and you’re rewarded if you are correct. You do this with quadratic voting (which means you can vote on more than one coin).

After that we’re launching something called second layer governance which uses our voting tech as a community hub for specific tokens. We call these miniDAOs

And finally you’ll be able to use our voting tech to pool some ETH and trade as group into a portfolio of coins.

CryptoDiffer team

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

Sure, so we didn’t want to be one of these blockchain companies that launches a token with no product.

So we’re launching in a phased way that builds the product around the community.

We’re launching our vote markets tomorrow, in our telegram channel. Our token won’t be live yet but we’ll be giving some voting identities away (they’re NFTs) to let people try it out pre launch.

Then we’re going to a TGE next week using an auction system that we’ve developed. We’re doing a test auction this Sunday. Anyone who joins our TG channel will be able to join in.

So that’s going to keep us busy for a while, and then in parallel we’re building our second layer governance system which is going to introduce some new DAO patterns to the space.

We’ve got a load more planned, but we’re all hands on deck with our launch sequence which is starting tomorrow.

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

What really moved you to develop FinanceVote? Seeing that the community is not really taking part in the projects as expected?

Really, the development and success that FinanceVote can achieve will considerably affect the success of DAO projects, because of this, are there any projects that are supporting them or are associated with you for their development? which?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

So adoption of new technologies is very difficult, which is why we’re not seeing huge uptake in governance systems at the moment in the space.

“Voter apathy” is a thing in the real world to.

The difference in the crypto world is that we can pay people to do it.

So we’re introducing something called “vote mining” which is a part of the network emission that goes to voters. There’s also some nice rewards in the vote markets that come guessing the market correctly. Essentially, we’re building better game theory into the voting systems. So we think that will have a positive impact.

We’re exploring some partnerships with other blockchains, we’ve already had some nice interest in our approaches. But we didn’t want to be one of those projects making arbitrary partnerships left and right.

Cryptodiffer Community

You recently announced a partnership with CommerceBlock, can you tell us more about this partnership? What problem will you be solving with the partnership and how will finance vote community members benefit from it?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

Speaking of which, our recent partnership with CommerceBlock is one of the special ones we had lined up.

They’re one of the best bitcoin infrastructure companies in the space and have some great working technology that we can use. We want to build a Bitcoin miniDAO, on bitcoin.

Cryptodiffer Community

Why are voting rewards not issued quickly, but a billing period is required? Can we be sure that there will be no human intervention at this time?

How does Finance Vote work if users disagree with the results of this vote? Are there appeal mechanisms in Finance Vote?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

Not so much a billing period as a time required to settle the outcome. The vote markets are split into to two periods. Vote’s and Markets. You can vote for a week, and then the market does what it does for a week. Users are paid out immediately once the vote is settled.

As for the disagreement this is where it gets potentially interesting, we’re going to use multiple oracles over time and aggregate market data. When there’s an outcome too close to call it will go to our main DAO for resolution.

Cryptodiffer Community

Is it profitable with a small amount of coins to participate in the mining vote? How does Finance Vote optimize gas fees every time a vote is taken?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

It is indeed. Holding a lot of $FVT won’t improve your votes in the vote markets. It will allow you to buy more identities and play different strategies.

You can only increase your vote power by being correct.

The gas fees are there because we’re all on chain. It’s the only cost for playing the in the vote markets. You get a free go in every round. We’re running a bit cheaper than a uniswap trade at the moment and because you have a week to vote you can lower the gas and let it take longer to go through. So it should be very cheap to play.

Cryptodiffer Community

When choosing tokens for voting, does it matter which network they are from?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

At the moment we’re starting with the DeFi top ten. So we want to have some serious conversations about the fundamentals of those tokens.

It matters in the sense that the predictions should converge on the strongest network over time. If markets are any way efficient then the best project should win in valuation.

Cryptodiffer Community

Who approves the final list of tokens put up for voting?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

This is a really challenging question and one we’ll be working on for a while. We’re starting easy DeFi Top 10, so in essence the market is picking the list for us. But we do want to expand it to a much wider range of tokens in the future. Could be any. Best L2 coins, best privacy coins etc etc.

There will need to be some strong governance over it, but we’re planning to do vote markets for all sorts of stuff, New Tokens, NFTs, memes 🙂

Cryptodiffer Community

Does Finance Vote really help “influence training for ANY crypto project”? or is there any filtering of projects, to avoid SCAM?

Really anyone with the support of FinanceVote and its market predictions could become a GREAT TRADER? based on what parameters generate these predictions?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

It’s our hope that our users gain more knowledge about how to trade these markets.

We can’t promise anyone they’ll become a great trader, but we think the thought process over choosing coins and not having to buy the underlying asset to profit of their success is a good training wheels for trading these markets.

Our hope is that the collective research from all our users will filter out the bad projects, so we’ll become a good information hub for people new to the cryptospace

Cryptodiffer Community

For your incentivized testnet auction, is there any limit to amount of $FVT token to accumulate to qualify for the $1,000 USDT bounty? What other ways can I accumulate more $FVT token before listing? 

Voting power seems to be a top priority for Finance Vote, but not many people understand the technicalities involved in the voting process. How does it work and what’s the technology about? How do you intend to educate users outside crypto?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

Ok so the test auction will be on Ropsten test net, so it will be testnet ETH and testnet $FVT. In order to get some people to test our auction with us, we’re putting a bounty on those who accumulate the most $FVT in the auction. Should be a fun game.

This is the kind of thing we’re going to do to get adoption, educational experiences that train our users in our own tech. We hope that our community will be a great place to learn about crypto. I’ve been an educator for over a decade so I’ll be doing some lectures and stuff like that.

Cryptodiffer Community

If you guys were me?  how many tokens Finance.vote would you buy?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

As many as you wanted to use in the system. It’s a utility token and is meant to be used. You won’t here us telling you to buy loads of token because it will moon in the future. The token price will be out of our hands so we can only endorse buying the tokens, which you plan to use to play in the system.

Cryptodiffer Community

Are you planning to add news monitoring and analytics functionality for crypto projects to the Finance Vote platform? Which Finance Vote features are aimed at improving the user experience in managing your funds?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

I love a bit of data science and plan to be doing all sorts of analytics stuff on our platform. Our apps will start pretty bare bones because we’re building them live around our users. But the platform will have huge amounts of information on there in the future. Our second layer governance platform will also be a great place to news. It will be sorted in quality, by voting!

Cryptodiffer Community

Are you planning to host various tournaments or prediction contests on your Finance Vote platform? What is your user retention strategy for the Finance Vote platform?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

Yeah we’ve got some fun ideas for this. We’ve got “New Tokens”, “Experts”, “Memes” and other markets coming up. But ultimately it will be up to the DAO what markets get launched!

Cryptodiffer Community

What role does the Decentralized Monetary Fund DMF play in the governance structure of Finance Vote?

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

The DMF is the neo cortex to our decentralised brain. It’s going to set the monetary policy for the network. Launch new contracts. Set new vote markets. And build out the infrastructure of the network.

In 6 months time the DMF will get a tranche of tokens every quarter to spend, they will be distributed by quadratic funding to people who want to work on the network.

We’re hoping people can quit their jobs and work on the network full time at that point!

Co-Founder and CEO of Finance.vote, Dr. Nick Almond

Thanks Maks!

And thanks everyone, do come and join us in our TG https://t.me/financedotvote

Cryptodiffer TEAM

Thank you for your time! Great answers!

Thank you everyone who took part today!

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