PlutusDeFi AMA Recap

PlutusDeFi AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

CEO of PlutusDeFi (@CryptoArnie)

COO at PlutusDeFi (@aharar)

CEO at PlutusDeFi, Arnie Hill

Hey everyone, good to be here this evening

COO at PlutusDeFi, Ali Hararwala

hello everyone, pleasure to be part of this AMA

CryptoDiffer team

Q1: Guys, Can you introduce yourself to our community ?

COO at PlutusDeFi, Ali Hararwala

Ali, COO and Co-founder of PlutusDeFi, has a background of over 15 years in Management Consulting working with the likes of Citibank, Oracle, Nissan, Publicis, Louis Dreyfus, Swisscom  amongst many other multi-national and boutique consulting firms. He specialises in providing strategy, operations and execution of projects within Product Management.

CEO at PlutusDeFi, Arnie Hill

I’m Arnie Hill, CEO and Co-founder of PlutusDeFi, has a background of over 15 years in political strategy and management, He has engaged in key institutions at an international level such as official bodies for human rights, and international political movements and regional campaigns. My strategic experience spans into Education, Healthcare, Socio-Economic Policy and Social Issues. Decentralised Finance and Privacy fits well into his life-long belief of fighting for more social economic freedoms for a larger amount of people in society. As an activist investor, Arnie has helped raise and invested over 350M USD through Obsidian Capital , a blockchain multi strategy fund also tied to investing in social tech

CryptoDiffer team

Q2: Can you briefly tell us what is PlutusDeFi in 3-5 sentences?

CEO at PlutusDeFi, Arnie Hill

PlutusDeFi is a full-stack DeFi aggregator, plugging in multiple products and DeFi applications into one single platform, focusing on User Experience, Design, Privacy and Anonymity.

PlutusDefi has never had small dreams. To us, Decentralized Finance (or DEFI) is a belief in absolute freedom. Every other DEFI projects or startups are a half-step towards truly taking control away from corruptible centralized bankers and financial institutions

We are the solution to achieve a total decoupling and true sovereign wealth for everyone with our strong focus on anonymized privacy at the protocol level.

CryptoDiffer team

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

COO at PlutusDeFi, Ali Hararwala

Our flagship MVP/Product began with our Lending Platform available at Plutusdefi.com.

We are now moving towards the second phase with an aggressive development plan to build out the following components and functionality:

1. Aggregated DeFi Lending, Insurance & Privacy

2. Lending: Compound, DyDx, BZX, Aave, Curve.fi & Iearn.finance

3. Insurance: Nexus Mutual, Opyn

4. Privacy: OpenVPN, Tor Network, Aztec Protocol, Camoflag.eth, Tornado.cash

5. DEX: 1inch.exchange

6. Fiat to Crypto Savings Bridge (PlutusDeFi CeFi Bridge)

7. PlutusDeFi Lending – CeFi Mobile Credits to DeFi Bridge (PlutusDeFi CeFi Bridge)

8. DeFi Debit Cards

9. PlutusDeFi Privacy – (Native Mixer) PlutusDeFi Bl3nd3r (Blender)

10. PlutusDeFi-as-a-Service for exchanges (SDK)

11. PlutusDeFi Mobile App

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

Presently, attracting real users and mass adoption is a problem for many DeFi projects. So how will PlutusDefi solve this problem?

CEO at PlutusDeFi, Arnie Hill

We’re solving this by creating incredibly simple and innovative UI/UX for users, which is often a point left out by many defi platforms. This solves some of the issues that blockchain and defi projects have with gaining traction outside of the crypto space which is a niche. We’re aiming at a peripheral audience outside of only the defi users.

 

Cryptodiffer Community

What are the characteristics of your percentage of negotiation rates and based on what condition do prices vary?

CEO at PlutusDeFi, Arnie Hill

If you’re asking about fee model thiough it’s ever changing thing  we’ll have fee comparable to the major centrlaized exchanges but with the much better price and liquitity conditions let alone securtity and easy of use decentralized trading right from ypu wallet provides.

Cryptodiffer Community

Question 1: As a newcomer in cryptocurrency and DeFi lending, how could Plutus teach/educate beginners or non-crypto understand about crypto, lending and DeFi?

Question 2: Who are the object of Plutus aim to attract (individual or enterprise) and which countries do you think potential for expanding global?

COO at PlutusDeFi, Ali Hararwala

Great question! Given that we are a user focused project that prioritises user engagement, education and aware are two fundamental tenants of ensuring our target audience are able to maximise returns from their savings and use all tools of the platform in an easy to understand manner

Cryptodiffer Community

While the Defi industry is booming, most projects are yet to achieve optimal value addition given some shortcomings in the base infrastructure. Could you tell us the strategies PlutusDeFi has put in place to ensure it create an atmosphere where value is retained in the DeFi ecosystem as opposed to a never-ending loop where users withdraw their crypto/fiat revenues?

CEO at PlutusDeFi, Arnie Hill

Good question. Back in 2019, we were the first DEFI project to theorise and announce the use of a utility token within a defi platform. Our token $PLT, which is live and listed across multiple exchanges, will be the primary value capture mechanism of the platform. 

As the platform expands with new features, and users increase their deposits or use some of our unique features, we use all fees to buy back the token and permanently burn this from the supply. We are big advocates of deflationary models which is why we have used the bridge fee model on our seed round. 

With the value creation on the platform being locked inside of the token, the company benefits from a neverending loop of user growth and burning

Cryptodiffer Community

How is Defi changing our relationship with money, investing, credit and debt? Will DeFi one day take over the traditional financial systems? What problem did Plutus Defi solve?

COO at PlutusDeFi, Ali Hararwala

DeFi is replacing the trust that we pay the financial institutions and banks, which is open to misuse. Token based monetary system has its advantages, but also risks that come with it. The brokers in the real world will not be able to influence money markets in the way they do, thus allowing for a more free, decentralised society to exist

Cryptodiffer Community

How PLUTUS DEFI plan to make room and make this project known in the world of crypto, full of technology and full of new projects very good in today’s market?

What are incentives or benefit for holding PLUTUS DEFI token in long time for loyal investors?

CEO at PlutusDeFi, Arnie Hill

We’re developing a staking campaign, and other gamification around the token and a DPos node campaign. Long-term and loyal holders of PLT will benefit from staking. Those plans are not ready just yet as we have only been live with the PLT token for 3 weeks.

Cryptodiffer Community

Q1. PlutusDefi was one of the most hyped DeFi ICO I participate in. What should we expect from the team in the coming months? 

Any partnerships or incentivised liquidity mining campaign to boost token value?

Q2. Since listing on KuCoin. I’ve been waiting for a listing campaign to celebrate listing. Should we expect any soon?

CEO at PlutusDeFi, Arnie Hill

We are aggressively hiring and shortlisting candidates at the moment for a development blitz, similar to the marketing blitz that we witnessed in the run up to our token sale. 

We will be working further with Kucoin shortly but don’t want to reveal any plans just yet

Cryptodiffer Community

What strategies has PlutusDeFi put in place to ensure it platform is safe and secured against black swan event such as smart contract vulnerabilities? Unfortunately if such happens, Is the platform insured or how can users get their funds back?

CEO at PlutusDeFi, Arnie Hill

Firstly, we’re working with a number of auditors. Secondly, one of the functions of our fees is to create a re-audit pool of funds, go that the fees users pay, will reinforce the security of our smart contracts and the platform itself continuously – https://about.plutusdefi.com/token/utility

Users can also purchase insurance through the insurance providers we are integrating, like nexus mutual and OPYN.

Cryptodiffer Community

Hello! 

Can you please describe the unique selling propositions of Plutus DeFI products over its competitiors in crypto space? What can Plutus do that others can’t or don’t want to? 

Thanks!

CEO at PlutusDeFi, Arnie Hill

There are currently no competitors in the space which plan on building uniformly across different DEFI functionality, for example, having lending, borrowing, derivatives, privacy and insurance all within a single platform which is interoperable with each other, built by standardising the communication among each feature to reduce the friction in user experience. There is nothing worse than having to go to different platforms and connect to each protocol manually or having to send funds to tornado cash and wait for that mixer to reach a satisfactory level of anonmity, why not just do this within a single platform

Cryptodiffer Community

Decentralized finance sounds good until you see that everything is built on Ethereum, I would like to know if Plutus plans to expand to other networks such as Binance, Wanchain, Matic and many others?

COO at PlutusDeFi, Ali Hararwala

Good question, and yes, we look at platforms such as us as interoperable platforms nay blockchain that has an EVM and smart contracts can be then integrated, and the project can leverage the community, liquidity, security and settlement aspects of the platform

Cryptodiffer Community

In article about “DeFi lending into Africa via Mobile Credits — PlutusDeFi to M-Pesa (Tanzania)”

PlutusDefi mentioned a potential solution of allowing users throughout African countries to send their native currencies via mobile money credits to Local PlutusDeFi mobile money business accounts and authorised agents.

Could you explain more specific about this solution and why PlutusDefi choose Africa instead of other countries, how it’s potential?

CEO at PlutusDeFi, Arnie Hill

DeFi is currently stuck in a niche pool of users who are the new  generation of techno-financiers, for example the small amount of people using yield farming, which just would not be used by ordinary people. Mobile money lending is aimed at ordinary people, often without traditional banking infrastructure in remote locations or developing countries. Just as some parts of the world leapfrogged over landline connections, we’re aiming to leapfrog over traditional and even challenger banking, by allowing people to lend and earn APY through mobile credits – which is a main form of payment method in many countries.

Cryptodiffer Community

Nowadays Different platforms, Cryptocurrencies and Different Technology have been subjected to Decentralized Finance, and many of them are useless. What makes you think PlutusDefi is different from them? Do you think that your project will give a good real use cases to all of your investors ?

CEO at PlutusDeFi, Arnie Hill

Many of them are useless because they extract away value into fiat currencies, dont pay their developers in crypto and don’t keep value locked inside of the financial alternative which this market is purposed for. We have a utility token which is at the heart of our defi platform and as AUM and users increase, the company will be able to integrate and develop rapidly, aiming DEFI outside of the niche crypto space and into communities on the ground which know about bitcoin, but dont yet know about DEFI and the various ways in which they can control their wealth and operate on layer 2’s and dapps which provide financial alternatives.

Cryptodiffer Community

Plutus DEFI  looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in PLUTUS DEFI  to give it the importance it deserves? What are your planning to achieve with your project?

On moving forward through your roadmap, what are your most important next priorities?

 Does PLUTUS DEFI team have enough fundamental (Funds, Community, ect) to achieve those milestones?

COO at PlutusDeFi, Ali Hararwala

We differentiate from other projects by building tools and aggregation, where possible, keeping users and specific usecases in mind. The DeFi space is heating up, so it is natural that projects will try and do similar if not identical solutions, but at the end of the day security, user adoption and credibility of the team will ensure the project stays true to it’s tenents

Cryptodiffer Community

Plutus DeFi offers privacy solutions on the network and beyond. Why are both functions necessary, what are their functions, what is the role of VPN in this?

CEO at PlutusDeFi, Arnie Hill

Off-chain and on-chain privacy are necessary for the obvious reason that individual citizens can have their privacy violated by parties outside of blockchain and both on the blockchain. By having multiple layers of privacy users anonymity is increased further. You might use a VPN or TOR to project you off-chain privacy and security, while using a mixer like tornado cash to transact online

Cryptodiffer Community

Defi so hot but i think hardly for almost users to use . How can plutus defi help in this case for both crypto and non crypto users ?

Would you ever consider using Tellor as another oracle solution?

CEO at PlutusDeFi, Arnie Hill

We’re assessing and discussing with a number of oracle data providers at the moment, and working these solutions into our platform.

Cryptodiffer Community

What will prevent Defi from developing and what barriers can it be overcome? Where do you see the future of Defi after 20 years?

COO at PlutusDeFi, Ali Hararwala

The biggest issue with DeFi is the risk of smart contract code, and the risk of faulty design logic. Projects should be encouraged to do multiple audits with independent parties. Additionally, the space needs veterans from financial space to validate complex financial contracts that are written by developers, who don’t have any real experience of working in a real financial environment

Cryptodiffer Community

What are the current target markets that PlutusDefi is targeting? & What do you have a plan to grow rapidly in terms of users, global market and partners?

CEO at PlutusDeFi, Arnie Hill

This week only we have opened the Chinese and Vietnamese Communities with a major response. We are rapidly hiring full time employees in these geographics. We are yet to start building our Japanese and Indian communities in the coming week.

We plan on further communities were it makes sense for us to target, generally in the MENA region

Cryptodiffer Community

How secure Plutus fully on and off-chain privacy & What is the main reason to partnership with DAI and USDC?

CEO at PlutusDeFi, Arnie Hill

We’re open to additional currencies and will introduce over 13 with Aave protocol integration, and potentially a few more by working with Changelly and implementing their SDK

Cryptodiffer Community

Question 1: As a newcomer in cryptocurrency and DeFi lending, how could Plutus teach/educate beginners or non-crypto understand about crypto, lending and DeFi?

Question 2: Who are the object of Plutus aim to attract (individual or enterprise) and which countries do you think potential for expanding global?

CEO at PlutusDeFi, Arnie Hill

This is a good question, our platform was initially centered around letting users make informed decisions around lending, the financial, technical risks involved too. There shall always be prompt boxes and informative displayers to make sure users are educated as they use our product, which is slightly different to other platforms which abstract all of this away as they are more aimed towards professional crypto users who are already won and converted to the idea of decentralised finance.

We will make a resource platform, which educates users, and shall be run openly by the community, which will allow people to freely submit technical articles, discussions pieces and users guides on how to use DeFi, even DeFi outside of Plutusdefi

Cryptodiffer Community

PRIVACY IN DEFI

One of the outstanding reasons why PLUTUSDEFI is different from other defi projects is PRIVACY.. Now my question is this?

1.How extensive is the privacy in PLUTUSDEFI? 

2. What other outstanding features are we looking forward to see?

CEO at PlutusDeFi, Arnie Hill

You can never have too much privacy,

We will keep on adding more privacy innovations, for example, any new cryptographic methods for privacy and secure transactions which are developed, i.e Secret.token or Aztec when that is fully up and running. 

2. This is a secret 🙂

Cryptodiffer Community

Safety and security are always the most important things. What is the security mechanism of Plutus Defi to ensure user assets do not become the target of hacked?

CEO at PlutusDeFi, Arnie Hill

We’re a non-custodial solution, we will never have access to your privacy keys, wallet or the smart contracts which your keys initiate. We will have audits of our platform as per parts of our platform releases. There are only small points at which potential hackers could occur, but it is more likely that major protocols like maker and compound are hacked before plutusdefi.

Cryptodiffer Community

1. Is $PLT going to remain an ErC20 coin itself in the future or are there any changes in the pipeline to address scalability issues that may arise with extended adoption??

2. Will PlutusDefi be developing their own oracles in the future or will be using other 3rd party oracles like $LINK/$TRB??

CEO at PlutusDeFi, Arnie Hill

We will be using third party oracles, mostly $LINK, and are already in discussion with the Chainlink team. We’re awaiting the start of integration.

We don’t plan on having our own blockchain, but we are looking at several layer 1 blockchains which have just launched, or will be launching soon, to see if we can port over our platform to their smart contracts.

Cryptodiffer Community

What are the benefits of Your aown ETH mixer?

AS you are planning to Launch Defi Debit card,

What features Users can Take Advantage of In the DEBIT CARD? how much token they have to keep to Access of Some features?

CEO at PlutusDeFi, Arnie Hill

The main benefit is that our own native mixer will add as a supplement to anonymous liquidity, it will be mutually beneficial to other anonymity pools like tornado cash, and as we work out the ways in which the two can integrate, the anonymity set is increased. This is the overall goal.

Cryptodiffer Community

Staking seem to be popular right now on many blockchain project to encourage investors to hold tokens and make it healthful for project ecosystem. Does PLT support this as well? If yes, what will requirement of a Node and a Validator node be And how does reward base on?

CEO at PlutusDeFi, Arnie Hill

Yeah we are planning a DPOS node system similar to LTO’s game of nodes which was a lot of fun. Users should be able to delegate their PLT without it leaving their wallet, thus reducing concerns of theft, but also increasing participation in the battle of nodes 🙂

Cryptodiffer Community

The DeFi hype is now high just like 2017 ICO hype, but now many ICO projects are dead. How will you ensure PlutusDefi remain relevant and useful 5 years from now?

CEO at PlutusDeFi, Arnie Hill

We started in 2019, and struggled and continued to operate and build throughout the entire bear market, while most projects died off and disappeared. We were essentially forged in the middle of the bear market, when there was no positive view of what would happen to the market. We’re still standing today in the best position because we kept on developing, didn’t give up and and believed in Defi

Cryptodiffer Community

The DeFi hype is now high just like 2017 ICO hype, but now many ICO projects are dead. How will you ensure PlutusDefi remain relevant and useful 5 years from now?

CEO at PlutusDeFi, Arnie Hill

We’ll still be here in the future because we know our investors very closely, before the inception of PlutusDeFi and are genuinely interested in this technology. DeFi is at a point where microsoft and the internet was in1995, it was slow, clunky and hard to use. Every single week, hundreds of teams are pushing constantly to stay up to date and develop rapidly. A fear years from now the entire industry will not look the same.

And it’s exciting to be able to shape what the future will look like with the platform and tech we are building now, that in a sense is changing the world.

Cryptodiffer Community

The biggest DeFi needs is that of interoperability, providing cross chain interactions and multiple blockchains, how does PLUTUS achieve THIS?

HACKATHON and BUG BOUNTIES are used to clearly examine Smart Contracts and identify any unsuspected Security breaches, does PlutusDefi have Such Program in place

CEO at PlutusDeFi, Arnie Hill

Yes, as explained above, we’re keeping an eye on other Layer 1 competitors to ETH and looking at their smart contracts. If there is a possibility to work with them, then we approach for shared developer resources or a grant. Some of them are lining up to get as many platforms to build on top of them, so there are opportunities for plutusdefi to increase our liquidity through building the platform on other blockchains

Cryptodiffer Community

The capitalization of DeFi projects has grown from $ 1 billion to $ 4 billion by 2020. To be honest, 2020 was a successful year for all DeFi projects.  However, the trends for each year will change.  So in the last months of 2020, what are Plutus’ comments to the whole DeFi industry in general?  In your opinion, is this a period of maximum success and soon the cooling of DeFi-related news when a new trend will emerge?

CEO at PlutusDeFi, Arnie Hill

Last year, when we set out to develop the platform, we were miles ahead of the crowd in terms of vision and strategy, we lacked funding and could not aggressively build without risking the runway of the company. We didn’t want to go bust in the middle of the bear market, so we were conservative but still came out with our V1 lending platform. Now the situation is different.

Cryptodiffer Community

Dolomite mess vs Crypto community 

Dolomite messed up the sales which really caused an uproar in the crypto community as to whether $PLUTUSDEFI is really genuine. Now my question is this

* What are your plans for the remaining months of the year 2020? 

*What word of encouragement do you have for we the community and holders?

CEO at PlutusDeFi, Arnie Hill

The dolomite incident really set us back and it was a huge disappointment for us, we didn’t pour so much resources and efforts for that to back fire. We’ve recovered now that the FUD is over. Let me just say that the FUD was orchestrated and we don’t want to make major announcements about it, but the fudders have now moved onto different projects and were paid by other uniswap listed projects to make sure liqudity only stays in certain projects. 

I guess the major encouragement is that a majority of our seed investors have not crossed the bridge, that should tell you enough 😉

Cryptodiffer Community

What is the appreciation space of PlutusDefi and how can the price be guaranteed in the future? So, How did you guys survive in this long bear market and what difficulties have you encountered during this periode?

CEO at PlutusDeFi, Arnie Hill

Good question, 

We survived the bear market because we were really diligent with our spending and management of developer resources. 

The honest answer is that many defi projects are using white label services, and they do not intend to stay around after they raise funds if im being honest. 

We hired full time resources and with the help of our COO and other product managers on the team who have decades of experience, we have a professional corporate management in a startup, that is unheard of and is the reason we made it through the bear market without going bankrupt. There are some other factors like due diligence on costs, which we had through our experience in the crypto space.

Cryptodiffer Community

What is the appreciation space of PlutusDefi and how can the price be guaranteed in the future? So, How did you guys survive in this long bear market and what difficulties have you encountered during this periode?

CEO at PlutusDeFi, Arnie Hill

The biggest difficulty is hiring, and hiring reliable and quality people.

Cryptodiffer Community

Q.1 Can you tell us something about the adoption of Plutus? Like where you would love to see the usage of Plutus?

2.What are your major goals to achieve in the next 3-4 years? What are your plans to expand and gain more adoption? 

How do you elevate crypto participants understanding about #Plutus???

COO at PlutusDeFi, Ali Hararwala

Based on the customer segmentation we have planned, we intend to find users who will make Plutus a more mainstream platform that caters to users financial needs

Cryptodiffer Community

1. Why Spebid.com from Japan choose PlutusDeFi for their payment? What is the special reason?

2. Why must Spebid.com to come first to make the start for Plutus?

CEO at PlutusDeFi, Arnie Hill

They approached us and decided to integrate PlutusDeFi. We have a major investor in Asia (NGC) which is carrying our flag in those communities, so there is some major traction in china and japan with our token, as such, we already have PLT accepted as a payment method within 3 weeks in one country

Cryptodiffer Community

Is there any plan To buyback & Burn the token?

We have seen liquidity problems, How does Plutus Plan to solve?

CEO at PlutusDeFi, Arnie Hill

Liquidity will increase as AUM in our lending platform increases and users see the benefits of $PLT. Right now, we are one of the few, if only, defi platform with a working product which is under 8MC, and all of our investors are liquid technically speaking. There is no more investor supply left to come into circulation.

Cryptodiffer Community

The biggest DeFi needs is that of interoperability, providing cross chain interactions and multiple blockchains, how does PLUTUS achieve THIS?

HACKATHON and BUG BOUNTIES are used to clearly examine Smart Contracts and identify any unsuspected Security breaches, does PlutusDefi have Such Program in place

CEO at PlutusDeFi, Arnie Hill

Yes, as explained above, we’re keeping an eye on other Layer 1 competitors to ETH and looking at their smart contracts. If there is a possibility to work with them, then we approach for shared developer resources or a grant. Some of them are lining up to get as many platforms to build on top of them, so there are opportunities for plutusdefi to increase our liquidity through building the platform on other blockchains

We’re also working with a few crypto payment services and swap companies to integrate PLT, which should in theory increase liqudiity

Cryptodiffer Community

It’s nice to see that Plutus Defi gives priority to Anonimity, which is not in many other projects. the rules are tough for anonymity, do you have plans if regulators try to interfere with your development?

CEO at PlutusDeFi, Arnie Hill

Yes we do have plans. Operate in jurisdictions were privacy and anonymity is valued 🙂

Cryptodiffer Community

Q1. In recent time, Compound raises as a phenomena in Lending Platform, so what does Lending of Privacy in Putus have unique points to compare to Compound and attract more users?

Q2. In lending space it requires many factors but I think partners and capital are the most important things, so what are the capital and partners of Plutus, their roles and what benefit they bring to Plutus?

CEO at PlutusDeFi, Arnie Hill

Good question, a number of protocols initially asked for VC help and HWN to back lending protocols as to jump start the awareness of the protocols. We will be doing the same thing by asking HWN’s and funds to help deposit into lending, and increase our awareness in the space, hopefully to get listed on a few of the defi tracking websites 🙂

CEO at PlutusDeFi, Arnie Hill

Any other questions feel free to DM me or ask in the plutusdefi channel – https://t.me/plutusdefi

It was great to be here, we will be doing regular AMA’s with CryptoDiffer

Cryptodiffer TEAM

Thank you for you answers, it was an insighfull session

Thank you everyone who participated, great questions as always!

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