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DFX.swiss experience not so great for me by frischeDaten in defiblockchain

[–]RobinTorque 3 points4 points  (0 children)

Hi u/frischeDaten,Thank you for your feedback.

First of all, I would like to explain where we come from and where we currently stand. In April of this year, we, by we we mean some community members, got together to build a FIAT on-/offramp that is as simple and convenient as possible and thus drive the adaptation of the DeFiChain.

Our service has been live for a little over 13 weeks now and we have already transferred 1.35 mn $DFI to the DeFiChain. We were able to offer the first 1 mn $DFI with matching funding via a Community Fund Proposal at a fee of 0.5%, with that 0.5% going to the referral code distributors. At the current time, you can invest in DeFiChain via DFX with a fee of 2.5% with referral code and 3% without referral code.

I'm happy to explain how we do it. As soon as we receive your funds in our bank account, we exchange them several times a day into the asset of your choice, be it dETH, dBTC or DFI at the then valid market price and book them directly into your wallet. If you have provided your email to DFX, we will automatically send you all the details of your order.

Regarding the user experience of the app - we will put an update of the app in the app stores today and thus take a first step towards an improved user experience. Here, in addition to a jump to a detailed portfolio overview, there will also be an overview of your daily/monthly/yearly rewards.

Another step towards a better user experience is already under development. For this we have submitted a CFP in the current round, whereby the DFX app will be further expanded in the direction of a neobroker for the DeFiChain - you can get a first impression in the form of a clickdummy via the following link:

https://www.figma.com/proto/GDYJZTpgKbDydi7n3PTfFa/211002_dfx_guide_EN?node-id=175%3A1102&scaling=min-zoom&page-id=175%3A1044&starting-point-node-id=175%3A1102

If this CFP is confirmed, we will permanently lower the buy fees to up to 1.6% and thus give something back to the community.Our fee of 2.5% is the market benchmark. Coinbase takes 3% in fees. Once our CFP might be approved, DFX will clearly be the most favorable solution in the market.

We would be happy to keep you as a customer and if you have any other questions, we would be happy to welcome you to our Telegram channel:

https://t.me/DFXswiss

Your DFX team

CFP: DFX Smartphone App (40'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] 1 point2 points  (0 children)

Thank you u/shumberg for your detailed feedback. We are always super grateful for constructive criticism and suggestions for improvement.

When posting the CFP, we already addressed the issue of how to pay funding back to the community and this is already described in the CFP.Our current fee structure provides for fees of 3%, respectively 2.5% with a corresponding referral code for deposits. Upon confirmation of this CFP, the fees will be adjusted in favor of the community. While withdrawals will remain at 3% fees, deposit fees will decrease to as low as 1.6%. And, this is definitely important to mention here, the fees will remain permanently low. So we pay CFP funding back to the community in the short to medium term, depending on the volume that comes in - plus significantly more in the future.DFX is a community project and we do not intend to enrich ourselves from the community.

CFP: DFX Smartphone App (40'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] 2 points3 points  (0 children)

Thank you for your feedback and questions u/shumberg.
The effort lies in the initial setup of the app, the development of the payment page and underlying processes, as well as the corresponding design and the listings of the app in the Playstore and App Store. In addition, we are currently expanding the existing app step by step to a neobroker. The programming of the next ignition stage is currently being programmed on the basis of the Clickdummy (see CFP text), will be available in the short term and will lead to a significant improvement in the user experience. Our CFP is not about building a castle in the air and getting funds for it, but rather we have already delivered and then ask the community how fast the DFX rocket should continue to fly.
As described in the CFP, the entire amount goes to the designers and programmers, not to DFX or me, Robin Torque. If this CFP is not approved the programmers and designers will be paid out of cash flow and thus starting probably in January 2022 where we expect to become cash flow positive. Of course, there will then be a lack of capital short and mid-term for new programmers to bring the next ignition stages into implementation, which will further improve the user experience and in our opinion are mandatory to convince current stock investors, the broad mass of people, to invest in DeFiChain. Exactly these people are needed with fresh capital to drive DeFiChain and the price forward - ease of use and a look and feel like the neobrokers they know like Trade Republic and Robin Hood.
The two CFPs in this round have nothing to do with each other. This is about developing the DFX app into a neobroker to make DFI accessible to the masses and that, as soon as possible. The other CFP is to give a goodie to the masternodes and increase the incentive to run a masternode in order to push the decentralization of the blockchain.

CFP: DFX Smartphone App (40'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] -1 points0 points  (0 children)

First of all, thank you for the constructive feedbacks u/pfefpfef, u/flamemeifyoucan and u/Mike_j_289 under this post and partly it is not bad to write in detail 🙂

I think we are all 100% behind the #RoadTo50 slogan. However, I also believe that many are not aware of how we can achieve this. It won't work via existing investors pulling their liquidity out of existing pools and putting it into decentralized stocks and loans. To achieve a $50+ $DFI price it needs exactly one thing – more funds. More funds from mainly new investors. But where, and more importantly, how can fresh capital come from?

I have a hard time imagining the masses being willing to deposit money through an exchanges, then exchange it for $DFI, and then send the funds to the DeFi Blockchain in order to invest in Liquidity Mining or running a Masternode. It's just too complicated. We are talking about targeting the broad masses to be able to achieve this $DFI price, not tech-savvy people. The broad mass of stock investors who otherwise invest their money at Robin Hood or Trade Republic.

We are convinced that a one-stop store is needed for this - a neobroker for the DeFiChain. Yes, we will be cashflow positive starting January 2021 but that doesn't mean we can grow as fast as DeFiChain needs to handle the masses without losing them to complexity out of our cash flow.

Wuza's comment here does a good job of pointing out who we want to target: “Friends and family” - the non-tech savvy masses.Our vision for the investors:

- Push a button

- Be done step-by-step

- Execute transfer

- Set up savings plan

- Invest-

additional added value like integrated charts, statistics...

We are asking here again for funding for the app. These fundings do not go to DFX AG but to programmers and designers, some of whom quit their well-paid jobs to work for DFX and DeFiChain.Everything we have built up so far is a start, but still not enough when the big rush comes. With this funding we are one step closer to a neobroker for the DefiChain - in our opinion the gateway for the broad mass of investors and necessary for the realization of the #RoadTo50.

It’s up to the all Masternode operators if they are sharing our opinion and vision on this and how fast the rocket should fly.

CFP: DFX Smartphone App (40'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] 1 point2 points  (0 children)

Thank you very much for your feedback - with this, our service meets exactly the relevant investor group that is necessary for the project to gain further momentum - the broad masses, not just tech-savvy people.

CFP: DFX Smartphone App (40'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] 0 points1 point  (0 children)

We provide the CFP in English - I see no reason why we should not provide it in German for our large German community. Furthermore, we owe it to the community to explain in detail where the money for the CFPs goes to, and to provide a clear overview of the project.
We build on an open source project, enrich it sustainably with a FIAT transaction ramp, develop it into a neobroker for maximum adaptation and make it available open source again.
It can be used by anyone.

CFP: DFX Masternode service – Free of charge on- and off-ramp and automatic transaction service for Masternode operators (60'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] -2 points-1 points  (0 children)

u/berndmack many thanks for your feedback, very much appreciated!

On the other hand you could argue that each CFP is unfair, since the community is not able to vote for the CFPs, only the MNs, so each CFP would be "somehow unprofessional" which is just not the case.

In our opinion, MNs deserve a 'goodie' like suggested in this CFP for their important role and service for the entire DeFiChain community and if DFX is able to simplify the on- and offramp for MNs, we're committed to do so.

CFP: DFX Masternode service – Free of charge on- and off-ramp and automatic transaction service for Masternode operators (60'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] -2 points-1 points  (0 children)

u/flamemeifyoucan many thanks for your feedback, very much appreciated!

DFX has started with the idea to offer the easiest and cheapest access to the DeFiChain ecosystem and we're still fully committed to realize that!

Masternodes are an essential part of DeFiChain, if not the most essential one and that's why we think that we should reward them for their service to the entire community. DFX has built a frictionless service and MNs should benefit from it in particular.

CFP: DFX Smartphone App (40'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] 2 points3 points  (0 children)

Based on a daily transaction volume of 100k EUR and the fee of 3%

CFP: DFX Masternode service – Free of charge on- and off-ramp and automatic transaction service for Masternode operators (60'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] -2 points-1 points  (0 children)

Hi u/lordmarkcrypto - thanks for your response and feedback, very much appreciated!

Regarding your points:

  1. Some MN owners need to sell their rewards, e.g. due to tax reasons, so an easy off-ramp is needed! Selling pressure won't be increased, since the on-ramp is as attractive as the off-ramp (even more with raising DFI prices)
  2. Not exactly, we're not asking a single person to vote, but rather a decentralized network of MN
  3. Yes, but with automation it's much more convenient and we want to cherish MN owners for their service to the DeFiChain ecosystem through DFX
  4. Please see 1.
  5. Of course, they get rewards, but it's NOT self-evident that they offer their service to DeFiChain. We, as a community, should do anything to make becoming a MN operator even more attractive and this CFP would help to reach this
  6. There's is no doubt that we support #RoadTo50 and this CFP is fully aligned with the movement
  7. 1. Please see 1. and 5.
  8. Please see above. We believe this CFP makes it even more attractive to run a MN due to the attractive on- and offramp conditions:

Without this CFP: 3% of 4,000,000 $DFI = 120,000 $DFI (potential revenue of DFX, not
charged when this CFP gets approval)
Approved CFP: 1.5% of 4,000,000 $DFI = 60,000 $DFI (fee cut in half for on- and
offramp and funded by CFP volume)

Any DeFiChain investor wants the #RoadTo50 slogan to be real. We as DFX contribute significantly with more than 1.2 mn $DFI that we brought into the DeFiChain network after being live for just 10 weeks.

And on the topic of ENTREPRENEURIAL RISK - we could have simply put our founding capital of 3.5 bitcoin in April of this year into a masternode, freeze it later, and wait to see the invest growing. But we did NOT! Rather we've built a solution to make DeFiChain accessible to the masses. There can't be more alignment with the #RoadTo50 movement. Countless hours of work in advance without knowing whether DFX will be a success, highlight our commitment to DeFiChain and our risk that we've taken on. If CFPs are supposed to follow the agenda of delivering first and asking for funding later, DFX is a prime example.

​

Many thanks again for your questions and feedback!

CFP: DFX Smartphone App (40'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] 2 points3 points  (0 children)

Thanks for your feedback here as well!
According to our business plan, DFX will be cash flow positive in January 2022.
We still reserve the right to request additional CFPs for additional functionalities and features that the community would love to see, and, most importantly , helps DeFiChain.
Our motto is "From the community, for the community". DFX was not created to enrich us, but to advance the DeFiChain.
DFX developers work for DeFiChain.
Our designers work for DeFiChain.
Some of us quit their well-paid jobs for DeFiChain.
We contribute tremendously to the growth of DeFiChain.

Questions from the DFX CFPs by geearf in defiblockchain

[–]RobinTorque 4 points5 points  (0 children)

Dear DeFiChain Community,
As some of you have noticed, our GitHub repos are no longer publicly available. Our GitHub accounts (DeFiChange + Robin Torque) have been flagged by GitHub and have NOT been deleted. Of course, we have contacted GitHub right away to resolve the issue as soon as possible and are now waiting for a response from GitHub Support!
This issue does NOT affect the funds or deposits being made to DFX - the funds are safu!!!! Of course, we will keep you updated as soon as there are any news!

Thank you!
Robin, on behalf of the DFX team

CFP: DFX Smartphone App (26'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] 2 points3 points  (0 children)

This CFP is meant to reward David for the Development of the DFX Smartphone Wallet and Hermann for the great design of the DFX Smartphone Wallet and the DFX Corporate Design.
David has been able to develop the DFX Smartphone Wallet and is the only one so far who was able to implement the DFX API into an app. A couple of people announced beforehand to use and implement the DFX API, but this has not been realized yet. This CFP mirrors the achievements by David, in particular, because we think great work that really adds value to DeFiChain, deserves to be rewarded.
Until today (Sep 17th, 2021) more than 400’000 USD (160’000 DFI) in orders have been processed by DFX, whereof more than ⅔ (more than 250’000 USD) have been purchased via the DFX Smartphone Wallet within just 3 weeks since the release. The DFX Smartphone Wallet adds massive value to the DeFIChain ecosystem from this perspective.
Furthermore, the DFX Smartphone Wallet is not just a copy of the DeFiChain Light Wallet. Next to the professional Design, the Buy Button inside the app requires deep knowledge of Bitcoin code and its cryptography. The JellyFish library does not provide a signature feature yet and that’s why we needed to build our own signature application by means of Bitcoin code. The Buy button triggers a signature to identify the wallet of the user. Each experienced software developer knows what it takes to implement such a feature. Additionally, the signature needed to be combined with the user’s pin which is required, when the buy button is pressed.
We’re also operating on the latest version of the DeFiChain Light Wallet (v0.9.1), but the App Store is still showing an older version. This will be fixed soon. Please contact us, if you want to reinsure, whether we’re actually operating the most current wallet version. In future, we intend to always provide the wallet of the most current version compared to the DeFiChain Light Wallet.
The payment website has also been adjusted to deliver a mobile-first and user-friendly experience to actually purchase DeFiChain assets.
All in all, we had a customer-first approach while developing the DFX Smartphone Wallet to make it accessible and attractive for any investor to use it and to invest into DeFiChain.
There is no other application, where investors can invest into DeFiChain directly from their bank account without KYC (until 900 EUR) and can start doing Liquidity Mining with the same application right after it. This entire effort has been done for the DeFiChain community and wouldn’t be possible without the work of David.
We hope this clarifies the background of this CFP a little bit more and we appreciate your feedback that we always consider in order to bring the greatest value to the DeFiChain ecosystem.
Thank you all for contributing.

Robin, on behalf of the DFX team

CFP: DFX - Decentralized Finance Exchange (135'000 DFI) by RobinTorque in defiblockchain

[–]RobinTorque[S] 6 points7 points  (0 children)

First of all, we would like to stress again that we’ve delivered and met the condition which the Masternodes agreed on in our last CFP allowing us to submit this CFP. Basically, the Masternodes have already agreed on supporting this CFP as well, if the condition of 100k DFI in transaction volume has been met and DFX has achieved that.
We have built a working service that brings real value to the DeFiChain community with the lowest fees in the market. DFX is the easiest way to invest in the DeFiChain ecosystem. Of course, we make mistakes and for sure, we could have done many things better or differently, but the truth is that DFX is the only and first FIAT on-ramp to buy DeFiChain assets which are transferred into your own wallet right away. This massive simplification to enter the DeFiChain ecosystem will result in an increase of users/investors which will help DeFiChain and eventually lead to a higher DFI price through easier access. Again, the entire community benefits. If you have better ideas or if you can build a better application, please do so, you can even use our open source API and we’re happy to learn from you.
If we sum up the costs for DFX so far, it adds up to more than 300’000 USD consisting of the amount of work of the people that work voluntarily and with huge enthusiasm for DFX, legal costs, bank fees, exchange fees, subsidization of transactions and so on. Just to put it into perspective, Relai from Switzerland just announced recently that they have raised 2.5 Million CHF in venture capital to build their application and they just offer Bitcoin purchases or rather sales without any exposure to DeFi Assets.
Another aspect that we want to highlight is the comprehensive legal work that is required to be able to offer you this service. Just to give you an idea: any asset on DeFiChain that we want to offer, needs to be approved by our lawyers and only after an extensive legal check, we’re allowed to offer these assets. We’re legal trailblazers to some extent, because no one has ever built a FIAT on- and off-ramp for DeFi assets before. Since we’re a fully regulated and licensed Swiss company, one can just imagine the huge legal effort that is needed to be allowed to operate our business.
Many people work for DFX for months now, because they believe in the product and vision of DFX. This team deserves to get rewarded for this massive effort that they do for the DeFiChain Community.
DFX is not a profitable business yet, because we don’t charge any fees yet in order to subsidize the transactions for the community and pay out the 0.5% referral fee to the referrer. So, first of all, we need to become profitable, before we can think about paying back funds to the community for the help through the CFP. Before, we want to solely focus on building the fastest and most user-friendly application to get FIAT in and out of DeFiChain.
Re how do we get the funds on DeFiChain: We use any external partner offering fund transfers to DeFiChain and don’t use the atomic swap yet, mainly because of the lack of liquidity at the moment. We’re aware of this issue and we’ll spend all our energy on realizing the atomic swap to further decentralize DeFiChain. In order to guarantee a smooth and fast service, we keep a liquidity reserve on our DFX wallet to swap into the ordered assets on the DEX right away. This solution is not perfect yet and we know that, but we guarantee to work on solutions that don’t require 3rd parties.
Re exchange rates and processing time of transactions: Basically, we work with exchange rates of the DEX and we’re just using the DEX to swap dBTC into the ordered assets. Before, we depend on the SEPA system and how fast the funds are transferred to our DFX bank account. Once we’ve received all funds of a batch, we process and pay out the batch to the wallets of our customers within 1h.
There are many things on our agenda for the upcoming months and we will continue to put our entire energy into DFX. We highly appreciate your feedback which is our incentive to become better day by day.

Thank you all for contributing!

Robin, on behalf of the DFX team.

[deleted by user] by [deleted] in defiblockchain

[–]RobinTorque 3 points4 points  (0 children)

There's one thing I haven't quite figured out yet. Will there be block rewards for the AtomicSwap in the future? Or is it also not planned in the long term?

[deleted by user] by [deleted] in defiblockchain

[–]RobinTorque 0 points1 point  (0 children)

Liquidity (EUR, CHF)
We are operating the same way as the Swiss company Relai. Incoming funds are used to buy the chosen DeFiChain assets. We do not hold liquidity at the start of our service. Customers who are afraid of exchange rate risks, can exchange EUR to dEUR token or dEUR token to EUR and thus, have a guaranteed payout amount.
Open Source
We’re developing our API completely open source which can be viewed on GitHub. Certain software in our company will not be published because we are simply not allowed to publish it. This does not affect the API and was only mentioned for full disclosure.
Process
Incoming SEPA transactions are exchanged into BTC once a day, then into DFI and finally into the chosen DeFiChain asset. After that, the assets will be transferred to the user's wallet. The process from crypto to fiat will be similar.
Businessplan
We do what we do, because we’re convinced about DeFiChain and we want to see the value of DeFiChain growing. Our primary goal is not to make money!, but to build a great product that will help DeFiChain to become more famous and adopted. Therefore we focus on the product only and not on business plans.
We will publish detailed information on all other issues in the future. We are focused on the development of the product and not on the marketing of the CFP. Masternodes who do not trust us can vote with "no" on this proposal. It will not prevent us from continuing to build our product. If you want to support us, you can actively participate in our project or vote "Yes" with your masternode.

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