AMA Recap: CRYPTO MINERS X LITHIUM FINANCE

Lithium Finance’s Pricing Oracle is a collective-intelligence version of platforms like PitchBook and Crunchbase, powered by cryptocurrency incentives which leverage the immutability of Ethereum’s global
asset rails for reliable delivery of quality information. In addition, the participating oracles develop a reputation which enhances their earning potential and rewards increasingly accurate information. Lithium Finance is uniquely positioned to capitalize on a unique point of convergence between blockchain, distributed wisdom and the economic and technical engine to bring these forces together to
pull the worlds of traditional finance and DeFi together, enabling tremendous growth and innovation at
the interface.

We hosted an AMA session with Lithium Finance on 24th January.

Mr. Ramsy was the host from Crypto Miners and Mr. Kelvin was the guest. He shared delightful knowledge and unique features of Lithium Finance.

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Segment 1️⃣: Introduction

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Ramsy:
Hello everyone 👋 and welcome to the Crypto Miners AMA session With Lithium Finance

To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr Kelvin

Kelvin:
Hello everyone! Thanks for having me. Really excited to be here with the Crypto Miners community!

Ramsy:
Hey Kelvin 👋

Wolcome here
Thanks for bringing Us Lithium Finance❤️

Kelvin:
It's my pleasure 😃

Ramsy:
I'm pretty sure that our AMA participants are very much excited to learn more about Lithium Finance 😇

So let's get started if you're ready!!

Kelvin:
Sure, let's do that!

Ramsy:
First of all Please give us a brief explanation about 'Lithium Finance' .What popped up in your mind to create such a platform in this Space?

Kelvin:
Lithium is the first collective-intelligence pricing oracle to give precise and timely pricing on private, illiquid assets.

Traditionally, asset prices are discovered through transactions. The problem for private assets, however, is that an active market may not exist, and pricing data are derived from a very small sample size of infrequent transactions. It’s really hard to gauge pricing in the absence of an active market and direct comparable assets.

Current pricing of an asset would not be available unless a recent transaction takes place. For private assets with infrequent trades, Lithium brings traders together to provide pricing information on demand, with rewards designed to incentivise accurate and genuine pricing, even if no transaction occurs. We do this by combining crowd wisdom with our proprietary blockchain technology.

My background is in investment & finance, started some 15 years ago in M&A banking. Most recently, I am a director for a group of five publicly listed companies here in Hong Kong, looking after investments and corporate finance projects. So, Lithium’s mission is really close to my heart, and it’s basically what I have been working on for some time now; you know, valuing and pricing assets, perhaps from different sides of the table as an entrepreneur, banker, and corporate investor. I’ve been intrigued by the concept of being able to price illiquid assets, similar in a way to open and public markets — this is something that has not been done.

Ramsy:
Thanks kelvin this great start about Lithium Finance 👌

Now let's see our second question from this segment...

Q2) So what are your main features and advantages that discern you from other Projects?

Kelvin:
Lithium produces first hand pricing data that are previously non-existent and not available anywhere, hence pricing the unpriced.

The main difference between Lithium and other oracles is that we don’t just transmit existing data from external sources like trading exchanges and other data providers. We actually produce and issue our own data using crowd wisdom and our proprietary blockchain technology.

Taking this a step further, not only do we issue our own 1st party data, but the application of our product is also a lot different from other oracles. Lithium’s oracle will price illiquid and private assets that include pre-IPO stocks, secondary tokens, NFT’s, crypto projects and more. In essence, Lithium is fulfilling pricing information needs that are not currently served. It’s use-case spans protocols in the DeFi, NFT, and traditional investing space; so there is a much broader use-case for our oracle compared to others.

Ramsy:
Q3) How has the experience and background of your team been effective in the success of your project so far?

Kelvin:
My team and I have considerable experience in traditional finance, Defi, and tech in general. That mix of creative and technical individuals with industry knowledge gives us a good understanding of our prospective users and allows us to constantly share new ideas and explore new ways to solve the asset pricing problem.

As you might have heard, we just hired a CTO with experience in blockchain technology and artificial intelligence - we are also making lots of new hires that will ensure we are able to execute our 2022 goals.

Ramsy:
4) Now Share us about your Native tokens, What are the some of utlities of $LITH in Your Ecosystem? And if possible share to us the Tokenomics

Kelvin:
There are two main actors in the Lithium system: the Wisdom Nodes and the Wisdom Seekers.

Wisdom Seekers are individuals or entities that need to know the price of an illiquid asset like NFT’s, crypto projects, etc. On the other hand, Wisdom Nodes are subject matter experts with insight into these prices, based on either professional or prior experience. These Wisdom Nodes offer their knowledge by answering questions posted by Wisdom Seekers.

Lenders, for example, will need to understand and have regular updates on pricing of an asset (such as NFT) to enable lending secured by that asset. So if a Wisdom Seeker needs to know the price of an NFT they will put up a bounty for Wisdom Nodes to provide their opinion, and these Wisdom Nodes will also have to stake their reputation and/or $LITH tokens to signal their confidence in their answers. So through economic incentives like token bounties, reputation grading and more, Wisdom Nodes are always incentivized to provide accurate answers for Wisdom Seekers.

$LITH is driven by utility function because the token will be offered as bounty by Wisdom Seekers, who need to know the price of an asset. On the other hand, Wisdom Nodes will need to stake $LITH to signal their confidence in the answers they provide. $LITH is going to be one avenue we use to manage the relationship between Wisdom Nodes and Wisdom Seekers, while also acting as an incentive for positive behaviour.

Ramsy:
Let's move to our last question from this segment...

Q5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from Lithium Finance? If possible could you please share road map with us.

Kelvin:
We will be releasing our updated roadmap very soon.

2022 is about going to market for Lithium. Our primary goal this year is obviously building and releasing the product to the community. We are very transparent and you will be hearing from us on the progress of product development as well as new partnerships across the traditional finance and DeFi/NFT ecosystem.

Of course, we will continue to expand our technical depth by hiring talent; so far, we have onboarded a new CTO and Product Manager. As I mentioned earlier, we have lots of ambitious goals for 2022, and we have already started working hard to achieve them.

In the longer term, Lithium will be the bedrock of many robust use-cases by solving the pricing problem for private, illiquid assets for both traditional finance and DeFi.

I often like to think of one of Lithium's use case in a similar way as LIBOR. As you know, LIBOR is the benchmark interest rate obtained through polling bankers, which is essentially a collective intelligence pricing mechanism for the interbank credit market. So much financial innovation in the past few decades was enabled and built on top of LIBOR! Obviously, LIBOR had its problems and malpractices. I see Lithium as something designed to avoid these problems in mind from the outset.

What's really exciting is that it's evident that timely, open, and reliable pricing information would enable so much financial innovation and use cases.

Ramsy:
Thanks Kelvin for this well detailed introduction about Lithium Finance:)

And that's the wrap up of our the first part of the AMA session ✅

Let’s now proceed to our Twitter Questions section

i hope you’re ready for that!!

Kelvin:
Yes, I’m really excited. Look forward to seeing the quetions!

Segment 2️⃣: Twitter Questions

Ramsy:
1) In the last few weeks many scam projects or projects of dubious origin are coming out in the market so could you explain me the factors to determine that LITHIUM FINANCE is a real project, reliable and durable over time??

Kelvin:
Thanks for the question.

We are very fortunate to have support from a very long list of leading investors including Pantera, Hashed, Alameda Research, Huobi, BlockDreamFund, FBG Kinetic Capital, to name a few.

We have also recruited subject matter experts to Lithium Finance. Getting to this point is also the result of our employees, investors and stakeholders having complete faith and trust in not only the project, but also the overall team.

You could also expect a public beta test from us in a few months. Hopefully, this will give the public a chance to get a feel for the product. Please do follow us for more updates.

Ramsy:
2) Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Could you please tell us about the current partners, plans for partnerships and what everybody stands to gain from these partnerships?

Kelvin:
Certainly.

We have formed many meaningful partnerships with DeFi & NFT protocols and we have a lot more partnership announcements in the pipeline. Lithium is on a mission to help both Defi and traditional finance to solve the pricing problem. So, in addition to partnerships with crypto projects, we will also be working with traditional finance partners.

So far we have seen tremendous interest, e.g. our partnership with Palm NFT where they will utilize our oracle to prize one of their most popular NFT’s. I see partnership as a way to form strategic alliance with some of these projects that have a need for transparent pricing.

Ramsy:
3) As an investor, I want to know how strong is your project security system? and what benefits will a user have in the years to come when I decide to join the project you are working on right now?

Kelvin:
Thanks. That's a very important question.

First of all, as an Ethereum-based project, we leverage many of the same security features as other ethereum-based projects. As we approach our public release, we will also be engaging external third-party audit firms to review our systems to prevent any threats or external attacks.

More importantly, our mechanism is designed to disincentivize bad actors and collusion, making malpractice impractical and economically infeasible to ensure an efficient and reliable system. Expect more insight on our mechanisms in the coming months.

Ramsy:
4) AUDIT play an IMPORTANT role in enhancing the stability of any PROJECT. Do you have AUDIT CERTIFICATES . Or are you working to AUDIT your project to make it more secure and reliable?

Kelvin:
Yes. As mentioned in the previous question, we will be engaging external audit firms to review our systems to prevent any threats or external attacks.

Ramsy:
5) Do you agree that the power of the community will lead your project to grow globally? DeFi world is growing very fast & becoming more competitive, what are your tricks to attract more community? do you have a good marketing team? What events do you prepare to attract investors?

Here's our last question from this segment

Kelvin:
Absolutely! The ultimate goal of Lithium is to serve the finance community's unserved pricing information needs. So the trick on top of our mind is really simple - build a really good product that creates value for our users and community.

We are seeing a real need for DeFi to unlock lots of hidden value from the traditional finance world. For us to get to that point though, we need price transparency on a wide range of assets (both digital and traditional). We will be publishing lots of use-cases and findings, which will get everyone operating in this space to understand the true value of Lithium’s pricing oracle

Obviously, we also have a highly experienced marketing team. Our industry leading investors are also instrumental in opening a lot of doors for us.

Ramsy:
Thanks for Your Valuable Answers❣
And that's the end of our twitter question segment

Now Moving on to our last segment - Live Q&A

Shall We Go?

Kelvin:
Yes, please 😎

Ramsy:
Here we go,

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1)MR.Anandhu:
What is your strongest advantage that you think will make your team leading the market?

Kelvin:
Pricing for private illiquid is very hard to estimate for both the traditional finance and defi.

Lithium aims to produce pricing information that is not available anywhere, as there is no other on-chain pricing oracle with a focus on illiquid/hard-to-value assets. So Lithium is in a great position to capture this market by providing pricing to both traditional finance and defi investors.

We also have a tech team with specialized experience in data science, blockchain technology, and financial industry, offering us a unique and diverse set of technical individuals that are critical to the product.

2) MIKHAEL:
Asia, Africa and other communities are Non-English speaking communities. How will your project create global adoption to more local communities?

Kelvin:
We have a growing list of over 20+ international communities - please access the links to join us here https://lith.finance/community/

3) Taiwo Bisayo:
What biggest announcement do you have for us about Lithium Finance projects?

And who is Lithium's Chief Technology Officer?

Kelvin:
Our CTO is Ryan Au. He is an UC Berkeley trained engineer with extensive product experience in early-stage startups.

Read more about Ryan here:

https://medium.com/lithiumfinance/introducing-lithium-finances-chief-technology-officer-ryan-au-712bd3ecff8b

4) Celin Peter:
IS This Your project only for elite investors, how about others with small funds, is it open to everyone?

Kelvin:
Lithium is really for everyone. Users will be able to participate in the network as wisdom seekers or wisdom nodes, regardless of size of their funds.

We are listed on lots of central and decentralized exchanges, anyone can purchase $LITH through the exchanges below
Huobi Global
Uniswap
OKEx
KuCoin
MEXC Exchange
gate.io
Bilaxy
BitMart
Bitkan
ZT Global
Decoin.io

5) Máñé:
What is your main focus right now, are you focused on the community or market/Exchange or the products?

Kelvin:
We are focused on delivering the product while engaging with our community.

You might be aware that a number of of hires to the team have recently been made at Lithium to push ahead with product development. We will be very transparent this year on our developments. So, please follow us on Telegram and Twitter to get real-time updates

*This segment ends here*

Ramsy:
Thankyou so much Kevin For your valuable answers and information about Lithium Finance,
It Was Pleasure Hosting An Ama With You

Is there anything else you would like to share or you want us to know ?

Kelvin:
Thanks again for having me and all the insightful questions! It's been a great experience.

I'd encourage every one to follow us on Telegram and Twitter. And please feel free to reach out to Ryan, myself, or any of our team if you have any question.

Ramsy:
Time To Conclude Our AMA Section
Best of luck for the future 🚀🚀

Community, if you would like to learn more about Lithium Finance, here are some useful links for you:

Website: https://lith.finance/

Twitter: https://twitter.com/lithiumfinance

Telegram: https://t.me/lithiumfinanceofficial

Medium: Lithium Finance