we hosted an amazing AMA with
Revest Finance on the 23th of September
And here we will put some of the best questions:
Q1. Can you please introduce yourselves as well as Revest Finance ?
So my name is Rob Montgomery, I’m the Founder and CEO of Revest Finance. Chris here is my CINO, and Albatross is one of our marketers.
Revest Finance is a concept I dreamed up last Spring when I came to realization that NFTs could be more than just art – that they could serve as financial instruments, tokenizing non-fungible financial positions, which are by far the most common positions in finance. Fundamentally, we lock ERC-20 tokens behind ERC-1155 NFTs with a wide variety of different locks available.
You take an amount of tokens, choose how many tokens you want to deposit per NFT (say 20), choose a lock for those tokens (for instance, time), and choose how many copies of the NFT you want to created (say 10). In this case, you’d end up locking 200 tokens, and you can send each one of those NFTs to different people, trade and share them on platforms such as OpenSea like any other NFT, until the lock unlocks, at which point you can withdraw from them and retrieve the original, underlying assets
Q2. What are the advantages of Your project ?
In the current DeFi system, there is no way to properly tokenize non-fungible positions. That can be ownership of a crypto project, such as a group of LP tokens; that can be a call option on ETH at a specific strike price of USD; that can even be the separation of principal and interest for AAVE yield-bearing aTokens
– the only way these positions are represented in the current DeFi paradigm is with ERC-20 tokens.
ERC20s are fungible, and that fungibility means that the entire spectrum of unique choices that these positions should offer is collapsed into a very small collection of presets. This is a clunky solution, and limits what DeFi is able to do right now.
By allowing people to tokenize non-fungible positions, Revest will streamline all of this.
As a first example of what we are capable of, we are targeting the vesting market, an often neglected and forgotten sector of crypto. So often, teams and DAOs are forced to write their own vesting contracts and solutions. With Revest, our locking system is a natural fit for the problems encountered by them
– it allows you to lock tokens into a NFT and then trade that NFT without effecting the value of the underlying assets; you can sell off a portion of your LP tokens to an interested 3rd party, allowing them to acquire some ownership of your project, without ever having to have physical access to those LPs.
Q3. please tell us about the goal you want to achieve in this year
In this year, our primary goal is to see the vesting market widely adopt FNFTs as the general-purpose solution for vesting considerations.
We want to become known as the standard toolset for any complicated vesting question, any interesting structure than can be built in this sector.
We aim to be nothing less than a bluechip in this space, and we think that by first proving ourselves on a smaller niche of the market, others will take note of our utility in the much wider DeFi community.
Q4. Every project has a story behind their name, Can you tell us more about the story
So the story behind the name is actually a pretty cool one.
When we began, I had the concept in mind that we would be approaching vesting as our first niche – so I wanted the name to reflect that.
I began looking up words that contained the word “Vest” within them, and I found “Revest” – when I looked into it further, I realized that the name was perfect; the RSA algorithm that is the granddaddy of all modern public-private key cryptography was co-created by a man named Ron Rivest. RSA stands for Rivest–Shamir–Adleman
Really glad you asked that question, never gotten to tell that story before
And here we will put best questions from our members and Revest Finance fans:
Q1) Greetings, Revest I see that it uses 3 types of padlocks, that proves to be a very safe and reliable system, but what are the characteristics and functions of the 3 types of padlocks? What is the best recommendation to use each of them?
So when you create an FNFT (Financial Non-Fungible Token), you are given the option between three different locks. The Time Lock, the Value Lock, and the Address Lock.
Time Locks are locks that will not allow you to withdraw the underlying fungible assets until a specified period of time has passed – this lock is ideal for traditional vesting
Value Locks are locks that will not allow you to withdraw the underlying asset until the price of one crypto relative to USD/ETH/any other crypto has passed a threshold price you choose at mint – so if RVST goes above $1, for instance, a lock could be set to unlock. This lock may find ideal use cases in futures and KPIs
Address Locks are locks that allow a user to choose a custom lock written by either ourselves or members of the community and deployed on the blockchain.
These locks are infinitely customizable, and a few common examples I like to give is a lock that won’t unlock until a chainlink oracle reports that man has landed on the moon again, or a lock that just exists as the combination of a time and/or value lock,
to give more flexibility to someone wanting to write more complex vesting solutions. If your desired lock isn’t a time or value lock, check out the list of presets we have or see about sourcing an address lock from a dev yourself – the possibilities are endless
These locks cannot be broken and are totally secure.
Q2) My question is, What was Your project created for, what solutions has it come to provide in the cryptospace and how do you expect to implement these solutions?
So we were created because there was nobody covering this sector; we’ve enjoyed seeing the success of art-based NFTs, but we don’t think that art is the true future of what the non-fungible token means for DeFi.
We think that future lies in finance – just as people didn’t understand what the Internet would be used for in the 1990s, people don’t understand what NFTs are going be to used for in crypto.
We have already implemented this solution with the creation of the Revest Protocol, and we’ll be expanding it by concentrating on becoming the standard for our first niche, and expanding from there.
We think that the addition of a mechanic to effect acquisitions in the crypto-space is a big development unto itself and we think that’ll get people interested in seeing what else we can do.
Fortunately, in many of these additional use cases, we already have code written, it just didn’t make sense to deploy during our entry into the space; as Steve Jobs said, the mark of a good leader is often choosing what not to do.
Q3) Could you share about Revest’ referral program or other campaign to attract more users? What is your revenue model and how will your project be profitable for both itself and investors?
We see much of the long-term success of Revest coming from people choosing to build on-top of the protocol, not just directly interfacing with our website, but also building out their own interfaces and utilizing FNFTs behind the scenes.
To incentivize this growth, we’re going to be offering these channel partners a sort of “kickback” for officially partnering with us and formally integrating us into their ecosystem.
That is not to say that this partnership is mandatory to use us as an underpinning for a project; it is just that for those who do choose this option, they will receive a share of the fees that their business generates on the Revest Protocol.
Fees are leveraged only during the minting process; the final fee structure has not been decided upon, as we are launching in an open beta state, and will be free to use for the first 6-12 weeks of our existence.
During this period, we will conduct extensive market research to decide upon the best fee structures to facilitate continued customer interest while also bringing in revenue for those holding RVST, our utility token. People who stake RVST will receive 99% of the fees generated by use of the Revest Protocol, spread out amongst a variety of different pools, best explained by our docs (docs.revest.finance).
For the first few months of operation, we will be distributing an additional amount of RVST tokens to stakers, in lieu of the ETH they would normally be receiving from fees, once that mechanic goes into operation.
Q4) From your medium, I read that the Revest Team will be kicking off its highly anticipated three day public RESERVATION EVENT on 10:00 AM EST September 21st, 2021. What is this reservation event about and who can be part of it? How do we join?
The reservation event is where those who wish to contribute their Ethereum to our project in exchange for our utility token, RVST, may do so. It runs for 3 days, and ends tomorrow, Friday, September 24th, at 1 PM EDT
You can join in on it here, on our website : https://revest.finance/reserve – the event is open to all who wish to participate
Q5) Is your project a local project or a global project ? Can anyone use your services from anywhere in the world? Is there any restrictions of using your service?
Our project is absolutely a global one; both in composition, and in scope. The Revest Team hails from the United States (4 members), Canada (3 members), the UK (2 members), Australia (1 member), and Egypt.
We are truly a global team!
In scope, we plan to change the entire DeFi industry. We’ve looked into it a little bit, and we don’t believe there could be restrictions on our service anywhere in the world.
While selling something considered a security wrapped in one of our FNFTs might be considered the sale of a security, the actual creation of the FNFT itself is analogous to buying a safe and placing stocks in it.
If you were to sell the key to the safe, it could be argued that you were selling securities; however, nobody in their right mind would ever argue that the person who sold you the safe was dealing in securities.
We offer a content-neutral service, and don’t expect any issues with restrictions.
Q6) Smart contracts are still, prone to bugs. How secure, is your smart contract? so that we believe, Your project is safe and good for the future of investors?
We believe that it is extremely secure. We’ve had multiple accomplished and experienced developers pour over the code, and we’ve successfully passed an audit by Solidity Finance.
We consider this to be a good starting place and are looking into getting Certik and Techrate to audit us as well
Audit here : https://solidity.finance/audits/Revest/
Q7) Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
We currently only have a single community, our main Telegram chat: https://t.me/RevestFinance
That all said, as we grow, we’ll absolutely be investigating establishing communities in different languages
Q8) Can you give list 1-3 killer features of this project that makes it ahead of its competitors?
Well, I’d start with the caveat that we don’t really believe we have any competitors in this space; nobody is trying to do what we are the way that we are, and we aren’t terribly concerned by anyone who chooses to do something similar, as we’re just very good at what we do.
That all said, if I had to choose
- The ability to tokenize non-fungible financial positions represents a total paradigm shift in the way that the crypto community will approach DeFi; we are the first to implement, and not only that, we have implemented it in a way that is accessible for even relatively inexperienced developers to build on
- We have separated the concept of value storage and locking mechanics; conventionally, if you want to store value within a contract in DeFi and lock it up, you are very likely writing both the vault it is kept in and the lock that keeps that vault locked.
In our case, to retreive the underlying asset, you have to hold one of the FNFTs it is tied to; so even if a community-sourced lock were to be exploited, the worst-case scenario isn’t that people get their money stolen, it is that they have access to their locked tokens a little ahead of schedule. This increases security for everyone involved
- We have an extremely intuitive and simple UI for interacting with FNFTs. Each FNFT is represented by a interactive panel that displays information about what is locked within the FNFT, when it unlocks, and tells you whether the FNFT is locked/unlocked based on the color displayed. Here’s an example of one: https://revest.mypinata.cloud/ipfs/QmVNEYtuCj9X2UTch1iujWBVuGZzenHSpja8br661Ms14e
Q9) I really like your project. What areas are you focusing on the most? And what is your focus this year and next year? And what is most important in your project?
We’re starting out in the niche that feels the most wanting for an improved solution and expanding from there. In terms of long-term goal I haven’t mentioned yet, we are planning to fully transition into a DAO structure within the next year. We believe strongly in decentralization
Q10) I want to invest to your project. Where i purchase your token? Is it available on any exchange?
The token isn’t available on any exchanges yet, but we’ll be listing on Uniswap tomorrow (Ethereum). You can participate in the reservation event by visiting https://revest.finance/reserve and joining in there
And this was the end of our AMA with Revest Finance.
If you have any other questions you can ask here: https://t.me/RevestFinance
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://revest.finance/
Medium :- https://revestfinance.medium.com/
Twitter :- https://twitter.com/RevestFinance
Discord :- http://discord.gg/TdJSzW9H4G
Reservation Event :- https://revest.finance/reserve