Community Interview with CEO Nik(Bannik)
Below is the transcript from the community interview with Admin Flintstone, during which he gets answers to some of the top questions from FLR Finance community members.
Flintstone: Hey everyone, Flintstone here and alongside me is Nik, the CEO of FLR Finance.
Nik: It’s a pleasure to finally meet you in the real-life, Flintstone.
Flintstone: You too and it’s a pleasure to be here in Greece at the Foreverlands HQ where the team is currently having a Hackathon event. So can you elaborate more on that and what you’re hoping to achieve?
Nik: Of course….So after the latest news, as everybody knows, Flare Network announced a release during the summer. As a team, we decided that it would make total sense to pick a month to proceed with more robust development of some of the products of our ecosystem and take a closer look at the feedback from the community and everything that we have learned from our Songbird experience.
Flintstone: Well, I’ve been gathering some feedback from the community and I suppose we should tackle the elephant in the room, which is the Loans platform and the issues suffered with it recently and how you are going to tackle those issues.
Nik: So as everybody knows, for the last couple of months we faced a technical difficulty that has to do with the underlying protocol of Liquity which we have used as a fork that has been audited by a team of scientists and engineers called CommonPrefix for the last two months, approximately……. both our codebase and after the event you’re referring to….. any data related to that. Thankfully today, actually, we published to them our fix for audit and we would hopefully know in the next days that our code is good to go and then we will have the chance to also address the economical difficulties occurring from this.
Q) Flintstone: Excellent. So, next up would be the EXFI Nest that is bugged. How is the team going to address that?
A) Nik: Of course. So, there are two aspects of the solutions here. The first one is that we are actively talking with the Flare Network team to see how they can help us in the current situation and if there’s any chance to have support on that, as well as the [FF] Foundation Board is about to resolve in the next days if it would make sense, and it would be healthy for the community to use any of the funds which are held by the foundation and release them to that Nest to provide larger collateralization, at least until the platform is bootstrapped properly by itself.
Q) Flintstone: Moving on from that, quite a few community members have asked if there are going to be any new pairings on the platform at any point in time?
A) Nik: Of course, as everybody knows, there are multiple tokens already on the network, such as CanaryX for example, with which team we actually have been in communications in the past. Hopefully there will be new listings very soon. I cannot guarantee something at this moment, however, the community out there will be soon able to vote on new tokens and new pairs on the system by themselves. Any voted ones will be included straight away, and it’s not in the team’s hands anymore, which tokens will be on the platform and not. As we all know, it’s a community driven system. The fact that we build it doesn’t mean that it will be governed by us.
Q) Flintstone: FLR Wrap! That would bring on even more tokens…. Can you give us any expectations?
A) Nik: Of course. That’s a great question actually, after also the latest announcement by the Flare Network about the Layercake system and technology, and there has been a lot of talks about the redundancy of the FLR Wrap itself. In our eyes, it should be still the product of the ecosystem. Regardless, Ethereum is a great example for that. There are multiple wrapping protocols on Ethereum. The existence of one doesn’t mean that the other is not needed. After various considerations on the subject, the team decided to proceed with the development. I would say that we are very close with the product. However, there are some managerial issues which will have to resolve and we will be able to proceed with that very soon… during this hackathon actually…. to be able to start testing on the Coston Network and hopefully to release that on Songbird together with several pairings, as you can imagine.
Q) Flintstone: That’s great. So, development in this space moves pretty fast. How future proof are our products?
A) Nik: So that’s the interesting aspect about the FLR Finance suite of products, right? We have currently seven products in our suite, but as everyone can remember, we started with only six. Eventually founders decided that FLR Drops is quite interesting and important aspect of the suite. So we added one more product and that’s the great thing with both Songbird and the company…. the way we have built it so far. We can always add more products or more features or plugins if you want, to the existing products and always make more enriched ecosystem. And a very great reason why is the governance with the APY Cloud system. So as we all know, every team in the blockchain industry right now, builds a product and then get some fees for the build of the product throughout the usage of the product itself. FLR Finance team decided that it would be very interesting to create a tax office if you wish, which would tax the team and would bring those money back to the people who are participating in the governance. So every time there is a transaction on the FLRX protocol or there is a Wrap or an NFT sold, some of that money of course, goes to the team where the team splits the money with the governance stakers, which I believe is a very exciting aspect of why we should and why people should vote for products to be added to the suite.
Flintstone: The tax-man is a great analogy.
Nik: Thank you.
Q) Flintstone: So regarding any further development on the platform, are there any tools or resources that the community will have access to?
A) Nik: Of course, all of our code bases besides the web2 products that we will release later on, are going to be open source once they’re audited. So as we have mentioned that the Loans platform was recently audited, once the audit is delivered alongside with the fix of that Nest, we will release both the code base with the audit and every time an audit is added to our products we will release the code base together with it. Now there are multiple APIs, indexing tools and many interesting things for developers also, which will provide us a toolkit which some of them would be free to use, some others will be more paid to use tools. But yes there are multiple tools to release to the community, but all of our smart contracts and anything that has to do with on chain will be released and open source.
Q) Flintstone: So another popular question from the community is ‘wen?’ and do we have a road map or can we provide one?
A) Nik: So we do have internally a roadmap. Of course, our team has pretty specific goals, especially at this moment. Many times things go wrong or things are added, so the roadmap itself would be affected a lot by that. However, eventually we would like to make it public, which I understand is the concern of a lot of people. My personal concerns are legalities around that and we wouldn’t like in no case at all to get any of our users into any troubles by releasing something as simple as a roadmap. Once that is clarified from all the aspects, of course, we would be happy to release both our roadmap as well as a set of known issues and bugs, let’s say.
Q) Flintstone: Okay, well, speaking of legalities, is there any future products of ours that will require KYC or accredited investor status?
A) Nik: As of this moment and from what we know, the only part of the product which might be affected is the wrapping protocol, and that would only affect users who would try to wrap larger amounts of money. We cannot force anyone to use that. However, from our perspective, regulations are always welcome because then we all can know what we can do and what we can’t and how we can flourish in this industry properly and safely for everyone.
Q) Flintstone: So is there a particular threshold that you said certain amounts above….?
A) Nik: Yes, from what we have been informed from our legal teams, there is a particular threshold. I don’t know the exact number because those things are not finalized yet. I hope the white paper version two will have those things covered as well.
Q) Flintstone: So there’s been a couple of questions from the community regarding NFT’s, one specifically about the Samurai NFT’s and if the different ranks of NFT…. will they hold the same utility value or is it just prestige?
A) Nik: As of right now and from what is announced so far, it is just prestige. However, that’s why Songbird is here for again, we are considering and will consider once those NFT’s will switch to songbird… ‘Spoiler alert’… We will see and how that works and what are the utilities we might want to provide to the different Samurai holders.
Q) Flintstone: Okay… and what about the Rhodium necklace? Can you tell us more about that?
A) Nik: Great question. With the DFLR contest to be concluded, the Rhodium necklace will be gifted away to the ten winners of the contest. That Rhodium necklace will have the form of an NFT, a Phygital if you wish…that’s how we internally call it, which a user could burn in order to exchange it for a physical necklace. Now I assume another question here would be about personal information that will happen off chain. FLR Finance B.V as a company would be the one responsible for holding any personal information and those would not be held by the foundation or on chain publicly.
Q) Flintstone: And finally quite a few questions about the DeLorian NFT and the airdrop of the Arm of Supaku. Any information on that?
A) Nik: So, same as the Samurai NFT and any NFT’s we have currently released, we’re planning to move them to the Songbird Network and potentially and eventually of course to the production network. However, as we have mentioned in our community updates recently, we would like to have a full testing cycle before we go to production to ensure that everything works as designed and we have the best approach for the community.
Flintstone: Cool! I think we’re all looking forward to FLR Drops and as you can see from the set here, we’ve got some extras.
Nik: It’s truly very exciting times and I cannot personally wait to show all of the exciting things we’re about to build here.
Flintstone: Well, I’m definitely looking forward to the future and yeah….. things are starting to look exciting.
Nik: Of course. Thank you so much for today and thank you for all the support you have given to the community. I believe everybody is appreciating that very much.