Finance.vote x Satoshi Club AMA Recap from 23th of December



Welcome to another episode of our AMA series, the end of the year is coming and we continue introducing you interesting investment projects. Today we are glad to tell you about the AMA session with our friends from finance.vote. The AMA took place on December 23 and our honorable guest was the founder of the project, @DrNickA.

The total reward pool was 1000$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with finance.vote! welcome to Satoshi Club.

@DrNickA welcome to Satoshi Club.

Dr Nick: Hey everyone.

Gold Rocket | Satoshi Club: To be begin with, please tell us a few words about yourselves and how did you get to be involved in finance.vote

Dr Nick: Hey all, actually our second time here, thought we’d check in with your community and fill you in on what’s happening on the network. I’ve been an academic for all my professional career so I came into this from an academic point of view as a researcher. Now I’m putting it into practice with the finance.vote network.

I’m obsessed with token economics and social consensus and how that can change the world for the better.

Gold Rocket | Satoshi Club: Thanks for joining! so what interesting happened to you since our last meeting in Satoshi Club.

Dr Nick: Pleasure to be here, hope everyone is well! It’s been probably the most intense few months of my life, but pretty amazing. We launched our vote markets which you can check out here: https://financedotvote.eth.link

We auctioned our $FVT token in a new token economics event we called a liquidity bootstrapping event. We did this on our decentralized auction application https://auctiondotvote.eth.link. We’re just gearing up for our next big product launch, which will be a consensus app called yield.

Mary | Satoshi Club: We can vote for 5 projects currently, right?

Dr Nick: 10 in the list at the moment, but we’re going to be adding more.

Gold Rocket | Satoshi Club: What is it and what else is in the plans?

Dr Nick: We’re going to releasing a snapshot voting tool called “Influence” in the new year, which will be token weighted voting that uses our consensus mechanism to break plutocracy. People will use that to see what new feeds are added to our vote markets. When they’re added people can vote on their performance and earn money for being correct.

Mary | Satoshi Club: How many users did you get recently? Any statistics? How much rewards were payed?

Dr Nick: We’re building a dashboard for all this soon, it requires some on-chain analytics. But you can see we’re getting upwards of 100 votes on some tokens.

Our users share a 100k $FVT reward pool. We had one user claim over $300 in $FVT this week.

Q1 from Telegram user @maxzerone

finance.vote provides market alpha, project validation tools and influence formation for any project in crypto. How do you make the project validation and influence formation?

Dr Nick: Ah nice question. So market alpha is any advantage you get from just holding the asset. So, information that gives you a market advantage. We think we have a tool that aggregates everyone’s perception on the market order and that data can be used as a sentiment tool for trading.

Projects are validated by user votes, so people say this project is good and the more people that do, the more that project floats to the top of our token lists and enters our markets. Influence is formed by earning or buying $FVT. The more you have the more voting power you get in our governance tools.

I think people will learn about how all that works by voting, we’ve built a system that incentives participation with voting power.

Q2 from Telegram user @nagy_szabo

I see the term market alpha on a lot of your documents and articles. What do you mean by that? Is it something related to the male alpha? like the best market, the leading market.

Dr Nick: Haha like alpha male? No, although I think the bankers that came up with the term see it as that.

If you’re not a good trader you should basically not bother trying to trade, because the people with alpha will take money from you, especially in new tokens people with lots of capital have more alpha that you, basically market knowledge.

If you have alpha you have some insight into the future, or at least you have an idea that there is a higher probability chance that something will happen. Our vote markets pay people for giving that information to us. We compile it all together into a preference list and those that have the most alpha win the most over time.

Mary | Satoshi Club: With new tokens doesn’t work even for good traders.

Dr Nick: Yeah totally, our New Tokens market will go right down to the source. People who are good at spotting scams could earn a lot of money from it.

Mary | Satoshi Club: Don’t you think that these predictions sometimes just expectations? Not based on knowledge?

Dr Nick: They also get more voting power.

Gold Rocket | Satoshi Club: I have a stupid question

Girls can be crypto alpha according to your theory?

Dr Nick: I’d bet that girls are better at finding alpha than boys. We need more girls interesting in crypto and markets!

You can think about every voting as having their own strategy, the ones with the best will have the most voting power over time, crowds generally aren’t wise, you need reputation systems to pick them out.

Potentially, there’s some people who will earn power from being contrarian and correct and some that earn from just following the crowd. Whichever has the most impact on the market are the ones that rise to the top.

Q3 from Telegram user @arlarson

You aim to give the power to the minority token holders by creating token specific miniDAOs. How will you do that? Will you exclude the major holders from this decision making? Because even if the DAO are mini, the big players can still participate.

Dr Nick: Yeah this is a great question, so in reality most blockchain governance systems are run by a hand full of people because they hold all the tokens. 1 coin 1 vote leads to plutocracy, or the rich run everything.

In our system we have a vote power $V, which determines how much influence you have it can be earned via participation and via buying the tokens. I’m going to get you a screenshot of our consensus mechanism to explain it.

https://esatoshi.club/wp-content/uploads/FV2-1024x556.jpg

Everyone takes a voting slot. How much power you have is determine by the amount of tokens, but not 1 coin 1 vote, it’s which slot you’re in. The top token holder has the most power, by only as much as the next 2 people, and the next 3 people, 5 people and so on. There’s a top dog, but they don’t have power that proportional to the size of their capital, in some cases someone could have millions times more voting power that other people.

Mary | Satoshi Club: So, the better predictions you made the more powerful is your vote.

Dr Nick: Yeah, but also how much $FVT you hold. We want there to be two routes to power.

Q4 from Telegram user @anditgoestome

Please explain to us what are the advantages of quadratic voting in your project? Why do people have to buy votes and what is the max. number of votes that someone can buy?

Dr Nick: Well, this topic of quadratic voting is huge. I could talk about it for hours haha.

Mary | Satoshi Club: Can you explain it to us like for non-math persons?

Dr Nick: Sure, it’s pretty straightforward but is a very powerful idea. Typically in a democratic setting you can only vote once, pick one of two or three etc. In quadratic voting systems you can vote more than once if you pay, but it costs the square of your votes.

Voting-Squared_-Quadratic-Voting-in-Democratic-PoliticsDownload

Just in case anyone wants to go down the rapid hole on it, in our system we give people a budget of voting power to spend and it costs them more to vote on a single item. It encourages people to vote on preference. We’re using a special case of it, which asks people to sort lists by preference. We call it semantic ballot voting. If one of the tokens you picked ends up being the top gaining token you win some money back.

Mary | Satoshi Club: Btw, were there any attempts to deceive the system?

Dr Nick: We’ve planned on it, if it’s free to vote then you get spammed or you have lots of people setting up lots of accounts, this is called a Sybil attack. To mitigate this we’ve added an ID system, where you can set up multiple accounts but it costs you money to do so. If you want to do it a lot though the price of identities gets very expensive.

Anyone with an identity becomes a finance.vote Citizen and is welcome into our token gated community. The identities are NFTs, which carry around your reputation.

Mary | Satoshi Club: Which preferences he will get after this?

Dr Nick: You get voting rights in all of our governance system and you get paid for voting. We’re giving $250 away to voters in a meme competition this week in the Citizens chamber.

Q5 from Telegram user @peachespecos

How exactly will the second layer governance system improve the collective intelligence of the network? Can you give us some examples?

Dr Nick: Deep question this one. I could probably build a Masters course out of the answer. I’ll try and break it down a bit. Collective intelligence is the sum total of everyone’s brains engaged in an organization, it’s a powerful thing, get enough minds together and you can solve pretty much everything.

What we’re missing is tools to be able to reach consensus. Throw everyone into a room and ask them to do something and they’ll be unproductive, give the voting technology and they’ll reach agreement quicker and get stuff done.

Our second layer governance system is made up of three apps, Influence, Proposal and Decision. Influence is like rough consensus, fun and games voting. We’ll do meme competitions and vote on what tokens are next in the vote markets. Proposal is when people want to start getting serious and potentially bid for money. Decision is when we make a final decision on it and it’s serious stuff, it changes the smart contracts and monetary policy. So an example would be, we want to increase the reward pool to open up a new vote market, which means minting more tokens. Should we do it?

We might talk about it for a while in influence, put some concrete suggestions together in proposal and execute the code in the decision app. Second layer governance is taking that chatty phase into different areas and providing good tools for doing it better.

Mary | Satoshi Club: Are there any disadvantages to this system?

Dr Nick: There’s always a cost to more governance, there’s a cost to the system for incentivizing the users to vote and there’s the greater work required to keep all the cogs moving. Classic organisational theory tells you that the more complex you get the more the costs of running the organisation are, we’re building the tools to make it cost effective and trust worthy.

Q6 from Telegram user @Bradyfreddy

Using the identity staking, staking users will win 10% of the profits. What about the person that made the prediction? What will they get?

Dr Nick: Someone’s been reading our whitepaper. That makes me happy :). Let me get another pic.

https://esatoshi.club/wp-content/uploads/FV3-1024x942.jpg

This is how our staking will work. Everyone votes and those who had a vote on a winning token gain a share of the staking pool. If you don’t vote on a token then you lose your stake and the winners share it. The network burns 10% of the pot.

https://esatoshi.club/wp-content/uploads/FV4-907x1024.jpg

The other aspect of the social trading and staking system is that communities can pool money and decide how they want to invest it together, so in this group for example you could pool ETH and vote together on how you want it allocated. The people in here with the best ability to predict the market get the most votes.

Mary | Satoshi Club: Pools will be on your platform, right?

Dr Nick: Yeah, well you can access them through our front end but they would be a shared smart contract on the blockchain.

Mary | Satoshi Club: Is it safe enough?

Dr Nick: We’re completely decentralized, same as providing liquidity to uniswap. We’re setting up a security and auditing process whenever we start pooling people’s money.

Mary | Satoshi Club: Great

thank you! Did you already find audit firm?

Dr Nick: We’re working with three at the moment. We’re on the hunt for the best in the space. We actually want to get auditors voting on which contract is most likely to get rekt in the near future.

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram User @Idee01

You stated the team have 4 exciting partnerships lined up and the launch of our liquidity mining app“Yield”at the end of January. Can you give us a sneak peek/hint into these partnerships or is it a secret? Will there be a mobile and desktop app?

Dr Nick: Someone’s been paying attention, think I only mentioned this today. I can give you some hints, we’ve got a major oracle partnership coming up, we’re doing something big with sports and NFTs, we’re partnering with what I think will be the next Aragon and another project focused on community tokens. But keep that all quiet.

Q2 from Telegram User @Pratze

I read that Finance Vote currently held an event Tournament that possible to win prize 100.000 $FVT/$650 USD every week just “by voting in assets from the cryptospace”. But to voting, there is a requirement for user to mint identity, can you please share how to mint identity? Any guide about this?

Dr Nick: In order to mint an NFT you need at least 100 $FVT and then you got the “Mint an Identity” button on our markets app https://financedotvote.eth.link. We send you an NFT back then you can select your identity and vote. It just costs you gas.

Q3 from Telegram User @Maksyrn

Your WhitePaper has a subsection called REKT. Reading it did not understand what it was for. What does it mean in practice for users?

Dr Nick: I think all the markets can be considered practice. The REKT market is a prediction in which contracts may get hacked and lose funds.

Q4 from Telegram User @apocan99

What is the rule for winning in tournament and how is the reward distributed to winners?

Dr Nick: You just need to have some votes on the winning token. You can actually vote on all the tokens if you want, but voting on more tokens costs a bit more gas. If you have 10 of 100 votes on a token you get 10% of the reward pool.

Q5 from Telegram User @JP_Morgan_Chase

What is Decentralized Digital Democracy? Who can become a citizen of your digital democracy and what are the benefits of obtaining citizenship?

Dr Nick: It’s where I think society will end up. We become citizens of digital nation states and contribute to the governance of how it’s all run by voting and working on your own financial system. Users benefit by taking part in governance and getting a share of the token rewards as part of the emission schedule of tokens. All the tools we’re building are what’s needs for organising as humans in decentralized organisations.

Q6 from Telegram User @atillayeni

Can you make another system for crypto finance projects to add their coins in your system and get some criticism from there from community?

Dr Nick: Yep! In fact the token holders will vote every week to decide which tokens are worthy of being in the list. We want a consensus driven list of the top tokens in crypto. What goes in will be up to the users.

Q7 from Telegram User @Korryl

We can get 1 NFT with pay 100 $FYT and then it’s possible to make it unique by give them more detail as we like, is it same with avatar? I mean in social media or bigo we can edit out avatar and give them dress or accessories, it’s like that? Do we possible to create more NFT by paying more? For example, I have 500 $FYT so that mean I can have 5 NFT?

Dr Nick: You’re on to where the identity system is going. You’ll be able to customize them like avatars yeah and you can spend $FVT on upgrading them.

Q8 from Telegram User @lchongthu

DITs took the form of ERC721 compatible NFTs, which represent an identity within the system. Can DITs be TRADED anywhere (like NFTs) in the marketplace other than obtaining them via $FVT?

Dr Nick: They will be tradable and we’ll have our own auction system and market place for doing it. Your reputation carries with the NFT, so high voting tokens will be objectively worth more.

Q9 from Telegram User @taemin_vj

About Top Gainers, how high are the rewards? Do you get enough participation from your community in this method? How many benefits do they generate?

Dr Nick: We’ve had users report 20–30X returns on their gas costs. Even with a low token price at the moment, the dollar amount returns are really good.

Q10 from Telegram User @yzmoney

A lot of have happened since your last AMA, you’ve had your auction for your FVT tokens which ended having 850 ETH was collected and paired with 19.6m $FVT to discover a listing price of $0.02. How do you feel about the auction result and is the funding enough to keep the platform running for 2–3 years? What could have been done better for the auction?

Dr Nick: Really good question. Yeah, I’m really happy with the outcome. We did a genuine first with that auction and I think a handful of people got the potential of what we did. We discovered a price for the token at $0.02 over 7–8 hours of auctioning. Anything under that and I feel we’re undervalued. Importantly, we didn’t keep any of the money from the public auction. It’s all locked as liquidity in our uniswap.

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Finance.vote. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 700$ were distributed between the winners.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

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Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub

Our Partners:

finance.vote (Discussion): https://t.me/financedotvote

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