Here’s our 171 AMA recap!

Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with GovWorld 13 December, 2021. This guest star,

• Musthafa — CMO
• Chris Mcdaniel — CEO

Introduction

Mr Blank :

My name is Musthafa & i am the CMO over at GovWorld. Im an investor, NFT collector & governance member for a number of tier-1 crypto projects

I have been in and out of the space for a little over 7 years now

QUESTIONS MODERATOR

What is GovWorld? What was the reason behind launching GovWorld? What are some of the problems that GovWorld aims to solve in crypto space?

Mr Blank :
GovWorld is a Defi ecosystem offering related products and services, starring our flagship product which is GovLend; A P2P lending platform able to collateralize any NFT or approved altcoin.

GovWorld came to light after we saw a couple of gaps in the market. As investors and community members in the space, we decided to create our own project based on things we would of loved to have access too.

Some of the issues that GovWorld aims to solve:
1. Lack of Lending Liquidity for most altcoins
2. Requirement to hold large amounts of launchpad governance tokens in order to invest in upcoming pre-sales. (Unbalanced portfolio problem)
3. The opportunity cost problem
4. The altcoin strong holder problem

Can you tell us about some of the 4 pillars GovWorld, such as GovLend, PartnerFi, ColltateralFi or GovIntel and benefits in the GovWorld Ecosystem?

Mr Blank :
Sure, so the 4 pillars of GovWorld are what together holdup the ecosystem. GovLend is our flagship lending protocol, PartnerFi is a multitude of diverse communities where our strategic partners come together as one. CollateralFi is a scoring system that helps alleviate the risk of borrowing and lending through a collateral score, this goes hand in hand with GovLend

And the last pillar, GovIntel is a neat product we will have featuring a “centre of knowledge” for all projects launching on our strategic partner launchpad and incubators. This will be the one stop shop for all info relating to upcoming launches (dates, times, vesting schedules etc..)

These pillars are the foundation of GovWorld!

Can you tell us something about borrowers and lenders? What type of criteria must be passed by a specific Altcoin or NFT in order to be approved collateral protocol?

Mr Blank :
There are no restrictions in terms of who is able to use our platform, this also means no KYC!

Altcoins are batch approved by dex, we run a query using Chainlink’s oracle, based on 3 criteria, trading volume, marketcap and liquidity.

Our Strategic partners governance tokens are also automatically approved for use on GovLend

And for NFTs,
ALL NFTs on OpenSea are automatically approved, we will be expanding this feature very soon

Could you tell us about $GOV tokenomics and use-cases of this token?

Mr Blank :
All products and services utilize the $GOV token, for example the higher tier level you hold at GovWorld the higher your loan to value can be when staking loan offers on GovLend

So if you have an NFT or approved altcoin portfolio worth $100,000 then the max amount of USDC USDT or DAI you can borrow is :

Bronze = $30,000
Silver = $40,000
Gold = $50,000
Platinum = $70,000

In other parts of our ecosystem u can use $GOV to ‘pay for gas’ when using GovBridge or as a small tax in FarmFi, so we really thought about how to maximize $GOV utility throughout the ecosystem. And this is only the beginning because we have some really cool things in store for phase 2

Can you share the GovWorld roadmap now? What are the next steps to be taken in the future?

Mr Blank :
So in terms of roadmap, we have a ton of exciting updates and previously mentioned. For now, i would like to emphasize Starting from our listing on Pancakeswap tomorrow we will have a 220% APY staking pool open! An article will be dropped on this later today, detailng the process.
Other than this you can, you can expect to see GovLend go live early 2022 (by end of January)

Unfortunately i cant share anything on what we are working on at the moment 😉

QUESTIONS TWITTER

The GovLend is DApp. As much as Dapps has a huge advantage over centralised system, they consume resources and time, how do you intend to reduce that in your project? Besides, Can anyone join with your project or Are there any restrictions for some countries?

Mr Blank :
So our app is going to give borrowers and lenders 100% freedom of choice

Think of us like the ebay of borrowing and lending, we are creating a marketplace for users (borrowers and lenders) to interact with one another

We have a smart contract in place, currently being audited by Hacken (for GovLend) this will ensure efficient utilization of time and resources.

Again, there are no restrictions for using our platform, ANYONE is able to use it (provided they meet tier-level requirements if they are looking to borrow)

and we will have no KYC :)

In GovWorld, the loan process can have all types of collateral including NFT, how can NFT serve as collateral for any currency if it is not exchangeable? Does the amount of currency that can be loaned depend on the price of the NFT?

Mr Blank :
So we are not in the business of valuating NFTs

again, think of us like an ebay, we are simply providing a marketplace for borrowers and lenders.

So in terms of NFTs, what we do is we take the last sale price (or mint price if yet to be resold) and we use that as a guideline for the value that users can then apply an LTV% ratio too. (depending on tier-level)

Then it is ultimately up to the lenders if they see the NFT and respective loan offer as worthwhile.

Of course we understand their might be some cases when an NFT’s last sale price is artificially increased. It may have sold for a lot more than what it is ‘worth’

In this case, there just wont be any lenders funding the loan offer :)

The other thing i would like to mention is, NFTs will not be liquidated based on price fluctuations like altcoins. Because there is a lack of trading volume and prices are speculative.

NFT liquidations will be solely based off timely payback

How secure GovWorld platform is? Have you applied security audits for smart contract? Is there any audit checklist applied to your platform?

Mr Blank :
Well we are using not one, but 3 audit companies. Zokyo Labs, The solid group and Hacken for our audits

Safety & security is our TOP priority

GovLend is currently undergoing audit, we will post updates to our announcement channel & twitter when we have an update.

GovWorld recently partnered with YFDAI, what advantages does this partnership bring? And can you share the other partners GovWorld has and the usual benefits within the GovWorld ecosystem?

Mr Blank :
So ill start by sharing a few of our partners. We have quite the list so only a few :)

NetVRk, SIDUS heroes, NFTrade, Bondly, Babylons, Poolz, DuckDAO, Oxbull, Ferrum

In terms of benefits, we have a heap of benefits for each and every strategic partner. The benefits include automatic approval for use of SP governance tokens on GovLend as well as for our VIP partners we will be minting synthetic tokens for retaining tier-level and staking benefits.

Also we recently announced our lootbox initiative, where our SP communities will really want to jump in , i can’t get into this just quite yet.

Again, guys stay tuned to our announcements channel and follow our twitter for the latest updates and developments.

I will say this.. some of our SP’s were REALLY excited when we shared what’s coming next :D

What is the GovWorld long-term vision for mass adoption and strategic to attract users from outside the crypto space?

Mr Blank :
Our long term vision is to re-define the lending aspect of crypto. To truly take borrowing and lending down the decentralized path. For now, our products and services are somewhat limited to those who have some form of crypto assets, because obviously without assets, you have nothing to take our a loan against or no stablecoin to lend out.

But we are working on long-term strategies to open up the market for new crypto users. Our Dapp and website were created with ease of access in mind. Govlend has a simple 3 step borrowing process, the marketplace is easy to navigate and use.

QUESTIONS TELEGRAM

Sir I want to buy your token. is it listed
#pancakeswap?
#Binance 
#Kucoin 
#MEXC OR Any Exchangers??
Where can I buy your tokens now?? Can you tell us please?

Mr Blank :
So our token will be listing tomorrow (14th Dec) at 3PM UTC on PancakeSwap. We are also currently in conversation with both GATE and KUCOIN for listing. We will update the community accordingly when we have an update. Here is a link where to our official TG, announcements channel and twitter
https://twitter.com/govworld1
https://t.me/govworld_community
https://t.me/govworld_announcements

Can You list 1–3 Killer Features Of This Project That Makes it Ahead Of its Competitors? What Is The Competitive Advantage YOUR Project Has That You Feel Most Confident About??

Mr Blank :
I love this question because. We don’t actually have an competitors, sure there are a number of lending platforms out there like celcius, binance lending etc..

But GovWorld itsself is not a lending protocol, again we are simply providing a marketplace. We are the intermediary between the borrowers and lenders

We are creating utility and use-cases for projects like never before. By changing the traditional way crypto trading works. Our reverse loans feature is also a KILLER feature.

Reverse loans are sort of like shorting. Imagine being able to short an altcoin 🔥🔥

Almost 80% investors now think only of profit but ignore long-term benefits. So you can give them some reasons why they should buy and hold tokens in the long run?

Mr Blank :
We understand a lot of investors are here just to make a quick buck. But our use cases is really a tipping point for traditional investors who face the common problems in the industry. Capital is limited, the time value of money problem and the fact that strong holding 6 or 7 figures worth of altcoins just for a few benefits is not the most ideal situation

So it’s really up to the investors whether they see our services as something they want to be able to use.

How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?

Mr Blank :
So we have a total of around 25 in our team (in and out house). Each one of our team members is heavily experienced in either cryptocurrency, traditional finance or the technological aspect of things. Together we have all the skill needed to make GovWorld a hit, without question

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