AMA RECAP : CRYPTO CHALLENGERS x ENCENTIVE
Venue : CRYPTO CHALLENGERS
Date : 15 DEC 2021
Time : 10:00 AM UTC.
They shared detailed information and his opinions about the project ENCENTIVE.
🔴 SEGMENT 1 INTRODUCTION
1.Please give us a quick introduction about yourself to our community
So my name is David Rutkovsky, I am a co-founder of Encentive project. I have been in the blockchain space since as early as the beginning of 2013, and worked with numerous projects in the industry ever since, including VC, and different cryptocurrency projects as well. Been an active investor, a member of Blockchain Community, an a member of Blockchain Global for a few years. I am also an active developer in the space with Software Architecture background.
Q2：Can you tell us what exactly is Encentive?
With the gradual progress of the underlying technology and the emergence of a large number of different applications, the blockchain has shown the vigorous trend known from the early mobile Internet era. More professional operating tool platforms emerge on almost daily basis.
Encentive is one of them, and I personally believe it’s worth paying attention to.
Encentive is committed to bridging the blockchain operation model from web2.0 to web3.0, and building an ecosystem of freely circulating assets through modular components. Specifically, Encentive provides modular and pluggable components to allow communities, projects, and individual users an easy deployment of their own DEXes. The project is designed on the purpose of enabling everyone to participate in the De-Fi ecosystem in a democratized way so that even a single individual can monetize their own DEX business model in way more ways than providing liquidity to the projects already existing in the space.
The project also allows the deployment of fully-customized DEX solutions including the tokenomics and enables users to benefit from the trading taking place on their own decentralized platforms. The system bonds the liquidity from different pools, which solves the problem of initial TVL, which an owner of the DEX would have problem with providing otherwise.
Q3: At present, with the expansion of the influence of the cryptocurrency market, especially the DeFi concept, the participants in the entire industry have also soared, and more and more developers have joined the development of cryptocurrency and DeFi products. What do you think of this phenomenon? In your opinion, what are the problems with this current phenomenon?
As you said, the current cryptocurrency field is more prosperous than ever before, whether it is more participants or more developers.
In my opinion, the major problem are ever-growing regulations of the activities of Centralized Exchanges around the globe, and arising security issues. Many people who are not tech-savvy enough to store their value on their non-custodial wallets often fall victims to hacks that happen on centralized exchanged nearly on daily basis, which often result in the users funds getting lost/stolen.
As a result of the above, many users slowly migrate from CEXes to DEXes, which can be easily supported by the numbers. When it comes to the growing popularity of DEX platforms, we can see a steady surge in the number of users starting from the second quarter of 2020 - $3.4B TVL. By the second quarter of this year, the TVL on DEX platforms exceeded $404.9B, which is a nearly x120 increase in one year..
Apart from the major players such as Uniswap, SushiSwap and PancakeSwap, mostly minor DEXes compete with each other. This is how the idea of Encentive was born. If we could make a DEX alliance tied by the liquidity pools, we could bring more fair competition to the space.
Right now there are only two ways individuals may compete with major industry players - either by providing liquidity on their platforms, or forking the existing projects. The problem with forking the projects is the potential lack of users and TVL they would provide. With no users and a relatively small TVL which affects the stability of the pool, smaller projects can't remain competitive.
The above two reasons make it difficult for a new project to succeed. This is undoubtedly a waste of resources for the development of the entire industry and is not conducive to the overall development of cryptocurrency.
Those are the potential problems that Encentive can hopefully provide a solution to.
Q3: What changes can Encentive bring to this industry?
Encentive saw the pain points in this industry and proposed its own solutions.
As mentioned above, Encentive provides modular and pluggable components, which can provide exclusive customized services for project teams with different characteristics and different needs.
Currently, Encentive has the following four functions:
1. Customisable Liquidity Rewards and Pricing Policies
2. Easy, one-click deployment of DEXes including:
- independent front-ends;
- native tokens;
- independent listing rights.
3. Liquidity sharing among different DEXes provides both the highest level of security and stability of the pools.
4. Planned future functions offered by the platform revolving around the new generations of DeFi and DAOs.
Q4: We have seen that Encentive has always advocated the concept of a "meta-platform". How should we understand this concept?
You can think of "meta-platform" as the meta-universe concept, which allows each user to generate content and help them deploy its own De-Fi tools, giving participating users the highest degree of freedom by not only being users of well-established protocols but also generating their own.
The coloured area in the picture above shows an untapped potential market that Encentive aims to capture by allowing the deployment of new products by the users via the Encentive platform.
We will also provide additional benefits and incentives to those, who decide to use our platform for the deployment of their solutions, depending on the type of user.
For institutional users (participants bringing substantial TVL and teams with larger traffic), we will provide fully customized development and architecture solutions according to the needs of users and platforms.
For retail users (participants bringing TVL and teams with considerably smaller traffic), by providing assistance to potential teams and making investments, they can grow with the team and get a return from it.
🔵 SEGMENT2 TWITTER QUESTIONS
Q1: Is Encentive" secured and safe from hackers' attack? What can your project guarantee or promise in terms of security and privacy of users?( @Mary47229678)
Security issues have always been a difficult topic in the world of De-Fi, and we have all seen different types of exploits on different sorts of platforms. I do strongly believe though, that it’s not going to affect Encentive at all.
We encapsulate functions related to fund security, such as fund management and voting. The related functions of fund management are concentrated in the Encentive safe contract, and the creation and management of DAO and voting are in the contract related to Encentive Guard. All operating tools cannot directly operate assets, and can only be operated through the Encentive Guard interface.
The project manager deposits assets through Encentive Guard and creates a DAO. After completion, the system will automatically create a corresponding DAO to manage the contract.
In Encentive, all strategies are determined by the project's DAO, which ensures that the project's funds can be completely controlled by itself, eliminating the possibility of hacker attacks. To top it off, since the beta version of Encentive project is currently deployed on BSC network, it will benefit from all battle-tested features that L1 network itself provides.
Q2: Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?(@ mzLLqFkPQlYpcd5)
The De-Fi world is the contract world, and so is Encentive. Our code has passed rigorous testing by some of the most talented developers in the space, as well as contract audits. Therefore, you don’t have to worry about using the functions Encentive will provide. What’s also worth mentioning - both founders and the team behind Encentive are not anonymous. You can easily find the team members out there, verify their track records and reputation in the space.
Q3: What important milestones does Encentive aim to achieve by the end of this year and in the future? (@BeastSanmao)
At present, Encentive has two important time points: the first one is the fourth quarter of this year - Encentive will improve existing products and introduce a dedicated Retail User Team.
In the first and second quarter of 2022, Encentive will launch advanced marketing tools and promotions to hopefully attract bigger numbers of users.
In addition, Encentive will also launch the Web3 operating resource market to attract third-party developers and operating resource providers to settle in, build a common platform, and form an ecosystem.
Q4: What is your strongest advantage that you think will make your team leading the market?(@ DJ_CRYPTO_699
Strong development funds, experienced technical team, advanced development capabilities and a genuine intention to provide high-quality services to the industry and users.
Nothing is easy, but we believe that the projects we deploy will provide value to the industry as a whole. We are pretty confident that one day we might become on of the leading industry tools as well as a development platform.
Q5：Your project name "Encentive" is quite unique, can you give a reason why you choose this name for a project? Is there any story that you can share regarding the name? (@Harrysi93705321)
In fact, there is no word such as"Encentive" in English. We have chosen two characteristics of the current cryptocurrency industry: incentive and encourage, and simply mixed them together. That’s how ‘Encentive’ name was born. Participation in the emerging blockchain industry provides users with obvious incentives since cryptocurrencies are the highest-appreciating asset class in the history of men. We also believe it takes courage to become an active participant in the space since the industry is generally high-risk and new to most people. We believe that our behaviours in the space should be motivated accordingly since that’s the only way the blockchain ecosystem can thrive in the future. Therefore, we consider good behaviours as worth encouraging. Encourage + Incentive creates Encentive.
⚪ SEGMENT 3 TELEGRAM LIVE
Many projects fail because the target audience and clients are not understood. So I'd like to know who your ideal consumer is for your product?
Can be literally anyone with no programming skills required.
Is there a video tutorial that explains your project and the benefits it will provide because I am new to the crypto space?
We are working on the marketing materials as we speak, more of which will be available soon.
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
I'd go with number 3 - Empowering Platform Development.
Are you planning to adapt Encentive to the metaverse? If we think that there will be a need for finance in the metaverse, the name of that finance should be Encentive
We have no plans of adapting Encentive to the metaverse at this point, but we are open to any possible adoption cases in the future.
Right now the team is still working on the game theory behind the project and the tokenomics. We are still in Beta version, but we will definitely introduce our own token in the foreseeable future, which will most likely include a staking mechanism. For anybody interested - I suggest you keep updated on the newest developments of Encentive on both our social media and the website. More news to be announced soon.
Thank you very much for having me, it was a pleasure to share some information and news with the whole community. For those interested, let's stay in touch. We will have a lot of news coming in the nearest future!
Website: https://encentve.io Telegram： https://t.me/Encentive_official Twitter：https://twitter.com/Encentive_io?s=20