Meeting Notes of TiFi Voice AMA Spring 2022
San Francisco, April 5, 2022, The TiFi Team
Thank you everyone who join the AMA meeting today! This AMA is represented by Samuel, CEO and the Dev of TiFi L.L.C. This session agenda was broken down into the following parts.
What is TiFi
TiFi stands for The Integrated Finance. The project builds the solution for allverse finance — the finance ecosystem for the domain that unites metaverse and universe. Launching TiFi Token (TIFI) is the first step towards the allverse journey. And we are putting long term effort to protect TIFI investors and grow the TiFi project.
TiFi as a company is a registered company located in California, USA, and established in January 2022. While we fast growing our business, we operate the company under the regulation of state of California, and the law of United States. We have utilize the facilities that most crypto projects don’t have to protect the right and security of investment to TiFi Token.
We have worked closely with CertiK team in mid February to enforce the security of TiFi Token smart contract, and make sure the smart contract free from any issues. Right now, we have the security checks are done with the security score of 93, which is above average score for all the projects on CertiK. This score leverages the 6 factors with real-time monitoring: Statics Analysis, On-chain Monitoring, Social Sentiment, Governance & Autonomy, Market Volatility, and Safety Assessment. We also get the KYC and Skynet badge as well on CertiK.
If a token owner dump the token or the price of the token fluctuated significantly, CertiK will publish the real-time monitoring situation on CertiK Alert. And CertiK will report the case to US government with real person information including ID and residential address(es) since we are a US company, the US government or its agent will start an investigation with the person who is in charge of the token.
Let me walk through TiFi tokenomics if you are new to TiFi:
The creative idea of TiFi Token is it offered 1% of token back to transaction senders, and 2% fee charged for recipients. So there will be 1% of fee collected, we also enforced 1% of fee for buying and 2% of fee for selling from LP. For all the fees the smart contract collected, 60% are redistributed to all holders, 20% are burnt automatically, and 20% are sent to TiFi Bank as stake interests.
Before releasing TiFi Bank (which will happen in Q3 or Q4 this year), the 20% of TiFi Bank deposit is sending to the community address to support marketing and growing the community of TiFi.
Right after successful presale, we have applied for CMC and CG listing last Thursday (March 31, 2022), and the case number has been assigned and listing reviewing is in progress. And TIFI will be listed soon.
We also touch base with several CEX platforms for listing TIFI so people can start to trade within their platforms. These platforms includes Bitmart, Cointiger, coinsbit etc. Some of them need legal and listing process and we are working on with these platforms to get through the process.
We are always doing marketing for TiFi projects, including TiFi Token. What we do and keep doing is promote TiFi on social media with influencers and big communities, also we post Ads on major crypto platforms, and collaborate with CEX platform to host promotional events.
We are now building a newer version of TiFi website, the new website will be more visually attractive, also it will provide better experience and informative to everyone.
For TiFi Bank Development, we have completed design the product. It will contain a staking platform and give much higher rewards than reflection and token-back rewards. As well as the DEX to allow customer to exchange from various cryptocurrencies.
TiFi will continue the growth in terms of team and products. We will release TiFi Bank in Q3 or Q4 of 2022. And design and prototype of TiFi App along with NFT product in the next stage.
More about TiFi App
TiFi App is a new piece of TiFi road map we recently add on whitepaper:
We bring the concept of Allverse, which targets to bridge the metaverse and universe, and make an integrated platform to trade merchandise between virtual and reality. The concept is people can shop and trade products with NFT instead of getting the real world product delivered to customers. It will save customer’s effort to store and handle the product, and we will make the platform for trusted vendors so they can properly store and deliver the products for customers.
Here is how it works:
How you will allocate the liquidity token for CEX listing? I don’t see any unlocked token reserve for this as per the tokenomics . 90% of the token are locked for more 2 years.
The main source of allocated liquidity is coming from the buy-back program from TiFi Team. E.g. one CEX platform need thousands of USD worth of USDT and the same value of TIFI to make a pair, these funds are coming from the TiFi Team with buying back.
So our buying back program mainly serves 2 purposes, one is for burning tokens monthly, another one is creating pairs for various CEX platform. We are not waiting for 2+ years and using locked token for liquidity.
Every investor is worried about the security of his or her investment (Rug-pull) what do you have in place to prove your system is secured against all kinds of Rug-pull?
The TiFi Team have long term goal for product development and protect investors with trust. We have facility CertiK Skynet monitoring for the fluctuation of the market, make sure TIFI market secure and healthy. Also we are KYC’ed and under the regulation of law of US, so there is no chance for the system or the dev team of the project go with rug-pull.
Would it be better to have more fees to make reflection higher?
As the long term goal for TiFi project, we want to make it as a payment method that can be accept majority of parties for transaction and swapping. For example, if you want to listing on a CEX platform, the higher fees means more commissions charged to buy/sell the token on the platform so that the platform can cover the fee(and the fees could double: fees from transfer token from/to CEX pair to/from PancakeSwap, and fees for buying/selling from CEX platform), which could be painful for investors. So 1% of buying fee and 2% of selling fee could make most people accepted, and stimulate the transactions with TIFI.
Once TiFi Bank or other decentralized product under development, would you open the source code to public?
Before we release the product, we want to keep the code in private repository since the code may not meet the production standard of TiFi. Open-sourcing the product that doesn’t meet industry production standard may lead confusion for the product and raise quality concern. And we will open the source code once the source code is being fully tested, audited and verified. We will also send the code to CertiK for security audit to make all products we released are trusted and reliable.
Let’s take look what we did for TiFi Token smart contract for example, the product delivery process is, we send our code in private repo to CertiK and they do audit with the code in the private repo, after they have reviewed, verified our code, both parties work together to improve the product quality in terms of bugs, security concerns, logic issue and other code quality issue. After we fixed these issue and meet the production standard, we deployed the smart contract to mainnet and CertiK audit again to make sure the code deployed is original. The whole process is aiming to give the best quality of the product.