AMA Recap Crypto Library with Venice

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On 21st January 2022, Venice conducted an AMA in the Crypto Library Community. Our guest is Alex Park. Lots of questions as usual from the Community about Venice progress. The Venice 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 Venice.

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

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

Alex (Venice) : Hi Everyone, this is Alex Park, Head of Marketing at Venice Finance At Venice Finance, I am leading the marketing and growth team to pioneer and innovate the blockchain ecosystem. After graduating from USC in 2013, I have spent almost 7 years in the Fintech industry and got involved in the Blockchain field in 2019. Before joining Venice, I was the Chief Marketing Officer for a cross-border payment company based in Asia, where I gained valuable insights on the friction & pain points of the legacy payment system. I certainly understand the need to revolutionize every block in the #TradFi system and how blockchain helps transform it with more decentralization and transparency; also, after so many years of experience dealing with kyc providers and capricious regulations, I also understand the importance of privacy preservation to build a real, open, decentralized financial system. The Venice Team consists of experts with a strong technical background for various fields:
1. Tanmay, software advisory. Tanmay has past experience being a senior software developer on OneLedger; Research Scientist for Conduent.

2. Taylor, a UC Berkeley graduate with an Architecture background who had previously worked as a private consultant for 2 years. Taylor joined Venice to use his project management skills to strengthen the team and help the team work more efficiently.

3. Oleks, frontend engineer, team lead of Venice. Oleks has 18 years of experience in the IT industry with multiple languages and tools. Before joining Venice, Oleks has past experience in Findora and another blockchain project where he built a wallet and worked a lot on improving and extending their block explorer. Oleks has also implemented Ledge integration into the wallet, and built a wallet chrome extension and worked on maintaining and supporting their SDK.

4. Sergio, cryptography advisory at Venice. Sergio worked as an innovation cryptography manager. He had led a team of developers to implement cryptography algorithms and explored prosing blockchain applications to the business using SAFe methodology for development.
FIRST SEGMENT (HOST)
Crypto Library Team :  What is Venice Finance? and how your team begin the process of creating this project?

Alex (Venice) : Venice is the next-generation, Zero Knowledge powered decentralized exchange, primarily focused on privacy preservation, front-running resistance and cross-chain liquidity aggregation. At launch, Venice will be the first front-running resistant, privacy-preserving Automated Market Maker (AMM) Decentralized Exchange (DEX) in the world. Front-running has always been a problem for DEX and AMMs. Front running is When a trader sticks with the deal, watching the price accumulation, and figuring out when to slip past the other traders at the final possible moment to make a profit, since blockchain transactions are broadcast publicly, people on the lookout can spot large deals about to take place and submit their own trades to profit from the scenario. Good news is the Bulletproofs functionality can solve this problem and it is now live on Findora's privacy-preserving UTXO ledger. Venice supports trades/swaps wherein the asset type and amount are masked, effectively removing any chance of malicious users exploiting the system. It also provides an elegant mechanism to prevent front-running while maintaining the ideology behind a completely decentralized and transparent system.Choose Venice Finance for the best trading experience, most economical trading cost and safest trading.

Crypto Library Team : What services and features are/will be available on Venice Finance? 
 
Alex (Venice) : Venice is the first-of-its-kind, front-running resistant, privacy-preserving AMM DEX, Venice stands out because of the following strength:
  1. Advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice enjoys a function of front-running resistance and full anonymity to protect users from value extracting players.
  2. Community -Oriented Governance as VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let venetians collectively decide on the optimum solution for the protocol through farming, staking and voting.
  3. Chain-agnostic liquidity hub. Venice allows users to frictionlessly and trustlessly move the liquidity inter-ecosystem without revealing their position or identity.We are very different from any of the Vanilla AMM dex on the market. Veni has a lot of use cases down the road including governance, lottery, launchpad participation, etc , just to name a few…
Crypto Library Team :  Please tell us about $VENI token. What are the token difference, use-case, distribution, and where we can buy/get it?

Alex (Venice) : Venice is well-positioned for community-led growth with the introduction of VENI (FRC-20 standard) to guarantee such sustainability, led by a dedicated governance mechanism and shared community ownership. A total of 1 billion VENI tokens will be minted at genesis. Venice features a unique deflationary economy design in which - at the VENI token issuance master smart contract level - a per-transfer 0.2% tax policy will be enforced and sent to a blackhole address. Effectively, VENI is a DEX platform token which incorporates a tax that creates clear deflation for every on-chain movement. A 5% average movement per day creates an effective deflation of 4% annually. The majority of VENI tokens will be distributed via Community Incentives and Liquidity Mining to achieve a balance of high market utilization and a wide distribution of governance participants. VENI holders can propose improvements (e.g. adjusting pool parameters, integrating new ecosystems) and collectively decide on the optimum solution for the protocol. The Veni currency is DEFLATIONARY. Community Mining Allocation Breakdown:
  • 20%
VENI token incentive mining
2% each month for TGE+5mon, 0.5% each month for TGE+5mon onwards until finish
  • 17%
FRA incentive mining
1% each month for TGE~TGE+5mon, 0.5% each month for TGE+6mon~TGE+12mon, 0.25% each month for TGE+12mon onwards until finish
  • 6%
Mining across all LP tokens
  • 0.5%
Each month from TGE onwardsWe also have a burning mechanism for transaction fees etc toi make sure the VENI supply is deflationary and scarce.
 
We also have a burning mechanism for transaction fees etc toi make sure the VENI supply is deflationary and scarce.Currently we just finished our private round token placement. We are going to have public sale. It seems to me that participating in the public sale is the only way to get VENI tokens for now before the liquidity mining starts. VENI tokens are not listed anywhere yet. Please be aware of scams.

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

For Venice being so young and new, we’re currently focusing on gaining as much publicity as we can. Before our launch in January 2022. We are working in partnership with some industry leading blockchain companies, including Tokensoft, Polygon and Findora and many more to come. Per our roadmap here are what Venice plan to tackle in the year of 2022:

At Q1 2022, we will 1) drop our V1 Mainnet launch, 2) Bridge integration to BTC and Arbitrum, deploy on ETH and BSC, 3) we will make governance & VENI community DAO w/ $10 million liquidity support from Findora Foundation.

Q2 2022: we plan to 1) Drop V2 launch w/ front-running resistance utilizing Bulletproofs, 2) Bridge integration to Polygon, Terra and Avalanche, deployment on Avalanche, Polygon and Arbitrum, and 3) Limit order & customizable liquidity positions will become available to users.

Q3 2022: 1) Drop V3 launch w/ full anonymity utilizing Turbo-PLONK and Multi-Party Computation, 2) Single-sided liquidity provision, staking rewards auto-compounding, stablecoin swap support. 

Q4 2022: 1) Drop V4 launch with customized private money market, 2) Leveraged lending and NFT assets collateralization, 3) launchpad for new project incubation.

Venice is designed to function as the first front-running resistant, privacy-preserving AMA DEX offering unique functionalities such as advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice will launch different versions on Testnet and Mainnet, and integrate bridge to Ethereum and BSC, Bitcoin, Harmony and Arbitrum, and Polygon. We will receive $10 million liquidity in Governance & VENI community DAO provided by Findora Foundation. We plan to and roll out single-sided liquidity provision, staking rewards auto-compounding, stablecoin swap , and the launchpad for new project incubation next year. Going forwards, we expect community members to participate.
SECOND SEGMENT (TWITTER)
Crypto Library Team : What I see at VENICE FINANCE is very concerned about privacy and liquidity aggregation across the chain. So, what tools will VeniceFinance use to defend itself in terms of usability and privacy?

Alex (Venice) : Advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice enjoys a function of front-running resistance and full anonymity to protect users from value extracting players. These are the newest cutting edge zero knowledge primitives. We are working on enhancing the cryptography support inside the EVM to make these privacy preserving transactions work well. For example, Bulletproofs are very efficient in hiding asset amounts and asset types. Plonk is jack-for-all-trades that can effectively form a "DARK POOL" dex. We also have KYC friendly address recreator that will help anonymize the user's identity. well, just a lot of new features in the pipeline. We ultimately make Venice good for people free of censorship, MEV and front-running.

Crypto Library Team : What assurance does VaniceFinance have that Zero Knowledge will provide privacy protection, cross-chain liquidity aggregation, and state-of-the-art resilience? Zero Knowledge already purchased and certified?
 
Alex (Venice) : Bulletproofs is a zero knowledge system that is a range proof per se. It is succinct, optimized for simple to mid-complex statements, and very importantly, needs no trust setup. Venice use Bulletproofs and related crypto commitments to construct Confidential Transactions (C/T), which is perfect for hiding amount and asset type. Turbo-Plonk is an improved version of Plonk, which is a sort of ZK Snarks with a universal setup, a step up from ZK SNARKS that needs trust setup for each transaction type. MPC stands for multiple party computation and is a cryptographic tool that allows multiple parties to make calculations using their combined data, without revealing their individual input. Invented by Chinese computer scientist Andrew Yao, MPC works by using complex encryption to distribute computation between multiple parties. Using tools built based on Bulletproofs, we can construct ZK assets that will provide confidentiality to the inputs to Venice's AMM. MPC can be used for secret sharing, key management and down the road of our product roadmap, design order book matching.
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : You can share with us the link for your project in all these projects?
1. Telegram Group
2. YouTube channel
3. Medium
4. Website
5. Twitter
6. Discord

Alex (Venice) : Please visit us at Venice Finance for official site updates:
We will post daily updates about our product, roadmap and also we have various different campaigns coming up! So stay tuned for more information

Crypto Library Team : Do you have a AUDIT certificates? Or are you working to AUDIT Your project, so that the security of the project becomes more secure and reliable?

Alex (Venice) : Venice is partnering with top auditing firms including Certik to guarantee the security of users’ money. Besides, the codes are drawn with strict security auditing and through tests and bounty programs. I would encourage everyone to go try it out at: testnet.venice.finance

Crypto Library Team :  Sir I want to buy your token. Is it listed on:
# Pancakeswap?
# Binance
# Cocaine
or any exchange? Where can I buy your tokens now Can you share with me Please help me, ??

Alex (Venice) : Currently we just finished our private round token placement. We are going to have public sale. It seems to me that participating in the public sale is the only way to get VENI tokens for now before the liquidity mining starts. VENI tokens are not listed anywhere yet. Please be aware of scams.

Crypto Library Team : To a DEX is very important the amount of chains that is able to support, so can you please tell us how many chains Venice Finance is able to support right now? Example : BSC, Ethereum, Polygon, etc

Alex (Venice) : Right now we are deployed on Findora, but we wil add support to Eth, BSC AVAX ,etc.

Crypto Library Team : Can you list 1-3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

Alex (Venice) : Here's:
1. Advanced cryptography algorithms including Bulletproofs, Turbo-PLONK, MPC, etc. to encrypt smart contract inputs. Venice enjoys a function of front-running resistance and full anonymity to protect users from value extracting players.
2. Community -Oriented Governance as VENI’s innovative deflationary tokenomics design and game-theoretic-inspired mining mechanism guarantees long-term sustainability of Venice protocol. We let venetians collectively decide on the optimum solution for the protocol through farming, staking and voting.
3. Chain-agnostic liquidity hub. Venice allows users to frictionlessly and trustlessly move the liquidity inter-ecosystem without revealing their position or identity.
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