An AMA session was hosted by the WeBlock community on the 24th of September, at around 12:00 UTC, hosting Ben Yorke, the Global Marketing Director of the ForTube platform.
This live AMA session opened a window into the ForTube platform, as the guest extensively explained and answered questions about the platform.
The information provided below is the discussion that took place during the live AMA session, but was just reviewed for quick grasp.
Ben Yorke is originally from the US but has been working in China for over 10 years now. He majored in Business with a focus on Information Management Systems, so was always interested in the tech scene. Ben Yorje got into blockchain professionally around 2018, and decided to join FOR as the Global marketing director, who he’d known for awhile, earlier this year to help with growing the brand overseas. He does a lot of writing and researching in his part time and is friends with tons of projects here in Asia.
It’s initiated by The Force Protocol, which some might know from the FOR token. ForTube is a DeFi lending platform, which basically means that users can deposit their tokens, and others can borrow them (provided they have collateral), and then the interest goes to the depositors. The great thing about this is there are some really interesting yields to be earned.
HOST Q&A SESSION:
Q1.What are the three keywords you would use to summarize Fortube’s achievements in the first three quarters of 2020? Could you explain the three keywords one by one?
Ben Yorke: Nice question — I’d say one is growth — since we saw a ton of assets deposited on to the platform, from a few million USD to over 100 million at its height.
The second one is cross-platform — since we integrated support for Binance Smart Chain. That’s really important in the blockchain space in my opinion; With so many networks and tokens, you have to accommodate as many users as possible.
The third word is, Adaptive — Besides adding support for Binance smart chain, there was also support added for dozens of great new digital tokens, including popular DeFi tokens like LEND, SNX, COMP, YFII… basically anyone holding those have the chance to earn yields by depositing them on ForTube
Q2: As the global marketing director, what do you think are the competitive advantages of ForTube over similar projects? Could you name some ForTube killer functions that make it stand out?
Ben Yorke: Well, for me, right now not being limited to Ethereum (with all the high gas fees and slow confirmations) is a killer feature that really stands out. I can deposit tokens in ForTube for about 20 cents, an operation that would cost more like 20 dollars on a similar platform (like MakerDao and Compound) running on Ethereum
A second killer feature is the high yields you can earn. ForTube allocated 85 million FOR tokens for Ethereum Users and 100 million FOR tokens for Binance Smart Chain users, that’s a lot of yield farming you can do.
Q3: As you mention Binance Smart Chain (BSC) in the third keywords, I want to ask why did ForTube choose BSC? What is the ForTube BSC Liquidity Incentivizer plan?
Ben Yorke: Well, we are pretty confident that with Binance being such a market leader, they were going to take extra steps to make sure their technology (the blockchain itself) was fast and secure. On top of that, it was going to get to tap into the resources that Binance offered as a parent company. We’ve already seen them announce a massive fund to help projects building on BSC. We think it has a great future in DeFi, both as a standalone blockchain, as a supplement to Binance Chain, and as a scaling solution for Ethereum.
For those who don’t know, BSC is a parallel chain, with technology very similar to Ethereum (particularly in the Ethereum Virtual Machine, which handles smart contracts). That means most apps and wallets are already closely compatible, with a few minor tweaks. So wallets like Metamask can be quickly configured to work on BSC. That’s huge, we didn’t want users to have to set up and install a whole new set of tools to use our platform.
As for the incentivizer plan, it’s exactly what it sounds like. Liquidity mining, where users deposit tokens, and get rewarded for it in FOR. It’s a great way to earn and try out the new BSC at the same time.
Q4: ForTube has gained quite a great attention lately. Does ForTube have any plans to create local ForTube communities around the world and to spread worldwide awareness? Will ForTube have a bigger marketing promotion in Q4 2020?
Ben Yorke: Yes! The DeFi explosion was great for everyone in the space, but it helped get ForTube more well known in the International Community. Part of my role is to develop more usage in regions outside of Asia. Promotions are a great way to do that! I imagine there will be many liquidity mining and yield farming promotions to draw in more users, so if you like earning bonuses and high yields, join us for more over at our Telegram Channel.
Q5. As WeBlock has rich experience in overseas marketing, what are your future plans in context with your recent partnership with WeBlock (A full-service blockchain accelerator)?
Ben Yorke: OH, well that’s a great point; we’d love to do more. We would definitely like to do more with the WeBlock community long-term, cooperating on promotions and events that are educational, fun, and maybe a bit lucrative for users as well.
1.The DeFi bubble is pumping up every day and it’s only a matter of time before it bursts. What do you think about this and can you be sure that ForTube products will be in great demand in the long term? What are the ways that ForTube Token generates profits/revenue to maintain your project and what is its revenue model ?
Thanks for the question, Partho. I picked this one because it addresses a critical issue — sustainability.
We believe that while part of DeFi may resemble a bubble, that mostly points to the quick forks, food coins, and meme projects that popped up during Q2 and Q3 of this year. The other parts of DeFi, like decentralized exchanges, decentralized leverage trading, and of course decentralized lending (like ForTube), have a long future.
Simply, if you believe cryptocurrencies have a future, people will want to trade them, borrow them, earn yields, and find ways to increase their net worth.
Even though I might not go out buying ridiculous food tokens, I will still keep investing in cryptocurrency, and for that reason, projects like ForTube have a bright future. This space won’t be disappearing anytime soon, don’t worry about that!
2.What are the risks associated with decentralized financial products (DeFi) related to risks? What does The Force Protocol do to limit those risks?
Babyla, I’m a sucker for a security question. With DeFi (and CeFi), security is everything. One hack or exploit could be platform suicide, and ForTube takes all sorts of measures to protect user assets. We’ve been code audited by the best in the business: CertiK, PeckShield, Slowmist; making sure everything is flawless before users start interacting with the platform.
Our last update, where ForTube launched on Binance Smart Chain, had an awesome innovation using CertiK’s security oracles, that give us a real time security score. If there is an exploit detected, the tech team will be prepared. But we don’t expect that to happen, because security is tight like Ft. Knox around here.
Also, with regards to Certik, there’s a promotion going on where your users could win their share of $1000 dollars in FOR: Check it out! https://twitter.com/certikorg/status/1308471179787862023?s=20
3.What role will ForTube play in making blockchain very adaptable globally?
Simple question, yet very important. ForTube is all about creating a better user experience, something that DeFi is notoriously bad at. Obviously having such long ties to the Asian blockchain community helps, we are very aware of what they need and want, which is why a special stablecoin that is pegged to the value of the Chinese Yuan is coming out in a few weeks. We think that is going to be a game-changed in the Asian markets.
From a more global perspective, all we can do is add as many assets and tools as possible, while building trust by not being sloppy with security. Plus I’ll be doing the marketing, so that always helps!
4.From a startup project to a mainstream project ForTube, being a pioneer in the industry, does the team anticipate that many new startups will show up and compete?
We hope so, Lucky Kate! Competition is healthy, and DeFi is built on collaboration.
Look at the platform now, built on Ethereum and Binance Smart Chain, compatible with dozens of assets like MKR, SNX, LINK, decentralized oracles from Chainlink, integration with apps and wallets like DeBank and Imtoken, basically, the more people in this space, the easier our lives get.
Nobody can get ahead alone, and ForTube is great at finding a point of collaboration. That’s why we are confident about our sustainability.
5.Why would anybody want $For
Ok, I can’t help it. This is such a direct question, it has to be answered. FOR plays an important role in the governance of the decentralized platform. There’s a few parts: (1) You can stake it and earn more rewards, (2) You can stake it on votes — which besides making key decisions in the platform management, also earns rewards. This week they are launching a governance mining campaign that rewards users for getting involved, keep an eye on our social media for that.
There are also Bonds, which are a decentralized way of raising money, where FOR must be staked. Basically, as the platform grows, FOR is an important part of it, and we are optimistic demand will follow.
Governance tokens are a cornerstone of the DeFi ethos, and as DeFi becomes more and more popular, both FOR and ForTube usage should grow with it!
This session availed to the Weblock community members, the opportunity to have their questions answered by Ben Yorke, the guest, revealing the 5 winners at the conclusion of the AMA, to whom rewards will be sent out, within a short time.
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