AMA RECAP : CRYPTO CHALLENGERS x PORTAL FINANCE
Venue : CRYPTO CHALLENGERS
Date : 23 NOV 2021
Time : 02:00 PM UTC
Guest : PORTAL FINANCE TEAM
They shared detailed information and his opinions about the project Portal Finance.
🔴 SEGMENT 1:INTRODUCTION
1. Could you please provide a quick self-introduction for the community?
My name is George Burke, a co-founder at Portal. Our team started working on this since 2018 but I've been involved in bitcoin since early 2013. Always a believer in censorship resistant, egalitarian technologies.
I built a bitcoin/altcoin exchange in 2013 which was sold. I later went on to build the first bitcoin debit card in the US called FreshPay.
Prior to crypto, I launched the first "netflix for books" subscription club.
I also currently run the first-ever bitcoin meetup - Silicon Valley Bitcoin - SVBTC.org - first started by Roger Ver and Andreas Antonopolous
2.Can you briefly introduce the project PORTAL FINANCE what are some of utlities of $PORTAL ? How do you think you stand out among the competitors if there are any?
Our company, Portal -- https://portaldefi.com -- recently announced an ~$8.5M raise to give birth to DeFi built on Bitcoin.
We believe financial applications should be built on the protocol that is most likely to become the base money layer. Portal makes DeFi unstoppable with anonymous, zero-knowledge swaps via the first true cross-chain DEX that’s genuinely trustless. Unlike Uniswap/others, Portal eliminates minting wrapped coins (ie wBTC, wETH) or risky staking with intermediaries. Trading across incompatible blockchains is now just 1-click, trustless and private.
Fabric protocol, our layer 2 & 3 technology powering Portal, enables building censorship-resistant communications, media and one-click cross-chain swaps, all on Bitcoin (along with all its security advantages).
3. Can you share the achievements the team has made so far ? what are the major achievement target PORTAL FINANCE is yet to achieve . If possible also share your roadmap
In terms of achievements, we invented zero knowledge swaps, which fix the Layer 1 tier nolan atomic swap problems. In addition, Fabric protocol (the protocol we use to build p2p ZK circuits for FHE), has been used to build peer to peer communication and other apps. Obviously the largest pending achievements will be for our product going from our current internal alpha, to a close beta, and ultimately public release on our website. All those who are signed up for our whitelist on portaldefi.com will be invited to our closed beta.
It's a completely community-driven development. The community will determine roadmap and features post-launch. We're excited to see where the community drives the project as they push the bitcoin interoperability ecosystem forward. We will follow whatever other priorities the community comes up with.
4) Could you share a bit about security and also what benefits you provide to incentives user’s choosing your platform?
Bitcoin provides the security; no need to implement a new system and attempt to garner superior adoption. Bitcoin is the most decentralized and secure system and we think it is the monetary layer. If you want to build functionality, financial contracts and beyond, it makes sense to build it on top of the monetary platform vs any other platform. More importantly, layers of functionality on top of Bitcoin enable BTC to capture the value, but not the risk the failure at layer 1.
Additionally, by moving all communications to layer 2, akin to Lightning Network but purpose-built for exchange, we can achieve super fast trades while avoiding mining fees until final settlement.
5.Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution
Republic, one of the most prestigious launchpads in the world, is hosting our public sale and you may participate by first getting on the whitelist at https://go.portaldefi.com/whitelist
Due to US SEC laws, we are under embargo to NOT discuss or share any details about tokens or tokenomics of non-security digital asset.
🔴 SEGMENT 1:INTRODUCTION
Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships and what everybody stands to gain from these partnerships?
Several blockchains are looking for bridges to swap between their token and bitcoin, but these don't trustlessly exist (yet). We have a few blockchains wanting integration for near trustless swapping and bonding between their token and bitcoin (or other tokens of incompatible blockchains). This interoperability is the holy grail of the crypto space. One partner we can name is Aeternity, and we will name the other partners over time.
I can also mention some of our strategic investors... Republic.co Capital, CEO of MobileCoin, a co-founder of Dfinity, the CEO of Bitcoin.com, to name a few.
I believe you are a global project. Do you have local communities chat for non english speaking countries?
Yes we do! Glad you have asked. Global chat: https://t.me/portalgroupchat
Global announcements: https://t.me/getportal
Chinese chat : https://t.me/portalfinance
Korean chat : https://t.me/portalfinancekr
Vietnamese chat : https://t.me/portalgroupchat_vn
Italian chat : https://t.me/portalitaliagruppo
Q3-Sanjider D:IS This Your project only for elite investors, how about others with small funds, is it open to everyone?
We are open to all! All may sign up for our whitelist and potentially be selected to invest via republic.co.Being that Ethereum will be among our native pairings at launch, I see no reason as to why NFTs would not make it on to our wallet. Our L2 technology will certainly make the fees in transferring them a lot more reasonable than today!
Which one of the most important for you?
1.Expanding Partnership Globally
2.Increasing Token Price & Value.
3.Empowering Platform Development
4.Building Community Trust
Oh obviously, building our community and building community trust!
Who is your project's biggest rival? In the future, does your project have a plan to beat your rival or cooperate with them? I think that will be a huge step forward for your project.
It wouldn't be accurate to say we exactly have rivals but we welcome competition. Competition makes the ecosystem stronger. We intend to be open source as well, and by the network effect stay the #1 mutli wallet.
Thank you for having me, and I hope to see you all on https://t.me/portalgroupchat and https://discord.gg/qmSye3EQ