February 9-th held an Ask Me Anything session at ICOSpeaks telegram chat. From the NFTY Protal side there were:
Before we go to the first set of questions, could you please do a short self-intro?
👨💻Joaquin Bravo | CMO | @thecryptomarketing
So my name is Joaquin Bravo, and I have been in the space for +3 years. I have worked alongside many important defi projects in the past years
And right now I am working as the CMO for NFTY Portal
👨💻 Az | COO | @Hazadus01
Let’s get started!
Q: What is NFTY Portal?
A: So Nfty Portal is a decentralized exchange/platform with its own hybrid (PoW/PoS) blockchain. This means that it will allow for millions of transactions to be done per second. Its high-speed and easily scalability components of the blockchain makes it possible to create super-fast bridges for any existing native coins, tokens, and NFT assets created on the main existing blockchains. This also provides the opportunity to create a new generation of decentralized exchanges and NFT Marketplaces!
Q: What is the technology behind NFTY?
A: That’s a complex one that our lead dev could better answer it. But I will try my best to put it in easier terms.
So NFTY is a PoW/PoS Hybrid blockchain, which combines both PoW and PoS together onto a singular blockchain. Hybrid systems are still relatively new as few blockchains employ a robust enough difficulty algorithm which adjusts the time span between generated blocks for either PoW or PoS and in this case both in unison.
A custom difficulty retarget algorithm known as “VRX” (Velocity rate) was created for the Espers blockchain in order to allow for proper shuffling of generated block types within a full hybrid blockchain.
By doing so, the security of that blockchain was substantially increased as PoW and PoS complement each other’s shortcomings allowing the blockchain significant edge over one operating singularly on a particular method.
This is where the concept of Masternodes surged.
Which are basically special nodes in the blockchain networkwhere owners are verified through a system of checks; and by paying a set collateral are dedicated to a certain percentage of each block, masternodes are sent to a list and paid the set masternode reward.
This allows for scalability of transactions
Q: How does it compare to other blockchains?
A: As you can see, the main advantage of NFTY are the instant and supe rcheap transactions
As well as infinite scalability and compatibility with web and mobile wallets
Moreover, the blockchain is able to support multichains without the need of bridging
And of course, it is the greenest blockchain of all 🌱
Q: Who is part of the team at NFTY?
A: So even though today its just me, we have a vast amount of team members working hard behind the scenes
-Arron Brown COO
-Joaquin (myself) CMO
– Gabriel CFO
– CryptoCoderz Lead Dev
– Marketing Teams including writers, publishers, graphics
– Social Media Teams including Telegram admins like our great Dan, Twitter, Discord admins
There are also many others on the team working behind the scenes in our Company DexTech that help make everything happen from Financial to Legal and more
Q: What are the different NFTY Tokens/Coins and their usecases?
A: Space coins will have much utility from transaction fees, masternode rewards, NFT minting fees, artist payments, yield farming for NFTY time and many others to be released as we move forward
NFTY Space coin will be used as the payment coin for transaction fees related to coins, tokens and NFTs, and also for minting NFTs or tokens on the NFTY chain. It can be staked in the NFTY Wallet and will also be used in yield farming.
NFTY Time will be used as the reward coin that users earn when they engage in yield farming their NFTY SPACE coin. NFTY TIME coin also acts as a highly collectible, high-demand, low- supply coin that can be traded with other tokens in the NFTY ecosystem.
NFTY Motion is the governance coin of the NFTY ecosystem and will be gifted to NFTY TIME holders as a reward, giving them governance rights over the NFTY Portal project’s future decisions.
Q: Could you tell us more about the DEX and Marketplace that will be live on the NFTY Blockchain?
A: With regards to the DEX: Many issues faced by users of cryptocurrencies on centralized or decentralized exchanges stem from a lack of accessibility to their preferred coin or token, often forcing them into multiple swaps or trades because of chains’ inability to interact with each other just to end up with the coin or token desired in the first place. NFTY chain aims to solve this by having a universal chain that doesn’t care which network or platform it interacts with, giving users the ultimate freedom to trade as they wish in an unrestricted manner.
And regarding the marketplace: The main restrictions that currently surround NFTs stem from the inability of current networks or chains to store data, forcing users to mint on marketplaces which in turn adds costs when wanting to sell on other marketplaces, making the process more costly, inefficient, and unproductive.
And regarding the marketplace: The main restrictions that currently surround NFTs stem from the inability of current networks or chains to store data, forcing users to mint on marketplaces which in turn adds costs when wanting to sell on other marketplaces, making the process more costly, inefficient, and unproductive.
Q: When are you planning to launch?
A: So we were planning on launching NFTY as a multiple-step process
But due to the market conditions, we were forced to postpone the launch to this quarter
So now that the market is recovering, we planning on launching Q1, and with all the releases! 🙂
Q: What is next on the roadmap for the remaining of the year?
A: For the rest of this Quarter we have:
– Marketing Blitz including introducing some VIPs to our community that are joining the NFTY Portal
– Public Sale on Launchpad/s
– TGE
– Launching NFTY Space coin on exchanges
– Release of the NFTY Portal — Dex, Marketplace, Browser Extension, Wallet Upgrades for both Mac and Windows
And for Q2:
– Mobile release for both iOS and Android
– Extended Marketing
– Launches across numerous Dex
– Upgrades to the NFTY Portal
Q: Why did you decide to migrate/build on the Binance Smart Chain? And, what do you hope to see next from the BSC community?
A: We are only launching on BSC for more people to be able to join our public sale. The liquidity will then be moved to NFTY
Q: Can you share to us your tokenomics? How much is the total and circulation supply of your tokens? Will there be buy back system or token burning in the future?
A: Circulating supply at launch will be 12,200,00 and total will be 200,000,000 (FDV of $13M at launch)
Q: Plans for pre-sale?
A: For everyone interested in the whitepaper. Feel free to join our TG group for more details on the presale
Q: Does your project has plans about Staking??
A: Staking will be done with NFTY Space, where you will earn NFTY Time as long as you are staking
Q: WHat is toke Utility?
A: The NFTY Space token will be used for:
Staking and Farming
Commission when issuing NFT
Commission when buying or selling NFT
Commission when donating or transferring NFT
Commission when creating tokens on the NFTY blockchain
Masternode fees commission
Q: What is your strongest advantage that you think will make your team leading the market?
A: Definitely the fundamentals behind the project. The greenest and fastest blockchain of all
Q: Is your platform a global or is there any restriction to certain regions?
A: There are some restrictions if you look at our Disclaimers on the website
ICOSpeaks hosted an AMA Session with the NFTY Portal Team. That’s all for today.
Thanks to all users who participated.
Thanks, NFTY Portal for being with us
Thanks, all and see you soon😉
Cheers 🥂
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