AMA RECAP — CRYPTOSCREEN INDONESIA with PASSPORT FINANCE
On 13 October 2020, Passport Finance conducted an AMA in the Cryptoscreen Indonesia Community. Our guest is Tn. Daniel Kim, CMO of Passport Finance .
Lots of questions as usual from the Community about Passport Finance progress. The Passport Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen Indonesia community. If you missed the AMA in person, read this recap for a deeper insight into Passport Finance.
Let’s take a look at the most interesting points of our conversation.
Segment 1: Introduction
Samuel Yabes: Hello @PassportWingman welcome to our Community
Passport Wingman: Hi @Samuelyabes thanks for the invite.
Samuel Yabes: We want to know little about your backgrounds in Passport Finance.
Passport Wingman: I work as CMO at Passport Finance. I have done my grad in Marketing and have been working in blockchain space from last 5 years in different roles. I’ve worked with two blockchain projects which are Top 100 and Top 150 in CMC ranking.
Been an early part of Passport and have seen the product, team and communities grow
Samuel Yabes: Can you introduce Passport Finance to our community?
Passport Wingman: Passport is a DApp on the Paparazzi’s blockchain platform Vitae. Vitae, a latin word for life, is built for scalability and simplicity. The technical architecture, based on the Tendermint framework, is designed to power applications like Passport. Passport is a mobile-focused DeFi dApp with features designed for the users: global rewards, minimal transaction fees, exchange, payment, and more to come. Passport is creating a payment ecosystem
Samuel Yabes: How Does Passport Finance Work?
Passport Wingman: As a mobile DeFi application, our key features are: rewards aggregator, blockchain-based payments, and suite of DeFi services (token swap, lending, yield farming). Later we plan to implement mobile commerce onto the application as well. Here is the link to our pitch deck: https://passport.finance/assets/pdf/deck.pdf
Samuel Yabes: What is the difference or weakness of Passport Finance compared to other DeFi Projects?
Passport Wingman: In the payments sector of the market, many mobile payments applications are quite similar in features. The winner of the competition eventually becomes an application with high usability and simple, rewarding functions. Our priority is the UI/UX of the blockchain-based payments application. However, we also have a novel feature of global rewards aggregator: a system for merchants to easily issue rewards on the blockchain and allow for users to exchange rewards on the decentralized marketplace.
Samuel Yabes: Passport is a decentralized application (DApp) built on the Paparazzi blockchain platform. Why choose the Paparazzi blockchain over other blockchains?
Passport Wingman: Paparazzi and Passport are blockchain-based applications within a very specific market sector: social networking and finance. These applications need a very simple, scalable blockchain platform similiar to Binance Chain. We are thus helping Passport to have customized APIs and smart contracts to have further third-party support. Later, Vitae will use our proprietary second layer technology as our consensus algorithm and protocols are designed to add additional security from potential vulnerabilities like the DAO attack.
Samuel Yabes: Until now, many people are interested in investing in Passport Finance, only private sales to oversubscribed. When did the public sale begin?
Passport Wingman: Yes, we’ve got really incredible response for our sale until now. Our private sales were sold out within a week after we started accepting interests.
Segment 2: Questions from the Twitter
Question 1: Could you please elaborate more about your PASS tokens? What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
Passport Wingman: Sure, the total supply is 100,000,000 PASS. The team and company reserve tokens are locked at least for 1 year and after which it’ll be unlocked with linear vesting. Apart from that, we will also come up with long term staking programs.
Question 2: Besides scalability, the gas fee is another issue for blockchain. Does Passport Finance provide a solution for gas ?
Passport Wingman: We are building on Pazzi blockchain.Technologically, Pazzi’s Layer two technology will provide us security against key vulnerabilities of DeFI protocols and also reduces the transaction fee with L2 technology built on the existing solutions
Question 3: Can the PASS token in the future be used for online payments such as Amazon or other e-commerce?
Passport Wingman: As of the moment, we are working with our legal advisors on the compliance for adding fiat currencies to the payment application. In the roadmap, we have the plans to add KRW first for the application in Korea. Other fiat options and card service will follow.
Question 4: According to you how much time will it take for Passport Finance into mainstream adoption and execute all the plans set for your project?
Passport Wingman: We are expecting for beta release by December. The layer two blockchain that will host our application will also open by then. Korea will be the first target country for fiat and adoption. Then we will expand further more and we expect the complete mainstream adoption to happen from Q2 of 2021
Question 5: I still don’t understand this. “Passport Global rewards aggregator” Is this related to staking, to get PASS tokens?
Passport Wingman: In the payments sector of the market, many mobile payments applications are quite similar in features. The winner of the competition eventually becomes an application with high usability and simple, rewarding functions. Our prioritiy is the UI/UX of the blockchain-based payments application. However, we also have a novel feature of global rewards aggregator: a system for merchants to easily issue rewards on the blockchain and allow for users to exchange rewards on the decentralized marketplace. Just like the reward points but can be exchange to $PASS
Segment 3: Free/Live Questions
Telegram User: Considering that Passport is built on the Paparazzi ecosystem, is there any direct relationship between the PASS token and the PAZZI token? How could one influence the other?
Passport Wingman: We have been selected by the Paparazzi team to be incubated. We will receive assistance in branding, design, and development. As we are built on the Paparazzi ecosystem, we have also committed to build a structure to have our transaction fees to help the stabilization and growth of PAZZI tokens. Later, our team will also implement the DID system being built on the Paparazzi ecosystem to further decentralize our platform.
Telegram User: What are the advantages that DID offers in DeFi? and in Passport Finance? Why is a DID necessary?
Passport Wingman: Decentralized Identity (DID) is important to implement in DeFi to allow users to have full control of their assets. It is also the reason why users will prefer cold wallets or Metamask over exchanges. With a shared DID system for Passport and Paparazzi, the shared user pool will be exponentially growing.
Telegram User: What makes Passport Finance different from other DeFi projects out there? What are the features that the projects has that solves other project’s flaws?
Passport Wingman: We are contributing the DeFi ecosystem by building an application focused on the mobile usability. Services such as non custodial lending and yield farming are novel and innovative within the crypto space. However, non crypto users are not aware of the benefits of DeFi because blockchain is still very difficult for them. We will resolve this through our high priority on UI/UX.
Telegram User: I am an investor. Can you share the advantages and outstanding features of Passport Finance with other competitors, enough to make me decide to invest in Passport Finance?
Passport Wingman: Our main competitor is Binance’s Swipe. From the business perspective, Passport.Finance has more potential than Swipe because of its strong ties to the co-incubator Paparazzi. As Paparazzi is a photo-centric SNS (similar to Instagram and Tiktok), the user adoption and acquisition will be much easier for Passport compared to Swipe. Swipe is an amazing project, but as a sole ‘payments app’ it will be difficult to challenge against PayPal, Venmo, and more. Passport team made the right decision to expand their ecosystem through in-depth partnerships.
Telegram User: How do you intend to revolutionize the financial services? What is the long-term vision of Passport Finance as a project?
Passport Wingman: Whether a blockchain project will remain standing in the market is depending on their adoption rate outside of the blockchain space. Passport Finance team is preparing to play the long game by focusing on user acquisition and user experience. This philosophy prevails within the Paparazzi ecosystem.
Samuel Yabes: Thank you for answering questions from our community. Do you have a statement for our Community? Before I opened the chat it was back to normal 😊
Passport Wingman: This was a great platform for us to do an AMA. I really liked this session and appreciate you and your team for organising it. I also thank all the community members