Meeting Notes of TiFi AMA on January 17th, 2023
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Samuel Zhou, the CEO of TiFi, hosted AMA in the Chinese community on January 17, 2023. The AMA is mainly focused on the topics about TiFi Allverse. Samuel also answered several questions about TiFi in this AMA. Here is the list of questions and answers.
What does the TiFi Allverse do?
TiFi Allverse is a decentralized e-Commerce platform that allows anybody to sell, purchase, trade and redeem on the platform. The decentralization gives the equal opportunity to make the above transactions. At the same time, the platform uses the decentralized smart contracts to manage credibility and provide after-sale services to maximize the safety of customer’s purchases.
What is SUT?
SUT is short for Stateful Universal Token, it is a standard to define the tokens that unify real-world products and pure digital assets. You can compare SUT with NFT, TiFi Allverse with OpenSea. OpenSea is a platform of NFT trading. TiFi Allverse is a platform of SUT trading.
“Stateful” means the state of the token can be transferred during the life cycle of its underlying product. Because a token can represent a real-world product before people redeem the token, after redemption, the token may lose its value of real-world product and be converted to pure digital asset. So the state of the token is changed.
“Universal” means the token can be fungible or non-fungible based on the products it represents. E.g. 10 gallons of gas is fungible if it is compared to another 10 gallons of gas. But it is not fungible if compared to 10 pounds of apples.
Who can mint and burn SUT?
Anyone can mint and burn SUT, no matter if you are a seller or buyer or what you want to use the SUT for.
Are there any fees to mint SUT?
There are no fees to mint SUT, users only need to pay the gas fee.
Does a merchant need to provide a security deposit for selling products on TiFi Allverse?
No. TiFi Allverse doesn’t require merchants to deposit security funds before selling products. People can list products for free.
How do you guarantee merchant deliver the products?
If merchant cannot deliver the products, the customer will complain before the return window, and merchant cannot get the payment.
TiFi Allverse also introduced a decentralized credibility system to maintain the credibility of a merchant. An unhappy customer can impact the credibility of merchants due to the service and product quality. All the customers can see the credit of the merchant and it can help customers to identify scammers or untrusted merchants.
What is the relationship between TIFI and SUT ?
TIFI is a type of fungible token, SUT is a token standard, you can mention it as a category of tokens like NFT. You can use TIFI to buy SUT on TiFi Allverse.
What cryptocurrencies can be used as payment tokens/coins on TiFi Allverse? Any benefits of using TIFI as payment token?
Most mainstream cryptocurrencies can be used on TiFi Allverse to buy products or trade SUTs.
Merchant can choose which cryptocurrency he/she can accept as payment, usually a percentage of transaction amount will be charged, using TIFI as the payment method will have less transaction fees.
What can I sell and buy from TiFi Allverse?
TiFi Allverse is an open platform, and you can sell and buy anything in theory. However, users should follow the regulations and laws from their countries. And sellers and buyers have liability for illegal trading activities.
How would you attract more merchants to come to the TiFi Allverse platform?
There will be lots of marketing activities and promotions to attract more merchants. We are actively joining events to promote our products. Our recent move to Plug & Play is also our strategy decision to attract more partners from the world class platform.
Why did TiFi move to Plug & Play?
- Joining the acceleration program;
- Attract more investors;
- Meet more partners.
Will TiFi open the source code of TiFi Bank?
Currently we don’t have plans to open the source code of TiFi Bank. It will protect TiFi’s intellectual properties and prevent copycats.
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