PolkaFoundry AMA Recap

01 Sep 202002:08

AMA

PolkaFoundry AMA Recap

Cryptodiffer Team

Hello, everyone!😁

We are glad to meet here:
Mr. Thi Truong
Founder & CEO of PolkaFoundry
(@thi_pkf )

Mr. Thi Truong

Hello CryptoDiffer community, glad to be here!

Cryptodiffer Team

Let`s start with the introduction !
Q1: Can you introduce yourself to our community?

Mr. Thi Truong

My name is Thi Truong (pronounced as Tee). I’ve been working in the software industry for more than a dozen years
I started my career in blockchain with Kyber Network 3 years ago, working as a key member of Kyber core team. It was a memorable time there!
A year later, I quit Kyber and founded Icetea Platform which is @PolkaFoundry now
It was a great journey we went through the winter of crypto and sustain to this day

Cryptodiffer Team

Thank you for the introduction
Let's now talk about PolkaFoundry

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

Mr. Thi Truong

Yeah. PolkaFoundry is “a production hub for DeFi apps on Polkadot”.
So what does that really mean?
Take a look at this picture:

Basically, PolkaFoundry is a DeFi-friendly platform for developers to build dapps
It includes:
- A blockchain with innovative features
- A set of built-in DeFi-friendly services. We also integrate with partners’ services to make PolkaFoundry the best developer hub for DeFi application
It is straight-forward to develop new dapps as well as migrate existing dapps from Ethereum. Since we are EVM-compatible
that's it!

Cryptodiffer Team

Q3: How did you come with the concept of PolkaFoundry?

Mr. Thi Truong

When I was working at Kyber, I realized blockchain is very useful technology if used correctly
However, the dapps’ UX is such a hassle for normal users. Many unfamiliar concepts and inconvenient steps just to get onboarding (buying coins, paying transaction fees, keeping private keys, and the like)
IMHO, that is one of the primary barriers for blockchain adoption
That’s why we spent years researching dapp UX and we came up with UX-enabling features for PolkaFoundry
Although blockchain has various use cases, finance is for sure the most important and well-fit area of application. That’s why, we focus on building and integrating services for the DeFi app
In addition, Polkadot is a thrilling ecosystem, and we decided to be a part of it. To make it easy to migrate dapps from Ethereum, PolkaFoundry is EVM-compatible
So, to sum it up, PolkaFoundry mission is to become a top production hub for DeFi apps on Polkadot, with all the tools and features for DeFi experiments, innovation, and real-world solutions!
that's it @makscryptodiffer

Cryptodiffer Team

Perfect, the last question from us before we start the community round is:

Q4: What makes PolkaFoundry unique?

Mr. Thi Truong

There are 4 key points about PolkaFoundry:
1. Leveraging the thrilling ecosystem, the interoperability and scalability of Polkadot and Substrate framework
2. Unique UX-enabling features bring dapps to a much broader population
3. EVM-compatible, straightforward to migrate from Ethereum
4. DeFi-friendly services for dapps
Among this, the unique UX-enabling features are our unique area.
Current dApps put burdens on users. Foreign and complex concepts and steps, you name it...
PolkaFoundry help dapps to reduce those hassles to approach normal users. I think this is the key point for blockchain to reach mass adoption
I can explain more about this later if there is question about it
@makscryptodiffer

Cryptodiffer Team

Perfect
Thank you for such detailed and interesting answers!
It is time to move to the community questions part.

Cryptodiffer Community

One of the primary barrier for blockchain adoption is the complex nature of UX of most Dapps, and this makes it difficult for normal user to use them. How does PolkaFoundry plan to solve this problem so that everyone can benefit?

Mr. Thi Truong

Yes, I totally agree this your comment. We includes many 'UX-enabling' features in our project. Just some example:

1. Signing key: Used in place of the private key, each signing key has an expiry time and a limited set of permissions. Thus, leaking yields much less serious consequences.

This more efficient signing process improves both dApp security and the UX safeguard the keys.

2. Flexible Payer: DApps can pay transaction fees for users in a decentralized manner.

As a result, dApps can employ much more flexible monetization strategies, such as free, freemium, pay-to-unlock, and in-dapp-purchase models. Onboarding becomes seamless.

3. PolkaID: An off-chain service that encrypts a user's key, splits it into parts, then distributes the keys to multiple independent and secure key management services.

This shifts the burden of keeping keys from users, while still preventing illegal access from any single central authority.

Cryptodiffer Community

NFT and Defi is one of the trending trends in the crypto market and they are effectively expanding with many new projects coming up in the field. What do you think about the development of NFT and Defi? Which area are you focusing on at the moment? (DeFi, Stake, Dapps, and what are your goals this year?

Mr. Thi Truong

DeFi and NFT are trending for good reasons. As I was several years into this field, we tried to apply blockchain in other areas. However, I realized that blockchain is only useful for certain scenarios:
- when the value of data is high
- when the trustworthiness of the service providers are low

DeFi and NFT are very suitable for those scenarios. I believe they will be primary motivation of blockchain in the future. And that's is why we focus on DeFi at PolkaFoundry

Cryptodiffer Community

Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?

Mr. Thi Truong

The team information is clearly on https://polkafoundry.com , we are not anonymous!

Cryptodiffer Community

Your vision is to empower every person on earth with complete control and the freedom to utilize their valuable assets in a way that is digitalized, secure,and accessible. Do you think this is actually possible? If yes, How do you intend to go about achieving this?

Mr. Thi Truong

We achieve this by providing a platform that is powerful enough and easy enough for developers to create dapps efficiently and move this industry forward. We rely on the capacity and Polkadot, its fast-growing ecosystem, combining with our UX-enabling features to make dapps reach mass adoption!

Cryptodiffer Community

All project's coins have their main Utilities & real-life use! So, Can you tell us what the main role of your coin is in your ecosystem? Explain its Utilities & Real-Life use cases? and Why should i invest in your coin for the long term?

Mr. Thi Truong

Our token $PKF has several utilities:
* Pay transaction fees

* Lend to PolkaFoundary crowdloan to auction for parachain slot and earn rewards
* Stake for collators and earn a share of to block producing rewards
* Participate on-chain governance process and earn rewards for voting on proposals
* Pay for PolkaFoundry Platform & partners' services (PolkaID, DocuGuard, etc.)

Polkadot ecosystem is growing at a thrilling speed, more and more dapps will move or build there. PolkaFoundry positions itself as a critical hub for dapps development on Polkadot. If we can realize our vision, the demand for PolkaFoundry token $PKF will rise greatly in the future.

Cryptodiffer Community

As I see PolkaFoundry now has a lot of remarkable features, so what is your team focusing mainly on now and in the future? How does that affect the value of $PKF?

Mr. Thi Truong

For now we are focusing on:
- making the platform robust and as compatible with Ethereum as possible
- implement UX-enabling features and support libraries for developers
- partnerships with service providers and dapps developers to create or migrate dapps to our system

It is great news that many developers and projects are interested in what we are doing, and there are several great dapps will come out in the coming months!

Cryptodiffer Community

Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?

Mr. Thi Truong

We value community, and will design several programs to build our community, listen to their feedbacks and advice, and reward them appropriately for their contribution. We will announce it in the coming time, stay tuned

Cryptodiffer Community

Are you a global project? Can anybody use your services from anywhere?

Mr. Thi Truong

Yes, we are global one and can be used anywhere.

Cryptodiffer Community

Many blockchain projects are on paper only and no product or product has no practical meaning. Please let us know what is PolkaFoundry currently practical product in use?and What are your plans for the product to be better in the future?

Mr. Thi Truong

We have been developing for years, and our team have 20+ members, locating in Singapore, Vietnam, Japan, Canada, India. We are real time of crypto enthusiasts.

We have running platform and products like TeaWork and Lovelock.

Our plan is be a part of Polkadot ecosystem and focus on DeFI for the reason I explained before.

Cryptodiffer Community

Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?

Mr. Thi Truong

There are several reasons a project cannot achieve good results.
1. Their vision is not suitable and can not realize in the long run
2. They are technical geeks only without marketing, and no-one would know. I see many like this
3. They are just marketing and weak in technical development

We strongly believe in our vision of bringing blockchain to the mass. We have good developers resources - one of our share holder is a big software company with 1200 developers. And we are cooperating with Momentum 6, one of the best blockchain marketing firm now who is behind the marketing of several succesful projects like Harmony, MANTRA DAO, Kylin, apy.finance.

That is why we will sustain and contribute to make this industry moving forward.

Cryptodiffer Community

How do educate and raise awareness and adoption among the community to make more others understand about PolkaFoundry ?

Mr. Thi Truong

We will create educational documentation, wiki, tutorials for both developers and users. We will also have campaign for the community to do it together with us

Cryptodiffer Community

What kind of steps is PolkaFoundry planning to take to make the traditional finance more popular within the blockchain space? There are tons of regulative problems to solve surely but how do you plan to get adoption of traditional finance within blockchain?

Mr. Thi Truong

Regulation is a problem. What we can do is prove that DeFi works and bring benefit to people. When the governances see the benefit and understand it, they have more info and trust the modify the regulation.

When DeFi becoming a mainstream thing, co-operaton have to change themselve or they will be left out.

It is a long process, but decentralization is a good thing. We are happy to contribute our part to push it forward.

Cryptodiffer Community

Do the $ PKF token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?

Mr. Thi Truong

Yes. The on-chain governance is on our roadmap. It is not clear at this point to be specific, but they can vote for proposals such as:
- changing the system's parameters (including the tokenomics parameters)
- propose new features to the platform

We will clarify details in the coming months.

Cryptodiffer Community

Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?

Mr. Thi Truong

We have no coin burn / buy back plan as for now. But we might consider those strategies when the market and business conditions requires such strategies

Cryptodiffer Community

DeFi and Dapps are two pillars primed to rule cryptocurrencies, what's your strategy to DeFi and Dapps?

Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for Your project and how could you overcome this barrier?

Mr. Thi Truong

Ethereum is facing several issues (gas cost, network congestion). So basically, there are many ways to workaround this.
- improve the core of Ethereum (i.e. Ethereum 2.0)
- layer 2 over ethereum (loopring, matic, etc.)
- alternative chain (polkadot, bsc)

I think each method has strong and weak point. I think it takes time to improve Ethereum and it is great opportunity for chain like Polkadot to grow and become something significant.

For every industry, there often ~3 leaders. So I think while Ethereum might still be a good smart contract platform in the future, Polkadot will be another pillar.
@makscryptodiffer how much time left do I have?

Cryptodiffer Community

Why did PolkaFoundry decided to focus on building and integrating services for DeFi apps, isn't there potentials in other sectors of the Blockchain asides Financing or do you plan expanding at a later date in the future?

Mr. Thi Truong

yes, there are several sectors, but as blockchain is mos suitable for manage data (asset) of high value. It is non-sensical to store low-value data on blockchain. That is why financing and valuable assets (like NFT and other tokenize assets) are best use cases. That's why we focus on DeFi.

Cryptodiffer Community

-Can you tell us more about LoveLock and how is it different from TeaWork? What is unique about it and how does it benefit users?

-How will PolkaFoundry attract developers, creators and blockchain enthusiasts to build on its platform? Are there incentives?

Mr. Thi Truong

Lovelock is one product running on our blockchain.

It is a micro (niche) social network that focuses on closed and true-meaningful relationships only, such as lovers, family, and closed buddies.

With LoveLock, everyone can be true to themselves because they're safe among their trusted relationships, not a bundle of fake friends on the Internet.

The LoveLock newsfeed only shows what you really care about, not neither advertisement nor controlled news because LoveLock respects your privacy and identity. You own your personal information and no-one can use it without your permission.

Cryptodiffer Community

1. Do you think that Polkafoundry being built on Substrate and Polkadot ecosystem will solve many common problems in DeFi such as volatility, scalability, privacy, speed, security e.t.c? How?

2. In what ways would the UX solutions be of benefit to every kind of dapps?

Mr. Thi Truong

1. Yes, Substrate is a state-of-the-art blockchain platform at the moment. It is used by Polkadot Relay chain itself and most if not all parachains. You can learn about their scalability and security from Substrate and Polkadot documentation

2. Every dapps need to be easier so it can approach normal users. By normal users, I mean my parents, my friends, etc. Crypto community is the main users of dapps, but it is a small population though. Therefore, UX will benefit every dapps.

Cryptodiffer Community

How does PolkaFoundry enable UX rendering to attract larger audiences, and how is PolkaFoundary's DocuGuard service different from other storage services?

Mr. Thi Truong

For UX, I already explained. For Docuguard, it is integrated deeply into PolkaFoudry so it is much easier for developers and user of our platform. For example, one can pay for it using $PKF

However, we will integrate other storage services into our system to let developers have wide range of choices according to their needs.

Cryptodiffer Community

Could you explain to us in simple terms what is the purpose of #PolkaFoundry? What is the strongest advantage that you think will make this team lead the market? How will you attract investors and build the trust and win the hearts of millions of people in your project?

Mr. Thi Truong

The purpose is allowing developer to efficiently build DeFi apps that is accessible to the masses.

Our advantage is that we help dapp eliminate barriers to reach normal users. We believe that by that, killer apps will be created on our platform.

Cryptodiffer Community

What is business model of your project? How it works? and
Who are your potential customers and which markets are you targeting on?

Mr. Thi Truong

We are a dapp platform, so our "business model" is tokenomics. The potential customers are the dapp developers, and the markets we are target is DeFi applications

Cryptodiffer Team

Thank you for your time today
appreciate all the great answers
Thank you everyone who took part

Mr. Thi Truong

yeah, thank you very much