JARVIS AMA Recap

JARVIS AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

CEO of Jarvis (@Pascal_Tallarida)

CM of Jarvis (@Vsevolod_Potorocha)

Pascal Tallarida CEO of JARVIS

Hey guys

Pleased to be here 🙂

Vsevolod Potorocha CM at JARVIS

Hello everyone!

Glad to be here:)

CryptoDiffer team

Let`s start with introduction questions

Q1: Can you introduce yourself to the community? What is your background and how did you join Jarvis?

Pascal Tallarida CEO of JARVIS

I’m Pascal and I am a French senior Forex trader and entrepreneur. I have been trading for the past 14 years now and for the past 10 years I have been developing companies in the retail trading industry (prop trading firm, trading arcade and trading school), which allowed me to become known in France, recognized by my peer, but most importantly it allowed me to build a strong community of +34k French speaking traders.

As we were developing software and algorithm for our prop trading activity, we started developing interfaces as well, like trading interfaces. This is how we started Jarvis Trader.

Then 3 years ago, I fell in love with crypto trading and we plugged Jarvis Trader to Poloniex. The idea was then to have a single trading platform which can connect to both Brokers to trade Fx and stocks and Exchanges to trade Crypto.

This is how Jarvis network was born 🙂 When we found out that Smart contract could replace both brokers and exchanges, we decided to build a technology that allow to trade anything on the planet, instead of just a platform which connects to multiple markets.

Vsevolod Potorocha CM at JARVIS

My name is Vsevolod, came from cold Siberia to Sunny Bulgaria. I started as a student at Pascal`s another company, joined Jarvis Shortly after.

I make sure that all the new updates are delivered and shared to our community.

CryptoDiffer team

Q2: Can you briefly describe what is Jarvis in 3-5 sentences?  What technology stands behind Jarvis and why it’s better than the existing one?

Pascal Tallarida CEO of JARVIS

In one setence: Jarvis network is a set of protocols on Ethereum to gain exposure to the price of any assets and markets, against liquidity pools supplied by users.

Our vision is to 1. universalize and 2. uberize financial markets.

1. We want to provide to everyone the access to any financial market (universalize) 

2. and we want to give the opportunity to anyone to provide such access against a fee (uberizing brokerage).

Actually what we are building is the largest broker in the world, which will give users the access to multiple financial markets from stocks to cryptos.

A bit like Uber is the largest taxi company without owning Taxis and decentralizing taxi, Jarvis network aims at being the largest broker without being a broker, by decentralizing brokerage.

Regarding the tech: Jarvis is built on Ethereum and uses L2 solution, and mixes off-chain with on-chain to be scalable yet to remain trustless.

CryptoDiffer team

Sounds great!

Q3: What are the major milestones you have achieved so far?

Pascal Tallarida CEO of JARVIS

1. we have launched our Margin protocol v0 on the mainnet and facilitated $20M of trades

2. we have launched our Synthetic protocol v1 on the testnet and are now getting closer to our audit for going to the mainnet

3. We have a 0-fee fiat on-ramp, no KYC, and instant, which has been used to buy for +$40k of Dai and Eth

4. we received few grants (aave, uma)

5. we closed a successfull $1.2M private sale

6. our token has gained 2000% since the ICO price and 1500% alone since may

CryptoDiffer team

Ok, thanks for such detailed and interesting answers!

Let’s move to the Telegram community questions part.

Cryptodiffer Community

What is the roadmap for the next six and twelve months? The Covid-19 pandemic and global crisis is very complex , how will it affect Jarvis development plan? What is the future direction of this project?

Pascal Tallarida CEO of JARVIS

So for now we are hiring so it is hard to say accurately what will be the roadmap before finishing this big step for us (until now we were under-capitalized, until we raised $1.2M last month).

But, roughly:

1. Moving from a collateral in cDAI to aUSDC before to have our multiple security audits for our Synthetic protocol

2. Launching our L2 for our Margin protocol, which will move this protocol from something centralized to something trust-less and non-custodial

3. Launching the DAO which will collect all the fees

4. Launching our 3 dApps, Jarvis market, Jarvis exchange and Jarvis wallet.

Cryptodiffer Community

What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?

Why does JRT have two types of tokeneconomics?  What are the benefits of holding $JRT for a long time?What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?

Why does JRT have two types of tokeneconomics?  What are the benefits of holding $JRT for a long time?

Vsevolod Potorocha CM at JARVIS

We have build a strong community in France and French-speaking countries that will be used as initial user base when we launch the products. And the way we did it is the same way we are planning to do it for now – through education and giving value. By value we mean to give educational content, how to invest in DeFi, risk management, how to trade etc. so we acquire certain popularity, and people will see us as experts in the field. For example, that’s what we did in France; we have a youtube channel with a lot of followers and those who like what we do start to follow us. That’s why we are looking for ambassadors in different countries to replicate this method.

We have only one token economic you can find the full info here: https://medium.com/jarvis-network/the-utility-of-jarvis-reward-token-4b56599662e4

In short – JRT gives you access to DAO which decides how to distribute fees generated by protocols. JRT will also be used for staking in the future to secure the protocols

Cryptodiffer Community

Jarvis has the marging protocol and synthetic protocol, when is it better to trade in one of another? What is the meaning of their names,opatija and sozopol respectively?

Pascal Tallarida CEO of JARVIS

Good question.

Margin protocol (named Margineum) is an off-chain, yet trustless, protocol; so you can trade with the same speed as of a regular broker or exchange; you should therefore use it if you do not want to lose time while trading, if you want to scalp etc. 

Also the Margin protocol is for Margin trading; so if you want to short BTC or long ETH with 20x leverage (we will actually have up to 100) you can.

Synthetic protocol (Synthereum) is an on-chain protocol; so it is slow and more expensive but cooler. You use it to EXCHANGE any ERC20 for any Synthetic assets, so you can swap MKR for jEUR, jGOLD for jAAPL, or jBTC for USDT.

Cryptodiffer Community

Q1. Why did Jarvis decided to change it decision of getting listed on CEX only after the launch of the project and started pushing for listing on few reputable CEX?

Q2. What situation could force you to move forward and faster with CEX listing?

Pascal Tallarida CEO of JARVIS

1. initially we wanted to only use Uniswap and Bancor before launching a product. But then when our token got a lot of traction, a lot of low-tier CEX listed us without asking us, and a lot of traders are now using them to trade JRT instead of using Uniswap as ex.

So we wanted to offer a better alternative to trade JRT, hence listing on a tier-2 CEX.

Cryptodiffer Community

I saw 2 fascinating features not seen before in any crypto project which are

Margineum

Synthereum

Can you explain more about these 2 features and what they add to Jarvis project

From the ecosystem I saw I could contribute in 2 ways : as VALIDATOR OR RELAYER.

So what’s the requirements as well as benefits for both validators and relayers

Pascal Tallarida CEO of JARVIS

Margineum: trade with leverage multiple assets (SP500, BTC, EURUSD, OIL etc.) with a deposit in stablecoins (DAI, USDT or USDC as ex)

Synthereum: mint and swap any synthetic assets for any other one or any ERC20 tokens (so jAAPL swapped for JRT as ex)

Validators are the actors securing Margineum, and Relayers are securing Synthereum.

Validators are node which record transaction, hash it, and insert it on a side-chain and on ipfs. They also validate withdrawals. There are here to record what is happening to prevent fraud.

Relayers are node which are doing the matching engine. In Synthereum, to mint a synthetic assets, a user deposits 100% of collateral and a LP deposits 30% to have a 130% collateral ratio.  Relayers are matching these deposits.

Requirement: to run a node and to stake JRT.

Cryptodiffer Community

How does the reward system work? What do I have to do to receive benefits on Jarvis Network?

Is there a strategy to educate users on your platform? So they can make the most of Jarvis Network?

Vsevolod Potorocha CM at JARVIS

The core is simple you do something for us we reward you. For example we want to make JRT more liquid so we created a program to reward people who provide liquidity for JRT, so those users who do it receive bonus JRT (on daily or weekly basis). 

For now you can either provide liquidity on Uniswap, Bancor, and Balancer, or you can join sponsoring pool on Aave. In the future you would be able to stake JRT to further secure the protocol.

We are all about education, and we already created a lot of guides, and will continue to do so, next step is educational videos. 

In general we want to educate people not only about Jarvis but DeFi as well!

Learn more here: https://medium.com/jarvis-network/dao-jrt/home

Cryptodiffer Community

1) I see you’re focusing on DeFi, but what actually are you bringing to DeFi, what solutions are you providing, what problems are you solving?

2) To me, looks like Jarvis is only useful to we blockchain knowledgeable ones. How can Jarvis be useful to non-blockchain people? How will you introduce Jarvis to them?

Pascal Tallarida CEO of JARVIS

For DeFi we bring composability thanks to our EUR, CHF, GOLD etc. synthetic assets. We are also bringing more users and therefore more liquidity, since we can address traditional traders and investors who will be able to trade with leverage using DAI or USDC, or who can create a portfolio of synthetic assets in one clock.

2. Non-blockchain would like more freedom, more security, more control over their data; Blockchain provides this.

We introduced the dApp Jarvis market to some traders, and they are now using it instead of Interactive Broker because they just deposit the morning what they need, and withdraw the evening, put their stablecoins on Wirex and go to pay a restaurant or just put them on lending…

Freedom!

For other people living in country where the access to financial market is complicated, it gives an immediat and instant access to it.

Cryptodiffer Community

You dont believe that DEFi will replace the existing Financial System that we have now,

May I know,

What are you believing in terms of DEFI and the CEFI?

Can they co-EXIST?

Pascal Tallarida CEO of JARVIS

co-exist in a symbiotic way.

End-users do not care about DeFi, especially now. It is expensive, slow, risky… and not everyone is ready to be their own bank.

For me DeFi alone does not have a huge future, Cefi alone does not have a huge future, but DeFi+CeFi together: YES.

DeFi will not eat finance, will not eat CeFi, but it will complete it, and it will merge with it.

Cryptodiffer Community

Recently, Jarvis started printing money ( jEUR, jCHF and jGBP) to the extent that it even printed some ounce of gold. Did Jarvis  print this money out of the thin air just like the way Central banks do or how is your own different? Can I also print money too, if yes, how do I go about it?

Vsevolod Potorocha CM at JARVIS

Well, we printed them on Kovan network (testing one), and no it is not like central bank, our sythetic assets are actually backed by stablecoins, so you can not print more than you have. Thanks to our soultion you do not have to over-collateralize since our LP will do that for you.

If you are interested to print some “fake-fake” cash contact us after the AMA (you will need some Kovan DAI and ETH though)

Cryptodiffer Community

Jarvis only associate with large private companies? Could they be associated with some kind of government? How far do you want to go?

normally a project is developed thanks to a protocol, how Jarvis manages to combine two protocols (margin and synthetic protocol)? Is this what guarantees scalability?

Pascal Tallarida CEO of JARVIS

1. Finance. We had a very tiny budget before our fundraising, so it was quite hard and challenging.

2. We have few ideas for more protocols: on-chain leveraged token, lending market, etc.

Cryptodiffer Community

Q1. Jarvis stated that it will start a listing campaign on few bigger centralized exchanges to increase JRT liquidity and awareness. Should the liquidity pools structure be Jarvis priority at the moment since you will be the sole liquidity provider for several months?

Q2. There’s this issue that needs to be resolved which is the issue of how to mint an asset when its underlying market is closed. Does Jarvis have any idea of how to resolve this issue?

Pascal Tallarida CEO of JARVIS

When a market is closed, it will not be possible to mint an asset since there is no price feed; we have few ideas to tackle this issue, like using an AMM when markets are closed, but we still have not worked on anything yet.

Cryptodiffer Community

To access Jarvis, do you plan to build your own wallet or APP? Or will it be possible to operate from anywhere, such as browsing TrustWallet?

Vsevolod Potorocha CM at JARVIS

We are building our own wallet with zero fee fiat onramp (the early beta version is already on the mainnet and facilitated 40k USD of crypto purchase), but you will also be able to access our dApps through other wallets as well.

Cryptodiffer Community

1. How do off-chain trading works, what are their security advantages compared with on-chain trading and how ia different the user’s experience?

2. Jarvis bring DeFi to sectors like Forex, commodities, stocks, how different are the regulations in comparison with crypto, is this a scalable option for any asset, other assets are going to be added?

Pascal Tallarida CEO of JARVIS

1. off-chain trading is just a regular server, nothing fancy. It super secure (we have conducted security audit and penetration test that failed to hack the server) and super scalable. So for the end-user they do not have to deal with any transaction, gas, etc.

2. Regulation can be a problem but we wlil always respect it, pro-actively (we are already in touch with regulators).

As long as you are non-custodial it reduces the need to be regulated, but when providing a service to trade fiat-assets like Fx or Stocks, you need to this in the correct way.

The company providing the service is registered in St Vincent where you do not need a licence or to be regulated to do it.

Cryptodiffer Community

Can you explain how the users that usually grant their funds to different liquidity pools, how can they benefit by doing it with Jarvis?

Pascal Tallarida CEO of JARVIS

If you provide liquidity to Jarvis, you will earn way more than on any other lending pool.

Because like Curve.fi, the stablecoin are actually lent on Aave or Compound.

So by being a LP, you will win the Aave rate x2 or x3 + trading fees, and you can be market neutral… meaning you only earn the fees.

Cryptodiffer Community

Trust and Security are the most important things in cryptocurrency. Why do we feel safe with JARVIS network  ?  The recently released Defi dForce protocol has been hacked for 25 million dollars. Even Maker dao lost 4million USD on March 12.  Do you have any tips to avoid these situations???

Pascal Tallarida CEO of JARVIS

Follow the best practice (which dForce did not follow) and make multiple audit and bug bounty.

But there wlil always be flaw in code, and risks. So the idea is to cover these risks with insurance such as Opyn, Nexus or Unslashed + our own insurance funds.

Cryptodiffer Community

In the crypto field, it’s very hard for projects to generate revenue/profits, some projects have a 10% dev share(10% from transaction fees taken by the project), can you explain to us in what way that JRT creates revenue/profits?

Vsevolod Potorocha CM at JARVIS

So few things:

1. as a Company, we hold JRT, so we will derive value from it by participating in the DAO, and earning fees.

2. as a Company, we also are providing liquidity for the system: in the Margin protocol the two first LP are maintained by us (or to be accurate other companies that we control); we will also be interested in being Validators and Relayers, so we will generate revenue from that.

3. as a Company, we also will have our own dApp, one being a wallet as an example; the wallet will generate revenue on its own; as example, last month, we generated our first $1k thanks to our integration with Aave.

4. as a Company, we can also sell consulting services to companies who would want to set up a market-making infrastructure to safely provide liquidity on the protocol.

Companies, Dapps etc. that are using our protocols need to have the agreement of the DAO, and in exchange, they would need to buy back JRT from the open market with part of the revenues they are doing using us.

So our first revenue (around 1.1k to be accurate) will also be used to buy back some JRT and eventually burn them 🙂

This has nothing to do with the token economics of the protocol; it is more a business decision that the DAO will have to take, in order to create more value for token holders.

Cryptodiffer Community

Can you give an overview of JRT tokenomics? Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage or burning?

Pascal Tallarida CEO of JARVIS

First, $JRT is designed to CAPTURE the network value. So the more value is generated the more the $JRT has value.

1. Governance and Collect fee

$JRT is used to govern the protocols through a DAO which collect the fees and vote on how to allocate these fees (they could vote to withdraw them)

2. Security and Colelct fee

$JRT is staked by Relayers and Validators to align their interests: the more vlaue is locked in Jarvis the more token are needed to be staked; Relayers and Validators are rewarded with fee.

3. Buy back and burm

There are 3 kind of fees in Jarvis: Protocol fee, Liqudity provider fee and Partner fee. 

Partners fee are fees added by dApp built on the top of the protocols to have a suistanble business model. Part of these fees will be kept to buy back and burn JRT.

Cryptodiffer Community

congrats on your listing on Bancor, can you please explain more about your $JRT farming program on Bancor, who can participate and what’s the benefit

can you explain more about the Jarvis Network, its protocols, and dApps, Jarvis Network, its protocols, and dApps, to someone who is not of crypto background, convincing him to invest

Pascal Tallarida CEO of JARVIS

On Bancor, Uniswap and Balancer, you can farm $JRT.

Simply deposit your JRT on any of these protocols, and that;s all 🙂 you will receive in your wallet, automatically, freshly cropped $JRT

Cryptodiffer Community

What are the main differences between Jarvis exchange and Jarvis market?

Vsevolod Potorocha CM at JARVIS

Jarvis Market is for margin trading if you want scalability, and if you don’t care about on-chain trading (short term, scalping, trade with leverage etc.) basically margin protocol is the one to replace your broker. 

Jarvis Exchange is for on-chain trading and if you want, for example, to exchange one token for another one (for example, your have JRT, and you want to exchange the token for APPL or Gold or EUR).

Cryptodiffer Community

Can you tell us the motivation and benefits for investors to hold Jarvis coin in the long term? Do you have any plans for this project in the next 6 months as well as any events to attract users?

Pascal Tallarida CEO of JARVIS

Motivation: since $JRT captures the network value, and Jarvis allows to:

> margin trading crypto, with at least 20x leverage but more is planned, indexes and forex with 100x leverage, or stocks

> exchange AAPLE token for BTC

You know that if we deliver, users will love it, and trade, and generated fees, and etc.

Cryptodiffer Community

To access Jarvis, do you plan to build your own wallet or APP? Or will it be possible to operate from anywhere, such as browsing TrustWallet?

Pascal Tallarida CEO of JARVIS

yes, to address the non-crypto market we are building a special wallet done to onboard them easily into Jarvis:

0-fiat on-ramp, gasless transaction, L2, no cryptic address (only ENS), WalletConnect

Pascal Tallarida CEO of JARVIS

OK guys it was the last question 🙂

So far your questions were very good, it will be hard to pick up winners!

Vsevolod Potorocha CM at JARVIS

Thank you guys for the questions!

Cryptodiffer Team

Thanks for your time @Pascal_Tallarida @Vsevolod_Potorocha 👍🏻

It was a pleasure to conduct an AMA with Jarvis!!!🔥

Let’s finish the AMA

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