Recap AMA VIC Group 🤝 Rio DeFi
👉 Part 1 : Basic Introduction of RIO DEFI and James Anderson CEO of RIO DEFI
👉Part 2: Guest James Anderson CEO of RIO DEFI will answer community questions. People can post questions (https://forms.gle/xxNvtTYdNu6YhYW46)
👉Part 3: All members can ask anything directly about RIO DEFI
Today we will have an AMA with RIO, a project of great interest recently with Guest @LibertyBuddhist
How are you today ? @LibertyBuddhist
I’m doing excellent, thanks for asking! How about yourself?
Thanks, I’m fine and happy that you are today, AMA we are going to begin now @LibertyBuddhist
Are you ready @LibertyBuddhist
Today’s AMA session will consist of 3 parts.
👉 Part 1 : Basic Introduction of RIO DEFI and James Anderson CEO of RIO DEFI
Invite new guest to briefly introduce the project and themselves @LibertyBuddhist.
I’m the CEO of Rio DeFi. Rio DeFi is a Blockchain technology company. Our mission is to accelerate the mass adoption of digital assets by bridging traditional and decentralized finance.
Our vision is a world in which everyone has access to decentralized financial (DeFi) services.
I got into blockchains through my interest in economics and my research of gold, silver, and alternative currencies after the financial crisis of 2008. I believe it was 2012 that I really started looking into Bitcoin, and I met Vitalik Buterin and Erik Voorhees back in 2013 at a conference called Porcfest in New Hampshire.
I invested into Ether in 2014, into The DAO in 2016, and over 40+ different cryptocurrencies since then. I believe there are so many different ways of creating value in this rapidly evolving digital economy. I previously co-founded a business called Blockchain Investor to teach people about cryptocurrency investing, and also a business called Social Evolution to help create Decentralized Autonomous Organizations (DAOs) for welfare and mutual aid services. I really enjoy the passion and optimism that people in the cryptocurrency space tend to have.
Thanks for the answer from @LibertyBuddhist
I have a question just for you, what do you think about current and future DEFI projects? @LibertyBuddhist
I’m very excited by the current innovations happening in DeFi; however, there are also a number of challenges that are preventing DeFi from reaching mass adoption. I think the biggest challenges for DeFi are in addressing scalability (transaction throughput is too low), high gas fees (which can ruin some dapps and business models), security risks (unaudited code), and poor user experience. We’re addressing each of these issues head-on, which I’ll explain in more detail throughout this AMA.
There are many exciting and innovative new models that we’re actively developing on-chain functionality for in DeFi and beyond. We’re creating modules and incubating dApps that provide liquidity mining, yield farming, prediction platforms, social E-commerce, and more. You’ll see many new projects launching on RioChain in the coming months that provide unique user experiences that we think will help blockchain technologies become more accessible to mass markets.
Wow thanks for the great answer from you we’re going to finish part I and continue with part II of the questions gathered from the form.
👉Part 2: Guest James Anderson CEO of RIO DEFI will answer community questions.
First question: How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for the them to let them better understand about your project @LibertyBuddhist
We’re planning to expand quite rapidly to build out our ecosystem. First we’ll be focused on finalizing and launching the Rio Chain main-net, which is currently planned for the end of September. We’ll be hiring Country Managers in the Philippines, Vietnam, Indonesia, India, Thailand, Japan, Korea, Turkey, and a few other countries, because we really aim to expand the reach of our ecosystem and get everyone familiar with our financial solutions. We’re also working with a number of large crypto communities across SE Asia and Europe.
Thanks for the answer. We keep going with question 2
How many projects built on RIO DEFI ? @LibertyBuddhist
There are 3 dApps being built on RioChain right now, which are currently in beta mode: MANTRA DAO (DeFi Platform for Staking, Lending, and Governance) — https://mantradao.com/ — Bitpool (Blockchain-based Predictions Platform), and KQJ (E-commerce Game).
We continue with the third question about security:
There are 3 core issues prevalent in crypto and blockchain: Security; Interoperability; and Scalability. How does $Rfuel plan to overcome these issues? @LibertyBuddhist
When designing RioChain, we prioritized security, speed, scalability, and interoperability. We operate across blockchains to leverage the strengths of each. Using Parity’s Substrate framework, we can operate within the Polkadot ecosystem to achieve true cross-chain interoperability and DeFi composability.
RioChain provides greater scalability (up to 3,000 TPS, and orders of magnitude more with parachains), lower gas fees (starting at 0.1 RFUEL and can be adjusted downward if prices ever get too high), faster speeds (with a 2s block time and finality within 5s), better upgradability, and a more seamless & simple user experience. We also provide an end-to-end fiat to crypto gateway.
Thanks , we continue with question 4: Congratulations on MANY ACHIEVEMENTS I am sure you will get A LOT in the future because your FOUNDATION is so GOOD now my question is: The role of What is the Rfuel token in the network? Is payment required to be paid to Rfuel? Do I need to pay Rfuelto to send messages? In other words; What is the Rfuel token evaluation logic? @LibertyBuddhist
Thank you for the kind words! RioChain has an economic model that rewards those contributing value to the ecosystem. RioChain is powered by RioFuel (RFUEL) which is the native platform (gas) token used to process transactions and execute smart contracts. RFUEL will also be used for staking in order to provide a robust Nominated Proof of Stake (NPOS) ecosystem to provide strong network security. RFUEL transaction fees are distributed as follows: 70% to the Validator nodes, 20% to the dApps (in the form of a rebate for transactions that happen on each dApp), and 10% to the Rio Ecosystem Fund. We think this unique rewards model will help massively grow the RioChain network while hugely incentivizing developers to build their dApps on RioChain.
Thanks for the answer we go to the final question that concludes part II of the AMA . What’s the main Mission of RIO DEFI Project? As a normal user & Investor; What benefits can be provided by RIO DEFI to me & What are the Competitive advantages of your Project? @LibertyBuddhist
Our mission is to accelerate the mass adoption of digital assets by bridging traditional and decentralized finance.
When compared with other blockchains, RioChain has faster speeds, greater scalability, lower transaction costs, lower energy consumption, stronger security, and access to fiat currency on- and off-ramps. For Rio Chain, this translates into 2 second block times and up to 3,000 transactions per second.
Our main competitor is Crypto.com. We both offer a digital wallet, payments, merchant services, an exchange, and a blockchain that interact with each other in a fluid manner.
Where we think we can add more value is with our end-to-end fiat to crypto back to fiat gateway that will provide users with access to both DeFi and CeFi in a secure manner. Our chain is also open for other third-party dApps to come build on it to grow the ecosystem together, whereas their chain is primarily focused on supporting their own applications.
Crypto.com offers fantastic products, but we think that being built on Substrate and operating within the Polkadot ecosystem will enable us to grow beyond them in the coming years.
After the answer, we conclude part II of the AMA and move on to part III, everyone preparing their questions
👉Part 3: All members can ask anything directly about RIO DEFI
Question: With the economic crisis and outbreak due to covid-19, what difficulties does your project have? What advantages? and what has been done to maintain growth, strengthen investor confidence, and community support? @LibertyBuddhist
COVID-19 has been terrible, but one positive effect that came out of it is that it gave us time to focus and build. Without much else to do or conferences to travel to, we’ve been able to do more work and build faster than we ever have in the past. This has allowed us to accelerate our plans. One of the downsides has been not being able to see some of our team members in person as much, because we have people from all around the world working on RioDeFi.
Overall we think that COVID-19 has also helped to spur the adoption of digital assets and mobile payment solutions, as these can be utilized 24/7 from around the globe. No visit to a bank needed.
Question: Rio DeFi facilitates cross-chain transactions and bridges blockchains with traditional financial systems. What method do you use to make this link with the traditional system?
In order to fulfill our vision of a fully integrated fiat to crypto, crypto to fiat cycle of financial services, RioDeFi is engaging with a variety of world leading companies in various industries.
On the technical level, our team works in close collaboration with cybersecurity company CertiK. Having our code audited by a leading blockchain security auditing firm puts us in a much stronger position to work with financial institutions and appeal to non-crypto people to entrust us with their money.
To help us devise and implement our payment rails, we have been working over the past six months with partners such as BCW Group, arguably the best Hong Kong based consulting firm for payment services. We also collaborate with Hex Trust, a leading digital asset custody platform for the banking sector, to ensure transparency and security over our users’ fiat and cryptocurrency assets.
Finally we are working with various financial authorities around the world to ensure all our services are fully compliant with the latest regulations. We have a licensed cryptocurrency exchange in Estonia that can handle fiat currency on- and off-ramps, and we have applied for the Payment Services Act (PSA) license in Singapore. This will allow us to scale our products and services globally and help DeFi reach mass adoption.
Question: what are the ways that RIO generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Every action on RioChain has a transaction cost (0.1 RFUEL for basic transactions) that is paid in RioFuel (RFUEL), which is its native platform (gas) token. The more dApps that build on RioChain, the more demand there will be for RFUEL, and with a fixed supply of 1 Billion and a rapidly expanding ecosystem of dApps, users, and businesses built to support the ecosystem, we believe that RFUEL will increasingly gain in value over time in proportion to the growth of the network.
RioDeFi will also earn revenues by engaging in new ventures with entrepreneurs and businesses who seek to build products and services on RioChain. We have arranged our business model so that we can get paid in tokens for assisting projects to grow.
Question: What are the milestones of success that the Rio Defi team has achieved so far and what are some of the things we can expect?
Question: 🔵 “RIO” in Spanish means River, so that mean that Rio DeFi wants to create a way where the data flows like water? From that you chose the name?
🔵 The interoperability Features of Rio give the possibility to the user to customize the Consensus algorithms, , so that mean that i can modificate all types of consensus as my Will and Rio DeFi Will understand It anyway?
Wow! This is a fantastic insight. That’s exactly how we came up with our name! We think that water can represent the flow of money and wealth. The best currencies have high “liquidity” for instance, so we were inspired by the abundance of natural systems and thought it made a great name for a DeFi-focused company.
Question: Tell me more about how Rust Programming Language run and What is its node operation principle in RioChain . As far I know it is multi-paradigm programming language focused on performance and safety, especially safe concurrency. Is it suitable for RioChain’s technical solution?
Rust is blazingly fast and memory-efficient: with no runtime or garbage collector, it can power performance-critical services, run on embedded devices, and easily integrate with other languages.
Rust’s rich type system and ownership model guarantee memory-safety and thread-safety — enabling you to eliminate many classes of bugs at compile-time.
Rust has great documentation, a friendly compiler with useful error messages, and top-notch tooling — an integrated package manager and build tool, smart multi-editor support with auto-completion and type inspections, an auto-formatter, and more.
We think it’s a great programming language for high-performance, reliability, and security!
Question: What is the requirements for participate in the token-sale? Thanks
Everyone will be able to join our final round, which is a Uniswap Initial DEX Offering (IDO). The date will be announced in the coming days!
Question: Can you tell me about your $RFUEL token and utility?
Question: RFUEL looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in RFUELto give it the importance it deserves? What are you planning to achieve with your project?
RioDeFi’s fully integrated ecosystem of technologies and solutions enable a seamless Fiat/Crypto interface, which will help more people gain access to cryptocurrencies. RioWallet is very accessible through our OAuth solution, allowing people to create a wallet using their email or social media accounts. We are also very excited about our dApp store that will feature amazing projects like MANTRA DAO, Bitpool, KQJ, and others. RioChain’s CrossFi (cross-chain DeFi) dApps, such as MANTRA DAO, are on the cutting-edge of blockchain technology, and will enable many new financial services.
With our rapidly growing ecosystem of dApps, partnerships, payment options, and cross-chain DeFi services, we’re looking to elevate RioFuel (RFUEL) to a top 10 cryptocurrency within the next 2 years.
Question : In this Crowded Blockchain World What makes RFUEL different from other projects?
The current cryptocurrency market involves less than 1% of the global available market, and RioDeFi aims to help bring the other 99% of the world into cryptocurrencies.
We plan to achieve this by making cryptocurrencies so easy to use that even a grandmother can use them. This happens by massively simplifying the user experience and having integrated services so that the blockchain components happen in the background. With our OAuth wallet creation solution using a Gmail or Facebook account, and free RFUEL pre-loaded into every mobile RioWallet, we think our users will find RioWallet to be a refreshing experience compared to what’s come before.
Question: A lot of people will want to know what the strength of Rio is but I want to know the weaknesses and problems Rio faces ? How do you plan to solve it?
I think the biggest challenges for most DeFi projects are in addressing scalability (transaction throughput is usually too low), high gas fees (which can ruin some dapps and business models), and user experience.
RioChain addresses these problems by providing greater scalability (up to 3,000 TPS, and orders of magnitude more with parachains), lower gas fees (starting at 0.1 RFUEL and can be adjusted downward if prices get too high), and a more seemless & simple user experience.
The biggest issue we currently face is how to grow more rapidly to create more products and deliver more value to our robust community of over 14,000 people. We will do this by hiring principled people with strong skills, and forming partnerships with many other companies to achieve our vision of a world in which everyone has access to DeFi services!
That’s all for tonight. Thank you everyone for your thoughtful questions!
Thank you for the time today AMA at VIC GROUP hopefully in the future we will meet in Vietnam.
👉RIO DEFI information
AMA END , Thanks everyone join AMA Today …….❤️❤️❤️❤️❤️