AMA Recap: Gem Chasers & Smarts Finance
Below is a full-recap of the AMA, for the gem chasers who couldn’t make it, or for anyone that’s interested. Feel free to have a read!
Telegram: https://t.me/GemChasers
Twitter: https://twitter.com/GemChaserz
Gem Radar ✪:
Ok guys welcome to our second AMA series of the day, today we have with us Smarts Finance. A project that I am personally following so this will be definitely interesting. @hillary_smat @Anthony_bit are the founders and have decided to dedicated some time with us today so we greatly appreciate it. Hillary & Anthony welcome 🙂
Anthony Paul | Smarts:
Thank you. It really good to be here with you.
Hillary Sam | Smarts.Finance:
Thanks. I’m sure we’ll have a great time here
Gem Radar ✪:
So let’s start with an introduction of yourselves before we dive into the project itself. Can we have a brief description of your past work experience and do you have any past related crypto experience?
Hillary Sam | Smarts.Finance:
I’m Hillary Sam, an Engineering graduate. It’s been over three years since I grew interest in crypto and blockchain. My first entry started way back on social media platforms like Steem. I’ve worked as an ambassador for several projects like OKEx.
I think I will allow Anthony introduce himself.
Gem Radar ✪:
Yes that’d be suitable 😂
Anthony Paul | Smarts:
Pardon me as I will take you a little bit down the route of the memory lane.
I first came across Bitcoin in 2016 via a Ponzi scheme. Never new its relevant until 2017.
It was first hard to understand but once I did, I never looked back. As a bachelor’s holder in Biochemistry, it was a little bit hard learning financial concepts and theories.
However, with my keen interest, I grew more into the niche, met some fantastic people, and made some valuable connections.
I was privileged to work with some crypto startups and garner more experience via the process.
During the journey I and Hillary first met on Steemit
Worked on different little projects
And came to understand each other
This was back in 2017
Gem Radar ✪:
Thank you for the introductions, greatly appreciated. It’s great to see where the founders have come from previously. I believe it is important. Ok so how did the idea of Smarts Finance start? And can you please introduce us what is Smarts Finance all about?
Hillary Sam | Smarts.Finance:
We started Smarts finance with the aim to make Smarts Finance a new frontier for DeFi products and services. Its no doubt that many DeFi-based projects are already offering the same services we offer.
However, we noticed that some of those DeFi-based platforms either have one setback or the other. We dicided to improve on the features of those DeFi platforms and come up with a DeFi platform that serves the purpose potential investors want and still retain its sustainability.
Anthony Paul | Smarts:
Having build our familiarity with the niche and understand some vital concepts.
We saw huge potential in DeFi and converge to be one of the huge partakers.
We interact as the concept was evolving but saw there are many areas where currently offered products can be improved.
With our clear understanding and experience over the years, we conclude to pronounce our ideas by birthing Smarts Finance.
Gem Radar ✪:
Great. So what will make Smarts Finance unique? What are some of the purposes and use cases for it? Are there any incentives for token holders, if so what is it?
Hillary Sam | Smarts.Finance:
Before answering this. I will like to give you a quick introduction of Smarts Finance
SMARTS Finance is an innovative DeFi platform which offers services and products aimed at providing an autonomous, flexible money market on the ethereum blockchain
SMARTS Finance offers a sustainable model to token holder via
- A burning deflationary model
- Buyback mechanism using fees accrued from trading
- Distributed gas fee to minimize transaction cost by 100x folds
- Additional vesting of distributed tokens to minimize sell pressure in the open market
SMARTS long term vision is to add more value to the DeFi frontline via the power of community engagement, transparency, easy integration and adaptability. Also SMAT tokenomics is designed to be sustainable overtime because aside tokens apportioned for team, all generated fees and funds will be directed towards the project use and promotions which will see SMAT token appreciate over time especially for long term holders.
In a nutshell, Smarts intelligently combines all this strategies to deliver the biggest APY to investors
Gem Radar ✪:
Love it!
Hillary Sam | Smarts.Finance:
Moving on to this question now..
Anthony Paul | Smarts:
SMAT is the basis of value generation and distribution within the Smarts ecosystem. It prominent use — case is in governance as it allows users of the network to effect change that happens to the usage of the system parameters and as a result, determine it’s future progress and growth.
Users of the system can submit a proposal and vote on changes they want to see.
Gem Radar ✪:
Hillary would you like to add anything to this?
Hillary Sam | Smarts.Finance:
Yeah sure
Smarts Finance builds on the basis of bringing sustainability to action. This is possible because we make use of fees accrued from trading for automated buybacks and also give the SMAT token a deflationary feature which reduced its supply and give value to SMAT overtime.
Gem Radar ✪:
I guess it’s just smarter farming, hence called smarts finance 🙂
Anthony Paul | Smarts:
Haha 😂
Hillary Sam | Smarts.Finance:
In addition to that, we introduced a vesting mechanism for tokens given as rewards to liquidity providers to help minimise sell pressure and sustain the value of SMAT overtime.
Anthony Paul | Smarts:
All the above gives reasons for users to hold SMAT.
Gem Radar ✪:
Perfect! Yes it sure does, so the point i was trying to get accross here is that this isn’t just an ordinary farming platform. There will be tech implemented to give users more reasons to buy SMAT as well as creating benefits for holders.
Ok so, has the contract been audited externally yet?
Hillary Sam | Smarts.Finance:
The contract has not been audited externally yet. However, a deep internal audit has been carried out on the Contract by our CTO and report shows that it is safe to interact with.
Anthony Paul | Smarts:
Yes.. There are products like Staking, Liquidity miniing and lending and borrowing and we plan to integrate NFT in the near future.
Hillary Sam | Smarts.Finance:
We look forward to engaging the service of external professional organisations to help audit the contract even further as we take security to be Number #1 priority for us.
Can I drop a report of the internal audit done pls?
Gem Radar ✪:
Definitely!
Your CTO, is an auditor? Does he work for an auditing company? etc? Just so we can see how valid the internal report is!
Anthony Paul |Smarts:
Yes, he is a veteran developer with years of experience. He runs a security company and his known for his professional skills.
Here is his LinkedIn profile detailing his work profile.
https://www.linkedin.com/mwlite/in/jorge-rodriguez-115570139
Gem Radar ✪:
Thank you for this it is great to know this as your internal audit report is now very valid and as strong as an external report. Even though you’re CTO is a professional and an auditor, you guys still want to be even more transparent and do another external audit. I think that shows some dedication and I appreciate that. Ok, so I want to dive in a little deeper here in regards to security since we are on that topic.. I can see that security is a top priority for you guys. But you have chosen remain anon. Now I support people in crypto being anon, I think it should be left as a preference.
However, due to recent rugs in #DeFi some people are worried of investing into new projects and they have every right to be. But the perception of #DeFi anon projects also affects great projects such as yours. My question is this, what are you doing in order to provide assurance to people that their funds are SAFU? Is there any plans to do anything about this in the near future?
Anthony Paul | Smarts:
Thank you.
Yes, we are anon due to regulatory uncertainties in this jurisdiction. But that shouldn’t stop our vision to be birthed.
We believe blockchain operation can remove the need for TRUST if the right concepts are adopted.
Multi-sig wallet functionality on the blockchain can bring about distributed influences on a particular resource.
For this reason, adopted this use-case and currently operate a multi-sig wallet with our devs and ICO Pantera of Korea which is a highly reputed outlet.
Here is the contract of the wallet.
Contract Address 0x07b9cafB1a7fC12Bb258D0F3985d1abaf3127b8f | Etherscan
https://etherscan.io/address/0x07b9cafB1a7fC12Bb258D0F3985d1abaf3127b8f
Other than this. We are taking additional steps by being privately verified by Known outlets in the space (details on this will be revealed soon).
All of this approach is made just to ensure our users that we came to build and not to joke or deceive.
Gem Radar ✪:
I definitely agree here with you Anthony, your vision should not be punished by other peoples greed and criminal activities.
It sucks I know. But what is amazing is look at all the things you just listed. You are taking additional security measures to prove to everyone that you are legit.
You are even willing to privately verify yourselves to larger known outlets just for this project and I think that’s amazing and have the upmost respect for that.
So let’s talk about the phase you’re in currently. You’re still in TGE correct? which is basically a presale.
Round 1 has just ended, how many rounds will there be before launch? 🚀
Anthony Paul | Smarts:
Thank you. We operate in a delicate space and all these are need when one considers the flux of shady projects and minds.
There will be 2 rounds
Our first TGE was completed yesterday the 17th.
Gem Radar ✪:
Do we have some information for the final round ?
Anthony Paul | Smarts:
And we are coming up with an announcement to announce when the final stage Token generation event will start.
Hillary Sam | Smarts.Finance:
An announcement regarding that will be released later today.
Gem Radar ✪:
That sound’s awesome! So big things are coming real soon for Smarts Finance, I think this is the point where we are all going to meet back on the moon lol. You have an announcement regarding the final round of TGE & you are also working on gaining more trust with the community. So far everything is checking out, and your platform includes some amazing tech!
Anthony Paul | Smarts:
Yes, we believe transparency is key to success and will remain open with our community.
We held a recent community AMA to hear the opinions and questions our users have for us and I tell you the experience was superb.
Hillary Sam | Smarts.Finance:
Yeah! It was an amazing AMA with our base community on our own Telegram Group.
Gem Radar ✪:
Great! I think we really have covered everything with you at this stage. To be honest I am interested in your project as I am looking for a good farming platform myself and I’m sure the community is too. Your tech works for the APY to be decent as well as providing security. You’re doing everything you can to be transparent, and you’re also a DexTools Sponsored Project which is our official partner as well.
Speaking of the community, I think it’s time we get you to answer our communities questions? We have preselected 3 questions for you to answer.
Anthony Paul | Smarts:
Great.. We are open to answer them in the best way possible.
Gem Radar ✪:
@Gianghoang1 asks, You have a term called “strength of SMAT (sSMAT)”. What is the function of this? Which pools will sSMAT generation apply to? How does it differ from the basic SMAT incentive mechanism?
Anthony Paul | Smarts:
Strength of SMAT represents the governance weight of an account. It will be generated for every lock function which applies to our staking, liquidity, and lending product.
Details on their generation factors are provided in our Whitepaper which explains things in more details
Gem Radar ✪:
@manson662 asks, The SMAT in Smartsfinance is a governance token. SMAT uses include market use / new token listing / compensation structure change / Oracle update etc. But these systems are in other projects. What systems will be added in the future?
Anthony Paul | Smarts:
The role of governance permits a wide range of permission and innovations. Some are obvious from the onset, others are discovered along the journey.
Governance will allow many of the features that are mentioned and many more to be carried out. The important relevancy is that it allows decisions and new ideas to be made and brought forward.
More importantly, Smarts is built to be adaptable. This powerful function will ensure we continue to adjust to new strategies that will permit the continued usage of the token.
Anthony Paul | Smarts:
Addressing the main question
We plan to include other products like NFT in the future
Though some of these features are found in other projects. However, we are using an entirely new strategy on our products offerings.
Gem Radar ✪:
@beatingbitcoinn, asks, Are you planning to combine Smarts Staking, Liquidity Mining, Smarts Lending products on one platform for a better user experience?
Anthony Paul | Smarts:
Yes.. All of this will be accessed via our website.
It is in our roadmap to build and release a web app. This application will serve as a single point of entry to all our service for a better user experience.
Hillary Sam | Smarts.Finance:
Simplicity and Easy Accessibility matter alot especially for New Entrants and Smarts Finance is built for everyone interested in enjoying the unique features and mouthwatering benefits Decentralized Finance have to offer in the crypto space.
Gem Radar ✪:
Ok thanks for those answers 🙂 This concludes our AMA, however I do think maybe it is possible that we will invite you for a follow up AMA but a shorter edition to see how your success is going. Thank you both for dedication over one and a half hours with us today during your busy times. We are waiting for the TGE Final round announcement and are keen to see your team succeed.
Goodluck and we will meet here again, if you are up a follow up AMA 🤝
Anthony Paul | Smarts:
Thank you very much for having us.
It is really a big pleasure being here.
Hillary Sam | Smarts.Finance:
Thanks for hosting us.
Gem Radar ✪:
No problem!
Hillary Sam | Smarts.Finance:
We’ll be glad to be here again another time.
