Our editors got the chance to interview the founder and CEO of one of the most innovative projects of 2022, TiFi. It is not easy to understand the complexities of such projects but Mr. Samuel Zhou has made it easy for us to understand TiFi. Read through the interview below to know more about TiFi.
Q. Please introduce yourself.
I am Samuel Zhou, the founder and CEO of TiFi. I am also the creator of TiFi Token and TiFi Bank. I have been a tech lead and software architect for over 15 years in Silicon Valley, including 9 years of experiences on blockchain technologies as my favorite. In my previous job, I was developing customer-facing products with AI and Big Data technologies in big companies like Oracle, VMWare and Splunk. However, I prefer starting a venture that I can do more interesting stuff, so I founded TiFi and to address the pain points, that is adopting cryptos and NFTs in our everyday life.
Q. What is TiFi? What problems does it solve?
TiFi is short for The Integrated Finance for Allverse. The integrated finance means we will provide the total finance solution on blockchain, and Allverse means we connect the metaverse and universe. And make the items in the two worlds seamlessly exchangeable.
When people use crypto to buy something, or they want to do crypto trading, they may ask, why the gas fee is so high, and why I need to pay extra because of slippage. People may think it could be better if I can get benefits if I use cryptos, so here I created the TiFi Token that stimulates people to use the crypto for trading, and they can get rebate when they pay something or transfer TIFI to somebody.
Another thing is that, more and more people like purchasing and collecting NFTs, the issue is that they just live in blockchain and lack a way that directly connects to the real world. People want to hold NFTs because they believe the NFTs’ value will rise, in fact, there are risks that the NFT is going down trend. However, what about making NFTs to represent real world products and making NFTs can redeem the items people use in everyday life? Think about that a watermelon in Costco was $4.99 one years ago, and now it is $8.99. Yes, you can hold the NFT that represents real world items, then exchange or redeem later.
Q. What are some major parts/divisions of TiFi project?
The TiFi project has 3 main products. TiFi Token, TiFi Bank and TiFi Allverse. They work to utilize blockchain technologies and bring the metaverse ideas into everyday life.
Q. What is TiFi Allverse? How does it connect the metaverse to the universe?
TiFi Allverse is a platform where people can shop and trade real-world products with cryptos and NFTs. When people shop with TiFi Allverse Platform, they paid with cryptos and get the NFTs in return, the NFTs represent the real-world products and have their values. People can choose to redeem the NFTs and get the products delivered, or trade within the platform if they don’t want the product and get the money back.
The NFT mentioned above is called Allverse NFT, which means it has real-world product value. For example, a watermelon in a store cost $4.99, now a watermelon in the same store costs $8.99, so the value of the Allverse NFT also arise. It is a much safer investment compared to the traditional NFTs.
Meanwhile, the Allverse NFT can be a voucher to prove that you own a product. It is very useful when some vendors are selling something that doesn’t have enough inventory, for example electric cars. People trust the vendor that they will deliver and the Allverse NFT can be used to redeem the product once it is in inventory.
Q. What is TiFi Bank?
TiFi Bank is a DEX for trusted cryptocurrencies and offers lower transaction fees and higher rewards compared to other major exchanges. When talking about trusted cryptocurrencies, it means all the cryptos that can trade on TiFi Bank are KYC’ed and well-funded. Also TiFi Bank now offers liquidity, swap and staking, and we will release lending and borrowing features in 2022 Q4.
Q. Please explain the tokenomics of the TiFi project.
TiFi Token is the first token that offers token rebate on the market. It is to stimulate people to use cryptos in everyday life, including shopping, payment and asset management. The 3 projects Tifi Token, TiFi Bank and TiFi Allverse work closely to achieve this goal. When people make payment with TIFI or transfer TIFI to somebody else, he or she will get 1% of TIFI back. Now when you buy something using a vending machine or POS that is delivered by TiFi partners, you can pay with TIFI and 1% of TIFI back. Also Tifi Token smart contract take a portion of transaction fee to reward all TIFI holders, and we call it reflection reward, it is apart from the 1% of token-back rebate.
TiFi Token also implements an auto-burn mechanism when a transaction happens, this is one way to prevent inflation of TIFI. Another way for anti-inflation is there is no mint function in TiFi Token smart contract so the TIFI in the holder’s wallet will be more and more precious.
Q. Is the project running right on time with the roadmap? What is your next planned event?
Yes, we have made a lot of progress for products, partnership and marketing, and all of these follow the schedule. We released TiFi Bank this July and massive things come next. I hope you stay tuned and check our website and join the TiFi community to get the latest TiFi news.
Q. Do you plan to launch an app?
Actually we have released our first App (Decentralized Application) TiFi Bank this July and we will also release TiFi Allverse in this Q4.
Q. How secure is TiFi? Is the project code audited?
TiFi Token is a safe utility token to invest in, it is also safe for other DApps launched by TiFi. The smart contract of TiFi Token has been audited by CertiK before its launch. We also have CertiK KYC’ed the team members and enabled 24×7 monitoring of TiFi to monitor market value, community reaction, token price fluctuation and privilege operations.
Q. Which blockchains are supported by the TiFi project?
All TiFi DApps including TiFi Token and TiFi Bank are currently run on Binance Smart Chain.
Q. What are the number of ways an investor can profit from this project?
There are several ways investors can benefit from this project, which includes but not limited to:
- TIFI holders can earn reflection rewards just by holding, each transaction generates a small amount of reward distributed to all holders.
- TiFi Bank users can earn rewards by adding liquidities to liquidity pools, because 0.18% of trading volume will reward liquidity pool providers.
- TiFi Bank users can also stake TiFi Token to earn extra rewards if they stake TIFI for more than 30 days. If users stake TIFI for more than 180 days, they can earn extra WBNB rewards.
- We also partnered with CEXes who provide staking rewards and airdrops, you can check the official announcements for these activities.
Q. Any message for our readers?
I want to say thank you to everyone who focuses on TiFi, especially for TIFI investors and community members. If you are new to TiFi or cryptocurrencies, don’t worry, just check our website https://tifi.net and follow our twitter to learn the exciting things that will be brought to you.
To learn more about TiFi visit www.tifi.net