DOUBLE TOP Chat, 18.01.2022
Credefi – DeFi protocol, which connects lenders and borrowers small and medium-sized enterprises from real sector of the economy.
Platform provides decentralized and secured enterprieses portfolio lending, defending, which protects lenders by providing them fixed APY interest without any influence from market volatility. Spectrum of services is the same as in traditional banking system, but decentralized.
Participants of the AMA session: Andrew – DOUBLE TOP representative, senior project analyst. Ivo Grigorov [represented by Alex Stan] – CEO Credefi.
Andrew [DOUBLE TOP]
Hello everyone!
The plan of our AMA will be as follows: first, Ivo will talk about project updates, then we will move on to questions from the Twitter form.
Lets go!
Ivo Grigorov [Credefi]
Hello everyone! Am happy to be here today!
Let’s do this!
Andrew [DOUBLE TOP]
So, first question:
We saw that Credefi will be implementing the NFT technology as a revolutionary derivative instrument on its platform. Can you please briefly explain what will this look like?
Ivo Grigorov [Credefi]
Great question, let me explain:
We have created a derivative instrument designed to even further secure your investments in our platform and create a secondary market for your asset backed lending. It is designed for all participants in our platform who wish to hedge their lending activity against credit defaults, hence allowing them to take riskier positions in both our portfolios or on an individual basis.
We call it NDS (NFT Default Swap).
The idea behind it is that people can wrap their LP tokens generated from investing in different portfolios on the platform and issue a unique NFT, which can recuperate their losses and also can be sold on a secondary market. We have a very detailed article on the topic, which explains everything about this revolutionary product here:
Andrew [DOUBLE TOP]
It sounds promising. Second question
We know a product launch is behind the corner and your team is working relentlessly to make it happen this Q1. Can we expect news from the Credefi team soon?
Ivo Grigorov [Credefi]
Yes, we are very happy we are on track to fulfill our Q1 goals on time. Our Testnet is now live and 100 lucky winners have secured their spot in the competition to participate in a 12 day testing of the platform before our official mainnet launch.
Everyone can expect a lot of excitement, prizes and a unique opportunity to become a close part of Credefi’s never ending growth! Follow our channels, so that you don’t miss the news in the upcoming days!
Andrew [DOUBLE TOP]
We are looking forward! Third question:
When can we expect to see more information about your partnership with Experian? And the rest of the roadmap goals?
Ivo Grigorov [Credefi]
Great one!
As you know, the team behind Credefi has a strict rule when it comes to following our main goals and roadmap: work, work, work. We can assure everyone that great things are happening in our “kitchen” and all the processes are on track. Of course, we cannot share all the details, but being the first and only blockchain product to partner with an industry giant like Experian, we will be rolling out more information about this partnership within next week.
The topic is extremely interesting and informative, so please make sure to follow our Meduim and socials, so everyone can see what Credefi and Experian have to offer to both the traditional and DeFi world. We promise, it is a groundbreaking innovation, never seen before in the cryptoverse!
Andrew [DOUBLE TOP]
So, we smoothly move on to the questions that our twitter users asked.
Why do you have two tokens? What are their functions and tokenomics? (CREDI, xCREDI)
Ivo Grigorov [Credefi]
Good question, let me explain:
Our tokenomics is designed and inspired by the latest trends and developments in the space. We have implemented a 2-token economy model, which secures and stabilizes the platform, while increasing APY for our stakers and token holders. Through staking our native token CREDI in our ModuleX, you will be able to receive higher APY as well as mint our governance token xCREDI. Additionally, we have implemented a buyback and burn mechanism of xCREDI, in order to return part of the revenue generated by the protocol. Users will be able to stake CREDI tokens in our ModuleX and mint our governance token xCREDI right after the launch.
It’s once in a lifetime opportunity and we welcome all Credefi enthusiasts to dive into the details available in the article here:
Andrew [DOUBLE TOP]
Next question, Ivo Grigorov:
Under P2P lending options, You have promised that you will provide zero-collateral loans on a case-by-case basis in addition to Collateralized loans. This is new to me, What is this alternative Zero Collateral loans & What is the purpose of it?
Ivo Grigorov [Credefi]
Zero collateral loans will be offered only to already validated borrowers. It means that through time if the borrowers have been diligent with their obligations their scoring and risk assessment will indicate a diminishing collateral requirement when they apply to the platform for a loan.
This gives us an opportunity to offer an even higher range of service to the SMEs which have a proven track record on the platform.
Andrew [DOUBLE TOP]
Next question from our twitter user:
According to your website you’ll be implementing a 3-layer security for your platform lenders, so could you tell us about Credefi’s security module and how will it prevent possible attacks from external parties all the time? What’s the real protection you can get from it?
Ivo Grigorov [Credefi]
Our three-layer protection mechanism, providing maximum security to our lenders based on our:
1) in-house credit scoring backed by Experian – one of the Big Three credit-reporting agencies;
2) crypto and real-world assets collateral;
3) our Security Module (Module X)
Professional credit scoring of each borrower, validated by Experian and available for free to our users.
Additionally, our development team is constantly looking for and acting to resolve any potential vulnerabilities, regardless of how small they might be. We would also conduct a bug bounty program very soon and implement all relevant findings to ensure maximum security of our platform. We have passed a smart contract audit with Armors Lab – a leading provider of smart contract audit services with a very good reputation. You can find the full report here:
https://drive.google.com/drive/folders/1Y0Lo9gfJfowIimLGwBEAFUfeAZjtXuy6
Andrew [DOUBLE TOP]
Sounds interesting. Looking forward to the mainnet launch. Next interesting question:
Recently Forbes published an article about the main business priorities of the EMEA region and placed Credefi amongst industry leaders like Unicredit and Postbank (both with 4+ billion in assets) emphasizing the blockchain and data analytics tech used by Credefi.
Can You tell what Fintech/Blockchain solutions helped Credefi to get into the elite league ? What makes Credefi on of the most innovative organizations in Europe that are revolutionizing the funding of SMEs?
Ivo Grigorov [Credefi]
Great question!
We are extremely proud to have participated in the Experian Innovation week and subsequently to be featured in this amazing article on Forbes!
We believe that the material is well worth the read! True innovation is in Credefi’s core principles. We urge everyone to go ahead and dive in this amazingly interesting material!
Andrew [DOUBLE TOP]
And last question to Ivo Grigorov:
I read that Credefi are pioneers in connecting DeFi with SMEs, could you tell us about how the adoption has turned out?
How have you educated these companies to know and take advantage of the benefits offered by Defi and especially Credefi?
Ivo Grigorov [Credefi]
Thank you for the question!
After the launch of our ModuleX staking programme, we have seen a great influx if SME’s showing interest in our future product launch, which will be happening in Q1 this year.
We have made sure we are 100% transparent with our services and products by providing the most accurate explanation and the most detailed information to anyone who shows interest in the revolutionary mechanisms we implement in the DeFi sector. Our library of documents and explanatory videos are always there to educate, as well as our entire team is 24/7 there for all questions asked by the community and the industry players. We have made sure our marketing efforts reach not only the crypto community, but also the traditional finance world.
We have already been on the road, talking both to individual companies and to business associations throughout Europe, trying to get the message across that De-Fi is the future of finance and Credefi makes that future happen NOW. Thankfully, entrepreneurs and business owners are smart and forward-looking and most of them have embraced the opportunity to get De-Fi funding.
Andrew [DOUBLE TOP]
Thank you very much for your answers Ivo Grigorov!
I see that Credefi is confidently moving towards the launch on the main network and the implementation of his plans.
Thanks for coming to visit. We are always glad to see you!
Ivo Grigorov [Credefi]
Thank you guys for this opportunity!
We strive to push forward constantly!
Andrew [DOUBLE TOP]
Friends!
Kind reminder that you can get familiar with Credefi project using below links:
Credefi Telegram: https://t.me/credefi_news
Credefi Chat: https://t.me/credefi
Twitter: https://twitter.com/credefi_finance
DOUBLE TOP web resources links:
Website: https://doubletop.io/
Twitter: https://twitter.com/doubletop_io
Telegram: https://t.me/doubletop
Youtube: https://www.youtube.com/c/DOUBLETOP_IO
