AMA Recap: Unification / $FUND — $xFUND and OoO
Alright, welcome to The Selective @neymajahan and thank you for taking the time to introduce the Unification ecosystem in more depth.
Let’s start with the basics; a few questions on each aspect and then we can dive into more specific detail.
The Selective Questions:
Q1. Before we get into an explanation on Unification itself. Please provide an introduction to yourself, where your experience lies and what drove you to build Unification.
Neyma Jahan:
https://soundcloud.com/selective-admin/introduction
Uniswap Detective:
Alright, so a wealth of experience and inside knowledge in the enterprise space looking to fill a need/solve a problem by creating Unification.
Great, thanks for the introduction Neyma.
Neyma Jahan:
yes, we understand that in the short run, the crypto industry is driven by the speculation of future value, but with our client network, we try to create and deploy that value in the current time frame rather than “possibly in the future”
Q2. Could you please introduce Unification / FUND to our community in simple terminology and briefly explain the application of WRKchains?
Neyma Jahan:
Yes, and i can put it into context then of how it ties into xFUND
Uniswap Detective:
Great we can touch on xFUND in later questions.
Neyma Jahan:
https://soundcloud.com/selective-admin/fundandwrkchains
Tldr.. Fund is a native blockchain (like ADA or ATOM) our main product is wrkchains which can be considered similar to sidechain (so like what xdai or matic does) and up until now most clients are enterprise side (so non crypto industry) who require high thru put semi private chains
Xfund is then built on that which we can get to soon.
Uniswap Detective:
Ok, I was just about to say this, simply put FUND is the native blockchain similar to something like BTC, ATOM, BNB or MATIC and WRKchains are essentially sidechains which resolve scaling issues related to speed and cost.
Neyma Jahan:
Exactly.
Uniswap Detective:
I know we want to get onto xFUND but can you also quickly touch on Beacons and the TokenForge infrastructure?
Neyma Jahan:
https://soundcloud.com/selective-admin/beaconsandtokenforge
Uniswap Detective:
Right, so Beacons can be implemented by a partner on an existing database. For example mySQL or AWS.
In doing so they would ensure their dataset is both immutable and secure from tampering. Therefore, making it auditable as a result of the blockchain providing timestamps on these records on the Unification blockchain.
And TokenForge is your WRKchain infrastructure allowing for the creation of fungible and non-fungible tokens.
Neyma Jahan:
Exactly ser.
Uniswap Detective:
Perfect, now onto xFUND and OoO!
Q3. OoO is the Oracle of Oracles created by Unification. Can you please go into detail about this service and how it relates to xFUND?
Neyma Jahan:
https://soundcloud.com/selective-admin/xfund2
https://soundcloud.com/selective-admin/xfund1
Uniswap Detective:
Great, so OoO is an on-chain oracle powered by xFUND which is an on, or off, chain query from the ETH network.
Some benefits (amongst many) of this service are that it’s hack resistant, takes price feeds from 15 difference sources to reduce outliers which is why many protocols are/have been manipulated, customizable as per each clients needs and is also the governance token for Unification.
Do you have an example of a hack or manipulation that has occurred due the inferior Oracles on the market?
Neyma Jahan:
I prefer not to name names.. But there have been multiple, one specifically that comes to mind they were using a single price feed for asset X. And were able to take a flash loan to manipulate that asset for one block and moved the price outside the mean. During this block they simultaneously swapped that asset for another at a greatly altered price , causing great rekt
A more well known one was DAI lenders got rekt a few months ago on aave when their oracle was manipulated to $1.20
Because I think it was pumped on coinbase pro which was over weighted
Uniswap Detective:
Yea, I have seen quite a few myself and many have drained 10’s of millions due to this. The entire point of DeFi is decentralization, so having an Oracle that is not have decentrliased or a broad range of price feeds really defeats the purpose.
Neyma Jahan:
Yes.. It’s a little known fact that some of the most popular “oracles” aren’t actually decentralized. It is a fine balance to walk
The OoO would have prevented this by taking the mean to eliminate outliers
Uniswap Detective:
Interesting, I’m sure many don’t know that and just buy into the Oracle hype not realizing they don’t serve a long term use case in the space. Essentially, waiting to be replaced 😏
It seems as though OoO and xFUND have huge utility in the networks and solve a real problem that many projects are exposed to right now in DeFi.
Neyma Jahan:
I mean.. An oracle is… A collection of centralized price feeds that is bundled in a decentralized way and then processed to eliminate outliers and then made available via an onchain tollway (in this case XFUND pays the toll)
The thing is.. 2019 oracles are great for narrative purposes but the tech hasn’t kept pace with industry innovation
You can see why OoO is important because it bundles all oracles to eliminate gaps.
Uniswap Detective:
Ok, so you mentioned xFUND will be a payment for your on-chain suite you’re developing also.
Just so it’s clear, as you onboard partners utilizing the network (OoO), xFUND will be required to be purchased for these services giving it increasing utility and buy pressure with adoption. Is that right?
Neyma Jahan:
Yes. First off because I know there are lots of skems.. There is no OoO token. There never will be.
XFUND is the token and it is used to pay for access to the OoO. It is used in the same way that LINK is used to access their oracle feeds.
Ie.. Clients need to market buy it or mint it by staking FUND. It’s actually powerful because one of our upcoming OoO clients purchased quite a bit of fund off the market to stake to mint xfund
Uniswap Detective:
Perfect, thanks for the clarification. I guess that will depend on their immediate need.
They either set up a FUND validator to mint xFUND which will further decentralize the network or they market buy xFUND on the open market.
Neyma Jahan:
Yes correct. 24 XFUND are minted a day and distributed via a weighted lottery system to FUND validators
They can hold these and use for governance or they can market sell them or they can use them to access the Oracle
Uniswap Detective:
I was going to ask if you can you briefly explain the relationship between xFUND and FUND but this is already quite clear.
Validators for the FUND network receive 24 xFUND per day for securing the network and ensuring decentralization. Therefore, adoption of xFUND and FUND essentially benefit each other.
Generally speaking; the greater the demand for one, the more demand for the opposing token?
Neyma Jahan:
Yes, I was reading our chat and one of our community explained it well
That there is some math correlation between xfund and fund where the prices will move with each other.. Ie.. If xfund is trading at say 3k
Then by inverse fund should be trading at $1.xx because by buying and staking FUND you can then mint xfund so it becomes an amazing feedback loop
Does that make sense?
Uniswap Detective:
Yea that makes sense. It’s a great environment and synergy you have created between the two you.
Crazy to think right now xFUND has around 360 holders but for example DOS has ~10,000 and LINK over 350,000…
Neyma Jahan:
They were great products from 2019 and 2020, xfund is the oracle of 2021 but it’s crucial to keep pace with technological requirements.
Uniswap Detective:
So looking into the future now. the product is ready although still being built out further.
Q4. Please outline any major milestones in the development of the protocol to-date and share any current initiatives to drive adoption for both FUND and xFUND in 2021.
Neyma Jahan:
https://soundcloud.com/selective-admin/futuremilestones
They were great products from 2019 and 2020, xfund is the oracle of 2021 but it’s crucial to keep pace with technological requirements.
Uniswap Detective:
Ok, the the FUND tech is ready to go just like OoO, although you’re continuously building upon these.
However, it’s more about onboarding crypto clients to start and then moving forward to bring your products to be used in the real world, so you’re not just limited to the smaller crypto space.
We have to remember that the crypto market is small so it’s great to hear you want to push the adoption outside just this space whilst still having the xFUNd and FUND tokens driving these applications.
Sky is the limit when you have a mindset like that. Great!
Neyma Jahan:
Yes, crypto markets are literally 1/1000th of possible client base
Uniswap Detective:
Exactly, many limit themselves to such a small market (crypto projects) but it’s really about decentralizing the real world, which is where you can find true adoption.
Neyma Jahan:
But still a critical seed place to start. It’s funny because we have been servicing enterprise blockchain clients for years, but that never translated into crypto industry success. As soon as we made a friendly onchain product for crypto users, then adoption has skyrocketed
Uniswap Detective:
Ok, so I’ve really enjoyed having a chat, the products have huge potential and like the voice messages to which show you’re a real person as well which some character as well.
Just before I move onto see if the community has any questions. Is there anything else you would like to add?
Neyma Jahan:
Just that I know lots of the attention is on xfund because it’s on uniswap and “trending” but need to point out that uniswap isn’t the only place to get xfund. By buying and staking our mainnet FUND token you can literally mint xfund yourself.
This obviously involves setting up a node, but there are people in our tech discord which can help with this
Uniswap Detective:
Ok, great. Well, I’m looking forward to following the progress and hearing about the updates in the days and weeks ahead. Sounds like you and the team have been working really hard over the last couple years and it’s now time to drive adoption.
Looking forward to being involved.
I had a couple questions from Twitter and then I’ll see if the group has anything to add.
Community Questions:
1. $XFUND has a very very unique tokenomics. What do you have planned for upcoming marketing for this first quarter. Do you plan to go for a large marketing campaign eg crypto you tubers, largely followed twitter crypto influencers or do you plan for slow organic growth?
Neyma Jahan:
Great question. There is a group of community members I guess you could call them similar to “link marines” that has come together and is helping with marketing. They know the ins and outs better of this than we do so we are letting them take the lead to get the word out, we do what we do best (tech) and we support them to do best what they do.
Uniswap Detective:
Community driven marketing to educate is generally far more effective (as you say about the marines) allowing you to focus on driving partnerships (which in turn drives utility) whilst the community spreads the word and educates the masses.
Neyma Jahan:
This is a game where we all win when we work together and yes, they need to come up with a word for themselves
2. Is there a possibility that other oracles (e.g Link) make use of the OoO so becoming your client in some sense? or is that technically not feasible?
Neyma Jahan:
We would hope this is the case, the OoO is like a clearing house for all price and oracle related services. We actually if there is a need will poll LINKS oracle (also band, dos, Dia, tre) and add to our computations
3. Can validator voting power be concentrated and monopolized by just a few large stakeholders? How can you or are you preventing this?
It’s decentralized. We can’t prevent anything that anybody had enough money and voting power to enact.
However there is vested interest that when you spend that much to aquire tokens that you will act in the best interests of the network
I mean bitcoin miners could take down the btc network tommrow with a single phone call but they don’t because it’s against their best interests
Conclusion:
Uniswap Detective:
Alright, well the rest of the questions have really been covered I believe!
Very informative AMA, has me eager to hear more and see the adoption of FUND / xFUND which now seems essential for DeFi and the real world.
I’ll wrap it up there and would like to thank you taking the time to educate our community today Neyma.
Neyma Jahan:
https://soundcloud.com/selective-admin/conclusion
Neyma Jahan, [28.01.21 16:19]
Please join up
Neyma Jahan, [28.01.21 16:20]
And our main YouTube channel if you want to deep research some of our interviews https://youtube.com/channel/UCUrnvYlnrchkeIFBx4LzPGA
Links:
Twitter: https://twitter.com/UnificationUND
Telegram: https://t.me/unificationfoundation
Website: www.unification.com
