Recap of the Venice Finance AMA with Blockchain Space

On Thursday, December 23rd, we had the pleasure to welcome to our Telegram chat:

Alex Park, The Head of Marketing at Venice Finance.

We asked him questions about the development of Venice Finance.

INTRODUCTION

Q~ Thanks for joining us today, could you introduce yourself and the team background to our community firstly ?

A~ Hi Everyone, this is Alex Park, Head of Marketing at Venice Finance, I am leading the marketing and growth team to pioneer and innovate the blockchain ecosystem.

After graduating from USC in 2013, I have spent almost 7 years in the Fintech industry and got involved in the Blockchain field in 2019. Before joining Venice, I was the Chief Marketing Officer for a cross-border payment company based in Asia, where I gained valuable insights on the friction & pain points of the legacy payment system. I certainly understand the need to revolutionize every block in the #TradFi system and how blockchain helps transform it with more decentralization and transparency; also, after so many years of experience dealing with kyc providers and capricious regulations, I also understand the importance of privacy preservation to build a real, open, decentralized financial system.

Venice is the next-generation, Zero Knowledge powered decentralized exchange, primarily focused on privacy preservation, front-running resistance and cross-chain liquidity aggregation. At launch, Venice will be the first front-running resistant, privacy-preserving Automated Market Maker (AMM) Decentralized Exchange (DEX) in the world. Venice is an innovative project on the market that has made huge strides over a short period of time compared to other similar projects.

Venice is the CURRENT BIG THING.

Q~ Can you briefly introduce Venice Finance ? How do you think you stand out among the competitors if there are any ?

A~ As the world’s first layer 1 private DEX, Venice is well-positioned for community-led growth with the introduction of VENI (FRC-20 standard) to guarantee such sustainability, led by a dedicated governance mechanism and shared community ownership. VENI features the following utilities:

1/ Staking & Mining: The majority of VENI tokens will be distributed via Community Incentives and Liquidity Mining to achieve a balance of high market utilization and a wide distribution of governance participants.

2/ Governance: VENI holders can propose improvements (e.g. adjusting pool parameters, integrating new ecosystems) and collectively decide on the optimum solution for the protocol.

3/ IDO: We are targeting Jan for public sale with tokensoft.

4/ Ecosystem Partnership & Grants: Our ecosystem partners and developer community will be aligned by VENI token to bootstrap the VENI ecosystem.

You can do A LOT of things with Venice.

Venice is the first-of-its-kind, front-running resistant, privacy-preserving AMM DEX, Venice stands out because of the following strengths:

1/ Advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice enjoys a function of front-running resistance and full anonymity to protect users from value extracting players.

2/ Community-Oriented Governance as VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let venetians collectively decide on the optimum solution for the protocol through farming, staking and voting.

3/ Chain-agnostic liquidity hub. Venice allows users to frictionlessly and trustlessly move the liquidity inter-ecosystem without revealing their position or identity.

We are very different from any of the Vanilla AMM dex on the market. Veni has a lot of use cases down the road including governance, lottery, launchpad participation, etc , just to name a few…

Q~ Can you give us a rundown on the $VENI tokenomics and it’s usecases ?

A~ Venice is well-positioned for community-led growth with the introduction of VENI (FRC-20 standard) to guarantee such sustainability, led by a dedicated governance mechanism and shared community ownership.

A total of 1 billion VENI tokens will be minted at genesis. Venice features a unique deflationary economy design in which - at the VENI token issuance master smart contract level - a per-transfer tax policy will be enforced and sent to a blackhole address. Effectively, VENI is a DEX platform token which incorporates a tax that creates clear deflation for every on-chain movement. For example, if the tax rate is set at 0.2%, a 5% average movement per day creates an effective deflation of 4% annually!!!!

The majority of VENI tokens will be distributed via Community Incentives and Liquidity Mining to achieve a balance of high market utilization and a wide distribution of governance participants. VENI holders can propose improvements (e.g. adjusting pool parameters, integrating new ecosystems) and collectively decide on the optimum solution for the protocol.

The Veni currency is DEFLATIONARY

Community Mining Allocation Breakdown:

20%

VENI token incentive mining

2% each month for TGE+5mon, 0.5% each month for TGE+5mon onwards.

17%

FRA incentive mining

1% each month for TGE~TGE+5mon, 0.5% each month for TGE+6mon~TGE+12mon, 0.25% each month for TGE+12mon onwards until finish.

6%

Mining across all LP tokens

0.5% each month from TGE onwards.

And we have huge incentive programs with the Layer 1 chains we will deploy on, such as Polygon. We also have a burning mechanism for transaction fees etc to make sure the VENI supply is deflationary and scarce.

Our tokenomics is well designed, with advice from Stanford experts!

Q~ Could you share a bit about security and also what benefits you provide to encourage increased user’s participation ?

A~ This is a great question and I strongly believe that the way we handle privacy and security at Venice is very unique compared to other protocols available in the industry.

To protect user’s privacy and security, the transaction you made on Venice is made confidentially and anonymously. This simply means that you won’t be targeted by hackers because hackers won’t know WHO’s making the transaction nor the amount being processed. This is achieved by the Bulletproofs and Turbo-Plonk functionality by encrypting the transactions so the transactions ain’t visible to other people’s eyes; which is now being practiced by the layer 1 with its privacy-preserving UTXO ledger.

On the codebase security sanity check side, Venice is partnering with top auditing firms including Certik, Slow Mist to guarantee the security of users’ money. Besides, the codes are drawn with strict security auditing and through tests and bounty programs. I would encourage everyone to go try it out at: testnet.venice.finance

Q~ Can you share the achievements the team has made so far ? What are the major achievement targets Venice Finance is yet to achieve. If possible, also share your roadmap ?

A~ For Venice being so young and new, we’re currently focusing on gaining as much publicity as we can before our launch in January 2022. We are working in partnership with some industry leading blockchain companies, including Tokensoft, Polygon and Findora and many more to come.

Per our roadmap, here’s what Venice plan to tackle in the year of 2022:

At Q1 2022, we will

1) Drop our V1 Mainnet launch,

2) Bridge integration to BTC and Arbitrum, deploy on ETH and BSC,

3) We will make governance & VENI community DAO w/ $10 million liquidity support from Findora Foundation

Q2 2022: we plan to

1) Drop V2 launch w/ front-running resistance utilizing Bulletproofs,

2) Bridge integration to Polygon, Terra and Avalanche, deployment on Avalanche, Polygon and Arbitrum, and

3) Limit order & customizable liquidity positions will become available to users

Q3 2022:

1) Drop V3 launch w/ full anonymity utilizing Turbo-PLONK and Multi-Party Computation,

2) Single-sided liquidity provision, staking rewards auto-compounding, stablecoin swap support

Q4 2022:

1) Drop V4 launch with customized private money market,

2) Leveraged lending and NFT assets collateralization,

3) Launchpad for new project incubation.

QUESTIONS FROM TELEGRAM

Q~ Was your name inspired from the city of Venice in Italy, if not what’s the meaning behind the name Venice?

A~ Venice also known as “City of Water’’ and ,exactly, it was a leading commercial center. We wish Venice to be the same, become the “City of Liquidity” and the leading decentralized trading center. Also, Venice is known for its fantastic masks, which correlated nicely to the privacy features we are focusing on. Welcome to Venice!

Q~ Venice is built on Findora’s EVM but do you plan to expand your service across all blockchains, if not all, at least top blockchains like Avalanche, Polygon, Solana etc.?

A~ Venice is chain agnostic. We plan to build on FIndora, Polygon, BSC, Avalanche and Polkadot, to name a few.

Our goal and mission is to facilitate cross-chain liquidity aggregation.

Q~ The next generation decentralized exchange, Venice; How will you keep the community active, with expectations and captivated? Why the desire and idea of ​​putting this project into operation and to what in particular the holders of VENI will have the right?

A~ Community is about empowering.

Venice is a 100% community driven blockchain project, so we wish we could have a robust community to mature the development of Venice Finance. VENI’s governance is community-Oriented Governance as VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let venetians collectively decide on the optimum solution for the protocol through farming, staking and voting.

Regualr programs include Bounties, Global Ambassadors, Airdrops, VIP (Venice Improvement Proposals), lotteries, and more.

Q~ For any crypto project, 1% of its success comes from the idea itself. 99% comes from execution. I have seen many projects fail due to lack of expertise & understanding of how the cryptosphere works. Do you have the qualified team needed to fulfill all your goals?

A~ The team has more than a hundred year of combined expertise in finance, trading, engineering and cryptography. The Venice Team consists of experts with a strong technical background in various fields:

Alex Park, Head of Marketing at Venice Finance. He received his PhD from University of Southern California in 2013. Alex has worked for over 7 years in FinTech Professional. Before joining Venice, he was the Chief AI Officer for a decentralized blockchain company in Singapore. At Venice Finance, Alex is leading the product engineering team to pioneer and innovate the blockchain ecosystem.

Tanmay, software advisory. Tanmay has past experience being a senior software developer on OneLedger; Research Scientist for Conduent.

Taylor, a UC Berkeley graduate with an Architecture background who had previously worked as a private consultant for 2 years. Taylor joined Venice to use his project management skills to strengthen the team and help the team work more efficiently.

Oleks, frontend engineer, team lead of Venice. Oleks has 18 years of experience in the IT industry with multiple languages and tools. Before joining Venice, Oleks has past experience in Findora and another blockchain project where he built a wallet and worked a lot on improving and extending their block explorer. Oleks has also implemented Ledge integration into the wallet, and built a wallet chrome extension and worked on maintaining and supporting their SDK.

Sergio, cryptography advisory at Venice. Sergio worked as an innovation cryptography manager. He had led a team of developers to implement cryptography algorithms and explored prosing blockchain applications to the business using SAFe methodology for development.

Q~ I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose your token over the existing one? What is your token advantage that can convince me to change from my favorite?

A~ Venice is well-positioned for community-led growth with the introduction of VENI (FRC-20 standard) to guarantee such sustainability, led by a dedicated governance mechanism and shared community ownership. VENI features the following utilities:

1/ Staking & Mining: The majority of VENI tokens will be distributed via Community Incentives and Liquidity Mining to achieve a balance of high market utilization and a wide distribution of governance participants.

2/ Governance: VENI holders can propose improvements (e.g. adjusting pool parameters, integrating new ecosystems) and collectively decide on the optimum solution for the protocol.

3/ IDO: we are targeting January for public sale w/ tokensoft.

4/ Ecosystem Partnership & Grants: our ecosystem partners and developer community will be aligned by VENI token to bootstrap the VENI ecosystem.

Venice is the first-of-its-kind, front-running resistant, privacy-preserving AMM DEX, Venice stands out because of the following strength:

1/ Advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice enjoys a function of front-running resistance and full anonymity to protect users from value extracting players.

2/ Community-Oriented Governance as VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let venetians collectively decide on the optimum solution for the protocol through farming, staking and voting.

3/ Chain-agnostic liquidity hub. Venice allows users to frictionlessly and trustlessly move the liquidity inter-ecosystem without revealing their position or identity.

We are very different from any of the Vanilla AMM dex on the market. Veni has a lot of use cases down the road including governance, lottery, launchpad participation, etc , just to name a few.

CONCLUSION

Thank you very much Blockchain Spacers!

I appreciate the time you took to listen to me today!

The upcoming public sale will be announced soon, it will happen in late Jan 2022. Please stay in touch with us for the updates!

It’s really nice having the Venice Finance project in here!!!

You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to Venice Finance.

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