AMA session Recap between Knit Finance and Neng Yuni Forum
The Knit Finance Project is making huge waves and after the AMA session with the Pramod Crypto Community, it moved on to the next phase to propagate the good news of the Knit Finance ecosystem to the Neng Yuni Forum.
This Ask-Me-Anything (AMA) Session being the second AMA was quite an inciteful one, as it gave very detailed and well explained to all question being asked. The Neng Yuni Forum is a community that looks into the affairs of everything related to cryptocurrency making it a huge community with about 10,321 members.
The Neng Yuni Forum hosted the Knit Finance and asked few beneficial questions that required succinct answers and the Co-Founder of the Knit Finance Project was readily available to give high-spirited answers that are more satisfying and understanding to the community.
On the 15th of January 2021, The Moderator at Neng Yuni Forum hosted the AMA Session with Sainath, the Founder of Knit Finance, and few questions were asked and the conversation was thus:
N.B. The question would be divided into three sections, one having questions and answered between the moderator and the Founder of Knit Finance on the Introduction of the Knit Finance Project, the second segment would involve few questions gotten from twitter and answers provided by the Founder of Knit Finance and the third section involves live questions from the community and answers provided by the Founder of Knit Finance. Q stands for Question asked
First Section — Project Introduction
This section involves few questions asked by the moderator, Neng Yuni Forum to know more about the Co-Founder and some introduction of what the project is all about and what it stands to achieve. All answers were provided by Sainath, the Founder, Knit Finance and it was satisfactory.
Moderator | Neng Yuni Forum: Before we start our first session can you introduce yourself?
Sainath | Knit Finance: I am Sainath Gupta, CEO knit.finance. I made India’s first mobile point of sale in 2011. I have a decade of rich experience in fintech.
Moderator | Neng Yuni Forum: Can you tell us what is KNIT Finance? And a short story of how came up with idea for KNIT Finance?
Sainath | Knit Finance: 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.
Moderator | Neng Yuni Forum: Can you briefly describe KNIT Finance’s main advantages over its competitors?
Sainath | Knit Finance: We will support multiple chains and syntetic token is 1:1 collateralised 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.
Moderator | Neng Yuni Forum: 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 | Knit Finance: Tokenomics is not released yet. Stay connected with our announcement channel and we will release it soon.
Moderator | Neng Yuni Forum: To sum up, can you please share with us your nearest milestones that you plan to achieve by the next month/year?
Sainath | Knit Finance: 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 Section — Twitter Questions
This section involves few questions asked by Twitter followers and answers given by Sainath, the Founder, Knit Finance.
Twitter Follower: 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 | Knit Finance: 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 Follower: 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 | Knit Finance: We are providing each synthetic token 1:1 collateralised and will be available in multiple chains creating a number of DeFi usecases and advantages.
Twitter Follower: In your roadmap for 2021, you have planned the issuance of $KNIT Finance stablecoin! What role will it play on the platform?
Sainath | Knit Finance: We are evolving with market , let the time decide for the same.
Twitter Follower: 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 | Knit Finance: Etherum 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 Follower: 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 | Knit Finance: 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.
Third Section — Live Questions
This section involves few questions asked by the Community Members in the Neng Yuni Forum, and answers provided by Sainath, the Founder, Knit Finance.
Community Member | Neng Yuni Forum: 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 | Knit Finance: Anywhere Crypto or defi has no restrictions knit can be used
Community Member | Neng Yuni Forum: 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 | Knit Finance: Successfully found a usable problem to solve. Made a proof of concept. Did some dry runs to get feedback. So far so good
Community Member | Neng Yuni Forum: What’s is the long-term vision of KNIT FINANCE for it’s users?
Sainath | Knit Finance: Make Defi user-friendly and unlock billions of crypto market in Defi world
Community Member | Neng Yuni Forum: KNIT Finance claims that Will create multiple Brigde between real world Markets and DeFi, so How many “Real Markets” do you have planned to integrate?
Sainath | Knit Finance: So far we tested with gold bonds and few shares as well
Community Member | Neng Yuni Forum: 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 | Knit Finance: We will figure local ambassadors to support us with the same
Community Member | Neng Yuni Forum: KNIT Finance works under the sythetization model, where any Erc20 can be coverted to a synthetic, but there exists any guide or tutorial that explains How mint your synthetics?
Sainath | Knit Finance: Yes, we will share that soon.
Community Member | Neng Yuni Forum: 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 which 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?
Sainath | Knit Finance: 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 Member | Neng Yuni Forum: Most of the project are nowdays doing Rug Pulls and exit scam How can users trust KNIT finance project? And how you are different from others?
Sainath | Knit Finance: We have a product on test net. The team is experienced and well known and we have marquee investors.
Community Member | Neng Yuni Forum: What are the features that make me choose KNIT and does it have good protection?
Sainath | Knit Finance: Our code is audited,s o you needn’t worry!
Community Member | Neng Yuni Forum: DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes $KNIT unique ?
Sainath | Knit Finance: Multi chain support.
Community Member | Neng Yuni Forum: 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 | Knit Finance: Every time a token gets swapped, a0.25% fees is generated and that’s our source of revenue.
Community Member | Neng Yuni Forum: Can I stake Your Token? What are your Staking criterias ?
Sainath | Knit Finance: Post launch yes
Community Member | Neng Yuni Forum: 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 | Knit Finance:Team which is making it is experienced and as well the code is audited
Community Member | Neng Yuni Forum: 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 | Knit Finance: Test net launch was done on ethereum, we are doing all the above
Community Member | Neng Yuni Forum: What is your strongest advantage that you think will make your team leading the market?
Sainath | Knit Finance: Great team
Community Member | Neng Yuni Forum: 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 | Knit Finance: Ours are a small flat fees
Community Member | Neng Yuni Forum: 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 | Knit Finance: I am decently known guy, using same telegram handle since 5 years!
Community Member | Neng Yuni Forum: What are the benefits for long-term investors? what makes $KNIT unique?
Sainath | Knit Finance: When the project gets wider adoptation price of them token might increase as well
Community Member | Neng Yuni Forum: When will its full potential be unlocked? where can i see your roadmap?
Sainath | Knit Finance: Soon, watch our telegram group for announcements
Community Member | Neng Yuni Forum: 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 | Knit Finance: Personally, usability is the issue and we are trying to make one which is easy to use and secure
The AMA was proven to be a successful one as all questions asked were given satisfactory answers and winners to the best questions were rewarded.
About Knit Finance
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.