YOP AMA Recap
CryptoDiffer team
Hello, everyone!😁
We are glad to meet here
Atif Yaqub , Founder of YOP
Founder of YOP, Atif Yaqub
Hi everyone! Great to be here. Big community and seems very active.
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
Founder of YOP, Atif Yaqub
Hi, I am Atif Yaqub, Founder of YOP. Have been active in crypto for over four years now. Started with mining, moved into investing and over the years supported various projects. Enjoy travelling, motorsport and have been very enthusiastic about Bitcoin from the day I understood it.
That feels like a long time ago now! I have been active in various other business ventures around the world and enjoy networking by regularly attending events like the annual Davos meeting and similar conferences. You can read more from the Medium blog posts on my LinkedIn.
CryptoDiffer team
Q2: Can you briefly tell us what is YOP in 3-5 sentences?
Founder of YOP, Atif Yaqub
Sure. We are a UK based project with a global team behind us. YOP is a yield optimization platform & protocol. All-in-one yOptimization application that makes it easy for everyone to access DeFi. Giving you control, custody, insights and flexibility directly in one single application.
CryptoDiffer team
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans
Founder of YOP, Atif Yaqub
We have been in development for a few months now. The past few weeks have been really busy, since we announced that we have secured funding from a London Stock Exchange listed investment company YOP has really popped. We are now almost fully funded with just a small round remaining for the crowd, which will be on a platform. Our first version should be live Q1 2021 we believe February time.
YOP has also made great progress on our yProtocol which we will publish a paper giving more details on that.
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
I saw in YOP website
YOP offers a clean UX/UI application powered by $YOP token
I think there are some other aggregating platforms also trying to offer DeFi exposures to retail users at simple and easy to use UI/UX, would you be seeing any peers? And what are YOP Finance’s key competitive advantages?
Founder of YOP, Atif Yaqub
Correct we have a focus for clean and easy to use UX/UI for our platform but most competitors stop right there. We are re-engineering the way a platform and protocol work together. To date this has been fragmented and either a front end service or a protocol with poor user experience. So YOP combines both and ultimately we are building up to have a DeFi Super Protocol to bring much more liquidity to the market.
Cryptodiffer Community
How does YOP build critical mass for the everyday consumer?
Founder of YOP, Atif Yaqub
We are strategically positioned for growth firstly in the crypto space but then outside to the wider audience. This will be done by leveraging our partners in the traditional financial market who have the experience to scale to millions of users.
Cryptodiffer Community
Most platform’s wallets are too basic and the market data apps have no value added benefits. Is this notion same for YOP or how is YOP different?
Founder of YOP, Atif Yaqub
Good question – the essence of YOP is to provide all of those services in one place. Which nobody currently offers.
Cryptodiffer Community
An important element when building financial instruments is accessible to everyone and not limited by technical barriers. How does YOP Finance break down technical barriers? How to accessible users?
Founder of YOP, Atif Yaqub
Exactly – although we are building a product that caters for the novice and more advanced technical user alike. The key for the new user is make it easy to understand so informative on-boarding and support.
Cryptodiffer Community
Can you describe YOP’s on-chain governance structure? What do you think are the most important decisions that will be made using on-chain governance?
Founder of YOP, Atif Yaqub
$YOP allows customers to put forward proposals and actively participate in the governance of the platform. This will go along with our staking and reward function too.
Cryptodiffer Community
YOP is operating on Ethereum Network. wwhich really has a slow speed and high gas fee?Do you have any plans to launch your mainet or convert to other blockchains in the future?
Founder of YOP, Atif Yaqub
Our roadmap addresses this with the options listed, we are also following ETH2 development closely. Lets see how it progresses in 2021.
Cryptodiffer Community
Can you explain more about the dynamic portfolio management with automated IL (impermanent loss) protection provided by YOP network? How does it works? What can we expect more about this impermanent loss protection feature in your platform?
Founder of YOP, Atif Yaqub
Yes the main feature here is to protect the user against IL. By allowing the user to set parameters if the market suddenly moves then to un-stake tokens. We are also integrating an emergency release button that allows the user to un-stake by setting high gas fees in situations like where a vulnerability is discovered in a contract.
Cryptodiffer Community
How does Yop Multiproduct Support system works? Could you share with us what is the benefit for user!?
Founder of YOP, Atif Yaqub
Allows you to execute all transactions and informed decisions in one application rather than having to use several platforms.
Cryptodiffer Community
Sadly, majority of crypto projects out there are developed for the sole purpose of amassing wealth. In just few sentences, what’s that unique value/contribution that YOP brings to the space?
Founder of YOP, Atif Yaqub
We have positioned YOP with an initial roadmap of 3-4 years. Our plans are not to build a small project but to continuously scale up. We have already demonstrated the YOP is vetted and approved project. That is fairly big for a space which is filled with unknowns. This gives everyone more comfort to engage with YOP and continue with us on our journey.
Cryptodiffer Community
Do you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
Founder of YOP, Atif Yaqub
We will be launching a YOP Diplomat programme to reward our community in helping keep YOP safe and robust. This will also allow community to earn tokens in helping grow the YOP community.
Cryptodiffer Community
There is a gap that is yet to be filled in the market by current yield protocols as the current yield protocols are very selective in what they offer. Protocols are also generally fragmented and fail to collect all of the value available in the marketplace. How does yProtocol aim to fill this gap?
Founder of YOP, Atif Yaqub
This is precisely what yProtocol does. Current protocols offer a single service. This limits growth and YOP identified this early on. Our goal is to work with existing protocols and then scale up to help attract more liquidity to the market.
Cryptodiffer Community
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Founder of YOP, Atif Yaqub
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Cryptodiffer Community
I want to ask, Which one the most important for you in developing the community and increasing the value of the project? Which one that Will you do first?
Founder of YOP, Atif Yaqub
Growth comes hand in hand. Marketing and awareness is as important as the product development. So for YOP its important to maintain a balance and make sure we support our community growth but also deliver a quality product.
Cryptodiffer Community
I’ve seen YOP Protocol use both the terms yPlatform and yProtocol. What’s the difference between those, could you touch more on this?
Founder of YOP, Atif Yaqub
The YOP project is split into 2 main areas. The yPlatform is the front end application. The yProtocol is the underlying technology powered by the $YOP token. This is what sets us apart from the competition by having both.
Cryptodiffer Community
What is Multi Asset Index? What service can Multi Asset Index provide and what will Multi Asset Index bring to Users?
Founder of YOP, Atif Yaqub
This is when YOP integrates cross chain assets and liquidity. So you if you like accessing products on a different network you can still use YOP, rather than only providing one blockchain based assets.
Cryptodiffer Community
YOP is a Borderless project that can be used in any part of the world? Which are you Main target markets right now?
Founder of YOP, Atif Yaqub
We will grow with the crypto community first, this is really international but our core focus then moves to faster growth in UK/Europe with US & Asia after that. YOP is truly global and a non-custodial service open to everyone.
Founder of YOP, Atif Yaqub
Thank you for hosting us. It has been great to contribute to your community here.
Good questions! Anything we missed you are welcome to come ask us in our chat @YOPfi.
Cryptodiffer TEAM
Thank you for you answers, it was an insighfull session
Thank you everyone who participated, great questions as always!
