Thank you to the Bang Pateng Community for participating in Ask Me Anything (AMA) with ETHRIFT Time on December 18th, 2020. This guest star Mr. Mr. Hari Kaushul Muralidharan | CEO. If you were unable to join the live AMA, no worries, here comes our 29th AMA recap!
We are glad to meet here:
Mr. Mr. Hari Kaushul Muralidharan | CEO
Hello Mr @haribohkm Welcome to the Bang Pateng community, It’s an honor to invite you to our community
Thank you, happy to be here
Before we start our first session can you introduce yourself, your background and your team if you have a team working with you on ETHRIFT @haribohkml
Ok sure, My partner David and I were born in New Zealand and grew up in Australia, we attended secondary school together at Gold Coast and then studied law and business at Bond University.
Now i work for Gold Coast Health stateowned government Hospital and Health Service and David is the Principal of his own law firm in Brisbane specialising in crypto startup. We design blockchain projects and they are built by our partners limechain.tech in Sofia, Bulgaria
Thanks for sharing your background. Good. AMA let’s get started.🥳🥳🥳🥳
SESI 1 (Poject Introduction)
Q1. Can you introduce ethrift to our community?
Our project ethrift.io is an Australian AUSTRAC registered non-custodial digital currency exchange. At launch it features AUD/ETH ETH/DAI trading pairs and DSR savings vault. Our system allows for the instant payments from traditional banking FIAT systems using New Payment Platform (NPP) services PayID and Oska and the customers cryptocurrency is received directly to their eth-wallet.
Q2. What are the core features of ethrift? How are you different and unique from all other projects out there?
ethrift.io is a non-custodial service meaning that the customer retains ownership of their crypto and secures their own private keys. This exchange platform is a vertical integration and represents the onboarding mechanism for our greater ecosystem.
Q3. I saw that ethrift has its token named $DISTX, can you explain what the token is $DISTX? What benefits can we get if we hold tokens $DISTX? And how to buy?
DISTX is not our token that is the token of the token sale platform distx.io we were going to use until they shut down last week. Now we are negotiating with other sales platforms to recover our token sale for RIFT token. Our dev team are also preparing to write our own sale contract if necessary. We are looking into TrsutSwap, UniLayer, LID, Poolz, The Foundry, and Ferrum Network.
Q4. Nowadays Farming or staking is very popular. Have you provided your Farming or Staking Facility to $RIFT Investors? if you have, can you explain how to staking and farming $RIFT?
We have these features planned for the 1st Major Update due 3 months following successful token sale. This update will include; general enhancement to the platform and systems, innovative mulitswap protocal (ShadowSwap), 3rd party integrations for Staking and Farming (ShadowStake), RIFT token integrations for the token holders rewards program and to enable reduced rates, more premium token trading pairs and a few other nice additions.
Q5. Could you please explain, what are your upcoming plans in a couple of month/years?
Following our successful token sale we immediately begin development for the 1st Major Update of ethrift.io while concurrently beginning the 150day build of omniCAT. We also begin our international expansion moving into New Zealand and bringing our Thailand team in Bangkok online; we will also be establishing the hardware requirements for our HyperLedger private node network. All to add value to our RIFT token and support the growth and development of the company.
SESI 2 (Twitter Question)
Q1. I have read the ethrift white paper in the “Future” section of my question.
- What are the benefits and advantages of the Monoova API features.
The Moonova API allows for customers to make instant payments from their traditional banking applications; once ethrift.io acknowledges receipt of payments the system triggers the delivery of cryptocurrency to the customers wallet. The Monoova API also facilitates the reverse; allowing customers to receive payouts from ethrift.io instantly to their bank account. Using this API we can also attribute virtual bank accounts to customers to further enhance their experience.
2. What is meant by ShadowStake, how does it work. And what is the role of omniCAT in the NFT campaign, explain. Thank you
ShadowStake is the name for our Farming and Staking features. Effectively we will leverage existing protocols and integrate them into our system; hence ‘shadow’ as the customers utilizes our system while we facilitate their requests to the decentralized 3rd party providers. We will in time build our own staking solution for ETH 2.0 and RIFT token.
As a digital currency exchange ethrift.io can earn revenue from transactional fees and small margins on spot prices. Revenue is also generated from leveraging our home currency against that of our subsidiary systems in New Zealand, Thailand, Fiji and India. ethrift.io is intended for high volume – high frequency small trades; micro purchasing and saving and earning interest.
As we add features there will more scope and services for attracting fees, our intention however is to keep fees as low as possible for FIAT transactions around 1%. By operating in multiple international markets we expect rapid growth and access to significant number of potential customers.
omniCAT has an enterprise stream and healthcare providers, organizations, hospitals and health services will pay as subscribers for node management and platform access.
In the case of ethrift.io the Customer is the custodian of their own assets and our company has no access or control over the cryptocurrency a customer has purchased. We simply receive the payment from the Customer in FIAT and deliver to them their cryptocurrency.
In the reverse manner; the ethrift.io receives cryptocurrency from the Customer; this is now owned by the company; ethrift.io then sends the customer their FIAT currency to their bank account.
Regarding our FIAT currency; our banking partner is the custodian of our own FIAT monies and the Senior Partners secure the details required to access our banking systems.
Regarding our cryptocurrency; the Senior Partners are the custodians of the Company’s cryptocurrency assets. We will utilize appropriate cold storage solutions, hardware wallets and maintain significant multi-layer security with redundancies of our private keys. A portion will be held with liquidity providers to ensure execution of orders.
There a many benefits to this approach; many of which mitigate significant risks to the company. Such as that if our exchange were to be hacked even by exploiting high level credentials; there is nothing for the hacker to steal.
ethrift.io is a vertical integration. It is the onboarding mechanism for our ecosystem of projects.
omniCAT is our healthcare offering. It is open source and decentralized health and medicine biometrics framework. We have considered wearables to enhance data collection from individuals; however there are numerous existing products for this purpose so we will focus on integrates the higher quality solutions.
Enterprise customers are interested in sensor suites to fit into treatment and consulting rooms which passively collect data from subjects within the target area. They are also seeking enhancements to consolidate numerous devices into fewer devices or a single device.
Furthermore there are a multitude of medical technologies that require a new implementation that effectively leverages the technology available today and in the future.
The platform is named ethrift.io. A ‘rift’ can be interpreted as an opening, gateway or portal; thus ethrift is a portal/gateway to the Ethereum Network.
The name works like this: ethereum ether ETH thrift rift I/O = ethrift.io
DISTX is NOT our token; it is the token of the now shutdown token sale platform we were intending to use. Our token will be RIFT and it will be the utility token for every project delivered by our team.
SESI 3 (Telegram Question)
John Kim | @johnkimq
2020 is the year of Defi and NFTs, so does EthRift predict that 2021 will be a trend of any field? And what is the strategy to keep EthRift from falling behind?
ethrift is a strong offerring it provides an easy method for moving in and out fo the crypto space and will be a great options for newcomers. While our non-custodial approach is quite unique in our target marget we also aim to deliver innovative applications of defi technologies such as multiswap, wrapping, bridges to other networks.
We wil also curate our listed tokens so that only premium tokens are offerred to our customers. Also notable, is our international expansion strategy, we acknowledge Australia is a small market so we will leverage our resources to establish ourselves in other countries also.
Dirman 19 | @d1rman_19
It has become a habit for investors who make large purchases during private sales and immediately sell in large quantities when the tokens have started trading, this is a serious problem for one project and of course the community. Big waste can drop the price even in a matter of minutes, as a new project how do you minimize this so that the project can continue without losing the valuable community for the common interest?@haribohkm
We are considering a partnership with Ferrum Network who has have a solution for this by facilitating staking to otherwise incentive whales from dumping on the market. We are interested in this and will keep you all posted.
Jofrar Archer | @Editenam
Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
Niat kami adalah menciptakan lebih banyak nilai dalam token RIFT dari waktu ke waktu. Saat ethrift tumbuh dan kami membangun fitur; dan saat kami menyelesaikan proyek kami yang akan datang seperti omniCAT; pasar akan mengenali bahwa token kami ditujukan untuk jangka panjang, akan memiliki banyak tujuan dan diperlukan untuk mengakses berbagai fitur dan platform lanjutan.
Semua proyek kami akan memiliki integrasi token RIFT. Kami juga memiliki koleksi NFT yang tersedia di app.rarible.com/sg yang memberikan hadiah dalam token RIFT secara berkala selama bertahun-tahun.
Abil | @Abildana
Q1.Nowdays, stable coins are hottest topic in crypto by many project,so where does ETHRIFTstand in this, Any plan for ETHRIFT stable coin.What is ETHRIFT’s strategy and Roadmap in 2021?
Q2.Who is your target customers- professional traders or the one’s that are just getting started? Who can benefit the most from the tools that you are offering?
We have considered stable coin given the push for CBDC; that would quite far away in our pipeline. In 2021 our focus is a succesful token sale, platform launch, build first update, build omniCAT, bring Bangkok team online, establish New Zealand, build some of our hardware requirements, marketting and team building.
Our target market is newcomers to the crypto space seeking learn and to hold their crypto and private keys. They will most likely be purchasing in small amounts but with high frequency and saving to earn APY. Everyone can benefit from this non-custodial solution; it is not a common offerring.
Also, our healthcare platform is intended for public use of consumers as well as for healthcare professionals in a clinic or hospital setting.
Vantalin | @vantalin78
Are you a global project? Can anybody use your services from anywhere?
We are a global project; we plan to begin in Australia, then go to New Zealand, Thailand, India and Fiji. These are places we can easily do business. Following this we will push further into Asia while exploring Europe. We should have no issues in Asia due to our base in Bangkok and our dev team is in Bulgaria so Europe is accesible also. North/South America comes next.
FIAT trading will be region locked due to jurisdictional regulatory restrictions; we will deal with each as they come. Decentralised trading tools and projects however will be accessible by everyone.
Well… We declare AMA’s Series Bang Pateng with ETHRIFT, is Done. 🥳🥳🥳🥳
thank you to the participants who have attended this event to the end. the winners will be announced soon🥳🥳🥳
📍 Twitter : https://twitter.com/eth_rift
📍 Telegram Chat : https://t.me/ethrift
📍 Medium : https://ethrift.medium.com
📍 Website : https://ethrift.io
📍 Whitepapper : https://ethrift.io/assets/ethrift_whitepaper_301120.pdf
📍 Buy Token : https://app.distx.io/participate/5f9ba2961e4b796954a4021a
The event has ended, we would like to thank Mr. @haribohkm Who took the time? Our event is closed