Recap below for those that missed out. In this Ask Me Anything session, the administrators of CryptoDiffer will be represented by the green graphic as Host and our Founder, Atif Yaqub, will be pictured as Guest with his profile photo. AMA reposted from CryptoDiffer Recap.
Hello, everyone!
We are glad to meet here Atif Yaqub , Founder of YOP
Hi everyone! Great to be here. Big community and seems very active.
Q1: Can you introduce yourself to our community ?
Hi, I am Atif Yaqub, Founder of YOP. Have been active in crypto for over four years now. Started with mining, moved into investing and over the years supported various projects. Enjoy travelling, motorsport and have been very enthusiastic about Bitcoin from the day I understood it.
That feels like a long time ago now! I have been active in various other business ventures around the world and enjoy networking by regularly attending events like the annual Davos meeting and similar conferences. You can read more from the Medium blog posts on my LinkedIn.
Q2: Can you briefly tell us what is YOP in 3–5 sentences?
Sure. We are a UK based project with a global team behind us. YOP is a yield optimization platform & protocol. All-in-one yOptimization application that makes it easy for everyone to access DeFi. Giving you control, custody, insights and flexibility directly in one single application.
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans
We have been in development for a few months now. The past few weeks have been really busy, since we announced that we have secured funding from a London Stock Exchange listed investment company YOP has really popped. We are now almost fully funded with just a small round remaining for the crowd, which will be on a platform. Our first version should be live Q1 2021 we believe February time.
YOP has also made great progress on our yProtocol which we will publish a paper giving more details on that.
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
I saw in YOP website
YOP offers a clean UX/UI application powered by $YOP token
I think there are some other aggregating platforms also trying to offer DeFi exposures to retail users at simple and easy to use UI/UX, would you be seeing any peers? And what are YOP Finance’s key competitive advantages?
Correct we have a focus for clean and easy to use UX/UI for our platform but most competitors stop right there. We are re-engineering the way a platform and protocol work together. To date this has been fragmented and either a front end service or a protocol with poor user experience. So YOP combines both and ultimately we are building up to have a DeFi Super Protocol to bring much more liquidity to the market.
How does YOP build critical mass for the everyday consumer?
We are strategically positioned for growth firstly in the crypto space but then outside to the wider audience. This will be done by leveraging our partners in the traditional financial market who have the experience to scale to millions of users.
Most platform’s wallets are too basic and the market data apps have no value added benefits. Is this notion same for YOP or how is YOP different?
Good question — the essence of YOP is to provide all of those services in one place. Which nobody currently offers.
An important element when building financial instruments is accessible to everyone and not limited by technical barriers. How does YOP Finance break down technical barriers? How to accessible users?
Exactly — although we are building a product that caters for the novice and more advanced technical user alike. The key for the new user is make it easy to understand so informative on-boarding and support.
Can you describe YOP’s on-chain governance structure? What do you think are the most important decisions that will be made using on-chain governance?
$YOP allows customers to put forward proposals and actively participate in the governance of the platform. This will go along with our staking and reward function too.
YOP is operating on Ethereum Network. wwhich really has a slow speed and high gas fee?Do you have any plans to launch your mainet or convert to other blockchains in the future?
Our roadmap addresses this with the options listed, we are also following ETH2 development closely. Lets see how it progresses in 2021.
Can you explain more about the dynamic portfolio management with automated IL (impermanent loss) protection provided by YOP network? How does it works? What can we expect more about this impermanent loss protection feature in your platform?
Yes the main feature here is to protect the user against IL. By allowing the user to set parameters if the market suddenly moves then to un-stake tokens. We are also integrating an emergency release button that allows the user to un-stake by setting high gas fees in situations like where a vulnerability is discovered in a contract.
How does Yop Multiproduct Support system works? Could you share with us what is the benefit for user!?
Allows you to execute all transactions and informed decisions in one application rather than having to use several platforms.
Sadly, majority of crypto projects out there are developed for the sole purpose of amassing wealth. In just few sentences, what’s that unique value/contribution that YOP brings to the space?
We have positioned YOP with an initial roadmap of 3–4 years. Our plans are not to build a small project but to continuously scale up. We have already demonstrated the YOP is vetted and approved project. That is fairly big for a space which is filled with unknowns. This gives everyone more comfort to engage with YOP and continue with us on our journey.
Do you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
We will be launching a YOP Diplomat programme to reward our community in helping keep YOP safe and robust. This will also allow community to earn tokens in helping grow the YOP community.
There is a gap that is yet to be filled in the market by current yield protocols as the current yield protocols are very selective in what they offer. Protocols are also generally fragmented and fail to collect all of the value available in the marketplace. How does yProtocol aim to fill this gap?
This is precisely what yProtocol does. Current protocols offer a single service. This limits growth and YOP identified this early on. Our goal is to work with existing protocols and then scale up to help attract more liquidity to the market.
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
I want to ask, Which one the most important for you in developing the community and increasing the value of the project? Which one that Will you do first?
Growth comes hand in hand. Marketing and awareness is as important as the product development. So for YOP its important to maintain a balance and make sure we support our community growth but also deliver a quality product.
I’ve seen YOP Protocol use both the terms yPlatform and yProtocol. What’s the difference between those, could you touch more on this?
The YOP project is split into 2 main areas. The yPlatform is the front end application. The yProtocol is the underlying technology powered by the $YOP token. This is what sets us apart from the competition by having both.
What is Multi Asset Index? What service can Multi Asset Index provide and what will Multi Asset Index bring to Users?
This is when YOP integrates cross chain assets and liquidity. So you if you like accessing products on a different network you can still use YOP, rather than only providing one blockchain based assets.
YOP is a Borderless project that can be used in any part of the world? Which are you Main target markets right now?
We will grow with the crypto community first, this is really international but our core focus then moves to faster growth in UK/Europe with US & Asia after that. YOP is truly global and a non-custodial service open to everyone.
Thank you for hosting us. It has been great to contribute to your community here.
Good questions! Anything we missed you are welcome to come ask us in our chat u/YOPfi.
Thank you for you answers, it was an insightful session. Thank you everyone who participated, great questions as always!
End of AMA.
YOP Socials
Twitter: http://twitter.com/@yopfi
Telegram: https://t.me/yopfi
Telegram Announcements: https://t.me/yopnews
LinkedIn: https://www.linkedin.com/company/yopfi
Medium Blog: https://yopfi.medium.com/
Whitepaper: https://yop.finance/media/
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