AMA Telegram EFG Group on 14th November 2020
Introduction:
ECOChain, a decentralized public blockchain started in 2017, We are based in Bangkok, Thailand. It took us a long and hard 2 years to developed and test before going live on Mainnet in 2019 October! Since then, our native coin, ECOC, is listed on MXC in April 2020 at starting price of $0.03, til date, our ECOC is now at $1.02. I must say that our market making team had done a good job maintaining and growing and of course, our precious family and community that grow with us.
What is EFG?
EFG is an eco-project built on ECOC’s public blockchain, done by us the official! We are not just another DeFi project, We are gonna bring a revolution into the DeFi communities with the concept of behaviour financial logic and hedging that bring benefits to all our supporters! and of course, its role is to improve the overal ecological of ECOChain throught lending and hedging pratices!
Stephania McDermott:
Ques: What are the great achievements that EFG DeFi has achieved so far? What difficulties and risks did you encounter during project implementation and what factors helped motivate you to overcome difficulties?
Ans: EFG is a decentralized application that is user friendly, secure and serves investors of different profiles. Risk averse and risk tolerance investors can choose to be debtors or creditors, combining high risk with high profits or vise versa.
The greatest challenge of implementation from a technical point of view is security. The team behind EFG is also the Ecochain team, so our main motivation was to prove to the world that ECOCHAIN is capable to host any type of decentralize application.
Oleta Dickens:
Ques: To what extent EFG DeFi , lets developers create products?
Ans: EFG is fully decentralized. That means that the official UI is no obligatory. Developers can use the SDKs of ECOCHAIN to directly interact with the smart contracts and automate actions. Everything is open source and developers can also use their own tools to write custom code. In short, there are no limits except the rules of the smart contracts.
Mayowa:
Ques: Hello, we can see uncountable amount of hacking & leaking news in this cryptocurrency space. How you ensure that the assets of $EFG users are safe and secure?
Ans: We have followed safe practices during development and carried out many test cases. Additionally, EFG and GPT smart contracst have been audited by CertiK company.
Eugenia Waters:
Ques: What is the competetive advantages of EFG DeFi ? How EFG DeFi is better than its competitors?
Ans: EFG provide very low risk for the liquidators. It also gives opportunity for high gains to the borrowers. Safety was always kept in mind on development. Finally, EFG is based on ECOCHAIN, who has very low fees. Any interaction with the blockchain has very low cost compared to other DeFi projects. Also, cross chaining is possible.
Claire Casper:
Ques: The market today has a lot of development projects on the Blockchain platform. One of the factors that makes the platform appealing to many users is its special features. So, what are the outstanding features and advantages of EFG DeFi to attract users and investors?
Ans: The special features of EFG are:
- Near zero risk for liquidators/lenders
- Opportunity of high short term profits for borrowers
- Farming of another token(GPT), which is a useful part of the same application (DeFi)
- Low operational costs (low transaction fees)
- No use of AMM, which is a very risky factor for liquidity providers.
For more information:
Website: https://efg.finance
Twitter: https://twitter.com/EFG_DeFi
Medium: https://efg-defi.medium.com
Telegram: https://t.me/EFGtoken
