Thank you to the Infinity Chain Club for participating in Ask Me Anything (AMA) with Findora on November 16, 2020. This guest star,
Lily Chao — Founder Of Findora
Here’s our 10th AMA recap!
We are glad to meet here :
Lily Chao — Founder Of Findora
Introduction
Anonymous,
Hello dear community! Our guests today are from @findoraen
@lily52099 welcome! 🤝
Lily,
Hi
Anonymous,
We really appreciate your coming to AMA today, to tell our community about Findora 😁
Lily,
This is my pleasure! Thanks for your time!
fy’,
Welcome👏
Anonymous,
I hope you are excited about our party😁
Vigée,
👋 Hello @lily52099 How are you ?
Lily,
Great!
Anonymous,
So, before we start AMA. Can you please introduce yourself to the our community? @lily52099
Lily,
Sure. My name is Lily Chao. I am the founder of Findora. I am a young entrepreneur and investor active in Silicon Valley and Asia Pacific Rim. — I have a track record of investing in early stage businesses both in the US and in China. always seek to disrupt and improve legacy businesses, as opposed to following their lead. I view myself as an original thinker, along with the late John Powers, we devised the strategic and product vision of Findora Foundation. With one foot in Silicon Valley and another in the broader Asia-Pacific rim, I am proud that I see the ways technology can create real world solutions across all corners of the globe! My strength is to put together teams of well rounded engineers, cryptographers, marketers, financiers and to push the go-to-the-market play!
Lily,
At my spare time, I am a big fan of cooking, shopping and off-roading.
Vigée,
Glad to know about you 😁
Anonymous,
Thank you for the introductions, we are glad to know 😁👏
Anonymous,
Well it looks like you are very excited today
fy’,
[In reply to Lily]
Cool
Anonymous,
Allright, in the first segment we will give a little question about Findora. so, are you ready? @lily52099
Lily,
Yeah!
Anonymous,
First question please @Donni6
Donni Nugraha,
Okay, get ready!
Donni Nugraha,
Q1. Can you please describe what is Findora to our Community?
Lily,
Findora is a globally trusted financial infrastructure, owned and democratically secured by a decentralized network of worldwide organizations and economically incentivized parties. Findora was created to enable the creation of financial services that are transparently operated while preserving user and institutional privacy. Created by a team of Stanford academics and entrepreneurs, including John Powers, former CEO of Stanford’s USD $25 billion endowment fund, Findora will be accessible to anyone in the world, whether individuals, small and medium enterprises, or industry giants. Our team has extensive collaboration with leading cryptographers in the world and our comprehensive cryptography library includes implementation of state of the art Zero Knowledge Proofs such as Plonk, Bulletproofs an Supersonic. For more information, visit www.findora.org.
Lily,
Findora is being operated by a decentralized network of operators. But the software stack can also be deployed and operated by a variety of interoperable networks. It can be used by a traditional bank to replace the infrastructure they currently run on, deployed in the cloud, or It is a platform for issuing assets of any nature, including cryptocurrency. Findora’s mission is to address the challenges necessary to support this broad class of assets and diverse financial use cases. One of the primary challenges is providing confidentiality while retaining the transparency and public accessibility of other blockchains. Achieving this privacy-preserving transparency is Findora’s major focus and product differentiation.
Lily,
👌
Anonymous,
Very cool, knowing this very detailed explanation the community can understand it 👌👍
Donni Nugraha,
Thats great answer, so complete and clearly 👏
Vigée,
Great
Lily,
I think your community is very technically sophisticated.
Anonymous,
Next question
Anonymous,
Second question please @Donni6
Donni Nugraha,
Okay for the second question
Donni Nugraha,
Q2. What sets Findora apart from other platforms that makes it stand ahead? what is unique about Findora?
Anonymous,
[In reply to Anonymous]
For the community, don’t forget to follow the AMA rules 😁
Anonymous,
And get a reward 👍
Donni Nugraha,
[In reply to Anonymous]
🥳🥳🥳
Lily,
There are a lot of things that set us apart including technology, product, problems we solve and the team and the market strategy. But I wanted to focus on the technology and product: Findora represnts the cutting edge of the blockchain technology: we are aiming to bring breakthrough to Web 3.0 rather than incremental improvements. The probelms we solve and the technology we use make us unique: we use a variety of the newest trustless and efficient zero knowledge proof techniques to bring efficient confidential/anonymous asset operations/transactions to an open blockchain; we use the similar technology to create confidential identity and credential for open blockchains; we use the best in the class zkSNARKS to create optimized ZK Rollup services to help scale up the entire blockchain sphere; we innovatively use a variety of authenticated data structures to make a highly efficient new blockchain.
Lily,
👌
Anonymous,
Very innovative and an option for investors to join Findora 👍
Donni Nugraha,
Thats cool
Vigée,
The technology Findora uses is really cool
Muhammad Ozil,
I hope the community understands it
Donni Nugraha,
Very intresting 👍
Anonymous,
For the community and investors you can see the Findora website https://findora.org
Lily,
Thanks. We will publish a lot of documents to elaborate.
Anonymous,
Third question please @Donni6
Donni Nugraha,
Next question is
Donni Nugraha,
Q3. Does Findora has its own token? then can you explain about the tokenomics and use-cases of this token?
Lily,
The quick answer is yes. We do have a system wide token. Such token is the ultimate representation of the utilities on Findora blockchain. Our token economics is designed by experts in game theory, computer network economy and financial engineering. The goal is to make sure the token will directly reflect the growth of the network and the aggregated asset scale on the network while keeping reasonable scarcity. In addition to the common use cases of the tokens such as staking, gas fee, block creation rewards etc, such tokens are also being required for L2 liquidity mining, asset pooling, deployment of commercial applications and side ledgers, and more. For instance, the enterprises that deploy side ledgers for multi-party supply chain finance, trade financing, equity swap trading and KYC menegement will be required to pledge our system tokens.
Lily,
The tokens will also be used for running ZK Rollup nodes to share the revenue.
Lily,
👌
Anonymous,
No doubt, Findora is very perfect 👏👏
Muhammad Ozil,
[In reply to Anonymous]
Agree!
Anonymous,
Thank you for the detailed explanation, I hope our community understands completely😁
Lily,
We learned a lot from other chains’ token models and hopefully we can offer something interesting to the whole community!
Anonymous,
That’s right, can’t wait for Findora’s development😁
fy’,
[In reply to Lily]
Cool👏
Anonymous,
Fourth question please @Donni6
Donni Nugraha,
Q4. Crypto projects were closed in many countries due to improper regulation and licenses. How does Findora project solve these problems?
Lily,
I am actually not sure if I fully understand this question. But I will try my best to address it. The regulation and licensing to crypto assets and projects are, in general, still at its early stage globally. A lot of juresidctions tend to apply securities laws. We work with the best legal practitioners within the jurisdictions where we present to make sure the project and its constituents are well protected. Findora itself is very focused on product, deployment and compliance to make sure the network’s digital assets are decentalized, fairly distributed and represent and only represent the utilities on the open network.
Lily,
👌
Anonymous,
Thank you for the explanation 👏👏
Anonymous,
Fifth question please @Donni6
Donni Nugraha,
Oke for the last question
Lily,
🙏🙏
Donni Nugraha,
Q5. Finally, what are the main achievements that the Findora has achieved and what are planned before the end of this year / next year?
Lily,
Our main achievements so far: 1. invented a very unique DAO, DeFi fund management system that support privacy preserving asset operations voting/onchain governmence. We believe such blockchain based organizations will change the world; 2. be responsible for discovering one of the most efficient trustless Zero Knowledge Proofs systems; 3. has built an entirely new blockchain based on the newest ADS technologies from the ground up purely using Rust + WASM; 4. completed one of the world’s most comprehensive cryptography libraries- ZEI. Planning for end of this year/next year! — — Launching mainnet! We are ready to go!!!
Lily,
👌
Anonymous,
Good news for the community or investors👏👏
Donni Nugraha,
Wow, awesome! 👍
Anonymous,
The first segment is over
Donni Nugraha,
Noted this one 😍
Anonymous,
Thanks for explaining Findora, I think the community can’t wait for more information about it in the second segment 😁
Anonymous,
And we’ll move on to the second segment
Anonymous,
In this second segment we will send you some pre-selected questions from Twitter
Vigée,
Findora’s extraordinary achievement, we look forward to Findora’s next extraordinary achievement
Anonymous,
So, are you ready for the second segment? @lily52099
Lily,
YEAH
Anonymous,
Perfect, let’s start the second segment🍻
Anonymous,
First question please @Donni6
Donni Nugraha,
Okay first question from twitter
Donni Nugraha,
Q1. Fidora own an the open zero-knowledge blockchain. Does that mean it will be a privacy coin? Do you think we need another privacy coin on the market? And has Fidora been audited?
https://twitter.com/kenki_35/status/1328248683704459264?s=19
Lily,
YES! All tokens created and issued on Findora, including our system tokens, will have privacy features. Privacy coin and privacy preserving stable coins can also be issued and circulated on Findora. On this market, we have zcash and monero as the main privacy coins. What we can issue using Findora is very very different: 1. tokens on Findora are auditable while the others are not (thats why they raised some concerns); 2. privacy preserving coins on Findora support smart contracts (while the others are not). This is significant: you can do whatever etheruem can do with these coins. In the future, every token should have privacy features. Even Vitalik from Ethereum agreed.
Lily,
As for code auditing, yes, we have been working with multi parties to audit different parts of our codebases.
Lily,
👌
Anonymous,
Very safe and unique, I hope that many investors will join Findora today 😁👍
Donni Nugraha,
Thats cool answer Lily 🥳
Anonymous,
Perfect
Lily,
Thanks!
Anonymous,
Second question please @Donni6
Donni Nugraha,
Okay
Donni Nugraha,
Q2. The signature required for each operation in the transaction must also sign a digest of the entire transaction. Is there a guarantee that individual operations in the transaction cannot be performed replayed individually?
https://twitter.com/AlansGarvin/status/1328249317409255425?s=19
Lily,
It is guaranteed cryptographically. The UTXO set index stores the SHA-256 digest of every active UTXO along and a reference to its position in the transaction log. Transactions with asset transfer operation outputs are added to the UTXO set index. The UTXO inputs referenced by the asset transfer operation are removed from the UTXO index.
Lily,
It is an common operation to sign both the TRX and the digest.
Anonymous,
Sounds good 👍
Lily,
To be more precise: When a transfer operation output is added to the UTXO set index, the data entry placed in the index includes the following
a SHA-256 digest of the entire transaction
the position of the transaction in the transaction log
the index of the transfer operation
the specified output address and its index in the transfer operation output list
When a transaction transfer operation output is removed from UTXO set index, this data entry is deleted. Data service nodes store the complete UTXO index because UTXOs are critical to transaction formation and end users will frequently query for their UTXOs. In the Phase I, all full validator nodes store a simplified UTXO index consisting of the SHA-256 digest of every UTXO. In Phase II, the full validator nodes will not store the UTXO index.
Lily,
No replaying is possible.
Lily,
👌
Lily,
Note: Findora on the very low level, is UTXO based.
Muhammad Ozil,
Wow, this is perfect Answer ! 👍
Donni Nugraha,
[In reply to Lily]
Already noted 🚀🚀🚀
Anonymous,
Third question please @Donni6
Donni Nugraha,
Q3. Authenticated distributed ledger
At the core of the base layer is a shared authenticated data structure (ADS). What are the advantages of efficiency over ADS?
https://twitter.com/trust_no_one007/status/1328210006265585664?s=20
Lily,
Authenticated Data Structure is an umbrella term. We can say Findora tech stack is entirely based on ADS of some sort.
And we are a liberal user of all kinds of ADSs.
An ADS has a short data tag called the state head. This state head uniquely commits to all the data items included in the ADS. There are several different ADS techniques used for different purposes in the Findora platform. Several types of implementation for ADS are provided.
Merkle tree: A commitment to an ordered list. Used for integrity checks on individual items in an ordered list.
Sparse Merkle tree: Commitment to a key/value store. Used for integrity checks on values in a key/value store. Supports both deletion and insertion.
RSA accumulator: Commitment to an unordered set of items with smaller membership witnesses (just 256 bytes no matter the size of the set).
Bloom filter with SMT: Space efficient representation of an unordered set that allows efficient membership testing. Supports insertion of items but not deletion from the set.
Counting Bloom filter: Space efficient representation of an unordered set that allows efficient membership testing. Supports insertion and deletion of items from the set. Not used for commitments.
Findora goes well beyond achieving all the following minimum functionality requirements:
A storage mechanism for distributed data in the blockchain
Common record and maintenance of accounts
Publicly managed, tamper proof, and trusted
Support for permanent storage of book records
Support for multiple nodes to have complete data records
Support for providing true data records to authorized persons
Ensure data consistency for nodes with the same ledger record
Donni Nugraha,
Cool so clearly 👍
Lily,
Thanks
Anonymous,
Perfect, you are very excited all the explanations are very detailed I hope our community members understand and join it 👍😁
Anonymous,
Fourth question please @Donni6
Donni Nugraha,
Here we go
Donni Nugraha,
Q4. One of Findora partners is Tencent Cloud, how does this association generate profitability for the Findora ecosystem? Besides, what other partners are supporting this project? What is the role of Tencent Cloud in the Fidora ecosystem?
https://twitter.com/IxMut9/status/1328253201980669952?s=20
Vigée,
We hope that askers are satisfied with the explanation regarding ADS on the Findora Platform
Lily,
This will be very (extremely) profitable. And the revenue streams flow into the Findora public chain constituents. The nature of our partnership is to deploy an elastic and highly scalable Transaction-As-A-Service side ledger to Findora. Fintech companies and businesses can subscribe to that services to outsource their transactions (be it game assets, banking transactions, API based banking balance and more) without worrying about the security of a clould and of course, these transactions exist on the Tencent clould in the form of ZK proofs so they are auditable and interoperable. We are working with many partners incuding banks, enterprise blockchain application builders, DeFi entrepreneurs and stable coin issuers to signing them on to this service. Tencent Clould is a strategic infrastructure and co-sale partner.
Lily,
👌
fy’,
Cool
Donni Nugraha,
Noted this 👍
Muhammad Ozil,
Another Great Answer! 👍
Lily,
🙌
Anonymous,
Fifth question please @Donni6
Donni Nugraha,
Q5. What is the Findora Open Banking platform all about? Will it mean integration with traditional banking or will it be linked to DeFi?
https://twitter.com/ddmahendraa13/status/1328257270015172610?s=19
Lily,
The Open Banking concept is an answer to the surging needs of banking info revolution under GDPR. Findora will provide a complete set of APIs and SDKs and even sample software stacks to facilitate the move. Under such, consumers will be able to have their traditional banking institutions to safely blind share their information or statements regarding their balance/trx info to designated parties. We will ensure a fully interoperable and private platform can be a great hub for seamless transition between the rigid old school banks to challenge banks to even, DEFI.
Lily,
We call it a frictionless solution for connecting both worlds.
Vigée,
a very interesting explanation 👌
Anonymous,
The second segment has over, thank you for your answers😁👍
Donni Nugraha,
Oke thanks for all of best answer, now we know about Findora so well 🥳
Anonymous,
We wish Findora a great project in the future and we can’t wait for the great news of Findora 👍
Anonymous,
So, we will continue to the last segment
Anonymous,
And in this last segment there is a direct question and answer session and you will choose the best 5 questions from the community to be the winner and get the prize
fy’,
IMPORTANT RULES‼️
1. All members may send maximum of 3 questions
2. May not copy inquiries from prior AMA.
3. Must Join :
The Group:
The Channel:
@InfinityChain_News
@findorafoundation
Follow Twitter:
http://twitter.com/Infinity_Chains
https://twitter.com/findoraofficial/
If you don’t follow the rules you will be disqualified and unable to get an AMA prize
Anonymous,
And the third segment will be held in the Findora Group @findoraen
Anonymous,
[In reply to Anonymous]
Please join all
Donni Nugraha,
Just to remind, dont forget to follow AMA rules ☺️
Anonymous,
Please mute your group when you have had enough of the questions from AMA participants @lily52099 😁
Anonymous,
[In reply to Donni Nugraha]
Correct 😁
Anonymous,
Enjoy this AMA 🍻🍻
Lily,
Pick 5?
Anonymous,
[In reply to Lily]
Correct
Muhammad Ozil,
[In reply to Lily]
Correct
Lily,
1. Community and partnership are fundamental things required to grow a project. How does Findora Foundation perform in terms of these two things?
Lily,
2. Q: From a startup project to a mainstream project, being a pioneer in the industry, do Findora Foundation team anticipate that many new startups will show up and compete?
Lily,
3. Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Lily,
4. Findora implements auditability tools, without sacrificing privacy of users. What are these tools, how transparent they are? When would an audit be neccesary?
Lily,
5. As we know Scalability is a major problems in most of Blockchains & Dapps. So, How Your Project solves Scalability problems and allows Dapps a great scalability?
Lily,
ok
Muhammad Ozil,
Please give us the username of the winner, I mean the username of the question you chose,
So we can know who the winners and get the price ☺️
Lily,
sure
Lily,
Let me check
fy’,
Cool
Muhammad Ozil,
Thank you 🙏
Anonymous,
🍻
Lily,
@marshalldare
Lily,
@smithshanny
Lily,
@Nickkiii
Lily,
@Cryptotech3
Lily,
@Imissyoujan
Lily,
Thanks
Lily,
1. Community and partnership are fundamental things required to grow a project. How does Findora Foundation perform in terms of these two things?- Community and partnership are so important. We consistently invest in worldwide educational and incetive programs for brand awareness and use case promotion. Our efforts include newsletter, updates, ambassador program, grants, meetups, bounties and more. For partnership building, we have a very strong team consisting of crypto veterans, succussful fintech BD experts an marketers that actively build our partnership network. We have a 100M institutional development fund, a Defi incubator and a network of enterprise application builders.
Lily,
2. Q: From a startup project to a mainstream project, being a pioneer in the industry, do Findora Foundation team anticipate that many new startups will show up and compete? — We anticipate our specicif arena will attract a lot of new attention and talents. It is a good thing to see the competition. We are optimistc about the development future and do think healthy competition will in general benefit the growth and awareness.
Lily,
3. Where does the project name come from? What does it mean for you and why did you choose that name for your project? — — This name came from an internal brain storming and one of our core team members proposed this name: 1. it sounds fun, friendly and interesting; 2. it is not possible to mis-pronounce it in any language and easy to spell. This is a cool name to me and some of my friends read it as “open the pandora box of finance”, which is never an official definition.
Lily,
4. Findora implements auditability tools, without sacrificing privacy of users. What are these tools, how transparent they are? When would an audit be neccesary? — -We have a huge toolbox of auditability tools, incuding proof of solvency, range proof, proof of whitelisted assets; proof of accreditation; identity selective revealing tools, confidential asset tracers. These tools are all designed with one purpose: allow public or certain privileged auditors to undertsand and verify certain statements on a transaction while still keeping the raw data confidential. Such fine grained audits are very necessary in many cases (and proetct the privacy), not just under a regulatory circumstance.
Lily,
5. As we know Scalability is a major problems in most of Blockchains & Dapps. So, How Your Project solves Scalability problems and allows Dapps a great scalability? — — Findora technology stack is very cryptography rich. No surprise we aproach this scalability issue by leveraging cryptography. We are using ZK Rollups to help increase the throughput of blockchain. I am sure a lot of members here underdtand how ZK Rollups work. We have very versatile soutions to cover a variety of use cases. The throughput improvement is 100X-1,000X
Muhammad Ozil,
Thank you for all Answer 😊
Anonymous,
Alright, you are very on fire. So, i think most of the important questions have been already answered. Lets end it it here 😁
fy’,
Thanks for answer
Anonymous,
Thank @lily52099 for accompanying me with the AMA session today, and for clarifying Findora to InfinityChain Community
Lily,
[ 😘 Sticker ]
Muhammad Ozil,
[ ❤️ Sticker ]
- Telegram : https://t.me/findoraen
- Telegram Channel : https://t.me/findorafoundation
- Twitter : https://twitter.com/findoraofficial
- Medium : https://medium.com/findorafoundation
- Whitepaper : https://bit.ly/34YkWjE
- Website : https://findora.org/
- Instagram : https://www.instagram.com/findorafoundation
- Reddit : https://www.reddit.com/user/Findora-Foundation
Thank you for trusting Infinity Chain Club as the organizer of the event today, hopefully everyone can understand about Findora.
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