Finnet co-founder: aim is to enter CoinMarketCap’s Top 100 within 3–4 years

In mid-June, Finnet co-founder Vinor Zukhbaya gave an exclusive interview to ForkLog.

Finnet — a protocol for analyzing market sentiment across financial and cryptocurrency markets. The platform analyzes user forecasts and allows other ecosystem participants to evaluate them.

Vinor Zukhbaya spoke about the protocol’s features, the Finnet team, and the upcoming 51% token airdrop of the project.

ForkLog: Tell us about your introduction to cryptocurrencies.

Vinor Zukhbaya: I first heard about cryptocurrencies in 2013, when I was in my second year at the Higher School of Economics: Bitcoin was discussed on the air on Finam FM [now Stolitsa FM — editor’s note: see above and below].

ForkLog: When and why did you decide to create Finnet?

Vinor Zukhbaya: I conceived the project in 2017. I wanted to build a platform that would blur the boundaries between traditional and crypto markets, while remaining convenient and understandable: for experienced crypto investors, beginners, and people from the traditional financial sector.

ForkLog: How will this platform work?

Vinor Zukhbaya: Users will interact with each other and select the most successful investment instruments. They will be able to publish fundamental and technical analyses, forecast cryptocurrency prices, form investment portfolios, and compete in performance metrics.

Users will rate investment instruments and make forecasts, and the protocol will verify these data and form a user rating.

ForkLog: The white paper says you will launch the protocol on Substrate. Why this framework in particular?

Vinor Zukhbaya: We are currently developing a centralized MVP version of the protocol and testing the mathematical models. We will release it in Q3 2021, test the platform, and then move to the blockchain.

The flexibility, speed, and modular structure of Substrate are best suited for Finnet. However, we are consulting with investors and cannot guarantee that Substrate is the final choice. We are also considering Ethereum and Binance Smart Chain.

ForkLog: Who is developing the project?

Vinor Zukhbaya: In addition to me, the Finnet team includes backend developer Grigoriy Alexandrov, frontend developer and CTO Igor Demko, and PhD in Mathematics Daniil Esaulov. He created the model for assessing investment instruments on Finnet.

We also have a second co-founder, but we cannot disclose his name yet. He works on another project and does not take an active part in Finnet. His role at the moment is more advisory.

Finnet is oriented toward the long term. We have developed a five-year plan that accounts for crypto-economic business cycles. Its goal is to push FNT into CoinMarketCap’s Top 100 within 3–4 years.

ForkLog: Tell us about Finnet’s features.

Vinor Zukhbaya: The main feature of the protocol lies in its rating and reward system. Users rate financial instruments, and Finnet evaluates the users.

The protocol operates on a burn-and-mint principle. Users can request a valuation or a price forecast for an instrument. They do not pay content creators directly, but burn FNT.

The creator of a forecast can place a stake on it. If the forecast comes true, Finnet rewards its author; if not, the stake is burned. This should reduce speculative activity on the platform and positively affect the price of FNT.

Finnet will issue tokens to pay moderators. The token issuance base will be the market price of FNT. Oracles will provide the data.

ForkLog: How is the rating system structured? What is its benefit to the community?

Vinor Zukhbaya: The system works like this: users rate investment instruments. Moderators and artificial intelligence (AI) verify these ratings and also cast their own.

The rating of an investment instrument is formed from a weighted average of AI, moderators, and users’ ratings. This approach minimizes potential manipulation of ratings by users.

ForkLog: Who can become a moderator?

Vinor Zukhbaya: Any platform user. But when dealing with an investment instrument, a user can perform only one role: either rate it or moderate others’ ratings.

ForkLog: Why publish forecasts and portfolios on Finnet?

Vinor Zukhbaya: The platform will reward users for correct forecasts and activity on the platform. In addition, Finnet will award FNT to participants with the best investment portfolio performance.

ForkLog: Why do users need FNT? How can they obtain these tokens?

Vinor Zukhbaya: FNT can be used in platform activities: to form instrument ratings and to vote on changes to the protocol.

In Finnet’s Telegram channel the Finnet is hosting Decentralisation Event, where tokens can be obtained for free. To participate, you need to submit an application to test the MVP version.

ForkLog: Do you plan to distribute 51% of Finnet (FNT) tokens to the community? Why is that necessary?

Vinor Zukhbaya: The tokens incentivize user activity on the platform. Early participants will receive more FNT for completing various tasks on Finnet.

We will distribute 51% of FNT, which can be used for farming and other platform activities. However, unlike farmed tokens, the free tokens will not be available for trading on exchanges.

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