Ramifi Protocol AMA Recap
Ramifi Protocol is an inflationary resistant synthetic asset whose value is pegged to a weighted basket of globally traded commodities to denominate the purchasing power of the dollar.
Today we have Kyle Forkey as founder & Kyle Kahlenberg as co-founder of Ramifi Protocol joining us to answer our questions for the next hour.
I am Kyle Forkey. I am the Founder of Ramifi Protocol.
I have a background in civil engineering, and my first foray into crypto was in tokenizing precious metals.
I have a deep passion for creating instruments that move us away from our legacy systems and think that begins with a solid foundational stable currency.
I am Kyle Kahlenberg. I am the Co-Founder of Ramifi Protocol.
I started in crypto around 2016 with very little understanding about blockchain technology, but i still had a passion for decentralization.
Very quickly I caught on and began getting involved in the space any way I could, initially through bitcoin faucets.
It wasn’t until 2020 where Kyle and I decided to disrupt a key issue in traditional finance, inflation.
Question from the CryptoRank team
#1. Can you tell us about Ramifi Protocol? What problems do you solve, both in the space and for the community?
Kyle F.: – The core focus of the Ramifi Protocol is in the creation of an infinitely scalable, stable and inflation immune digital asset. The problem with what’s been created this far lies in ties to the USD. Whenever the fed prints money, things pegged to it are proportionally affected.
Kyle K.: – Ramifi aims to create a decentralized inflationary unit of account. It’s simple but can get confusing at first. Using algorithmic adjustments, we maintain a semi stable peg that has an inverse relation to the loss of value the USD experiences.
#2. Could you shortly describe the milestones Ramifi Protocol have achieved, and about your upcoming plans?
Kyle F.: – We were able to successfully create an inversely inflationary peg, the next ítem we aim to tackle aside from continuous improvement of the protocol lies in securing truly decentralized api feeds for which the infrastructure does not currently exist.
Kyle K.: – We were also able to garner a rapidly growing community with immense support recently, so that took me a bit by surprise. Our testnet went very well as mentioned by kyle and the key functions did not disappoint. After launch on DuckSTARTER March 30th, we will be announcing a series of partnerships, roadmaps, integrations, listings, and a lot more!
Questions from Twitter
#1. How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Kyle K.: – I chose this one because our community is so new and we’re trying our best to bring everybody who hates the inflation of their currencies! But here are our current links and communities:
#2. Can you tell us the unique feature that your project has and implemented but others don’t have?
Kyle F.: – That would be the commodity peg. Commodities form the foundation of the global economy in the survival of the human race. When their value fluctuates as a whole, it’s not because they become less necessary, but because the currencies used to purchase them have lost power. That’s why we chose to base our currency around this peg to combat inflation.
#3. Could you give us information about the commodities you mentioned on your website? Can you explain what are the goods that Ramifi is attached to?
Kyle F.: – It’s a long list so I want put all of them here, but we chose our basket based on each markets respective volume. Cows are not as large a market as oil for example so it’s weight when determining the peg is diminished. Of all the commodities traded we chose the top 100 based on their respective market volume.
Questions from Telegram
#1. Has your project been fully decentralized? And will there be any risk of centralization in the future?
Kyle F.: – Quite the opposite, we lack the infrastructure today to acheive the level of decentralization we would like. Runiing the nodes for prcing data alone would cost 100s of thousands of dollars with whats in place today. My personal goal is to have 15 commodity data feeds in the next 12 months, working our way towards all of them.
#2. In my opinion, only getting investors and holders are not sufficient. A project needs to solve a real world issue or a real world problem. What plans do you have plans with them?
Kyle K.: – This is actually very very true, our goals are to reach real adoption within the first year of launch after our growth phase is stabilized
#3. Ramifi provides Supply Based Stability, and for this, the protocol recalculates its total supply on a daily basis. So, what are the mechanics of the protocol that might change the total supply everyday?
Kyle K: – To put it simply and not over complicate things, if the price is below our peg the supply is deflated and if it is above it is inflated.