Host: Finminity x LID AMA is about to begin. Are you ready?
Guest: From Finminity myself Ron is here, I have Shaik Hamdan my CMO and Saloni our Marketing Analyst.. And we have a host of supporters who are here to cheer us. We are ready.
Host: First of all I would like to introduce my self! Hello LID Community! I am crocks light, one of the community managers of LID protocol and I am in charge of the AMA of finminity today, Greetings to all. Welcome aboard 👌
Host: TEAM, Would you please tell us a bit about yourself and your position on the project?
Guest: @Shaik and we come a long way from 2012. Shaik and I came to know each other during my PwC days (2012) when Shaik was PwC’s channel partner for selling CRM services in Middle East and Africa.
Here is my profile — www.linkedin.com/in/raanngin/
Here is Shaik’s profile www.linkedin.com/in/hamdan/
Host: Pretty trustworthy team! +1 Not anonymous, perfect!
Guest: As a management consultant for 20 years working in PwC, IBM, Cognizant, and Atos and then being a serial entrepreneur and in Blockchain for the last 3 years, into VC and Angel Investing, I have seen both sides as an investor and entrepreneur. This knowledge has given me the belief that we can solve biggest problem for entrepreneurs which is Funding Gap.
In the 2nd and 3rd year and the real world VC and Angels only invest if you come from a specific background.
To solve this and do something really worthwhile we started our journey.
We wanted to make venture financing decentralized, democratized, and open to normal investors through new generation de-fi technologies.
This belief and passion have made me & Shaik (my co-founder) to build this venture Finminity. We have been working on this for the last 1.5 years. We have built the platform and made it live in www.finminity.finance.
Host: VC? I didn’t expect that my God, 🤣 you are beast man
Guest: Our main goal is to stop the hegemony and stranglehold of VC and Big Money and through Decentralization can we break that somehow and help entrepreneurs. And btw it goes along way with the alignment LID has.
Host: Ok ok, great work guys. Sounds fun Ron
Ok, this is my first question for you.
You claim to help SMEs raise funding in a decentralized manner from a community of investors. My fear is if such company fails, how do you help protect their investors from loosing money? Will there be a kind of Dividend/Bankruptcy management that would be done in such event?
Guest: For Startups there is always a chance of failure, you can’t help it — that’s a given — so it’s very important to bring good companies that have done a due diligence, preferably non anonymous team and founders who have had some success earlier.
But in case of this also the company may fail which can be termed as a business failure.
But on top of this we at Finminity have added a few checks and balances -
Our Smart contract in the DAO and Token Engine has been made in such a way that we have
1. Milestone Payment Voting — The Money from investors are held in smart contract in a stable coin and given to company only when their resolution is voted as approved by investors. If investors don’t vote companies, it moves to multisig voting for resolution passing.
2. Refund management — If a company fails the resolution a number of times, the money held in Client Money Smart Contract is returned back to investors.
This has been built from best practices of the real capital market and investment banking world and the DeFi based liquidity lock just enables this optimally.
All this is live in our Tokenization Engine and we are raring to use it for the first compamy that comes into our platform end of November.
HOST: Just like back-up funds to cover their loss? Isn’t? That’s pretty impressive. 😍
GUEST: Yes — the fund which has not been distributed..and waiting to be distributed…This is a very common concept in teh VC world..
We are just bringing the best practices and DeFi now allows us to dit very easily with technology of Value Locks.
Remember that we also have an entire Investor Services Platform live in https://www.finminity.finance which integrates with the token engine, I just described.
HOST: Currently, it seems that investors only pay attention to the profits but discard the long-term benefits later. So can you give them some ideas or advice why should they buy and keep these tokens / coins in the long term?
GUEST: This is a very interesting question. And I have an out of box answer. Because time has come for Traditional markets and Crypto to collaborate and take benefit from each other.
Will explain through an example.
Say, Finminity helps a company A which has a proper use case driven through utility tokens.(Crypto World)
Finminity helps a company B which has created a security token by pledging its assets. (Capital market world)
For both, the usage was driven by FMT Tokens as fees, for voting etc.
Now the company A being in the crypto world (and assuming it has proper token use case model and it’s a good due diligence driven chosen company with KYB) its tokens remain in Crypto world and people swap it while executing the use cases in a proper manner makes it appreciate. The more the crypto market becomes better, the more these tokens appreciate.
Company B’s tokens are share (capital market) driven and it is bought and sold through Security Token Exchanges and Market Place.
Now the Environments A (Crypto world) and Environment B (Capital world) don’t become good at the same time. When the world goes into an economic downturn, environment B becomes bad and environment A works well.
As we have FMT tokens and business catering to both environments A & B, we get benefits and hedge our risks as a company and our tokens.
BECAUSE OUR TOKEN ENGINE IS SO VERSATILE IT CAN WORK WITH UTILITY ANDSECURITY TOKENS.
That’s why we call ourselves HyFi (Hybrid DeFi). It’s like a hovercraft. You drive in both water and roads.
HOST: Hyfi sounds new
GUEST: Only a platform who can traverse in both the worlds has these HyFi advantages — we have the licenses and knowledge to do this..hell yeah.
Hybrid DeFi- Thats the only way DeFi can be brought to more traditional use cases..
HOST: By the way, are you regulated/licensed?
Hmm that’s pretty good question kek
So our community is aware of it.
GUEST: We have come the other way around — we built the platform, got ourselves regulated, incorporated all feedback of regulators and then we came to crypto once we were confident.
Finminity holds a Regulated Crowdfunding License using Tokens in the Middle East (yourvc.club) under regulatory supervision.
Here is the Regulator Public Register proof https://www.difc.ae/public-register/yvc-mea-ltd/
We are authorized entities to do token driven crowdsourcing by regulators.
And also we are in the process of securing a similar license for pan Europe.
Through Finminity will do both Utility and Security Token Offerings.
We see 80% of our offerings would be Utility and DeFi Tokens for now and the rest Asset-based tokens (security tokens/NFTs).
The numbers will slowly change as we see more crypto people looking at Security Tokens and we get Security Token marketplaces and market makers to make the market active.
I am a pretty tough guy but working with the regulator was bloody.
HOST: Looks like finminity knows what’s they’re doing.
GUEST: There are lot of guys who will do youtube videos — none can stand in front of the regulator and explain what is a token and how does it map to their Conduct of Business Rule Book.
HOST: What technology you are on and have you set any partnerships in DeFi and Blockchain space. What’s your release roadmap is like? And I heard that you plan to have matic as your infra layer 2 soon?
GUEST: Our Application is Live on Microsoft Azure and Alibaba with the Dapp Token engine on Ethereum Testnet.
All the smart contracts are on Ethereum now. We have partnered with Matic.Network to move to Matic Sidechain to optimize the transaction cost and congestion of Mainnet.
As of now our technology partners is Microsoft, Alibaba and Matic.
Yes we would like to have our own sidechain configured with Matic — we have a quite a few smart contarcts and even optimized a numebr of writes in Ethereum, which is getting stuck and slow for the congestion.
And the good thing is that our team has good knowledge in Matic
Partnership and we already have a PR on that in our channels.
Once we finally move on there will be matic AMA about how we have done that.
We have got good credits from Microsoft as there are only a few Fintech platforms on Azure and we fall in those rare category.
HOST: Drop your channel and group mate
https://finminity.medium.com/ for all the tech paper and documents and roadmaps
Plus also see www.finminity.com
HOST:
This is huge man
GUEST: That’s what our ulitmate goal is..
HOST: How Finminity brings the Blockchain technology to the real world? Can we consider Finminity to be a brigde between DeFi and traditional finance?
GUEST: While Finminity is Token Sale and Token Engine with Investor Services built in — in the next year 2021 we want to extend Finminity to do security token offering also, through our regulated entities in EU and Middle East.
If we get that, we can really bridge the gap of DeFi, NFT, Crypto becacuse Crowdfunding and real world capital needs the Crypto world, especially after Covid which gives a great chance for crypto investors to start owning real world assets.
With Covid, we think the acceleration of Digital finance will be more and we see more decentralization and DeFi. We think that Finminity has the right framework of the Token and DeFi world in Crypto and can easily do a strategic pivot when needed ahead.
Currently DeFi secret is only held in Crypto world, the real world is missing the magic which it needs to see desperately.
HOST: Indeed, they’re focused on the internet.
So ppl get confused about defi and how to earn with crypto.
Can you introduce the FINMINITY project, what critical problems does it solve that existing solutions are not solving and what’s the competitive advantage
GUEST: What are the problems we are solving — a lot..And as community of investor you all can relate to.
1. Companies like Finminty now has to go to multiple investor groups , pay a lot of money to do events with those groups and try to pitch them again and again. The process and questions are repeated umpteenth number of times. There is no platform aligned to the crypto world where pitching, event management and investor engagement can be done in a single place in a transparent manner for everybody.
We solve this.
2. When investors are ready and pay, companies have to do manually the token agreement (SAFT) or use Hellosign or DocuSign and go back and forth.
We bring Ethereum signed agreements that are automatic and non tamperable..And it is automatic when the investment is done
3. After this, companies like Finminity need to go to developers to build their Fund Release smart contract —
With our tokenization engine company founders can configure the smart contract rules in a simple manner without needing to have Solidity programming knowledge.
And these token engine codes are security audited also (in processs).
4. For investors, the problem is that every investment done at seed stage in different companies is Siloed and they need to do KYC again and again.
With our platform once they are KYCed and Whitelisted they don’t need to do individual KYC — they can just go and invest with our integrated gateway.
5. They can vote in resolutions, do a check whether the company has achieved their milestone and approve for fund release. They are in control of their risk and also behave as a long term supporter of the company.
So basically we are solving these inefficiencies through a harmonised, easy to use and secure platform that makes the life of Investors and Companies easier.
THIS IS THE MOST IMPORTANT PART -
The platform is made keeping in mind where I can invest my hard earned money in (Due Diligence) DD’ed companies and as a Company founder I can raise funds and provide investor services ongoing
HOST: You mean they can create their own token sale with your platform?
GUEST: Yes — the company users will use that to login and enter the token sale details, the pitch, teh reaodmap, financials, events etc etc.
https://www.finminity.finance/company-details/43
This is how the data looks like when entered.
Our Node/Vue JS engine allows me ( a non solidty programmer) to configure the smart contarcts.
The DApp and its screens are given through the snippet videos now — they are the real IP coming up.
We are providing the Application Snippets every day through 1 min Video for the entire platform ( marketplace, tokenization all), so please stay tuned and see what we have built.
HOST: Oh I see, I thought it just like tokenmint or something like a public generator.
Nice one I get it.
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 yours?
GUEST: Nope — we let business owner like me to do it — obviously admin will do a check
This is very interesting and a real story.
I used to work as a Practice Head for Digital Customer Experience of a large IT Consulting Company called Atos (Atos.net), based out of Amsterdam.
This was May 216 — there I became friends with a Syrian refugee and heard from him how bitcoin helped him to survive through a faceless journey and repatriation. His name is Tey El-Rjula and now is 4X Ted Speaker and a renowned proponent of Crypto and Blockchain.
He currently runs a marketplace where faceless- dienty less person can use Crypto in their survival journey. And has a few books to his name.
He motivated to learn more about Blockchain and I started my journey with a startup in The Hague, Netherlands under the auspices of Dutch Govt driven World Startup Factory.
Doing that startup made me understand that disadvantaged entrepreneurs of the world need help as big money sidelines them, always.
We aim to help first-generation entrepreneurs who come from an average middle class ‘non-business’ background, technically competent but don’t have the right connections to get funding
We believe that Finminity can help a settler from Bangladesh with only brains or a Syrian refugee in Netherlands asylum or middle class eastern European tech grad with a great software but no money (better to say underdogs and dreamer) doesn’t die an entrepreneur’s death!
You can die failing but you should be allowed to try..isnt it?
So we wanted to build something for them using a mix of Token (ICO/STO), DeFi, Crowdfunding, Compliance and help the world of entrepreneurs who are in severe fund crunch after Covid.
Only in these decentralized Crypto World even the small guys can play big, it’s where a small guy with a community support can pull a punch 1000 times his size.
HOST: Only in these decentralized Crypto World even the small guys can play big, it’s where a small guy with a community support can pull a punch 1000 times his size.
GUEST: The most important thing is that we have made our Application Live (finminity.finance) on Microsoft Azure and Alibaba with the Dapp Token engine on Ethereum Testnet. In addition we have got our presence in the Middle East and Europe so that we can get a marketing advantage of bringing good companies with due diligence.
Now our work is to get our Public Sale Successful through the premium Initial Lid Offering.
While our platform is live, and we are on Uniswap, we are now finalizing the Centralized Exchange where we will launch our tokens. Discussion is on.
In addition, we are in the process of finalising the companies that will come over in our platform for funding.
As of now these are the possible candidates
1. Decentralized robotics company and its coin (this company made $1 MN this year selling robots) and
2. A Personal Data Tokenization and monetisation company using Blockchain and Data Privacy.
Finally our goal — We want to bring only 6–8 cutting edge companies every year into the platform which will make money for all and help the companies to grow. Quality over quantity..as gem picking is a tough and painstaking job.
And doing due dligence is more tough job so that they are actual gems for investors. They should not cut the investors in any manner.
HOST: Quality over quantity.
Finminity has this that after users have their tokens and they are unlocked, Uniswap or similar platforms can be used to make them their preferred tokens. What are the use cases of these tokens that specifically make Finminity a long term platform for investors?
GUEST: We have a clear Tokenization use case within the platform otherwise the token value will depreciate. So these are the following use cases of FMT Tokens –
A.COMPANIES WHO ARE RAISING FUNDS will pay their fees through FMT Token for
*Onboarding to the Platform
*Token creation & associated smart contract configuration
*Dividend Distribution
*Putting Investor Resolution to Vote
(This will always create a demand for tokens, almost liek buy back)
B. INVESTORS WHO have TOKENS
* Gets early access & preferential price to token offerings of the Platform
* Can do voting in the resolutions and earn more tokens given by the company for their work
* Receive Interest + Profits
C. 3rd PARTIES and Ecosystem Partners
* Use FMT Tokens to create alternative products like Funds out of tokens
* In the P2P marketplace within Finminity, where these Tokens are traded, the commission or transaction fees can be paid by Finminity tokens.
We have been talking to Band Protocol for Ethereum Oracles, that wil come after we have moved to Matic. No partnerships, initial use case specific data points are being checked.
HOST: When to take place the moving part?
I mean moving to matic?
GUEST: There has to a be a new set of oraces when you take DeFi to the real world
We will be done moving to matic end December with a new release on Jan.
But just to let you know we are currently ready. the second company that comes in February will use that release. The first company wil be using the current software as its
HOST: Can you give us a hint?
What company is this?
GUEST: As of now these are the possible candidates
1. December 2020 — Decentralized robotics company and its coin (this company made $1 MN this year selling robots) and
2. February 2021 — A Personal Data Tokenization and monetisation company using Blockchain and Data Privacy (something like Ocean Protocol but much more consumer oriented)
ROBOT NFTs are coming buddy. Just like ART and GAMING NFTs
HOST: It’s on the top 10 companies Ron?
GUEST: Yes..soon you will see
HOST: iRobot. …
GreyOrange. …
Epson Robots. …
Rethink Robotics. …
Alphabet Inc. …
DJI. …
Locus Robotics. …
SCHUNK.
This is what I’ve got
GUEST: nextibot.com. But wait for formal announcement..
HOST: Fuck that man, I know that company.
My God!
Sorry for the word haha
One of the biggest company
Ok guys lets proceed to the Twitter questions.
Fr: @physco9899
Finminity creates regulated tokens in
ERC20 or ERC 1404 for companies that are raising funds. Do you plan to create and base other tokens on a different platform than ETH? Given the high gas prices, what benefits does ETH currently offer?
GUEST: We will try to be with these to standards as of now and use Matic/ Infra 2 solutions for improvement. We may loot at other chains once we get 2–3 companies coming into the platform.
The gas prices can be managed to Infra 2 sidechains.
I may look at TronDefi smart contracts..later..I like the mercurial and angry Justin Sun.
HOST: Fr: @jerrylambocar
Can you tell us, why should we or I buy these coins? Is it worth buying and keep it for long term and mid term?
GUEST: The token holders have the following benefits
· Preferential access & pricing to future token sales coming up on Finminity (the next sale that will come up will be Robot NFTs 🙂
· Participate in Governance -Resolution & Voting
· With Finminity DAO we have devised Blockchain Escrow Services for Milestone Payment Milestone achievement through Voting — keeping the investor’s contribution safe!
· Interest Yield from the contribution that is held by the smart contract and to be released as per milestone achieved by the company
· Staking through our Partner
·Profit Sharing
I suggest you hold it, 55%, and at every time a new company onboards you sell some at a good 2–3x profit. And that opportunity will come every 2 months — but marketmakers will also make them high as there will be ongoing demand aligned with the business model.
HOST: Does it mean it’s profitable to hold midterm?
GUEST: Yes..Just swapping and flipping is good but you do some flipping and keep for later flipping
HOST: Fr: @daphuyen
Finminity’s customers are individuals and small and medium businesses. So what about big businesses? Finminity can meet the needs of this customer?
GUEST: As of now we would like to focus on SME’s and Startups with some decent runaway and in special cases consider freash ones. Big Business have lot of options to use — not these small guys.
HOST: Fr: @cookies_cache
What do you mean about Making Fund Raising affordable for Startups and SMEs through Decentralized Finance (DeFi) and Blockchain.
Is it like a third party project that holds a reward system? Please enlightened us.
GUEST: Fund Raising and Launch pad — the one that LID provides are very rare to come by. Its affordable, is easy and you dont have break your head and go through emotional turmoils that these VC empoyed 25 year old Analysts will give you..
Think of it as a DeFi driven crowdcube or robinhood.. Also see the video https://youtu.be/4WwLer8pV6Y
HOST: Fr: @hynguyen169
Can you tell us how many countries are now supported Finminity services? Is there any restrictions? Is KYC mandatory for using Finminity services?
GUEST: As of now we can do Utility Tokens for a large number of geo but security tokens for Middle East and EU — also the company who wants to use ERC-1404 has to be from those jurisctions.
We have fuLly integrated KYC and it's a must for Security and Asset Tokens..
For Utility Tokens we have KYC for a bit higher contribution.
For smaller contribution — a valid basic ID would do with email verification and agreeing to the disclaimers
HOST: That’s all guys, before I cut this off. Do you have any last words for the community?
GUEST: Thank you for having us!
Before we sign off, I would like to inform the wonderful LID Community about our upcoming sale on this very platform , the details and pricing 👇
Our Premium Launch Details
🔸November 12th, 9 P.M. PST
🔸Hardcap: 3000 ETH
🔸Softcap: 500 ETH
🔸Max ETH per wallet: 50
🔸Base price at highest bonus range: ~10135 FMT/ETH
🔸Uniswap List price: ~9652 FMT /ETH
🔸NO PRESALE LOCKS: Tokens unlocked right at Uniswap listing for all investors
🔸 PARTICIPATION BONUS STRUCTURE
0–100 ETH, 5% bonus
100–500 ETH, 4.5% bonus
500–1000 ETH, 4% bonus.
1000–2000 ETH, 3.5% bonus
2000–3000 ETH, 3% bonus.
We are looking forward to larger participation so that our supporters can keep on using our platform to invest in the upcoming token sales for the two new companies that we are finalizing.
— Presale Link: https://sale.lid.sh/finminity
— Finminity TG: https://t.me/finminityofficial
— Finminity Live Application: https://www.finminity.finance/
— Finminity Website: https://www.finminity.com/
And don’t forget guys!
Every 25 ETH contributor in FMT LID Presale will get 1 Robot NFT identifying 1/4th ownership of one nextibot (https://nextibot.com).
These nextibots are identified for rental and rental income will accrue to the NFT holders.
This edge computing enabled robot company will come to Finminity for NFT tokenization and funding for Next.
HOST: Community remember that FINMINITY is a PREMIUM sale of LID. if you have any questions, please feel free to visit their groups or dm @RonLahiri personally.
GUEST: Thanks LID Team for hosting us..See you again on the sale date
HOST: Where we can find you btw?
GUEST: Just ping in Finminity Telegram group or my id @RonLahiri. Our Telegram ID is: https://t.me/finminityofficial
Thanks so much..have a nice day ahead buddy
HOST: Thank you finminity!! Good luck and gobless everyone. Stay safe!
