On September 22nd, the WeBlock Community, a crypto dedicated functional Community (A full-service blockchain accelerator), played host to a prominent Team Member of YFII (Dfi.money), Mr. Lucky Uwakwe in a live and 1st of its kind Video Ask-Me-Anything (AMA) session on the platform.
The 120 minutes long chat was aimed at unraveling the secret behind the success of YFII in its foray into the DeFi system/world. The Resource person wasted no time in settling down and doing justice to the series of questions he was asked.
Below in the ensuing paragraphs is a recap of what transpired during the AMA session (The Live chats and video presentations have been edited for easy comprehension).
Mr. Lucky Uwakwe is a Core member of YFII which transitioned from YFI Decentralized Autonomous Organizations Founder of SABIGROUPS, a technology service delivery company in Africa with the main aim of pushing for the widespread adoption of Fourth Industrial Revolution(4IR) technology in the Continent. He is certified in AI element at Helsinki University.
ABOUT YFII DEFI
YFII simply means YEARN FIANCE II and it prides itself among other things, as a Decentralized Autonomous Organization which cut across geographical location, sharing expertise and knowledge as it relates to running a fully functional DEFI in the crypto-sphere, with a Community driven and goal oriented individuals.
Host Q&A Session:
Q1. Could you briefly tell us what YFII is and how is this project different from traditional private equity-driven projects in the past?
Sure, YFII is different from traditional equity in many ways.
1. From governance: Open governance, with the community having a say in the project. No autocratic leader or decisions as they are taken with all members having a say. Hence, different from private equity.
2. From structure: Community owned, and totally decentralized. This shows in public having a say in the proposal as having the token is enough qualification in this regard.
3. Goal and target: Getting collaborations, making collaborations have helped put YFII on the global stage. The idea is to be at the forefront of DeFi system, championing the course in the process. Goal has been built on wanting people to use the token thereby creating more awareness for DeFi system.
4. Community driven and more: An open project, and available for all and sundry irrespective of geographical location or race. (excerpts from video)
Q2: As we all know, the YFII community is very united and has a very broad and diverse community with strong consensus and a large number of volunteers. What do you think are the main reasons for it?
Lucky: The main reason for our diverse nature is borne out of the common collective goal to build a DeFi that stands out. Lot of the community want fairness and that is what YFII has to do. Be the Ethereum of Decentralized Finance, be the go to place for DeFi for the common community without limitations or restrictions. It has been amazing for us. The number of willing volunteers giving their best as well. With no Pre-ICO and Pre-Funding, doubts were cast. However, sharing a common goal and vision towards building a community free from the failures YFI, instead building something that resonates with community governance and its diversity has made YFII a prosperous project. (Excerpts from Video)
Q3: What have impressed you the most during your time in YFII? I believe that every project will encounter difficult time at some points during its growth. How did YFII overcome these difficulties?
Yes, one thing that have impressed me in YFII is the spirit of volunteering. I can say that when we started, I did not know we will get much community members who are always willing to help out and have been a core supporter of YFII ever since. This shows that we are truly decentralized in all sense. Never have I seen group of diverse community willing to help a project grow like I have seen in YFII. So, I also encourage the real followers of WeBlock to do same to support WeBlock to its core, and not focus only on price action. I believe in what I have seen so far in WeBlock. I encourage this same spirit of diverse and decentralized grassroots support, as this have made YFII strong.
Q4: WeBlock is very proud of its community because there are so many good members who are actively promoting WeBlock and helping WeBlock. Hope WeBlock community consensus can be as strong as your community.
Lucky: (cuts in) Yes, I believe WeBlock will be as strong as YFII community and that is the reason for collaboration so that we can strengthen each other. If YFII can go from nothing to where we are, I think WeBlock will do same or more,
When we started there was no Pre-mine, no developer fund, no single power in one admin, no investor fund, and we still made it this far. Going from less than $100 to over $3000 in less than 1 month on value per governance token was really a big thing and we will do more than the current position.
Q5: What do you think is the biggest difference between YFII and YFI? Will there be YFIII and more?
For us the biggest difference has been in growth. YFII has more room for growth than any DeFi yield project out there. We currently have shown that we are the perfect partner for all project looking for collaboration with DeFi yield farming. That is why we continue to see more Total value lock and that is something we intend to do even more, so that we can be the foundation for proper starting point for others. I believe holders of WeBlock will hold YFII as well, because both community can make each other great, and personally I also intend to hold some WeBlock token going forward into WeBlock growth phase. One thing anyone listing or participating in this AMA will do is to hold the token of both community for governance and this way we can jointly impact the growth and development of both WeBlock and YFII.
Q6: What’s the story behind $YFII success? Are there any special upcoming plans from $YFII that you want to show/share with us?
Interesting question. The success for me has been more from the community side. Our community made YFII what it is. The core team and other operations unit in YFII are only doing the work of the community. We surely own the success of YFII to the entire community. Our diverse and DAO style of operation with multicultural background is also our key point. In fact I also want to use this medium to thank the Turkish and Indonesia and Arabian community. Prior to YFII, I was not much informed about these strong communities, but I have seen these communities as key to growth of YFII going forward beyond the Chinese and English community which have shown great work so far.
Q7: What are your future plans in context with your recent connection with WeBlock (A full-service blockchain accelerator)? What kind of business or corporation is suitable for YFII and WeBlock?
From the corporation side, first as YFII is DeFi related or focus, we can bring WeBlock into the buzz and development taking place in decentralized Finance. There is always room for collaboration in DeFi irrespective of the other project core function. I was reading through WeBlock information and I see some key areas where WeBlock focuses on, which have included advertisements and some areas that have to do with community service, blockchain acceleration. I think one key thing to push WeBlock to the top right now is to take advantage of YFII strong presence in DeFi and the rest will be history as the growth of both communities will make a good one. We are open to this always and we surely cannot wait for moon time for YFII and WeBlock. As most in the community will say moon for token price. Though not a trading advise, but you cannot help but see the price and value of both project moon so long both community are building and onboarding, seeking collaboration with other entities and more community driven in terms of joint efforts.
Q8: DeFi is one of the hottest topics in the blockchain space right now. Could you share your opinion about DeFi with us? What do you think of the future of DeFi? Do you think that DeFi will disrupt the existing financial system? What is $YFII approach towards the DeFi sector?
Well my personal view on DeFi is that it still early and I encourage everyone here to experiment with DeFi in this early time, experiment can be from three ways:
1. Building or developing with DeFi
2. Trying out holding it governance token( take very minimal risk amount if you intend to trade)
3. Build strategy or find out error (code, strategy or mechanism) that can be work on or improved upon in DeFi
I think most of us will look back today and wish we try out one of the three steps, depending on where you can perform best or in all three.
THE FUTURE OF DEFI
I think the future of finance is DeFi and it is a reason for any to hold onto WeBlock and Yfii.
If you know the future is DeFi then be there and don’t just observe. Participate with minimal risk.
Of course DeFi comes with risk too that is why I encourage for people to experiment first. DeFi is key to unlocking lot of potential, resources and access to finance.
WILL DEFI DISRUPT EXISTING FINANCIAL SYSTEM
Absolutely. It has already started the disruption process. Blockchain in general has started it and DeFi have made it even more disruptive. Anyone out there needs to know or will experience this. For us in yfii community, we intend to do more work and get people to understand more on this, with the intention of keeping yfii at the focal point of this growth and positive disruption. Our strategy is unique and long-term play. We intend to not just follow the buzz but outlast the buzz word through join efforts from all players-community, core team, operation team and more. This is part of yfii( Dfi.money) vision.
1．The ETH blockchain is very slow. So, why did you build YFII on the ETH blockchain? What is the main reason for building it on Ethereum blockchain rather than building it on BNB/Stellar Blockchain? Do you have plans to launch your own mainnet?
Lucky: For us in YFII it was natural to think ethereum first over other blockchain, just as it is becoming natural for people to think YFII as the go to place for collaboration as YFII is more diverse and has trong grassroots community. Ethereum was easy for us, because it is more solid and tested. We also have more dev team who have had experience with Ethereum space more. Using Ethereum gave us some edge and easily interoperability with other player. Off-course, there are advantage of using BNB or stellar blockchain, we wanted something that resonate with the community of developers at this stage and that is why we have built it on Ethereum and ethereum virtual machine hold a lot of the DeFi project out there. Yes it slow, including transaction confirmation and gas fees. But in YFII we are developing strategy to help cut down this high transaction cost for our users through some YIP passed in the community.
2．What’s the long term impact of DeFi on the Cryptocurrency? How sustainable it is?
Lucky: The long term impact of DeFi to the cryptocurrency land scape will be to show the true use of cryptocurrency in the first place which is around decentralized access to everyone with discriminating on anyone.
We have seen that DeFi made it possible for all to fair start and fair distributed participation. Nothing like admin access we all use the same mechanism and anyone can try.
DeFi on it own is sustainable at the initial because no pre-ICO or pre-funding so no influence from investors of the early phase of the project. But on a long term, the new mechanism in place has helped to make some check and balance possible if there will be failure. And if all DeFi project implement this well, DeFi will be sustainable for long term. Mind you there is DeFi insurance on the rise of late.
The last segment of the AMA session featured questions from Community members. The number of overwhelming questions gave credence to the AMA session as being beautifully conducted/moderated and the Guest being a repartoire of knowledge of the subject at hand. 6 questions were picked which signified that they were 6 winners with 3 apiece from Twitter and Telegram. The fact that questions were picked independently by the Guest, and the fact that he picked from Twitter gave credence to WeBlock as being a project with its Community at heart. The winners rewards have since been announced and their rewards will be sent shortly.
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