FinNexus AMA Recap

FinNexus AMA Recap

CryptoDiffer team

We are glad to meet here:

Boris Yang (Boris), Founder & CEO at FinNexus

Ryan Tian (@rainiefield), Co-founder & Financial Specialist at FinNexus

Can you introduce yourself to the community? What is your background and how did you join FinNexus?

Boris Yang
CEO

I am Boris. I worked in Wanchain as cofounder and lead the team to design Wanchain. I joined blockchain industry from 2015. From 2018 I begin to focus on FinNexus.

Ryan Tian
Co-founder

My name is Ryan. It’s a great honor to be here today.  I worked as an investment banker for 10 years after graduation in UK. Now I am the co-founder of FinNexus, in charge of the financial products.  I met Boris in the university, actually we were roommates. We have been talking about the blockchain business since 2017 and I became a member of the team last year. Thank you.

CryptoDiffer team

Can you briefly describe what is FinNexus in 3-5 sentences? What technology stands behind FinNexus and why it’s better than the existing one?

 

Boris Yang
CEO

FinNexus is a protocols stack built on basic layers. FinNexus focus on users convenience as a top layer. In business or finance, FinNexus is a channel of hybrid-assets including decentralized assets and traditional assets. FinNexus is creating a new layer which is not like most projects to focus on base layer such as public chain.  FinNexus is unique to deal with contract or other logistic by the way of off-chain and decentralized.

 

CryptoDiffer team

What are the major milestones you have achieved so far?

Ryan Tian
Co-founder

The FinNexus team has been working together since last year.

I think the major milestones are:

1)  The assembly of the FinNexus team in 2019;

2)  Launching the whitepaper in Q2 2019

3)  Confirmation of cooperation with the two founding investors, SuperAtom and Wanchan in Q2 2019

4)  Confirmation with the roadmap, vision and business model in Q2 2019

5)  Invested by institutional investors in Q3 2019

6)  Confirmation on the business model of our first product in Q4 2019

7)  Coming with and confirming the rules of ICTO (Initial convertible token offering) in Q4 2019

To be noted that the ICTO is about to be launched in Q1 2020. More information will be released in the coming days.

 

Cryptodiffer Community

The Advantages of blockchain technology are transparency and security. How do FinNexus take advantage of blockchain to  develop Ecosystem, Apps, dApps,.. to bring fairness for uers?

What is your progressive plan to ensure that Finnexus project network remains relevant & valuable in the next 5 years, in terms of adoption and use-cases ?

 

Boris Yang
CEO

So far we were able to integrate our IBAN clearing module and several core modules such as multi-level referral system, dashboard, negative fees, implementation of Eurbase (our stablecoin). As per future we are currently preparing several new things such as p2p lending, own trading bot and direct swap functionality among many other things. Also we successfully swapped our native utility token partially to binance’ BEP2

We will not improve FNX in the lab and let users to wait several months or years. FNX protocols will be developed based on assets we operating and step by step.

 

Cryptodiffer Community

Will those participating in community sales before ICTO benefit from the price reduction? When will the details of the discount be shared?

Can there be large fluctuations in FNX prices? Is it possible for FNX to fall below 0.1 USD during the transformation period? To what extent will FNX owners be affected in case of possible fluctuations?

Ryan Tian
Co-founder

Will those participating in community sales before ICTO benefit from the price reduction? When will the details of the discount be shared?

Yes, there will be discount in the community sales before ICTO. The details will be released very soon in the community.

Can there be large fluctuations in FNX prices? Is it possible for FNX to fall below 0.1 USD during the transformation period? To what extent will FNX owners be affected in case of possible fluctuations?

There are many reasons for the FNX price fluctuation, but the team is trying to build a model for the benefit of all the investors, like the buffer fund and the inflation pool model. You may check the white paper for more details. Due to the arbitraging activities, I doubt the FNX may fall below 0.1 USD in the conversion period, provided that it’s not reaching the upper limit.

 

Cryptodiffer Community

How do you see the future of DeFi and blockchain ecosystem? Buterin criticizes DeFi as new and untested. Do you agree that the DeFi infrastructure is not suitable for most real-life issues?

Ryan Tian
Co-founder

Decentralized Finance built on the blockchain technology will greatly change the world, due to the scalability, trustworthy, interoperability, borderless, unchangeable essence. You may finally have full control over your assets regardless of a central authority. Moreover, with the smart contract built upon the technology, our world is open to a much wider possibilities, like the finance legos. That is unimaginable within the legacy financial system.

It is true that DeFi is a new born, but it is tested within the vast consensus and publicity of codes.

I don’t agree that DeFi infrastructure is not suitable for most real-life issues. We have been working on the use cases in the real world scenarios, and the ones like supply chain financing, credit market, mortgages, antiques and factoring will be the first batch of real-life models.

Cryptodiffer Community

Whats the Main benefits of FinNexus to Normal crypto Users & Traders? Do you think Decentralized Finance is better than Traditional Finance ? If yes, then why?

Boris Yang
CEO

Users could invest more types of assets in more easliy way. and traders could find more asstets and counter-party to trade.  I think Difi will be better than traditional finance in a long time. But now it is a infant, That is why we want do FinNexus.

 

Cryptodiffer Community

What is FinNexus trying to solve with it’s idea? What’s the relationship between FinNexus and Wanchain?

Ryan Tian
Co-founder

FinNexus has a unique focus on assets with real value built on blockchain infrastructure, which is rare in our other DeFi projects. The assets we issue include those based on both real world and crypto businesses, which gives users access to reliable assets which are not correlated with the performance of crypto markets. And unlike traditional institutions, all our products are built on blockchain, which enables them to make use of all the blockchain’s advantages.

Wanchain is one of the founding investors, Wanchain will not only invest FinNexus in money, but also provide us the technical support and the interactions with other projects in its DeFi eco.

Cryptodiffer Community

Why someone should invest in Finnexus?

Boris Yang
CEO

IIn ICTO period, you have an  option to change your FNX to a assets with few risk. It means you have more time to think about FNX and how market to go. For long time we will have user and case from the begining and holders could share fee of Eco

 

Cryptodiffer Community

Many blockchain projects and companies focus on making very complex systems, say they will revolutionize the society, and help the unbanked. Since you work directly in the area, how realistic do you think such statements are?

Ryan Tian
Co-founder

FinNexus is a project at the layer 3 level in the blockchain system, targeting at the application use. The team believes no matter how innovative or revolutionary a new technology is theoretically, if it fails to be conveniently applied in everyday use or have efficient or cost-saving solutions to the suppliers and the users, we cannot call it a successful technology.

Therefore, we will build our application on top of the successful public chain and concentrate in providing financially practical and risk diversified products and user friendly applications.

We doubt that the unbanked can be helped by a complex system. Unbanked group of people usually exist in the less developed regions that lack basic infrastructure. They may not well educated or lack the basic understanding of the technology or even the ideas of modern financial or banking system. Therefore, the application is the most important. A successful project should provide them with friendly interface and convenient access, which aim directly to their basic needs, no matter how complex or innovative the technology is. 

That’s what FinNexus is trying to do, to provide what is needed most in a simple and understandable way.

 

Cryptodiffer Community

Will Wanchain have plans for Defi this year?  How will these plans affect FinNexus?

Boris Yang
CEO

I think Wanchain has lots of plans. For another question, I think it should be how FinNexus will affect Wanchain

 

Cryptodiffer Community

1 – Which target users does FinNexus aim to serve? Will its technology be easy for participants to use but still ensure open, transparent and equal way?

2 – How can FinNexus goal be explained in layman’s terms?

Ryan Tian
Co-founder

A: You can actually get a clue from the project’s name ‘FinNexus’.

The name is quite straightforward. FinNexus is the combination of the words ‘Finance’ and ‘Nexus’. It means financial connections. 

1. To asset owners

Finance here includes the ‘traditional’ and the ‘decentralized’. Here with FinNexus, we are aiming at providing a solution, which we call it protocols, where one can link the traditional financial world with the blockchain technology in an efficient, transparent and feasible way. 

2. To users

FinNexus will act as a financial product supermarket. Right now, the DeFi world has a problem that almost all of the crypto assets or financial products bear the same systematic risks, which means when the Bitcoin price collapses, every kind will join. Moreover, the crypto interface is not so easy for a nonprofessional to operate.

FinNexus’ goal is to provide diversification and convenience with the tokenized real world assets. Users will be able to find assets with various risks and returns here, and can easily choose to their preferences like in a supermarket.

3. Itself

FinNexus is concentrating in the application level, with the help of the two initiators. It will not operate or manage assets directly and will act as a channel or a hub, where supplies and needs are paired, it will strive to build the protocols or standards for all of these tokenizations and transactions.

Cryptodiffer Community

To initiate those use cases proposed by FNX, what kinds of partnership has FNX established with institutions/companies so far to make a start?

Boris Yang
CEO

Superatom which is born by Cheetah Mobile is our strategy investor. It is a wonderful Fintech company which issuing UM1S on FinNexus now. We try to built protocols on XRP technically.

Cryptodiffer Community

FinNexus founder Mr Boris Yang  was recently invited to deliver a speech in two different summits namely: Cardinal Capital’s summit; and Fat summit. Can you share with us what was discussed in these summits? and how will these summits have impact on FinNexus, we the community and Blockchain as a whole?

Thank you in anticipation.

Ryan Tian
Co-founder

Thank you for your interest in the recent activities. On these events, Boris introduced FinNexus to the communities, as well as the business models, and the team. The communities showed great enthusiasm into our project. There will be more offline meetups with our communities around the globe.

Cryptodiffer Community

Give me 3 reasons why users and investors should invest their money in FinNexus in the long run?  What are the benefits FinNexus brings?

Ryan Tian
Co-founder

1. Products with business models connecting to real world use case and value; Promising protocol models for the greater eco of DeFi in the future;

2. Trustworthy teams with expertise in blockchain, internet and finance;

3. Strong support from the funding investors;

Cryptodiffer Community

What does Finnexus think about solving issues that the DeFi ecosystem still can’t solve? Can people and machines trade every day through smart devices that use digital currencies?

Boris Yang
CEO

Good question. I think the point is anyone who has different risk preference could trade and invest in the Defi eco. And of course it is important for users to invest more easiliy than now.

Cryptodiffer Community

When will FinNexus be ready to work fully with the live site and other features? What is your team road map in 2020?

Boris Yang
CEO

You will see our roadmap 2020 before next week.😁

Cryptodiffer Community

The fate of “ADOPTION” of DeFi is tied to the scalability and usability of “Ethereum”. 

How FinNexus address this statement about the Adoption of Defi?

Ryan Tian
Co-founder

It is true right now that DeFi in much linked with ETH chain right now, due to the fast growth of eco system. However, predictions have been made by many that 2020 will be a year for DeFi to thrive, not only on ETH. Especially with the cross chain technology, we may see the BTC,EOS and other major coins more involved in DeFi and interact with each other. Wanchain can provide us with the great cross chain  technology and as the founding investor, it will play a key role in the future.

Cryptodiffer Community

Defi is on top in google trend  which types of revolution Finnexus wants to bring in defi? How optimistic are you of the future use-case of the Finnexus compared to when you started it?

What are the next planned steps to increase adoption and awareness among people and more specifically among professional asset management?

Boris Yang
CEO

Defi is narrow meanning I think. We prefer to call futrue open finance. Blockchain created and is creating some totally new assets. And there are lots of existing assets in the real world. Why we could not combined them together for more users for more money into Defi industry.

Cryptodiffer Community

What role do you think Finnexus will play in making blockchain highly adaptable in the worldwide stage?

Boris Yang
CEO

FinNexus will be a gateway to connect betweet more assets and more users finnally.

Cryptodiffer Community

I see that RIvex and Wanchain are investing in FinNexus, can you tell us your partnership and them? How are the two sides beneficial for this cooperation?

Ryan Tian
Co-founder

Rivex is a brother project in Wan Eco. It is not investing us:) Rivex is a layer2 project and Wanchain is Layer 1. you will witness strong interactions with the Rivex’s Dex and other Wanchain eco projects in 2020.

 

Cryptodiffer Community

Q1: While too many DeFi projects are all facing serious limitations in terms of USABILITY, ACCESSIBILITY, CONVENIENCE and DIVERSITY of investment options, How will FinNexus be diffrent than others?

Q2: With the progression of blockchain technology, too many projects also focusing on DeFi in the market. What’s FinNexus’ RECIPE to be successful on DeFi concept? What especially is FinNexus doing?

Ryan Tian
Co-founder

Everyone knows that DeFi is decentralized finance, but the true combination between the two still has a long way to go.1) Borrowing and Lending is the first natural DeFi application scenario, as it was the beginning of finance since thousands of years ago. It cannot be everything about DeFi. 

2) The risks in the DeFi world is similar, in other words, most of the DeFi models are facing the same systematic risks. In cases when the bitcoin collapses, every businesses and scenarios will be affected. This is not healthy.

3) The DeFi applications are not so user-friendly. One has to take some time to learn how to deal with one decentralized product.—that’s what we want to solve on DeFi. 

On the jumpstart stage, FinNexus’ goal is to establish an open financial protocol or hub in the crypto world. As a project incubated by Wanchain and SuperAtom(Cheetah Mobile), the UangMe assets will work as an initiator with the form of asset backed tokens, and it has the potential of the amount of 100M USD. In the meantime, similar assets in Malaysia are under discussion. In addition, there will be other types of products the users may expect in the first quarter of 2020, like crypto borrowing and lending products, easy-operating crypto-currency derivatives, ETF products, staking related products, etc., and they are all under development right now.

Cryptodiffer Community

Can you explain it more and what is the further direction of FineNexus partnership based on your technology?

Boris Yang
CEO

Traders, assets manager and other service supplier will be our partners which could use FinNexus to connect with each other and supply more assets and finance service to final users. We can see such as wallet, exchange will be our partners.

 

Cryptodiffer Community

Nowaday DeFi is changing our relationship with money, investing, credit and debt . So, how do you think of the future of DeFi? What are the factors that finnexus could make a difference since there are lot of projects involved in DeFi?

Ryan Tian
Co-founder

As I mentioned, Borrowing and Lending is the first natural DeFi application scenario, as it was the beginning of finance since thousands of years ago. It cannot be everything about DeFi. The future should be more involved in the real world use case and create real value that is more acceptable and understandable to the majority. Our first product will be of the very essence and we will be endeavor to make the DeFi a more realistic, user friendly kind.

 

Cryptodiffer Community

As a crypto miner, I often pay for my electricity using cash. In the process of converting my crypto into cash I often experience Volatility in price and this has remained a major issue for my mining activity. Is there anyway FinNexus could protect me from price Volatility in the process of converting my BTC to Fiat for payments?

Boris Yang
CEO

Great questions. Your experience is one of the user cases in FinNexus. We try to make you could find a good tool to lower or hedge your risk by clicking buttons by FinNexus. Now I think you have to hedge them by complicated operating. We will make partnership with some professional option team to supply products by FinNexus.

 

Cryptodiffer Community

FinNexus is the open finance protocol built on the Wanchain blockchain. So how Wanchain & FinNexus both can get benefitted using each others protocol?

Boris Yang
CEO

FinNexus is built on Wanchain in the beginning. We will connect more public chains later.  Wanchain is good at crosschain which will be used by FinNexus. And FinNexus will bring more usres for Wanchain

 

Cryptodiffer Community

1 – There are two types of investors one who invest for long term & another known as trader who looks for gain in short period of time! How #FinNexus is making odd traders to stay longer & hold $FNX?

2 – Why DeFi while many other projects are still making innovation you can choose to pursue with any other too!?

Ryan Tian
Co-founder

As I mentioned, FinNexus is trying to connect the real world use cases and application scenarios into blockchain world. It will be a long time project and we are getting investment from the investors with long term visions. Founding investor like SuperAtom and Wanchain are valuing that and having a very long lockup period.You may check the token distribution in this article.

https://medium.com/finnexus/fnx-tokenomics-62c582807219

 

Cryptodiffer Community

You will agree with me that ADOPTION and UTILITY is very key to project survival and success, what’s being done to drive global adoption of FINNEXUS amidst crypto regulations, legislation and competition?

The issue of security has surged up in recent times, HOW SECURE IS THE FINNEXUS ECOSYSTEM

Boris Yang
CEO

Great questions. Utility is a way to avoid regulation of course we will try our best to avoid risk from it. I want to say it is just a way. From long period we should do things we think it is right. In practice we will legislate from region which is not too cautious and then the harder one.

 

Cryptodiffer Community

What’s real-world use of Finnexus ? Where can we expect the use of Finnexus services? For which types of problems relief is expected from Finnexus ecosystem?

Ryan Tian
Co-founder

The real use cases will be directly connected with our products, like the first one UM1S, it will be a tokenized product of the real world credit asset. You can use the services with wallets, exchanged and other channels. All will be released before launching. We are trying to solve 3 problems, diversity, value and convenience.

 

Cryptodiffer Community

What is your view about the benefits of Decentralized Liquidity into Defi?

Can you share to us today How FinNexus Face the Liquidity of Defi that makes your project strong?

Ryan Tian
Co-founder

Liquidity is the key for Finance, at least for the better circulation of an asset or a kind of currency. While it is arguable that Liquidity is the key for every beings in the financial eco.

It is true that decentralized Liquidity is the key for a decentralized exchange like Uniswap or for the derivative platform like Synthetix. And they have been working on different solutions to the problems of Liquidity. Pooled liquidity seems to be a good model right now, and I’ve written an article on that if you are interested. https://medium.com/finnexus/understanding-the-xyk-model-of-pooled-liquidity-7340fdc20d9c

Since we are not building Dex, the decentralized Liquidity is not our first concern at hand. However, we have been considering some other decentralized models in our later stage. Please stay tuned.

Right now, we are having a close relationship with Wanchan and Rivex, who is about to launch the Dex in Q1 2020. There will be interactions with us.

 

Cryptodiffer Community

What are the biggest challenges for FinNexus for building DeFi Platform? Can you tell me some memorable milestones during the development of FinNexus?

Boris Yang
CEO

Technicallly it is off-chain mechanism. Pls see our new roadmap in next week and techical paper in Feb

 

Cryptodiffer Community

You should be very excited that FinNexus is a new project. With what goals do you enter the year 2020? Can you share your excitement and roadmap with us?

I am one of the first members to join your community. And now when I look at it, I see that your community members are growing more. That makes me happy. Are you planning new events for your community supporters in 2020?

Boris Yang
CEO

Thank you for your attention on FinNexus. I think you have found we keep communicate with community and we have lot of progress. We will keep increasing our community. And users and holders will see our listing, fee distribution and development progress in 2020.

 

Cryptodiffer Community

At the moment, all tokens go down in price even with great partnerships, hype, marketing, and working products, etc. So, what the challenges do you have and the plan to make your project FNX strong popular? Are you see it as an opportunity while the current market decline?

Do you have any partnerships with other projects to focus in the near future? What are your main advantages compared to your competitors?

Ryan Tian
Co-founder

I see the decline of market is actually a great opportunity for us, and also for investor to concentrate on the real business model and characteristics of the projects. We are trying to bridge the open finance with blockchain, and from where we build the Finnexus protocols. 

We will surely cooperate with other projects in the future, like the public chains, wallets, DeFi protocols, Oracles. Cooperations will be announced in due time. Thank you.

 

Cryptodiffer Community

What will be the jurisdiction of assets and how will FinNexus avoid people from holding assets from restricted jurisdictions?

Ryan Tian
Co-founder

We have a legal team that help us deal with the jurisdiction issues. We will monitor the changing legal environment around the main countries and regions.

Cryptodiffer Community

What is a one stop shop protocol in promoting open finance? Why is diversity, value, and convenience the mainstay of DeFi?

Boris Yang
CEO

Crypto assets are same in risk and return. Lots of investor like lower risk can not join the game. Lots of crypto assets are air. Users have to manage their assets among different wallet and exchange.

 

Cryptodiffer TEAM

Thank you everyone for your questions! Great as always!

Thank you for your time!!!

Boris Yang
CEO

Thank you everyone. It is glad to talk here.

 

Boris Yang
CEO

Our Local communities:

Australia: https://t.me/FinNexusAustralia

Russian: https://t.me/FinNexus_Russian

Spanish: https://t.me/finnexus_spanish

South Africa: https://t.me/FinNexus_RSA

Hungary: https://t.me/finnexus_hungary

Hebrew: https://t.me/finnexus_hebrew

France: https://t.me/finnexus_france

Denmark: https://t.me/finnexus_denmark

Norway: https://t.me/finnexus_Norway

Bulgaria: https://t.me/Finnexus_Bulgaria

Thailand: https://t.me/FinNexus_Thailand

Turkish: https://t.me/FinNexusTurkishCommunity

Korean: https://t.me/FinNexusKoreanCommunity

Arabic: https://t.me/FinNexusArabic

Romania: https://t.me/finnexusRomania

Portuguese: https://t.me/FinNexusPortuguese

Italy: https://t.me/FinNexus_Italy

Greece: https://t.me/finnexus_greece

Polish: https://t.me/finnexus_polska

 

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