There is no denying that the crypto space is booming, and in recent times, a subsector of the space, DeFi, is also flourishing. We got hold of a major player in the market who shares the principles and lessons of developing a product in the space. The lead developer of ImpulseVen, Amit Debnath, bares it all in this exclusive interview:
Please tell us your story and what brought you to become an entrepreneur?
I always had an innate love of writing code to solve complex issues. As such, I strive to do everything that is needed to become the best programmer possible and master all of the necessary skills to continually improve myself in this field.
After entering the cryptocurrency space in 2017, I took the initiative to start and architect a user friendly, easy-to-use cryptocurrency platform for peer-to-peer financial products, ImpulseVen. I worked as a Senior Programmer who managed multiple computer programs prior and knew I had the required deep technical expertise and collaborative network of other techs to join me on the journey to create a successful business.
Today, I am proud to be the Lead Software Developer behind ImpulseVen, a decentralized finance platform that launched this past month. My role as a leader on the tech team is to set the greater objectives and goals for new tech developments.
Being a great team player when it comes to collaborating to manipulate code, I seek to develop my leadership skills further by actively listening to those around me while taking increased ownership of the final work product for my own coding development as well as the wider ImpulseVen tech team’s product.
What are the core principles that guide your business?
Entrepreneurship means to live a life of daily motivation and action while being strategic and mindful of the decisions you make and the consequences they bear. That mindset is behind our guiding principles to our business.
If your business is not bringing value to its intended target base of people, it won’t last long. Feedback from your target audience about your product or service should bring renewed energy to bring more clarity and meaning to everything that you create while constantly refining your business product.
At ImpulseVen, we have crafted a unique decentralized finance platform that looks to involve our community in a meaningful way in steering the direction of the business and defining the long-term roadmap.
Sometimes, you will regret the choices you have made because they did not prove to be right, but you should be willing to learn the lessons they bring quickly.
From an implementation perspective, I work on product development constantly. One should not attempt to achieve the end vision of the company on the day of your start-up launch. You should ‘think evolution rather than revolution’.
We now work on a product iteration basis, always having a vision of where we would like to take the ImpulseVen platform while taking a step-by-step approach that allows us to constantly adjust and pivot where required, based on customer feedback. From there, we keep on updating and improving our services as we following our core business principles.
What was your inspiration behind starting ImpulseVen?
As a passionate tech developer, I wanted to bring my knowledge base and skillset to the DeFi world, in crafting products or services which will propel decentralised finance to a better place for new users who want to adopt peer-to-peer financial products. As a motivated team, we want to bring to users the capacity to use a single digital currency in an easy-to-use platform with solutions accessible to all, with the highest standards of transparency, security and reliability.
The idea that anyone can easily participate in peer-to-peer finance while managing crypto assets to create financial freedom is something which we wanted to create for people are the world to discover. Having accessibility to our platform at your fingertips was always a driving force in creating ImpulseVen.
There will be many features for users to discover on the ImpulseVen decentralized finance platform, including lending/borrowing, AI-driven arbitrage trading, a decentralised exchange and recurring billing solutions. Staking and farming are quite standard DeFi solutions that we are also going to be offering, with staking going live on April 2rd.
The ImpulseVen DeFi ecosystem is focused on offering speed, scalability, reliability and transparency. Our democratic ethic sensures that everybody, wherever you are from, has the ability to hold our digital currency, the VEN token, with community-driven voting to suggest changes that our users wish to make in our protocol. The users voice means a lot to us.
What differentiates ImpulseVen from other blockchain projects?
The combined set of features and products of ImpulseVen makes it unique to others in the DeFi industry. We are combining lending, staking, farming, AI-driven trading and a decentralized exchange all in one suite.
What is really unique to ImpulseVen is our A.I.-driven arbitrage trading bot, which is a next generation product that helps to automatically execute profitable cross platform trades.
ImpulseVen’s arbitrage trading bot will monitor different decentralized exchanges to identify price discrepancies for a particular token pair and capitalize on such discrepancy by placing profitable trades. The bot will be configured for high throughput, capable of executing thousands of transactions per second to ensure maximum utilization of presented opportunity simultaneously across multiple exchanges.
We have a new way of arbitrage trading where anyone can participate and still generate the arbitrage profit. We are going to make a pool where they can transfer their assets and then the pool takes the arbitrage for them. The profit will then be shared with our community.
Another feature we are proud of developing is our ImpulseVen decentralised platform, where the user can swap assets and perform margin trading. One can also take leverage from our pool up to 20%.
Our unique staking product will bring three types of staking of the VEN token:
- Normal staking which will produce 42% yearly rewards
- Fixed deposit staking with 55% yearly rewards
- YFDAI staking which will be like a pool. Every month 25000 VEN will be distributed as a reward for 6 months so people need to lock YFDAI for 6 months to be eligible for this staking product.
This is how we stand out compared to the rest of the ever-growing decentralized finance market.
Furthermore, our ethics of transparency entails that we reveal our team members, while most platforms’ in DeFi keep their team members anonymous. We are also putting in place a recruitment structure that ensures that we have a solid team to manage the project around the clock.
Finally, as security is our top priority, we are going to hire even more blockchain security specialists to further reinforce the security of ImpulseVen network from hackers.
What are 3 things that excite you most about where the blockchain industry is heading?
I am most excited about the blockchain industry’s fast evolution, how blockchain impacts so positively many industries for efficiency and performance, and the rate of mass adoption.
Blockchain is changing the world very positively and watching at this rate of change thrills me. It promises to solve various problems, and revolves around the evolution of the patterns of technology adoption, how the new architecture of blockchain is evolving, the blockchain adoption and the positive transformation impact on industries, firms and individuals.
The financial services industry is ripe for serious transformation by blockchain technology. The way blockchain moves money, allows for lending, stores money, trades money, attests the money, and the way it accounts for money is unique beyond the centralized nature of the financial services industry today.
What are the key lessons you’ve learned in starting a new technology business that can help aspiring tech entrepreneurs?
It is first of all very exciting to make the difference in the DeFi Industry, a great honor to have the chance to put in place, months of hard work, years of combining experience as a team, testing, again testing and further testing to get everything right.
Whilst we learned many lessons, the one which strike us most is in finding solutions to critical problems in finance. You will growth and prosper from all angles in solving a global problem that an entire industry faces.