On November 5th 2020, we had an AMA with Gene on Telegram.
At CryptoFamily Group, the CEO of the project – Pedro – went live to greet the community and gave insights to topics about Gene.Finance capitalizing on the power of DeFi, and share some hot event of Gene in the upcoming time.
Time: 20:30 GMT+7 11/05/2020 at https://t.me/CryptoFamilyGroup
Airdrop 100$ including 2 parts:
– 5 Questions in Google Form (10$ each)
– 5 Questions in free-asking (10$ each)
Here I would like to write a summary of the main points of the AMA session:
CF: First, could you please introduce something about your team and Gene Finance.
What are the competitive advantages of Gene Finance compared to other projects?
Gene: That's a good question to start.
Our team is located in China currently, but our members come across the world. In my case, the US, other co-workers are chinese, french and from uruguay, so we have - if you may - international experience.
We been in crypto for a while now, I would say since 2015. So we've seen a lot of things come and go and a lot of events repeat themselves, it gives you a lot of perspective into events. It's important to always remember "Time in the market, beats timing the market".
As for the second part of your question, our team not only has international experience and a lot of time involved in crypto overall, but we also combine our university degrees. Other projects are only aimed for devs and forget about general users.
CF: Thank you for the detailed introduction. Next, please share with us the vision and goals of Gene Finance in the near future.
Gene: Just a moment I said that I been in this a while, so I've seen how the original "DeFi" in eth was just EtherDelta, if anyone remembers that, you'll know how bad it was.
From that, we have evolved to an billion dollar marketcap in DeFi ranging a lot of products and everyday expanding.
Gene.Finance wants to be a part of this movement and allow users to participate and invest in projects they are familiar with. We want to create a new space for users to be early adopters and don't feel they have been left out of this momentum in the industry.
CF: Thank you. Move on to the last question of Part 1.
Are there any upcoming plans or hot events to attract more users in the Vietnamese market?
Gene: We are currently expanding our liquidity pools and will soon add a nice feature with NFTs, that is the current plan, still early... but I'm allowed to announce it here.
We'll consider special events in the upcoming months, and of course, if we're welcome back to CryptoFamily AMAs we'll announce it here first.
CF: Can't wait to see more updates from Gene.
Thanks for the above useful information. I believe all the members here would love to hear more about the project, so they have many questions submitted to our Google form. I will choose 5 best questions from the form for you to answer them directly here in this group. Take your time, please!
1. Where can I buy #GENE ? Also, what are the benefits in the long-term for stakeholders? Why should we invest in $GENE ? @fodiboz
Gene: You can buy GENE On Uniswap, the token will hold special benefits that will be increased when we release our NFTs. As any other governance token, it works by giving people a vote in the project, and the price reflects this value.
Am I allowed to place the Uniswap link on the group?
Maybe that will save some time for any investors in here tonight !
2. What do you think is the future of digital collectibles and NFTs and how then does GENE plan to be at the forefront of this innovation? @looizu
Gene: I think that they will become more popular, there's an entire new generation growing of young people that want to break away from the past and the norm. NFTs and collectibles will replace how in the past people used to collect baseball cards (or Magic cards if you play in the 90's), and before that, our parents generation used to collect, for example, coins.
This will happen to us.
As I mentioned before, GENE is currently in the early stages of integrating NFTs, so stay around to be early once we launch!
3. The current trend is YIELD FARMING ... Can you tell me how GENE takes advantage of YIELD FARMING? What benefits does GENE get from this? @mackioaa
Gene: That's a good question. Let me explain, there's a difference in "Yield farming" and "Liquidity mining"...
Usually it's used to refer to the same thing, but there's a slight difference.
In the case of liquidity mining, you enter a liquidity pool which will charge 0.3% fee for each trade and this will be the profit for the members of the pool.
On the other hand, we have "Yield farming", which is taking the Liquidity Provider tokens, and locking them in order to "farm".
In our case, we provide GENE token, which will be the part of an ecosystems of projects. In less than a month, we have over 6 pools, and more in development.
The idea behind Yield Farming is to encourage and reward users for their liquidity by granting them a token that was not pre-mined, or sold to private investors.
Everyone gets a fair share of the supply.
4. Why does GENE still use Ethereum blockchain while it has a slow speed and high gas fee?Do you have any plans to launch your mainnet or convert to other blockchains in the future? @huizlm
Gene: ETH has had problems since it's launch regarding speed or gas costs compared to other protocols. In turn, this has not stopped it being the most popular and adopted block-chain currently. These problems will go away once Serenity (ETH 2.0) goes live, which will boost 15 transactions per second to more than 15,000 per second.
What GENE did was integrated Metaverse (ETP) and also our DNA blockchain, so that means that if you hold those crypto -even if it's in a different chain- you can still bring them over to Ethereum.
5. Currently, has Gene cooperated with any partners, especially partners in Vietnam market? What benefits did Gene and these partners bring to each other? @soideptrai
Gene: We launched only a few weeks ago, we still do not have an specific partner focusing in the Vietnam market, but we are always open to new proposals.
CF: Okay, hope you guys can find more partners in the Vietnamese market to expand Gene ecosystem.
That's the end of Part 2.
Now we have 30 minutes left for free-asking part. In this part, all members will have 2 minutes to make questions for @Corfucinas today.
Feel free to ask and he will explain gradually in his answers.
(after 2 minutes...)
1. If regulations change tomorrow, how to incorporate them into a tokenized security? How to comply with regulatory authorities in terms of KYC, DD and AML? How to enable dispute resolution mechanisms and enforce a transaction or reverse it? @luckymonke
Gene: I'll answer this one from @luckymonke since it's an always present topic.
If regulations change tomorrow, the first thing that will happen is absolute chaos. Why? Because not everyone understands "what" are those regulations, we will need time, lawyers, accountants, etc, in order to clarify.
While things are not "clarified" it will bring uncertainty, this is what gives birth to chaos.
Every industry has had regulations, if you look at the existing ones in place, you can read "why" they were put there in the first place. That is, every "rule" has an history.
But this also creates an interesting dynamic, that is, WE are the ones doing the history together, and how the market evolves, changes, and matures, things change, and must adapt.
As to the second part -enforcement-, things can only be enforce to the extend that technology allows it.
2. After the attack of the Kucoin exchange, the security issue has been mentioned many times and is being worried about. Is Gene Finance confident about the security of your platform? Can Gene Finance share more about Gene Finance security technology? @lontoto
Gene: GENE finance is full open-source. You can read our smart contracts, they also have been audited https://github.com/genefinance/genefinance
I read among the questions they were a few pentesters, so if you notice something, feel free to open an Issue. That's our audit report, if anyone is interested https://gene.finance/reports/gene.finance%20Smart%20Contract%20Audit%20Report.pdf
Also, please remember that it's important to have a balance of funds divided among -not just projects- for profit, but also in wallets, exchanges, and Defi for security.
As you know, we are decentralized and hold 0 user funds.
3. Can customers get support by Gene Finance without delivering sensitive personal information? What information do you save on the system? Is it necessary to present the information? How does the system protect users from risks? @phuongngu22
Gene: I saw among the questions people inquiring about the long term of the project.
Every project success depends on it's users. If people gave up on Bitcoin in 2014, or on ETH during the DAO hack, we would not be here tonight. So that means that what gives a project value, "it's you".
If anyone needs help, feel free to ask on our twitter or join our Discord for discussion.
4. What is the expectation of the price fluctuationWhat is the expectation of the price fluctuation of the GENE coin and is there an area where investors/holders can earn profits in addition to market ? of the GENE coin and is there an area where investors/holders can earn profits in addition to market ? @Khocnotlan
Gene: As I said before, I see a lot of questions that have things in common, so I'm selecting them to answer more than "one concern".
In this case, "the price".
It's important to remember that this is not financial advise.
Anyone must evaluate their risk profile, and not gamble, but make due diligence and invest smart, and must important, learn every day.
With that disclaimer out of the way, GENE Token was launched a few weeks ago, as many other DeFi projects, the price of the token was $0. During it's first 6 hours, the price went to $10 USD.
Every market has a cycle, asset has as well an internal cycle before fitting the bigger picture.
If the overall market is good, every asset will reflect that.
The advantage of buying GENE, is that not only you will hold an asset, but you may Yield Farm with it, in order to generate more and offset any losses, or multiply gains.
5. Many new projects made a good impression at first but were suddenly abandoned. My question is, how will you manage the project and token to gain a place in the market and become a best token in the blockchain world? @kakakaem
Gene: DeFi is never abandoned, because it belongs to everyone. We just finished our new election, regarding what pool to add. If anyone is holding over 10,000 GENE tokens, they can also submit their proposal and we will take a look at it.
As I said, what makes "us" is "you", that's in essence DeFi.
Our team can create, but it will be up to everyone to adopt and expand.
CF: Thank you for all the above answers @Corfucinas.
Seems like there're many things to exchange, but I'm afraid the time is up now! For all questions that have not been answered yet, feel free to search for more information on the links as Mr. @Corfucinas provided above.
Hope Gene will gain more success in the coming time!
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