Recap of Knit Finance AMA With Neng Yuni Forum
Welcome, Dear Readers
Below is an AMA recap of Knit Finance’s AMA session Held on the 15th of January, 2021, at 1:00 PM UTC/ 2:00 PM WAT
Venue: Neng Yuni Telegram Group with Sainath Gupta(The CEO of Knit Finance) where few questions were asked and answered. . The session was moderated by the Dicky .
NOW THE RECAP
INTRODUCTION
Dicky: Before we start our first session can you introduce yourself?
Sainath: I am Sainath Gupta, CEO knit.finance
I made India’s first mobile point of sale in 2011. Have a decade of rich experience in fintech
TEAM QUESTION (Questions asked by the Moderator)
QUESTION 1
Dicky: Can you tell us what is KNIT Finance? And a short story of how came up with idea for KNIT Finance?
Sainath: Knit.Finance is a multi-chain synthetic DeFi protocol which 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.
QUESTION 2
Dicky: Can you briefly describe KNIT Finance’s main advantages over its competitors?
Sainath: We will support multiple chains and synthetic token is 1:1 collateralized and 100% verifiable. While some projects are providing single token for multiple coins which we think might create confusion to users while maintaining the portfolio and converting tokens to its original form.
QUESTION 3
Dicky: 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?
Sainath: Tokenomics is not released yet. Stay connected with our announcement channel and we will release it soon.
QUESTION 4
Dicky: To sum up, can you please share with us your nearest milestones that you plan to achieve by the next month/year?
Sainath: In next month we are targeting to complete our token sale and make product ready for launch from the feedback received from the alpha testers.
SECOND SESSION ( This consist of questions that was sent to Neng Yuni Twitter)
QUESTIONS
Twitter Q1: Does the KNIT Finance system hold something called a token burning of $KNT tokens? and how can I go with there pre sale on the KNIT Finance $KNT token.
Sainath: Good question, we are waiting.
We had a great response to our personal sales, so we are trying to find the best people for the project in the long term. If you can help the project in the long term, please contact our admin team in our group.
Twitter Q2:What is Most Special in Knit Finance and give me a unique feature or key that is in Knit Finance itself that is different from the others?
Sainath: We are providing each synthetic token 1:1 collateralized and will be available in multiple chains creating a number of DeFi use cases and advantages.
Twitter Q3: In your roadmap for 2021, you have planned the issuance of $KNIT Finance stablecoin! What role will it play on the platform?
Sainath: We are evolving with market , let the time decide for the same
Twitter Q4: We all know that Ethereum Network has many problem: scalability issues, high fees and slow speed. Why did KNIT Finance choose to build it’s own token on the ERC20 network over the other networks that more fast and scalable?
Sainath: Ethereum has the highest concentration of early adopters hence makes sense to start our alpha version there so was our token decided there
Do expect support of other chains as well near our product launch
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?
Sainath: Yes, we are making a system by which liquidity providers will get kft tokens
There is a limited number of tokens hence there will be a limit of tokens one can earn.
COMMUNITY QUESTIONS ( Questions asked by the Community Members)
COMMUNITY QUESTION 1: Is KNIT Finance a global or a local project? Can anybody use your services from anywhere? Is there any restrictions of using your service?
Sainath: Anywhere Crypto or defi has no restrictions knit can be used
COMMUNITY QUESTION 2: Could you briefly describe the top achievements and goals that KnitFinance wants to achieve in 2020 and what we want to do for the future?
Sainath: Successfully found a usable problem to solve
Made a proof of concept
Did some dry runs to get feedback
So far so good
COMMUNITY QUESTION 3: What’s is the long-term vision of KNIT FINANCE for it’s users?
Sainath: Make Defi user-friendly and unlock billions of crypto market in Defi world
COMMUNITY QUESTION 4: KNIT Finance claims that Will create multiple Bridge between real world Markets and DeFi, so How many “Real Markets” do you have planned to integrate?
Sainath: So far we tested with gold bonds and few shares as well
COMMUNITY QUESTION 5: How do you plan to spread awareness about your project in different countries/regions where English is not spoken well like in Asia which has a large population and has the potential to be your users?
Do you have local communities for them to let them better understand about your project?
Sainath: We will figure local ambassadors to support us with the same
COMMUNITY QUESTION 6: KNIT Finance works under the synthetization model, where any Erc20 can be converted to a synthetic, but there exists any guide or tutorial that explains How mint your synthetics?
Sainath: Yes
We will share that soon+
COMMUNITY QUESTION 7: 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 Ethereum blockchain has been a huge bottleneck which has been a source of concern. However, your token, KNIT, is an ERC-20 token which is issued on the Ethereum blockchain. How can you effectively solve the problem of high network fees associated with blockchains as an Ethereum token? What aspect of KNIT allows it to reduce computational and transaction costs in blockchain?
Sainath: As Ethereum has 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
COMMUNITY QUESTION 8: Most of the project are now days doing Rug Pulls and exit scam How can users trust KNIT finance project? And how you are different from others?
Sainath: We have a product on test net
Team is experienced and well known
We have marquee investors
COMMUNITY QUESTION 9: What are the features that make me choose KNIT and does it have good protection?
Sainath: Our code is audited
So you needn’t worry
COMMUNITY QUESTION 10: DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes $KNIT unique ?
Sainath: Multi chain support
COMMUNITY QUESTION 11: The strength of their financial structure is very important for projects to be successful. What sources of income does KNIT FINANCE have? Are these resources enough for you?
Sainath: Every time a token gets swapped
A 0.25% fees is generated
That’s our source of revenue
COMMUNITY QUESTION 12: Can I stake Your Token?
What are your Staking criteria's ?
Sainath: Post launch yes
COMMUNITY QUESTION 13: Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Sainath: Team which is making it is experienced
And as well the code is audited
COMMUNITY QUESTION 14: At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?
Sainath: Test net launch was done on Ethereum
We are doing all the above
COMMUNITY QUESTION 15: What is your strongest advantage that you think will make your team leading the market?
Sainath: Great team
COMMUNITY QUESTION 16: KNIT Finance looks like a good solution to avoid the huge transactions fees of the Ethereum Network, but how much higher are you fees?
Sainath: Ours are a small flat fees
COMMUNITY QUESTION 17: 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?
Sainath: I am decently known guy
Using same telegram handle since 5 years
COMMUNITY QUESTION 18: What are the benefits for long-term investors? what makes $KNIT unique ?
Sainath: When the project gets wider adoptation price of them token might increase as well
COMMUNITY QUESTION 19: when will its full potential be unlocked? where can i see your roadmap?
Sainath: Soon
Watch our telegram group for announcements
COMMUNITY QUESTION 20: What is the main obstacle to widespread adoption of cryptocurrencies? What measures is knit finance taking to popularize the use of crypto even more, especially in the traditional financial sector?
Sainath: Personally
Usability is the issue
We are trying to make one which is easy to use and secure
The AMA came to an end at 2:10 PM UTC/ 3:10 PM WAT
ABOUT KNITFINANCE
KNIT.Finance unlocks the entire crypto ecosystem to DeFi using cross-chain synthetics and bridges. Existing DeFi protocols determine which tokens and projects get to participate. KNIT Finance’s decentralized protocol leverages smart contracts to combine DeFi pools with billions of assets from non-ERC-20 chains. By creating a standard for non-ERC-20 coins to convert to synthetic ERC-20 tokens, KNIT Finance opens up an entire world of new possibilities.
FOR MORE INFORMATION VISIT:
