Ink Finance Community “Talk To Team” Recap
On May 4, 2023, our CEO Tony Tang joined the “Talk To Team” channel of the Ink Finance community. Let’s recap what issues Tony discussed with the community? Also, let’s take a deeper look at how Ink Finance will revolutionize DeFi. If you have any unique insights, we look forward to hearing from you.
DATE: 7pm | May 4 | 2023 (UTC)
Q1: According to INK’s documents, it enables on-chain ecosystems to set up their operation structure. Can you show me what it means?
🅥 | Tony Tang: If you run a real meaningful business, you need to manage the its entirety by splitting it into subsidiaries — we call them sub DAOs on blockchain.
For example, by culture & language, regulation & compliance, asset specialty, risk management professions, etc.
INK allows you to set up these sub entities under your main brand, and give them autonomy to incentive them to make the biggest contribution to the entire ecosystem.
Each one of these sub entities can have their own management units — we call them Committees,everything is done with plug-and-play, no code!
Q2: The issue of liquidity have always been a major challenge for most crypto projects, how do you plan to resolve this?
🅥 | Tony Tang: Fantastic question. there are meanings of liquidity when it comes to finance:
- can I turn my asset into money?
- how can assets being traded?
Re. 1) INK allows asset owners to meet a wide range of investors, not because you have the asset, but because you can prove YOU DESERVE MONEY!
We will open a new era of credit-based DeFi — you prove you deserve money, then investors will look for you!
Re. 2) Not all assets can be traded among all people. specialized DeFi protocols trade specialized things. INK makes that specialization possible.
For example, a VC fund’s LP wants to sell his share, but the buyers MUST be held to certain standard knows as KYC. INK presents the entire blockchain to this LP, and the fund manager uses on-chain technology to verify the buyer’s identity and qualification. Now, this LP share can be tokenized and traded.
Q3: Why did you choose DAO in the first place? What benefit will you have from it?
🅥 | Tony Tang: DAO isn’t what INK chooses, it is what society chooses. INK serves DAOs.
To be precise, many traditional organizations may not want to be considered as DAOs, but they want to move their operations on-chain to build closer ties with their users or customers a decentralized formation of this social relationship can be loosely called DAOs, if you want the benefit for such a form is multi-folded it shortens the feedback loop: your users will be incentivized to make their voices heard, which allows you to make better product.
You can subtask marketing and branding to your users instead of relying on your staff.
You can let your user share your growth, instead of just make money from them.
The above are just obvious benefits, but there are more!
Q4: How does Ink Finance plan to address scalability issues and accommodate increasing user demand as the platform grows?
🅥 | Tony Tang: Fantastic question!
INK is a SaaS-like system, it’s a factory of smart contracts. no user can bog down INK because they use the contracts INK makes! INK’s scalability is infinite!
Q5: How does Ink Finance ensure the security and integrity of its platform and users’ assets?
🅥 | Tony Tang: Without being too technical, I can say that INK adopts the discipline of “smart contracts on top of underlying accounts system”. What makes INK extremely safe is its transfer authorities are 100% TIED TO THE PROCESS, not just wallets. The Unified Custodian Vault, or UCV, is NOT a multis-sig wallet.you can never hack the voting process!
Q6: How does Ink Finance address the issue of high gas fees on the Ethereum network, and what benefits does this provide to users?
🅥 | Tony Tang: It certainly isn’t INK’s unique problem. however, INK is a multi-chain protocol, it can run on every EVM compatible blockchain.
If an ecosystem chooses to base on Ethereum, it must have a good reason. INK’s stake-to-govern mechanism allows such ecosystems to compensate their voters by any kind of customizable governance reward built into its token allocation.
Q7: What is the roadmap for Ink Finance’s future development and expansion plans?
🅥 | Tony Tang: We’ve completed the base governance & management framework, and two critical financial plug-ins: Treasury & Investment.
We’ll BD heavily based on these achievements, because they can already cover a wide range of Metaverse, DeFi Protocol, VC, and fintech.
Then we’ll complete the other 2 critical plug-ins: Funding & Community
Q8: What will be the usecase of inkfinance and what is its advantages regarding traditional finance services?
🅥 | Tony Tang: INK has 4 major sectors to service: Metaverse & Game-fi; DeFi protocols; VC & Hedge funds; and Fintech on-chain.
INK doesn’t replace traditional finance — it extends its power and uses its strength. For example, there are VAST amount of assets in the real world that are VERY hard to meet money. because trad-fi’s inflexible operational structure and extremely high compliance cost.
INK allows them to use blockchain, tokenization, and decentralization to bring these assets on-chain.
Which requires that INK builds the kind of infra that they can and are willing to use, to enjoy the benefit of DeFi but without losing trad-fi’ legitmacy.
Our core tech is an on-demand SaaS, supported by two financial pillars: InkEnvelope and UCV. Please read our online doc for details.
Q9: How does Ink Finance incorporate community feedback and suggestions into its development roadmap?
🅥 | Tony Tang: INK is a DAO infra, and of course it will be operated like a DAO itself. There will be several important sub DAOs of the INK family, one of which is the INKER_DAO, which is dedicated to community feedback and incentivization.
I believe our fantastic community team has been constantly creating events to educate and engage all members. through these events, community members will gain merits and credits that go FAR BEYOND only token airdrops.
On going, the members will earn to provide feedbacks, in a very transparent fashion. the team serves our members.
Another big point: QUILL token is a management utility. DAOs who use INK must own or rent QUILL to enjoy features. As such, they also become our community members.
Q10: What are the marketing strategies this project is working on for more exposure to the public?
🅥 | Tony Tang: Our strategy is “2B2C”. We service large ecosystems that bring their thousands of users business is marketing!
That said, we surely can follow more crypto-native type of shilling, but that won’t be our prioirty. If we want to change crypto for a better future, we certainly will not rely on shilling. we let our ecosystem users to feel the benefit, we let their organizers to feel the power.
When we get one DAO to use INK, we win the hearts of their thousands of uers.
Q11: Looking at the mission test this time, it seems that the main net is coming out soon. When is the mainnet release? What is Ink Finance’s mission and final goal?
🅥 | Tony Tang: Due to the sheer scale of INK’s infra, the security audit will cost lots of time. This is what we are doing now. As soon as it finishes, INK will be on 4 EVM mainnets + Solana via an EVM warpper.
Don’t hold my words on this, but the estimation by our auditor is toward the end of June for mainnet launch.
The next questions are related.
Q12: What are the benefits of buying fund products on Ink Finance compared to other funds? What are the advantages of issuing capital raising funds on INK?What are the application scenarios of Ink Finance in the financial field?
🅥 | Tony Tang: I will start with our motto: Finance is built on credit; and Credit comes from competence.
What does that mean?
It means: NO ONE deserves your money, unless they can prove their competence and financial strengh.
How do they prove it?
By showing to you their operational transparency and financial strength on-chain based on this principal, INK will allow the groups who need money to show their internal finance, risk management, asset integrity, the management process transparently to investors.meanwhile, INK allows DeFi protocols to make transparent and compliant policies so that risk management can be seen on-chain.it also allows retail investors to form their own pools of money to focus on “themed” investments, with their own elected professional leaders.
Q13: What is the conversation ratio of ink to quill?
🅥 | Tony Tang: That will be decided based on the total INKRs granted after most of our community events are concluded before listing. But remember, INKRs will not disappear, they are your long term credit at INK family. Your benefit is more than QUILL airdrops.
About Ink Finance
Ink Finance is an on-demand financial management SaaS, enabling on-chain organizations to build effective operation structure and perform best-practice financial management. Motto: Finance is built on credit, and credit comes from competence.
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