Dear, Community,

Welcome to the recap of our AMA with finance.vote.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Finance.vote is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉

✔️Introduction with Nick @ finance.vote :👉

BILLY:
Q1. Can you please introduce yourself and also tell us a bit about Finance.vote?

Dr Nick:
Ok so I’m Nick CEO of finance.vote. I’m a physicist by background which is what my PhD is in.

I’ve been a senior leader in UK universities for over ten years now and just left to go full time crypto and launch this network

BILLY:
So a physicist turned crypto enthusiast. The world of crypto is fill of wonders 😍

Dr Nick:
Ha yep, Physics via Astrophysics via Mathematics via Education and the Arts to crypto. It’s been a windy road 🙂

BILLY:
Hehe..

Q2. What are some of the key features of Finance.vote ? Tell us!

Dr Nick:
Sure, the network is split into three main components.

Our vote markets which are basically prediction markets with voting. You vote on which tokens will gain or lose the most and the market proves you right / wrong. If you’re right you earn crypto!

2/ Second layer governance, we’re building something we’re calling miniDAOs, which will allow any network whether they have governance or not to have their own DAO and users will be able to build community and share sources and vote on things in a token specific DAO.

3/ social trading which means you’ll be able to trade with your friends (or enemies) 🙂

All of these things will launch in quick succession over the course of the year, with our vote markets launching in a matter of weeks.

BILLY:
What are these vote on thing means?

Is it same prediction market?

Dr Nick:
It means any user will be able to vote on what features they want in a network, or what their favourite memes are. Anything related to that token.

BILLY:
I see.

Dr Nick:
It will be linked but quite different. We want the second layer governance space to be where people go to find out everything that’s new about that token.

BILLY:
Okay great 👍👍

Dr Nick:
The important bit is that it will allow small token holders to build influence on networks.

BILLY:
Yup.

Q3. Can you elaborate a bit on the solutions or enhancements that Finance.vote has brought to the table ?

Dr Nick:
Yes, so we want to improve governance across the DeFi space and we think voting technology is the way to do that.

We want to upgrade crypto governance by allowing users to influence their favourite blockchains more.

We’re solving some problems with liquidity in the prediction market space too. And currently there isn’t really a solution to pool funds and trade them with your friends.

The key to all of it is the ability to safely vote and reach consensus.

BILLY:
Summarized well!

Q4. Finally, what does Finance.vote plans to achieve by the end of this year?

Dr Nick:
Thanks 🙂

We are going to launch our vote networks in less than a month and we’ll be expanding those in the run up to christmas with the goal of getting as many users as possible.

We want to be paying people out on a weekly basis for sharing their research with us. This will battle test our voting mechanism. At the same time we’ll be developing our miniDAOs which we aim to launch early next year.

At month 6 we’re launching our main DAO and which will have its own treasury and people can get paid developing tools for working on our system. There’s going to be lots of opportunity.

BILLY:
Seems like you guys are packed with work !

Dr Nick:
Yeah we’re keeping ourselves busy haha

BILLY:
Okay. So that was a good introduction to Finance.vote. Now let’s move on to best Twitter Questions

Dr Nick:
Sure!

BILLY:
Can I post all the 5 questions and you answer one by one?

Dr Nick:
Yeah no problem

🐧Community ask Questions by Twitter ✔️

BILLY:
Twitter Question no 1 (der Winter)
Username : @Winterkom

- What can be shared through social trading? Is it possible to copy trade using Finance Vote?

Dr Nick:
Our social trading is designed to use our voting system to allow people to share alpha on trading ideas. Users will be able to set up a trading pool from any chat group (TG, WhatsApp etc) and then vote on which tokens they would like in their shared portfolio. Then they hit execute and trade some pooled ETH into whatever coins they want from the DEX space. It will be like owning a shared liquidity pool of mixed tokens with your friends.

We’ve also partnered with Kira to allow any assets from across the interchain space (BTC, ATOM, DOT etc) as well, which is exciting. As for copy trading, yeah that will certainly be possible and we really want to gamify it. We think the most exciting thing will be collaborative trading through consensus.

BILLY:
Twitter Question no 2 (Etereo.)
Username : ‘@Deathmente

What new features does the quadratic voting consensus system offer? What kind of incentives do users have for making market predictions?

Dr Nick:
We think Quadratic Voting will change the world. We’ll be one of the first places to implement it, but it’s already used at gitcoin to fund interesting ethereum projects. It basically means that instead of being one-person, one-vote, or one-coin one-vote, every user gets a budget of vote power tokens which they can spend on choosing tokens or voting in our DAOs. It means you can vote more than once. If you vote 5 times, you spend 25 tokens. It expands the decision making power of a voting system exponentially!

As for incentives, users will win a share of the reward pool every time they are correct. If you vote 5 times on a token that turns out to be the best performing. If there are 50 votes on the correct token you get 10% of the reward pool and it’s free to play outside of the gas costs. We’re also doing something called ‘vote mining’, which means that we’ll pay all our users for participating in votes over time.

BILLY:
Twitter Question no 3 (Ngoc Tina)
Username : @NgocTina

The ETH blockchain is very slow, high fees. So why did you build @financedotvote on the ETH blockchain? What is the main reason for building it on Ethereum blockchain rather than building it on BEP- 2/ TRC- 20/ DOT Blockchain? Do you have plans to launch your own mainnet

Dr Nick:
ETH might be slow, but it’s where all the action is at the moment. It also has the best tooling and liquidity by a long way. We’re not at all wedded to staying on Ethereum forever, in fact we’re very bullish on Polkadot.

Our strategy is to go where the users are. Our vote market contracts will port nicely to other blockchains and scaling solutions, but i’ve personally seen other projects die by jumping onto blockchains that aren’t ready for real users yet.

We know that scaling will be super important however, in fact our vote markets would make a perfect ‘bake off’ environment for testing out which scaling solutions users will use and which perform the best under high demand.

BILLY:
Twitter Question no 4 (professor)
Username : @desi_resistant

As yours is a voting and price predicting platform, can you tell us breifly about the semantic ballot voting and why it is important?

Dr Nick:
So when you vote on something it tends to go on a ballot, which is just a list. In this case the list is a list of coins, but it could be anything with meaning (semantic item). Then we get users to vote on them, which means they’re ordering that list by preference. So if we give you a list of coins, by voting on them you’re creating your own ordered list of which coins you are bullish (or bearish) on. That’s a lot of useful information and is how you will signal your predictions to the network. The act of collecting preference from a group of decentralised users is insanely powerful. It will be the basis for our whole governance system.

BILLY:
Twitter Question no 5 (Andra)
Username : @andrasusin

Finance.vote launched 2 different tokens on its platform: $FIN and $V,
Can you explain to us what is the relation between these 2 tokens?
What’s the functions and what role will these tokens play in Finance.vote Ecosystem?

Dr Nick:
$FIN is our governance and utility token within the system and will be externally tradable on DEXs and CEXs. $V is only used internally to the system and will be your balance of vote power in the system. The more $V you have the more vote power in the vote markets, which means higher rewards. The only way you can get it is by earning it in our system.

It works like this, if you vote 5 times on a token in our vote market. You will spend 25 $V (everyone starts with 100 $V). If your chosen token is correct you get 25 more $V in the next round of the vote market. Making your vote more powerful. It means voting power is collected by the people most correct about the markets. It should be really interesting what happens over time with that system!

✍️ Telegram live Questions answered by Nick @ finance.vote

Jolaine #CryptoAdoption Team:
One of the problems of the prediction market is that the subtracted data may not be real or manipulable, even using decentralized oracles. How FinanceVOTE ensures that the data provided to determine winners and losers is correct?

Dr Nick:
Ah this is a really nice question. Yes, so a truly open prediction market system is very difficult to create and this is what the majority of Augur’s internal mechanics are designed to do including their disupte resolution system using $REP. We’re overcoming a lot of these issues by narrowing the range of potential questions to purely market based questions (to start with). This means we can aggregate a range of oraces from providers like chainlink and settle the bets with real confidence. It’s much harder to settle bets on things like the weather and politics. So we’re sticking with crypto!

Hoang Nam:
How does layer two governance empower minority token holders in the network, and how does it offer freedom to participate in governance and direct the direction of networks through miniDAOs?

Dr Nick:
So we consider layer one governanvec to be the stuff that changes the monetary policy of a network, changes the core smart contracts and “forks” the network into the new direction. These are dangerous places to be making bad decisions. So we’re creating spaces focussed on dialogue. Much closer to a sub reddit, forum or telegram space, but with voting based curation. In these spaces we have a mechanism (using our $V token) to make the loudest people those with the best opinion or with the most contribution rather than just token whales. That’s the way we let small token holders influence big networks!

Bambang:
As a price prediction platform, can you elaborate the process of voting and predicting prices of the token or coin in the market? What currency are available to predict? How much is the minimum amount to invest or register in your platfom?

Dr Nick:
Yes, so you will need to mint an identity to take part in the system. That will cost 100 $FIN to start, which shouldn’t be too expensive to start. Once you have an identity you can vote in all our vote markets for free for a chance of winning a reward (it just costs gas). So there’s a very low cost of entry and we think the rewards will make it well worth playing. It will be possible in the future to stake more value on it, but our main goal is to pay people for their brain power!

Ramadhan:
Adoption is one of the most important factors that all sustainable blockchain projects should focus on to make them more attractive in inverters. Can you tell us what financedotvote has done to realize its adoption in reality, actual use cases and our real society, and what plans to do?

Dr Nick:
Couldn’t agree more. In fact, I’ve researched technology adoption for many years as I’ve tried to convince teachers and students to use technology in their research and teaching. It’s hard! I think they key to ensuring that you get users, is by offering them a good deal. We’ll use a range of excellent incentives that bring in new users withour over inflating the token supply of the network. We do this by having users spend (burn) tokens to enter. People will use any technology if the reward is high enough!

Ariful islam:
Your project looks good but it confuses me that there are so many other Blockchain project. What should I pay attention in Your project to give it the importance it deserves? What are your planning to achieve with your project?

Dr Nick:
So true @Momjk! There’s so much noise in this space it’s hard to keep track of it all. That’s the exact problem we’re trying to solve. We get lots of people to vote on the tokens out there and it filters them all down to the best interesting tokens in the market. You’re quite right to say it is all about attention. Our whole system is designed to find out where the attention is. A friend of mine once said, tokens are like “liquid attention” and we want to find out where that attention moves on a weekly basis 🙂

✔️Thanks to all of our Community Fans✔️

Have a Great Day

Edited by : 🌿DK✍️

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