Ask Me Anything with Pledge at ICO Speaks: Summary
September 11-th held an Ask Me Anything session at ICO Speaks telegram chat.
From the Pledge side there was : CTO of Pledge | Michael Ren |@AIbutBlockchain
Let’s get started!
Q: First of all, please introduce yourself with us. How did you get involved in the crypto? What’s your role in Project #PLEDGEFINANCE?
A: I hold a PhD in AI and was in fintech for 15 years. I got started in crypto/blockchain back in 2016. I first got into ethereum mining and then slowly grow interested in smart contracts and realized just how amazing blockchain actually is. Before creating Pledge, I was the Chief Scientist for a HK based global lending company with 100B$ assets.
Q: Give an intro of project #PLEDGEFINANCE! What are present problems which #PLEDGEFINANCE is going to resolve and tell us solutions?
A: So Pledge is a Defi project by nature so to speak. The key problem is the Offering the lending and borrowing features unlike many other defi protocols. And to enable traders to dive in. This is a 500 trillion market/annually. Compared to the current size of Defi, Pledge is innovating, massive innovating, the next gen of financial NFT driven Defi.
They key solution is financial NFT protocol, which I can elaborate in the following blocks.
One more thing, we focus on fixed rate assets, which is way more attractive than the current ones for ppl outside.
Q: Can you please give on overview of your tokenomics?
Also share your future plans to make the project successful for the world?
A: Yes, sure. We innovate the tokenomics, for a balance of value capture and rewarding long time investors. for example:
Pledge is now built on the Binance Smart Chain (BSC) and utilizes a dual governance token mechanism called PLGR & Master-PLGR(MPLGR) tokens. PLGR tokens are the utility and junior governance vehicle on the Pledge protocol. Whereas MPLGR is designed to help handle a set of advanced governance commissions on the platform, which may influence the economic policies and incentive system params across the Pledge ecosystem. PLGR can also be explained as a utility token in the ecosystem, balancing the ecosystem and helping to encourage users to stake with the ecosystem.
The lenders earn PLGR tokens and interest by depositing crypto-currencies into the liquidity pool. The borrowers deposit their collateralized crypto assets into the liquidity pool in order to hedge against the crypto market risks and borrow out money to carry out their day to day activities.
With an innovative bridged dual token structure in Pledge, one crypto asset can function as a yield farming vehicle while the other can function as a governance vehicle.
Pledge is a defi community. So every decision will be made by the community.
In the future, Pledge will enable the developers to create and to innovate:
1 financial NFT 2 fixed income swap(500T market); 3 lending with NFT as collaterals; 4 Financial inclusion
That is a lot to expect in the future
Q: Can you tell us some about your team and their experiences in the market?
A: Of course. Pledge is led by me and the serial entrepreneur Tony Y. Chan, and Stanford Blockchain Professor Dr. David Tse. Pledge is is designed to become a leading Financial NFT ecosystem for the mass market.
Prof David Tse, is Stanford University Professor Specialize Blockchain security Inventor of Prism
He is the guy that work with ETH team for blockchain security. Prof Gregory LaBlanc is Faculty Director of Berkeley Fintech Institute. Standford Lecturer and UC Berkeley School of Law, Lecturer. Nicole Chang is also a key role. SHe is Ex East West Bank Senior VP, a nd Ex President of Stanford GSB alumni Assocation, Stanford GSB, JD, Harvard B.A. Economics.
Prof Sebastien Donadio is our trading algorithm guru, from Univ of Chicago Professor
Specialize in Financial Mathematics Author of “Learn Algorithmic Trading” basically this is the best of the best. We have been thinking about open finance for 10 years and now we are making it happen in Pledge.
Q: What are you looking most forward to doing in Pledge?
A: Pledge leverages the latest blockchain technology, especially with ERC 1155 to enable the creation of Financial NFTs to represent each loan, bond, insurance as well as other assets. Pledge’s Financial NFT supports configurable asset token type, which can have its own terms, metadata, supply and other derivative attributes. A single deployed contract includes combination of many fungible tokens, non-fungible tokens or other configurations. Financial NFT protocols support game and finance developers with interoperability such as transfer, swap and trade, and hence are expected to remove the barriers to entry for almost all traditional financial market participants.
In one sentence:
Pledge Finance: the World’s Next-Gen Open Finance Building Blocks based on Financial NFT.
Please check out The official website for most recent updates：https://www.pledger.finance/ for more information
Q: Can you provide some progress on your Roadmap and what are your aims in next 2 years? Where pledger will be after 2 or 5 years according to your roadmap?
A: As of today, here are the milestones we hit:
Foundation formed: 12/2020
Co-builder round closed: 12/2020
Whitepaper completed: 3/2021
V1 on BSC Testnet: 8/2021
Down the road, we will do Product V2, which is set for p2p lending with NFTs as collateral.
Product V3
Ffor financial NFT based interest rate trading and derivatives trading on BSC and other chains such as ETH, Sol, Polka and Heco etc.
Pledge will be the ecosystem to enbable the bridging metaverse NFT and universe financial NFT in 5 years.
Q: What are the unique features of “Pledge” lending platform,what makes pledge ahead when we look at the competitive side?
A: Here are some unique innovations:
1. Pledge leverages the latest blockchain technology, especially with ERC 1155 to enable the creation of Financial NFTs to represent each loan, bond, insurance as well as other assets. 2. Pledge’s Financial NFT supports configurable asset token type, which can have its own terms, metadata, supply and other derivative attributes. A single deployed contract includes combination of many fungible tokens, non-fungible tokens or other configurations. 3. Financial NFT protocols support game and finance developers with interoperability such as transfer, swap and trade, and hence are expected to remove the barriers to entry for almost all traditional financial market participants.
Which is unseen from the current 3000 defi projects. Which I believe is the vision of Tony and 3 professors when we co-create this project.
Q: What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
A: Sure, I am in charge of products and engineering. So V1 and V2 this year is of my high priority. I am also work with team to build the community this year. We have 100k members now and there are more ppl want to join. It will be fun.
Q: Could you explain a little about Pledge and what makes it different from other projects?
A: as I said: 1. Better product: ERC 1155 to enable the creation of Financial NFTs to represent each loan, bond, insurance as well as other assets. 2. 100X More assets and capitals: Supports configurable asset token type, which can have its own terms, metadata, supply and other derivative attributes. 3. 10X users. Game and finance developers with interoperability such as transfer, swap and trade, and hence are expected to remove the barriers to entry for almost all traditional financial market participants.
Q: How you tell us about some of the partners project is currently working with Pledge?
A: This is a snippet of our recent Business Development Pipeline:
Private lending company to provide liquidity.
Miners onboard for long term loans.
Crypto whales need diversification into real estate and other asset class.
In discussion with leading DeFi protocol and exchange to provide asset and liquidity.
This is part of the list of the names that are working with Pledge now.
Q: Currently NFT is hot topic is Cryptocurrency. Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in crypto space?
A: V2 will enable borrowing with NFTs.
Q: Do you have AUDIT certificates? Does your working to AUDIT your project to make it more secure and reliables??
A: 5 audit teams are working with us now. Including CertiK, SLowMist and Packshield etc
Q: Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
A: holders will be able to get MPLGR, which is the higher governance token with better value
Q: Can you List 1-3 Killer features of your PROJECT that makes it ahead of Competitors? What is the Competitive Advantanges your platform Has that you Feel most Confident about?
A: They are in my previous messages. Fee free to find them also in our SNS accounts:
Q: While you build your project do you take into account community feedbacks and demands??
A: Yes, of course. In the future, all product related roadmaps will be decided by the community
ICOSpeaks hosted an AMA Session with the Pledge Team. That’s all for today.
Thanks to all users who participated.
Thanks, Pledge for being with us
Thanks, all and see you soon😉
Cheers 🥂
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