ForTube AMA Recap - EN
Host: Hello Everyone, we will soon be commencing the AMA. We think it’s a great way to hear from our CEO regarding the plans of ForTube in 2021 and how 2020 was like for the Project. As usual, there will be 2 segments. First Segment, I will ask the CEO some questions. Second segment, Community will ask the CEO some questions in which he will pick some. There will also be a quiz at the end and members will stand a chance to win some $FOR token.
Jeffrey: Hello everyone!
Host: Welcome Jeffrey, we are pleased to have you here with us.
Jeffrey: Very excited to chat to the community. Thanks for having me!
Host: Hi Jeffery, can you tell us a little bit about yourself?
Jeffrey: As everyone probably knows, I’m the CEO of ForTube. Previously, I worked in China UnionPay as a senior manager for a long time, focusing on the R&D of inter-bank transfer clearing system and investment.
My previous working experience included partnering with People’s Bank of China to establish the standardized payment training systems in China, and promoting financial technology and blockchain technology in the financial system for a long time. After that, I was focusing on the investment consulting blockchain and digital economy, so I have great experience on investment and operation in the Blockchain and fintech industry.
Host: Wow that’s great. You have a rich history when it comes to the traditional financial industry. Let’s go to the second question we have regarding ForTube tokens. As the ForTube ecosystem governance token - FOR, what kind of case studies and economic models does FOR have? And, I heard that if users lock the FOR and participate in the governance voting, they will also get additional liquidity incentives.
Jeffrey: FOR is ForTube’s ecosystem governance token, and it’s core function is governance. To participate in governance voting, you need to lock FOR, and at the same time you will get GFOR. The ForTube team believes that governors who lock FOR to participate in the community are the real supporters of ForTube. We respect and thank all governors. Therefore, the team will give additional incentives to users who hold GFOR. The current average APY of locked positions can reach up to 100%, depending on how long the FOR tokens are locked.
Future important R&D development and core parameter adjustments of ForTube platform will be decided by FOR holders. In addition, users who hold FOR can also participate in ranking of “ForTube Bond” to obtain the rating service fees.
In order to empower the FOR community in the long term, we use ForTube’s transaction fee income to buyback and burn FOR. We have already completed a buyback and burn in October and November. Now, we are also planning to distribute dividends to GFOR holders. Therefore, if you hold FOR, you will truly enjoy the growth of ForTube.
Host: Awesome. I love the “buy back and burn” mechanism, which helps to reduce supply and I think investors are always looking forward to that. Next question: 2020 was really a tough year for humans. Every industry has one or two things they experienced during the peak of the pandemic and lockdown. Is there a Roadmap for 2021?
Jeffery: Since ForTube launched, the strategic goal of ForTube is to occupy 20% of the market share of global crypto assets. We hope we can achieve this goal in 2 years. We are very happy to see ForTube is becoming more and more international. Users in the US, UK, India, Turkey and Vietnam are continuing to use ForTube now.
In 2021, ForTube will pay more attention to the expansion of the global market and to provide a better service for global markets and customers.
I want to talk about the ForTube Global Ambassador Program in 2021 in detail. Last week, we recruited more than 40 global ambassadors from all over the world. They are the supporters and believers of ForTube, and are willing to participate in various ForTube activities. They can speak different languages, can actively interact with community members and discuss ForTube topics, and spread ForTube news and strategic plans to their own communities, including but not limited to Twitter, Instagram, Discord, Telegram. I believe that through the efforts of these ambassadors, ForTube will have more and more users and the market value of FOR will also increase.
In addition, in terms of customer service, ForTube will set up a major customer department to provide investment institutions and miners around the world with accurate crypto digital financial services, including BTC, ETH, and FIL miners.
Host: Oh! great. I personally think brand ambassadors are a great initiative, it helps bring the core business ideas to the grassroot in their own native language. seems 2021 is going to be a great year for ForTube. Lets go to the next question: Last Month, ForTube added some new digital assets into its lending protocol, this is a good initiative as it helps to widen the awareness and increase more lending options for members. Are there any planned listings on ForTube?
Jeffrey: Since the launch of ForTube, more and more projects want to launch on ForTube. Why do they like ForTube? After launching on ForTube, they can lock in the liquidity of Token while borrowing other high-quality assets. At present, there are around 10 tokens waiting in line to go online. ForTube will review these tokens. There are several latitudes for review, such as the technical capabilities, liquidity, community, and stability of the project. Due to the signing of confidentiality agreements, I cannot disclose it here yet.
Host: It’s great. Guess we should be seeing a $100M TVL next year also. What updates are coming for ForTube in the next few months? I’m curious to know and I’m sure the community is also curious.
Jeffrey: In 2020, ForTube mainly focused on the development of Bond and Bank V2. Since these two aspects of business went online, the system has been working stably to provide safe lending services to users around the world, which makes us very proud.
ForTube keeps using technology to promote product innovation. In the first quarter of 2021, ForTube will bring three major changes:
First, upgrade and optimize the oracle system, using a combination of decentralized oracles and self-feeding. Mainstream currencies use decentralized oracles to provide quotations, including cooperation with ChainLink. For other currencies that the decentralized oracle does not provide quotations, multi-node clusters are used to feed their prices themselves, and a variety of algorithms are applied to reduce the quotation deviation of price data sources to ensure accurate and timely price feeding.
Second, build a risk control rule engine and upgrade the risk control model, so that all ForTube business processes are in a complete risk control closed loop. ForTube will also carry out data collection and research work, identify and alert the source of risks such as abnormal transactions, and perform automated processing, and assist in the formulation and execution of long-term risk control strategies. ForTube will cooperate with more professionally qualified risk assessment agencies and project audit agencies to jointly complete the iterative upgrade of the risk control system.
Third, ForTube platform brand upgrade, launch a new website interface, optimize user experience, and plan to launch different language versions to provide services to users in different countries and regions. ForTube will also announce the platform mascot and make related merchandise to increase ForTube brand recognition in the DeFi community.
Host: Wow, that’s quite a lot for 2021. ForTube is sure prepared for 2021 already. Thank you for taking your time to be here with us today, we will move over to the second segment.
DeFineX: When ForTube NFT?
Jeffrey: Currently we are having an Christmas giveaway activity with Binance to give away some NFTs with a FOR prize pool of 160,000 FOR! You can check out the details on the Binance Smart Chain website!
Also we are looking at other ways in which NFTs can be integrated to ForTube.
Ho-jin: As I Know you only have FOR / ETH and FOR / USDT trading pairs available, but Will you set more trading options? Is there a plan to have another pair available soon?
Jeffrey: This mostly depends on the exchanges. I hope we can have more trading pairs in the future for Centralized Exchanges.
Collin: Crypto platforms are a major area attack of hackers . Can you mention the security measures that make ForTube trustable? How is it protected, what information and funds does it keep? What are all your plans for increasing security of the ForTube platform for upcoming years?
Jeffrey: ForTube products are independently developed by their own R&D team. The original DeFi technology components can avoid external attacks or reduce losses. For example, our BEAMS component can continuously monitor the operation of the contract, audit data and assets. Once issues have been detected, the system can be locked immediately to avoid losses.
Our MAK component can prevent a single administrator from committing illegal activities or revealing the secret key. For example, in the Ethereum Infura accident, ForTube activated the security protection.
In addition, the ForTube team hired Slowmist and Certik to audit our platform, and launched a long-term bug bounty reward program to make sure the platform is safe.
Also, we have prepared 100 million FOR as a risk reserve to deal with the possible loss of user assets under extreme conditions.
Kuluk and uhuk: Burning is a great way to decrease the token fluctuation which will have a positive price impact. Do you have any other plans to increase the price value of FOR token? Maybe future project owners will need to buy and hold FOR to be part of the ForTube ecosystem?
Jeffrey: That is also a great idea. We are always looking at new ways to drive value for the FOR token. These kinds of proposals would be a great proposal in the Governance system of ForTube, to let GFOR holders vote on proposals to implement.
CiamaKnight: Are they going to make a new listing for a token in a new exchange?
Jeffrey: With our recent listing on Binance, this has opened the door to a number of other exchanges that we can list on, as Binance is a big tick of approval. Of course I can’t discuss anything specifically, but we are always looking at new exchange listings to allow users to trade FOR on their preferred exchange.