1) Good evening and greetings from Asia. Can you tell me briefly who you are and your background? I would also like to know who are your team members too. Can you tell us too?
Hey, I’m Pol, I come from an Economics background and I’ve been an entrepreneur since I was 16 years ago I started surrounding myself in the blockchain space and 1 year ago I started developing Rand to bring a suited financial tool to Gen Z.
2) What is RAND all about? How does it work?
Rand is a way for groups of people to earn more money with their savings. Our mobile app, powered by our yield aggregator focuses on helping Gen Z earn extra money through direct interaction with DeFi markets on autopilot.
3) What are your two main products?
We offer two main products where users can make their money work for them.
The Public Parties are hosted and created by Rand to bring a financial gateway to everybody. Users can gain access by depositing some funds and by the end of the week, all the yield produced by the participants’ deposits get distributed to a number of winners. What’s cool about these parties is that if you don’t win, you can always withdraw your initial deposit.
On the other hand, Private Parties are created between your circle of friends and/or family, where known contacts are invited to pool the funds and earn together for a common goal. With this investment vehicle, groups of people are able to achieve their shared financial goals faster and more effectively.
The Rand yield aggregator (system of vaults) is in charge of producing the yield by providing liquidity to several money markets with the users’ deposits. We believe that this will be the most attractive way for mainstream users to interact with DeFi markets and become liquidity providers (LPs) in a frictionless way.
4) Can you run us through how your tokenomics work?
Rand is issuing a ERC-20 governance and utility token to bring community-driven governance and a security layer to the overall protocol. The utility functions of the token are based on:
– Staking to the security model to receive sustained recurring rewards
– Governance over the safety module, treasury, and yield aggregator.
– Access to community public prize pools.
– Payment for penalty fees
– Payment for gas cost during the short term.
5) Care to tell us what is Proof of Traction?
The proof of traction is the way we can show to the community how similar products of prize-linked savings have worked in the past. For Rand, we’re doing something better.. better for this generation.
So why are other entities not using this kind of product? The answer is they don’t have a sustained way to offer the current interest rates that central banks are imposing.
Here are some studies that analyse this kind of products and how people benefit from them:
Berkley study on how to attract deposits through Prize-linked Savings
https://seankhiggins.com/assets/pdf/GertlerHigginsScottSeira_PrizeLinkedSavings.pdf
Abstract
“Despite the benefits of saving in formal financial institutions, the take-up and use of savings accounts are low among the poor. In a randomized experiment across 110 bank branches throughout Mexico, an incentive to open and use a savings account—in which saving earned raffle tickets for cash prizes—caused a 41% increase in the number of accounts opened during the raffle months. Nearly all new accounts (96%) were opened by previously unbanked households. The temporary two-month incentive had a persistent three-year impact on the flow of deposits at treatment branches. Prize-linked savings can thus benefit both previously-unbanked households and banks”
Harvard Study about consumer demand for Prize-linked Savings
https://www.hbs.edu/ris/Publication%20Files/08-061_17c22e32-fe06-4b4a-8b5e-e09227fc8104.pdf
“Would you be interested in a savings account that awarded chances to win prizes based on the amount of money you save? The account would also have no fees, no minimum balance, and still, earn interest”
Abstract
“This paper reports on a small-scale survey of the potential American demand for prize-linked savings accounts, an account that awards prizes as part of the saving product’s return. In October 2006, Centra Credit Union launched a prize-linked savings pilot. As part of that initiative, we conducted a mall intercept survey of over 500 people in Clarksville, Indiana, the community where the program was launched. This preliminary data suggests that low-to-moderate income Americans may have substantial demand for prize-linked savings, with a majority of survey participants expressing an interest in opening a prize-linked savings account. As predicted by theory and international experience, interest in prize-linked savings is greatest among people who do not have regular saving habits, who have little actual savings, who play lotteries extensively, and who are optimistic about their futures.”
6) Right now, the market is still bullish and never seem to be slowing down. Can you tell us what are your marketing plans for the year-end?
Let’s say early next year, we’re targetting to promote our main product. So from today to 1st quarter of next year, we’re focusing on building our community. Probably activities where the community would have an early access to Rand. Can’t share more than this.. 😉
7) Security & tech development are aspects that concern us most. Can you tell us about your security and tech development?
Security is our main priority, before launching any sort of public smart contract we will go through several security audits to remove any possible attack to the protocol. It’s better for us to start safe and secured, than fast and weak.
8) Users of Rand from Europe will have a chance of entering it through the Fiat on-ramp, do you have plans to expand that in the future to North America, or elsewhere? What plans do you have in Asia?
After Europe, we are targeting South America -> North America -> Asia
9) What are your listing plans?
We plan to list the token on several exchanges during the time where we can reach those unreachable.
If we want to onboard mainstream users we have to start building products backed by DeFi but with friction-less UX. There are conversations being started behind the scene, so this listing is one thing you need to look out for.
10) To end of this segment, can you give us an inspiring quote?
“Stop risking your money for income. Let’s party to earn.”
A new and exciting project is here that aims to solve one of the most significant sources of stress in young adults and professionals through gamified #DeFi.#crypto #blockchain #cryptotrading
Read more here: https://t.co/qberjVA7g0
— Rand App (@RandApp_) November 11, 2021
