Kriptobi, one of the most active groups in Turkey on cryptocurrencies, hosted Co-Founder Mr. Luka from the VOX Finance project on November 2, 2020. In the first phase of our event, the VOX Finance project was introduced to our community members with group managers’ questions and our guest's answers. In the second phase, 5 questions collected via Twitter were asked to our guest, and in the third phase, the ‘live Q&A’ section was completed. In the second and third stages, our community members, whose questions were answered, were rewarded with a gift worth 15$ at the time of reward distribution. If you also want to participate in future AMA events and win while being informed, you can join the Kriptobi community.
Stage 1 (Questions of our group managers, answers of our guest)
Question 1: Thank you for accepting our invitation. First of all, can we get to know you?
Of course! I can give a short introduction to you and your community.
My name is Luka and I'm the lead blockchain developer at Vox Finance. I have a background in finance and money, where I've worked for financial institutions in the last few years as a smart contracts programmer, where we’ve worked on bringing traditional financial products on the blockchain. Otherwise, I've been a crypto-enthusiast since 2016 when I started with a crypto mining farm. We teamed up with my colleague Jure to create something new in the DeFi space.
I'm the lead developer together with Jure, who is the lead software engineer for our project. Together we are the co-founders of the project.
Question 2: Thank you! Now can you please introduce the $VOX Project to our community?
Information about the $VOX token and its functionality?
Of course, let me introduce Vox Finance to your community.
Our project is about bringing a professional and clean approach to yield-farming, staking, and other DeFi features. We're a project focused on the community and engagement with our members. We want to bring the best possible DeFi platform to the masses with good tokenomics, community governance and many more exciting decentralized finance products in the future!
We're also looking to set up a new stablecoin platform that will allow users to earn interest on their stablecoin deposits and make 1:1 swaps with other assets. We will also be enabling lending & borrowing features, so we're very excited for that!
That's an overview of our platform…
Question 3: Why should people invest in $ VOX Token? What are your most important features that distinguish you from other projects?
As stated on our website, VOX is all about our community. The main goal is: You will be able to share your input and help fashion the future of the token’s ecosystem.
We don't just want to build another DAO, but an entire governance platform where VOX stakeholders (in our staking pool) have many benefits for joining the governance system.
We'll be offering private staking pools, voting rights and a full governance forum to share, discuss, propose and comment on new community incentives and ideas. We'll reward top contributors with complimentary VOX rewards so that we can really get a big community engagement. We don't just want to build a DAO platform and say-that's it. We want real talk between real contributors.
Regarding our token, our main strategy to make the $VOX token more valuable is the tokenomics model. We're producing low amounts of VOX tokens on every block. Currently we're minting 56,25 VOX per day. This will be cut by a percentage of around 25%-45% every 2 weeks to keep inflation going down starting on 01.11.2020. We've just done the first emission cut
Question 4: What are the benefits of traders holding the $VOX token over the long term?
Well, firstly the $VOX token will always need to be used to access our best features - the private staking pool, the governance, the vaults. Secondly, the tokenomics model should bring long-term value to the token. There will only ever be 4250 tokens of max supply and the burn rate should make the token much less inflationary in comparison to most other projects.
We think this, together with our interesting and full roadmap, should bring a lot of value to our project and with that also to our token.
Question 5: Low liquidity is one of the main problems of the DeFi project, what will you do about it? Do you have a liquidity provider program?
Because we have a low token supply it means we also have limited liquidity correct. That is why we are very careful how we spread out our tokens. We are only listed on Uniswap (where we have the incentive for LP providers) and Bilaxy. Soon we are looking into expanding to a much bigger exchange but we need to be careful which partner we choose. But yes, careful liquidity planning is something we are aware of and we are making sure that does not become a problem.
Question 6: Finally, what are Vox Finance's important milestones so far and what awaits us in the future?
We’ve done everything on our roadmap as planned so far. We’ve launched our staking platform and farming platform on launch. We’ve done the first audit and will start the governance system next week. We just launched our first private staking pool with rewards of tokens from our partner Just Liquidity. After that we’ll go forward with our plans according to the roadmap. I’m sure we’ll be able to do most things before the scheduled date.
In two weeks we will launch our own vault strategies and after that the full focus is on the stablecoin platform that will combine swaps, lending and borrowing all under one common platform.
And with the end of this year we’re planning to bring our entire platform to a mobile app. That means the entire power of DeFi in one application that you can access from anywhere. Farming, staking, governance, vaults, stablecoin lending and borrowing. It’s going to be the biggest development in our product roadmap and we’re more than excited to bring it to the market. Once we set up all our other features it will take all of our focus and we hope that we’ll be able to produce something truly unique.
After this answer, the first phase of our AMA event was completed. And immediately after that, questions sent via Twitter will be answered. And the second phase has begun.
Stage 2 (Twitter users' questions, our guest's answers)
Twitter Question 1: (from @ekt68)
What do you expect to get from the alliance with HackenClub? Are they the right ones for the smart contract audit? Is the team prepared to solve any error that can be found?
Yes, we're sure the collaboration with Hacken is the right step forward. They will provide a quality audit report for us that we will be able to use to secure our platform further. The security of our customers is our number one priority, that is why we have chosen such a high quality company for the audit. And we are ready to solve any issues they may find.
Twitter Question 2: (from @Hseyin02951079)
POPULI is only awaeded to participants in the staking pool at a ratio of 1:1. When witdrawing from the pool, the user needs to burn the same number of POPULI tokens for a succesful witdrawal. Why did you apply this method?
We applied this method so that only stakeholders in our stake pool can participate in the private staking pools and the governance platform. So that investors have additional benefits and can enjoy rewards that are only meant to them for being supporters.
Twitter Question 3: (from @ozlempnr52)
On your governance model, will the DAO model be applied? Can users participate in the exercise of the vote? If so, is a minimum amount of $VOX required for this purpose?
Our governance platform will be a little special, because it will be more than just a DAO platform. We will incentivize people to vote and make proposals by awarding our top community contributors. We also want everyone to be able to vote without any withdrawal fees or minimum locking periods. We want even small holders to be able to make a change.
That is why we are looking to combine the community governance together with a leadership role from us where both parties need to confirm or deny platform changes.
Twitter Question 4: (from @TarkYILDIZ4)
What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
What we're doing is constant AMAs all over the world to bring community awareness and bring new investors. We've created groups all over the world where people can join and speak about the project in their language. We're doing as much as we can to raise our project to the next level, also with marketing and promotional campaigns. But of course the best effect is when the people share the word between their friends and followers.
Twitter Question 5: (from @Onganhakan91)
I've seen some interesting plans on your roadmap that include "Vox stablecoin Swap" and the Stablecoin lending / Borrowing platform. Why do you only care about Stablecoin swap and other Defi tokens will not swap only between VOX and stablecoins?
We want to start with stablecoins because we want to use our platform to bring better stability between the different stablecoin tokens. That will be the first step and then we might expand to other tokens as well. Step by step we will build our platform
After that answer, our event’s 2nd phase was terminated and the ‘live Q&A’ section started. 5 questions answered by our guest within 5 minutes were shaped as follows.
Stage 3 (Live questions of community members, our guest's answers)
Live Question 1: Is $VOX an inflationary or deflationary token?
$VOX is both an inflationary and deflationary token.
We combine a minted token with a strict tokenomics supply and a burn mechanism. What we want to achieve is a token that will always be able to create new tokens but only by keeping the same max supply of around 4250 tokens. This way we will always have staking and farming active on our platform, but we will prevent inflation and large price volatility.
Live Question 2: In which areas of DeFi will you seek more partnerships?
Hi Tolga!
As we already announced, we just made a partnership with $JUL JustLiquidity for providing a token bridge to the Binance Smart Chain. What we want to do in the future is to provide all our services on the BSC as well. But we don't want to stop there. We are also interested to creating token bridges to other blockchains and providing cross-chain liquidity.
Live Question 3: Many projects rug pulled an exit scam recently. Why should investors trust your project not to do the same?
There are a few reasons I can name. First, we immediately got out smart contracts audited. We've also requested a second audit. So we want to make sure our code is safe. Secondly, we have been live for more than 2 weeks now and if you ask to our community, you will see that we are a trustworthy team that really cares about the project. We're constantly listening and all the time developing. This project is our only focus and we don't want to leave it.
Live Question 4: Truly it is convenient to use apps and platforms on our mobile devices, for VOX Finance, will it launch a mobile app in the future?
Yes, we plan to launch a mobile application at the end of this year or start of next year. The goal is to combine all features of our platform under one app that can be accessed from anywhere at any time.
That is what we will build.
Live Question 5: I check your website and as you are assertive I couldn't understand why your team has only you and your colleague:) Do you get service outbound?
At this moment we're two main developers building the product. We have a team of designers, community moderators and marketing staff that help us with other aspects of the project. We're looking to expand to more people, yes, but that is not the priority at this moment. We can handle the developing on our own currently.
As the project grows, this means we will need to bring in more people, of course!
After this answer, we came to the end of the 3rd stage and the whole event. We thank Mr. Luka for not breaking our kind offer and for joining our community.
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