Here’s our 99th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with NFTY PORTAL July 5, 2021. This guest star,
- Arron Brown — COO
- Jon Zaretsky — Lead Dev
INTRODUCTION
Az :
My name is Az
I am the COO of the NFTY project
I am Australian so early morning here for me, and cold too lol
Our team is from all parts of the globe so timezones are pushed aside to ensure we get things done
my experience in crypto goes back to 2014 when i looked at bitcoin and wondered what this crazy idea was all about?
being extremely busy irl I never followed up until late 2016 where I started doing more research
My first investment wasnt until August 2017
I have been involved and still am in a number of products since 2018
My outlook is longterm for all products I take on
We are here to make change, especially with NFTY Portal
QUESTIONS MODERATOR
Could you give us a simple description of the NFTY Portal? And what is the vision and mission?Az :
NFTY Portal name explanation
NFTY in English means ‘Nifty — skilful or effective, attractive or stylish’
Portal meaning is a gateway to another dimension, universe
‘Portal’ is a new term for a swap or exchange that allows trading for coins, tokens and NFT’s
‘NFTY Portal’ is the gateway to an effective trading universe
Our slogan is ‘Space and Time in Motion’
Space because the possibilities of the combined crypto and NFT market is unlimited
Time because cryptocurrencies and NFTs stamp on the blockchain
Motion because blockchain development is moving forward through space and time opening new doors or ‘Portals’
We have 3 coins in the NFTY ecosystem which reflect our slogan
NFTY Space
NFTY Time
NFTY Motion
‘NFTY Portal’ is a newly created Decentralized Exchange (DEX).
The ‘NFTY Portal’ allows for coins, tokens and NFTs to be traded (buy, sell, gift) all-in-one-place.
Our basic aim is to help advance blockchain technology forward
Our time in development is paying off with many massive new features that will help us achieve this simple yet mammoth goal
Our biggest feature we are introducing is onchain storage of data!
What are the advantages of NFTY Portal? What are the highlight of NFTY Portal?Az :
Wow that is a big question.
There are quite literally too many advantages and highlights to list in this short amount of time due to the product that we have built and all of its features.
The most notable features are the onchain Data Storage — this is a massive step forward for blockchain tech giving users the ability to store data onchain at time of transaction instead of storing the data on a marketplace or platform’s server gives complete control to the user over their information being imprinted into the blockchain
Another two that come to mind are the dynamic and universal chain we have created
Dynamic chain allows for features like scalable blocks which gives us forever low fees because as the chain experiences high traffic the block sizes increase to allow more transaction and all tokens, NFTs minted on NFTY chain have their own sidechain which doesn’t put pressure on the main chain.
Universal chain lets NFTY work in with any other chain on the market, so we can wrap all NFTY coins and tokens to be used in other swaps and dex, we can also integrate all meaning there is no limit to what chains we include in our Portal
Security is a link that everyone cares deeply about. What actions does NFTY Portal take to maximize its security?Az :
Security is huge in crypto which is currently still in the wild west phase unfortunately.
NFTY has a number of steps to ensure maximum security to the chain and the users which are mentioned in the soon to be released whitepaper such as PoW/PoS Hybrid, Velocity, Terminal VRX.
Hybrid distribution method has many advantages especially with a robust difficulty algorithm like we have created in improving on Velocity and implementing Terminal VRX.
Terminal VRX is a difficulty retarget algorithm which allows for proper shuffling of generated blocks within the hybrid blockchain
This process gives 3 layers or checks to blocks which add a highly advanced security system to stop hackers from attacking the chain to cause harm or manipulating the chain for their own advantage.
Would you care explain how NFTY coins play a role in the NFTY Portal ecosystem?Az :
NFTY SPACE
NFTY Space coin is the leader of the NFTY Ecosystem and is used to make payments for transaction fees related to coins, tokens and NFTs in the NFTY Wallet, Website and Portal.
It will also be used for payment fees of minting tokens on the NFTY chain and also minting NFTs.
NFTY Space coin can be traded with other tokens using NFTY Portal, Website or Wallet.
It will be wrapable for trading on other swaps, dex.
This coin will also be used in yield farming and staking.
NFTY TIME
NFTY Time will be used as a reward for yield farming the NFTY SPACE coin.
NFTY TIME coin also acts as a collectible, high-demand, low-supply coin that can be traded in the ecosystem using the NFTY
Portal, Wallet or Website.
NFTY MOTION
NFTY Motion is the governance coin of the ecosystem.
This coin will be gifted to NFTY TIME coin holders as a reward and will give them governance rights over the NFTY Portal project’s
future decisions.
About the Roadmap, what are the major milestones NFTY Portal achieved so far? what can we expect from NFTY Portal in the near future?Az :
let me direct everyone to the current roadmap
click on website and choose Roadmap on top right or scroll down the page
Firstly our most major milestone is getting to the bring product to market phase, as it has been quite a journey so far to get to this point
We are entering our introduction of NFTY Space coin to market phase and have a whitelist group going for those interested
https://t.me/joinchat/mn8u5qp0mRsxYjc1
In the near future we will be launching the first part of our NFTY Portal system
Coming very soon however our desktop wallet will have the minting function enabled allowing anyone to mint NFTs direct on your wallet and showcase them direct into socials using our onchain data storage
This simplifies the whole process of marketplace activity
Our marketplace linked to wallets will also shortly after be available on our website
Also other projects who wish to take advantage of the amazing features of the NFTY chain will be able to mint tokens and offer staking to users
Later in the year our mobile versions will be available
QUESTIONS TWITTER
Can you explain more about the Genesis Block Creation of NFTY Portal? What is the use of Genesis Block in your platform? How it will be utilized and become useful in your platform and in the users of NFTY Portal? Thank youAz :
Hi Jobel,
Thanks for your question.
Genesis Block is the name given to the first block of a cryptocurrency, first one of that chain ever mined.
A blockchain is a series of blocks used to store information related to transactions that occur on a blockchain network.
For us this was our test coin to ensure all of the chain and wallet functions were working correctly.
Many people still don’t have much idea of how NFTs work and how to acquire them, is NFTY PORTAL beginner-friendly in the world of NFTs? Do we have to have advanced knowledge or NFTY PORTAL intuitive enough for inexperienced users?Az :
Hi Michael,
Thanks for your question.
NFTY Portal will change the way people interact with blockchain technology and help bring NFTs and crypto in general to the masses whether you are advanced or beginner level of crypto experience.
We aim to continually improve our products to make them user friendly and more simplified as we continue forward.
In a world full of different actors such as traders, artists, collectors, musicians & others, aligning there interest to use your NFT platform is hell of a task. So what makes you think NFTY is the best bet to help realise there goals of getting maximum satisfaction and profits?Az :
Hi AMA Professor,
Thanks for your question.
The crypto space as a whole is on a massive growth scale.
The NFT scene alone is trading around $500m USD daily volume.
We aim to help all mentioned simply by providing an advanced chain that makes the important things like Security, Data Storage, Fee Reduction, Dynamic chain, Universal chain etc all play a huge role in bringing all types to the NFTY chain
Reduced fee % for the marketplace, Increased % for the mintee add to the NFTY Portal attraction.
NFTY Portal have 2 versions of wallet available web wallet and windows wallet, what is the difference between NFTY web wallet from windows wallet? Why did you launch 2 wallets in these different versions? Are there any plans to launch a mobile version of the NFTY wallet app?Az :
Hi Miss. Unicorn,
Thanks for your question.
The major difference of the Desktop Wallet and WebWallet is that we understand there are large parts of the world’s communities that do not have access to pcs or laptops.
These sections of the world also enjoy crypto and shouldnt have to miss out of the joy we all have from this exciting space.
So with the webwallet they can login from their devices like phone, tablet etc using their preferred browser and be able to create a NFTY address and use the features of our system.
Your vision is to make $NFTY minted coins, tokens and NFTs, as well as #ERC, #BSC and mints, tokens and NFTs all available in an NFTY or Dex Gateway. Building a hybrid model is’nt much easy, so could you please mention about the challenges you’ve faced while development stage?Az :
Hi Gamebouy,
Thanks for your question.
The challenges for us have been minimalized due to the robust chain that our devs have created, which has been a process over a number of years.
The most challenging part for us was creating the codes that had not been written before for the new features our product is built on.
Alot of the other stuff just falls into place as the new code is built into the products.
QUESTIONS TELEGRAM
@masud1219How has the experience and background of your team been effective in the success of your project so far and how do you aim to revolutionize the field of blockchain and NFT?
Az :
Thanks for your question.
Having a team of devs who provide tech support to many top name crypto projects as well as build our products is an invaluable resource.
Having a marketing team from LunaPR onboard to help spread the word of our great ecosystem will be massive for growth.
As mentioned earlier in the AMA our revolutionary chain and functions will help advance blockchain tech forward and benefit all in this space.
@KimbonhwaAre you have any Buy Back systems or Token Burn plans to increase the value of Token ? Or to keep the token price stable in the current slightly chaotic market conditions?
Az :
Hi Kim,
Thank you for your question.
At this stage, no we do not have a token burn or buy back system in place.
We feel the amazing products we are bringing to market will help create value.
There are only 200m NFTY Space coins so not alot compared to some of the projects that are currently releasing to market.
Also with our Governance system coming into place the community will be able to vote for future decisions on the project so who knows if a buy back or token burn could come into play later.
@roy4547What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedbacks and demands?
Az :
Hi Roy,
Thank you for your question.
Our confidence in the product for sustainability and long term outlook stems from the features we have designed.
Being able to help advance blockchain tech with onchain Data Storage is a massive leap which will benefit not only current users but future users also.
Regarding community feedback, this is important to us and is why we have created the governance system section of our NFTY ecosystem to ensure that after we have completed our current roadmap the community gets a say in how the project develops.
@Cute564Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch in this your mainet or switch to other blockchains in the future?
Az :
Hi Cute Girl,
Thank you for your question.
Our NFTY chain can do millions of transactions per second.
Our dynamic blocks being able to expand with high volume and allow for transactions fees to remain low make us very competitive in the market.
We have designed our system right from the start so it can compete or do better than others in the market.
@HeRmAwAnTrAdErNFT projects usually require huge investment. Who are your key partners helping for the development as well as funding the project?
Az :
Hi Hermawan,
Thank you for your question.
The NFTY Portal project is owned by the Swiss Tech company DexTech AG.
DexTech AG has many investors and shareholders one of which is Germany’s first Crypto Bank Ten31.
Our backing has strong foundation because of this financial security.
We also are in discussions with a number of professional established companies who are willing to help us launch to market, their knowledge and expertise will assist in a smooth and successful release.
Plus our partnership with LunaPR, a professional marketing firm based in Dubai.
The combination of the above is a big factor in our upcoming success and ongoing development.
- Telegram Chat : http://t.me/NFTY_Portal
- Twitter : https://twitter.com/NFTYPortal
- Website : https://www.nftyportal.io/nfty-coins
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about NFTY PORTAL.
Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.
