EasyFi Network AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with EasyFi Network.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what EasyFi Network is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with EasyFi Network :👉
BILLY | Decentralized Club:
Q1. Can you please introduce yourself and also tell us a bit about Easy Finance ? @ankittgaur
Ankitt Gaur:
sure
Well, to introduce myself, i have been working in technology space for last 17 years and in Blockchain for last 3.5 years to be precise. Wrote Book on Blockchain for explaining Blockchain to CXO level people in more non tech manner with an objective of fuelling the adoption of Blockchain as always it’s the CXO layer that drive the mainstream adoption of any tech. I started Koinfox in 2018 and was then joined by other two partners Anshul (Who is also a co-founder here in EasyFi) and Opinder. After running Koinfox successfully for 1.5–2 years we decided to go deeper into this tech revolution, hence decided to do some ground level work. Hence started EasyFi a Lending Protocol with Anshul Dhir as Co-Founder and announced the project in August.
BILLY | Decentralized Club:
Okay 👌👌😊
Q2. What are some of the key features of Easy Finance and how is it something entirely new or an enhancement to an existing solution? @ankittgaur
Ankitt Gaur:
EasyFi is a layer 2 Lending protocol focused on solving an urgent pain point of exorbitant gas fees on ETH mainnet. Along with that, EasyFi is built to strengthen the borrowing side of lending protocols. Hence most of our modules are built towards strenthening the borrowing side.
BILLY | Decentralized Club:
So, two points EasyFi is focusing on :
1) Reducing gas fees
2) Improve borrowing in lending protocols.
Q3. What does Easy Finance plans to achieve by the end of this year? @ankittgaur
Ankitt Gaur:
We are targetting to complete our roadmap as published few weeks ago. which primarily focusses on Volatile assets markets on EasyFi plus start to setup foundation for creditworthiness of respective users which will act as a core building block for other modules of EasyFi
As far as $EASY journeys go, Q4 just got even more exciting. Watch out for our plan in motion for making this an awesome journey for us and phenomenal for the community here https://bit.ly/35c5Xld
“The $EASY path is always truly exciting!
Please do not hesitate to leave a message on the article, here or our Twitter!
BILLY | Decentralized Club:
Okay.. In short remaining of 2020 is packed 😊
Ankitt Gaur:
yes above is EASY Q4 roadmap incase any users want to refer to it
BILLY | Decentralized Club:
👍👍
🐧Community ask Questions by Twitter ✔️
BILLY | Decentralized Club:
Twitter Questions!! @ankittgaur
Q1. DeFis in Layer2 are not very common at the moment because it is difficult to adopt. Why is Layer2 important and what educational plans do you plan to carry out?
- @BlancaSdF
Q2. You provide Micro Loans to users. What are the goals and benefits that borrowers can get in the lending industry? Can you please explain a little about this system
- @HendriA11938225
Q3. How flexible is the functionality and design of EasyFi in the face of the rapidly changing market?
- @nhi35022657
Q4. How are technical functions such as scalability, workflow, customer privacy protection, and databases deployed and handled? Where do you feel need to improve in the future?
- @QuyenCao11
Q5. What role does the community play in the EasyFi Network? What have you done and will do to attract people to join EasyFi Network and build a thriving community?
-@ryuuuubtc12
Ankitt Gaur:
Q1. DeFis in Layer2 are not very common at the moment because it is difficult to adopt. Why is Layer2 important and what educational plans do you plan to carry out?
We believe with increased congestion on Layer 1 (Eth 1.0) Layer2 are going to play a very important role in bringing adoption to defi based solutions. We are bringing these solutions on layer 2 so that users can use these applications with lesser of friction. We have always been very heavy on conceptualizing and engaging with communities for education related initiatives. We have run many initiatives like defi bytes, defi masterclasses with partners. Further, we will keep bringing such initiatives in the future for enabling more and more users to be able to adopt the defi solutions.
Q2. You provide Micro Loans to users. What are the goals and benefits that borrowers can get in the lending industry? Can you please explain a little about this system
Idea of Micro loans is that people are able to get loans for the requirements of their short terms needs at a very efficient terms and quick settlement. We are working on many moving parts to enable micro loans as reality, with many partners in the industry. Details about these will be released sometimes in next quarter.
Q3. How flexible is the functionality and design of EasyFi in the face of the rapidly changing market?
We absolutely understand the dynamism of defi industry and that is one reason, we decided to launch our roadmap quarter on quarter instead of one main long roadmap. Our modules and product design are being setup as modular legos hence enabling our product to be able to adopt any kind of change quickly.
Q4. How are technical functions such as scalability, workflow, customer privacy protection, and databases deployed and handled? Where do you feel need to improve in the future?
EasyFi is a protocol, and in it’s current form is mirror of compound contracts deployed on Matic blockchain, going forward we are going to be plugging custom contracts onto the contract architecture. Further, as mentioend above our solution is structured as modular legos hence gives us a flexibility to upgrade, modify or change any part of the protocol easily. Further, as more and more ecosystem will be built on layer 2, our solutions and design will keep on becoming more and more efficient.
Q5. What role does the community play in the EasyFi Network? What have you done and will do to attract people to join EasyFi Network and build a thriving community?
Communities are an inevitable part for any blockchain related project. Most blockchain projects are community driven projects, so is EasyFi. We are working with various global and local communities to introduce EasyFi and educate them about easyFi so they can use the product for their benefit and expand into their localized spectrum.
✍️ Telegram live Questions answered by EasyFi Network ✔
Alice:
⭐️⭐️ EasyFi is built on Matic Network. Why did you choose their blockchain? What are the unique features of Matic that fit the vision of EasyFi?
Ankitt Gaur:
We chose Matic due to its compatibility with Ethereum code base hence availability of Devs and it makes team building $EASY. Not to mention faster block time and speed.
And last but not the least, our trust in the team and their accessibility to the whole ecosystem.
Jorge:
We have heard you are launching project only with stablecoins first, why is it so? And when do you see to yourself launching any other volatile assets?
Ankitt Gaur:
We launched a lending protocol which was first defi protocol on Matic network. So as to keep people protected from liquidations and other financial risks, we first launched stable coins so people can actually try and experience a layer 2 defi experience. We are planning to launch other volatile assets by end of this month. as people have not tried the product and experienced the steps for layer 2
LongGone®:
What is the basic service that EasyFi chain provide from intergrated with Chainlink!?
Ankitt Gaur:
Once we are integrated with Chainlink we will be able to get stable pricefeeds of the collateralized assets and will be able to maintain the loan books
Raghav:
What is the relationship between Easyfi Network and Matic Network? How are these two projects correlated? Do you own the same CEO? Thank you!
What are the requirements to participate in the governance of the project? Is there a minimum of tokens that are needed to have the right to vote? Also, what would be the benefits of this? Thank you!
Ankitt Gaur:
Matic Network and EasyFi are two different companies. We work closely with Matic, but it is an underlying blockchain infrastructure like Ethereum. EasyFi governance will be launched in couple quarters, however you will need to hold certain no. of tokens to be able to take part in protocol governance.
Koh:
how does $EASY spearhead the adoption of DeFi using a blockchain solution?
Ankitt Gaur:
$EASY is dedicated and throughout focussed on adoption of blockchain through its solution by enabling more user friendly lending options like under-collateralized loans, micro loans etc which we are working and will release in markets during quarters to come