On 17th of December, ForTube conducted an AMA on Crypto Revolution Community. Our guest was Jeffrey, co-CEO of ForTube. Impressive interest from our Community with a lot of questions on both Twitter and Telegram. Let’s take a look at most interesting points of the AMA.
INTRODUCTION AND TWITTER QUESTIONS
Danny | Crypto Revolution: Okay guys. Time is up. Let’s welcome Jeffrey, ForTube CEO. Chat is muted.
Jeffrey: Hey everyone. Thanks for having me.
Danny | Crypto Revolution: Hey Jeffrey. Welcome. Happy to have you with us today. Could you please introduce yourself and tell us how did you get involved into Crypto?
Jeffrey: Currently, I’m the co-CEO of ForTube. Previously, I worked in China UnionPay as a senior manager for a long time, focusing on the R&D of inter-bank transfer clearing system and investment.
My previous working experience included partnering with People’s Bank of China to establish the standardized payment training systems in China, and promoting financial technology and blockchain technology in the financial system for a long time. After that, I was focusing on the investment consulting blockchain and digital economy, so that I have great experience on investment and operation in the Blockchain and fintech industry.
Danny | Crypto Revolution: That’s awesome. Great experience. BTC hitted new ATH today. ETH hitted ATH this year. You think we are in Bull Run?
Jeffrey: It sure looks like it. I hope everyone trades safely.
Danny | Crypto Revolution: Could you please describe what is ForTube in few simple sentences?
Jeffrey: ForTube allows crypto users to deposit assets to earn interest, borrow assets and pay interest, and vote on the governance system of ForTube through the FOR token. ForTube works with both Ethereum and Binance Smart Chain.
Danny | Crypto Revolution: Impressive. They can deposit any kind of Crypto Assets?
Jeffrey: Currently we have 30+ assets available for deposit and borrowing, including BTC, ETH, USDT, DAI, FIL to name a few. People can check the full list of assets on the website :)
Danny | Crypto Revolution: What are the benefits for FOR Holders?
Jeffrey: FOR is the ForTube’s ecosystem governance token, and it’s core function is governance. To participate in governance voting, you need to lock the FOR, and at the same time you will get GFOR. The ForTube team believes that the governors who lock FOR to participate in the community are the real supporters of ForTube. We respect and thank all the governors. Therefore, the team will give additional incentives to users who hold GFOR. The current average APY of locked FOR can reach up to 100%.
The future important R&D development and core parameter adjustments of ForTube platform will be decided by FOR holders. In addition, users who hold FOR can also participate in ranking of “ForTube Bond” to obtain the rating service fees.
Danny | Crypto Revolution: Where people can buy FOR at the moment?
Jeffrey: Currently the best place would be on Binance. Otherwise people can check CoinGecko to find other exchanges.
Danny | Crypto Revolution: Thank you Jeffrey. Let’s jump straight to Twitter questions now.
Jeffrey: Sure thing.
Q1 from @Mary47229678
Where is the $FOR road map now? Are all targets in accordance with the current road map? And what are the next steps that will be taken in the future?
Jeffrey: Currently our Roadmap looks like this: https://t.me/theforceprotocol666/54839.
We hope that FOR holders, through the governance structure, will guide us as to what features are important to be built on ForTube. At the same time, we must adjust to the market conditions and trends.
Danny | Crypto Revolution: Do you have any good Partnerships at the moment or working on new ones?
Jeffrey: None that we can publicly announce.
Danny | Crypto Revolution: Lol. Okay. Well we hope they are exciting ones. What kind of Marketing has been done for the Project and what Marketing you plan for the future?
Jeffrey: We are only really just starting our marketing. With the listing and cooperation with Binance, this has been a great start. We also recently started doing some AMAs in different communities, growing ForTube communities in new regions like Korea, and other activities. We plan to continue our marketing reach over the next few months.
Danny | Crypto Revolution: You guys try to focus only in Asia Market or you aim to bring Exposure to ForTube Worldwide?
Jeffrey: We are quite strong in China, so we are looking to expanding worldwide now.
Q2 from @QuyenCao11
FOR is works on Ethereum Network. it 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?
Jeffrey: ForTube and the FOR token is available on both Ethereum and Binance Smart Chain. At this stage Binance Smart Chain is still in its infancy, but growing at a very fast rate! In order to service as the needs of as many users as possible, we felt it is still important to provide services to Ethereum users.
At the same time, Ethereum has its disadvantages, especially recently. High fees, slow transactions, to name a few. This is where Binance Smart Chain has been extremely valuable for our users. They can access faster transactions for a cheaper price, and with more and more projects and tokens joining Binance Smart Chain, it was an essential move for us.
Danny | Crypto Revolution: Totally agree. Gas fees today are insane!!
Jeffrey: Not on Binance Smart Chain.
Danny | Crypto Revolution: Yeap.
Q3 from @cryptoenr1que
How would you describe the growth of ForTube since you started working with Binance Smart Chain? What have been the biggest achievements of this partnership so far?
Jeffrey: CZ announced that ForTube was the first batch of important partners on the day the Binance Smart Chain went live. Mainly based on three reasons:
First, the Ethereum network is crowded, and most users complained about high transaction gas fees. The Binance Smart Chain adopts the Proof-of-Stakes Consensus Mechanism (PoSA), which can produce blocks faster and has lower gas fees, greatly improving the user experience.
Second, Binance Smart Chain is compatible with the Ethereum virtual machine, which is very friendly to Ethereum developers. The contracts we developed in the early stage can be directly used, which saves a lot of learning and R&D costs.
Third, the current Binance Smart Chain ecosystem is very diverse, and it has already included almost all applications in the DeFi field. Therefore, we can introduce more assets into ForTube Bank’s lending business to expand the business scale and user base.
The result is obvious. Currently, the TVL on our BSC is usually higher than the TVL on Ethereum. 70% of ForTube Bank’s fee income source also comes from BSC.
I think we are still growing on Binance Smart Chain, and we are very excited about the future of this ecosystem.
Danny | Crypto Revolution: Okay. 1 minute to read. This is pretty interesting. I personally use Binance once a few months. May be have to start using it more often.
Jeffrey: Good idea.
Danny | Crypto Revolution: What is your opinion about Uniswap. You know now most of the people trade there. Seems like CEXs are not what they use to be before?
Jeffrey: Yes, FOR is available on Uniswap too. I think it’s great, and DEX’s are definitely helping the growth of the DeFi ecosystem as a whole.
Danny | Crypto Revolution: Agree with you. Okay. Thank you for the Answers, Jeffrey. You ready for Quiz Part?
Jeffrey: Ready.
QUIZ PART
Question: When you participate in the governance voting, you need to lock GOR, which token can you get at the same time?
Answer: GFOR.
Question: What’s the total supply of FOR?
Answer: 1 000 000 000 FOR.
Question: Which year was ForTube launched?
Answer: 2018.
Question: What is the maximum APY for locking FOR in the governance system?
Answer: 100%.
TELEGRAM QUESTIONS
Telegram User:
How reliable, safe and secure is it to use your platform, how transparent are you guys?
Jeffrey: Good question. I think it’s very important to ensure that your assets are safe. We have recently been audited by Slowmist and Certik.You can find these audits on our website!
Danny | Crypto Revolution: You are the fastest guest I ever had. Lol. Answering so quickly.
Jeffrey: Gotta be fast in the bull market.
Danny | Crypto Revolution: Haha. True.
Telegram User:
The NFTs is a crypto industry new trend. Do you have plans to implement NFT on Fortube soon?
Jeffrey: We are actively looking at opportunities in the NFT industry, yes. I think the NFT market is very interesting and has great potential, but so far hasn’t seen any really groundbreaking projects that reached “mass adoption”, like Uniswap or some defi projects.
Telegram User:
ForTube has an incentive for users to adopt the Vault found in BSC. Is there a minimum amount to participate in this distribution of the 200k $FOR per day? Is it distributed propotionally to amount of funds deposited?
Jeffrey: 200,000 FOR is distributed to users in proportion to the amount of assets deposited.
Telegram User:
Regarding the ForTube bank, is there a schedule to make deposits and withdrawals? Or can we deposit and withdraw our assets at any time?
Jeffrey: The great thing about DeFi and ForTube is that you can deposit and withdraw at any time. This is not like a normal bank with business hours.
Telegram User:
Do you planned to burn or implement system buy back?
Jeffrey: Yes! We recently completed another Buyback and Burn of the FOR token. In September, ForTube announced that we would use 20% of the received handling fees for the buyback and burn of FOR. The burning mechanism is once a month.
I hope everyone can join our Telegram group. We run daily quizzes and will do airdrops and more community events in the near future: @theforceprotocol666. Also follow us on Twitter: https://twitter.com/ForTubeFi.
CONCLUSION
Danny | Crypto Revolution: Thank you for your time, Jeffrey. Would you like to say something last for the Community before I open the chat?
Jeffrey: ForTube is the best way to earn interest on your crypto! Enjoy the bull market and trade safe.
Danny | Crypto Revolution: Thanks man. Really enjoyed time with you. Opening the chat now.
For more information and future AMAs, join our Social Media channels:
Website: https://crypto-revolution.io
Telegram group: https://t.me/crypto_revolution1
Twitter: https://twitter.com/revolut20?s=09
Our Partner:
Website: https://for.tube/
Telegram group: https://t.me/theforceprotocol666
Twitter: https://twitter.com/ForTubeFi
