Asalways, SatoshiClub’s community enjoys events full of entertainment. Today we would like to tell you about the conversation we’ve had with our friends from Harmony. The AMA took place on May 28 and our guest was Corey Strong (Co-Founder of Harmony).
The reward pool was $200 and has been splitted in 3 parts.
In this story, we will try to summarise the most interesting points for you. It would be as fun as the real thing, but we’ll try to get as close as possible.
Part 1 — Introduction and questions collected on our platform
Serg: Hello @nickw123 ! Welcome to Satoshi Club! Please tell us a few things about yourself
Nick White: Hey everyone, I’m co-founder of Harmony and honored to be here to talk to you all. I hope we convert you all to Harmonauts today
Irina Kravchuk: Good luck! We’re very happy to have you as our guest as well
Serg: We are pleased as well to have you here today. Please briefly introduce Harmony to us
Nick White: My background is I grew up in Hawaii before going to Stanford for my BS and MS in AI/neural networks. Then I moved to Hong Kong and fell down the crypto rabbit hole and started Harmony with my co-founders Stephen, Sahil and RJ.
We set out to solve the problem of scalability. We decided that if blockchain were to become adopted by the masses and create the same level of impact as the internet itself, we needed to build a blockchain that could support billions of people, would settle transactions in seconds, and would be extremely cheap to use, all while maintaining strong decentralization.
So we designed an architecture that combined the best of sharding and proof of stake, using the best new cryptographic primitives and networking techniques. Our blockchain now supports thousands of TPS with 8 seocnd settlement time and each tx costs less than $.000001. And we’re still decentralized. We have 1000 nodes now and are heading to many thousands of nodes over the coming year.
Serg: was it hard to move from AI/neural networks to blockchain?
Nick White: Luckily I studied Electrical engineering which gives you a broad background in computer science, so it wasn’t all to hard for me to jump into blockchain and crypto.
Irina Kravchuk: Why did you move to Hong Kong?
Nick White: I joined an AI incubator/VC in Hong Kong as “AI specialist”
Serg: Thanks for this introduction, Nick! Ready for question 1?
Nick White: Of course
Q1 from Telegram user luckydraw66
What will be Harmony next steps towards achieving mass adoption? What Blockchain use cases are currently working on and which use cases do you think will be the most successful in driving blockchain technology adoption?
Nick White: The next step for mass adoption for us is creating a comprehensive grants program for developers to building tooling and apps on Harmony. We want to cultivate a rich developer community and ecosystem, while also helping target some key use cases. In particular we see our blockchain as very well suited for financial applications and payments. We imagine Harmony to be a global settlement layer for cross border finance. We think the growth in adoption of stable coins is only just starting and we want to position ourselves in front of that wave. In addition to payments, our chain supports smart contracts so we can also build DeFi applications.
Serg:is there any financial app built on Harmony at the moment?
Nick White: We have our first big announcement around this coming very soon!
Irina Kravchuk: I would be very happy to see a serious alternative to PayPal coming in the near future!
By grants you mean offering money to projects for development?
Nick White: Yes we will be using the funds in our foundation to offer developers to work on projects with us.
Serg:can you tell us more about the finances? where does it come from?
Nick White: Sure thing. So at our launch we created a foundation with a certain portion of the ONE tokens in supply. These funds are meant to be used for ecosystem growth and adoption. We plan to also develop a governance system to help us give out grants and use this money in a decentralized way.
Irina Kravchuk: So basically the community will choose? The projects that are being financed?
Nick White: I don’t want to say anything final until we’ve arrived at a governance design, but the community will be part of the decision making. Eventually we would like to remove our own company’s involvement and go fully decentralized, but that may take some time.
Q2 from Telegram user nickkiii
1000 Validators is quite a huge number, what made you choose for Harmony to have 1k validators rather than fewer like binance chain has?
Nick White: Great question. The answer is decentralization. The thing that makes any blockchain better than another (or even better than a database) is how decentralized it is. When a blockchain limits the number of nodes it has, it becomes more centralized. Both in terms of infrastrucutre as well as in terms of power on the chain. Infrastructure centralization is dangerous if a nation state were to try to shut down the network. Centralization of power on the chain is dangerous because it can lead to collusion or simply a dictatorship.
We want Harmony to set new standards not just for speed and cost but also for decentralization in blockchain. In time we would love to see 10’s of thousands or 100’s or even millions of nodes. That’s why we made it possible to run a Harmony node on a simple machine like your laptop.
Another added benefit is that as a sharded chain the more nodes we have, the more throughput we gain. It’s a win win. More throughput, more decentralization.
Serg:the sharding technology is similar to the one ETH 2.0 is going to implement? Buterin said smth about sharding
Nick White: Yes we have a similar design to ETH 2.0, except we have fast finality and we are already launched!! ETH 2.0 hasn’t even started phase 1 which is just the start of a new non-sharded POS chain. They will still have to build sharding after that. Plus all the compatibility and migration problems they’ll encounter both technically as well as in the community.
Irina Kravchuk: So no limits when it comes to the number of nodes?
Nick White: There is probably a limit somewhere, unclear where it might be. Also if we run into those problems, we will likely be able to engineer a solution down the road.
The only bottleneck in sharding is the beacon chain, which has special duties among all other shards. If there become too many shards then the beacon chain may become overwhelmed. There may be a more advanced design that could solve this problem though. One in which groups of shards are nested perhaps.
Q3 from Telgram user endtimeprophet
What’s EPOS and how is it better than POS. What makes Effective Proof of Stake consensus better for harmony
Nick White: “Effective Proof of Stake” EPOS is a new spin on allocating voting power and rewards in a proof of stake network that our CTO RJ developed. Proof-of-stake blockchains have been criticized for “rich get richer” economics in which the largest stakers earn the most. EPOS counters this problem by capping the rewards of large stakers and boosting the rewards of smaller stakers.
The way that it works in more detail is that people bid for a certain number of available seats on the network. Right now that number is 320. Among the top 320 bids, the median is taken. That median sets an upper and lower bound on the amount of rewards that each bid will earn. So if you bid too much higher than the median you will not earn very much, but if you are much lower than the median you will earn extra.
One of the nice side effects of this model is that it allows for compounding of rewards in staking since there’s no fixed node staking price.
Serg:what is the reward for the nodes?
Nick White: The inflation rate is currently 3%. People are currently earning ~15% annual staking rewards right now.
Irina Kravchuk: And the biding is made automatically within a range? That the nodes set?
Nick White: The bidding is done by the validators themselves. Some do it manually, others do it with a script.
Serg:what if all the available tokens will be staked? it means that the return will be 3%, right?
How does Harmony’s roadmap for 2020 look like? Name some important milestones you are hoping to achieve?
Nick White: Now that we’re equipped with a battle-tested base layer, we will shift gears to pursue adoption with the same nonstop execution that enabled us to launch the first sharded PoS blockchain. Our scalability, speed and cost will enable use cases and user experiences that no other blockchain before us could.
Our roadmap for 2020 includes reducing settlement times below 8 seconds, transitioning to community governance, and pursuing several promising application areas including cross-border finance, auditable privacy and branded digital collectibles.
We have a couple of exciting partnership announcements coming up that will help show people where we’re headed. A high priority will be bringing stable coins onto our platform. I’m looking forward to launching with Quidd in 2020.
We also brought on a new team mate to lead our marketing efforts. He’s going to do a great job in boosting our awareness and image. The timing is perfect now that we have a battle-tested base layer to build on.
Q5 from Telgram user IAM12312
You guys had an $8 million joint acquisition of Quidd with Animoca. Can you tell us about its Importance?
Nick White: Yes, Quidd is a bridge for Harmony into the digital collectible and blockchain gaming ecosystem. We look forward to launching a blockchain powered version of the Quidd app and onboarding it’s 13M collectors to Harmony. Quidd also brings a huge number of well known brands like Marvel, Disney, Rick and Morty, giving Harmony the chance to be the first to put these brands on the blockchain.
Ready to open the chat.
Part 2 — live questions from the Telegram community
Q1 from Telegram user Keymer Salom
Most investors only focus on the price of tokens in the short term, not the actual value of the project. Can Harmony tell me the benefits of holding Harmony for long-term investors?
Nick White: This is a good question. There are a lot of things to consider about Harmony’s economic model. First of all, we have very low inflation, meaning that your purchasing power will not get diluted quickly as it would in other chains. Second of all, we burn all transaction fees which means that the more adoption our chain gets, the fewer coins get minted until there are no more issued just like Bitcoin. Third, you can use your ONE tokens to earn staking rewards, so if you believe in the long term potential of the project you should stake.
Q2 from Telegram user Matvey Morozov
Interested in the issue of staking, is it possible to participate with a small amount of coins? What is the estimated profitability at the moment?
Nick White: This is a good question. The minimum number of coins to stake if you are delegating is 1000 ONE, or $3 USD. So it’s very accessible not matter how small your holdings are. We want it this way to encourage as many people around the world to participate. This is what decentralization is about.
To run a node, you will need to attract a minimum of 8M ONE stake through your own funds and delegation. We hope to keep this number low by adding more seats over time so that it’s not too expensive to join. Estimated returns are roughly 15%. It could increase or decrease depending on if more stake is added or removed from the network. We are currently at 3B total stake.
It is how staking in ONE wallet looks like
Q3 from Telegram user Jolaine KL
As a project born in the IEO of binance, practically, do you think that having been on this platform was a good option?
Nick White: Binance has been a huge support to us over the past year. We will be celebrating the 1 year anniversary of our IEO on June 1st. Since the IEO they have helped us run community campaigns to attract delegators and validators. Most recently they have supported staking for our mainnet launch. It’s really incredible what they’ve done for Harmony. They truly believe in supporting decentralization.
Q4 from Telegram user Rohit
DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi with us? Do you think that DeFi will disrupt the existing financial system? WHAT’S #HARMONY approach towards the DeFi sector?
Nick White: DeFi is certainly the hottest topic in blockchain right now. I think that Harmony needs to experiment with DeFi and our path to get there is first to get assets like stable coins on our blockchain. Only when we have assets on our chain will there be something for DeFi apps to use as collateral or trade on DEXs.
Harmony will offer many advantages over legacy chains like ethereum for defi. First of all the cost per transaction will be radically lower. Second of all the settlement times will be much faster so you can actually use a DeFi app as you would a normal web app. The difference is stark. We’re looking forward to the first batch of grants bringing on some DeFi apps to our chain!
Q5 from Telegram user Bobbyfernandito
Ontology and Zilliqa also have sharding technology. What’s so special about Harmony’s sharding? What are the main advantages users can see using EPoS instead of PoS?.
Nick White: Our sharding is special because we are the first to do full sharding and we are the first to combine sharding with Proof of Stake. Other chains like Zilliqa only do transaction sharding. This means they are not fully scalable in the end as other bottlenecks like state storage still exist. We do full state sharding, meaning there are no bottlenecks at all. Every aspect of our chain is sharded.
Second of all, we have proof of stake. It has taken many projects years to build a non-sharded proof of stake chain. This is a frontier technology on its own and combining it wil sharding adds a whole new level of complexity. Staking must be coordinated globally across the entire network, yet each shard must also individually run their own proof-of-stake consensus. This means that each shard must relay information back and forth with a beacon shard to coordinate all the basics such as voting power, slashing and rewards. Ensuring that such a system runs securely requires enormous theoretical rigor and practical engineering.
Thanks so much everyone!
Irina Kravchuk: Thank you for your time and great answers!
Serg:Thank you for your time, Nick!
Part 3— quiz results
In the final part we would like you to check your knowledge in terms of Harmony. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!
On May 15th our friends from
FinNexus team were invited to conduct AMA session with SatoshiClub Community.
Our guest was Kailing Bian (CSO of Trias).
The total reward
pool was 200 USD and was split in 3 parts.
There was a second Trias x Satoshi AMA
session, , no less or more interesting or dynamic. As always, there was a lot
of food for thoughts in this session, so we are trying to summarise some of the
most interesting points for you.
Part 1 – introduction and questions from Twitter
Serg: Hello,
dear friends! Today we will have another episode from our AMA series in Satoshi
Club. Today we present to you Trias! Our guest is @KailingBian – CSO of
Trias
Welcome to Satoshi Club! Before we start, please tell us a little bit about
yourself
Kailing Bian: Sure. My name is Kailing Bian. I graduated from LSE with Master of
science degree in management and strategy. My bachelor degress is in economics.
I worked for Accenture, a top IT and management consulting company and after my
consulting experience, I worked in the venture capital industry. I have helped
more than 200 startups in their stealth business model and financing process. I
joined Huobi Labs for investment and incubation. I also invested in crypto with
my own fund before I cofounded Trias.
Irina Kravchuk: Nice. For how long were you in the venture capital industry?
I assume it helped a lot at the beginning of
the project.
Kailing Bian: yes, for about 6 years
Serg:we had
an AMA with Trias some time ago. What developments you had lately?
Kailing Bian: Since our last AMA, Trias has made remarkable progress. In general,
there are several more significant events, including our release of the
economic white paper, the launch of the hybrid staking system mentioned in the
economic white paper, and our recent plan to list on BINANCE DEX.
In addition, we have also signed many
international partners, including powerful companies from China and South
Korea. These are reported in our news.
Irina Kravchuk: Can you name a few partners?
Kailing Bian: SURE, as you already knows that Trias delivers enterprise products
and solutions to solve the trust and security issues for different customers in
many industries. Here I list some use cases and partners
Finance: Soochow Securities
Trias implements blockchain-based DevOps systems, targeting at insuring the
stability of its stock trading system and preventing insider threats brought by
contractors.
Smart City: Chongren County Substation Industry Park
Trias provides blockchain-based trustworthy ERP/MES DSaaS for more than 100
companies in the substation industry with a total product value at $0.3billion
in supply-chain finance.
Commodity: China Asean Marine Product Exchange
Trias provides blockchain-based exchange clearance and cross-border settlement
systems for the largest marine product exchange in Asia.
Upon this progress, many third parties from
all over the world have joined Trias Alliance, such as software developers(Octa
Innovations in China), data engine (Ptmind in Japan), open-source communities
(Odoo), security providers (CertiK in the US), and crypto projects.
Serg: Your
partners are from many countries. You have a good expansion and business
development team. Would you like to add smth before starting with the first
question?
Kailing Bian: Generally speaking, Trias is a
link between the real enterprise and the cryptoworld, providing a bridge, and
giving back to our community and token holders by serving more real business.
Q1 from
MerinoBeltran
Do you plan to
list in any other big exchanges to keep increasing the volume and the price?
Such as Binance, Crex24… And, how did you list on KuCoin?
Kailing Bian: yes, for now we are applying to list on Binance Dex
Serg: Maybe
you can tell briefly what can we do to help you list?
Kailing Bian: Thank you, sure , I hope community members can help to support us by
posting below our listing proposal, and vote for us
Of course ,we shall have a series abundant
bounty campaign to thanks the support from community:grin:
Back to the first question, we got free
listing on Kucoin
The second IEO of spotlight coz they find
Trias are very solid and technically innovative. We have a strong and long term
cooperation with Kucoin and currently we are among the top volume stars of
Kucoin
Irina Kravchuk: Binance DEX is the next milestone and it’s a great one.
What about other exchanges? Are there any other exchanges on the roadmap?
Kailing Bian: Yes, besides Binance dex , we are applying to list on Upbit, and
other exchanges recently, which will be release soon.
Q2 from ketuart02
Trias start
their first staking reward from 10th May. I’m very curious about Trias staking
rewards in the range of 120%-1200% APR. What is the basis of calculation,
Yearly, Quarterly or Monthly? How is the reward calculated?
Kailing Bian: As We mentioned above, our staking rewards come from the buy back
from secondary market, that’s why our staking is deflation.
Trias has repurchased 96,472,628 TRY from
its 2019 revenue and will contribute to Trias community through burning and
staking.
As you may know, we have just launched the
first staking program in 2020 on May 10th. But it has been filled up in only
within 3 hours.
This is the first Staking this year, and the
rewarding pool is 1,000,000 TRY
Total Staking Pool is: 1,000,000 TRY soft
cap and 10,000,000 TRY hard cap.and we do not have cap for person staking
In the case where a total of 1,000,000 TRY
are staked a rewards equivalent of 1,000,000 TRY will be distributed to the
participants. It gives the participants a return equivalent of 100% per month
and 1200 % annually.
In the case where a total of 10,000,000 TRY
are staked a rewards equivalent of 1,000,000 TRY will be distributed to the
participants. It gives the participants a return equivalent of 10% per month
and 120% annually.
Irina Kravchuk: Wow. That’s fast. When is the next staking program?
Kailing Bian: The next staking program will launch by the end of this month, which
will be more attractive, so if you wanna join, pls stay tunned.
Irina Kravchuk: The percentages are impressive for sure.
Kailing Bian: yes, the point is these rewarding are not minted.
Q3 from
Rockycrypto80
To Run a project smoothly, Funding is very
important, From where does the Funding/revenue come from ?
Kailing Bian: Currently we have developed a
mature business model in our own DApp (TriasForce) and we also have design
mechanism for others to do the same because we provide:
1) infrastructure and toolkits for developers;
2)blockchain software for distributors to sell;
3) a business network for service providers(who can modify the blockchain
products to fit the demands of end users).
As for Trias Force, I ‘d like to introduce a
bit.
Some of you might know it from last AMA.
But I d like to introduce a bit cuz it is
important for this economic model
TriasForce is a Decentralized-SaaS for enterprises built upon Trias MagCarta
Layer,
It has already deployed on many industrial clients, such as top financial
institutions and power industries as I present at the beginning
Essentially, it is a DSaaS solution, combing
the technology of AI, blockchain and security, solves the ‘centralized issue’
faced by the current clouding computing infrastructure and industry, by
ensuring of data ownership and preventing the tampering of data leakage and
individual privacy.
Trias Force now has 3 products, TriasForce
Auditing, TriasForce Security, and TriasForce ERP, providing blockchain-based
services to clients over different industries.
By providing these products and services,
Trias Alliance have pretty good revenue
According to the MagCarta economic model of Trias,
the benefits for the community and token holders come from the successful
deployment of business clients. Could you explain more about this mechanism?
Irina Kravchuk: Q4 is somehow related to the clarifications that you gave for the
3rd question.
Kailing Bian: Sure, basically,these questions
answer are pretty similar, but I d like to give you a bigger picture.
First is about
MagCata, you need to know that Trias is composed of three layers: Leviatom,
Prometh and MagCarta.
Leviatom is an integration of Trusted
Execution Environments (TEEs) and Heterogeneous Consensus Graph, a graph
computing algorithm similar to Hashgraph or DAGs.
Prometh is a combination of formal verification and DevSecOps methodologies to
achieve traceable and verifiable general-purpose software development.
MagCarta is a consensus-oriented programming paradigm to achieve embed and
self-defined consensus strategy for high-order enterprise DApps.
Each layer has its unique economic model and
operation manner
The hybird staking system and the rewarding
come from the up layer MagCata, we also have the other two layers which will
also have its own economic model
All three layers, Leviatom, Prometh and MagCarta,
have token economics.
Economics of Leviatom encourages the participation of computing devices, the
operators of whom can gain rewards by acting as Executor, Monitor or
Disseminator.
Economics of Prometh helps to identify possible malicious behavior implemented
by a certain application as Developer, Builder and Security Checker can be
rewarded.
Economics of MagCarta is the most dynamic one, with Trias Alliance (a
production house for onchain development of DSaaS), Enterprises (who deploy the
DSaaS), and Distributors (who stake to join as franchisees).
Q5 from YeterAkp1
The project tells us that the acquisition and sale
of data between participants is protected by code of conduct and how safe is
deployed on the blockchain, but how do you handle regulations while operating
on a global scale?
Kailing Bian: Trias has a solid team background
in cyber security and data protection and thus we provide decentralized cloud
computing infrastructure to provide trustworthy solutions to enterprises, who
are afraid of data privacy and leakage. Our solutions now have been applied by
our clients globally, including large financial institutions and manufacturing
industries in China, open source community and open source solution providers
in China and Korea.
Irina Kravchuk: What about the regulation part?
Do you have a global legal team?
Kailing Bian: Yes, We have legal consultants
globally
The core members of the team graduated from
Oxford, London School of Economics, Peking University, Tsinghua University and
other top universities; served in China Aerospace, Intel, Oracle, Alibaba with
strong technical strength and rich working experience.
Because we are
dealing with different partners around the world, we have experience with
security compliance and data regulatory and have our legal consultants to
facilitate us in regulations
Thanks
Part 2 – live questions from the Telegram community
Q1 from Ruben L.
Can you further explain what’s Trust Alliance
and which requirements do projects/companies
need to set up a partnership with Trias within it?
What benefits do they and you have by
joining it other than a mere association, since there are many programs like
this where they even help in financial terms,
how does Trust Alliance differentiate and compete with others?
Kailing Bian: As I mentioned before,Until now,
many third parties from all over the world have joined Trias Alliance, such as
software developers(Octa Innovations in China), data engine (Ptmind in Japan),
open-source communities (Odoo), open-source compliance (Eyes protocol in
Korea), security providers (CertiK in the US), some crypto projects and some
traditional enterprises. In the future, there will more and more enterprises
join in Trias Alliance to build DApps, grow Trias ecosystem, provid development
tools and protocols, and also rich TRY utility.
As for Trias
cooperation with Eyes, it happens on Trias Prometh Layer, which is a
combination of formal verification and DevSecOps methodologies to achieve
traceable and verifiable general-purpose software development.Trias implements
a trusted software building process to achieve traceable software supply chain
management and security auditing.
The ambitious goal of this partnership is to build an ecosystem that
strengthens security capabilities, ensures continuous development, and ensures
safety and reliability in the blockchain ecosystem.
Q2 from Astle
As Trias Force has 3 products, #TriasForce Auditing,
#TriasForce Security, #TriasForce ERP, can
you tell me what services these products provide to services to clients?
Kailing Bian: Empowered by the Trias blockchain
technology, TriasForce aims to provide enterprise level DSaaS. It ensures
enterprises’ core data and critical services are secure and reliable. Leviatom
ensures the datacenter’s infrastructure integrity (TF-Security); the Leviatom-supported
ledgers provides capabilities for storing arbitrary non-structural data with a
high throughput (TF-Security and TF-Auditing); Prometh facilitates trustworthy
and traceable software composing and building (TF-Security); and Prometh services
supports higher-level application needs such the ERP systems (TF-ERP).
Q3 from Luis
Merino :es: | Satoshi Club
Q1. What reasons can you give me to hold $TRY in a
long term period? What are it’s benefits that make it better than other
projects?
Q2. How much did you have to pay to join the voting for listings on Binance
DEX?
Q3. Why do you offer that huge APR for staking $TRY? (120-1200% APR). Is it
just to increase TRY token holders and keep the project organic growth?
Q4. How is $TRY conected to real live payments and economy? Can we see $TRY as
a payment method on real life within the two next years?
Q5. Don’t you think that listing on Binance before finishing all the project
and ideas will increase $TRY volatility and a huge decrease in the token value?
Thanks for this great AMA!
Kailing Bian: This one is also a good ONE.
Our token economics model combines traditional business model and innovative
token model, with the aim of deploying blockchain technologies to traditional
businesses and pumping values into the ecosystem. We believe the times of hype
has passed and industries need real applications of the blockchain tech.
By bringing franchisees and franchisors,
most of whom are from traditional businesses, and integrating the staking and back-back
model designed intrinsically by Trias, more businesses can enjoy the new
technology and economy of the blockchain, while Trias can benefit from a
value-supported mechanism to grow its ecosystem
That’s the answer of your first question and
forth question
For the second and fifth, of course we will follow Binance DEX requirements to
deposit BNB and we will reward our community’s support and votes, we think
listing on Binance will facilitate the development of Trias community and token
values
As for your third question, I think I
explained above quite clearly, that the staking auction and burning is real
rewarding mechanism to our community, which ensures participants will get
benefits no less than the average APR in the market now, so pls follow our next
Staking Auction, which will be launched soon!
Irina Kravchuk: Great, thank you @KailingBian.
I think since you answered more questions from Luis Merino, we’ll take one more
question and call it a night, what do you say?
Q4 from
Thiyagarajan
Trias has parallel staking systems
*Franchise-franchisee Model : How did you attract them to stake Trias?
Kailing Bian: First of all , you need to know
that our Franchisors are Organizational and individual developers can utilize
Trias infrastructure of chains and smart contracts to develop chains and DApps.
they can be a public blockchain, a protocol/toolkit affiliated to Trias
ecosystem or an enterprise blockchain product/solution.
Local franchisees have special terms with franchisors on the right to sell products
and services to enterprise clients in a region. A typical franchisee can be a
distributor of software products with established channel and client resources.
A franchisee can benefit from the sale of the products and gains of the token
appreciation during the staking period. In addition to staking, franchisees are
required to share a percentage of revenue with franchisor.
The franchisor can receive the income (as in the case of individual developers)
or reward to its community based on its token economics (as in the case of
public chains).
Irina Kravchuk: Thank you for your time and
effort. It’s been quite intense
Kailing Bian: Great team and great community! Happy to be with you guys tonight! Thank you all!
Part 3
In the final
third part we would like you to check your knowledge in terms of Trias. They’ve
prepared tricky questions for this part, so everyone could be a part and
answer. . All the correct answers you will find at the bottom of this Recap.
Enjoy!
Q 1
Which of the following is the features of Trias
staking?
A. no new tokens
are minted to be staking rewards
B. non-inflationary
C. 2 parallel
staking systems
D. A, B, C
E. B and C
Q 2
Which statement is incorrect?
A. Trias is a
Full-stack decentralized trusted cloud infrastructure and ecosystem for
all-scale, general-purpose, and enterprise-ready applications.
B. TriasForce, a software complex developed by Trias team, is a
Decentralized-SaaS(DSaaS) that ensures the trustworthiness of the underlying
software.
C. Trias Force
now has 2 products, TriasForce Auditing and TriasForce ERP, providing
blockchain-based services to clients over different industries.
D. Each of Trias
three layers, Leviatom, Prometh and MagCarta, have token economics.
Q 3
Which statement is INCORRECT?
A.The Franchise-franchisee Model incentivizes
franchisees of Trias to create an enterprise-grade product ecosystem and token
appreciation.
B. The Staking Auction Model allocates values generated from the business
activities to the token holders.
C. Two parallel staking systems, the Franchise-franchisee model (for
enterprises) and the Staking Auction model (for individuals) are sperate
staking system which benefits different people.
D. Trias has
designed its MagCarta economic model,the core mechanism is for the economy to
pump revenues from the real world back to the community.
Q 4
Which of the following is correct?
A. Trias has economic model for its 2 layers;
B. TriasForce is built on Leviatom smart contract;
April was a great month
for Satoshi Club, the group is growing and also the number of AMAs and rewards
presented on it. Our friends from Orchid were invited to conduct a
session with Satoshi Club Community (English, Russian and spanish), today we
are going to focus on the 27th April AMA on the english group. Our guest was
Derek Silva – Community & Developer Relations from Orchid Labs Inc.
The total reward pool was $320 ($200 for English group,
$80 for Russian and $40 for Spanish). The AMA´s structure was split in three
parts. It was a good time with Derek, the members of the group learned a lot
about Orchid related topics.
PART 1, INTRODUCTION AND TWITTER QUESTIONS
Serg | Satoshi Club: Hello, dear friends! Today we will
have another episode from our AMA series in Satoshi Club.
We are proud to present to you Orchid Protocol! Our guest
is @dereksilva (Derek
Silva) – Community & Developer Relations. Welcome to Satoshi Club! Let’s
have a great time together. Please tell us a little bit about yourself and how
did you start your work with Orchid Protocol.
Derek Silva: I fell into the Ethereum space in the summer of 2017. I
attended Fireside Conference where I met Ethan Buchman, Anthony DiIorio and
others that were building wallets, blockchains and dApps. I got hooked! I had
already heard about Bitcoin previously, but I found Ethereum and smart
contracts far more interesting. When I got home from the conference I started
researching ICOs, I found ETHLend, and then Bloom, and then district0x, and
others. I have been working in the space full-time since February 2018.
Serg | Satoshi Club: we are not working full time in
crypto but we have similar stories. 🙂
Bellow: Derek shared with us his taste for meditation and his admiration for Buddha.
Derek Silva: I have actually been very lucky to focus on learning
about and helping projects and teams with real world use cases, and Orchid is
one example of that. I met a former business development manager for Orchid,
Tegan Kline, last fall. She said they were looking for community help. After
speaking with her, Travis and then Seven (the CEO), they brought me on!
Serg | Satoshi Club: We made the warm-up. Are you ready to start with the questions from
the community?
Derek Silva: Yes, let’s do it!
Q1 from Twitter user,
@nandhase
Why is a decentralized VPN
platform better than centralized? What are the benefits of having decentralized
over centralized?
Derek Silva: Good question! There are
a few key reasons why dVPNs are better.
Orchid doesn’t collect any
personally identifiable information. You don’t need to tell Orchid your name,
your address, it doesn’t collect credit card information, and there’s no central
database for Orchid accounts. It’s anonymous and there is no chance of a data
breach where your information could be stolen.
Many VPN providers’
servers IP get identified and banned by various services. With a dVPN, where
thousands of people can sell their bandwidth in the marketplace, there is a
very, very small likelihood of that happening.
Many VPN providers’
servers IP get identified and banned by various services. With a dVPN, where
thousands of people can sell their bandwidth in the marketplace, there is a
very, very small likelihood of that happening.
You can learn more about why dVPNs
are better in Orchid’s whitepaper.
Irina Kravchuk | Satoshi Club: What about before crypto life? Were you involved in other
tech projects?
Derek
Silva:
Yes, I had a traditional project manager and sales job at an app development
agency, and I used to own a web hosting company that I sold in 2018.
Irina
Kravchuk | Satoshi Club: (in relation to numeral two of Derek´s previous answer)
It’s something similar to how tor browser behaves?
Derek
Silva: Yes,
kind of. You can set up multiple hops to further protect your data and obscure
the source and destination traffic. But Orchid’s VPN routes all your traffic
through the network, not just web traffic. I have done Zoom video calls and
watched YouTube on my iPhone while connected to the Orchid privacy network.
Irina
Kravchuk | Satoshi Club: Sounds very cool. And can you geotarget it like in a
regular VPN?
Derek
Silva:
Not yet, but that’s something we anticipate the community building. Others will
be able to build their own curated list of nodes, so we anticipate others will
create a list of servers in Canada, a list of servers in the UK, a list of
servers in Brazil, etc.
Serg |
Satoshi Club: How
many people are selling bandwith at the moment?
Derek
Silva:
So, the server side software is not quite ready for general availability. You
can download it today and start poking around, but the version that’s ready for
full production is not out yet. For the moment, Orchid has partnered with
trusted providers like PIA, LiquidVPN, Boleh and others to act as a whitelist
of providers. They are running nodes now and actively providing feedback so
that we can keep improving the node software. We have had many, many people
inquire about being bandwidth providers though, so I suspect there will be
thousands of small node operators later this year.
Q2 from Twitter user,
@Sarp09385732
Which companies are your
major competitors in your field and what is/are your main competitive
advantage(s) against them?
Derek Silva: Well, we see Orchid as a
way for traditional VPN providers to gain access to more customers since they
can earn revenue through Orchid, so I would say that other decentralized VPN
networks like Mysterium and Sentinel are the primary competitors.
Without diving into each one
specifically, I have noticed a few key differences:
Orchid’s default curator guarantees you at least one list of
nodes you can trust (PIA, LiquidVPN, Boleh, etc.).
Orchid is running on mainnet and has been since December.
Orchid has an iOS app and macOS client available, along with
Android.
Orchid users are actually paying providers now, Orchid is not
subsidizing it or paying the providers on the user’s behalf.
Serg |
Satoshi Club: If
traditional providers will provide IPs, wouldn’t they get flagged?
Derek
Silva:
They have actually started up new nodes just for Orchid, so we don’t anticipate
that happening at this time. It could, of course, but with the possibility of
thousands of people selling their own bandwidth at home, the traditional VPN
provider’s servers shouldn’t be such easy targets.
Irina
Kravchuk | Satoshi Club: So at the moment people that are using the app are paying
for their traffic? Like they pay for what they use only?
Derek
Silva:
Yes, and yes! No monthly subscriptions. You pay for the traffic you use. A 1
OXT payment is triggered after about 10GB of traffic.
Q3 from
Twitter user, @MaxiVV05
Why did you decide to call it
‘Orchid’? And most interesting and curious, why are there a lot of pics of
rabbits and even ants on your website? What is the meaning of this? Do you
wanna send some messages?
Derek Silva:
Unfortunately,
I don’t have the answer to why the company is called Orchid. I have asked, but
Seven won’t reveal the secret yet.
The rabbit goes along with the theme
of calling each node you connect to a “hop.” Orchid is not the only
team that uses that term, but it was a nice way to bring a friendly theme to
the brand. Bunnies, hops, etc.
The ants represent the traffic going
across the network and the work involved to route the traffic through each hop.
Above: Images
of rabbits and ants that can be found on Orchid´s Website.
Q4 from
Twitter user, @TicoEdgardo
VPN is considered illegal in
our Country, and in my research many other Countries considered VPN as illegal.
How will Orchid Protocol address this rising Problem over VPNs?
Derek Silva: That is very unfortunate.
VPNs should be legal, but this is all the more reason they should exist.
Orchid’s goal is to get people like you access to the free, open and full
internet. Our team does a lot of outreach and speaking against censorship and
government intervention. That won’t stop anytime soon.
Seven just published an op-ed piece
in Nasdaq last week, and we are also engaging with other organizations around
issues of internet freedom, speaking against censorship, speaking against intrusive
legislation, and so on.
And of course, Orchid’s privacy
network is putting tools in your hand so that you can choose to bypass some of
these problems. One thing that is unique about Orchid’s protocol is that the
web traffic is disguised as WebRTC, so it all looks like audio/video calls to
your ISP. So while it looks like you’re having a Google Meet video call, you
could actually be sending BTC to your family.
Irina Kravchuk | Satoshi Club: But would it be possible to block orchid in some countries?
I mean if it would be possible for governments to do it.
Derek Silva: Possible, yes. Anything is possible. The technology has
been designed to be very hard to detect, though, and therefore very hard to
differentiate from other traffic. You would need to inspect WebRTC traffic
that’s encrypted inside the VPN, and the data you’re sending is probably
already encrypted, and that’s almost impossible.
Q5 from Twitter user,
@Nishantmeti
How has Orchid designed to
share Incentives to its internet users? Are there other benefits as well that
they will get?
Derek
Silva:
The benefit to VPN users is encrypted traffic, nodes that have not been
blacklisted/banned, open source software, and the pay as you go model. If you
want to earn revenue through Orchid, you will soon be able to easily set up an
Orchid node and sell your own bandwidth. People who want to check out the node
software can do so at https://github.com/OrchidTechnologies/orchid/tree/master/srv-shared.
Irina
Kravchuk | Satoshi Club: When do you expect the possibility for regular users to
create nodes will be available?
Derek
Silva:
I can’t promise a date, but I know that the engineers are re-architecting the
node software so that it’s way easier to set up right now. Once that’s done, it
should be made available. You won’t need to do any manual compiling after this
work is complete.
PART 2, TELEGRAM COMMUNITY QUESTIONS
The chat was open for 2 minutes and
some hundreds of questions were posted by the Satoshi Club community. Derek
Silva have chosen 5 of them.
Q1 from
Telegram user, MIN
Mass adoption is a problem
for blockchain projects. So how will ORCHID solve this problem in order to
achieve Adoption in reality?
Derek Silva: Mass adoption happens in a few ways:
Ease of use. While Orchid requires some knowledge of
Ethereum and the ability to purchase OXT directly from an exchange right now,
along with having a Web3 browser and all that, we know this is not ideal for
mass appeal and adoption. The product and engineering team is always looking
for ways to reduce friction, make the app easier to use, and of course improve
stability on the back end.
Knowledge. This comes through AMAs like this one, speaking
engagements and sponsorships like Ethereal Summit, ETHDenver, ETHLondon, ETHCC,
and others, along with traditional marketing. Only the Android app is generally
available, but when the iOS app is in the App Store (not TestFlight) and the
macOS app is available with a GUI, then we’ll be in a place to do more
marketing.
Product quality. The app has to be great, and the server
software has to be fast and reliable. The product team is always working on
improving this.
Q2 from
Telegram user, Jhonatan
What’s about your VPN
service, what countries supports it? Who regulate your privacy policies? Are we
safe using this service?
Derek Silva: We are supported in any
country where we can make the app available. There are some gaps here like
Venezuela and France, but we can do things like make a signed APK available so
that people can still access the Android app. We feel the app and service is
incredibly safe to use since Orchid does not collect any of your information.
Our website doesn’t even have Google Analytics on it! We removed it last year
to help protect your privacy.
Q3 from
Telegram user, Thea
All mentioned that you would
aim to keep your VPN service free for journalist, how do you plan on keeping
Orchid accessible worldwide to do this? (other languages, outreach ECT.)
Derek Silva: I think I just addressed this. Making the software
available on multiple clients, making it available outside app stores when possible,
attracting bandwidth providers (companies and individuals) across the globe,
and targeting marketing at different countries and demographics to ensure we
reach as many people as possible. The iOS and Android apps are already
available in English, Korean, Japanese, Russian, Chinese, and Indonesian now
with more languages coming in the future.
Q4 from
Telegram user, OYIBO PEPPER
DeFi and Dapps are 2 pillars
primed to rule 2020 in crypto space, what’s your approach to DeFi and Dapps? As
a developer I Know SOLIDITY, Java C, KSML, can I build dApps on orchid and what
programming language does orchid employ?
Derek Silva: The mobile apps are built
using Flutter framework, and C++ for the node software. You could use our
nanopayments scaling tech in your app today! It’s fully open source.
Q5 from
Telegram user, Josefina Korea Love
What is the objective of the
Whitelist in your protocol? Under what circumstances could it be within a
whitelist and in which cases not? Would an unbalanced distribution of nodes be
a problem for network performance?
Derek Silva: The whitelist ensures
that everyone has a secure list of well-behaving partners to connect to. If we
find out that one of the whitelist partners is behaving badly, we can remove
them from Orchid’s default curator.
An unbalanced staking distribution
does lead to the largest staker receiving more traffic than others, however
when you disconnect from the network and reconnect again, Orchid’s default
curator automatically connects you to a new node. And of course any node can
only handle as many customers as the server and connection can support, so
every bandwidth provider should receive traffic even if they are only staking a
few OXT.
PART 3, QUIZ RESULTS AND CONCLUSION
As usual, for the third part we had a
quiz with 120$ for first 15 who answer correctly all questions.
Above: Correct answers graphic from the Orchid Protocol Quiz.
Serg | Satoshi Club: Thank you Derek! How are you feeling after seeing so many
questions? 🙂
Derek Silva: My fingers feel very limber now! I haven’t typed this
much, so quickly in a while.
Thank you so much for all the
questions! We hope you will all check out orchid.com/join and give Orchid a try.
You can join t.me/OrchidOfficial to learn more.
