Helis Network — AMA @ The Topic Room
Brief
Helis Network is focused on making DeFi accessible and powerful for enterprises. DeFi is a broad category that includes decentralised finance: lending, derivatives, payments, stable coins, decentralised exchanges.
Q&A
Q: Welcome! First of all, can you intro urselves. just post according to size of your egos.
Kerman: Thanks Eric! Gonna try to keep it short haha. I’m Kerman, the founder of Helis. Sold my first venture when I was 20 after it got 2.5m+ downloads and 100k monthly active users. I was also one of 350 winners worldwide for Apple’s Developer Conference scholarship.
Ali: Thanks Eric for having us here. Strategy, Operations and Product Digital Transformation Leader (Publicis Groupe, Nissan, GoldMoney, Louis Dreyfus Corp., NHS etc.) with 15+ years in consulting. Oxford Blockchain Strategy Framework alumni.
Arnie: Here’s my ego. Here’s a bit about me. I was a campaigner and political strategist from my early 20’s. We were focusing on social/political/international issues and I was in charge of strategy & building of the organisation. I was mentored by some of best economists and professors globally at King’s College, Imperial, Oxford and elsewhere in my free time.
Throughout my strategy work, I was also featured in documentaries and media platforms such as Vice News, The Guardian, BBC, Independent, Telegraph and a host of other international news platforms for the political stunts and marketing that we pulled off.
I left politics and wanted to pivot towards the financial space and disrupting it from the inside. I first started by learning financial trading strategies and then got into crypto..Since then I’ve developed a little community and myself and Ali are working in the blockchain industry on a daily basis. We’re now apart of the Helis team as we believe that DeFI is a major one of the single major use cases of the technolgoy.
Hobbies include; Gardening and making Bamboo Furniture, BBQ, Sports, Listening to Audible Books, Driving cars fast, nerding out on youtube and learning more about code and architecture.
Q: (To Kerman) Wow. Interesting background. What got you into coding in such a young age?
K: Honestly just found it really fun at the time. started off just via watching youtube videos and reading basic books tbh.
Q: (To Arnie) Did the libertarian aspect of crypto appeal to you instantly?
Ar: I was around when BTC first came out in 2009/2010 and we were debating with cypher punks and crypto-anarchists about the use case when we were inside the Occupy movement. Initially, as a purist, I rejected the idea that blockchain was a vehicle for social good, and mostly just a capitalist speculative element, since then I’ve changed my views.
Q: (To Ali) Pretty corporate. Curious how u got into crypto?
Al: Through a bunch of goldbugs I was working with at GoldMoney. They discovered Bitcoin in 2011 and were exploring it, since I come from a product background, I got interested in Blockchain as tech.
Q: (To Kerman) So what is Helis Network?
K: An ecosystem of products that makes DeFi simple to use. We’ve got ‘Lend & Earn’ coming up soon for consumers, ‘Payroll & Payments’ for enterprises and ‘DeFi-as-a-service’ for exchanges/wallets.
Q: (To Kerman) Can you explain to the group what is DEFI.
K: DeFi is essentially traditional banking services such as lending, payments, derivatives etc but without any middlemen. All the money is backed and managed by code.
In traditional finance, there are three major concepts to understand:
- Institutions. Think governments, banks, hedge funds, financial services, pension funds etc.
- Markets. Think NASDAQ, Craigslist, Uber, Airbnb
- Instruments. Derivatives, loans, equity, debt.
At the core of all of these is currency.
Bitcoin/Ethereum have removed the need for governments and financial institutions.
- Tokens, as an asset class, have created new digital, global markets.
- Decentralised finance has giving access to instruments to anyone with an internet connection!
Al: defipulse.com is a great resource to see what usecases are in play and how relevant and large they are.
Q: So DEFI has been getting crowded lately. whats special about Helis vs. others in the space.
Al: Helis is a suite of products with protocols that is agnostic to any specific infrastructure. The USP that Helis has is the following
1. Focus on adoption with easy to use product through world class UI/UX
2. Aggregate each use case so that users can come to a single place to interact with DeFi
We also plan to be very open and transparent with the process of DeFi, with education through each of the touchpoints being a big effort with what we are trying to do
Q: We do have a DEFI focused room at @defiroom . many experts are there. ;)
K: Already in it!
Q: So Helis is like a middle layer to simplify DEFI and provide superior UX, right?
Al: Yes, that is correct. Helis is a gateway to DeFi — in other words.
Q: By the way, whats the story behind the brand “Helis” ?
K: A bit of mix and matching, making sure SEO was clear, name sounded good and an easy domain! without any of these it makes developing the brand pretty difficult.
Al: Helis was previously 8x protocol that was focused on payments and the different types of it. As we piloted with enterprises we realised the potential with DeFi and hence expanded the scope of the project to beyond just payment and the whole of DeFi in Jan 2019.
Q: The payroll product is interesting. Can you share what that is and how it works?
K: Sure. it’s essentially a straight forward way for companies to distribute tokens at mass scale — whether it’s for employees, investors, contractors etc.
Q: Why 8x was evolved into Helis network and what extra advantages Helis network is providing?
Al: I think I just answered that 🙂
Q: Are you guys storing all of the plan / subscription data on chain only or Anything off chain also ? And if there is on offchain, how you store that?
K: We store sensitive details off-chain on our backend servers. From there we create a speciall UUID that links the backend record to a key stored in a mapping on-chain. Only the companies know this mapping directly. The idea is to preserver privacy on-chain and store the least amount possible as costs are high.
Q: Why does this project need a token? I think this project can be equally good without a token. Would appreciate if you can share your views.
Ar: We discussed the various ways in which we could raise funds. We could go down the equity route as with most other defi projects such as our friends at Instadapp.com
For us, going down the equity route lacks a clear vlaue capture mechanism to the success of growing our DeFI awareness and also creates barriers to adoption.
We wanted our community to participate and also share in the success of DeFI, the success of Helis’ Product ecosystem if the AUM under our smart contracts grow, then utility token holders will also see benefits.
We have a more in depth article on the use case of our token here; https://medium.com/helisnetwork/helis-our-token-use-case-28a46dc255d8?source=your_stories_page---------------------------
Q: #Helis is an ecosystem of products that make DeFi accessible for everyone.but how does taxation work on this side of things as that varies for different jurisdictions?
K: We don’t directly engage in handling taxes but help people stay compliant where we can (like with automating taxes on payroll once the amount is specified).
Q: How Helis made DEFI simple and how Helis ecosystem is evolving?
Al: DeFi today is only understand by a select few within Crypto. This is an exclusive group who are benefitting from the 10%+ interest rates that the DeFi protocols offer with the Lending solution, for instance. Our customer research shows that crypto or non-crypto people find DeFi too complicated and risky.
Helis is trying to make all this simple by making products that are easy to use, are not cryto focused or technical so that we can onboard more people.
Also, we plan to educate people along the way.
Helis’s first product, Lend & Earn will be a simple dashboard based lending interface completed in under 2 to 3 mins, with little to no knowledge of the DeFi complexity.
Q: Does HELIS NETWORK have any plans for micro lending?
K: Interesting avenue for sure although we’ll need to see how crpyto borrowing evolves as a whole to be honest.
Q: #Helis is an ecosystem of products that make DeFi accessible for everyone.but how does taxation work on this side of things as that varies for different jurisdictions?
Ar: In terms of taxation for our products in general. Like with trading, general investments in the crypto or traditional space, users are repsonsible for reporting their own tax. We’re a DEFI aggregator layer, and essentially a tech solution built ontop of a world class UI/IX.
In terms of payroll solution, companies can set individual tax bands per employee, other tax requirements within the payroll system and have these tax payments segregated when they’re doing monthly payroll. At the moment, we have not gone and done research for tax requirements for each jurisdiction because generally, companies do their taxes in so many different ways. We’re essentially a layer to make payments in payroll really simple, but you’ll still need an accountant to tell you how to make your tax efficient.
Q: Which programming languages do you support to develop blockchain? Will your team add more languages in future?
K: We don’t have our own chain. Our front-end stack is in React, backend in GraphQL + Express, blockchain stuff in Solidity.
Q: Why do we need DEFI? What is the new thing that defi bring to us ? Was your project born for that?
K: On a philisophical level, an alternative to the existing banking systems of the world. on a practical level, you can earn much higher interest compared to your local bank 10%+ vs sub 2% rates.
Q: #Helis Network, the enterprise solution provider for decentralized finance, has closed its seed-stage financing round, securing $500,000 USD in investment funding.Given the fact that it seems you won’t be doing a Initial Exchange Offering (IEO) do you foresee any difficulties with getting on a high tier exchange for your primary listing?
Ar: We’ve been in talks with a number of exchanges, so far we have seen no resistance so what we are building and our proposition; the fact that we are building a real product and with our Lend & Earn MVP ready in about 6 weeks is a real sign to exchanges that this is a lean and agile team. We arent building a wallet or blockchain that has no users or adoption and will never see that.
So far, in terms of negotiation, we’ve been offered two routes, IEO and non IEO route, exchanges seem to be fine with either, just the logistics around liquidity are the moving parts in the conversation.
We are OK to do an IEO if it means our early seed investors and private round participants are not screwed in the process. We’ve made this very clear to all the exchanges we are talking too.
Q: I know DeFi is better than centralised finance, however, it needs internet access to approach. So How do people in less-developed countries, where have limited internet access, approach DeFi?
Al: Well, internet has been perculatig the world at breakneck speed in the last decade. It’s getting cheaper, faster and really accessible. For instance, in Kenya, people who live in huts still use mobile phone (first hand experience).
Also, as the model evolves, corner shops or small stores can be setup with DeFi ATMs/Kiosks that can facilitate these transactions. This is still a long way away, but still possible.
Q: What is your technology advantages compared with your competitors? And how you can sustain that advantages over time?
K: Given our team’s deep experience with developing products we can create very simple products to make this technology accessible. Over time as we get more liquidity to our platform that can be used as a competitive advantage in comparison to other platforms.
Q: Where did the team come up with to build the Helis network? Why is the project name is Helis network? Does it make any sense? It is known that Helis team focuses on providing DeFi solutions to the main business audience. So are these businesses large, small or medium? Or is it all?
K: Not sure what you mean by where… Regarding the businesess, the payroll solution typically targest medium to large as they have more overhead with token distribution.
Q: How NEXO, kyber network, Aion and loopring helping the Helis network in Pilot programme?
Al: We’ve piloted the payroll solution, which is our enterprise DeFi payments solution. This is the 2nd product we plan to launch, hopefully Q4 2019/Q1 2020.
Q: As the payments protocol is run on the Ethereum blockchain through smart contracts written in Solidity, how do you overcome congestion issue of ETH network once Helis grows bigger considering Ethereum blockchain is too old and cannot afford high TPS?
K: DeFi does’t necessarily require high throughout or super cheap tx costs since the value of the transactiosn usually resides in the thousands of dollars
Q: You are only targeting crypto enterprises? What for real-world companies, don’t you think they can be huge and will you have any strategies on how to implement crypto payments in their usual business processes?
Ar: We started working with immediate friends and partners in the space to work on product validation and testing, this means working with other crypto projects. However, we know the real test is about gaining traction and clients with real world companies.
In our august monthly update, we announced that we signed our first B2B client this month and will announce the name in october. It’s a functioning exchange with a lot of volume with a fiat on/off ramp. Through our third product ‘Defi-as-a-service’, we’re enabling existing businesses to integrate our lend and earn solution via an web sdk, making them instantly competitive with other exchanges because they have a brand new product line. We’ve been working on this before binance announced their lending solution, and we’re in discussions with a number of other exchange to integrate this.
Q: How does helis ensure the security? What’s the future direction of Helis?
K: Could you clarify security of what specifically?
Q: Is Helis already generating revenue on your pilot projects?
Ar: For our pilot projects, we aren’t generating revenue just yet with Payroll as it’s still being tested and we want to provide value to our partners before commercial agreements are made. For our defi-as-a-service integrations for exchanges. those are based on revenue sharing. We expect to start generating some revenue by the end of this year.
Q: Can you explain how does the token utility and model create value for investors and do you have any notable VCs or individuals contribute to the seed round ?
K: NGC + Woodstock (backers of Elrond/Marlin).
Q: In real life, where Helis network will be used and will non Crypto users be able to use?
Ar: This is a good question. We’re aiming at non crypto users. The general crypto space already knows about DeFI, what we need is to build more awareness with the general public about the advantages of DEFI and that they can earn more interest than their banks currently offer them, there’s an arbitraging opportunity that people already take advantage off. Our V2 phase is a IOS/Android app, so that we can reduce barriers to entry even further and have people lending straight off their mobile phones.
We’re also looking into API portals directly into online banking logins so that people can move savings directly from their savings bank accounts into crypto via API’s and our fiat on/off ramp partners. This will really increase the volume within our smart contract if we can bring a new generation of defi users into the space through consumer grade UI.
Q: What is the most difficult challenges you faced when building the project? how do you overcome it?
K: Most of it comes down to listening to users and adapting the product to make sure that you’re building the right thing at the end of the day.
Q: Whether a project succeeds or not depends on the investors. So can you name some investors for Helis? And the reason why the team chose to cooperate with those investors?
We have raised our seed for $500k and we have managed to work very closely with our VCs. Our Lead VCs work with us very closely on strategy, network and business development. Also, given our lean team they are helping us out in geographies that we are not physically present in.
Q: What are the major setbacks you have faced when you and the team were starting the project/company? Can you explain Helis networks scalability? Does Helis network token have any other usecases other than fees?
Ar: On question 3. The token utility has a few functions.
1. Fees generated through our products are used, sold on the open market and then helis tokens are bought back and burned permanently.
2. Hybrid staking solution ,some of those fees will go into a staking pool so that people are incentivised to hodl helis long term.
3. Goverance voting system in community votes.
Q: How does Helis set up the security system? Is user information strictly managed? When a dispute arises, how will Helis handle it? Can law interfere with this?
K: We simply automate on-chain payments to reduce the cumbersome process of making payments.
Q: Can you also go a bit more specific about your loans plans? You are going to start it in 2020.
K: We’ve updated our roadmap and brought that forward, you can see the updated roadmap on our website.
Q: What are the token metrics of Helis network? What is the % of tokens you have dedicated for social mining and for how long is it running? Can you explain the bridge fee model of helis network in deep details?
Ar: Token metrics can be found here; https://about.helis.network/token/allocation
We are currently open to taking contributions from the community, simply email the team.
2. We are not using social mining.
3. Bridge fee is explained here, it was also used by our good friends at LTO network https://medium.com/@aharar/4324719d8a61
Q: How Passionate is the Team to make this project succesful?
K: We’ve all completed things from start to finish. This is no exception. I personally spent 5 years working on my first venture.
Al: We are focused on building the product and ensuring we get adoption. So, education will be crucial. Unlike other projects, we are building in phases that is aligned with fund raising incentives and not waiting on all the funds raised before we execute on our vision.
It is a testament to the sacrifice and commitment from the team.
Q: Since you have lending feature, are you going to create a mobile app for it? Can you explain how the Pilot program will function in deep details? Can you tell us whats the name behind Helis network and it’s logo, there must be something surprising?
Ar: 1. We are indeed going to build a mobile app in V2, @kermankohli is somewhat of a expert at IOS coding, he sold his first company at the age of 18 and he started coding at 12. Mobile app for us is very crucial, and we’re quite confident that it will beat anything else available, specifically pointing to celsius network at the moment. When our Lend & Earn MVP comes out, people will really see the potential UI/UX world class designs that we are building.
2. The pilot programs are involving kyber network, aion, loopring, matic and a few others which are unannounced. They are trialing our payroll solutions and a few other secret things we are developing. Imagine enabling lending/borrowing on smaller utilities.
Q: What are the possible risks you might encounter? And how you face it?
Al: Great question. Risks with Defi, like any other businesses, need to be well understood. The following is how the risks can manifest themselves:
1. Market Risk (the lending and borrowing rates are determines by the Ethereum protocol, no centralised authority decides this)
2. Code Risk (bug in the code can compromise this, auditing the code well and by multiple auditors helps mitigate this)
3. Operational Risk (mis-management of funds at a protocol layer)
We will be creating a governance framework to manage the above.
Q: Which payment method will be used for paying subscription? If using crypto, how do you prevent volatility of cryptocurrency?
K: Any token can be used when using our products. We don’t lock users into using or paying with HELIS for any products that we produce. This ensure that we have a top notch user experience.
Q: What is the token utility in the ecosystem? Where it will be used and how do you plan to scale?
Ar: You can see the token use case here, we will have more specific details on product features and such in the next week https://medium.com/helisnetwork/helis-our-token-use-case-28a46dc255d8.
Q: What is the Helis Network’s benefits for a common people? Explain.
K: Access to high lending rates which outperform regular banks. Check it out for yourself on helis.network 🙂
Q: Reading the white paper and while trying to understand how a service node WINS the right to service a subscription. Random lottery?
K: That;s the old 8x whitepaper, you can get a more up to date version at about.helis.network.
Q: Does Helis have competitors? If yes, what are the special features of Helis to help Helis attract users? As far as I know, businesses that use the Helis network do not need verification documents. Is this true? If so, does this increase the chances of scams?
K: All loans are collaterialised through smart contract, we aren’t processing loans manually. The risk of being scammed is near impossible.
Q: Any projects outside of Helis that you are liking at the moment?
K: MKR is our fav, darling of DeFi haha.
Q: Who all are using payroll product and how it is helping them?
Ar: Our pilots can be found on the website, those companies are using our payroll solution as with companies with 10+ or more employees, all with different tax bands and such, human hours involving payroll can amount up to 200 hours per month. For companies to stay lean and keep HR costs down, our payroll solution makes absolute sense. It’s a huge pain point for startups in blockchain.
Q: What is favourite governance policy/solution in Helis network project?
Ar: We’re working and theorising issues with on-chain governance, literally every project is trying to work out the problem of gamification by whales coming in last minute and swaying votes. We’re trying to build a ssytem which will economically penalise people gamifying governance proposals. It’s not perfect just yet but we’re still thinking about how to do this. If anything we will have a governance-lite version where community will have input into our general direction until we can solve the on-chain governance issues.
Al: For those of whose questions we haven’t managed to answer, please feel free to ask them in our telegram later on, would be more than happy to answer/discuss.
Q: What’s the bridge fee And how it is calculated in Helis?
Ar: The bridge fee is a new model pioneering by LTO Network. it’s dubbed as the ‘fair ico model’, as seed round investors have a better price compared to later rounds. We don’t want to encourage instant liquidation hence the bridge fee model was invented. Seed round inventors tokens wil be on one smart contract, and they essentially have to cross into another smart contract to pull out their liquid token. At this event they are charged a fee and this is burned forever :) Read more about bridge toll here ; https://about.helis.network/token/bridge-toll.
Q: Who are the Groups People Hungry for DeFi?
Al: 1. Anyone who is wanting to sack the banking system for the ridiculous lending rates they provide
2. Anyone who wants to maintain control of their own funds.
Q: Are there any developments done on products other than the payroll product (pilots)?
Al: Yes, our Lend & Earn solution is 75% through the build phase right now.
Q: What products you are planning to deliver to the market, and what companies are you will target for that? In your products page, there are 4 layers (Product layer, Aggregator layer, protocol layer, base layer), what’s the role of Helis in each one, and what exactly you do on these?
Ar: Regarding Q1, we’ve got several products, Lend & Earn, Payroll & Payments, Defi as a service and finally derivatives.
With the first two, we are aiming at B2C and B2B. Defi is a s service is b2b and derivatives is b2b/b2c.
Q: Thinking big to succeed, does the Team have a plan and ambition to put its project and coins on virtual currencies? Currently the tokens are in a state of unstable prices. So what are your plans to make the HELIS project popular? Who is the leading competitor HELIS? What did you guys do to overcome your opponent? What makes the difference between HELIS and other blockchain projects? What was the reason why HELIS started the project despite knowing it was very difficult because there were many financial blockchain projects before. What is the strongest point that Infinito is confident of? What benefits can I get when buying Helis tokens? What potentials can be found in the future of the INFT token?
Thanks.
K: 1. Could you clarify what you mean by virtual currencies?
2. Hard work to build something people want which in turn drives demand for the token. Coupled with a strong community we’re confident that we can execute
3. Dharma v2 is probably our cloesest competitor. What they’ve done in 2 years is what we’re doing in 2 months 😉
4. The way we look at it is competition is a good thing as it indicates demand for a product and market. We know we can compete in a crowded market given our past experiences with making products
5. As the demand of the network grows, more tokens are burned and distributed to stakers.
Some screenshots of the product we are in the process of finishing the build for
Q: How do you consider importance of community in blockchain? What’s your community building plan in 2019–2020? How will #helis expand in the future as regarding users?
Ar: Community is of massive importance to us, we’re building out our community through the panda OG campaign, where users can gain panda points and these are then converted to helis tokens, if you help grow the Helis community, you’re effectively rewarded. Panda network campaign here; https://about.helis.network/community/panda-network
We’ve been working on producting articles like 7 days of helis, 30 days of helis, and also conducting AMA’s, interviews, competitions and referral rewards for signing up to the lend and earn Beta.
Q: In lending activities, does Helis network have any difficulties in legal issues? How does Helis solve it?
Ar: In terms of legals. We don’t have any issues so far as DeFi is non custodial. Even centralised products like celsius network are not yet needing regulatory licences for their activites, just KYC/AML.
Regulators are still 3–4 years away from determining how they treat DeFI lending and earning.
Q: How to maintain liquidity on Helis Network?
Ar: One of the cool things we’re looking at is how to create buy side pressure in Lend and Earn, Defi Derivatives can solve this and really drive APR potentially to never before seen interest rates, this means tying margin lending (borrow side) into our Lend & Earn product which we are working on.
Q: Whether a project succeeds or not depends on the development partners. So, who are Helis’s development partners? According to the information I have, in the future, Helis will also provide SDK for other partners to easily integrate Protocol Helis into dApps. So has this plan been developed yet? Can you give everyone more details?
K: Could you clarify what you mean by development partners? Regarding point 2, already working on it for our DeFI as a service integration 🙂
Q: Can you introduce and disclose some detail informations about Derivatives and Defi-as-a-Service products of Helis Network since i didnt see many info about them on your document? Which are usecases of them? Which partners does your team have to integrate these products into their platforms? One of interesting thing of Helis Network is the Panda Network for creating an engaged community but also incentivising them. Which idea that lead your team to build it? Is it different from social mining on other projects? As I saw in your roadmap, there will be exchange listing in Q4 2019, can you disclose which is that exchange? Can we expect to see Helis on a top exchange? Why didnt your team do an IEO like other projects?
Ar: Q6: On derivatives, we’re working out a clever way to make borrow side pressure integrated into our defi smart contracts, this will involve margin lending being tied into our solution. With DEFI as a service, we’re working iwth exchanges and service providers and integrating our products and smart contracts directly into their platforms on a revenue sharing basis. We’ve not yet annoucned our B2B clients as we are sving these juicy announcements.
Q7: The guys at DAO maker and social mining inventors are good friends of mine. We arent utilising Social Mining and dont have any plans to right now. We have the panda campaign which serves as the same thing essentially.
Q8: We cannot disclose exchange. Reasons why we are preferring not to do an IEO is because exchanges want the price to be under private sale, we are in talks and they seem to acknowledge this. When we are ready we will announce our plans. We’re aiming for a top exchange.
Q: 5. It is known that in the Business Model of Helis consists of 4 layers. So can you name and apply for each layer? 6. Why did Helis choose to build on ERC20 platform rather than another platform?
In answering Q6 specifically, Helis token is erc-20, however our platform is native. We’re already looking at a bridge to BlockStack when their smart contracts come out in Q1 2020 as a way of bridging liquidity within blockstack to our products.
We are also exploring the first stable coin on EOS and a bridge mechanism to enable lending on EOS. Very inital stage research (they are working on ports to EVM)
We’re agnostic to chains as a layer 2 solution which is why companies are really happy and keen to work with us.
Q: 9. Whether a project succeeds or not depends on the development partners. So, who are Helis’s development partners?
10. According to the information I have, in the future, Helis will also provide SDK for other partners to easily integrate Protocol Helis into dApps. So has this plan been developed yet? Can you give everyone more details?
Ar: All the coding and development work is done in-house, Kerman is a developer, we also have a team of developers working around the clock, nothing is external.
10. SDK and documentation will be after the first Lend and Earn V1, Defi as a service SDK’s we are aiming for october so that we can integrate with our first client.
Q: Panda network , can you expain about him.
Al: Panda Network is our community initiative — https://about.helis.network/community/panda-network.
Q: Are there any developments done on products other than the payroll product (pilots)?
Ar: Our Lend and Earn solution will be ready for MVP and testing in 6 weeks time, sign up on the website and when it’s open you’ll have instant access to it :)
Payroll is finished, just needs a re-skin to look sexy.
Q: What is the token utility in the ecosystem? Where it will be used and why the demand for the token should increase?
Ar: See this article, it will explain token use case and utility https://medium.com/helisnetwork/helis-our-token-use-case-28a46dc255d8.
Al: https://about.helis.network/community/t-and-cs-lend-and-earn-sign-up-campaign
Q: What do your supporters / these companies you mentioned benefit from being part of the pilot program?
Ar: They get to use a payroll solution that they’ve helped give feedback and help us iterate on the current version. We also solve a pain-point for them and they don’t need to have one resource spending 200 hours a month on payroll.
Q: Can you point out real life scenario for helis application?
Ar: Here’s a really simple one that doesn’t seem obvious.
Banks don’t give us a fair share of interest, globally, the rates are near nill. Why deposit savings into a bank, when you can convert them to crypto and then into USDC stable coin. There are a number of protocols and platforms doing this and giving between 8–11% off the bat, with no 3–5 year lock up.
Q: OK. Awesome AMA. very good questions.
Unfortunately, we have run out of time. Thanks to team Helis Network for the time!
Please invite our members to join your tg for more answers and invite them to support the project.
Al: For those of whose questions we haven’t managed to answer, please feel free to ask them in our telegram later on, would be more than happy to answer/discuss.
Thank you everyone for the time and thanks Eric ! Enjoyed the chat!
K: Thanks for having us! Btw sign up to early acess for Lend & Earn to win a share of $1000 — helis.network 🙂
Ar: Thanks guys, if there are any remaining questions that we didn’t answer, just come over to @helisnetwork channel and we will answer. Really good questions :)
