Knit Finance AMA Sessions Highighs With CEO KNIT-FINANCE Sainath Gupta on Pramod’s Global Crypto Community
When a new project is launched on the blockchain network or the Crypro space, it is somewhat important that an AMA session is held to serve as an opportunity for investors and partners alike to scout the prospects of the projects. It also serves as an opportunity for the “Brains” of the project to sell his/her ideas to interested communities and individuals because with innovations comes new questions as it is only normal that people would want to know the mission, vision, goals, objectives, and prospects of a project. Also, I have discovered that subsequent AMA meetings are one of the best ways of gathering honest feedback.
The Knit Fiance “AMA sessions” is an online Question and Answer session held via the telegram group chat platform that allows members of the Knit Finance community and prospective members and partners alike all across the globe to asks questions, express reservations, and also make suggestions as regards the Knit Finance project updates.
The CEO of Knit Finance Sainath Gupta was live online on the 10th of January 2021 ready to answer questions as it relates to the Knit Finance project and who better to answer than the “Creator himself”.
TELEGRAM COMMUNITY AMA SESSION.
The telegram community had a lot of insightful questions prepared for Sainath Gupta who was equally prepared to treat each one of them. Here are the highlights of the AMA sessions held.
Note: I will be highlighting below the major questions and answers so the reader can get a grasp of what the Knit Finance project is about.
As Expected Mr. Gupta was required to introduce himself to the member of the community.
Mr. Gupta: I am Sainath Gupta, CEO of knit finance
I made India’s first mobile point of sale in 2011. Have a decade of rich experience in fintech
Q1. Can you tell us what is KNIT Finance? And a short story of how came up with the idea for KNIT Finance?
Mr. Gupta: Knit. Finance is a multi-chain synthetic Defi protocol that bridges the gap between Defi and non-ERC20 tokens. We observed the problem when we thought what if we wanted to use non-erc20 tokens in Defi What option is available. Sadly in the market there are almost no solutions available nowadays projects are coming up but there are still some issues which we wanted to address.
Q2. Can you briefly describe KNIT Finance’s main advantages over its competitors?
Mr. Gupta: We will support multiple chains and a synthetic token is 1:1 collateralized and 100% verifiable. While some projects are providing a single token for multiple coins which we think might create confusion to users while maintaining the portfolio and converting tokens to their original form.
Q3. Can you please tell us more about the token economics of the project? What utilities does the token have and what benefits will tokens holders get?
Mr. Gupta: Tokenomics is not released yet. Stay connected with our announcement channel and we will release it soon.
Q4. What problem knit is trying to resolve?
Mr. Gupta: Defi currently is 2% market ( $20 billion in December 3rd week)
While Crypto cap is near a trillion
A few of the reasons is the moot between multiple chains, high gas fees, non-easy to use interoperability of assets, and non-usability of the existing system
Q5. How different is Knit from existing solutions?
Mr. Gupta: current solutions are currently limited to one chain or bridging between two chains
Our idea is to bridge between multiple chains’ assets.
Mr. Gupta: In our model, a trusted custodian ensures that (from our marketplace ) ensures the trust behind security behind real-world assets.
Q6. From one of your explanations, the KNIT token has the ability to help in Lowering the cost of computation/transactions and Defi on blockchains. The problem of high gas especially with Etherium blockchain has been a huge bottleneck which has been a source of concern. However, your token, KNIT, is an ERC-20 token that is issued on the Etherium blockchain. How can you effectively solve the problem of high network fees associated with blockchains as an Etherium token? What aspect of KNIT allows it to reduce computational and transaction costs in blockchain?
Mr. Gupta: As ethereum has the highest number of early adopters
We had to start there
As we support multiple chains the issues associated only with ethereum will be dealt with.
Q7: Which L2 are you guys looking to build on?
Mr. Gupta: We will share that once the announcement comes officially from their team. Thanks for being patient. However, We are exploring Polka as well for now due to the strong ecosystem around them.
Q8: Can you please talk about the choice to have such a low total supply of tokens in the context of yield farming/Defi? What are the pros and cons of this particular tokenomics model? With such a low supply, how does this affect long term sustainability? What happens after 3 years?
Mr. Gupta: We want to concentrate on making a good product and get market adaptation for the same, hope with the right feedback and adaptation we should be doing great 3 years down the line.
Q9: 1-Increasing Token price
2- make Token Valuable
3-Building Community Trust
From the 3 aspects above, I want to ask, Which one the most important for you??
If all above are important for you, Which one of them Will you do first??
Mr. Gupta: We will work hard and be transparent.
Q10: What is the business model of your project? How it works?. Who are your potential customers and which markets are you targeting?
Mr. Gupta: Our target users are the holders of non-Erc 20 tokens who are missing the Defi boat.
Q11: We all know that the Ethereum Network has many problems: scalability issues, high fees, slow speeds, and many more. Why did KNIT FINANCE choose to build its own token on the ERC20 network over the other networks that more fast and scalable?
Mr. Gupta: It’s just the first step, the idea is to make non-ERC 20 tokens to ERC 20 compatible. The next steps involve taking ERC 20 to non-ERC Blockchains.
Q12: What is the release schedule of tokens? What jurisdictions are eligible to participate in the sale? Will the sale be fairly distributed over the different membership tier levels or can we expect higher tiers to have the option to invest more?
Mr. Gupta: We have one of the best tokenomics. Will share soon
Q13: Is the KNIT FINANCE meant to be possibly adopted by other crypto projects and outside of blockchain space as well? What kind of advantages does it bring to, for example, financial institutions adopting the protocol? what are the ways that #KNIT FINANCE generates profits/revenue to maintain your project and what is its revenue model? How can it make benefit win-win to both investor and your project?
Mr. Gupta: Currently 6 projects are in pipeline for partnering. 1 of the top 3 exchanges In India is also a partner ( will announce after their official announcement ). So yes, we will get adoptability and as well help other projects grow with us.
Q14: Congratulations @SainathG Sir!!
I have gone through your Medium Blog and I found this project super exciting, a Defi project that can help provide liquidity to non-Erc-20 assets, a thing that’s needed for every good project to sustain in the market.
I just have one question that’s regarding security. How will @KnitFinance prevent phishing hacks as we have seen in current Defi hacks?
Mr. Gupta: Thanks. We are working on a solution, need to see if it works after the launch.
Q15: Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
Mr. Gupta: I am chatting from my own handle
We recently had a spearhead phishing attack, luckily the cybersecurity precautions helped us to be safe and catch early on but make us wary hence even though we are a big bunch, only a few of us are active in Telegram, the team is active in our group and answers Qs from time to time
Our early investors know the core team hence have invested nicely early one only on team strength
Q16: Can you please explain more on the requirements of participating in the KNIT FINANCE Ambassador Program, who can participate, and what are the benefits of being an ambassador?
Mr. Gupta: Please drop us a message on our group. We would be happy to get someone with passion onboarded quickly
Q17: As we know, every successful project has a few stories behind the scene, what’s the story behind your project success? Are there any special prototypes or upcoming updates that you want to show/share with us?
Mr. Gupta: Yes, our Alpha testers loved trying our product. We will share a few in the future soon.
Q18: Most platforms take a substantial cut, meaning creators only see a portion of their rewards. So How is your project planning to solve this problem? Is the value that creators receive on your platform always optimal?
Mr. Gupta: We are working on a marketplace model so that platform like us only takes very little commission. Making it a Win-Win for everybody involved
Q19: It is unfortunate that some projects remain halfway because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its.
Mr. Gupta: The token unlock for the team is spread over 3 years with the first installment coming after one year after TGE.
Q20: Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Mr. Gupta: We help multiple projects’ assets get connected as in getting knitted i.e., getting united / make (a garment, blanket, etc.) by interlocking loops of wool or other yarn.
Q21: How do you think about the Asia market? Does your team have any plan to approach INDONESIA, which the potential market in crypto, there have many great teams and investors who want to work and earn money from crypto?
Mr. Gupta: Asian markets are growing markets for the next 30 years hence the core of our adoption, our idea is to make the project accessible for everyone
Q22: Although ETH 2.0 is delayed to next year, it will solve all existing problems of ETH and become the best choice for dApps in the future, so do you think this is a threat for Your project and how could you overcome this barrier?
Mr. Gupta: Not all, but at least we will help congestion to be reduced
no one can replace thanks to its wide adaptation but yes, we can definitely try taking a market share that is worth billions of dollars if successful.
Q23: What is your strongest advantage that you think will make your team leading the market? As I know a strong community is very important for every project. Do you plan to be a local or global project? What strategy will be used to expand the community?
Mr. Gupta: It’s a global project. The team has players in multiple locations
Q24: What is the team’s orientation and development plan for 2020 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?
Mr. Gupta: Defi is still small, my personal belief. There is a huge growth for the same.
Q25: KnitFinance as you move forward through your route, what is your most important next priority? Does the Ramp team have enough fundamentals (Funds, Community, etc) to achieve those milestones?
Mr. Gupta: My view, Experienced team: Check ( Cumulative experience:40 years in Blockchain space). Funds: Check. Community: getting good traction.
Q26: How will you prevent “copies” of tokens from being included for the purpose of defrauding users? Do you have a system to remove these tokens from the pool?
Mr. Gupta: We have an interesting solution for the same, let’s see how it works after we start testing it in the real world.
Q27: Is this project a Global project? Can local communities partake in it?
Mr. Gupta: It’s a Global initiative with many local communities’ support.
Q28: What are the difficulties and chances that you face right now while the crypto/blockchain market is still young and needs time to grow?
Mr. Gupta: Finding scalable problems to solve
Q29: Personally, I consider two things in any project: security and ease-of-use. Does KnitFinance have these two things?
Mr. Gupta: Yes. By a combination of various factors.
Q30. when will its full potential be unlocked? where can I see your roadmap?
Mr. Gupta: Soon Watch our telegram group for announcements.
Q31. What are the benefits for long-term investors? what makes $KNIT unique?
Mr. Gupta: When the project gets wider adoption, the price of the token might increase as well.
Q12. Can I stake Your Token? What are your Staking criteria?
Mr. Gupta: Post-launch yes.
Q8. Most of the projects are nowadays doing Rug Pulls and exit scams How can users trust the KNIT finance project? And how you are different from others?
Mr. Gupta: We have a product on the test net. The team is experienced and well known. We have marquee investors.
