Welcome to the Polkafoundry Live AMA Hosted by The Gem Hunters, before we commence we would kindly like to thank the team for attending and sharing information on the project with our community!
To start of this AMA lets give the audience a brief description of what Polkafoundry is actually all about and what you guys are trying to achieve?
PolkaFoundry is “a production hub for DeFi apps on Polkadot”
Take a look at this picture:
Basically, PolkaFoundry is a DeFI-friendly platform for developers to build dapps
- A blockchain with innovative features
- A set of built-in DeFi-friendly services
It is straight-forward to develop new dapps as well as migrate existing dapps from Ethereum, since it is EVM-compatible!
We've heard that the team has very impressive backgrounds. Could you tell us a bit more aboht the team behind the projects and what your actual backgrounds are?
About me first, I am the co-founder and CEO of PolkaFoundry, my name is Thi Truong (pronounced as Tee). I’ve been working in the software industry for more than a dozen years. I used to be a director at FPT Software, a 15k-developer software company in Vietnam.
We like experience, theres a lack of it atm in the start up side of the space!
I started my career in blockchain with Kyber Network 3 years ago, working as a key member of Kyber core team. It was a good time there, I learned a lot about blockchain from my Kyber fellows. A year later, I quit Kyber and founded Icetea Platform which is PolkaFoundry now. Our company is 2+ years old now, it was a great journey we went through the winter of crypto and sustain to this day.
So what motivated you to start Polkafoundry and which problems did you identify in the crypto space that you're trying to solve?
let me tell you how we form the concept of PolkaFoundry, when I was working at Kyber, I realized blockchain is very useful technology if used correctly. However, the dapps’ UX is such a hassle for normal users. Many unfamillar concepts and inconvenient steps just to get onboarding (buying coins, paying transaction, keeping private keys, and the like)...
That’s why we spent years to research about dapp UX and we came up with UX-enabling features for PolkaFoundry. Although blockchain has various use cases, finance is for sure the most important and well-fit area of application => That’s why, we focus on building and integrating services for DeFi app and because Polkadot is a thrilling ecosystem, and we decided to be a part of it. To make it easy to migrate dapps from Ethereum, PolkaFoundry is EVM-compatible! So, to sum it up, PolkaFoundry mission is to become a top production hub for DeFi apps on Polkadot, with all the necessary tools and features for DeFi experiments, innovation, and real-world solutions!
So what exactly can you build on Polkafoundry and why should developers chose to build with it?
Currently, we are discussing with projects to build or port DeFi apps in the following areas:
- Lending/Credit platforms
- Multichain DEX
- Multichain NFT Marketplaces
- Community-governed DeFi DAO
We expect several dapps of these kinds will land on our platform in the coming months. Stay tuned for announcements!
So you're already in discussions with multiple projects?
yes, we are!
We will port Uniswap to our testnet in the coming days!
You've multiple innovative features which aim to solve the UX issues of dApps. Could you name those features and give a bit more details on what they actually are please? Yeah, there are many, just to give you some examples:
1. Signing key: Used in place of the private key, each signing key has an expiry time and a limited set of permissions. Thus, leaking yields much less serious consequences.
This more efficient signing process improves both dApp security and the UX safeguard the keys.
2. Flexible Payer: DApps can pay transaction fees for users in a decentralized manner.
As a result, dApps can employ much more flexible monetization strategies, such as free, freemium, pay-to-unlock, and in-dapp-purchase models. Onboarding becomes seamless.
3. PolkaID: An off-chain service that encrypts a user's key, splits it into parts, then distributes the keys to multiple independent and secure key management services.
This shifts the burden of keeping keys from users, while still preventing illegal access from any single central authority.
do you understand the above?
We think we do haha. They are quite simple but very smart. we're surprised nobody has worked on these functions yet! Especially the security improvements are amazing!
As the project name suggests we assume that your products are only for the Polkadot ecosystem is that correct, or will there be a bridging or interoperability between different chains and protocols?
Polkadot on its own is somewhat crosschain capable but I'm not sure to what extend tbh.
Polkadot support seamless crosschain between its parachains and parathreads. However, when it comes to external chains (like Ethereu, cosmos, etc.), we have to use bridges.
So yes, apps on our blockchain can:
- seamless crosschain with other Polkadot's chains
- crosschain with external chains via bridges
- or apps can be just multi-chain instead of cross chain, users can select which chain it want to interact with through the UI
Im still learning myself about the capabilities of polkadot, i think we all are right now, lookijng forward to seeing how you guys can build on it
Could you please explain to us what the usecase of your native token is and how it fits into the ecosystem of the project?
Yeah, our token $PKF has many utilities:
- Pay transaction fees
- Lend to PolkaFoundary crowdloan to auction for parachain slot and earn rewards
- Stake for collators and earn a share of to block producing rewards
- Participate on-chain governance process and earn rewards for voting on proposals
So a lot of rewards to grab. That's what I like to see!
It can also be used to pay for PolkaFoundry Platform services (PolkaID, DocuGuard, etc.)
Now before we open up the chat for Community Questions, we have one more question for you
You have certainly a very dedicated roadmap and we would like to know what the next big milestone is to look out for and if you're so far on time with the development?
yes, I can copy the roadmap here!
you guys can also see it on our website!
We will release the Polkadot testnet version very soon with some demo apps (possibly porting uniswap for demo purpose)
It was a pleasure to host the polkafoundry team and we are excited to see what the future brings, please find more research information below.