Knit Finance AMA on PRAMOD’s CRYPTO COMMUNITY TG with Sainath Gupta (CEO KNIT FINANCE) — RECAP

Question 1

  • Question: Could you brief us about yourself and the project?
  • Sainath Response: Have been a Fintech Entrepreneur for almost a decade and the idea behind KnitFinance is to bridge the movement of assets and as well multiply Defi adaptation between multiple chains.

Question 2

  • Question: What coins are you looking to bring into Ethereum first?
  • Sainath Response: These are the ones currently integrated, see picture below

Question 3

  • Question: Which L2 are you guys looking to build on?
  • Sainath Response: We will share that once the announcement comes officially from the team, thanks for being patient. We are exploring Polka as well for now due to the strong ecosystem around them.

Question 4

  • Question: What problem Knit Finance is trying to resolve?
  • Sainath Response: 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. We are trying to solve these issues.

Question 5

  • Question: How different is Knit from existing solutions?
  • Sainath Response: Current solutions are currently limited to one chain or bridging between two chains. Our idea is to bridge between multiple chains’ assets.

Question 6

  • Question: Hi Sainath
    Smart contracts are prone to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audited it through any of the parties?
  • Sainath Response: Thanks for this question, Our tech team is highly experienced with a combined experience of 15 years. Coming from a Fintech background, 7 years ago I got my company PCI
    DSS, which involved 600 tests and certifications. We will use the best of Non-crypto and crypto world policies, codebases, and counter checks to avoid getting victimized.

Question 7

  • Question: As Education for cryptocurrency is necessary nowadays, what’s your plan to attract those people who don’t know about cryptocurrency?
  • Sainath Response: We have proposed to Polka to work on educating the newbie interested in Crypto on Blockchain coding, will keep you posted

Question 8

  • Question: We are living in the advent of YIELD FARMING and Liquidity Mining, can you share your personal opinion on Yield Farming and also Briefly explain your Liquidity Mining Program?
  • Sainath Response: Yes, We will inherently use it so that our synthetic tokens are easily available on every chain
  • Question 9
  • Question: Can you explain how is your Tokenomics Distribution? How many tokens Will be minted And How many tokens Will be locked by the team??
  • Sainath Response: We share it in public soon. Stay tuned
  • Question 10
  • Question: Earning the trust of investors is extremely important in a project. How do you manage to gain their trust and make them stay in the long term?
  • Sainath Response: Team gets its first installment of tokens after a year of TGE. This ensures that Team also looks at this in long term.
  • Question 11
  • Question: What are the plans to educate and raise awareness and adoption among the community to make more people understand the project easily?
  • Sainath Response: We are working on few things, if you have any please do suggest

Question 12

  • Question: How secured is your smart contract’s code, did you ever audit it via any third party? What has been the biggest challenge you have faced in KNIT FINANCE development?
  • Sainath Response: Yes. It’s audited by third party after every build.

Question 13

  • Question: Many new projects made a good impression at first but were suddenly abandoned. My question is, how will you manage the project and token to gain a place in the market and become the best token in the blockchain world?
  • Sainath Response: Work hard and be consistent in our motto. Have a team that looks at things long term and executes on short term targets.

Question 14

  • Question: 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 the KNIT FINANCE token and are there any limits to the amount of $KFT I can earn?
  • Sainath Response: We will announce it soon

Question 15

  • Question: Truly, you’ve done AMA in many telegram groups, so what next, what other way will you make your project more popular?
  • Sainath Response: You might have confused us. This is the first one officially.

Question 16

  • Question: 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 the KNIT FINANCE token and are there any limits to the amount of $KFT I can earn?
  • Sainath Response: Yes, liquidity providers are back bone for the project

Question 17

  • Question: 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?
  • Sainath Response: Every swap generates 0.25% fees which are our revenue source.

Question 18

  • Question: Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
  • Sainath Response: Seeing the Defi on Ethereum being so unwieldy (High fees, Slow, Front running of the bots) was our inspirations to make the Defi better

Question 19

  • Question: As I am a developer with knowledge of programming languages such as solidity, C ++, Java, etc., can I create Dapps on your platform? And HOW easy to create dapps on your platform???
  • Sainath Response: That would be lovely, please PM.

Question 20

  • Question: You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, …So now I want to ask what do you want to receive from the community?
  • Sainath Response: Talk about us with your friends.

Question 21

  • Question: 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 tokenomic model? With such a low supply, how does this affect long term sustainability? What happens after 3 years?
  • Sainath Response: 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.

Question 22

  • Question:
    1-Increasing Token price
    2- make Token Valuable
    3-Building Community Trust
  • Sainath Response: 3. We will work hard and be transparent.

Question 23

  • Question: What is the business model of your project? How it works?. Who are your potential customers and which markets are you targeting?
  • Sainath Response: Our target users are the holders of non-erc 20 tokens who are missing the Defi boat

Question 24

  • Question: 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?
  • Sainath Response: It’s just the first step, the idea is to make non-ERC 20 tokens to ERC 20 compatible. Then next steps involve taking ERC 20 to non-ERC Blockchains.

Question 25

  • Question: 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?
  • Sainath Response: We have one of the best tokenomics. Will share soon

Question 26

  • Question: 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?
  • Sainath Response: 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.

Question 27

  • Question: 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 like we have seen in current Defi hacks?
  • Sainath Response: Thanks. We are working on a solution, need to see if it works after the launch.

Question 28

  • Question: 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 Response: 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

Question 29

  • Question: 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?
  • Sainath Response: Please drop us a message on our group. We would be happy to get someone with passion onboarded quickly

Question 30

  • Question: 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?
  • Sainath Response: Yes, our Alpha testers loved trying our product. We will share a few in the future soon.

Question 31

  • Question: 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?
  • Sainath Response: 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

Question 32

  • Question: 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.
  • Sainath Response: The token unlock for the team is spread over 3 years with the first installment coming after one year after TGE

Question 33

  • Question: Where does the project name come from? What does it mean for you and why did you choose that name for your project?
  • Sainath Response: 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.

Question 34

  • Question: 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?
  • Sainath Response: 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

Question 35

  • Question: 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?
  • Sainath Response: 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.

Question 36

  • Question: 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?
  • Sainath Response: It’s a global project. The team has players in multiple locations

Question 37

  • Question: What are 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?
  • Sainath Response: Defi is still small, my personal belief. There is a huge growth for the same.

Question 38

  • Question: 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?
  • Sainath Response: My view, Experienced team: Check ( Cumulative experience:40 years in Blockchain space). Funds: Check. Community: getting good traction.

Question 39

  • Question: 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?
  • Sainath Response: We have an interesting solution for the same, let’s see how it works after we start testing it in the real world.

Question 40

  • Question: Is this project a Global project? Can local communities partake in it?
  • Sainath Response: It’s a Global initiative with many local communities’ support.

Question 41

  • Question: What are the difficulties and chances that you face right now while the crypto/blockchain market is still young and need time to grow?
  • Sainath Response: Finding scalable problems to solve

Question 42

  • Question: Personally, I consider two things in any project: security and ease-of-use. Does KnitFinance have these two things?
  • Sainath Response: Yes. By a combination of various factors.

THANKS FOR READING

I am Bee 🐝

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