AMA RECAP. CRYPTO SCREEN X KNIT FINANCE
Venue: t.me/cryptoscreenchat
Date: 22ND Febuary, 2021
Time: 3PM UTC
Host: Cryptoscreen Community
Guest: Mr Sainath Gupta, CEO Knit Finance
This AMA session was divided into 3 segments.
- Project introduction
- Questions from Twitter
- Free questions
FIRST SEGMENT
Moderator (Inol Granero): Hello guys! We are happy to announce our AMA session with Knit Finance, @SainathG Cryptoscreen community.
Mr Sainath Gupta: Hey everyone
This is Sainath, CEO @KnitFinance
Moderator: Are you ready to start the AMA?
Mr Sainath Gupta: Excited, Yes please.
Moderator : Okay, Before I start the first session can you introduce yourself to our community?
Mr Sainath Gupta: I am Sainath CEO KnitFinance. I made India first mobile POS and I have a decade plus experience in fintech domain.
Moderator: Inol Granero: Nice introduction. Let’s start first Session
Can you tell the members a little about Knit Finance?
Mr Sainath Gupta: It came out of our vision to help billions of dollars of assets which haven’t been able to use DeFi as they weren’t compatible on ERC 20 chain.
Moderator: Can you explain how Knit Finance and what kind of services it offers to users?
Mr Sainath Gupta: We enable any token to be available for buying, selling, lending, margin and yield traded on any chain. We use bridges to enable this.
Moderator: What products does Knit Finance have and in the future, will you add more products?
Mr Sainath Gupta: Currently we support: Ethereum, LTC, monero + 7 more coins, soon will expand to more coins.
Moderator: How do you solve liquidity issues and how to ensure user asset security?
Mr Sainath Gupta: We are partnering with market makers and as well enable staking to help with the same We have a multi layer security and as well we are insured by tidal.
Moderator: Okay next question, This is the last question in the First segment. Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Mr Sainath Gupta: So far on schedule, I have great team with Development team having decade plus experience and marketing team 15 years cumulative experience also great advisors and investors hence so far many things went smooth which looked like big hurdles in the beginning.
SECOND SEGMENT (Questions from Twitter)
Q1. what are synthetic tokens? what is the use case? What role does synthetics play on the KNIT finance platform and what is the ratio? @Crypto_FansS
Mr Sainath Gupta: Any token which is issued and is similar to the price of asset its pegged to can be called an synthetic , with us the ratio is 1:1.
Q2. Now the market is flooded with many projects, extreme competition. How will you ensure Knit Finance always get users and stay above your competitors? @nguyenthuthuy90
Mr Sainath Gupta: Competition is good, validates the idea and scope
We have a great team, we are multi chain and have a versatile project offering hence they are our unique selling points.
Q3. Will there be a public offering for Knit? How to get tokens in the fastest way in the early bird? What are incentives of $KNIT Token bring to community and investors? @Victoria20kBTC
Mr Sainath Gupta: Yes, we will announce soon.
Q4. What gives the KNIT value? What is its role in your ecosystem? Can you name some of the advantages of holding a KNIT in the long run? What important achievements does KNIT have? @donamictred38
Mr Sainath Gupta:. Its critical to the functioning of our product, hence will have many long term advantages from fee concessions to early bird access.
Moderator: Okay next question, This is the last question in segment 2 From Twitter.
Q5. Staking is the new trend. What staking options are available for KNIT FINANCE Token? Are there any incentives for staking? What are the various ways to earn KNIT FINANCE token and are there any limits to amount of $KFT I can earn? @CryptoKers1
Mr Sainath Gupta:. There are two ways Knit tokens can be earned, stake knit tokens or stake knit synthetics, there is no limit to how much one can earn.
Moderator:
Thank you for your answers
Let's go to the third session, this is the last session in this event😍
For this last session @SainathG you can answer 5 questions from participants.
THIRD SEGMENT (Free questions/Community questions)
For this segment hundereds of questions were rushing in all at once and at the end Mr Sainath Gupta was allowed to randomly select any 5 and answer accordingly.
Q1. Security and reliability are the factors that are most concerned by users in the blockchain system. Where is your project transparency reflected?
Mr Sainath Gupta: Audit reports
And getting insurance as well to make everyone comfortable.
Q2. Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100?
Mr Sainath Gupta: Only time will tell.
Q3. Do you have any tutorials explaining how crypto holders can convert their coin to an equivalent synthetic token with KNIT Finance’s smart contract?
Mr Sainath Gupta:. Videos will be made available.
Q4. Regulation is very important. Many projects were closed in many countries due to failure to use the correct regulations and permits. In order to go global how does the PRIZE team deal with these issues?
Mr Sainath Gupta:. We operate on defi only.
Q5. How can you measure the "intrinsic" value of DeFi assets? And what is the application of blockchain technology in #KnitFinance projects?
Mr Sainath Gupta: We are just synthetic token platform
Underlying value is decided by the platform.
Q6(Bonus):The Ethereum blockchain is presenting extremely high fees lately and many users are stopping using this blockchain, how do you plan to solve this problem?
Mr Sainath Gupta: We help defi spread Hence reduce the congestion and fees.
Moderator: Thank you for answering questions from our community.
Mr Sainath Gupta: Thank you for having me.
For More Information:
Website: www.knit.finance
Telegram: http://t.me/knitfinance
Telegram News channel: https://t.me/knitfinanceann
Twitter : https://mobile.twitter.com/KnitFinance
Medium: https://knitfinance.medium.com/
Reddit: https://www.reddit.com/r/KnitFinance/
Facebook: https://m.facebook.com/KnitFinance/
