we hosted an amazing AMA with Trava Finance on the 4th of July
And here we will put some of the best questions:
Q1. Can you please introduce yourselves to the community ?
Minh : My name is Minh, CEO & Co-founder of Trava.Finance. I completed Ph.D. from Slovak University of Technology, Slovakia in 2013. My research interests include distributed systems and data analytics. I have been participated many research projects funded by the European Commission, Slovakia government, Japanese government, and enterprises. With Trava.Finance, our team aims to provide a novel lending protocol for the users that based on Data analysis to enhance user experience and encourage greater participation.
Lam : My name is Lam, CTO & Co-founder of Trava.Finance. I received Ph.D. degree in Computer Science from Vienna University of Technology, Austria in 2017. I have been developing many blockchain-based solutions as well as publishing novel results in top-tier conferences and journals.
Q2. Can you provide us with a brief description about Trava.finance?
Lam : TRAVA is the world’s first decentralized marketplace for cross-chain lending. While existing approaches provide only one or a few lending pools with their own parameters such as borrowing/lending interest rate, liquidation threshold, loan to value ratio, or a limited list of exchangeable cryptocurrencies/other digital assets, TRAVA offers a flexible mechanism in which users can create and manage their own lending pools to start a lending business. TRAVA also offers the credit score function based on financial data on-chain analysis as an useful tool that reduces risk and increase profits for all users.
You can follow our project at such channels like:
- Twitter: https://twitter.com/trava_finance
- Group chat: https://t.me/trava_finance
- Channel: https://t.me/trava_finance_official
- Medium: https://firstname.lastname@example.org
- Reddit: https://www.reddit.com/r/TravaFinance
Q3. Could you tell us about Trava.Finance roadmap for now? How far has this project been developed?
Minh : At the moment, Trava offers full basic service that allows users to create pool and interact with pools at https://app.trava.finance.
We have deployed Trava.Finance smart contracts on the Binance Smart Chain network.
- In Q3 2021, we launch beta version of credit score.
- In Q4 2021, we support Beta version NFT auction and cross-chain protocol.
In the future, we would like to co-operate with data providers in AI field for our data analysis system, along side with the model we’ve been developing in order to diversify data analysis process. In addition, we would like to make partnership with data providers or data services with a view to improving our analytic results. Partnership with cross-chain platforms is one of our priority at this moment.
Q4. So many projects in crypto now are similar, can you please state who your biggest competitors are and how you offer better more unique solutions?(Can you share with us what are the competitive advantages of Trava Finance compared to other projects?
Lam : There are many big players in this domain such as Compound and AAVE. However, we believe that there are still a lot of opportunity for new solutions such as Trava. Our main differences between Trava and existing solutions contain:
- Trava allows users to create their own pools with their own parameters such as borrowing/lending interest rate, liquidation threshold, etc.
- Trava provides credit score of users. The pool owners can define a credit-score threshold for borrowers to reduce the lending risks, and set high loan to value ratio for borrowers having high credit scores.
- NFT, stock tokens and other digital assets as collaterals: to increase the liquidity
- Cross-chain identification and cross-chain lending: Trava can identify all wallet addresses of the same users on different chains. As a result, users can use up all of their cryptos as collateral for a huge loan in a single transactions.
Q5. As I know this project is relatively new, you’re just getting started. Can you tell us about the progress you have made so far? What has been the most important update of the moment and what are you currently focused on?
Minh : Thanks for the question. Currently, we already have provided MVP running on BSC. You can get experience to become lending pool owners by testing our MVP. You also can configure the pool parameters as you want during the pool creation process. In next month, we will provide the credit score function (alpha version) for TRAVA. In this way, you can increase your credit score by depositing tokens into TRAVA’s pool or create your lending business by creating your pool. Note that the score will be used as an basis evaluation metric when you borrow tokens in the future. In the Q4 of this year, we plan to offer the entire knowledge graph that serves the data on-chain analysis. With the function, we can recommend possible risks for users, and thus increase the profits for our users.
And here we will put best questions from our members and Trava Finance fans:
Q1) In what ways will TRAVA FINANCE reward those who provide liquidity for spot trading and Lending of assets on TRAVA FINANCE? And what strategies do you have to bring in more liquidity to assets listed for spot trading on TRAVA FINANCE?
Lam : Next, based on pool creation functionality, owners can create new pools, then provide liquidity for their own pools. We offer incentives programs to promote users to provide liquidity, so when users provide liquidity in TRAVA pools, they would receive TRAVA tokens as incentives.
The details of the incentives programs will be updated to you ASAP. Please join our official channels.
Q2) What can I do to assist in the development of #Trava finance project? Do you have a way of involving Community members to participate actively in project apart from GOVERNANCE?
Minh : Nice question. To us, community always comes first. You can start and manage your own lending business by creating your own pool or simply by depositing crypto in one of lending pools in TRAVA.FINANCE. By this way, you not only assist the development of TRAVA, but TRAVA also bring you huge benefits from lending and borrowing.
According to our roadmap, we will provide Governance program for our validator nodes in the next year. You can stake TRAVA token to get the voting right in the program. We will also create a Trava’s tech support channel on Telegram to call support from dev community. Please follow our news on official Trava channel at http://T.me/trava_finance. We look forward to receiving your helps.
Q3) We’ve had serious issues with rug pulls from tokens lately and honestly, it’s nothing to laugh home about. My first question is, how secure are our funds with #Trava_finance ? Are our investments safe?
Lam : We’ve contacted with Hacken, Haborn, and others to audit our code. They will review our code to ensure the risk ratio is the smallest. In addition, we also have a strong security team containg PhDs, experts to audit internally our code. We will also call the support from community by organizing security Bounty programs, thus make Trava more secure and decrease risks for our users.
TRAVA offers an inclusive credit rating model with various financial factors. Credit score provides users with the accuracy in assessing accounts’ creditworthiness and the risk of default. TRAVA also performs data analysis based on the cross-chain knowledge graph and other data sources and assists users in detecting and alerting unusual transactions in their pools. In the near future, pool governance not only belongs to pool owners, but also TRAVA community. Hence, the risks of depositors will be minimized.
Q4) Please explain Trava Finance to me, How important do you think interoperability between ecosystems is for the future of blockchain technology and how do you pave the way to that future? does the mission represent the desires of many communities?
Minh : We’ve already explained about Trava Finance in previous question. But you pointed point out a very important problem in blockchain now.
About interoperability, it is very important thing for blockchain’s ecosystems in the future from our view of point. For Trava, it is also the most essential thing that we deal with. The main reason is that Trava offers data analytics functions for users. The typical example of the functions is credit score. Thus, we have to gather data stored on different chains in order to do analysis effectively.
On the other hand, we also enable to mortgage assets from different chains without moving the assets to BSC or Trava network (in the future). For two functions described above, Trava must deal with the cross-chain problem. We have plan to provide bridge in layer 2 to enable the interoperability feature. We believe that the mission represents the desires of many communities in general, and for DEFI’ users in particular.
Q5) Since then, the problems associated with Decentralized Exchanges are poor liquidity infrastructure, unattractive trading interface, poor customer support. from a technical point of view, does Trava Finance have a long term solution to the problems listed above?
Lam : Thanks @asepsur58799258 for an important question. We have many plan to address this problem. First, we position Trava as a lending pool marketplace, allowing users to create their own lending pools. This makes pool owners to focus on their business model, improving the utility of tokens that are specified in their pools, etc
Next, we also have a long-term strategy for our tokenomics, roadmap, and milestones to develop Trava into a leading app. For example, in terms of liquidity, in addition to promoting campaigns for lending pools, we also develop a reward mechanism for Trava as well as pool owners to encourage users to deposit and borrow on lending pools of Trava. Trava will always improve over time to provide users with the best experience and profits.
Q6) Are you an well experienced team and devs? Can you tell us more about team background and are they anonymous?
Minh : Having been established since 2018 with initial 20+ members, our team has gathered outstanding specialists and individuals in such domains of blockchain, finance, risk management and law as well. You can find out more abut our team on our website: https://trava.finance/
Q7) How do we members contribute to the utmost success of your project?
Lam : To us, community always comes first and we would like to become a community project soon.
As a user, you can do a lot of activities to contribute to the sustainable development of TRAVA by participating in borrowing on the platform, creating pools, depositing money into pools and participating in other activities such as AMAs or mini games. We would greatly appreciate your participation.
As a dev, you can join our technical support group on telegram to give contribution to the development of our project, so we can improve our solutions.Smart contracts of Trava are deployed on BSC network. The code will be published on Github later for everyone can contribute in an easy way. According our roadmap, we will provide the mainnet in the next year for Trava data. In this way, DAO function will be enabled to manage Trava network. We would like to bring Trava to users as a community project as soon as possible.
Q8) At TRAVA FINANCE the lending process can have any collateral types including NFTs, how can NFTs work as collateral of any currency if they are not fungible? The amount of the currency that can be lender would depend of the momentary price of the NFT complete?
Minh : We will provide the auction function for NFT assets. Thus, the NFT’s owners can open an auction session to price the NFT. The auction winner can buy directly the NFT or he/she can join in a collateral smart contract by locking their NFT’s payment. In this way, we can price, and put NFT into lending process. Besides, our approach also helps increase the liquidity for NFT because the assets can be used in the lending business in easy way. We also avoid the price fluctuation of NFT because the NFT have been priced in the auction contract before.
Q9) Can you describe about what are the use of your token in your platform? how do i possible to get your token?
Minh : 1. Reward: Pool owners can set up rewards paid by TRAVA token. Thus, lending pool depositors will earn rewards by TRAVA token
- Collateral and lending: Users can use TRAVA as mortgages. The users also loan TRAVA
- Payment for lending fees: Users can pay pool lending fees by TRAVA.
- Payment for pool management: Pool owners can pay for the pool creation, update (e.g., pool parameters, add/remove tokens, …), and pause by TRAVA.
- Payment for auction deposits: in the NFT auction process, TRAVA can be used as a locked asset.
- Payment for auction organization: To perform all auction actions for NFT, the NFT’s owners (auction organizers) can pay the auction fees by TRAVA.
- Staking for a data validator: To store credit data stored on the knowledge graph chain, the data must be confirmed by validators. The process is built up to eliminate redundant, unnecessary, and unsecure data. The knowledge graph data validators stake by TRAVA
- Staking to participate in the governance process: TRAVA.FINANCE will become community solutions, thus the TRAVA.FINANCE’s rules are elected by participants, who hold TRAVA’s token
Q10) There are three core issues in encryption and blockchain technology, namely security, interoperability and scalability. How does $TRAVA overcome these problems?
Minh : We build and develop TRAVA on the foundation of Knowledge Graph idea that enables the semantic interoperability and offer a unique solution for comprehensive and profound interoperability in both data and functionalities. So TRAVA has already had a strong base in data interoperability in blockchain networks. The Knowledge Graph, which is responsible for storing and representing aggregated data from multiple blockchain networks. In this Graph, rather than detailed transactions, statistical and aggregated information on transactions is calculated and stored in that transfer relationship. So Knowledge Graph helps TRAVA to ensure scalability.
About security, we’ve contacted with Hacken, Haborn, and others to audit our code. At least two partners will review our code to ensure the risk ratio is the smallest. This is very important action during TRAVA’s development process. Besides, we also have a strong security team to audit internally our code.
TRAVA offers an inclusive credit rating model with various financial factors. Credit score provides users with the accuracy in assessing accounts’ creditworthiness and the risk of default. TRAVA also performs statistical data analysis based on the cross-chain knowledge graph and other data sources and assists users in detecting and alerting unusual transactions in their pools. In addition, in the near future, pool governance not only belongs to pool owners, but also TRAVA community and the community of those pools. Hence, the risks of depositors will be minimized.
And this was the end of our AMA with Trava Finance
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://trava.finance/
Medium :- https://medium.com/@travafinance
Twitter :- https://twitter.com/trava_finance
Reddit :- https://www.reddit.com/r/TravaFinance