Nov 29, 2020
Findora AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with Findora.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Findora is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Findora 👉
BILLY | Decentralized Club:
Q1. Can you please introduce yourself and also tell us a bit about Findora?
Lily:
My name is Lily Chao. I founded the Findora organization along with John Powers, the former CEO of the Stanford University Endowment Fund. I am quite well connected as a young entrepreneur and investor active in Silicon Valley and Asia Pacific Rim. — Before founding Findora, I have a successful track record of investing and advising in early stage tech businesses and providing financial advisory to growth stage tech companies both in the US and in Asia. My expertise is in privatization, SPAC, merger & acquisition. Being tech-savvy generation who seeks to disrupt and improve legacy businesses, as opposed to following their lead, I am the original thought leader, along with the late John Powers, that devised the strategic and product vision of Findora Foundation. With one foot in Silicon Valley and another in the broader Asia-Pacific rim, I have seen the ways technology can create real world solutions across all corners of the globe. In my leisure time, I enjoy cooking, shopping and off-roading.
Findora is a globally trusted financial infrastructure, owned and democratically secured by a decentralized network of worldwide organizations and economically incentivized parties. Findora was created to enable the creation of financial services that are transparently operated while preserving user and institutional privacy. Created by a team of Stanford academics and entrepreneurs, including John Powers, former CEO of Stanford’s USD $25 billion endowment fund, Findora will be accessible to anyone in the world, whether individuals, small and medium enterprises, or industry giants. Our team has extensive collaboration with leading cryptographers in the world and our comprehensive cryptography library includes implementation of state of the art Zero Knowledge Proofs such as Plonk, Bulletproofs an Supersonic. For more information, visit www.findora.org.
Findora is being operated by a decentralized network of operators. But the software stack can also be deployed and operated by a variety of interoperable networks. It can be used by a traditional bank to replace the infrastructure they currently run on, deployed in the cloud, or It is a platform for issuing assets of any nature, including cryptocurrency. Findora’s mission is to address the challenges necessary to support this broad class of assets and diverse financial use cases. One of the primary challenges is providing confidentiality while retaining the transparency and public accessibility of other blockchains. Achieving this privacy-preserving transparency is Findora’s major focus and product differentiation.
BILLY | Decentralized Club:
Okay as per my understanding the challenge of keeping privacy has been the primary focus for findora and the technical challenges must have been huge in achieving that
Q2. What is so exciting about Findora that we should know about? @lily52099
Lily:
Great question! We offer a lot of unique things and benefits. I wish these will excite the community. Let me be specific:
We invented a very unique DAO, DeFi fund management system that support privacy preserving asset operations voting/onchain governance. We believe such blockchain based organizations will change the world; 2. We are responsible for discovering one of the most efficient trustless Zero Knowledge Proofs systems; 3. We have built an entirely new blockchain based on the newest ADS technologies from the ground up purely using Rust + WASM; 4. We completed one of the world’s most comprehensive cryptography libraries- ZEI. We are planning for launching end of this year/next year! We are ready to go!!! In 2021, we will focus on the phase II mainnet and the DeFi infrastructure. We will deploy ZK Rollup, Accumulator based storage, confidential liquidity bridging and Dark Pool Dex. Recently, we launched the Findora Advanced Research Institute, consolidating all our advanced research under one umbrella. We have brought in Turing Award Winner, renowned ZK researchers and economists to keep advancing our knowledge base.
BILLY | Decentralized Club:
Q3. Which are the most important achievements in 2020 for Findora ?
Lily:
Our most important acheivements include 1. the finish of highly use-case optimized confidential transaction testnet; 2. the successful launch of Findora Advanced Research Institute; 3. gearing at full speed for market adoption and community building; 4. closed important business partnerships such as Tencent Group, TrustToken (stable coin partner), a consotium of enterprise ledger developers, 5. working side by side with Enterprise Ethereum Alliance to promote the adoption of cryptography enabled privacy; 6. successful closing on the insitutional financing (early of the year), just to name a few.
BILLY | Decentralized Club:
Hmmm 2020 was pretty heavily packed ! Way to go Findora Team !
Lily:
2021 will be busy. And we are launching more Ambassador programs.
🐧Community ask Questions by Twitter ✔️
BILLY | Decentralized Club:
Twitter Question no 1.
Username : @Ontortk
How safe are the customer funds stored on Findora? What kind of guards does Findora have for theft?
Lily:
1. How safe are the customer funds stored on Findora? What kind of guards does Findora have for theft?
Safety or security is a comprehensive topic concerning architecture, execution, cryptography and virtual machines. Yeah.Findora is super safe. I will address one by one: The Findora blockchain is build around one of the world’s most comprehensive cryptography library — ZEI, developed by Findira team. We not only have a lot of innovative zero knowledge proofs implementation, but also have optimized hash functions, signatures and other goodies. The authenticated data structures we use are very comprehensive and secure including Merkle Tree, Sparse Merkle Tree, Accumulator, and more.
On a market where there are still public blockchains that do not support multi-signature, we are like being equipped like a combat tank.
And most importantly, we are a zero knowledge blokchain. The name says it all! There is no knowledge on the chain 😂
Seriously, this is the ultimate protection to the users. The transactions and their metadata are not stored onchain.
Voila! So that’s why Findora is extremely safe for users!
Speaking of smart contract and its related virtual machine and language, Ethereum smart contracts are vulnerable. I felt sorry about the recent loss for several DeFis.. At Findora, our smart contract mechanism is different. We develop a domain specific language for asset operation called Discret. Discret is the smart contract language people easily learn and use. It has automated bug detection. It can supports other code while keeping control and enables privacy. It is safe by design: fights bugs and exploits while offering the power of a high-level language. The virtual machine is restrained. Recursion will be detected and causes an immediate failure at module load. Our Atomic transaction will roll back if error occurs. You can see ours is much more secure and efficient and designed for DeFi.
BILLY | Decentralized Club:
Twitter Question no 2.
Username : @Kvindvr
Findora will aim to support any kind of assets, which is a huge goal. What is measurement will you implementing to avoid scam assets infiltrating Findora system?
Lily:
2. Findora will aim to support any kind of assets, which is a huge goal. What is measurement will you implementing to avoid scam assets infiltrating Findora system?
Findora is fundamentally a blockchain technology platform and will provide a balance between transparency and confidentiality. We provide tools that enable users to demand more transparency. Our auditing tools enabled by ZKP can give users a holistic view of assets. Users will be able to assess the assets much more efficiently than on a traditional fragmented system. The Findora ledger gives people the ability to see thoroughly without infringing on business privacy. For instnce, synthetic ZK tools like proof of solvency, proof of whitelisted assets and proof of current ratio etc can provide consumers an holistic view of the key auditing parameters without disclosing raw financial data. Ponzi Schemes and fraudsters will hate these tools!
BILLY | Decentralized Club:
Twitter Question no 3.
Username : @maharanigis
We can develop privacy-preserving applications on the Findora, but it still for testnet version. If we develop it on testnet version, can we move our data to the full version when its coming? When will the full version be launched?
Lily:
3. We can develop privacy-preserving applications on the Findora, but it still for testnet version. If we develop it on testnet version, can we move our data to the full version when its coming? When will the full version be launched?
The Testnet was there uprunning since Jan 2020 and we released the controlled test since the past August. We have served thousnads of advanced users, community members and enterprise software builders. We received overwhelming praise. Dataqin, one of the largest enterprise blockchain application builders, quickly jumped on a partnership after testing. We will have seamless transition and continuous version support. The apps built on testnet will be supported on mainnet.
BILLY | Decentralized Club:
Twitter Question no 4.
Username : @semogaberkahXD
When looking to FINDORA roadmap, lot of great updates are coming in near future, what are the most important upcoming Milestone ? Does Your Project have Great team and Financial support to achieve that milestones ?
Lily:
4. When looking to FINDORA roadmap, lot of great updates are coming in near future, what are the most important upcoming Milestone ? Does Your Project have Great team and Financial support to achieve that milestones ? — The most important milestones include the mainnet launch, phase II, full fledged Discret smart contract language and the restained virtual machine, private DeFi building blocks and confidential cross chain liquidity infra. We have Turing Award winner backed cryptography team with members from tier 1 institutions; we have various enguineering teams taling care of platform integration, APIs and SDKs development, middleware dev, and application buiding. one of the Findora’s strengths is to attract top nortch talents and invest in the longer horizon.
BILLY | Decentralized Club:
Twitter Question no 5.
Username : @InfernumTM
Findora is committed to the privacy protection project. how does the Findora project protect the privacy of its users? Have you ever experienced a privacy data leak?
Lily:
5. Findora is committed to the privacy protection project. how does the Findora project protect the privacy of its users? Have you ever experienced a privacy data leak?
First, Findora is decentralized in the sense that no single party can manipulate and censor the newtwork transactions. Second, unlike the most transparent blcokchains on today’s market such as Bitcoin and Ethereum, there are no transaction data at all on Findora blockchain — — this sounds strange right? Let me try to explain: Findora is a zero knowledge blockchain. The Findora blockchain nodes process and verify the zero knowledge proofs of the actual transactions. These proofs are secretive, so that no nodes and 3rd party can read into the content. Because no actual transaction data on chain, users’ data privacy is fully protected. If you transfer 100 dollar on Findora to your friend via confidential transfer, no one can see this transaction through a block explorer.
So to answer the question directly, not just Findora, literally no one can monitor a confidential transaction on Findora without users’ permission. We never has a privacy data leak — because the data is NOT in Findora network’s possession.
✍️ Telegram live Questions answered by Findora ✔
Q.
🍎🍎 How trustable is your process of auditing, when and by whom is it realized and where is it published?
Answer : Findora’s pryptography enabled auditing tools are “trustless”, meaning you don’t need to trust Findora or any third party to validate such auditing. We have a huge toolbox of auditability tools, including proof of solvency, range proof, proof of whitelisted assets; proof of accreditation; identity selective revealing tools, confidential asset tracers. These tools are all designed with one purpose: allow public or certain privileged auditors to understand and verify certain statements on a transaction while still keeping the raw data confidential. Such fine grained audits are very necessary in many cases (and protect the privacy), not just under a regulatory circumstance.
Findora has an authenticated data structure. No one needs to trust the chain because anyone can verify it for themselves. Second, zero-knowledge proofs enable end users to control their own private information while retaining the ability to provide sufficient evidence to a counterparty or regulatory body. A user can generate a proof that something is true such as the user’s creditworthiness, solvency, or membership in a group without revealing the user’s exact credit score, exact net worth, or identity, etc.
Q.
What plans do you have to help drive demand and scarcity for the token?
Answer : This is basically asking for an explanation of our tokenomics.
Our token economics is designed by experts in game theory, computer network economy and financial engineering. The goal is to make sure the token will directly reflect the growth of the network and the aggregated asset scale on the network while keeping reasonable scarcity. In addition to the common use cases of the tokens such as staking, gas fee, block creation rewards etc, such tokens are also being required for L2 liquidity mining, asset pooling, deployment of commercial applications and side ledgers, and more. For instance, the enterprises that deploy side ledgers for multi-party supply chain finance, trade financing, equity swap trading and KYC management will be required to pledge our system tokens. The tokens will also be used for running ZK Rollup nodes to share the revenue. There is built in burning mechanism for TRX fees.
Q.
Finsense is Findora’s consensus algorithm.
What is the main use of Finsense?
Answer : Finsense is designed to satisfy larger scale asset deployment use. Finsense is Findora’s consensus algorithm, which enables a stable, high- throughput, and public network secured by both real-world trust anchors and stake. Finsense uses FIN tokens to represent consensus seats. The total supply of FIN tokens is large enough so that in theory anyone in the world could participate in consensus, however, individual validators may own more than one seat. A validator’s influence in the protocol is proportional to the number of seats it holds.
So long as the FIN-based consensus protocol appears to be operational and secure, honest41 validators leverage the protocol itself to process all FIN transfers. However, if honest validators detect a security break or the FIN- based consensus gets stuck then these validators fall back to an FBA system to help resolve the error. In this sense the consensus protocol consists of two “channels”: a main PoS channel and a secondary FBA channel that is activated only when the PoS channel fails.
Finsense is used to ensure maximum stability and consistency of a decenbtralized financial network.
Q.
what are the ways that generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Answer : Great question! We build great blockchain and great tokenomics. We believe blockchain is very different from the traditional TMT startups. However, decentralized protocols still need to have a revenue model. The revenue should come from utility and asset transactions. Findora plans to act as the blockchain transaction hub by leveraging our expertise in cryptography. Not only serving the applications on Findora, our ecosystem play includes providing cross-chain ZK Rollup to Ethereum, helping lower the GAS fee while making revenue for Findora. We also provide side ledger services to the business users that are willing to pay. Such services will require staking and pledging Findra tokens and will also contribute large revenue streams to the public blockchain. Onchain L2 liquidity mining and cross-chain asset transfers are also part of the business revenue generation plan. I am confident our token holders will be happy to see the Findora tokens are providing increasingly valuable utilities.
Q.
How can we access Findora’s more advanced features? For whom are these features available? What stands out the most about these advanced features?
Answer : Findora is an advanced blockchain. Not all the features and potentials are exposed to the public yet. Some features can be offered to developers and upon requests. I can list a few: Authenticated encryption
Cryptographic commitments
Ristretto/Edwards curve library
Zero-knowledge Bulletproofs
Linear secret sharing
Homomorphic public-key encryption (ElGamal)
Homomorphic commitments (Pedersen)
Non-interactive -protocols
Anonymous credentials
Group signatures
Ring signatures
Threshold signatures
Multi-signatures
