AMA Recap: CRYPTO MINERS X VERA
Vera is the best way for anyone to rent, lend, or mortgage non-fungible token (NFT) assets.
Founded in 2021 by Vera Labs and backed by notable investors in the decentralized fintech space such as Animoca Brands (leader in blockchain gaming and NFTs; key investor in Axie Infinity, Open Sea, Dapper Labs, CryptoKitties, and much more) and the Web3 Foundation, Vera is on a mission to build open, secure, and powerful NFT financial products that are equally available to everyone everywhere.
We hosted an AMA session with VERA on 19th November at 4:00 PM UTC.
Mr. Ramsy was the host from Crypto Miners and Mr. Josh was our guest from VERA. He shared delightful knowledge and unique features of Vera.
Segment 1️⃣: Introduction
Hello everyone 👋 and welcome to the Crypto Miners AMA session VERA
Thank you all for joining us today!❣
To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. Josh , Welcome to our community 🤝
👋 Hello everyone, it's great to meet and thank you!
Glad to see you here ,
Thanks for bringing Us VERA❣
Sure thing! excited to share what the Vera Team is building
I'm pretty sure that our AMA participants are very much excited to learn more about VERA, so let's get started if you're ready
Yessir, let's get started ready when you are :D
So let's go 🚀
Q1) Can you give a brief explanation about 'VERA' .What popped up in your mind to create such a platform in this space?
Here's our first question from this segment.
Sure. Vera is building the most powerful open financial platform for non-fungible token (NFT) assets. Vera offers decentralized financing, leasing, lending, and other essential financial services for any NFT marketplace, game or application.
We decided to build the Vera platform after working on NFT and blockchain projects with several clients. What we discovered is that the market today lacks the tools to help a developer or founder (that doesn't know much about code) build their own marketplace faster, cheaper, and easier, that supports more than just buy/sell NFTs. Things like decentralized lending, leasing, and liquidity for financial transactions.
Vera's mission is simple: To build open, secure, and powerful NFT financial products that are equally available to everyone everywhere.
Now let's move to our second one...
Q2) So what are your main features and advantages that discern you from other projects? And Also share some Major usecases of NFTs on your platform
Vera's core features are decentralized lending, leasing and financing for any NFT marketplace, game, or application. To translate, our initial services that we're currently building are finance, rent, lend and verify.
NFT business models today are limited to buy and sell use cases. Vera provides the superpowers to enable essential financial services such as financing, renting and lending in a secure, reliable and trustworthy manner so any NFT app can generate new revenue stream, turbocharge Play to Earn, increase user acquisition/retention, transform user experiences and empower communities.
We stand out because we have first mover advantage, high product market fit with major games, metaverses and NFT projects, and compatibility with NFTs minted on ANY blockchain.
Another major advantage is that our top strategic backer is the #1 NFT company in the world, Animoca Brands. With their support and partnership we have business insights and adoption opportunities many other projects simply do not have.
One use case is Vera RENT. Similar to renting your house, it allows your NFTs to be rented to others so you can generate revenue instead of having your NFT collect dust in your wallet 😁
Wow, thank you for sharing this valuable information About VERA, Now let's move to our next question.
Q3) How has the experience and background of your team been effective in the success of your project so far?
Our CEO, Denis Lam, has 10+ years cross-functional experience working with startups, Fortune enterprises, and venture capital funds. His venture into crypto began at the start of 2017 when he was tasked with exploring the feasibility of launching a venture arm into blockchain technologies. From that point forward he's worked with several projects in the blockchain space wearing several hats ranging from founder, advisor, to investor.
Our CTO, Michael Arbach, is a software developer with 17 years experience building software for cross industries from fintech, healthtech, to supply chain and IOT. He's focused on blockchain development (DLT and NFT) for the past 6 years full time and worked with world-class enterprises and institutions such as Dapper Labs, BitRail, Daikin and Northern Trust - the 4th largest custodian bank in the world - and NASA.
With their combined experience in the blockchain space, Denis and Michael have been able to launch Vera to great success. In under a year, Vera has received a grant from Web 3 Foundation, had a successful Polkastarter IDO on September 23rd, listed on 7 exchanges, launched an NFT white label marketplace, and has a growing community of over 70k supporters. Vera has a lot to offer as a pioneer in the DeFi space and will continue to push the boundaries of the NFT ecosystem.
Q4) Now Share us about your utility token, What are the some of utlities of $VERA Token in Your Ecosystem? And if possible share to us the Tokenomics of $VERA
$VERA is the original utility token for the Vera network and entered the market on September 23rd as both an ERC-20 and BEP-20 token.
Our product development is based largely on community/customers/partnership feedback. This includes prioritizing support for blockchains that have the most NFT projects.
There are 1 billion $VERA tokens. This is tokens combined on all chains and will never exceed this amount. Token Sale (Pre-IDO) was 15%, Team 15% (for team and advisors with 3 year vesting), Foundation 10% (community building, airdrops, essential foundation expenses), and Ecosystem Reserves 60% (liquidity and network).
Utility of our token includes but is not limited to:
- Hold tokens to gain access to Vera Network services
- Spend $VERA on premium products and services
- Stake $VERA to receive rewards or a portion of network fees
- Receive discounts on Vera products when paying in $VERA
- Potential % of network fees will be used to buyback and burn VERA, decreasing circulating supply
- Monetized locked $VERA tokens
All tokenomic information can be found here: https://docs.vera.financial/faq/#vera-usdvera-token
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 VERA? If possible could you please share road map with us.
Here's our last question from this segment.
We're currently working on further development of our rental NFT marketplace. We're already onboarding some of our Ecosystem partners to test its capabilities and to start offering new ways for their own communities and ecosystems to transform their NFTs into a real revenue generating asset.
We're also developing our cross-chain liquidity pools and hub so that we can implement mortgaging NFTs (VERA Finance) and better support major blockchains such as Polygon, Solana, BSC and Polkadot.
We have many plans for the future. our top plan is to go to >1 billion market cap 😉
If you want to know more about where Vera is heading and want to take a peek at our roadmap, just visit: https://docs.vera.financial/roadmap
Thanks for that well detailed introduction about VERA🤝
That's the wrap up our the first part of the AMA session✅
Let’s now proceed to the Twitter Questions section,
i hope you're ready for that!
Yessir, let’s keep it going 🤝🚀
Segment 2️⃣: Twitter Questions
Q1)Interestingly, Vera protocol utilizes the PoC (Proof-of-Concept) consensus algorithm. Can you please explain to us how does this algorithm works and why did you implement it on Vera instead of the popular PoS or Proof-of-Stake?
We are not building our own blockchain, we're building smart contracts, Our smart contracts are currently on Ethereum and we will support BSC and Solana and Polygon soon. Solana uses proof of history. BSC uses proof of authority, PLA and delegated proof of stake.
Q2)The main problem with pictures, photos and images are the copyrights that lies within the content itself. In the Vera platform, how would you ensure the integrity of the contents ownership towards the creators? How do you deal with copyright infringement?
Our smart contracts will be integrated to registries where only whitelisted NFTs may use our financial services and products. It will be built into our smart contracts. We're also planning to be selective on some of the partner projects we choose to onboard.
Q3)I’m curious in your NFT loan option. You said that NFT holders can borrow stable money or other tokens in exchange for their NFT holdings. Is this to imply that you regard NFT to be collateral? And what if user fail to pay un their due date? Is there any penalty?
Yes we plan to regard NFT to be collateral but the main issue right now is the pricing of NFTs and what is considered the actual market value for the NFT. We're currently still building our solution for this with Vera Finance (mortgaging). If a user fails to pay on their due date the penalty will be determined through the smart contract / agreement.
Q4)Vera Protocol is powered by Polkadot because it is faster, cheaper, interoperable, and upgradable. Do you have any plan to integrate to another chain like BSC, HECO, or Ethereum in the future for investors to have more options? Can you describe your collaboration with Polkadot?
We're not Vera Protocol, we are Vera or Vera Network. Also, Polkadot is not a company or an entity so nobody can collaborate with Polkadot. We simply built our code on their open source platform. While we built our platform on Polkadot, our products are compatible with NFTs or dApps from other blockchains such as Ethereum and Solana. We plan to support Pology, BSC, etc as well as any chain with games/apps/clients that needs our services. We will prioritize development of our bridges based on demand.
Currently the largest NFT market/business is on Ethereum which is why we are focusing on this ecosystem.
Q5)I saw on your website that Vera’s team is currently hiring right now. Would you care to discuss the specific of the job slot available on your team? Who are you looking for? How can we get in touch with your employment team?
We’re mainly looking for engineers as they are the core to our product launch and its success. You can check out https://vera.financial/jobs for more opportunities.
Thanks 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?
Let's do it!
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)Many people want to learn about your project but they have problem with English, so do you plan to spread awareness about your project in different countries where English is not good?
Example countries in SEA
We currently have a growing support base in multiple non-english speaking communities and countries such as Chinese, Vietnamese, African, Turkish and Japanese. We are consistently keeping them up to date with the progress we are making and look for feedback when applicable. We plan to continue to grow our reach in not only these communities but others as well. We’re excited to see the impact we’ll have. Stay tuned!
2) According to the roadmap, what is your most important next priority? Do you have enough funds and strong community to achieve the goal?
We’re currently working on further development of our rental NFT marketplace. We’re already onboarding some of our Ecosystem partners to test its capabilities and to start offering new ways for their own communities and ecosystems to transform their NFTs into a revenue generating asset.
We’re also developing our cross-chain liquidity pools and hub so that we can implement mortgaging NFTs (VERA Finance) and better support major blockchains such as Polygon, Solana, BSC and Polkadot.
3) Which segments are you seeing early signs of success in real-world usable applications/blockchains? What part of the #Vera ecosystem are you most excited about?
We are seeing early signs of success in the GameFi/ metaverse world. We have multiple partners such as Totem, ChainGuardians and Network just to name a few, that will be using Vera as a core tech for their own platforms. They will offer new user experiences and ways of generating revenue for their player base.
4) Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Vera actually comes from a latin word verus, meaning: true, right, fair, proper. It was chosen to reflect our core values and culture. Core values include: viva la revolucion, this isn’t a job, we’re starting a revolution. Value first, vanity last, valiance, and veracity.
5) Why did you choose to build Vera Network on Polkadot and not on Binance Smart chain (BSC) which is currently one of the best networks specially for you??
We happened to win a grant from Web 3 Foundation because our work in NFT smart contracts. Web 3 is Polkadot’s foundation. We are currently working on building support for BSC, it just happens that most NFTs and business demand is on Ethereum.
*This segment ends here*
Thankyou so much Josh For your valuable answers and information about VERA,
It Was Pleasure Hosting An Ama With You.
Is there anything else you would like to share or you want us to know ?
Thanks for having me!
Yes we’re currently running a staking holiday campaign and NFT games of our own where participants have the opportunity to earn over $1,000,000 in rewards and win exclusive NFTs from our Ecosystem partners. Check it out here - https://veraholiday.com
Don't miss out! Thank you again.
Time To Conclude Our AMA Section
Once Again Thank you so much for spending time with our community & Wish all the very best for "VERA"
Community, if you would like to learn more about Vera, here are some useful links for you:
Twitter : https://twitter.com/veradefi
Medium: Vera Labs