Vera Network AMA Recap together with Micheal Arbach — CTO

Sponsored by: BMW Capital & ChinaPolka

The AMA Session had 3 Segments:

  • Introduction / Questions from The CryptoChainPh Team
  • Questions from Twitter
  • Live AMA

Segment 1: Introduction / Questions from The CryptoChainPh Team

Renz:
Okay, let's start the first segment. The questions from CCPH Admins.

Can you please introduce yourself to the community and kindly give us an introduction about Vera Network?

Michael:
Sure, I'm a blockchain enthusiast and software developer, done multiple projects for many high-profile consumers and enterprises in finance, healthcare, and supply chain. I focused on blockchain for the last 5 years full-time as lead architect for many enterprises and projects.

We are working on Vera to be a universal infrastructure for NFT DeFi applications that empowers millions of businesses and billions of people.

Vera will enable lending, leasing, and exchange of NFT assets across multiple blockchains.

Renz:
NFT becomes the new trend for 2021, how will the Vera Protocol compete with established NFT projects in the market?

Michael:
for most cases, We will not compete, we are bringing new functionality and will supplement each other. The majority of the business is with non-crypto users, and we are targeting them. And that is the big differentiator.

Renz:
Vera Tokens are designed to bring blockchain liquidity to real-world assets by enabling new direct-to-consumer (DTC). Can you elaborate to us how this works?

Michael:
DLT enables new types of markets that were not previously possible. This will allow asset owners to access new customers. Vera enables this by building the decentralized infrastructure that links buyers and sellers in a more efficient way.

Renz:
Nice. Good to hear that.

How can the community contribute to the growth of Vera Network Ecosystem? Do you have any plans to established local communities?

Michael:
We believe that community is the most crucial factor in the success of our project.
We made many strategic partnerships with influencers in different countries to reach out to new communities and expand our community.

Renz:
Community is the lifeblood of the project. 🚀

What achievements has Vera Network achieved so far? Can you share us your roadmap for this year?

Michael:
We have released our PoC code and doing the MVP development.

In Q2 we will release the PoC web app demo.

by Q3, we will continue the protocol development and release more documentation for 3rd party and open source developers to build on top of our protocol.

by Q1 2022, we will start integration with other Defi protocols, and design more cross-chain integration.

Segment 2: Questions from Twitter

Renz:
Thank you for your answers. We will now move on to the Twitter Questions.

Question #1 from @zozo8999 - What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take in account community feedbacks and demands?

Michael:
Our project has investment from Polkadot Web 3.0 – they do technical due diligence. We also have investment from a major crypto exchange and other high-profile partners.

Question #2 from @ielfzary - What is your top priorities in 2021? Could you share some plans for the upcoming year?Which part of the project are you most focused on right now?

Michael:
We are focusing on finishing the MVP and releasing of the PoC webapp alongside with building new partnerships.

Question #3 from @Kyllamae13 - As far as I know Ethereum is the home of NFTs, why did you choose to build Polkadot over Ethereum given that there are already too many users in Ethereum?

Michael:
Gas cost is too high on ethereum, and it's relatively slow.
We will build bridges to enable the transfer of assets from and to ethereum.

Question #4 from @Xuandieu899 - What are the highlights of VeraDefi’s technology and products that you believe will help you succeed? How revenue does VeraDefi generate to sustain the project, and what plans do you have to attract more users in the future?

Michael:
For every DeFi function (Lending Borrowing and exchange) there are fees with our B2B and B2C models we will have multiple revenue streams.

we are targeting Video Games too, to allow users inside the game to exchange and lease their assets. also online markets for digital pictures.

To attract more users Vera will be a good place for both new and experienced crypto users. We are putting effort into the UX to make that happen.

Question #5 from @kaizher2121 - As I can see at your website its something that most NFT protocols in Ethereum already have. What caught my attention is its lending? So the idea will be using NFTs as a collateral, how can you determine the value of that NFTs if its not trading on the market?

Michael:
We are building DeFi tools, we are not in the business of assets appraisal. We provide these tools to others to use as they wish. It's like exchanges, exchanges list assets for sale but they don't set the prices. We are building partnerships with specific partners for specific industries who understand the value of specific asset classes, the will use our network to leverage these assets.

Segment 3: Live AMA

From Chinese122:
How do you plan to show the world that your product is not just useless blockchain solution to a non-existing problem?

Michael:
There are many high-value assets and their value is locked and can't be used. and there are no solutions to enable us to unlock this value. There is no tool to link physical assets with digital representation with proper providence information.

From Chelsea:
The role of a token is to have a good circulation and have a balance in a project, what is the main role of $VERA token in the Vera Ecosystem and How can I earn besides of buying your token and do you have a incentives for your Vera Community?

Michael:
the Vera network will be governed by the Vera token. holders can participate in the Vera ecosystem to make decisions and vote and token owners will be rewarded by a revenue share of the total fee collected from the network.

From Shankar:
What is the main objective or goal of your project and do you protect the privacy of users?

Michael:
This is why issuing, management of NFT must be decentralized and anonymous. Now there are many centralized NFT solutions but we have to make NFTs control more decentralized!

From Sylvester:
Are you a global and completely Decentralized project? How can we sure that there is no chance of Centralization in future?

Michael:
Core operation is fully decentralized and we might have small centralized modules. but in the end, the whole operation will be decentralized.

From HangMoon:
What is your strongest advantage that you think will make your team leading the market. In the coming months and days?

Michael:
no one is building a proper NFT DeFi network on a cross-chain infrastructure. We are the first mover for that. We are also the first mover to bring real-world assets to the NFT world.

About Vera

Vera is a universal infrastructure for NFT DeFi applications that empowers billions of people.

Buying, selling, auctioning, lending, or leasing assets you own should be as easy and accessible as sending an email. That's why Vera provides the fabric to empower developers, creators, consumers, and asset brokers in any NFT financial marketplace that is open and accessible to all.

Website | Documentation | Github | Twitter | Telegram |

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