Yesterday, The Force Protocol CEO and co-founder David Lei was invited to attend an AMA held by Nhóm VBC community and we were blown away with all of the amazing questions. The following are a few of the best questions and answers for you:
Q: First of all, can you have a brief introduction about yourself as well as about The Force Protocol to all of our audience in this community? We are so excited to hear from you!
A: Hi all, I’m David Lei, co-founder of The Force Protocol and ForTube DeFi platform, I’m early bitcoin miner in 2011, systematically studied about blockchain and cryptocurrency since 2016, I’m also a decentralized finance advocate in China.
The Force Protocol, strategically invested by more than 20 well-known institutions in and abroad including AlphaCoin Fund, Zonff Capital, Consensus Lab, Collinstar Capital, and 8 Decimal Capital, is a crypto open finance service protocol built on blockchain systems and is comprised of a set of DeFi technical components and tokenized protocols.
ForTube is a crypto open financial platform developed by The Force Protocol, relying on blockchain technology to carry out innovative experiments aimed at practicing inclusive finance and providing appropriate and effective financial services to all users of the world.
Q: It is interesting to know you are such an early bitcoin adopter!
Warm-up questions:
Q: Currently, there are quite a number of DeFi projects that are growing quite well in loans or mortgages, so what makes investors and people more interested in The Force than other projects?
A: This is an excellent question.
Firstly, we are a Chinese background technical team so that we will develop our business and market-based in the China market and all the Asian markets. That is the most important differentiation with the western projects in decentralized finance service. For example, we offer HBTC, imBTC, and BUSD crypto assets in the lending business on our platform. In most of the western projects, assets from Asia are not included. We will focus on the Asia market and will have the market influence and collaborate with all Asia DeFi projects.
Q: What is Qian? Can you explain why we need a decentralized stablecoin ecosystem like Qian instead of other stablecoins?
A: Qian is a decentralized stablecoin project. If you are familiar with MakerDAO, you will easily find that Qian is the Asian market version of the DAI coin. But which is pegged with Chinese RMB. Furthermore, We will offer decentralized stablecoin services to all the communities and exchanges and business entities that are in need of stablecoin. That is the biggest difference with the MakerDAO system. And our code is developed by ourselves not forked from the existing project.
The biggest difference is the marketing orientation, we focus on the Asia market and will provide stablecoin services to other business entities.
Q: What are the benefits of bond investors on the ForTube platform? Why is it more secure and less risky than traditional bonds issued by businesses/governments?
A: We can see the benefit from the name of our service, ForTube Bond is the crypto version of traditional bond issuing and investment system. From our bond service, the investor can earn interest and more return from the bond investment. If there is a bad loan in the bond, we can get the investment back from the liquidation mechanism. That is the biggest advantage compared to the traditional bond system.
In crypto bond, collateral assets are very clear, and all the trading record is open to audit in the blockchain system. It is the next generation of financial services and a big movement and advantages.
Q: Most blockchain projects use Smart Contracts and ignoring its limitations, so how does APEC (Assets Protected Elastic Contracts) improve that? And what is the role of APEC in the The Force Protocol ecosystem?
A: If we try to explain of the APEC system in very simple words, I have to say that the APEC smart contract system is more like a decentralized smart contract system, which means in our system, the crypto assets are stored in the asset contract. And all the logistics of our business is in the logic contracts. Between which the router contract is the linker of the two parts.
We all know that the admin key exists in every smart contract on the Ethereum system.
In our design, the admin keys can only influence the logic contract and the router contract. The crypto asset storage contract could not be influenced by the admin key. Only the asset holder can revise the storage contract status.
The role of the APEC system. You can see it is the heart of our whole design.
Q: According to the roadmap, The Force Protocol will launch the pilot business of crypto bonds for real enterprises in 2021. But not all of them accept blockchain solutions. So what will The Force Protocol be to convince them and make blockchain mainstream?
A: Okay, that is also a very important part of our business development plan.
Before we launch the crypto bond service, we have already reached a collaboration relationship with some companies in China that are focusing on the supply chain financing business.
In our road map, the real enterprise business is focusing on the supply chain financing business. Now our partner company has the resources of core entities in China market which controls all the supply chain orders from their factories and records that are very valuable business data that can be transferred on-chain to be part of DeFi assets.
We also seeking more collaboration relationships in the Southeast Asia market in the supply chain business aspect.
So we are trying to connect the off-chain supply chain business and the on-chain decentralized financial service. Together we will create a huge market in the future.
Live questions from the community:
Q: Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like The Force Protocol?
A: Yes, this is a good question of our motivation to create a start-up firm in our business.
I have to say that almost all team members in our project are the victims of the p2p business in China. The traditional peer to peer financing business is a black hole, investors have no idea what their money goes and which collateral assets they can get.
However, in blockchain and crypto, we can solve the issue perfectly. That is the biggest motivation why we create our business and why we develop such a platform for financing service.
Q: I learned that The Force Protocol will work with Binance Chain, Polkadot, and other major projects in the ForTube business, What challenges have you tried to solve? And can you share a little bit about this partnership?
A: Why we would like to set up the collaboration business with Binance Chain and Polkadot, it is because in our business understanding not only the assets in Ethereum chain but also the assets in other good projects such as Binance Chain and Polkadot should be involved in the decentralized financial service system. So that after we finish the development of the Ethereum chain, we will continue to develop our business in other good public chain projects.
Q: There were Challenges and issues in cryptocurrency: beyond the controversies especially on “Liquidity, Transparency, Decentralization, Price Manipulation & Transaction Delays.” How does The Force Protocol team deal with these kinds of issues?
A: Some of the issues in this question are on the public chain aspect, we are the decentralized application layer project. So the transparency, decentralization issues are beyond our control.
On the liquidity and transparency and price manipulation and transaction delays. We can solve the liquidity, transparency and decentralization issues, all we need is having an open attitude on all the problems we faced by open our business to the community and public we can set up the trust within our investor, user, and our community.
Q: Security and Trust are very fundamental in crypto space today, how secure and robust is force protocol, do you have safe funds and insurance?
A: The APEC, BEAMS structures are our answers to this question, We will not only solve the issue in our own project but also providing a solution to the whole industry. Plus we have our FOR token listing on mainstream exchanges. We will also use our funding tokens in the reserve to be security funds of our whole system.
Q: In the crypto field, it’s very hard for projects to generate revenue/profits, some projects have a 10% dev share(10% from transaction fees taken by the project), can you explain to us in what way that FOR creates revenue/profits?
A: The revenue will come in every part of our ForTube business. Bond, Bank, QIAN will have their own business income, to the FOR holders, When the business scale grows, the usage of our token will also grow. Plus some of the ForTube income will become the purchase force in the market of our FOR token. To all the token holders, what we need is to create a strong business of the ForTube DeFi platform, it is the biggest interesting point of our whole business map.
I think these are all the answers to the questions here. Thank you very much, admin, and all the community members here.
Admin: We as Vietnam Blockchain Community would like to say thanks to Mr. David Lei — CEO & Co-Founder of the project as well as The Force Protocol team in general for spending your time for the Vietnam Blockchain Community.
———————————————END—————————————
