AMA Recap GreatDrop with FINDORA
We recently hosted our 14th AMA with FINDORA on 23rd November, at 06:00 AM UTC (13:00 WIB), with our guest from FINDORA:
- Lily Chao, FINDORA Founder
FINDORA enables assets of any nature dollar, bitcoin, equity, debt, and derivatives. Its mission is to address the challenges necessary to support this broad class of assets and diverse financial use cases, providing confidentiality while retaining the transparency of other blockchains.
Many of you might have participated or many of not, So here we are up with the AMA transcript for those who missed the AMA session.
Introduction Questions Asked By GreatDrop Team
Q1: Can you please introduce yourself and FINDORA to our community?
My name is Lily Chao. I am the founder of FINDORA. I am a young entrepreneur and investor active in Silicon Valley and Asia Pacific Rim. I have a track record of investing in early stage businesses both in the US and in the Asia Pacific. I always seek to disrupt and improve legacy businesses, as opposed to following their lead. I view myself as an original thinker, along with the late John Powers, we devised the strategic and product vision of FINDORA Foundation. With one foot in Silicon Valley and another in the broader Asia-Pacific rim, I am proud that I see the ways technology can create real-world solutions across all corners of the globe. My strength is to put together teams of well-rounded engineers, cryptographers, marketers, financiers, and to push the go-to-the-market play!
In my leisure time, I am a big fan of cooking, shopping, and off-roading.
FINDORA is a globally trusted financial infrastructure, owned and democratically secured by a decentralized network of worldwide organizations and economically incentivized parties. FINDORA was created to enable the creation of financial services that are transparently operated while preserving user and institutional privacy. Created by a team of Stanford academics and entrepreneurs, including John Powers, former CEO of Stanford’s USD $25 billion endowment fund, FINDORA will be accessible to anyone in the world, whether individuals, small and medium enterprises, or industry giants. Our team has extensive collaboration with leading cryptographers in the world and our comprehensive cryptography library includes implementation of state of the art Zero-Knowledge Proofs such as Plonk, Bulletproofs, and Supersonic. For more information, visit:
Home - Findora
Findora enables assets of any nature - dollar, bitcoin, equity, debt and derivatives. Its mission is to address the…
FINDORA is being operated by a decentralized network of operators. But the software stack can also be deployed and operated by a variety of interoperable networks. It can be used by a traditional bank to replace the infrastructure they currently run on, deployed in the cloud, or is a platform for issuing assets of any nature, including cryptocurrency.
FINDORA’s mission is to address the challenges necessary to support this broad class of assets and diverse financial use cases. One of the primary challenges is providing confidentiality while retaining the transparency and public accessibility of other blockchains. Achieving this privacy-preserving transparency is Findora’s major focus and product differentiation.
Q2: What kind of achievement Findora has made so far and what target Findora want to achieve in the next year?
Our main achievements so far:
- Invented a very unique DAO, DeFi fund management system that supports privacy-preserving asset operations voting/on-chain governance. We believe such blockchain-based organizations will change the world.
- Be responsible for discovering one of the most efficient trustless Zero-Knowledge Proofs systems.
- Has built an entirely new blockchain-based on the newest ADS technologies from the ground up purely using Rust + WASM.
- Completed one of the world’s most comprehensive cryptography libraries- ZEI. Planning for the end of this year/next year! Launching mainnet! We are ready to go!!! In 2021, we will focus on phase II mainnet and the DeFi infrastructure. We will deploy ZK Rollup, Accumulator based storage, confidential liquidity bridging, and Dark Pool Dex.
Q3. At the moment, what is Findora focusing on?
At this moment, we are focusing on:
- Keeping optimizing the ZEI cryptography library for various ZKP and other implementations,
- Developing various APIs and SDKs,
- Global campaign for our anticipated mainnet launch.
Here is some information about FINDORA Mainnet:
Findora: MainNet Lauch is coming!
Findora, a decentralized financial privacy public chain, released the test network Forge in August 2020, serving many…
Q4: Can you explain the importance of Findora in the DeFi ecosystem?
In my personal view, DeFi is what blockchain about and in the future. FINDORA participates in the Defi in two ways:
- FINDORA provides ZK Rollup and confidential transaction capability to the existing Defi apps on ETHEREUM so that Defi apps running on Ethereum can be better: faster, cheaper, and can realize a lot more features otherwise impossible without confidentiality,
- FINDORA is based on cross-chain and verifiable computation technology, any Ethereum based assets can atomically transfer, transact on FINDORA. We can provide scalability and cost advantage to apps built directly on us. Private Defi applications include a series of new DeFi products such as Dark Pool Dex (allow secret large ticket crypto transaction), confidential FX pool (that can allow confidential cross-border money transfer), just to name a few.
Q5: Are there any interesting upcoming use-cases?
We have a lot of interesting use cases coming:
- Private securities issuance platform for cap-table management and Reg-D financing,
- Dark Pool Dex (where the transactions are confidential),
- A privacy-preserving stable coin for cross-border payments,
- Non-collateralized DeFi lending protocol with confidential identity. We also work with Dapp developers and enterprise application developers to push the adoption. We have a $100M fund to incentivize the innovation.
Questions asked on Twitter for FINDORA Team
Q1 from @KathDM3
FINDORA’s testnet is called Forge. On Forge, we can create, issue and transfer “secret assets”. Is there a limit of secret assets that we can create?
No. There is no limit on the number of asset types and amounts which is similar to Ethereum.
Q2 from @Cleitoclo
FINDORA’s middle layer provides “financial passports”. What are these financial passports, how do they work, and what requirements must users meet to obtain a passport from these?
Financial passports aggregate information about a user, starting with basic information about the user’s accreditation and financial identity, credit rating/scores, AML whitelisting, etc. It’s very useful in a public blockchain setting. No requirement to meet to get it.
All the information in a user’s passport is verified and signed by at least one authority and can be brought in by confidential oracles from the out-of-the -blockchain world. These signed statements are presented in the form of cryptographic selective disclosure credentials. This means the information is authenticated in such a way that users can selectively reveal components of their identities without unnecessarily compromising the privacy of their entire personal financial profile. Furthermore, users can demonstrate complex statements about their authenticated profile (e.g. an income range, or threshold conjunction of several qualifications) without revealing any precise personal details at all.
Financial passports function much like the public key infrastructure of the Internet. There are a set of root authorities who are able to issue credentials to users and also endorse other sub-authorities with the privilege to issue credentials. Users can then store and manage their own credentials just as they would manage their cryptographic keys, and they may also elect to share or store their credentials with a third-party custodian.
Q3 from @inaltswetrust
Some DAPPS require a privacy tool, very important. Can I build my own DAPP from this blockchain? How and where can I inform and find out more?
Yes. FINDORA is very developer-friendly and we provide various APIs and SDKs to help developers build their own apps. Please subscribe to our newsletter and developer’s newsletter to get informed. We also have documentation and tutorial for testnet that one can use.
Q4 from @zambrano_li
Last month you announced the partnership with Injective Protocol. Can you tell us more details about the reason behind that partnership? What do you plan to accomplish along with Injective Protocol?
Injective is a decentralized sidechain relayer network and the first layer-2 decentralized exchange protocol, to make privacy-preserving derivatives trading a reality.
FINDORA is the first high-performance confidential blockchain in the world that supports smart contracts.
Injective relies on some cryptography tools such as VDF to prevent issues that are prevalent in Etheruem DeFi such as front-running. We work Injective to bring a better and more accessible derivative marketplace to the public.
Q5 from @BurakKripto
Findora promises a future by using extremely high technology in terms of infrastructure and security compared to its equivalents. How do you evaluate the future of your project in the long term?
Good question. Technology is never enough to create a great ever-growing ecosystem. Besides great blockchain, we also build great tokenomics. We believe blockchain is very different from the traditional TMT startups. To support long-term growth, however, decentralized protocols still need to have a revenue model. The revenue should come from utility and asset transactions.
FINDORA plans to act as the blockchain transaction hub by leveraging our expertise in cryptography. Not only serving the applications on FINDORA, our ecosystem play includes providing cross-chain ZK Rollup to Ethereum, helping lowest the GAS fee while making revenue for FINDORA.
We also provide side ledger services to the business users that are willing to pay. Such services will require staking and pledging Findra tokens and will also contribute a large revenue stream to the public blockchain. Onchain L2 liquidity mining and cross-chain asset transfers are also part of the business revenue generation plan. I am confident our token holders will be happy to see the Findora tokens are providing increasingly valuable utilities.
Questions asked by our GreatDrop community members during live Session to FINDORA Team
Q1 from @alanisabshire
Apparently, many blockchain projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is FINDORA Foundation solving, and solutions are you provide?
FINDORA is an original project that was created to solve a problem: there is no privacy on the blockchain. We developed Transparency with Privacy. The solutions we provide are confidential transactions, selective revealable credentials, and confidential smart contracts. Combined these solutions, we will have a much better blockchain and see millions of people adopt blockchain.
Q2 from @alanisabshire
In some Asian countries, the gaming industry accounts for a large proportion of economic distribution. So, what do you think of find potential in this field?
Gaming is big across the continents. FINDORA is so interested in partnering with the industry. We have solutions for in-game (micro) payments and virtual asset issuance and transaction. Our partnership with Tencent Group is also very helpful: Tencent is the world’s largest game publisher.
Q3 from @Magizt
Why should every user do KYC? Can users still use the FINDORA platform without doing KYC?
No. KYC is not mandatory for using FINDORA. Users can use our blockchain without KYC. KYC might be required by the applications bonded with regulations.
Q4 from @laurawhale
Can you please clarify “secret asset”? Does that mean we can do an anonymous transaction on the FINDORA platform? If yes then how regulation will be handled?
Secret assets include confidential assets and anonymous assets. You can create, issue, and transfer anonymous assets on FINDORA. The transactions might be a bit more costly than a confidential asset transfer because anonymous transactions will involve ZK Snarks (costs more). The regulation will be handle in a smart way: transacting parties can generate crypto commitments to prove some statements for compliance or create a special viewing key to disclose the meta info to an auditor.
Q5 from @Vlad_silver
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?
Back in 2017, John Powers, the former CEO of Stanford University Endowment Fund, and I were busy raising funds from our new fund. We figured the KYC and coordination part was a real hassle. Concerning our understanding of other friction and issues such as fraud, we believe the new blockchain technology could be promising to solve the issue: create a flat and unified financial infrastructure: it shall be easy to use, fairly easy to access, and interoperable. That was the motivation. And later we found the solution will not be an easy one. It will require me to build a stellar team of experts from many specialties.
The original idea is keeping motivating me and the team to move forward fast!
Here are some important links of FINDORA