AMA Recap with Amplify

On the 18th of August, 2021 at 08:00 UTC, Decentralized Club had the honor of hosting Vadim Zolotokrylin (CEO), and Community Managers Alexander and Eugene Tan from the Amplify Team, for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.

 

The session was divided into three segments. Introductions were made in Segment 1, questions from the Twitter community were answered in Segment 2, and live questions from the community members in attendance were answered in Segment 3.

 

If you missed this event and would like to know what Amplify is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.

 

Segment 1 – Introduction

 

[May]

Hello

 

Ready for your AMA?

 

[Vadim]

Hey guys 👋

Yap, ready.

 

[May]

Hello, Привет, 大家好, नमस्ते, Selamat!

 

My name is May and I’ll be hosting the AMA with Amplify.

 

Today, we have with us a guest from the Amplify Team.

 

You’re welcome and it’s an honor to have you here.

 

[Vadim]

Thanks for hosting the event 🙂

 

[May]

Our pleasure!

 

Could you quickly tell us more about yourself and your job description at Amplify?

 

[Vadim]

Sure

 

I am CTO and co-founder of Amplify. Currently, I am responsible for Amplify product management and development. In Amplify we help small and medium companies to access alternative financing services. Basically, through our platform, we help companies to grow their business.

 

[May]

You’re welcome again, nice to e-meet you.

 

Let’s take some more questions.

 

Q1. Tell us a little bit about yourself: who is Vadim Zolotokrylin?

 

[Vadim]

Sure. As I mentioned above I am CTO and co-founder of Amplify. I am managing Amplify product development. In Amplify we help companies to grow their business by letting these companies access operational capital.

 

[May]

Great bio!

 

Q2. Tech is such a broad space: why did you get into blockchain amongst the many technologies out there?

 

[Vadim]

It was a very easy choice for me to dedicate 5 years to blockchain technology. Just think of these core features of the original blockchain concept, and you will understand my choice:

– Inclusive

– Decentralised

– Uncorrupted

 

In the case of Amplify, DeFi makes a lot of sense because we can use smart contracts and benefit from the core features of the blockchain.

 

[May]

Good choice you made there 🙂

 

Q3. Let’s talk chains: which ones fit Amplify’s use case the most and why? Will you build on all of them?

 

[Vadim]

Technically, any EVM (Ethereum Virtual Machine) compatible chain works for us. But we choose the following to roll out our MVP: Polygon, Velas, and Ethereum itself. All these chains have the same API in theory, so we have very little overhead to deploy on all of them.

 

[May]

👏🏼👏🏼👏🏼

 

Q4. What is the biggest challenge, technology-wise that you and your team are facing while building Amplify?

 

[Vadim]

Technology is built by people. And finding the right people is the challenge. Luckily, I have the core team I have been working with for already quite some time. So I have a great starting point.

But we are always looking for new teammates. The most important criteria to fit the team is to share the common vision and our team values. The skills are secondary. If you have the attitude, we can help you to become a web3 ninja.

 

[May]

Shout out to the Amplify Team for being a strong support.

 

Cheers to the incoming teammates as well!

 

Q5. You are using NFT for your tokenized invoices — that is really a great use case for NFTs. What’s your take on NFTs and where do you see them bringing the biggest impact?

 

[Vadim]

NFT, as we know, is a standardized implementation (protocol) of blockchain technology. For us, this protocol greatly fits the use-case of invoice-factoring.

 

But there is a lot of hype around NFTs as is around everything in blockchain space. It starts with innovators solving a real problem and continues with speculators hyping for the sake of getting rich quickly. For me, it is even entertaining to watch 🙂 It adds dynamics and spice to the space. On the other hand, this hype helps with the adoption.

 

About the impact, I actually want the readers to turn on their imagination and ask a similar question: “where is the most potential to make it (whatever) more inclusive, transparent, and fair”? I am pretty sure the majority of us have some pain points which can be solved with the power blockchain. Again, in our case with Amplify, we solve the businesses being underfinanced. Running out of money is the most common reason why businesses around the world fail.

 

[May]

This is very smart! 😉

 

[Vadim]

I hope it is also clear 😉

 

[May]

Crystal clear!

 

Last question for this segment.

 

Q6. Fast forward 2 years from now: where will Amplify be?

 

[Vadim]

I believe Amplify in 2 years will have a chance to help thousands of companies to grow their businesses. Obviously, that is all for making a positive impact on our daily lives.

 

[May]

Great! 🙂

 

It’s time to take questions from our Twitter community.

 

[Vadim]

Looking forward to these questions 🙂

 

[May]

Here they come! 🚀

 

Segment 2 – Twitter Questions

 

[May]

Q1. What kind of rewards can I earn by providing liquidity? I assume it must be something lucrative.

 

Twitter Username: @cradled_in_

 

[Vadim]

First of all, there is a return (APY) on the assets from liquidity providers. And also as an open, inclusive, and community-oriented protocol, Amplify smart contracts distribute $AMPT governance token based on the amount of contribution.

 

In other words, by providing liquidity LPs earn rewards in stablecoins and $AMPT tokens.

 

[May]

Good to know!

 

Q2. Which one of these aspects is important for you?

 

1-Increasing Token Price & Value

2-Empowering Platform Development

3-Building Community Trust

4-Expanding Partnership Globally

 

In what order?

 

Twitter Username: @truongtran0305

 

[Vadim]

For me personally:

1 – Empowering Platform Development

2 – Building Community Trust

3 – Expanding Partnership Globally

4 – Increasing Token Price & Value

 

Everyone wants their token price to go up. But I guess it happens if all other crucial components are in place.

 

[May]

I agree!

 

Q3. How easy is it for a borrower to register on your platform and have access to liquidity?

 

Twitter Username: @static_current

 

[Vadim]

It is easy to register, but to borrow a business representative needs to upload a series of documents, so the protocol can define the APY/APR and other variables. These variables are very critical for the sustainability of the project as a whole. To design this so-called Risk-Model/Reward system is the hardest part, but it is also fun 🙂

 

[May]

So it’s a certain kind of KYC that’s required?

 

[Vadim]

The short answer:

It is easier than it is with current invoice factoring services, and it is much more inclusive.

 

Some sort of 🙂 but still a bit different

 

The idea is to understand the risk which is undertaken by the protocol and on the other side assign the reward to this risk. Higher risk – higher reward; lower risks – lower reward. But the core question is not to make sure the risk is very well calculated.

 

But we have in-house experts regarding the Risk Model question. Experienced ones 👍

 

[May]

https://t.me/decentralized_club/586264

 

Q4. How does Amplify make sure its users are not affected by the volatility of the crypto market?

 

Twitter Username: @static_current

 

[Vadim]

It’s simple: we don’t work with volatile assets. The assets are invoices and stablecoins. None of them are volatile.

 

[May]

Q5. Your project is not only interesting but also important, but it needs large user traffic to be sustainable over time. What marketing strategies do you have planned to increase the validity of your brand? Are you planning a strategic partnership to level up your project?

 

Twitter Username: @bijajag

 

[Vadim]

I believe that the best marketing is a great product! We just need to make sure our product is sustainable and beneficial for both: liquidity providers and businesses (borrowers).

 

The product makes the brand. Basically, the product is the marketing. We aim to have a great product 😉

 

[May]

Great product! Great answer!

 

It’s time to take questions from our live audience.

 

[Alexander]

we are ready!! Thank you!

 

[Eugene Tan]

yes

 

[May]

Alright!

 

In this 3rd segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

 

Please pick five original questions to answer.

 

Try to ignore generic, vague, and copy-paste questions 😊

 

[Alexander]

5 questions right?

 

[May]

Yes, please!

 

Shall we?

 

[Alexander]

let’s do it!

 

—Chat was then opened for the live community to send in their questions—

 

Segment 3 – Live Questions

 

[Hoang Thang]

Do you have AUDIT certificates, or are you working to AUDIT your project to make it more secure and reliable?

 

[Eugene Tan]

Yes, we are working on the audit,..before we roll out, we will engage an audit firm to do it, to allay the concerns of all users. security is a paramount issue and we will work with our partners to ensure due diligence

 

[Hanre Nolan]

What are the strengths and advantages of the project to be able to compete in the market with countless TOKENs?

 

[Alexander]

There is no other project out there today that is doing what we do. The businesses that borrow from our liquidity pools are exclusively SMEs and suppliers of retail giants like Walmart and Amazon. With a combined annual profit of around 10 Billion dollars between them, it creates an incredible opportunity for our liquidity providers and will uniquely position Amplify to be among the most sustainable platforms in the defi ecosystem.

This is a real-world application of Defi.

 

[Zen Danesto]

From where did you get the project name? What does it mean to you? And why did you choose this name for your project? What is your mission and vision to build this project? What do you want to achieve in the future?

 

[Eugene Tan]

Amplify stems that we will like to amplify/magnify your assets and at the same time, amplify the benefits to corporate users. Our Mission is To provide SMEs with a sustainable alternative financing method by involving digital assets investors.

 

Amplify believes that through Decentralized Finance (DeFi) we can forge a win-win B2B2C relationship between SMEs and community investors, achieving the needs of all parties and building a sustainable and efficient economy.

 

[A]

I know you have the ampt token. Will there be an airdrop before you launch?

 

[Alexander]

We strive to frequently provide value to our community. We enrich the community at every opportunity. It’s a win-win – in our opinion. To answer your question, YES we are having a community airdrop of $AMPT tokens and it’s going to be BIG!!!! we think you will love it!

 

[May]

1️⃣ more question! 🎉

 

[Fendysant]

Is Amplify a local project and a global project? Can anyone use your services from anywhere in the world?

 

[Alexander]

Amplify is decentralizing trade finance. This is definitely a global project that will help small biz in developing countries expand and grow. This enriches the local economies and creates meaningful jobs and opportunities. Amplify is using defi to solve real-world problems and to advance the global economy. This is the next generation of defi. Defi for the good of the globe!

 

Great questions to all who participated. We have a lot of events coming up including an airdrop before our platform launches in October! You are all invited to join our telegram and secure your place in the queue for the airdrop.

 

Decentralized Club – great job hosting. May Gusta, Billy, Excellent job. Thanks for having us!

 

[May]

Aaaaaaand it’s a wrap! 🎉

 

Thank you for your time with us today, Mr. Vadim, Mr. Alex, and Mr. Tan.

 

Amplify is teeming with potential!

 

[Alexander]

Kindly welcome.

 

[May]

Can’t wait to hear big news from your team!

 

[Vadim]

Thank you, May, for the interview! And thanks to those who are following us, and for the great questions!

 

Ciao

 

[May]

Thank you again, send our hearty cheers to the rest of the team!

 

[Alexander]

t.me/ampttoken

www.ampt.tech

twitter.com/ampt_defi

That’s all!

 

[May]

Thank you for sharing!

 

An insightful session here with Amplify.

 

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