AMA Recap Crypto Library with YieldShield


On 22nd July 2021, YieldShield conducted an AMA in the Crypto Library Community. Our guest is Jake Shield. Lots of questions as usual from the Community about YieldShield progress. The YieldShield team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into YieldShield.

Let’s take a look at the most interesting points of our conversation.

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Jake Shield (YieldShield) : Sure. My name is Jake and I'm in crypto since end of 2012. Was part of many different projects, but now focusing on DeFi as I think it is the most interesting sector of cryptocurrencies. 
Crypto Library Team : What is YieldShield? and how your team can create this great project?

Jake Shield (YieldShield) : YieldShield is a strategy investor, robo-farmer, that maximizes and makes yield farming really easy, so that anyone can start without any technological barriers. We are the first product to build on top of Yield Protocol's smart contracts. We have started our development in September 2020, and are in a very late stage in, getting ready for our beta launch.

Crypto Library Team : Could you give us some reason why we have to choose YieldShield than other projects out there?

Jake Shield (YieldShield) : Yes, there is no other product like YieldShield in the market, but there are some similar ones... the main problem with other products is that their strategy is not DYNAMIC. They have a set of ready made strategies (like, the problem is that the APY constantly drops and the strategies often become outdated. This basically means that you are not making the most value from your investment. Using YieldShield your strategy will always change based on the best APY available with your risk-level choices.

Crypto Library Team : Please tell us about YieldShield token $YIELD! What are the token use-case, distribution, and where we can buy it?

Jake Shield (YieldShield) : We are using Yield Protocol, and we are being funded by them for the initial development phase. Later on, once we launch our product, we will start making profits and be able to self-sustain our company. $YIELD token will be used on our platform. You will NEED to hold a certain amount of tokens in order to use the platform. But we will also give you higher priority and basically "better service" if you are holding more $YIELD. So the more $YIELD you own, the more $$$ you earn.

Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

Jake Shield (YieldShield) : We are about to release our BETA in the next few weeks, that will have support for many different farming platforms on BSC, like PancakeSwap and others. There is also a growing number of farms on Polygon and our team is working on supporting those platforms too. We want to support as many different blockchains as we can, and be the #1 tool for yield farming. We're also using very interesting Machine Learning techniques to make our strategy even better.
Crypto Library Team : How does YIELD SHIELD support custom risk tolerance work in smart contracts? Can we set our own custom risk tolerance in YIELD SHIELD, what are the advantages? And What compensation mechanism for the user if the private Robo-Farmer crashes?

Jake Shield (YieldShield) : We are using the Yield Protocol ready made contracts, where each farm will have a risk level score, and the contact will not invest in farms that are above the risk level. We can set our own custom risk level and able to maximize our profits best on our preference. There's no compensation mechanism, this is decentralized. we will probably offer secured investments at some point, using some insurance company as a partner.

Crypto Library Team : What security measures does YIELD SHIELD adopt against hacks and bugs in smart contracts? Has YIELD SHIELD been audited to make your smart contracts secure?

Jake Shield (YieldShield) : We have not been audited yet, and we will be audited before our official PUBLIC launch. Luckily, few of our devs have worked for an auditing firm in the past, so they keep security in mind in every step of the way.
Crypto Library Team : How big is your team ? Are you a public team or not? Please tell us more about team background?

Jake Shield (YieldShield) : We are currently 15 people. Our team consists of backend devs, front end devs, solidity, team leader, marketers, community managers. We are all anonymous, we believe real DeFi projects should be anon.

Crypto Library Team : I read, YieldShield is about to launch a #NFT farm with NFTradeOfficial where users will be able to stake their $ YIELD tokens and receive an NFT. Can you tell us a little about this farm? and the strategic benefit of partnering with NFTradeOfficial?

Jake Shield (YieldShield) : Yes, we are allowing $YIELD holders to farm an NFT and be the first ones to have access to our YieldShield product!

Crypto Library Team : What is your motive behind the creation of this project?

Jake Shield (YieldShield) : I wanted to farm more efficiently. I wanted this product for myself. but will share it with the world too.

Crypto Library Team : Do the token holders have right to participate in the governance of YieldShield Defi? On what kind of decisions can they vote on about the Project?.

Jake Shield (YieldShield) : Yes. this is planned for 2022. We will allow $YIELD token holders to decide on risk-level for each pool.

Crypto Library Team : AMBASSADORS play a crucial role in every PROJECT, so do you have an AMBASSADOR PROGRAM? If yes, HOW CAN I BE ONE?

Jake Shield (YieldShield) : We currently do not have an ambassador program. we would love to look into it, as we believe those will help grow our community.