- How is the resource / priority challenge between foundation and WeDeFi handled (assuming, the same people are dedicated to both organisations).
The priority for WeDeFi is to build commercial applications using Fusion and other tech, which increases adoption of Fusion. The priority for Foundation is to complete its protocol tech roadmap and get adoption. The priorities of the two organizations are complimentary, not competing.
The more successful commercial products WeDeFi builds, the more transactions can be sent through Fusion. The more technology Fusion completes, the more tools WeDeFi and other companies have to build successful commercial products. The success of each organization benefits the other. To use the old cliche, this is a synergistic relationship of two organizations.
The development resources are not in conflict. The tech team focused on DCRM/mainnet continue to work on their priorities. New development resources who have experience in mobile wallets were brought in to handle WeDeFi development.
The designer resources are not in conflict. Foundation determined that after MultiSwap, the major features it wanted to showcase in myfusionwallet was sufficient to release and have FOSC/community continue to evolve for future development. Thus, for our designer, his last major design initiative under Foundation was MultiSwap, which was released in January and design complete early Q4 2019.
The business development resources are not in conflict. A business development resource now simply has more tools in its roster to market to a broader audience. The most successful business development / innovators are those that can link together the right resources for the right project.
- Will WeDeFi developers still be Foundation developers? If so, will they be paid by both organizations?
WeDeFi developers and Foundation developers are separate and are not paid by both.
- With WeDeFi as a commercial company, how will the conflict of interest for the individuals being dedicated to both (foundation and WeDeFi) with regard to opportunities / time-allocation, resources, etc. be handled?
- Some clever people found some WeDeFi posters showing that John Liu, DJ, Justin Sun, Hassan Khan, and Matthew Kast are on the team. In fact, this is true for all key players, which seems like a conflict since all these employees are working for fusion which was ico funded.. So how exactly are FUSION’s funds and resources managed for this?
To me it’s looking like fusion created their own small company to create a mobile app for them… but it makes no sense why its not done through fusion since all people are the same… Then the new ico raise of $1.5 mill seed round 1, so WeDeFi will raise money to fund Fusion’s employees to work on a new project but they are contracted to Fusion. That seems a bit dodgy, double payment and abuse of resources? Please explain so this is clearer as right now its not looking good.
It’s important to point out that the “posters” or pitch deck posted online were not final by any means.
Having said that, even though this question was answered previously, let me expand with an analogy: Linux and Red Hat. Linux is the foundation. Red Hat is the commercial company using Linux, and was bought by IBM for $34 billion.
The situation is similar with Fusion and WeDeFi.The Foundation completed its ICO to build an open-source protocol for others to build on. The Foundation attracted talent with entrepreneurial and commercial backgrounds who saw the possibilities of what Fusion was building. These people joined Foundation to push forward the open-source development, awareness, and adoption in 2019, which included: asset creation, time-lock, quantum swap, and beta versions of DCRM. Some, such as DCRM, continue to be worked on by Foundation.
Throughout late 2019, in various Q&A you’ve heard me state that we need to “productize” our features more to drive adoption. I think WeDeFi represents the most effective way for us to realize this and activate the flywheel effect — just a fancy but effective analogy for describing a positive feedback loop. I highly recommend you learn more about the flywheel effect as it perfectly captures the challenge of getting adoption started and how, when executed correctly, the positive feedback loop amplifies the impact of every action later.
- How is WeDeFi differentiated from Fusion when pitching to prospective partners and clients?
WeDeFi builds commercial products that are easy to use. The goal of WeDeFi is to make people use its product, and not worry about what is underneath it. The pitch focuses on the product we are building: a portal to manage financing, regardless of digital or traditional, centralized or decentralized.
WeDeFi’s focus is not to fully expose all the wonders of time lock, quantum swaps, swap market just “because it can”. WeDeFi will utilize the feature that suits its needs best and in a way that is easiest for the user.
Fusion is a blockchain protocol. Its focus is to provide a diverse set of technology building blocks that can support as many different applications in as many different settings.
- How does this new development impact previous partnerships announced like AXP, Zeux, Ferrum?
Partnerships established with Fusion remain with Fusion. If there are any ways that WeDeFi can help Fusion accelerate efforts through its offerings, then it certainly would be a win-win for both entities.
- Will all the partnerships (existing and in development) be shifted to WeDeFi (AXP as well as “bigger than Nasdaq)
WeDeFi will build out its partnerships as any private commercial entity would. If there are mutually beneficial ones for WeDeFi and Fusion, then they would be explored and a suitable agreement reached.
General WeDeFi Questions:
- Why was wedefi created?
WeDeFi is a commercial entity enabling borderless finance, building commercial-ready products on blockchain and traditional finance.
- Is there a roadmap for WeDeFi development?
Yes there is. This information will be shared as much as any private entity would share its roadmap.
- What will WeDeFi do to attract users?
Why do users want to use any financial app? Easier payment, convenient ways to manage wealth, new avenues to funding. There are certain industries we will target that present low-hanging opportunities to grow users.
- What is the Go-To market plan for WeDeFi (marketing, business development).
WeDeFi is a private entity and won’t be sharing this level of detail publicly. However, our first product will be through our wallet and Fusionites certainly are a great starting place given their knowledge of FSN and their honesty with their feedback(!).
- Is there any relation between VC investors of Fusion and VC investors of WeDeFi?
There is no direct relation but there can be correlation: people who know Fusion will certainly have an easier time understanding what WeDeFi is building. If you know anyone interested, please have them contact me!
- If WeDeFi becomes profitable, will it donate any profits to Fusion Foundation which is non-profit?
We are focused on becoming profitable and we have not made any plans at this time.
The success of WeDeFi would bring users/assets/transactions onto Fusion, which itself is a big benefit to the Foundation.
- How will WeDeFi utilize DCRM in account management. Login through biometrics with Fusion blockchain governing the private key, or similar methods?
We are monitoring closely the development of DCRM and already have a few areas in mind, but are not ready to share at this time. We are intimately familiar with the possibilities of DCRM and eager to deploy the solution in the right product and at the right time.
- How will marketing & Sales be handled to avoid foundation losing traction?
The Foundation will continue to operate on the community-led path that DJ laid out in Q4 2019. WeDeFi, with its commercial-friendly applications that include Fusion technology, will serve as a brand ambassador as well, much as the many private companies and blockchain projects do with Ethereum protocol.
- What is the plan to massively increase market awareness to avoid missing opportunities for foundation (dedicated head of marketing / communication?)
This is a question for Foundation. Within WeDeFi will handle marketing and social media as any successful private company would.
- Is WeDeFi part of the DCRM alliance. Regardless of the answer. Who else is part of the DCRM alliance?
WeDeFi is not part of the DCRM Alliance. There are better entities contributing to the DCRM Alliance at this time. However, there is definitely a strong interest from WeDeFi to adopt the technologies that DCRM Alliance is vetting when the time is right. So, will we be part of the Alliance when we have a huge user base to help Fusion evolve DCRM? I certainly hope so!
WeDeFi effects on Fusion:
- What will WeDeFi do to promote Fusion?
WeDeFi promotes Fusion by including Fusion in its technology stack and succeeding with WeDeFi’s commercial products.
- Fusion is already massively delayed with no DCRM or supreme nodes or MTM/oracles in sight, so how will this WeDeFi focus affect the overall Fusion team and deadlines for delivery?
Resources that work on DCRM/Oracles are not related to resources that work on WeDeFi.
- Is Fusion going to be obsolete?
We don’t believe so or we wouldn’t be utilizing Fusion.
- How is this going to help Fusion for it’s adoption to the finance world
WeDeFi is utilizing Fusion, along with other technologies, into an easy to use product that we feel is the next wave of crypto evolution — merging of crypto with traditional finance. The more users WeDeFi has, the more utilization there will be on Fusion network.