More about PureFi’s current stage

During our previous AMA session with PureFi x ULTRASAFE, our CEO, Slava Demchuk, didn’t answer some interesting questions on time. Therefore, we decided to pick the five hottest questions to answer in writing and share with you.

Enjoy your read and tell us what you think.

How are you growing the community, and what’s your marketing strategy?

It’s an excellent question to ask, and to be honest, we expected it. The whole community is hungry for updates, and recently we got slightly negative feedback from PureFiers regarding the lack of “big events” popping up. In the past month, we took a bit of a still road to take our time to think of what exactly we can do next to show the maximum output for our users and impress them with the benefits they can get from PureFi. Here, I would like to outline the most significant marketing announcements you will know about more soon.

- Pure Crypto Legendary Saga Launch — we promise it will be highly rewarding and entertaining for everyone. Pure Crypto Legendary Saga is a long-term NFT award program based on counting all activities in the field of Pure cryptomarket.

- Quickswap Syrup Program

- AR promo program

I’d like to just put these three biggest ones out there without having to disclose too much information about them since these announcements are only in our pipeline for now.

Soon, you will get to read everything about them on our social media channels.

All of these programs have a goal of gaining a more extensive community and reward the existing one.

Tell me more about Purefi smart contracts?

It depends on which smart contracts you’d like to hear about. We have a lot of them.

PureFi protocol will allow performing within-smart-contract validation of the incoming funds by enforcing Users (a.k.a. Provers) to provide extra information along with their funds’ transfer transactions. This allows keeping end-to-end transactions between Prover and Smart contracts and doesn’tt’sesn’t break them with intermediate transactions to Oracles.

​When do you plan to run an MVP?

We’ve previously mentioned it, but I’ll repeat it here again. We are planning an MVP release to fall approximately in the upcoming December. The dev team is working hard and puts an effort to make a product on time, and all we have left is to cross our fingers and wait. Until December, we introduced something we’re working on called “PureFi as a service.” PureFi as a service is what we are running currently for startups. We offer a broad spectrum of services, from manual AML screening and investigation to security audit and marketing support. It’s a good way of testing our product even before the MVP is released. This way, we get to do what’s called a “custom-dev”, we get instant feedback on what we do and iterate the product itself according to what works on the market and what fits customers’ demands.

​How do you plan to use VCs? Where can the members store them?

A Verifiable Credential is a certificate that includes originating wallet address, coins amount, date, and AML risk score. If the checked risk score is less than the threshold, a VC certificate will be generated from the JSON file, and the coins will be automatically sent to the liquidity pool smart contract address. That’s one use case of the VC.

The VCs are stored off-chain.

​Dirty money risks — can you pls share the examples of such cases in the ”defi market?

Any cryptocurrency can become “dirty” while being involved in any illegal activities. Among the most popular crime activities that make cryptocurrency “dirty”, there are:

  • wallet and crypto hacking attacks;
  • money laundering activities that intend to convert fiat money to crypto;
  • scams;
  • ransom;
  • purchasing and selling drugs, killings, and other forbidden products or services in the dark market.

There are special AML-services that detect “dirty” cryptocurrency. It can be identified even if you weren’t involved in illegal activities. For instance, if your cryptocurrency has gone through the mixer or has come from the unregistered cryptocurrency exchange, it’s identified by the AML services as a “dirty” cryptocurrency. These services will help you find out whether your cryptocurrency was involved in illegal activities or not.

According to Foley et al. research, around 46 percent of Bitcoin transactions are involved in illegal activities. However, the number of crimes with cryptocurrency is reduced. According to CypherTrace, a general number of cryptocurrency crimes is less during the first ten months of 2020 than in the first ten months of 2019. In 2020, this sum reached $1.8 billion, while in 2019, it was several times more and amounted to $4.5 billion. This sum includes hacking attacks, scams as well as darknet transactions. The most significant percentage of hacks and thefts is on unregulated platforms because of the absence of the KYC procedure allowing the identification of all the exchange customers and reducing the percentage of crypto crimes.