RECAP AMA BLUE SEA AND SUPREME FINANCE
Let me briefly introduce the AMA program tonight
Tonight’s AMA program will consist of 3 parts
👉 Part 1 : Basic Introduction of SupremeFinance and Guest Mr.Peter Han COO of Supreme Finance
👉Part 2: Guest Mr.Peter Han COO of Supreme Finance will answer community questions
In this section, guests will answer 5 questions selected from the question form
👉Part 3: All members can ask anything directly about SupremeFinance
This part of the group will open so everyone can freely ask questions directly to the guests
And today AMA session would like to start, I would like to turn off chat to start the AMA session
hello, @peter_han. Nice to meet you
Thanks for the invite!! Hello, my name is Peter Han and I am here to represent the Supreme Finance Team and ecosystem.
Yes, thank you for taking the time to join tonight’s AMA with our community
Here we are going to start the AMA session today. Are you ready?
We will start Part 1 : Basic Introduction of SupremeFinance and Guest Mr.Peter Han COO of Supreme Finance
Please introduce yourself briefly about yourself and the Supreme Finance project
So my name is Peter and I am the CCO at Supreme. I’m gonna skip my intro as it is on my linkedin which you can access on the supreme website. Supremefinance.io
But, I would love to introduce our protocol.
Supreme was started with a very simple concept in mind after a group of friends who are crypto enthusiasts got together and were discussing the problems they had with the existing ecosystem every time that we tried to share our crypto interests with our friends.
By trying to teach them how to use Etherscan, Uniswap, Gas fees, Nonce customization, LP tokens, etc etc… With each innovative technology that is introduced to the world there always comes a point in time during the discovery phase of really understand and implementing a new technology.
As we continue to innovate, we build for the sake of building and forget to account for the 90% of the world who simple does not have the knowledge or access to the skills and understanding necessary for adoption of the technology.
No matter how amazing a new piece of tech if it’s this complicated and difficult to use
When new technologies come out, the creators and innovators are not usually the ones to drive mass adoption.
So we set out to do just that. To simplify all the EXISTING financial products and services built on-chain so that others may adopt.
We are not saying that we are going to invent something never before seen that we don’t even know works.
Nope, we are a team of senior level professionals who love crypto and what decentralized finance has to offer but, also understand that convenience, and ease of adoption plays half the role in innovation.
Supreme will have both a simplified and advanced mode. The Advanced mode is a kick-ass UI/UX version of what the normal crypto experience would be
Not much different than other AMM or WALLET. But users on using the advanced mode or more avid crypto users will be incentivized to teach and assist newer adopters using the simple mode.
But will also part of the trading fees of the newer adoptees . “earn part of” New user will have the option of using a simple mode, which in turn is a SUPER simplified version of the decentralized financial ecosystem. Meaning the mobile app will feature an all-in-one service to the newest, bleeding edge, hottest products, services, and farms in DeFi from any project with an API. and the simplified UI/UX has a higher transaction fee but is also instructional with a HYPER simplified layout.
for example; if you had a pending transaction from setting your gas too low, normally you would have to open etherscan check the nonce, change your metamask settings to customize the nonce, then customize the nonce to fit the same nonce as the last transaction, then send the transaction for some higher gas from the avg gwei Just to cancel the transaction, and then if you didn’t know and issued other transactions after the first one then those would all also need to be redone. so that’s 3 different platforms just to send something. And more steps then I would like to count For the user, why can’t it be as simple as automatically cancelling any transaction that is pending for longer than 3 mins? Or why can’t the wallet auto-set higher gas? instead of 5 clicks and 2 browser changes we make it automatic or 1~2 steps
But, the simplified mode users pay 2x the transaction fee Our goal is to make it so that my mother could yield farm and she can barely use Facebook. We focus on the experience and creating convenience at the cost of … well $$$ just like in the real world. Our business is not it becoming the first to create something, just better at running it as a business whilst making crypto adoption easier for everyone. Done
Thank you for an interesting introduction to Supreme Finance so everyone can better understand the project
We will continue with Part II
We’ll post 5 questions collected from everyone’s form questions . Are you ready ? @peter_han
First question: Why does Supreme Finance still use Ethereum blockchain while it has a slow speed and high gas fee? Do you have any plans to launch your mainet or convert to other blockchains in the future? @peter_han
So to answer that question, there are actually 3 parts to the answer.
1. Of course there are other blockchain platforms like Hyperledger, R3, Tron, Near, Parity, Tendermint that allow people to develop and host their applications. Ethereum isn’t the only blockchain network available, but it’s arguably the best known and most functional network for building decentralized applications beyond simple transactions. Likewise, it is the most-used platform with over 32k Dapp user daily. Well according to Consensys anyways.
2. It’s HIGHLY liquid. Liquidity is everything in finance and so in carries over doubly so for DeFi.
3. We are actually only launching as an ERC20 for the Utility token that will be liquid and trading. The platform will initially launch on the ETH blockchain due to the demand and liquidity on ETH for Defi. But, we believe that the future for liquidity and scalability reasons is in interblockchain communications so we plan to launch an interblockchain escrow pool making it possible to support assets across multiple chains and interact. But only after building initial traction We plan to integrate to a Polkadot based substrate solution after first launching the AMM on the ETH blockchain. We feel that the Polkadot ecosystem will only make sense after there is some growth. Done
Đạt ChâuThanks for the reply from the guest, we will continue with question 2
Question 2: What are the plans and strategies for SUPREME FINANCE next and can you give an overview on tokenomics on the SUPREME FINANCE ? @peter_han
Launch our Web App Feb 3rd and start our fair distribution process. Then our mobile app that will feature and in-built wallet, AMM, farms, staking, lend/borrow products will launch end of March
For upcoming month of 2021, we will be having our initial Token distribution. We understand that there are many existing liquidity providers who are already providing liquidity on other DEXes like Uni, DoDo, or Sushi. Also, we understand that we must make the entry-barriers as low as possible. For a period of 14 days or 2 weeks, 45% of the total supply of $HYPE will be put into a time-locked escrow that will allow a 1:1 swap for 1 $HYPEX(ERC-1155) to $HYPE(ERC-720).One way swap only.
This is because we have created a very unique 2 token incentivization process intended to reward early contributors more than big whales who jump on later.
You can read more about it in our whitepaper. Done
Thanks for the answers from the guests, we will continue to Question 3: What are some milestones to look forward to? What do you predict your largest challenges will be in the future? How do you plan to address them? @peter_han
“The” problem that Supreme Finance and every other crypto-related user and platform will have is first the price of bitcoin, entry barrier for new-users, scalability and liquidity.
We plan to address these challenges through Supreme Finance. Our up-most vital proposition for previous problems are to break down the entry-barrier and provide productive environment for both crypto and non-crypto users to address this platform as interactive, supportive, and limitless
1. upgrade the UI/UX so that people can easily interact and access the features and applications
2. make a community for experts to support and interact with new crypto users
3. Numerous services for users to build and earn rewards by their own (translation, educational content(blogs,videos))
Thanks for the answer, we will continue with Question 4 : What is the uniqueness of SUPREME FINANCE that cannot be found in other project that´s been released so far ? What influence do we have in the crypto industry?
1 word, simplicity and to the second part of that question, I’m not sure what influence you guys mean. But most of the team members have been in the space for 3~6 years at least so we each have our own networks
Thanks. We continue with the last question that ends part II : Most investors focus only on the token’s price in the short term instead of the real value of the project. Can SUPREME FINANCE tell me the benefits for long-term investors?
Yes, Supreme’s model makes it so that the community is incentivized to not only easily onboard other users but, to earn rewards by helping other new adopters. This makes it possible to earn up to 2x the share in transaction fees of the AMM projects like Uniswap and Sushi. Also, Long-term investors who come on early have a HUGE advantage
but only because of how the 2 token distribution system works
That is a long write up so I am going to go ahead and refer you to the whitepaper for the rest of that answer. Done
Thanks for the responses from the guests, we will continue with Part III
Everyone prepares their questions, the group will be unmute within 1 minutes for everyone to question the project
And Kudos to the moderator with the translations
Your typing speed and translating speeds are otherworldly
Let’s do this
Question : What is the structure of this project , is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
The project first launches as an AMM with a yield farm then migrates pools like SUSHI did but functions differently. It is decentralized and mostly open source. There are parts of the app that we may keep the source code hidden for security reasons but our goal is to build a decentralized platform
Question : In the long run, why should we trust and follow you and your project? How do you raise awareness and elimination of the doubts of investors / partners / customers?.
So this is actually the only “trust” based question I will answer today. Because my answer for all of them is the same. Trust? Why are you asking about trust here? Blockchains exist so I don’t have to “trust” anyone or anything. It’s supposed to be an almost trustless system. That’s the WHOLE point of distributed ledger technology.
This is not financial advice but, DO NOT TRUST ANYONE with your money. Do your homework. DYODD. If you do it properly and read understand the logic and architecture before investing into a tokenized project, you should be able to determine a value. If you are wrong, that is your fault, no one elses.
Qurstion : Projects that are not traded on major exchanges remain unnoticed. What does you think about listing the token on the leading exchanges?
We are currently trading on Coinbene with about $3~6 million in 24 hour trade volume and will continue to list to major tier 1 exchanges around the launch of the mobile application
Question : Security & User Interface are the Most Important Aspect that Users see on a platform. How has #Supreme Finance worked on this? Is Platform suitable for Newbies in the crypto field?
User Interface is what we are tackling as the problem here so yes. Our platform is meant to be the bridge between the crypto literate and illiterate. Security wise, we will be relying heavily on external audits and community collaboration to create a SECURE environment
Those were some good questions
but seriously guys, stop looking for a project to “trust” Trust is not something you should invest in.
Invest in revenue-generating assets
Thank you guys for having me
Yes thank you for the helpful advice
Thank you for taking the time to join this AMA session with the Blue Sea community today
The AMA program for permission to end
Thank you for giving us the time with your community
Thank you to everyone who came to join the AMA session between BlueSea and Supreme Finance