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March 17, 2021, 07:30:28 PM |
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For the ones who didn't attend Saturday 13rd March 2021 AMA here is a summary of what has been told.
Martin Ploom : Let's start with our general updates:
- The Beta is progressing very nice, we are very thankful to our Beta Community!
- The next Beta deployment will be in the Ropsten network, we are preparing this now. Ropsten will be available next week - exact date will be defined later
And we are seeing continuous new registrations in our current application too!
Question : What is the status of testing and when can we expect the robsten network testing start? 2) what happened to integrations? AMPNET token already released and their product might be starting up
Martin Ploom : Regarding the integrations:
- We could have published the 1.0 version of the widgets, but then we have to run two versions in parallel
- So we will complete the PiixPay integration after we have launched the Release 1.1 - then we have to deal only with one baseline
Regarding AMPNet:
- We congratulate AMPNet team to the successful token offering
- And we will check up the status - as soon the secondary market feature is enabled in AMP - we can integrate then
Let me add more:
- We are working on our Release 1.2 scope
- And we are discussing as well the Release 1.3
Question : Hi, what is main reason for 1.1 and roadmap delay?
Martin Ploom : Which delay? We are integrating the beautiful feedbacks from the Beta group into our product. These feedbacks / ideas are so good, that we just extended the Beta from just fixing the defects into the doing some more UI improvements
Question : So do we have a rough ETA on release 1.1 for the integrations?
Martin Ploom : The PiixPay is the first, it will be after the Release 1.1 launch.
The AMPNet will follow after the secondary market feature is enabled in the AMP.
The CryptoTask will be between the PiixPay and AMPNet.
Question : Fixed rate lending products are coming everyday into the market and some of them are going big. How Smartcredit will market their product and create awareness among the crypto community? Also, hoping big on various integrations which will increase the user base.
Martin Ploom : Yes, we are very happy about the increase of fixed-rate products in the DeFi Sector! This shows that the real usecases are entering the DeFi market.
We say that the fixed-income market is 10x of the money-market-funds in the traditional economy, so there will be a lot of growth in the next years in fixed-income.
Further awareness about SmartCredit.io - we are preparing as well our Release 1.1 Launch Campaign - so, this will create some noise.
Regarding integrations - there are two types of them.
The first one is with the big players, but they are "divas", they have some "moods", etc. And we will be the "small brother" for some time (till we get bigger than the integrators). It's good for brand, but it will take some bandwith from us.
The other one is with the players in the "pre-growth-phase" - like PiixPay, AMP, CryptoTask - all of them are starting to add massive user base. And we are not the "small brother" with them. We think that's more better for user acquisition. It starts slowly, but it will bring a lot
Tarmo Ploom : It shows fixed income is becomig hot topic!
We welcome all copycats. And ask them to provide high quality financial products to users.
Most of copycats today expose users to significant uncommunicated risks. I woulndt call it misrepresentation. It is just that users have very high probability of financial loss on these copycats platforms.
As community we have to make users aware of these adverse risks they are facing on these platforms.
Question : Good afternoon! Please tell us about your longer-term plans. What is your vision for version 2.0 in the distant future?
Martin Ploom : So far we are speaking about the Release 1.2 - it will be with focus on the SMARTCREDIT utility and on the Borrower's
Release 1.3 - let's announce this - Release 1.3 will be with focus on the cross-chain-collateral
There is pipeline of value propositions after 1.3 as well, but let's wait with the announcements till there
We see huge upcoming demand of fixed-income-products. Why? Because the real economy works on fixed income. The real economy does not work with money-market-funds. And the more users DeFi will get, the more transfer from the real economy into the DeFi we will get - the more fixed-income there will be
And of course - the Release 1.1 - The FIF's (Fixed Income Funds) for the Lenders!
Tarmo Ploom : Vision for 2.0 is:
1. More collaterals, more underlyings
2. Better collateral ratio than now
3. Improved credit score (it is the key in fixed income lending) capability
4. Very strong integration capabilities
Question : I understand that there is a growth in users and there are goals set for that. How is the growth with your team coming along? Are you consistently hiring, are you adding new developers to the team?
Also how would you describe SmartCredit’s culture? Do you guys tend to attract partners, investors, and employees?
Tarmo Ploom : It is very nice face currently. Market is growing, product is getting traction. It is very motivating for everybody.
And it offers huge growth opportunities for all team members. I am sure, most of them will in future be best experts in this field and take over leadership roles.
Lets say, SmartCredit is growth platform!
Martin Ploom : We are continuously extending our team.
And our culture - It's about delivery, it's about doing things, it's about getting this done. No place for people with Ego's, but place for people who want to create change. And who want to do this together! We have delivered 4 successful products before - and each of them was based on the team culture!
Partners - yes, we are continuously looking for integration partners - non-custodial platforms, which would like to integrate our Widgets all our API. We have very good offering to the Partners - they are receiving 50% of the loan origination fees PLUS reward tokens (from the Release 1.2)
Question : Is there a point to where SmartCredit could potentially offer loans without over collateralization like traditional finance based on credit score metrics and KYC/AML etc or is that not possible/part of the vision? Too much risk involved?
Tarmo Ploom : This is the long term objective.
In Fintech currently BNPL (Buy Now Pay Later) is hyped. Fintech unicorns offer BNPL, it is megatrend. It will arrive also in crypto.
Martin Ploom : We would like to go into the undercollaterlization. Let's think - all FIAT P2P platforms are without collateral (except some with mortgages or car loans)
So, what's the difference between FIAT P2P and DeFi ==> in FIAT there is court integration. There is no court integration in DeFi, because the laws are missing ... But these laws will come. And when the laws will be there - then we all the DeFi market ==> it can take over the Fiat P2P market!
And which laws do we need - it's about digital signatures - some countries accept state certified digital signatures. Most of countries do not ... But we need law to extend even further - we need law to accept the digital signatures in the non-state certified blockchains. When this is done - then we can say BYE-BYE to the FIAT P2P lending system. DeFi will take them over.
Question : No collateral is in the near future: is this the AAVE is telling about no collateral?
Martin Ploom : AAVE is not telling about no collateral. They are doing some word gaming. The speak about the credit guarantors.
In traditional finance you have credit guarantors - like your family giving guarantee for your car loan, etc. It's widely used concept. So, AAVE renamed this concept into credit delegates. What to say ... But it's just credit guarantors - someone has to bear the risk of default. And in DeFi this is done with the collateral.
Tarmo Ploom : What we need is TRANSPARENCY for users, and not hiding true risks of the financial product what is too common in DeFi today. We have to provide users products they understand!
(Not really a) Question : Excellent Smartcredit seems like a perfect bridge or combination between the DEFI and trad-fi when the legal system/regulations eventually mature. It seems like you will have a leg up on the rest with the general route you are already heading.
Martin Ploom : The DeFi today has to extend the way of thinking. It's not just Liquidity Pools or Money-Market-Funds. There are so many additional features, which can be offered in the non-custodial way.
We need more users in DeFi. How do we get this? We say - let's look what are the main use cases in the traditional finance. And let's transfer these main uses cases into DeFi. And not some specific use cases like options trading or futures or trading strategies for the conversion of the variable rates into fixed rates. We need main use cases support in the DeFi. This will result in the Adoption.
Tarmo Ploom : To get more users into DeFi we have to offer products what NORMAL users need. NORMAL users dont understand liquidity mining, flash loans, staking etc. NORMAL users understand terms like interest, fixed income.
When we want to get NORMAL users into DeFi then lets start speaking their language and not inventing technocratic language which hides risks for NORMAL users
Martin Ploom : NORMAL users will take a loan for 30 days or 60 days. They will not use Money-Market-Funds. NORMAL users will buy on credit some stuff for home. They will not use Money-Market-Funds, but they will take 30 days loan for this
Of course, the Money Market Funds will say - THIS TIME IS DIFFERENT. Well, it is not different. It's always about the users, about their needs.
If we want real ADAPTION, then let's offer the products, what people are using in the real economy in DeFi
Question : Just as you can integrate into other eco systems with a widget based approach, are you also considering letting other projects use your credit score logic perhaps as a stand alone product?
Tarmo Ploom : Credit score is the key of all fixed income, this is the core capability, competitive advantage of SmartCredit that we have developed very advanced ML based credit scoring algorithms.
In fintech there is a company CreditKarma. Their market value is 4B USD. All they do is to offer alternative to FICO credit score. Sooner or later credit scoring capability will be understood also in DeFi.
In SmartCredit we want to build up Decentral Autonomous Bank. Credit Scoring is key element of it.
Martin Ploom : We are discussing about taking our already existing and tested credit-scoring module and doing some nice stuffs with this. And yes, one of these "nice stuffs" could be making it available for all. And the usage fee would be - of course, paid with SMARTCREDIT tokens. So, give us some more time for discussing about this!
Like said - we are just discussing this. But yes, it's clear - we have a working credit-scoring product.
We did not wanted to externalise the credit-score-product when we where small. But as we are growing now, and getting more and more users, then situation is changing. We can start discussing about externalising our credit-score-product. But, please give us some time with this. First Release 1.1, then Release 1.2 !
Question : Can you please gives us some info on CELO alliance?
Martin Ploom : It's too late to integrate Celo into the Release 1.1, but we look for this in the Release 1.2. We are analysing the details.
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