Vera Network AMA Summary Recap with Shin Chan Community
We held a live AMA with Founder, Denis Lam from Vera Network on 2nd September 11:30 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Serene: Before AMA start, can you introduce yourselves and the team background?
Denis: I’m Denis and I’m the Founder of Vera. Here’s a little bio about me:
Began coding at age 6 and launched his first start up gig at age 14. background in Engineering from University of California, Berkeley and a serial entrepreneur and full-stack product engineer. 10+ years cross-functional experience working with startups, Fortune enterprises, and venture capital funds and have been on a founding team that took a company from $0 to $100 million in valuation, expanding into several countries the first year. venture into crypto began at the start of 2017 when company tasked him with exploring the feasibility of launching a venture arm into blockchain technologies in Silicon Valley. worked with several projects in the blockchain space from that point moving forward, wearing several hats ranging from founder, advisor, to investor. To this date, Denis is passionate about working with firestarters to democratize access to products/services and disrupt the status quo, especially with innovative technologies such as blockchain.
My cofounder is Michael, and he’s the CTO.
Here’s more about him: My background is in Mathematics and Computer Science and a software developer for 17 years building software for cross industries from fintech, healthtech, to supply chain and IOT. focused on blockchain development (DLT and NFT) for the past 6 years full time and worked with world-class enterprises and institutions such as Dapper Labs, BitRail, Daikin, and Northern Trust — the 4th largest custodian bank in the world with $14T in assets, and NASA.
Serene: Any latest/ update news about Vera Network you would like to share with our community?😀
Denis: 1) We just launched our Pre-IDO $15K giveaway contest as posted.
Please join Vera Bounty Competition using this link
2) Our IDO Launchpad is confirmed today to be 9/21 on the #1 IDO Pad — Polkastarter (We have not had time to make a post about this yet so you are one of the first to know)
3) We will soon be launching a new MEME Contest — we need your help to make nice meme stickers for Vera!
4) We are launching a new discord server today. We are looking for Experienced Community Moderators for Discord! (More tokens :D)
Anyone interested to be a discord moderator feel free to PM me and tell me your experience with managing Discord servers and bots for other crypto projects.
This is our new discord channel. It is bare now, because we just started it today. Join our movement!
Join our Vera Family and let’s build a community from 0 :)
Twitter Section:
Q1: You hope to integrate cross-chain interoperability with the Ethereum, Polkadot, Solana & Polygon. So when will you build VERA on a multi-blockchain system? Why don’t you mention the BSC in cross-chain deployment? What are the special benefits of this cross-chain interoperability?
Denis: Vera will be a multi-chain or blockchain agnostic platform. Even though we originally built our protocol on top of Polkastarter, we are currently building bridges to several other blockchains so that our financial products may work with NFTs minted on any blockchain. This CAN include BSC. The reason we didnt mention it is most of our customers/partners are currently on Ethereum or Solana. Once we begin getting more traction in the BSC world we are happy to also start making integrations to BSC NFTs!
Q2: Most users will love making money when playing their favorite games on any platform. Will Play2Earn be available on the Vera Network? If yes, what other ways can users earn passive income on the Vera Network?
Denis: Vera will give Play2Earn GODLIKE SUPERPOWERS. Let me give everyone here a teaser to some of the new use cases we are now working with games and metaverses related to Play2Earn.
- PLAY2OWN — You can buy a game NFT but don’t need to pay for it until 30 days later. If you complete some quests in or outside of the game, someone else such as the game or advertiser or ecosystem partner will pay for your NFT so you OWN it for FREE. Do you want a super rare/legendary NFT item for free?
- RENT — Why sell NFT to make income one time when you can rent it out and make passive income?
- STAKE + EARN: Rent requires you to find someone that wants to rent your NFT. This can be pretty hard if your game ecosystem is SMALL. Its not always easy to have “renter liqudity.” Vera will solve this. Imagine you no longer have to find a renter. Just stake your NFT into Vera Network and we will pay you interest IMMEDIATELY! Let Vera do all the hard work for you because we will leverage liquidity from our global ecosystem — not just the ecosystem inside your game.
- SUBSCRIPTION POOLING: Okay, this is my most favorite Play2Earn related use case to help everyone earn passive income. Vera allows games or marketplaces to create a SUBSCRIPTION POOL — different NFTs rom different owners can be aggregated in these pools. Instead of renting 1 NFT you can subscribe to a pool and use or play with ALL the NFTs.
Example… Imagine you are playing a race car NFT game. You cannot afford a Lamborghini NFT so you consider renting one for $10/week. But whats even better? Pay a little more, $12/week and you can subscribe to a pool that lets you play with MANY exotic cars. This is amazing because:
1)Renter gets a unique, fun experience.
2) Multiple users can subscribe to the same pool at the same time. This allow more revenue for everyone — NFT owner and game.
3) NFTs can have much more liquidity.
4) Incentivize people with NFTs to stake their NFTs so Vera can pay them rewards!
Q3: The NFT market’s income-generating methods are game, art or auction, but Vera says it can bring new sources of income to any NFT market and renewables, can Vera provide other methods of income to the NFT market as opposed to the aforementioned methods?
Denis: NFT is just a tool and a new asset class and Vera is a platform that enable decentralized financial products and services for this type of asset class. Currently the top use cases of NFT is in game or digital/crypto art which is why theres alot of interest to work with these projects. Note that our strategic investor is the #1 NFT game company in the world, Animoca Brands. In the future, we definitely will expand into working with businesses in other industries as the NFT industry matures.
The income generating method in many of these early use cases are all from transaction fees — this is no different than EBAY auction or any sales marketplace — Marketplace makes a % transaction fee from any sale. This income method is NOT UNIQUE at all, but it shows theres alot of demand for NFTs.
Using our Finance, Lend, Rent, or Verify products, Vera allows any NFT marketplace to generate new revenue streams, reimagine user experiences, and empower communities — income is no longer limited to transaction fees from buying/renting.
Q4: I read that products from VERA will have seller protection built into their smart contracts. I am not sure if any project currently has this feature for their products. So can you please tell us how it will work?
Denis: Absolutely! Currently, if you send any crypto or NFT to a stranger, regardless what your agreement with them you may never get that crypto or NFT back. This is the reason why many credit cards BAN exchanges or coin marketplaces because the buyer can chargeback the credit card to get the refund after they receive the crypto.
Vera will solve this using SELLER PROTECTION! We are building a unique technology powered by smart contracts that allows NFTs to be returned from the Buyer Wallet back to the Seller or Custodian Wallet if the Buyer fails to make payment when financing or renting. So now sellers never have to worry about cheating or bad customers!
Q5: What are some ways we can get your $VERA tokens apart from buying them (passive income) and what benefits us from investing in your platform in the long term? Does $VERA build their own Oracle system, or do you work with other Oracle services?
Denis: Lets name some ways:
1.Contests like our $15k gleam campaign and our upcoming meme
2. IDO+Exchange events
3. Earn them in our ecosystem apps like games and metaverses
Oracles are on our roadmap later but is not needed for our core functionality for V1 since all data we work with is on-chain.
Telegram Live AMA Begin:
Q6: Can you talk about what new features does Vera adding to the NFT gaming platform which Will Revolutionize the Way we Play Video Games ?
If I want to become Social Media Intern spot in your team then
What is your Recruiting and Onboarding process for hiring?
Denis: We have 4 products: 1) RENT 2) FINANCE 3) LEND 4) VERIFY. I can also tell you a sneak peak we are currently finishing development next 2 weeks a smart contract that supports Ethereum NFTs for finance and renting services for NFTs.
If you are interested to be a social media intern you can apply on our job site (see our website), PM me on discord or Telegram and provide your resume/CV/experience etc.
Q7: As I Read #Vera Recently Raised $3M from Seed Round!
What is the next phase?
Is there a presale / IDO phase?
Have you registered with CEX?
Denis: Presale is closed, oversubscribed alot! IDO will be Sept 21 on Polkastarter confirmed today! Official blog post will come later. CEX will be confirmed soon as well — they are doing legal due diligence on us. Plan to CEX shortly after IDO.
Q8: We all know that Polkadot is better and faster than Ethereum. But besides Polkadot do you have plan to integrate with more blockchain such as BSC?
Denis: We are right now already working on Ethereum and Solana integrations and Polygon and BSC are planned shortly afterward. Vera aims to be multi-chain NFT compatible!
Q9: Are you willing to listen to community comments and opinions in order to assist Vera Network expand and innovate? What is your strategy or plan for getting your community to stay loyal to your platform and participate in every Vera Network’s events?
Denis: Please join our discord and share all your ideas. Its sometimes hard to talk on Telegram chat we have way too many people in 1 group :)
Q10: Currently the NFT market is slowing down.
So what steps will you take in this area? Will users be able to hear about updates in this area… Are you going to collaborate in the near future?
Why did you choose to position yourself in this market segment?
Denis: Any market has ups and downs but just like crypto we believe NFT is here to stay long term and will be the next trillion dollar industry. We are here to build the first reliable, secure and robust DeFi platform for this next trillion dollar industry so many of our supporters are very bullish on our project!
Q11: How can we join VeraNetwork’s $15k Prize Competition now underway? Can you explain some details of the event and may we know how we can Increase our chances of winning a prize?
Denis: Here! https://bit.ly/2WQykVR
Read our blog for more details and instructions: blog.vera.financial
Q12: How would #Vera handle use cases such as breaches of financial contract conditions, such as a borrower who stops making loan payments? How will the custodian and creator rights be preserved in this case?
Denis: We have SELLER PROTECTION feature to prevent such issues
Q13: Do you have AUDIT certificates OR are you working to AUDIT your project to make it more secure and reliable?
Denis: We will have 3 phase audit program soon — Phase 1 — internal audit, Phase 2 — independent audit, Phase 3 — community bounty audit
Q14: What are the ways that your project generates profit / revenue to sustain your project and what is its revenue model? How can it be mutually beneficial for both the investor and your project?
Denis: We have several ways to generate revenue just like a bank. Service transaction fees, lending, interest from loans, etc.
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