RuffChain AMA | IoT+DeFi+NFT Connects with New Finance to Build New Blockchain Industrial IoT

RuffChain, a project star in China, has officially unveiled its industrial IoT platform “Ruff IoT”. With it, RuffChain Founder & CEO Roy Li made his first high-profile appearance in two years. Ruff, who has been dormant for four years, is now back with really something to reckon with! With its latest effort to combine IoT+DeFi+NFT to build a new ecosystem for IoT finance, Ruff will accelerate the development of China’s blockchain IoT industry and provide faster, safer and more efficient financial and technological products for enterprise-level users.

At 14:00pm on April 15, RuffChain CEO Roy Li was present at a live streaming session to answer questions about the building of a new industrial internet through IoT+DeFi+NFT.

Below is a recap of this AMA:

Q1: Ruff is now ready to explore the new model of IoT+DeFi+NFT. Could you please firstly introduce to our viewers what DeFi and NFT are?

A: OK. Let me start with DeFi. DeFi is decentralized finance, which can be understood as a bank collecting customer deposits, and a central institution such as PtoP or bank is then needed when loans are issued. To avoid any malicious behavior by the central institution or to prevent human accidents, DeFi’s solution is to connect the depositor and the lender together through smart contract to remove the constraints and shortcomings brought by the centralized institution. Similarly, DeFi is also applicable to trading scenarios involving notes, bonds, insurance, and so on. As decentralized finance, DeFi solves the problems of low efficiency, frequent human accidents and complicated transaction processes. Now, there are billions of dollars of assets on the chain which serve as mortgage funds, and everyone can use them with ease. As a way of operation based on smart contracts, DeFi has one most important advantage: everyone has equal opportunities on the chain, and there will be no difference caused by the high or low personal ratings as in centralized finance.

NFT was first known to the public by Ethereum-based cat raising. The reason why it was called “heterogeneous token” is that it grants something a unique value attribute. For example, if ten houses cost one million yuan each, their different location, city, construction time, style and so on will give them unique added value to a great extent. The same is true of NFT, and every token it issues is unique.

Q2: What is the development direction and future plan of Ruff?

A: Ruff has a different direction from many IoTs. We prefer enterprise-level and industry-level IoTs, such as those in the fields of agriculture, industry, pan industry, supply chain finance, because these fields have many possibilities for combination with blockchain. Let’s take an example: a farmer has a thousand cattle, and he wants to buy more, but there is no other asset on his hand to do so. If he applies for a bank loan, a thousand cattle cannot be used as security. If it is combined with blockchain, we can put a collar on each cow to monitor its physical state real time. At the same time, it can be used as security for loan service.

There are many assets in life that cannot be used as security, but they do have certain value attributes. What we do is to combine IoT+DeFi+NFT to create a new ecosystem for IoT finance. We have so far signed many project contracts.

Q3: What role does Ruff play in the NFT Catcher Program?

A: All the projects in this Catcher Program have some common characteristics. They are some older public chains. We also participate in the program to enable projects with practical application scenarios to get new vitality and innovative ecosystem through DeFi and NFT.

Q4: Is the Catcher Program for developers or for ordinary users? How can we be involved in it?

A: This program is more for teams and existing developers. The Catcher Program is a good opportunity and a good project even if a team is successful in developing the existing play method, it is also a very excellent project. I personally regret to say that the projects which left the blockchain industry in 2017 and 2018 have missed a bull market and the best opportunity of NFT. Now, more attention is needed in this field to make the industry develop steadily and in the long run.

Q5: Do Ruff’s recent actions and measures aim to honor its promise of “no three yuan ceiling” and “no market pulling ever”?

A: I personally did say that we would “never pull the market”. You can check my wallet address and foundation wallet address at any time and see that the assets in the addresses never move. We already have two expired team-unlocked tokens, but we have neither sold nor used them. Because the market was really bad in those years, I personally discussed this matter with my team. At that time, one token was only worth two cents. Since none of them is for sale, we would keep them locked. We will not reconsider until the market is bigger and more people are upbeat on us.

Above is a recap of the AMA. In the AMA, Roy Li also revealed the future plan: more attempts will be made in DeF in the future, and more new financial models will be explored. In the meantime, ID authentication through NFT+IoT and other practical application scenarios will be sought for. Please stay tuned to the official channel of RuffChain.

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Decentralized open source blockchain architecture for high efficiency Internet of Things application development