Ink Finance Community AMA #3 Recap: INKER DAO Q&A
How is the contribution processed for INk Finance?
DATE: 1 PM | Aug. 4th | 2022 UTC
Theme: How is the contribution processed for INk Finance?
Segment 1: The host introduces Andy & General Questions
Segment2: Twitter Questions
🕐 9:00 | Segment1: The host introduces Andy & General Questions
Host | Missy: Welcome to today’s Community AMA! Hi Andy, we’re happy to have you today. Please introduce and tell us more about yourself.
Speaker 🅥 | Andy: Good evening everyone. My name is Andy. I am the Chief Brand Officer at Ink Finance. Prior to Ink Finance, I have held leadership roles from Fortune 500 companies to startups, and take pride in helping companies perform at the highest levels. I have been involved in the crypto industry since 2017 and joined Ink Finance in 2020.
Host | Missy: 1. What are INKR DAO and INKR?
Speaker 🅥 | Andy: INKER DAO is a self-organized community set up to promote the visions and missions of Ink Finance. Through continuous contribution to marketing and branding efforts, the community members can earn INKR Scores that are tallied on the INKER Whitelist Scoring Plan.
INKER DAO’s Scoring Plan is built upon one simple idea — a contribution Scoreboard is the fairest, most compliant, and most transparent reward solution, with which the community can reward and track contributors.
Ink Finance is the most comprehensive no-code DAO system, there is no better way for our community to share and collaborate on the INK platform as a DAO — to feel and touch its features and functionalities, to receive your rewards!
Currently, the INK Webapp is open for beta testing and there are 3 activities to participate in to earn INKR Scores. You can find out more about them here: Click here
Host | Missy: 2. What is the relationship between INKR and QUILL? Why sometimes reward QUILL, sometimes INKR?
Speaker 🅥 | Andy: First, INKR is NOT a transferable token received through airdrops. INKRs are merit points for contributions made by INKER DAO members — you are encouraged to earn, and can only earn, INKRs. If you take transfers from other DAO members or make transfers to other DAO members, your INKR scores are useless, in BOTH cases.
QUILL is the native token of Ink Finance protocol, which will be launched by the project team via reputable public sale platforms.
Your earned INKR scores will give you rights to convert your score to QUILL airdrop at a certain ratio (to be determined) after TGE, and also give you access to the whitelist of QUILL token’s public sale.
Host | Missy: 3. I received INKR. How many QUILLs can I exchange in the future?
Speaker 🅥 | Andy: The conversion ratio of INKR to QUILL airdrop, as well as to the quota of whitelist, is yet to be determined. Please stay tuned for the announcement, and keep learning and earning!
Host | Missy: 4. The INKR badge is in my wallet, why can’t I transfer it? Why should I never transfer it?
Speaker 🅥 | Andy: INKER DAO is part of the Ink Finance family, so its “governance token” is Ink Finance’s native token QUILL, which means the number of QUILL tokens that you pledge to vote will be counted.
However, as a sub-DAO of Ink Finance, INKER DAO doesn’t want anyone owning lots of QUILLs to disrupt our community, therefore, we use “INKR” as a badge to make sure only those who have earned it in the community can be part of the governance. Even though your final vote count is still determined by the number of QUILLs, you must first hold INKRs to vote.
Economically, INKR is used to record the contribution made by community members to various events. INKR has an unlimited amount of issuance, the scores represent YOUR contribution credits and naturally are not transferable. If you try to transfer them between wallets, you will lose your benefit.
Another thing — your INKR scores will never expire. The more you accumulate the more privileges you have in the future.
Host | Missy: 5. What are the benefits of INKR?
Speaker 🅥 | Andy: Currently it has at least the following two benefits:
🔵 All INKRs allocated will be eventually converted into QUILL airdrops (Ink Finance’s native token) according to the ratio yet to be determined.
🔵 Quota to the whitelist of QUILL’s public sale. Our community will be the first to know when the public sale will take place, and at what price.
There are many other ways that INKRs can be used to reward the holders shortly, such as:
🔹 Ink Finance will be used by many top-tier Metaverse and Gamefi DAOs who will issue NFT-related investment products at attractive returns. VIP INKR holders have access to these hot offers;
🔹 Ink Finance will also be used by many crypto manager DAOs with superb investment reputations, VIP INKR holders have the privilege to join their syndicates;
🔹 The next hot concept on web3 is the Soulbound Tokens or SBTs. INKR is the SBT provided by Ink Finance’s protocol. When the standard SBT is available, all INKR scores can be converted to SBTs.
Host | Missy: 6. What’s the INKR contract address?
Speaker 🅥 | Andy: Don’t trust me, it’s easier than you think to find out — land on the DAO List and search “INK” and “INKER_DAO” will show up. You will see “INKR” under the “Badge Name”. Click on the word “INKR” and your Metamask will popup to import it for you! From Metamask, all technical information about INKR, including its contract address, can be found.
Host | Missy: 7. How to collect INKR scores when they are awarded to me?
Speaker 🅥 | Andy: If you have earned INKR, the DAO managers will set up your wallet for collecting them. You click into the “INKER_DAO” from the DAO List, and go to “My Activities” — “Collect pay”, and you will see your earned INKRs ready for you to collect. Click here
Host | Missy: 8. When will the INKR scores be allocated?
Speaker 🅥 | Andy: If you have accumulated INKR scores before, then your wallet will be set up in a payment schedule. Follow the steps in Q7 to collect them.
If you haven’t got any INKR before, you need to earn your first seed. Find in the DAO List “INKER_GEN” and click on its name. Select “All Proposals” — “Open for vote”, then select any open proposal, in the detail window to the right, scroll down and click “Cast Vote”. Choose Yea or Nay (it doesn’t matter), pledge any number (it doesn’t matter), and your vote will be recorded. Later when the proposal expires, your wallet will be set up to receive your first INKR. Follow the steps in Q7 to collect it. Click here
Now you have your INKRs, which is the required badge, you can participate in the “vote to earn” event! It engages you to vote on the proposals made by the INKR_DAO. Participants who test the voting function will be set up to receive INKR scores as rewards.
This event is currently ongoing and will finish on Aug 8th. Your INKR Scores can be collected within 5 days of the event completion. Follow the steps in Q7 to collect it.
Host | Missy: 9. I’ve received the email, What’s the next to do?
Speaker 🅥 | Andy: Firstly Congratulations. Now go to INKER _DAO to collect your INKR scores. Then join our Activity 2-Vote to earn to win 200 More INKR. Don’t miss out.
Host | Missy: 10. I have previously used other wallets, should I change to MetaMask?
Speaker 🅥 | Andy: Currently, only MetaMask is supported.
🕐 9:50–10:10 | Segment2: Twitter Questions
💬Q: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience working in crypto and non-crypto projects?
👁🗨A: We currently have about 20 people currently on our team, with rich professional experience in both Web2 and Web3 worlds.
💬Q: Are you a global project or a local project? At present, which market are you focused on, or is it focused on building and growing to gain customers, users, and partners?
👁🗨A: Ink is definitely a global project, with team members around the globe. We are currently we are focused on the following markets:
🔸Metaverse & Gamefi Ecosystems: Ink Finance can help ecosystems & guilds build up DAOs with different hierarchical levels & financialize their NFTs (such as gaming equipment, avatars, etc);
🔸 Angel & Venture: Whether you are a traditional VC, angel investor, or a crypto fund manager, with Ink Finance’s DAO tool, you can democratize your investment and fundraising under dynamically changing regulatory requirements;
🔸 Crypto Asset Management: CeFi-based or DeFi crypto funds can use Ink Finance to conduct crypto asset management;
🔸 Real-world Fintech: INK’s DAO tools enable real-world assets to be traded in STO exchanges;
🔸 Liquidity Providers will be able to expand and reach more NFT-backed & structured products;
🔸 Retail Investors.
💬Q: What are the strong points and strengths of InkFinance?
👁🗨A: What sets Ink Finance apart is we are set up as a one-stop shop forDAOs.
🔸INK is a professional tool for DeFi and fiscal duty.
🔸INK makes the DAO’s token usage efficient.
🔸INK establishes a multichain reputation & taps DeFi liquidity.
🔸INK has built-in governance integrity & protection against malicious attacks.
🔸INK enables DAOs to be adaptable to regulation.
Ink Finance represents the 2nd generation of DAO tooling.
1st generation tools only support DAO proposing and voting. The question we had was what do we do after the vote? These first-generation tools often move to social platforms like Discord or Telegram. to execute their financial decisions or they may have to move into another DAO tool to complete transactions. INK does not have this dilemma.
About Ink Finance
Ink Finance is a one-stop financial management toolset that empowers DAOs with governance economy, asset or credit financing, investment management, and fiscal control, integrated via a plug-and-play framework. It aims to establish a gold standard for DAO financial management that can reshape financial organizations of the Web3 era.