We held a live AMA with CEO of Startfi , Komy & CTO of Startfi , Rob on 2th June10:00 PM (UTC+8). Here’s the recap for those who missed it.
JH | ShinChan: so before the ama start, can you introduce yourselves and the team background?
Komy: I’m the CEO of StartFi, I have more than 17 years experience in the Tech industry, taking it from being a web developer to becoming a serial entrepreneur. I started mining BTC in 2013, daily crypto trader since 2016, I moved to the blockchain industry as a startup in 2017 with a payment system built on the Stellar network, and funded some startups in blockchain, fintech & ecommerce.
Here I’m giving my all time on StartFi, because I see a brilliant future of NFT in the content creation industry.
Rob: I am the CTO of StartFi. I have known Mo and worked together in the Blockchain world for almost 3 years now. I live and work full time in Canada. I am an enterprise architect with extensive experience as a software developer and architect. Aside from my job as an enterprise architect, I am very passionate about blockchain. I strongly believe that Blockchain is the future. I am already seeing it disrupting existing solutions in the government of Canada. This is huge if you know how governments work. I believe in two things. Process and distributive technologies. Both put you on the right track to evolve and succeed. That is exactly why I am here today.
JH | ShinChan: I saw a lot of great news from StartFi channel, like partnership and solid vc onboard, so can you share some News/update about StartFi to our community?
Komy: We already working with Matic (Polygon), Nervos network, Solana..
We are integrated with Gitcoin (Kernel Hackaton)..
Hunted some content creators on youtube, esports teams (but not on public now) 😉
Platform update: Yep, we are so close to introduce a public demo to give the community the first NFT marketplace (like Amazon simple interface). Other partnerships on the way as well
AMA Twitter Section Begin:
Q1: Barriers to entry are one of the main challenges blocking mass adoption of DeFi. Most DeFi solutions are only accessible to those with a high level of understanding of blockchain technology. What is the #StartFi solution to this problem?
Rob: Great question. I will take this one. Look up what Mo just said about (like Amazon simple interface). That was not a coincidence. One of our main competitive advantages we are working on is building a user friendly platform where they dont get confused by the busy and too techie interface.
How are we trying to do this? StartFi thinks about real world problems first. We think about average non tech savvy users first. Technology is a tool not a goal for us. That is why, we try to minimize the friction and noise while users are using our platform to manage their content. We have hired UX/UI designers and business analysts from outside the Blockchain world exactly for this reason. That was one
Number two is: Our platform is NOT targeting tying down an NFT token to an image or video. The core of our business is truly digitizing content creators activities and also providing an efficient way to monetize these assets. Our platform targets two types of users. Content creators and influencers, and also consumer users. Consumer users can buy and bid to buy digital content. The content creators and influencers who have a following can also sell their creative work using our marketplace but what’s more exciting for them is launching INO on our platform to kickstart or fund their projects.
Q2: ”One of the strategies that facilitates fundraising is that users who are content creators will be able to sell NFT. How will this process be done? Will they be available on exchanges or can they be exchanged? What benefits does this bring to the Start Finance platform?“
Rob: For sure. Pair with me. StartFi platform has two solutions. The first one is a marketplace. This is where all users can tokenize/digitize their content so they can manage it the way they like by for example setting up an auction on it. The marketplace will be a blockchain agnostic platform in order to provide users from different backgrounds with the right blockchain to them to use. Again, we are trying to build a user friendly platform for users. We don’t enforce technology on users. We utilize technology to build user friendly platform that provides added value to non-tech savvy users
The second part of our platform is the Launchpad. We are so proud of this idea. After months of working with content creators and influencers to understand what they need. We came up with the Launchpad idea where we host Initial NFT Offering (INO) campaigns for approved content creators. The Launchpad platform provides a win-win-win situation
Win for content creators because they are able to fund their projects so they can block off some time of work on it. Win for the fans and community because they get early access to content that will own, and of course have full control what to do with it after like selling it. Win for STFI token owners because their token has an actual utility which is fueling the StartFi platform.
Q3: “What are the benefits of the StartFi and Polygon (Matic) Integration? is there a plan to become a multi-chain
Rob: Again another great question :) Remember I said that we are trying to build a blockchain agnostic platform? This is exactly why we are going with with Polygon (Matic). We started developing our solution assuming that we will start with Ethereum first. But as we mentioned earlier, one of our core competitive advantages we are trying to develop is creating a user friendly platform. So we quickly identified that we needed to support multiple networks.
I would like to also let you guys know that we already started planning to support Ethereum, Solana, Nervos Network, and Matic networks off course. In short, we are targeting to support mainstream EVM compatible networks. We have already started engaging with all of these networks to collaborate technically with them.
Q4: “I read on your website that: “Some features are not available in all countries, we will work hard to deliver our service to most countries by updating our licenses”. So, is Start Finance a global project? Are there any countries where your services aren’t available at all?”
Komy: We are a global project for all content creators & fans. Some features we means are the features related to raised fund and convert it into a Fiat money for example, this feature is available to Europe countries right now.
Other features that will require a KYC like certify your account as a high-level creator, these features will be introduced to different markets one by one depending on each market regulations & strategies. But general using, crypto things are available for all.
Q5: “Gate.io is now a very popular and world biggest exchange.. Everybody want to invest with your project when your plan to list in http://gate.io So,tell me do you have any plan to list http://gate.io?"
Komy: Actually I’m happy to hear that, because Gate io Labs is one of our investors, & they are working hard with us on marketing activities. So, for sure we will be listed on Gate io exchange, but the date is not announced in public yet.
Telegram Live AMA Begin:
Q6: Many projects are left unfinished due to inexperienced and incompetent team members. Is the experience and equipment of the StartFi team sufficient to carry your vision? Do they have sufficient experience in the sector?
Komy: Yes of course, we are backed by our own deacades of tech experience, hired a top notch dev members, involved in crypto world since 2013, daily traders,
But all these are not enough from my opinion, because the community & platform users who are the success key for any project, not only the team.
Q7: I don’t see you discussing SAFETY
Can you explain what SECURITY the Project has, is it working with the world’s best security experts?
Rob: For sure. Security is very important, this is a topic we don’t tend to discuss externally but I can tell you this on the high level:
Our Security model that we are forcing has 3 layers :
infrastructure layers, We are only operating on blockchain network with high distribution and high adoption from the community.
smart-contract layers: the smart contracts manage the whole thing. user control his assets and to make sure we are building highly secured contracts we are following this methodology :
1- we are following the best practices
2- internal audits
3- external audit (Openzeppelin potentially)
Q8: What do you think about the Asian market? Does your team plan to reach other countries with potential crypto markets, and have large teams and investors wanting to work and monetize crypto?
Komy: We are working closely with Asian market, for example we published many PRs on Chinese media, we have a WeChat group for Chinese..
Marketing members from South Asia btw 😉
Q9: Does $STFI team have a training and guidance system for newcomers to cryptocurrency? How do you attract and reach them?
Komy: We started to prepare a lot of guidance & tutorials from last month, just to be ready on official launch with a huge Knowledge base, tutorial Videos…
Q10: Currently, I see most projects are racing with NFT as a matter of course, how do you rate the current NFT and the time to come? Is your project also geared towards NFT and Daap?
Rob: We are strong believers in NFTs as the new way to manage content. NFTs are a great way to enforce social contracts online globally. NFTs are as good as what they represent. This tokenization of assets means that the value of NFT is always tied down to actual asset whether that asset is digital or not
Q11: FOR THE ISSUE OF COMPITITORS,
WHAT compititive advantages do you have, what features makes you unique and better than other established competitors?
Komy: The Initial NFT Offering that designed for Content Creators & Publishers. The Fan Token of course.
Q12: In decentralization, We all know that speed is needed, as is the current problem faced by the expensive Eth Gas Fee and the slowing of the transaction process. what are your plans to deal with this problem on StartFi ?
Komy: We are working on BSC, Matic, Nervos & Solana, not only Eth, at the end of the day the choice will be on user hands to choose the best for him.
Q13: I noticed your project is focused on people who are just starting to approach cryptocurrency, right? How do you orient them in this fierce market?
Komy: As we mentioned, we are dealing with crypto, blockchain & NFT as a tool, so the Challenge is giving user a friendly platform without any knowledge of blockchain.
For example, when you connect your mobile phone to internet, do you understand how is router working & what is IP networking?
We deal with our platform with same concept
Q14: Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
Komy: We have a plan for Rewards, Burn & Buyback, these strategies will be announced later this month before public sale, just to be transparent to our users.
Q15: As an NFT marketplace platform among others, can #STARTFI be the top 3 NFT marketplace or even #1 outperform Opensea??
Rob: We are very focused as a business to deliver one stop shop for content creators like vlogers, educators, artists, etc. Platforms like OpenSea is open ended and not specialized. I can tell you this: We are very confident (given our technical progress, advisors board diversity, and feedback from our content creator collaborators) that StarFi will be a leader Content Creators Management Platform using NFTs by the end of the year.
Q16: I was reading on your website that StarFi allows you to create your own token (Fan Token). Are there any parameters to create a token and what are they? What tools does StarFi have to facilitate the creation of your own token? And what are the benefits for users who create “Fan Token”?
Komy: Fan token is a feature designed specially for big creators, publishers, celebrities. This will be another wave of digitizing this world.
Like give your own fan an exclusive content, attend a special events, show loyality.. It will be treated as a unique & limited token from big & most known public figures
Q17: What is StartFi Interoperability? what benefits does it bring to your platform? and What is StartFi’s plan to be at the forefront of its innovative technologies?
Rob: Interoperability means supporting multiple leader EVM compatible blockchains effectively so users can use their blockchain network of choice hassle free. Who we do this. By working on integrating with Polygon (Matic)
Q18: How do you plan to spread awareness about your project in different countries where English is not good? Do you have a local community for them to better understand your project?
Komy: We have a local Community members, & we will start a bounty program soon to support community engagement like translations, ambassadors… so keep close to our telagram & twitter if you are interested to something like this
Q19: Startfi how to spend and save better than traditional savings and money market?
Rob: I am going to be very honest here. Making money and saving successfully depends on personal decisions :). However, StartFi also work on making sure people dont do actions that they regret. We are working on business logic, hard caps on interactions, etc to make sure users don’t lose their money due to actions they might regret in the future. Again we are very honest, and try to be upfront with our community as much as we can.
Q20: Currently, most investors are only interested in profit at this time and ignore long-term benefits. So can you give them some advice why they should buy and hold Startfi ‘s token in the long run?
Rob: Love this question. I can proudly tell you that StartFi closed both seed and private rounds raising $1.4M. We turned down many investors who were interested in making quick gains!! All or our investors are also our advisors. They are well seasoned in the crypto and blockchain world :)
Q21: Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?
Komy: To be honest, finding the best team members, & we are so happy with our current team..
Now, the challenge is introducing a simple platform for all users, especially non-crypto users
- End -