EcoFi AMA with MultiChain Apes
This past Tuesday we had an AMA with EcoFinance. Their team joined our channel for a quick Q&A about their project. EcoFi is an open-source, permissionless, and censorship-resistant protocol built to power safe and responsible innovation in the Decentralized Finance (DeFi) and NFT space. The EcoFi founders are cryptocurrency ecosystem pioneers, masters of art, cinema, and networking experts who know how to engage a global audience.
Her you will have a summary of the Q&A
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AJ Crypto: Welcome @DenverNunley
Thank you for joining us today!
We’re expecting Kevin Manohan as well from EcoFi
May we start?
AJ Crypto: ~ Can you please introduce yourself? What is your background? When did you start crypto and for how long you know the rest of team?
Kevin: I’m kevin.
I’ve been in crypto since 2015ish
I’ve know the other guys for almost as long.
My name is Denver Nunley, I am a Co-Founder of EcoFi. My background is in marketing and coordinations. Ive been in crypto since 2016.
AJ Crypto: ~ Is this your first project together?
Kevin: Yes. We met day trading.
AJ Crypto: I’m assuming leverage trading in futures hahaha
Denver: Kraken margin
Kevin: Poloniex margin for me
Denver: Oh that’s right
AJ Crypto: For me it was bitmex
~ Is the team located in the same time zone or different time zones?
Denver: We are all in Santa Monica, CA.
AJ Crypto: That’s awesome!
~ How many people are part of the team at the moment?
AJ Crypto: ~ And you are all fully doxxed to the public, right?
Kevin: No. We just added #4.
Denver: 3/4 are. All of the 3 founders are fully doxxed
Kevin: Yes # 4 will be public shortly
AJ Crypto: That’s what it matter for me right now, very important to know who’s behind of the project imo
Is the 4th person part of the dev team or marketing?
Kevin: We’re appropriating an employee from block one and are waiting for him to terminate before we announce him here
AJ Crypto: wow
I hope everything goes smooth
Kevin: I’m sure it’ll be fine.
AJ Crypto: Alright, let’s jump on tech now since we had a nice introduction
AJ Crypto: ~ What is your main goal for this project? In few words please
Kevin: Create global income. We wanted to make a system where every person involved has 100% of their basic needs met
So I designed the staking mechanism
I’m order to give it value
We incorporated the nft/fractionalization platform.
AJ Crypto: ~ What sets you apart from other NFT projects seeking a real world use case?
Kevin: We actually have a real world use case
Already implemented. We’re not trying to make up value
It already exists. We’re just attaching it to uniquely verifiable digital assets
Also with our nfts you actually own something other than a token and a jpeg print of someone else’s original art.
AJ Crypto: ~ How does the fractionalization platform work?
Kevin: We contractually bind a real world item to an nft set contract
AJ Crypto: So everyone can own a piece of X art?
Kevin: Or real estate, or a bike.
We’re starting with set because we had a good connection
But the original idea was real estate, cars, etc.
AJ Crypto: Wow, this sounds we’re just getting started lol.
Kevin: We’re also trying to sort out certifications on blockchain for companies like Cartier and Rolex
We’re in talks with Chanel as well
Really any company that does certification certificates and forgeries benefits from using our system.
AJ Crypto: Some big names!
~ Are there incentives to stake ECO outside of access to SPRT for the marketplace?
Free income forever based on current assets.
Denver: As of now 75% of the circulating supply is being staked.
Kevin: Why would you spend your $100 if you can lock it up and make $100 every Pre determined range of time
AJ Crypto: ~ What is the APR on staking at the moment?
Kevin: Live generation base is 200% of your eco total.
But it’s a little different than standard interest as you’re generating a secondary asset with a separate value
AJ Crypto: ~ Is there a risk of inflation hurting the value of SPRT? If so, what is the plan to mitigate it?
Well there is a tool built in
In order to control the sprt inflation rate.
AJ Crypto: ~ Can you please tell us about the HYPEROBJECT marketplace. The idea behind seems great!
~ When is going live? Do we have a set date yet?
Denver: HYPEROBJECT is the largest art collective/magazine in Los Angeles, with artists from around the planet — we have partnered with them to fractionalize ownership of all their pieces.
Kevin: After the second week of October
AJ Crypto: Good Job so far @DenverNunley
Eco Fi seems an underrated project to be honest!
~ What is your favorite aspect or feature of EcoFi?
Kevin: Staking. I built the thing. If It works on our scale we can use the system to fix an economy like Venezuela
With not a whole lot of initial capital
Maybe a billion dollars
Which on a country scale is tiny.
AJ Crypto: “Snowball effect” lol
You must have heard of it haha
Guys, I know you’re very busy with your schedule so I won’t keep you long.
Let’s jump on Marketing and my favorite topic
~ How do you plan staying competitive in the market long term? What is your strategy for the product development?
Kevin: We have some really cool partnerships
Denver: Because we have the underlying substructure of the platform we can apply it in any direction that comes up in the future. And one of the new ways we are applying it to is NFTs.
Kevin: And our platform is a hub.
Think of it like a high end mall for valueable nfts
We’re about to launch the second marketplace
But I’m the future you can expect 100s if not 1000s of individual marketplaces
And a truly decentralized free market hub.
AJ Crypto: ~ Can you give us a short summary about the Q3-Q4 roadmap?
Denver: HYPEROBJECT, DAO, several partnerships — Lukso being one. and more marketplaces.
AJ Crypto: ~ Who are your partners at the moment? Do you have any new partnership coming up anytime soon?
Kevin: Hyperobject is in partnership with sovo
Lukso will have a marketplace as well as contract deployment on their side
It looks like we may have a grant from swarm as well
We’re working with alchemist to hopefully set up a liquidity reward pool.
Denver: They just changed their name from SOVO to Forecast.
AJ Crypto: ~ Everyone wants to know about your short-term Marketing Plans. Can you share with us your marketing strategy?
Denver: We cannot. For obvious reasons.
AJ Crypto: Guys, is there anything else you would like to add before we end the AMA?
Kevin: Thanks for having us back on.
Denver: Regarding marketing. Our last campaign was very successful. We launched our BETA platform then moved to public. Some bugs/flow issues were discovered so we had to take care of that. The platform is now stable and we are putting the finishing touches on everything then will resume marketing shortly after
We did not want to continue getting exposure and getting more users on the platform while the issues were happening.
AJ Crypto: Thank you very much for your time! I had fun and I wish Eco Fi all the best. I’m a true supporter so please feel free to share with us your major updates.
I’ll make sure our members will get notifed
Have a great day guys!
Denver: Thank you!
Questions from the Community
- Question from @asmeok
“As I understand it you sell pieces of work by famous artists of the past. What about copyrights?”
Kevin: There are no copyrights from dead people on work of theirs you actually own. So we technically own the “copyright”.
With current nfts you aren’t getting original art or rights to them
That’s a huge difference between the entire industry and what we’re doing.
- Question from @gingerxn
“You have a complicated stacking system. How are the $ECO and $SPRT tokens related?”
Kevin: Eco generates sprt.
So you stake eco and in return you generate sprt.
Denver: Stake ECO. to earn SPRT spend SPRT on NFTs that represent real world assets — for now, paintings.
Staking ECO generates SPRT at a 200% rate over the first 90 days — which it is locked. After 90 days the tokens are unlocked but continuing to stake them compounds every second adding an additional 100% APY every 10 years.
- Question from @E613x
Can Kevin expand on what he said earlier in the AMA? He said … “free income forever based on current assets”, and “why would you spend your $100 if you can lock it up and make $100 every pre-determined range of time
How does that work exactly — to secure the “free income forever on current assets?”
Kevin: You have $100(current assets)
You deposit it into our staking contract
It generates you sprt forever
At a compounding rate
Sprt can be used to generate nfts that provide real world ownership in new assets
Whenever you want to withdraw your initial $100
You get 100% of it back
So it’s not exactly free. It’s the cost of gas to deposit and withdraw.
- Question from @E613x
“I think it would be helpful if Kevin / Denver outlines the tokenomics of both ECO and SPRT — i.e., ECO being capped at 10 M, but SPRT being unlimited (I think). Would be beneficial to understand this better.”
Kevin: Sprt is unlimited but there’s a burn mechanism that will be put in place as soon as the market is established. There are not currently enough sprt on market to burn any.
Denver: 10M tokens max supply. Less than 1M circulating (1M is also locked in company staking to generate SPRT on the platform).
Kevin: But there is a burn function built in to control supply as it’s used as soon as the supply of sprt is established enough to maintain with burn without hyperinflation of value
Denver: 200k tokens to be released over the next 5 months.
- Question from @angelo_btc
“What’s your favorite piece of art for a beginner?”
Kevin: So we have quite a few Keith harings.
The entry point should be pretty accessible.
- Question from @E613x
“For all these upcoming partnerships and other marketplaces, will ECO and SPRT be the only tokens ever? Said another way … no other tokens coming out later, correct? Just want to be sure that ECO will be the key token always, and SPRT will be essential as well (the interest earned from holding / staking ECO).”
Denver: No others tokens.