Meeting Notes of TiFi AMA on October 15, 2022
San Francisco, October 15, 2022. The TiFi Team
The speaker of the AMA meeting is Samuel Zhou, founder and CEO of TiFi.
“Today we went back to the TiFi community to host the AMA. Last month we had an AMA with Tapbit, who is our new CEX partner and we met the team and lots of new investors there. Meanwhile we recently formed the long term partnership with Ave.ai, which is one of largest decentralized on-chain market data platform, we welcome everyone to follow us on Twitter or join the Telegram group.” Samuel Said.
Innovation of TiFi
TiFi adopted the new slogan “The Innovation of Landing e-Commerce On Blockchain” a week ago on TiFi website. This means TiFi is building a new e-Commerce platform based on blockchain technology that nobody has created before. This is the key to support sustainable growth during the unpredictable market.
TiFi’s innovation is not only to make crypto as a payment currency for e-Commerce, but also use blockchain technologies to track and handle the whole workflow of e-Commerce. It will give vendors and customers more transparency and security for online transactions, also it helps traditional vendors, and merchants who are doing great on web2 can easily migrate their business to web3 to gain new customers.
TiFi has invented new ideas with blockchain to represent products and track the workflow that may happen in e-Commerce. For example, when you buy 2 pounds of apples in a grocery store, the apples here have no difference with another pound of apple from e-Commerce point of view, so it can be represented by a fungible token (which interface is defined by ERC-20). If customers want to buy an artwork or other products that are unique from any other products, they can use NFT (non-fungible token, which interface is defined by ERC-721).
EIP-1155 has proposed a concept of flexible token to cover fungible token and NFT, as well as “Semi-Fungible Token”. It defines the interface that can be used to represent the products. However, the real-world workflow for e-Commerce should allow blockchain technologies to define the state of the product(s). Different states have different sets of operations allowed for the products. For example, the item that is in transit for delivery cannot be traded or transferred to another owner. So TiFi invented the concept of “stateful universal token” to make blockchain fully support e-Commerce.
TiFi Bank Lending Platform Updates
TiFi Bank will provide a lending platform like Aave or Compound. This is a premium feature that very few DEX offers. It allows people to provide cryptos as collateral and borrow cryptos. The collaterals are similar to the property when you apply for property loans. There is LTV(Loan to Value) for the loans you can get. The basic workflow of the lending platform is as follows:
Timelines
Here are the ETA of the launch of the new products:
TiFi Bank v4 — Lend & Borrow : Nov 15, 2022.
TiFi Allverse Alpha Version: Dec 20, 2022
The Events TiFi will Join in the Next
The CEO of TiFi Samuel Zhou attended the meeting of Google Cloud Next in San Francisco, this is a great opportunity to meet partners and investors there. TiFi will continue to participate and show up in multiple events. If you want to meet the TiFi team, you are welcome to come to join these events as well.
Here is the schedule:
- NFT San Francisco Conference (https://nftsanfrancisco.xyz/)
October, 31, 2022 - ETH San Francisco (https://sf.ethglobal.com/)
November 4, 2022 - Future of Crypto (https://www.benzinga.com/events/crypto/)
New York, December 7, 2022
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