AMA Recap of Crypto Legacy x Lofi-Defi by David Cohen .

$LOFI will be used to on the LOFI-DEFI platform for tipping, subscribing and purchasing NFTs. Connecting creators and investors on the Binance Smart Chain.

Crypto Legacy - Legado de Cripto
12 min readSep 11, 2021

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David Cohen, [11.09.21 14:03]

Hi there

Glad to be here

Alfred

We welcome everyone to join us in this prestigious AMA event with LOFI-DEFI

How are you?

David Cohen

Great thanks for asking!

Hope you’re doing well also.

Alfred

Well, how about we start with the AMA?

David Cohen

Sure, ready when you are.

Alfred

Introductory questions

P1. Can you provide a short introduction about the LOFI-DEFI team?

David Cohen

Sure, but first here’s our team page on our website where you can see all our pictures and social profiles

https://lofi-defi.com/#team

Just to speak a little about myself, I’m 33 years old and I live in North Carolina USA, my professional background is in the car business where I was a business development manager, marketing analyst and employee manager for about 10 years. Currently I own and operate my own independent insurance agency here in North Carolina. I’ve been investing since I was 18 and I’ve been in crypto for about a year. I got engrossed in decentralized finance with the Safemoon fad and really got into smart contracts which is how I met my team and started developing LOFI-DEFI

Alfred

I see that you have a lot of experience in different financial areas, that is excellent for a project

David Cohen

I have 2 solidity developers, 1 who’s young and really on top of all the cutting edge things in this space, and one who’s older with about a decade of experience as a full stack developer. I have my graphic designer who’s worked on multiple projects and is extremely experienced at all kinds of 3d effects and animations as well as running his own team. Larienne is a published author, an accomplished commission artist and a NFT creator who’s work goes for about $4000-$6000 currently

Alfred

Wow

David Cohen

Then I have my community manager who’s got a lot of experience in setting up and managing social groups, and my collaboration coordinator who’s a professional musician that’s traveled all around the world and has experience with both performing and booking

And that’s just my core team

We have about 40 mods and a whole stable of influencers behind us too.

Alfred

P2. Where does the name LOFI-DEFI come from and what services does this platform offer?

David Cohen

The original concept of LOFI-DEFI came from a token themed around LoFi music and anime art on a decentralized exchange where you retain custody of all your assets and trading is conducted in an impartial, fair way.

We’ve since expanded on this concept to include all art and music as we develop the LOFI-DEFI platform which will be a social platform with video elements and an integrated NFT marketplace where creators can make, mint and sell their work in the same place they build their community, their brand and the value of their overall portfolio. Investors can use social metrics to be able to discover new talent and invest in them in the form of tipping, subscriptions and NFT purchases. We’ll be including a whole suite of social analytics for you to be able to use as an investor to find promising talent in the form of things like sorting by followers, subscribers, total donated, total earned through sales and more.

Alfred

we hope to test those uses of social analytics

David Cohen

Yes I’m excited about it as an investor as well!

Alfred

P3. What is that milestone at LOFI-DEFI that you are most proud to achieve?

David Cohen

I’d say from a tangible aspect the fact that we did $2,400,000 in volume on launch day was quite the achievement, a lot of that had to do with the fact that we were scouted by WhiteBIT and they partnered with us to be our first listing partner which let us get in publications like bitcoin.com and Business Insider.

Intangibly though I’d have to say that it’s just amazing that the team and I were all able to come together from different countries in a discord server and work out the entire concept and assets for LOFI-DEFI as a passion project. We’ve been working on this since May and it’s come so far since then, I’m really proud of what we’ve accomplished and the community that’s behind us 3 weeks into launch, I honestly never expected to have this level of adoption or success out of the gate and it’s humbling.

Alfred

That sounds great, taking into account that to obtain those results you surely had to take hard steps, many falls and learnings

Last question

David Cohen

That is for certain, lots of learning experiences along the way.

Alfred

P4. What plans does LOFI-DEFI have for this 2021?

David Cohen

By the end of this year we’ll have released the LoFi Kitties NFT collection which is coming in just a couple of weeks and we hope to have a working prototype for both the LOFI-DEFI app which will be a scaled down version of our platform where we’ll be whitelisting creators and users to test, debug and give input as well as our LoFi Kitties game which will be a simple music based game where you can earn LOFI token for high scores and spend the token in the game for cosmetic upgrades or gameplay adjustments. We’ll also be listing on additional centralized exchanges as our finances allow, lots to look forward to!

Alfred

Thanks for your answers, we just finished the segment of:
Introductory questions

We move on to the segment of:
Twitter questions

@Ksalom95

I catch my attention that they will implement a “fiat gateway”, does that mean that we can buy any NFT with Fiat from any location? or at least with the most used Fiat as USD and EUR? but what use will that gateway have?

David Cohen

The fiat gateway is actually a pretty simple concept that you can find on Trust Wallet and the like currently. It’s a third party company like Simplex or Moonpay that buys LOFI and sells it to you for cash plus a small markup for their services. We’re looking to remove the middle step of having to buy BNB and use it on Pancakeswap to trade for LOFI. If you’ve ever tried to explain the process of having to download trust wallet, buy BSC (not BNB because they’ll have to swap it), do the KYC for simplex or moonpay, find Pancakeswap in dapps, connect their wallet, set the slippage and then buy the token you know it can be a barrier of entry to people unfamiliar with the space. We’re trying to make it as easy as possible for people outside of crypto to engage with our token.

For NFT’s you won’t be able to buy them directly with cash, but you’ll be able to buy LOFI directly with cash (debit card or bank account) and then use the LOFI to buy NFTs in our marketplace.

@mundarimsuso

Lately the term Web 3.0 is sounding on many platforms, it is a boom, can it be said that lofi_defi is positioned as one of the pioneers in using and implementing all the advantages of this technology?

David Cohen

We’ll be using web3 really soon for LoFi Kitties! You’ll need to hold LOFI in order to vote in the direction of the development of the game and the project as a whole and web3 allows you to connect your wallet and interact with the token. It’ll be the same with the game we’re developing, as well as the platform we’re making! Yes, definitely we’ll be using web3 extensively in the short and long term.

For voting, staking, earning, exclusive access and any other neat ways we can think of to implement it

@KathDM3

I read on your website that it says “Buy and hold LOFI, and watch your balance grow over time.”

What incentives does LOFI offer to holders? How do you guarantee the long-term growth of the LOFI token?

@Rarr0103

In phase 3 your roadmap that you plan to integrate Strategic Associations, currently who partners and investors and who support LoFi And what will the plans with new partners that will arrive?

David Cohen

Great question. If you’re familiar with tokens like Safemoon you’re familiar with the concept of a deflationary token with static rewards. We refined this system to make sure we’re implementing it in the best possible way for long term holders, let me explain how it works.

5% reflection — 5% of every transaction (buys/sells/transfers) gets distributed back to holders based on how much LOFI they’re holding. If you have 1% of the total supply, you receive 1% of the total reflections. This means that as trading happens your wallet increases and so does the amount of LOFI you receive in the form of reflections, like dividends on stocks that get paid every time a trade or a transfer happens. The thing we did different here is that we excluded the burn wallet, the marketing wallet, and the cex liquidity wallet from rewards so 100% of the reflections get paid back to holders.

2% burn — 2% of every transaction gets sent directly to the burn wallet which means that it’s non-recoverable and it’s taken out of circulation forever. The net effect of this is that each token that remains in circulation becomes more valuable because it’s increasingly more scare. So far we’ve burned about 5.5 billion of the 100 billion tokens from the total supply in the first 3 weeks of trading from this function.

Overall these two functions combine to passively increase your holdings while the value of each token goes up over time as the supply decreases. The benefit of this is that the longer you hold, the more you get out of it.

@Rarr0103

In phase 3 your roadmap that you plan to integrate Strategic Associations, currently who partners and investors and who support LoFi And what will the plans with new partners that will arrive?

David Cohen

For strategic partnerships I’m looking to add theme based partnerships. On the art side, I’m targeting Crunchyroll, Funimation and Shonen Jump specifically because I see the synergy of giving them an accessible pool of talent to draw from as well as marketing segment that fits their audience metrics perfectly. On the music side I have my amazing collaboration coordinator Branden Dame @Maestrov3 who’s here in the chat with us helping me to onboard well known bands and musicians on to our platform as brand ambassadors to be able to bring their audiences into our space and send our holders to them for an obviously mutually beneficial relationship. Specifically I’m having Branden go after the LoFi artists that you see on Youtube like LoFi Girl to be able to get some brand placement in their live streams and recorded videos.

As far as investors, we did a fair launch so everybody bought in at the same time. All our influencers received token as payment so they’re all invested in our success so our marketing partners are our main backers outside of our organic investors

David Cohen

Current LoFi-DeFi Brand Ambassadors

Twitter Influencers
Travladd Crypto (@OfficialTravlad) (https://twitter.com/OfficialTravlad)
Telegram Investor Group (http://t.me/researchsquad)
SafeMoon Rich (@SafeMoonRich) (https://twitter.com/SafeMoonRich)
Crypto Inevitable (@INFINITYGEMS007)
(https://twitter.com/INFINITYGEMS007?s=09)
Crypto Cat Gems x1000 (@gems_1000) (https://twitter.com/gems_1000)
Crypto Cat Calls Telegram Group (https://t.me/cryptocatcalls)
TheDeFiPlug (@TheDeFiPlug)
(https://twitter.com/TheDeFiPlug)
Dalia Evans (@CryptoDalia) (https://twitter.com/CryptoDalia)
Tommy BTC (@imTommyDAssault)
(https://twitter.com/imtommydassault)
Pity Keller (@PityShiller) (https://twitter.com/PityShiller)
Luciano (@luciano_eltirri) (https://twitter.com/luciano_eltirri)
Mia Crypto (@MiaPomp) (https://twitter.com/MiaPomp)
Lady Cryptonic (@ladycryptonic) (https://twitter.com/ladycryptonic)
Crypto Monkey (@DaCryptoMonkey) (https://twitter.com/DaCryptoMonkey)
Wolf Pie (@WolfPie8) (https://twitter.com/WolfPie8)
Wolf Pie YouTube Channel (https://www.youtube.com/channel/UCj3JX0KAaIdOtXK67wV88jQ)

Instagram Influencers
endgamecrypto (https://www.instagram.com/endgamecrypto)

SnapChat Influencers
@watanisnap

Those are our influencers

All locked up on 30–90 day deals

Alfred

Excellent

@Orlemys

Your Beta Launch is scheduled for Phase 3 of your roadmap ‘Expansion’. However, there are no dates listed and no further information on the topic. So, if I wanted to invest in your platform today, how much would I have to wait before I cold use your services?

David Cohen

We intentionally chose phases over specific dates because development is a fluid business. I find far too many projects ultimately disappoint their investors because they overpromise and underdeliver. I’m happy to provide hopeful estimates on when we’ll complete things but even in these first three weeks since launch I’ve already seen our priorities get moved around based on circumstances and what needs to be handled at the moment as far as updates and changes.

What I’m committed to is providing regular updates in the form of video AMA’s, text AMA’s, blog posts and just being active in all of our communities daily to make sure that if you want to know what’s going on you’ll never have to search very hard for complete detailed answers.

Part of my commitment to honesty and transparency is trying to tell you the truth, and the truth is that I don’t know exactly when we’ll accomplish our goals. I do know that we will in fact accomplish all of them though just based on the level of hard work and dedication we’re all putting in to it.

Alfred

We just finished the segment of:
Twitter questions

Now we move on to the segment of:
Live questions

take the time you want to answer, but answer a minimum of 5 questions

@Memo

I read on your website that they feature “Original Larienne Art”, but who really is Larienne? Will you be the founder or main designer of the project? Also, all LoFi art is related to her?

David Cohen

Check out her Twitter, all her other links are in her bio for you there: https://twitter.com/lariennechan

Lari is an accomplished commission artist, a published author, a successful NFT creator and she’s worked on a bunch of successful NFT collections that sold out instantly. She currently has over 15,000 followers on Twitter and she’s an Axie Manager. The credibility she lends to us is immeasurable, we’re extremely lucky to have her at this stage of development. I had actually commissioned her to do the original art for LoFire, our mascot, and she’s been a true support of the project since day one. She’s a personal friend at this point and I couldn’t be more grateful.

We’ll be bringing in some of the biggest players from the ETH space into BSC to interact with our token through the LoFi Kitties NFT collection launch in just a couple weeks, and all that is thanks to Larienne

@Oriana Rivas

I see that the

David Cohen

You can buy LOFI on Pancakeswap by finding it in the dApps section of your Trust Wallet or Metamask wallets. You’ll need some BNB to be able to swap it, we have a whole guide for you here on our website: https://lofi-defi.com/#how-to-buy and we’re happy to help you if you need assistance in our telegram group: https://t.me/lofi_defi

Also our token is available on WhiteBIT where you can set up an account easily and trade USDT for it if that preferable to you, just keep in mind you don’t receive reflections for the tokens that you hold on WhiteBIT however we do offer 30 day staking there with a 5% return so you still have an option to earn interest on your tokens

@Young

Many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?

Branden D

I got this one. Thank you @youngstaaaaa for the Question. So our platform is made BY artists FOR artists. Meaning we are taking a very measured approach when developing the UI for our users. It will be easy to navigate and use, as well as easy to promote and share. Fans and Supporters will be able to donate or support their favourite artists and interact with them live. Down the road a little we’ll be offering Live Video Tiny Desk style concerts from featured Artists on the app. Our core team works in multiple time zones around the world and we all communicate daily with eachother to report progress on our short and long term goals. We are a business and we intend to move forward with that same professional guile :)

@Manzanog

What is the ultimate goal that LoFi-DeFi really plans to achieve? will it simply become the most widely used NFT social trading network in all of DeFi? or really how much with many others?

Branden D

Thanks for the question @Manzanog !! The ultimate end-game goal is to create a platform that artists from all walks of life can create and explore the world of decentralized art. We want musicians and digital artists to be able to have a space where they can work and keep the royalties, negate streaming fees, negate agency fees, and keep all the proceeds and returns going straight to the creators and investors.

@Like That

SAFTY and TRUST st of users is really paramount to users

Are we safe any AUDITS yet. ?

David Cohen

Yes we’ve had multiple audits that we passed with no issues found, I plan on conducting more audits from even more reputable companies such as Certik as our finances allow but here are the two audits we’ve had conducted already:

https://lofi-defi.com/wp-content/uploads/2021/06/TECHAUDIT_LOFIDEFI_1.pdf
https://bitriseaudits.com/project/23

The biggest thing I can say about security for you is that the team and I are all fully doxed with our personal and professional reputations on the line. If there was any nefarious activity or misappropriation of funds we’d all be subject to civil and criminal liability as well as just having our reputations ruined forever. I can assure you none of us want that, we plan to deliver value in a safe, transparent way through development not hype.

David Cohen

Cool, that was fun

There were so many great questions, I wish I could have answered them all!

Alfred

Thank you very much for sharing your successful project with our community, we will be waiting for the news and milestones of your project!

LOFI-DEFI is creating a social platform that connects artists, musicians and investors with an integrated NFT marketplace and gallery and social metrics for users to discover hot new talent!

📚More information about Lofi-Defi:
💡 URL
📨Telegram
🐦Twitter

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Crypto Legacy - Legado de Cripto

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