AMA RECAP : CRYPTOSCAPE x FORT PROTOCOL
Venue : Crypto Scape
Date :12 OCT 2021
Time : 03:00 PM UTC.
They shared detailed information and opinions about the Project FORT PROTOCOL.
🔴 SEGMENT 1 INTRODUCTION
(1) Please introduce yourself and your team to our community and tell your crypto story
I have four years of cryptocurrency experience. Was one of the first players on DeFi.
The same is true for our team.
As for more stories, we'll leave them for later. Today we will be talking about the project.
Let's keep it a little mysterious.
(2) What is the fort protocol and hedge application?
The Fort protocol is a decentralized financial protocol, and you can also call it the DeFi Metaverse. It can unify all financial applications and provide unlimited liquidity through the original concept of discounted computers and currency on the chain.
Hedge App is the first decentralized financial application under the Fort agreement.
The current products include options and perpetual contracts. Open positions and settle at any time. Its operation is simple and does not charge any fees. It also has unlimited liquidity. Participants can make long or short decisions on Ethereum or Bitcoin at any time, and the system will automatically complete the settlement of rewards and penalties based on your decision-making behavior. Believe me, this is the simplest derivative and the most fun.
(3) What does the economic model of token DCU look like?
There is no fixed limit to the total number of DCU tokens, and the initial number of DCU tokens will not exceed 100 million. We do not do any fundraising and this is a completely decentralised project. All DCU tokens are earned through betting. And the number of DCU tokens will be added or destroyed depending on the different financial applications used by all participants to win or lose. I prefer to call it a balancing asset. This is because it is generated through on-chain betting.
On October 13 we will open FARM. if you have NEST/COFI/FOR/NHBTC/PUSDT tokens you will be able to get DCU tokens for free by locking them.
One last word of emphasis. We have not done any fundraising. All tokens will be distributed to participants in a fair manner.
(4) How do you see the current DeFi market? And a background on the team
Let me first answer the background of the team. Our team has 4 years of experience in cryptocurrency. Before DeFi is as famous as it is today, we have started to engage in blockchain financial applications. There are no well-known people in the team, but we think this is also the spirit that cryptocurrency should uphold, decentralization. We don't want the voice of the project to be monopolized by a few people, it should belong to every participant.
The FORT protocol and HEDGE application are original financial paradigms made by a native cryptocurrency team like us using four years of experience and practice.
Regarding the current DeFi view. I think DeFi is currently in a stage where the decentralization of the traditional financial model is recognized, which is good. But this is not good enough. We need to create a brand new model. I think it should be something that traditional finance cannot do. It is also at such an inflection point. The FORT protocol and HEDGE application are created. I believe this will bring surprises and breakthroughs to the market. Because the FORT protocol and HEDGE APP cannot be copied by traditional finance.
We hate copying, we should pursue originality.
(5) What are the next plans for the fort agreement? and the differences and advantages of hedge derivatives versus other derivatives.
I would like to share with you Fort Protocol's future plans from two aspects.
(1) Long-term plan: At the product level, Fort Protocol will gradually develop more financial applications, insurance, trading, lending, NFT and other financial applications.
Make the Fortress protocol unify all DeFi. Complete the goal of being able to play all DeFi on one protocol.
At the community level, the current stage is to promote the project through our early enthusiasts themselves, next we will open up the DAO cooperation to elect and disqualify KOLs. let more capable KOLs join us, of course this is rewarded and everyone is welcome to join the community.
(2) Short term plan: We will collaborate with more communities and projects. We will collaborate with our peers to develop the derivatives market together.
differences and advantages of hedge derivatives versus other derivatives.
I think this chart explains very well, our strengths and differences. What I would say is that FORT APP and other derivatives can work together to make the derivatives market bigger.
Finally I would like to highlight the core benefits of the hedge APP.
Unlimited mobility, operating all DeFi within one protocol.
（6）I see that Fort Protocol will be using NEST as its prophecy machine solution. Why did you decide to work with NEST on its prophecy machine product rather than the popular and most commonly used Chainlink? What are the advantages of NEST over Chainlink?
This is a complex issue and I will try to explain it more in simple terms.
NEST prophecy machine is the most decentralized prophecy machine in the current prophecy machine market.
Its price information is generated on the chain and the price information is submitted through block time cost completion, so it has a higher attackable cost than other prophecy machines. For these reasons, the NEST prophecy machine was chosen for calls involving price data in the Fortress protocol.
Other Oracle uses a nodal approach and we do not believe that such an approach can resist a major price attack.
In a nutshell: the NEST Oracle is like Bitcoin using the POW mechanism. We believe in Bitcoin even more.
🟡 SEGMENT2 TWITTER QUESTIONS.
1) I’ve heard that the hedge application of the #FortProtocol is holding an Ethereum test network derivatives trading competition? So how we can join this event? What are the #rules, do we need to spend any amount of money to have a chance to get the rewards? @Wormz29
Yes, we are holding an ethereum derivatives trading competition. You don't have to pay anything to win a prize.
If you play derivatives, or want to play derivatives, I'd like to invite you all to participate.
Testing the network is like simulating trading stocks, it's easy. You'll experience a whole new kind of derivatives, derivatives that can't be replicated by traditional finance, derivatives that only belong to the blockchain.
This is some specific information that I hope will help you. 200 friends have already joined.
The hedge application of the fort protocol is holding an Ethereum test network derivatives trading competition. You don't need to spend any money, you have a chance to get the highest personal reward 1000$-1500$! ! !
The rewards are very rich:
（1）Individual rewards: 1st place: 1000$ while 2nd-5th place players will receive 800$,600$,400$,200$. 6th-50th will be awarded 30$ each
（2）Collective reward: 500 of them will be randomly selected to receive a total of 1000$.
*When there are more than 3000 participants, all the prizes will be increased by 50%.
The product operation is very simple:
*Test network, you don’t need to pay GAS fee.You don’t need to pay any money to get rewards.
2) Leverage trading is always risky especially in crypto currency market with high volatility. How is the risk management works in
FortProtocol ? How can you ensure the safety of our funds? @Sunil58898226
Let me answer this question in two ways.
This is also a very specialist issue.
1) In leveraged trading, price information is the thing we care most about. And the NEST Oracle price information that we use is beyond human control. Whereas on a centralised exchange, you get price information that is changed because they are cheap to change. This will solve a lot of the funding problems on the product.
This is the biggest advantage of decentralisation.
2）The issue of product security: no security company can give us a guarantee that the code is bug-free, so we prefer to trust the community. We will offer a bounty.
I must remind you that inside the decentralised world. No one can guarantee the safety of your money.
If any program can guarantee your safety, I think they are very unreliable.
The only thing we can do is to control our risk. Use small amounts of money to try first.
3) How can the community contribute to FortProto progress? Do you have a Governance model? Are there any ambassadors or bug bounties or contests we can help with to enable further adoption? @SilakYamon
(1) Everyone in the community can make suggestions here: https://github.com/FORT-Protocol/FIPs
(2) For the master program, you can approach me to sign up and we will have a selection and elimination system. (3) The bug bounty scheme will be announced on github. (4) Related events will be announced in tweets and telegrams.
4) You have a farming feature in place please tell about it and explain why you decided to have a lock in and when will it go live and will it be an auto compounding vault ?? @Grumpyb14017909
It is not insurance. It is a place where DCU tokens are pledged and released. It went live on 13 October.
5) What’s your take on nfts and governance and also tell how you came up with this name and why you felt fort protocol is needed in defi @Grumpyb14017909
(1) The fact is that NFT and DAO have been around for a long time and they could change the way the world is governed and the way value is delivered. We will be developing both concepts, but we can't reveal too much to you at this time.
(2) We want to build a whole new world, so we are calling it the DeFi Metaverse.
(3) We don't want DeFi to be defined as, just traditional financial decentralisation. It should be completely new. That's why I think the market and DeFi needs us.
DeFi will replace traditional finance.
We will redefine DeFi!!!
🟢 SEGMENT 3 TELEGRAM LIVE
Is FortProtocol project only for elite investors, what about others with small funds, is it open to everyone?
My emphasis is on controlling your risk, for example if you have $1,000$. I suggest you operate with 100$. Instead of putting it all in.
So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Whenever you use DCU tokens to manipulate financial derivatives, your DCU tokens will complete a destruction.
Q3-Phưng phưng ✔:
What is the biggest hurdle for FortProtocol in real world deployment, and what plans do FortProtocol have to overcome these challenges?
The biggest obstacle is the confrontation of information forms. That is, the choice between centralisation or decentralisation. We try to create more voices and make our presence known.
DeFi has three areas: DEX, Total Assets, and Loans. What exactly is FortProtocol focusing on? What other plans will you focus on?
We are focusing on all DeFi directions and we will unite them all together.
Your token will go live on October 13th, that's tomorrow.At what price can we get your token?Which cryptocurrences can one use to purchase your token?
You can buy our backed tokens for airdrops with both platforms.
Join our community, we have events all the time!
Thank you from Crypto Scape 😍