At ForTube, cultivating a strong community is important to the project, and something that the team is looking to expand upon by hosting upcoming events, promotions, competitions, and activities where users have the chance to get involved. Make sure you follow ForTube’s Twitter and Telegram group for more chances to take part!
This week, our Global Marketing Director Ben Yorke was invited to lead an AMA in the Bittrex exchange official community on September 22nd and we were blown away with all of the amazing questions. Here we highlighted a few of the best questions and the respective answers for you.
Q: What is the business model of ForTube?
Its a lending platform, so the idea is quite simple. Get a lot of users depositing funds, so that people who need liquidity (tokens) can borrow them. Fees go to the depositors as yields, and the platform supplements that with some rewards of their own from time to time. Everyone wins!
Q: We can see uncountable amount of Hacking & Leaking News today in this Cryptocurrency Space. How you ensure that the assets of FOR Users are Safe and Secure?
The approach to security is extremely high because one mistake can be brand suicide in this industry. You can see that some of the biggest names of international blockchain code auditing (SlowMist, CertiK, and Peckshield) have inspected the various parts of the platform. More importantly, we just announced a partnership with CertiK to run 24/7 smart contract code auditing using their security oracle. They give us a real-time security score so we can know instantly if something is off.
In terms of security, there are far worse places you could go, and we’ve seen quite a few platforms ignore industry best practices and their users suffered for it. Just ask some of my friends who were big into YAM farming.
So I’m quite proud of what ForTube does to take security very seriously.
Q: For a project, community factors contribute to the success of the project so does FOR have any plans for long-term community development?
The community is a big one. ForTube plans to launch a global ambassador program later this year to start rewarding the community members who contribute by using the platform, taking part in activities, supporting others, sharing content, and generally just being a nice human being. We do recognize the attitude that many users have, which is to jump on whatever coin is pumping the highest, but we think as DeFi matures, it will become less of a goldrush and more of an established industry. We obviously are hoping there will be lots of new faces joining our community after this because we believe there will be some good opportunities.
Q: what are the main features that make ForTube special and what are the main achievements of the team now?
The first one is that we have a lot of different supported assets, not just the main ones like USDT, ETH, but also other DeFi tokens like UNI, YFI, SNX, LINK, and of course our native FOR. That part is all about making ForTube more usable for everyone, whatever taste in tokens they might have.
The second feature that makes the platform unique is multi-chain support, with BSC already supported and more to come later this year. If you’ve never experienced the joy of depositing tokens in an ETH smart contract on BSC and being charged 10 cents for GAS, you should really try it.
Q: What’s Qian? Explain why we need a decentralized stablecoin ecosystem like Qian instead of other stablecoins?
Basically, stablecoins are very necessary for today’s DeFi and cryptocurrency ecosystems, both as a hedge, a store of value, and a transfer of value. The problem is every type of stablecoin has some issues, whether they are centralized and possibly unaudited, or decentralized, like DAI.
QIAN is the second type, but the value is pegged to the value of the Chinese Yuan, making it more usable for Asian markets. That is all planning to go online in October. There are some really cool twists with how the token is generated, which makes it more secure and stable. We think it's going to make a huge impact on the Asian DeFi space, and really kick up a lot more interest and investment in the space.
Q: ForTube focuses on the Asian market, why? How does ForTube plan to expand globally?
Well the why part is simple, the team was founded and headquartered in China, back in 2018. China has a massive (and growing) DeFi community, So expanding from there to other areas in Asia was quite simple, considering all the resources ForTube had then and acquired along the way. If you’ve been around a long time, you get to be really well known.
Now the global expansion part is a bit tricky, but that’s what I’m helping with. Basically, we need to develop stronger ties to blockchain projects all over the world, replicating the success we had in China. Additionally, ForTube needs to really focus on trust and transparency so that users will feel confident using smart contracts on the platform.
Q: According to the news, The Force Protocol will work with Binance Chain, Polkadot, and other major projects in the ForTube business, What challenges have you tried to solve? Can you share a little bit about this partnership?
ForTube is constantly exploring ways to integrate interesting new chains to the platform. Keep in mind, ForTube is a DAPP, so the smart contracts can be adapted to use practically any blockchain or any token. Binance Smart Chain is a parallel version of Ethereum that is designed to be easily compatible with users' browser tools (like Metamask) so that swapping between the two is easy and there's no new learning curve. We want to continue to make ForTube easier to use!
Q: How will the BANK lending protocol be used and what kind of incentives will it provide in lending?
This is the main lending part of the platform, where users can deposit funds to earn yields (for you farmers out there). Right now there are some big yields available so it's worth checking out. If you need some tokens to play around with, you can also withdraw some (provided you’ve already collateralized some of your own) and do whatever you want with it. Note: There are two liquidity mining campaigns ongoing now. One is longterm yield farming with total rewards of 85,000,000 FOR on ForTube ETH and the other is on Binance Smart Chain with total rewards of $100M FOR.
Q: How many partners currently have trusted $FOR technology and what benefits do these partners bring to FOR and vice versa?
There’s a lot. We’ve been around a long time in DeFi years, make no mistake, this isn’t some fork that some community dev slapped together in a few weeks to rug pull retailers. ForTube has been building the DeFi community inside and out of Asia for years, and that brings incredible value. Our security partners keep improving, and that improves us. Oracles, Infrastructure, and asset partners improve, and that helps even more.
We are hoping to add a few more logos to that in the upcoming months as well.
Thanks to everyone for their incredible patience and thoughtful questions. As one last reminder, let's keep the conversation going here or over on the ForTube channels, including Telegram: https://t.me/theforceprotocol666.
▲Official website: https://www.for.tube/home
▲Twitter: https://twitter.com/ForTubeFi
▲Github: https://github.com/thefortube
▲Knowledge library: https://docs.for.tube/
