Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Digibyte Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Digibyte
For more details:
Digibyte – @DigiByteCoin
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Hello everyone. Today we would like to
tell you about the AMA session with our friends from Gauntlet. The AMA took place on
September 5 and our guests were Fury GAU (CTO) and Silass (CEO).
The total reward pool was $600 and it
was splitted into three parts.
In this AMA Recap we will try to
summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Serg | Satoshi Club: Hello! Our guests today are from @gauntletesports. Welcome to Satoshi
Club!
Serg | Satoshi Club: Please tell us a short introduction about
yourself and about the project. 🙂
Fury GAU: My name
is John, I am from the UK and I am the Chief Technical Officer here at Gauntlet
ESport. I would describe myself as a tech geek. I am an experinced gamer and
programmer/developer. I’ve worked for several years in the cryptocurrency niche
and have worked for many companies across a broad range of industries including
gaming; cryptocurrency consultancy, IT Support and content publishing
platforms.
Serg | Satoshi Club: What companies have you worked for? in the
crypto space. What do you think about Brexit, guys? Is this affecting your
business?
Fury GAU: As
Gauntlet mostly an online based business, it doesn’t affect us too much.
Silass: Hi my
name is James and I am also from the UK and I am the Chief Executive Officer
for Gauntlet ESport. I am an experienced copywriter, website analyst and small
business consultant. I’ve always had a keen interest in gaming systems and
cryptocurrency since 2013. Up to recently I have been more heavily involved in
business management and development for small start up’s. Gauntlet ESport came
about form both a passion for the industries and seeing a gap in the
marketplace for a unique gaming platform. After seeing the huge demand in
gaming systems and aggregate platforms, I reached out to my colleague John and
we decided to form Gauntlet ESport earlier this year. So we are about 6 weeks
old and there is lots of work to do but we are excited about this project very
much.
Irina K. | @satoshi_club: So are you both gamers?
Silass: Fury is more
of the gamer here than me. Let me tell you a bit about our project.
Gauntlet ESport started because we
realised that most platforms out there didn’t really reward their users for
their time and this was something that we felt was missing for the average
gamer. As we are both passionate about crypto, it made sense to use to use this
medium as a means of rewarding players no matter how experienced they were. So
we came up with the idea of a downloadable client. That users could download and access thousands
of games, get paid to play and do other activities too. It’s private, fast and
rewarding.
Serg |
Satoshi Club: How big the team
is? are they all based in UK?
Fury GAU: Currently there are the two
of us in the core team, but we are hiring additional personnel for the
development and business side as well. There are a few guys who help us out as
moderators and community managers though.
Irina K. |
@satoshi_club: Thanks for the
intro guys. For the first part we have questions from our community collected
via our platform.
Q1 from Bitcointalk
user pedronino
You use a
quark algorithm. Please explain the benefits Gauntlet gets from it.
Fury GAU: As many
of you know Dash and Pivx using the same algorithm, and both of them are
secure, fast, and has a proven track record in the crypto sphere, so that’s why
we decided to use that algorithm.
Irina K. | @satoshi_club: Ok, thanks for clarifying. We’ve had DASH as
our guests yesterday here by the way. A great project.
Silass: Ah
wonderful, Our grandparents. 🙂
Irina K. | @satoshi_club: So it’s mainly security and speed that made
you choose this algorithm?
Fury GAU: Yes,
that was the two main reasons.
Q2 from Bitcointalk user apocan99
Is Gauntlet only providing the platform for
the games created by others, or do you also create games/apps for your system
on your own?
Silass: Gauntlet
will provide a platform where users can choose games that are created by other
parties. We are not game/app designers. Currently we have no intention to
create games.
Serg | Satoshi Club: so, every owner of the game will be able to
“list” their game on your platform? or are there certain criteria?
Silass: If users have games already installed
on their own pc’s, the client will search their system for installed games and
add them to the GAU client library so they can plug into the crypto rewards.
It has a
certain criteria that it has to go through because we will have to check the
game code behind to determine if it’s safe to use for our users
Irina K. | @satoshi_club: Do you have any partnerships from the gaming
industry?
Fury GAU: We are
in contact with a few companies already yes, but it would be too early to share
details, as our gaming client is not yet released, we are planning to release
it in Q4 2020.
Serg | Satoshi Club: But where do you get the funds from if not
from games who are willing to promote their games? the funds to distribute it to gamers.
Silass: The distribution of rewards will come
from our own coins supply which we have set aside for this.
Irina K. | @satoshi_club: And how will it make the difference between a
game and a regular app?
Fury GAU: Well as
our gaming client will be desktop based, it will only run regular games, it
won’t run apps.
Serg | Satoshi Club: I see. why not accept games who are paying for
promotion? Like I have the game X and I want it played by a community of
skilled gamers. So, I go to you, give Y money and you set a pool to be distributed
among your users who play that game.
Silass: Absolutely this can also be done and
will be part of our advertising partnership deals that game companies can fund
us additional rewards to be distributed among a set amount of skilled players.
Q3 from Telegram user @alex_satang
The more you play, the more you get rewards.
Don’t you think that this type of incentive might get addiction to gaming?
Silass: Gaming is already addictive for many
people however this is not our focus. Our focus is to achieve a platform where
we have a very high, responsive and highly skilled pool of gamers that will be
rewarded for their time. We believe that this will make us a more attractive
platform for investors and other gaming companies.
Fury GAU: Some
games are already really addictive even without the incentive. Everybody has to
be reasonable how much time they put into playing, need to find the healthy
balance between gaming and real life.
Irina K. | @satoshi_club: Do you plan to add any mechanisms to help
people find that balance?
Silass: Game time rewards will only be
distributed to actual game play and not inactivity periods.
Serg | Satoshi Club: Do you plan to do testing as well for gaming
companies? if they would like to test a game, they would come to you and get
feedback from the community.
Silass: We will be implementing regular
reward pauses after so many hours of play to prevent people from being continuously
in front of their game while it’s linked to our platform. Also rewards are only
given to active play and not inactive play.
Fury GAU: Absolutely,
we would be happy to do that and reward our membership in return with the funds
given to us.
Serg | Satoshi Club: BTW, as a curiosity: Did you know that in
south Korea it is forbidden to play video games between midnight and 6 AM? for
children younger than 16. It is nicknamed the Cinderella law.
Silass: Obviously as a gaming platform we
will have a social responsibility in play and this will constitute much of our
terms and conditions when registering and downloading our client. We have not
hashed these out yet but there will be protection mechanisms put in place to
address this.
Fury GAU: We have
to be in line with local laws, but as Irina said as well, it would be really
hard to check every user.
Q4 from Telegram user @crypto_zones
There is a collateral in order to join the
masternode. What is the amount and why there is need for such a thing?
Fury GAU: Well
each and every masternode project has a set collateral to set up their
masternodes. At Gauntlet, that amount is 5000 GAU.
Silass: Masternodes are not a requirement to
download the client and play and get rewards FYI. There are no fees attached to
the game client.
Serg | Satoshi Club: What about the collateral? What is its
function in your case?
Silass: The collateral (5000 GAU) is the required
amount of GAU to set up and run a masternode successfully. This amount of coins are locked within that masternode
mechanism to reduce the amount of coins in circulation.
Serg | Satoshi Club: I see. It’s a good strategy to create a
scarcity of the token. 🙂
Silass: Yes many coins use them and
Masternodes are highly sought after.
Q5 from Telegram User @Fadang
How would you introduce E-sport to normal
users who doesn’t have enough knowledge about blockchain? Why E-sport game need
Blockchain technology?
Silass: I don’t think ESport itself needs
blockchain technology but there are clear advantages such as; privacy, speed,
anonomity and exchangiblity. No credit cards are required etc.
Irina K. | @satoshi_club: As long as there are clear benefits – why not?
Silass: Normal users don’t have to learn
anything about blockchain technology only the very basics. There will be guides
in place to enable users to direct them anyway. We
are not bringing gamers to blockchain technology, we are bringing it to them
but more as a backend reward system.
Irina K. | @satoshi_club: For your desktop client?
Fury GAU: We will
release the gaming client beta in Q4 2020.
Q6 from Telegram Username @Aleurich
How is the reward for players
calculated? Does it depend on the amount of time they play or their skills as a
player?
Silass: The rewards are calculated by the
amount of game – time and the amount of coin available.
Irina K. | @satoshi_club: Only time? No other criteria like experience,
game type, account lifetime etc?
Fury GAU: Yes,
however it’s active game time, so you don’t just start the game and leave it
running, because for that, you won’t get rewarded just for that. Not really, as
we want to give a chance for gamers on all levels
Serg | Satoshi Club: What if I leave the computer switched on and
set an automated algo to move my mouse in the game?
Fury GAU: Well,
that won’t work, as we will have an anti-cheating system in place, which will
look for those algos and other abnormal activities.
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 80 seconds; a lot of questions were posted by Satoshi Club
community. Our guests chose some of them.
Q1 from Telegram User @stekbyte
Gauntlet ESport have created a game
client that pays rewards in exchangable cryptocurrency. What data will a player
need to provide to receive a reward? Is KYC required?
Fury GAU: The
user only need to provide their GAU wallet address as an identification, it
will be connected through an API. No KYC or any personal data needed.
Q2 from Telegram User @Orrangelp
Are you a global project or local
project? Is there any restrictions using your services?
Fury GAU: We are
a global project, there is no geographic restrictions, but we need to be in
line with local laws, so if there will be any restrictions, it will be based on
those local laws.
Q3 from Telegram User @jennyDevis1
COVID 19 has slowed many economies
around the world but as a crypto business has it affected you negatively or
positively? Secondly, are you still on track to achieve your targets as the
road map says??
Fury GAU: It
doesn’t effected us in a negative way, as we are mostly an online venture, but
we had to push our offline E-Sport events, till the pandemic ends. The pandemic
created a mass of people playing online, due to the lockdowns.
Q4 from Telegram User @K2ice
Do you think your team is dedicated
to this course? How reliable are they?
Fury GAU: James
and me started this concept several months ago, and we only started it like 6
weeks ago, and we have been fully committed and will be, and we already reached
all of our milestones to date. Because we are passionate about what we doing,
and we have experience in these areas, we are 100% committed to this project
long term.
Q5 from Telegram User @Jafriiqbal12
What are the future plans for
Gauntlet Project? Do you have any exciting things down the pipeline that you
can share?
Fury GAU: The future plans are to be one of
the sought after game client in the world. We will launch a streaming platform
as well to eliminate the regulations what for example Twitch and Youtube has
for their users. This platform will be released once our gaming client is fully
functional.
Q6 from Telegram User @kokonh
Is there any incentive when running a
node other than securing and decentralizing the network?
Fury GAU: The incentive is the 50% of the
block reward, which is 2.5 GAU per block with a 1 minute blocktime.
Q7 from Telegram User @justatee
What is the biggest challenge you
face currently in terms of becoming a successful project?
Fury GAU: The biggest challenge that we are
currently facing due to the early stages of the project and due to the small
team and minimal resources is finding like-minded investors and support
networks that could really help us progress Gauntlet onto the next stages of
development. We are addressing this by doing AMA’s for example and releasing
weekly and daily news about our project on all social media platforms.
Q8 from Telegram User @mistihapa
From a startup project to a
mainstream project, being a pioneer in the industry, does the team anticipate
that many new startups will show up and compete?
Fury GAU: Gauntlet ESport has observed a gap
in the marketplace for a simple, less restrictive and more service inclusive gaming
client. We anticipate others wanting to emulate what we are doing however we
believe that we will create a unique quality product and suite of services that
will be hard to match with our expertise and passion.
Q9 from Telegram User @Mahi018
I see in your website that Gauntlet
wallet is only available in Windows,Mac, Linux and Raspberry. How about if I
have no laptop or PC or macbook, only mobile phone, can I download it through
Android, Appstore or Google Store? Do you have plan to launch Gauntlet mobile
wallet application for easy access of your wallet?
Fury GAU: We have a mobile and web wallet
created as well. The mobile wallets are provided by 3rd parties like Trittium
and Flits Wallet app, our web wallet is runned by us.
Q10 from Telegram User @Jafriiqbal12
What is your strategy for building a strong
community? Do you agree that the power of the community will lead your project
to develop globally? What services do you provide to the community?
Fury GAU: We believe in strong communities
and we believe that a strong community has the power to forge a project like
ours ahead to where it needs to be in the global gaming niche. A strong
community is built by strong communication and observable progress and we
achieve this every single week and month as we meet our monthly objectives and
release our weekly updates. We provide as much support as we can to our
community.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about Gauntlet. A link to a Quiz form were
sent into the chat. Participants had 10 minutes to answer. 300$ were distributed
among winners.
For more information and future AMAs, join our
Social Media channels:
Today we would like to tell you about the AMA session with our friends from Sperax. The AMA took place on September 4 and our guests were Frida Cai and Zhou Yu.
The total reward pool was $500 and it was splitted into three parts.
In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Serg | Satoshi Club: Our guests today are from @sperax We are glad to see you again in Satoshi
Club @FridaCai_Sperax , @yuzhou87 , welcome!
Irina K. | @satoshi_club: Hi everyone, we see each other again. 😊
Frida Cai_Sperax: Glad
to be here.
Zhou Yu: Hi guys!
Serg | Satoshi Club: I see you are in a good mood. everything went
well lately.
Frida Cai_Sperax: I am. We
just got invited to speak at Diffusion Digital at Sep 16 with Outlier Ventures.
Irina K. | @satoshi_club: Nice. Congrats, will this be an online or
offline event?
We are
stoked to announce that Sperax Top Researcher Joe Yu will join Outlier
Ventures’ Diffusion Digital on September 16th at 17:30 – 18:10 UK time. Joe will speak at “The drive for Web 3
adoption” to give his opinions on the challenge to be solved for web3 to
progress.
Are you satisfied with sale you had
in August? are you planning more in the future?
Frida Cai_Sperax: It was a tough battle for us since
Sperax is still a very small team. We withstood two website crashes due to
traffic overflow. But eventually our public sale portal got through the crisis
and eventually welcomed 3129 new SPA holders, who collectively purchased $4.7M
worth of 235M tokens. All of these happened within an hour. So you can imagine
the thrill.
As for
self-evaluation, we are not completely satisfied. There are many agendas that
we could make them more perfect. But this is how startups work. You learn from
your mistakes so you can do better next time. There will definitely be more to
come. So stay tuned!
Serg | Satoshi Club: Did you get listed?
Frida Cai_Sperax: Quite a few exchanges are now listing
us without our permission. An official listing is scheduled at Q4 in 2020.
Until then, nothing is official. So we strongly advise investors to take extra
caution and be aware of the risks & scams!
Q2 from bitcointalk User Dragon_Super
Sperax builds trusted infrastructure
for decentralized economy, now I already build with ETH solidity and Cosmos
SDK, Why should I switch to Sperax, what’s your competitive advantage for
Developers?
Zhou Yu: As a new
generation BFT consensus protocol, BDLS has 2 major advantages.
1. Security.
Our Internet is an open network which is best modelled by
what we call a partially synchronous
network model.
Previous BFT consensus are designed based on a simpler
model, synchronous network model. Although it is more intuitive and easier to
design blockchain consensus protocols in the synchronous network model, designs
under this model can oversee some significant security vulnerabilities since
this simple model cannot reflect the reality of our internet.
In contrast, Sperax
BDLS chooses the more complex and more realistic model when designing and takes
into account all potential security vulnerabilities.
2. Efficiency.
The most common angle to measure efficiency is
“scalability.” However, there is another important angle from which to evaluate
the efficiency of any blockchain system — communication
complexity.
Most current BFT consensus blockchains need O(n^2)
communication complexity. Since it is a “square,” it requires plenty of efforts
to accomplish the communication task before reaching consensus. Even the
fastest current BFT consensus needs O(7n) communication complexity, which means
multiplying 7 to the input task.
By comparison, BDLS
consensus only needs O(4n). This means that BDLS nearly has double the speed of
the current fastest BFT consensus in terms of communication complexity.
Irina K. | @satoshi_club: Maybe you can share with us info about the
incentives you’ve prepared to attract developers on Sperax?
Frida Cai_Sperax: We
noticed that the current blockchain industry is not for the mass consumer
groups.
More specifically, crypto is difficult to integrate with the
real economy: It is difficult to onboard users; the token price is chronically
fluctuating; and a majority of these cryptocurrencies are currencies without
currency features, let alone creating killer apps. Due to the lack of financial
infrastructure, the current design principle of public blockchains is to create
a prepaid SaaS model rather than an economy that runs on smart contracts.
After seeing the severe lack of user friendliness, we want
to overturn this pain point.
At Sperax, we take a layered approach to solve the problem.
At the infrastructure layer, we developed BDLS protocol, which is an innovative
consensus module that is more secure and efficient than other Byzantine Fault
Tolerant (BFT) protocols. On top of it, we introduced Sperax stable coin system
sCOIN. It is backed by fiat currency and is the first native stablecoin in
public blockchain ecosystem. Developers could build decentralised applications
without worrying about educating users about cryptocurrency.
So essentially: Sperax wants to provide a layer of financial
services within the public blockchain stack through a native stablecoin and
decentralized financial service providers.
Q3 from Telegram user
@michaelaelf
I am very glad you
came back in Satoshi Club to present your updates. What new happened since the
last AMA here?
Frida Cai_Sperax: Yes, let me share some major updates.
As for testnet, we have made great progress in the implementation of Sperax
blockchain (testnet is part of the whole implementation plan). Since BDLS
consensus is THE MOST important part of Sperax blockchain, we first work on it.
We finished all the codes and comments three months ago. There are over 5000
lines of codes. 🙂
Serg | Satoshi Club: 5000 lines of codes is complex. everything
works smoothly?
Frida Cai_Sperax: Then we worked on the rest of the
system. This was easy. And after this, we have been working on integrating BDLS
into the framework. So basically, first BDLS, then the rest of the framework,
and we started integrating them together three months ago.
We thought
it might be as easy as the second implementation task. But it proves to be a
bit more difficult. Fortunately, it is not too difficult that we have to give
up the project.
Yes. We made
it. We already finished all integration codes right now.
The current
task is many many many many local testings first and then again many many many
testings on our testnet. Also, this is the reason why we need a testnet btw. Lastly,
I think many here are most interested in when testnet will be launched.
We are now
locally testing for two economic parameters that cannot be easily changed after
launch. So we built an econ model and are currently locally testing for them. After
we figure these two parameters out, we will launch our testnet. After the
testnet, we will launch SPA (our token) wallet and sCOIN (our stable coin).
Irina K. | @satoshi_club: Nice. What about other developments?
Some non-technical insights?
On the
marketing side, we will announce official partnerships with other projects
& universities, and developer grants program.
Q4 from Telegram user @nata_jakarta
Please explain the DLS
and its partial synced networks. I am not really a tech guy and didn’t quite
understand its function.
Frida Cai_Sperax: During the early 80s, Lamport,
Shostak, and Pease initiated the study of reaching consensus in face of
Byzantine failures and designed the first Byzantine Fault Tolerance (BFT)
protocol for synchronous (sync) networks.
But since practical open networks, such as the Internet, are
normally not sync, researchers started to look for BFT protocols for async
networks. In 1985, Fischer, Lynch, and Paterson showed that there is no
deterministic protocol for the BFT problem in the face of a single failure in
an async network.
Serg | Satoshi Club: Have you studied the history of IT? 🙂
Frida Cai_Sperax: After this setback, researchers sought
to model our Internet as a partial sync network instead of complete async. With
this motivation, Dwork, Lynch, and Stockmeyer (DLS) introduced two types of
partial sync networks (Type I and Type II) and proposed the first DLS BFT
protocol for Type II in 1985. DLS protocol has an authenticator complexity of
O(n^4) and it is not practical.
I did not until I joined Sperax. I am not tech-bright and learning slow but
Joe has been helping me. Since then, researchers have been trying to propose
more efficient BFT protocols in Type II partial sync networks.
DLS protocol leverages a star network, where participants
only exchange messages via round leaders. By adopting a meshed network (that
is, allowing all participants to broadcast their messages to all other
participants), Practical Byzantine Fault Tolerance (PBFT) protocol was able to
achieve consensus with reduced round complexity.
By leveraging the lock-mechanisms in PBFT/Tendermint BFT
protocols and changing the mesh network back to star network, HotStuff
BFT/LibraBFT achieves consensus with reduced communication complexity but
increased round complexity.
Until most recently, Wang carried a careful analysis of all
these BFT protocols for Type II networks and designed the BDLS BFT protocol (B
stands for blockchain) with both reduced round complexity and reduced
communication complexity. And that is the origins of DLS, BDLS and what partial
sync network is.
Serg | Satoshi Club: Wow, a really nice presentation from the
beginning until present times.
Irina K. | @satoshi_club: A 101 intro for Satoshi Club members. Thank
you very much. 😊
Serg | Satoshi Club: So, what’s the summary of this review?
Frida Cai_Sperax: A grumpy researcher lost his tokens
on Uniswap. You can read the rest yourself. 😉
Q5 from Telegram User @Alika061
Sperax aims to make
decentralized financial services accessible to all global citizens. That
includes people who have no idea about crypto nor blockchain, how easy would be
for them to use Sperax?
Frida Cai_Sperax: It is impossible for me to give a
numeric rubric here about how easy it would be. But we aim to make a
frictionless financial service globally inclusive.
Our ultimate goal is to integrate decentralized financial
services into the real world traditional financial world by issuing our
stablecoin sCOIN and working with regulated financial service providers and
OTC. It is very difficult to completely disrupt the traditional one, let’s be
honest here.
But a stable coin is indeed capable of solving many
long-existing problems in our world, like we all know how troublesome it is to
make a cross-border transaction.
Irina K. | @satoshi_club: Well at least the process can be started.
Frida Cai_Sperax: It might sound insane that we aim to
build a layer one infrastructure, but this is our vision. And it will take a
step-by-step approach to build it and our ecosystem. So we hope you, our
friends and investors, can grow together with us.
Q6 from Telegram User @stekbyte
How many developers are
currently working on the project?
Frida Cai_Sperax: the dev team is around 10. We are
aggressively recruiting right now with the fund we raised at the August public
sale. So you think you would be a good fit.
Irina K. | @satoshi_club: What’s the requirements?
Frida Cai_Sperax: I will post JDs for 5 positions in
our announcement channel soon after this AMA ends. https://t.me/sperax_Announcement
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 80 seconds; a lot of questions were posted by Satoshi Club
community. Our guests chose some of them.
Q1 from Telegram User @adityaaryah
You had an AMA here, last month and
now you are here again, and I notice you had a lot of AMAs in different groups,
how has this helped Sperax positively?
Frida Cai_Sperax: Sperax used to spend time only our
technology development and overlooked our marketing. Now we realize the
importance of community engagement that would also be beneficial to our
investors in a long run. So any sound is better than no sound, right? We simply
hope more people could know about us, our technology, our vision, etc.
Q2 from Telegram User @Sazibur
DeFi is one of the
hottest topics in the blockchain field. Can you share your opinion about DeFi
with us? Do you think DeFi will destroy the existing financial system? What’s
your project Approach towards DeFi?
Frida Cai_Sperax: DeFi is definitely a very hot topic
right now. I mean both capital-wise and project-wise. We saw the Total locked
value in DeFi has skyrocketed from only 1B in June to 6.5B a few days ago.
Also, we saw many both innovative and exciting projects like Compound,
Balancer, Syntentix and recently Aave.
However, DeFi now has a big problem. It is generally just not
ready for mass adoption. Specifically, there are three reasons: high frictions,
slow speed, and lack of regulation. These three pain points are what we try to
solve by our Sperax solution.
Facing this problem, we bring our solution: Sperax public
blockchain with BDLS consensus and a new financial design. By BDLS, we provide
a better infrastructure that can significantly reduce friction and enhance speed.
By the new financial design, we invite regulators to participate in our
ecosystem.
Q3 from Telegram User @MsHuong206
Sir your project has
any are direct competitors, what sort of trends or obstacles do you think need
to be overcome in order for Sperax to capture more market share?
Frida Cai_Sperax: The obstacle for us right now is to
expand the team lol. We are severely short-handed. But still we value quality
over quantity. We only want the best in the industry.
Q4 from Telegram User @gunja11
In the bad situation of
the Covid-19 epidemic, every industry was heavily affectedDoes it affect on the
growth of your project team and its? What are your plans to turn challenges
into opportunities for #project DEVELOPMENTS?
Frida Cai_Sperax: Yes, we are supposed to open a lab in
Germany this year, but then COVID happened. However, it not only poses a
serious threat to CeFi but further creates a window for decentralized finance,
which is the exciting boat we are on right now.
Q5 from Telegram User @chunhocxitrum
Your slogan is
“Sperax builds TRUSTED infrastructure for decentralized economy”. But
building “Trust” in business is very difficult, so what will Sperax
do to attract more users while there are too much successful projects with same
your mission in crypto industry?
Frida Cai_Sperax: I agree trust is difficult to build.
And I also think if you have formed or are forming trust with someone or some
entities, you would know that trust takes time. Now Sperax team has not done
anything to scam anyone or rip off any investors. We focus way too much on
technology that our marketing effort is even imbalanced as a result. So if you
will, please grow with us and realize our vision together.
Q6 from Telegram User @endtimeprophet
What critical problems
does Sperax solve that existing solutions are not solving?
Frida Cai_Sperax: Security and performance are hard to
balance:
1 Proof of Work systems sacrifice performance for security.
2. Proof of Stake consensus have security flaws in protocol
design: Most BFT protocols are not secure under asynchronous networks.
Q7 from Telegram User @abowhasebe
Can you share your
experience and journey with the Sperax project? What is the biggest achievement
you are proudest of?
Frida Cai_Sperax:I was a data
journalism student at Columbia University Graduate School of Journalism when I
first heard about the chance to join Sperax. Blockchain has always been a
mysterious topic for me. Sensibly, I run away from learning new technology, But
rationally, I know this is the future. So I took the offer and now I am so
proud of myself still being here and learning new knowledge every single day.
Q8 from Telegram User @warny
Why did you choose to build
BDLS consensus over TENDERMINT BFT despite being more popular and used by many
projects?
Frida Cai_Sperax:Tendermint
BFT is a BFT protocol developed by the Tendermint team: Tendermint BFT is
commonly used to achieve consensus in Proof-of-Stake (PoS) blockchains.
Tendermint BFT has been used by many interesting projects
such as Cosmos blockchain, Oasis Labs, and Binance DEX. According to recent
statistics, Tendermint BFT is used by around 40% of PoS blockchain systems.
Tendermint BFT works under a partially synchronous network as we have previously
explained the term. Tendermint’s protocol consists of 3 steps at each block
height: propose, prevote and precommit, where the initiator of each round is
determined by a public function.
The problem is, if a malicious node becomes the initiator of
the round, it can successfully carry out an attack so that each node in the
blockchain network will lock a different value before the GST is reached.
And, these locked values cannot be removed even after GST.
Thus, the whole system goes into a deadlock. So in short, Tendermint BFT cannot
guarantee the liveness property required for any secure blockchain system. That
is, a malicious group can successfully launch an attack to Tendermint BFT network,
lead the whole system into a deadlock, and no new block will be produced.
Q9 from Telegram User @gunja11
You guys are doing
Ama’s in all group & almost answering same types of questions again n
again? How do You feel about it?
Frida Cai_Sperax: If one AMA can get help us make only
five community members onboard, it is worth it. No effort is a waste.
Q10 from Telegram User @tv100029
How can I use $SPA as a
payment Token? What are its usecases and main functions?
Frida Cai_Sperax: SPA is the utility token in the
Sperax blockchain just like ETH in the Ethereum blockchain. It ensures the
economic incentives for participants in the BDLS consensus. It also reflects
the network value for Sperax.
As users join the Sperax network, they could earn SPA as they
run nodes and validate transactions. Similar to other public blockchain, gas
fees are collected in SPA as transactions happen on the Sperax blockchain.
Moreover, SPA is also the governance token for the protocol.
Use cases:
1. Xiaomi Financial Virtual Bank with full licenses
authorized by Hong Kong Monetary Authority Proposed Sperax stablecoin for the
following uses cases: Use the fiat gateway and accept cash equivalent; Support
cross-border transactions based on the stable coin network and offer more competitive
rates
2. A Sand Hill Road based Venture Capital: Tokenize its
emerging crypto-focus fund: Integrate its mobile gaming portfolio companies on
Sperax networks
3. A costume martial-arts TV series, The Untamed, with 8
billion views on Netflix and WeTV: Tokenize its worldwide fan meet-ups and
concerts tickets; Tokenize celebrity merch’s online marketing places.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about Sperax. A link to a Quiz form were
sent into the chat. Participants had 10 minutes to answer. 300$ were distributed
among winners.
For more information and future AMAs, join our
Social Media channels:
Wherever smart people work, doors are unlocked, Steve Wozniak told. SatoshiClub already ulocked a lot of the doors to the most interesting crypto projects for our community. And today we would like to tell you about the AMA session with our friends from Hedget. The AMA took place on September 05 and our guests were Serge Lubkin and Malcolm Lerider, co-founders of Hedget ,
The total reward pool was 800$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part
1 — introduction and
questions
from the Telegram&Bitcointalk
community
ML | Satoshi Club: Hello, everyone! @sergelubkin and @malcolmlerider will be our guest today! Welcome to SatoshiClub!
Serge Lubkin: Hi people! Pleasure to be here!
Serg | Satoshi Club: Hello! Welcome to Satoshi Club!
ML | Satoshi Club: Please, introduce yourself and tell us how did you get into the crypto world:grinning:
Serg | Satoshi Club: also a small introduction of Hedget 🙂
Malcolm Lerider: Hi everyone
Serge Lubkin: My name is Serge Lubkin. I was Chromia marketing lead during IEO and further exchanges listing. I built relations with communities and influencers. I’m MSc in Economics, but all my life, I’ve been doing marketing for various projects. Also, I’m an experienced derivatives trader, traded a lot on BitMEX/Binance/Deribit, mostly perpetual swaps and futures, and also options. Now, I am a co-founding Hedget with Malcolm.
Malcolm Lerider: I’m Malcolm, also co-founder of Hedget. I ran the R&D at NEO back in 2017 and worked on global blockchain projects at PwC. I have been doing business development and community building at Chromia after I left PwC, as I see Chromia being the most flexible and usable blockchain from R&D and business perspectives, I’m a product builder after all. We now have a very exciting project to prove what Chromia actually can do, and that’s Hedget！
Serge Lubkin: Hedget is a “Gadget for Hedging,” a platform for P2P decentralized options. You pay the smallest possible premium to secure your positions against unexpected price movements, seeing what we did the last few days, it’s pretty nice to have products like that. In an industry where many take advantage of “gambling behavior”, we want to offer the exact opposite — a possibility to remove risk in a decentralized manner. So our values are aligned around eliminating risk in crypto. It’s like basic insurance for very volatile crypto markets. It’s so good solution for the market like today 😉 Cascading liquidations, “blood on the streets”, optimal time to think about hedging strategies:)
ML | Satoshi Club: Yes, it’s so risky and that would be great to have such platform as you offer :+1: I want to know everything about Hedget platform) so, never “blood” on my street)
Serge Lubkin: Absolutely, we are here to answer all your questions
ML | Satoshi Club: Ok, so, i think we can start with the questions, are you ready?)
Malcolm Lerider: Let’s go!
Q1 from bitcointalk user let098765
Sometimes, I got liquidated in my position especially when the market move so fast and I don’t notice my position is already liquidated. So I see in your website that Hedget can avoid Liquidation and never get liquidated of the position, so how possible it is? In what way that liquidation can be avoided? Can you share some Hedget techniques?
Serge Lubkin: Let’s ask first why liquidations happen? Because you don’t have enough capital to sustain either Loan to Value Ratio in case of borrowing or Risk to Value Ratio on case of marginal trading … So why it happens? The price of your capital dropped so you cannot sustain and platform needs to liquidate you.Not to lose its money. So, what options do? They can fix the price on certain level for a certain period of time, let’s say one day.So you have one additional day with the same price either to deposit more collateral or “liquidate” yourself at better price or buy more time again. Convenient, right?
ML | Satoshi Club: Yes, you are right:grinning:
Serge Lubkin: Of course to make it work exchange or protocol needs to be integrated with Hedget. Otherwise users can do it themselves.We will provide variety of tools to do that . I think I answered this one
ML | Satoshi Club: Which exchanges or protoclos do you plan to integrate with Hedget?
Serge Lubkin: Everything that is open source will be integrated. Regarding CEXes and CeFi in general- depends on their management. But we see a lot of interest
ML | Satoshi Club: Any partnerships with those who are not open source?:wink:
Serge Lubkin: Yes, we are in talks with all big and mid exchanges. We will announce when sign mous
Malcolm Lerider: Lending protocols and other DeFi projects where price volatility is an issue are target markets. We are building a suite of API tools that will make it very easy for protocols and CEX to integrate on their own initiative as well
ML | Satoshi Club: yes, sure we’ll see a lot of integrations soon:grinning:
Q2 from bitcointalk user linderm
It is interesting. I didn’t see so many projects using Chromia as an ETH layer 2 solution. Why have chosen Chromia among many solutions which are there?
Malcolm Lerider: Chromia is technologically superior for the kind of product that Hedget is building. It is unfortunately not that well known in the public blockchain sphere, but the “relational blockchain” behind it has been used by ChromaWay for private and consortium chains for a long time, and in that sphere ChromaWay is already an established name. It is being used for plenty bank and government implementations. To sum it up a bit, it is basically a relational database wrapped in a blockchain. In practice it means that you can do really complex operations, same as you would do on a traditional SQL database. Querying specific data and do batch updates is super easy on Chromia. This is a big deal, as similar operations on for example Ethereum in some cases require to replay the whole blockchain to do. The “relational blockchain” is also what allows us to build easy to use API’s with comparably short development time. This flexibility is also a strategic advantage; Hedget will be able to iterate on decentralized options and build more complex DeFi products. We can more or less “copy” traditional financial instruments and implement them in a similar manner on a decentralized blockchain. This is not feasible on most other blockchains because of their software architecture
Serge Lubkin: Yes, Chromia also doesn’t charge tx fees
ML | Satoshi Club: Really? So, we will pay less by using Hedget?
Serge Lubkin: You will not pay for updating order book order for example. And still it will be decentralized
Malcolm Lerider: Tx fees on Hedget is only to prevent spam and to prevent bots from farming the liquidity pool with “fake” settlements. So yes, it will be low tx fees
ML | Satoshi Club: It’s really amazing, it was ‘a bit’ hard to pay all fees last days:+1:
Which fees do you
charge on Hedget? Just to prevent spam or there are additional?
Serge Lubkin: Hedget Fee schedule Taker fee 0.04% of underlying (matches Deribit[1], less than on FTX exchange[2]) [1] https://www.deribit.com/pages/information/fees [2] https://help.ftx.com/hc/en-us/articles/360038094432-Options-Explainer Maker fee -0.02% of underlying (unique offer on the market) 0.02% difference between Taker and Maker fees will go to special Reserve locked for two years and governed by DAO Settlement fee 0.02% + ETH fees (if settled on Ethereum) paid by option buyer to option writer In the first 3-4 years 0.02% settlement fee will be paid by the system from the liquidity mining pool, thus rewarding option writers, and reducing total fees for option buyers.
Malcolm Lerider: Market taker will pay a small fee, that’s about it. Market maker will actually be rewarded instead of paying fee, from the liquidity pool. This is why we need to have some fees so that the trade is net negative, otherwise people will write bots to farm without providing value. Ethereum fees apply to deposit / withdraw collateral and for option settlement.
ML | Satoshi Club: It’s nice fee structure, good incentive to use your platform:+1:
Q3 from Telegram user @alexeimaruta
Why you choose the European options other others and how will it work?
Serge Lubkin: It’s ERC20 to start with. As Ethereum is already very well established as the number one platform for digital assets, we will still have our base layer with collateral and settlement there. Chromia is a layer 2 to boost it and give us freedom to develop more complex features with less limitations. So settlement on Ethereum will work via smart contract. Via UI + Metamask option writer creates an option by locking an asset, which gets represented on Chromia chain.Then after all trading is done, option can go back to Ethereum and settled there physically .Meaning buyer puts collateral and unlocks an asset at maturity day or later. We will have 7 days to settle it. Alternatively it can be cash settled on Chromia automatically with the help of Hedget automated MM
ML | Satoshi Club: As i know American style options give additional flexibility for users, don’t you plan to switch on them later?
Serge Lubkin: Yes, as well as custom, but liquid European Style options market gives better prices for buyers and a lot of flexibility. Liquidity is the key here
ML | Satoshi Club: Yes, it has sense 😀 Will it be some one specific day and time for maturity?
Serge Lubkin: We will have only weekly options at start with maturity date on Friday each week.You can sell your option any time and on a liquid market it’s not a problem. Buy-hedge/gamble-sell
Q4 from Telegram user @dashinberlin
Have you raised any funds until now? If yes, how much and from what entities? What is the required amount for you to function properly?
Serge Lubkin: We raised 790k in private sale and 500k from Alameda Research in strategic round. But there’s update on this round we will publish today, so stay tuned!
ML | Satoshi Club: Update? May be you can give us a hint?
Serge Lubkin: We raised more than 500k 🙂5usd is the price per token
ML | Satoshi Club: Wow, incredible :+1: congrats! Also, as i know you will have auction, can you tell us more about it? Or it already finished?
Serge Lubkin: Sure, we are planning to sell 423,000 HGET tokens. The kyc process started on September 1st and ongoing
ML | Satoshi Club: How can users participate in it? Why did you decide to do KYC?
Malcolm Lerider: KYC is still open, anyone who would like to join are suggested to go through KYC on www.hedget.com in the coming 24h to have sufficient time to participate
Serge Lubkin: KYC process will be till September 7th but initial bidding starts today
Anyone can join
before September 7th
Malcolm Lerider: Tokens are issued by Singapore foundation and need to follow relevant KYC and AML
ML | Satoshi Club: Got it) And what price will be for HGET tokens?
Serge Lubkin: It’s an open auction in Convergent style This is a novel way of releasing a token and we think it is a more fair and transparent way. An overview can be found on Medium, and more shorter explanation will be released soon https://medium.com/hedget/your-guide-to-the-hedget-token-auction-a1169e97032e
ML | Satoshi Club: Thanks for sharing :grinning: And can you disclose which price you had for private sale?
Serge Lubkin: Yes 90 cents per token, but with really small allocation per fund/investor
We also conducted IEO on FTX. Price there was 5usd per token.On auction price starts with 1 usd .Btw we raised another 600k there, forgot to mention :sweat_smile:
Malcolm Lerider: Lowest bid is 1 USD, and threshold bid (amount needed to receive tokens) will be public on website. We will know on September 12 what the threshold price end up at. Please note that anyone bidding more than threshold price will still only pay the threshold value
ML | Satoshi Club: Good chance to get cheap HGET:grinning:
Malcolm Lerider: We hope this is a fair way to do it, as bidders below the threshold always have the choice to drop out or raise above threshold
ML | Satoshi Club: I saw a lot of sales and can tell that it is really fair:grinning:
Q5 from Telegram user @jobel4
In
Hedget Alpha, why there are two testnet running, the Ethereum and
Chromia testnet? What are the advantages of using two testnet?
Malcolm Lerider: It is a two-layer platform, so testing needs to be done on two layers collateral and settlement needs to be tested on Ethereum, trading needs to be tested on Chromia bridge between then also needs testing. To clarify, this is in parallel, they will be running at the same time, but using “fake” assets instead of real assets. The Hedget platform will be running on Ethereum mainnet AND Chromia mainnet, so our testing also needs to be done on the testnet of these platforms. There may be some confusion there, we are not launching two copies of the platform. Some functionality will be on Ehtereum and other functionality will be on Chromia, so we need to test on both.
ML | Satoshi Club: So, it’s just technical needs and there are no any advantages
Q6 from Telegram user @LleeKuanYew
In the near future, Hedget will auction under the convergence auction mechanism. Can you explain and give a simple example of this converged auction mechanism?
Serge Lubkin: It is similar to public sale, but hopefully with a more fair price discovery. Instead of setting exchange rate in advance, the community will decide the exchange rate for HGET token by an open auction. All bids will be public, so the threshold bid for receiving the token will be known to all participants at all times. This makes it transparent to users in the sense that they don’t have to pay more than the threshold if their bid is high, and have the alternative to drop out or increase their bid if they are under the threshold. Here is simple explanation how it works https://medium.com/hedget/hedget-auction-process-simplified-25cfa133ebe8
Malcolm
Lerider: Let me also try
give a simple explanation.
1. Participants will bid for tokens,
similar to an ordinary auction.
2. Lowest price where all tokens
can be sold for the same price is set as “threshold price”.
3.
Everyone who bid above threshold price will get tokens, but will only
pay the threshold price.
4. Participants can choose to increase
their bids during the auction time to get above the threshold price,
or to drop out if they think threshold price is too high
5.
Threshold price may increase as people bid above it, so participants
should keep themselves aware of current threshold
Serg | Satoshi Club: thanks for the answer. Let’s open the chat now for live questions
ML | Satoshi Club: It will be real storm:+1:
Part
2 — live questions from the Telegram community
Q1 from Telegram user @eylem201
What
are the benefits of holding and staking HGET tokens? And What plans
do you have to help drive demand and scarcity for HGET tokens?
Serge Lubkin: The HGET token is the native utility and governance token of the Hedget platform. It will be issued on the Ethereum network as an ERC-20 contract and will have representation on a Chromia sidechain. Effective immediately upon launch, HGET will serve as the governance token of the HGET platform. In the preliminary stages, the token holders can vote on adding new assets, default options parameters and UI improvements. Before the platform is launched with real assets there will be a Testnet platform (hosted on both Chromia and Ethereum testnets) to participate on which users need to stake HGET to access. Users will trade funds that have little to no real value, but the best performing traders will be rewarded automatically by Hedget protocol with HGET tokens upon mainnet release. When the platform migrates to Mainnet, HGET will be used to prevent spamming of orders which can lead to API overloads and order book manipulation. HGET tokens will need to be staked to interact with the platform. Staking requirements will increase as the monetary value and frequency of a user’s interactions increase. As the platform is further developed, a DAO will be established and HGET tokens will be used to determine transaction fees, reserve requirements, and general functions and features of the platform. Lastly, the HGET token will be used as a security measure and reputation engine in the future when margined options are implemented. Options writers who wish to offer options without providing 1:1 collateral will need to stake HGET tokens which will be used to purchase fully collateralized options as a hedge in case of Capital insufficiency risk. This mechanism ensures end users cannot be adversely affected by the insolvency of an options writer.
Q2 from Telegram user @Dev30000
In
the case of using Chromia as L2 , what problem will it solve of
Ethereum ? What happen when the contracts for sale are not fulfilled
? How does Hedget apply Chromia Layer 2 to works in a completely
decentralized manner ?
Malcolm Lerider: Have you tried sending a transaction on Ethereum the last 2 days? Well, this is the problem it solves when it comes to trading decentralized options 😉 If contracts are not fulfilled, then the option writer can reuse the collateral to write new options. There is no need to make any new transactions on Ethereum. Hedget uses Chromia nodes for trading and Ethereum for collateral and settlement. In summary, it is as decentralized as Ethereum in terms of asset ownership, and as decentralized as Chromia in terms of option trading
Q3 from Telegram user @Xuansang
Yeild
farming is a new trending so Hedget have any plan to yeild farming
system development?
Malcolm Lerider: Good question. Yes, there will likely be automated market maker(s) to farm HGET tokens from the liquidity pool. They will need to be a little more sophisticated though, as Hedget is building a structure where market makers are rewarded but where “fake” settlements are at net loss. We want a platform with liquidity, but it must be real liquidity
Q4 from Telegram user @imelruyi
You
guys are doing Ama’s in all group & almost answering same types
of questions again n again? How do You feel about it?
Malcolm Lerider: I don’t mind as long as people are curious about what we are building. Sometimes I do wonder if some 80% are bot questions, but who knows?
Q5 from Telegram user @newto1
How
different does these #3 MAIN ATTRIBUTES of HEDGET work?
°ESC –
ETHEREUM SMART CONTRACT
°CSW – CLIENT SIDE WALLET
°CTD –
CHROMIA-BASED BLOCKCHAIN!!!
Serge Lubkin: ESC: Ethereum smart contract which handles ETH and ERC-20 token deposits and withdraws and implements physical settlement. CTD: Chromia-based blockchain (dApp) which handles trades, track ownership of contracts and facilitates communication necessary to perform settlement through Ethereum smart contracts. CSW: Client-side wallet and trading user interface, which takes commands from user and carries them out using Ethereum smart contract and Chromia dApp.
Q6 from Telegram user @tolgaozek
Those
layers are subsidiary of each other in case of an emergency?
Malcolm Lerider: Do you mean Ethereum as layer 1 and Chromia as layer 2? If so, then the answer no. The functionality is split; option collateral and settlement is on Ethereum (layer 1), and option trading is on Chromia (layer 2). As example, we can add bitcoin as another layer 1, and bitcoin options would then be available to trade on Chomia (layer 2).
Q7 from Telegram user @Xuansang
Yeild
farming is a new trending so Hedget have any plan to yeild farming
system development?
Serge Lubkin: We are building solution to save liquidity farmers from liquidations 🙂 But yes we will have liquidity mining with a slow gradual release.
Q8 from Telegram user @regard94
You’re
currently running two projects simultaneously, Chromia and Hedget.
Why not combine them as one and could it cause some difficulties for
you considering that resources are limited?
Serge Lubkin: Hedget is branching off with independent management, so we will have our full focus on this project. We will assist Chromia whenever needed, but we will not have any active duties there. So to summary, we will run only one project, while occasionally assisting the other one. It’s a mutual relationship, Chromia is incubating Hedget to get us a good launch, and of course we will return the favors whenever we can.
Q9 from Telegram user @Ravi2139
What
are your most important next priorities until the end of 2020? Are
the fundamental tools sufficient to achieve these goals?
Serge Lubkin: 1. We are building it for users; most tokens go to options writers, and token stakers govern the protocol 2. Flexibility. Chromia is in simple terms a relational database wrapped in a blockchain. All benefits of blockchain, with the possibility to develop as complex applications as centralized ones. 3. Team and network effect. We have gathered people with diverse and specific know-how to develop this project
Q10 from Telegram user @ipman099
Am
tired of making losses in my crypto trading, can you please tell me
if you offer ASSET MANAGEMENT SERVICES An what are the requirements
and procedures involved?
Malcolm Lerider: This is step 3 in what we are building, I would estimate ~2 years to get there. Step 1 is to build a platform for decentralized options, with API’s to support automatic trading. Step 2 is to extend the API’s to a suite where Hedget can fulfill advanced hedging strategies. Step 3 is where decentralized asset management protocols can be released.
ML | Satoshi Club: Thank you @sergelubkin and @malcolmlerider for being with us! For you time and answers! You can address some words to the community before we open the chat!
Serg | Satoshi Club: Thank you for joining our AMA! it was great and very informative
With the autumn arrival SatoshiClub community is moving forward for new records in AMArathons. Today we would like to tell you about the AMA session with our friends from Dash. The AMA took place on September 04 and our guests were Tosin Miracy, Director of the Digital Cash Awareness Drive and Nathaniel Luz, Lead for Dash Nigeria.
The total reward pool was 500$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part
1 — introduction and
questions
from the Telegram&Bitcointalk
community
Serg | Satoshi Club: We are please to announce that we will have an AMA about Dash! 🤩 Welcome to Satoshi Club.
Irina K. | @satoshi_club: Hi everyone and welcome to another episode of our AMA series
Our guests today are @Nathanielluz and @Tmiracy from DASH. Welcome guys and thanks for joining us
Nathaniel Luz:
Hello guys, it’s good to be here
Tosin Miracy: Hi
everyone, glad to be here
Irina K. | @satoshi_club: Thanks again for joining. To be begin with, please tell us a few words about yourselves and how did you get to be involved in DASH?
Tosin Miracy:
Hello everyone, My name is
Tosin Miracy, I handle Business Development at Dash Nigeria. I’m glad
to be here today.
Nathaniel Luz: I’m Nathaniel Luz, Lead for Dash Nigeria (dashnigeria.com) I stumbled on digital currencies in 2016, and Dash in 2017, discovered its benefits over the traditional money system, and I’ve since been on a mission promoting the adoption and use of Digital Cash.It all began with the wonders of cross border remittances, the ability for someone far away in the US to scan a barcode on my phone through Skype and I received the payment. This was an interesting development for me, having seen the amount of time and high transaction fees traditional money remittances systems cost as I explained above. Nigeria has been among the countries topping the charts from Paxful to Remitano to Local bitcoins et al in terms of bitcoin volumes traded. Nigeria is one of the best destinations for the use and adoption of digital currencies and I believe any crypto targeting mainstream adoption should focus on Nigeria and Africa.
Serg | Satoshi Club: it’s a noble mission ))
Irina K. | @satoshi_club: What’s your perspective on the adoption of digital cash?
Tosin Miracy: Nigeria has been receptive to cryptocurrency and in the words of Ray Youseff, CEO Paxful, “While the rest of the world speculate on cryptocurrency, Africa is using it to solve real problems in ways none of us could imagine”. The uses case he is referring to are remittances and international payments. Africans are using crypto to beat restrictions and high charges of traditional remittance channels. Dash is fast becoming the choice coins for remittances due to its Instantsend and almost zero fees for all transactions.
Serg | Satoshi Club: how is it going so far? Have your team grown?
Nathaniel Luz: Yes. We’ve grown very much and we get featured in Tier 1 media outlets like CT, Bitcoinnews frequently
Irina K. | @satoshi_club: Yeah, thanks for sharing. What about other countries from Africa? If you have information about that, how interested are people in this topic?
Nathaniel Luz: Very much interested. Especially in other countries like South Africa, Kenya and Ghana
Irina K. | @satoshi_club: That’s very cool
Serg | Satoshi Club: thanks for the introduction, we will have a question AMArathon with 20 questions selected for the Part 1. ready to start?
Tosin Miracy: Good to go!
Serg | Satoshi Club: btw, 15 questions were selected by our guests and 5 by us
Why
do you consider X11 one of the safest algorithms? What are the
chances that the network will suffer a 51% attack?
Tosin Miracy: There are two requirements for double-spending to be able to happen on Dash. First, a malicious participant must gain control of at least 51% of the network hash rate (X11 algorithm). Second, it would also need to overcome the 60% majority of the masternode network that is required to create quorums and, subsequently, prevent ChainLocks from forming. While bitcoin and other POW coins require a participant to control 51% of the mining hashrate to carry out an attack, Dash requires them to possess both 51% of the mining hash power and 60% of the masternodes which is about 3,000,000 Dash. This makes Dash the safest cryptocurrency network. See https://cointelegraph.com/news/raising-the-security-bar-dash-claims-a-51-attack-is-not-enough for more information
Serg | Satoshi Club: it is like a 2 factor authentication 😀
Nathaniel Luz: Yeah. Better to be doubly prepared
Irina K. | @satoshi_club: Where there any attempts to hack the network like this?
Nathaniel Luz: There’s been no known attack on the Dash Network till date
Irina K. | @satoshi_club: Hopefully it will stay like this
What
are the requirements to run a Masternode? What’s the minimum amount
of Dash that we need to have?
Tosin Miracy: Each Masternode requires you to possess 1,000 Dash, host it in a server and keep it running, thereby providing services to the Dash network. For the services rendered, they get a reward of 5.7% annually. You can own a shared masternode for as low as 1 Dash on crowdnode.io.
Serg | Satoshi Club: the server has to be online 24/24? what if it switches off?
Nathaniel
Luz:
Yeah. You
restart it. You get paid for when it’s online and providing its
services to the network. With crowdnode.io,
they maintain all that for you
Irina K. | @satoshi_club: Are there any commisions to be paid to crowdnode.io?
Nathaniel Luz: Yeah. A little commission for the service rendered
How does Dash ensure decentralization? Who makes the decisions regarding funding developments and community needs?
Tosin Miracy: Dash is the first coin to give its users a voting right to be able to participate in the governance of the network, making it very decentralised. Masternode owners vote to reach a consensus on funding the development and needs of the Dash network. Dash Core developers are paid directly from the Dash block rewards without any middleman. This is amazing as the development of the Dash network is not reliant on donations or individuals but on the Dash network itself.
Serg | Satoshi Club: that’s the true decentralization 🙂 thanks for the answer
Can you explain
in your own words and in a simple way how the Dash’s voting system
works?
Tosin Miracy: The Dash voting system is the governance mechanism that helps the Dash network reach a consensus on issues. This is a very important feature as it prevents Dash from breaking way due to forks. Most forks happen because there is no way for the network to reach a consensus like in bitcoin. Masternode owners also vote to allocate 10% of the block reward to proposals promoting the adoption of Dash globally. Each proposal requires a net positive of at least 10% of the total number of masternodes to pass.
Nathaniel Luz: There are about 5,000 masternodes in Dash at the moment so a proposal we need about 500 net yes votes to get funded
Serg
| Satoshi Club: Great
answer, usually we are
discussing the questions in details, but since we have 20 questions
to answer, we will go quicker through them, since we have 2 other
parts in the AMA
Irina K. | @satoshi_club: So you can’t make a fork on Dash without it being voted upon?
Nathaniel Luz: You can but it will not be honoured by the masternodes, miners or users
Irina K. | @satoshi_club: Oh, I see. Thanks for the clarification
Nathaniel Luz: What’s the point of creating a fork if there’s no community behind it?
Serg | Satoshi Club: to make some profits. so, on a funny note we go to the next question
What tasks do you plan to complete by the end of 2020?
Tosin Miracy: By the end of 2020, Dash Platform will be on testnet. This will mark the initial testing phase before the mainnet launch next year. Dash platform will allow developers to build Dapps, tokens, smart contracts et al on the Dash blockchain similar to Erc-20 on the Ethereum blockchain. Projects built on the Dash blockchain will inherit the foundational features of Dash such as Instantsend, almost zero fees, anti-51% attacks, etc. You can learn more about the Dash Platform at https://www.dash.org/developers/
Irina K. | @satoshi_club: Do you have any Dapps that are scheduled to be developed on Dash platform?
Nathaniel Luz: Interestingly some are already been developed on Evonet (a special testnet for it)
Tosin Miracy: Dash allows businesses to accept payments and get settled instantly without fear of chargebacks and losing a good amount of their revenue to fees. The traditional financial card networks take days to settle a transaction, with the added risks of chargebacks and fraud which Dash eliminates. Dash also allows businesses to accept international payments in seconds. This is an amazing feat!
Why
should we be worried about full transparency if we have nothing to
hide?
Tosin Miracy: We have to respect people’s choices. If someone wants financial privacy, let them go for it, if someone doesn’t, fine also. People also want financial privacy for several legitimate reasons including; not wanting the merchant on my street to know my balance and all my financial history simply because I purchased a cup of coffee and paid with Dash. PrivateSend is very important because the blockchain is transparent and allows anyone to trace the history of a particular crypto wallet address.
Serg | Satoshi Club: Privacy is important not because we have smth to hide, but because it should be our option to decide. Great answer
In Nigeria
here, I was surprised to see a shop accepting DASH as payment. How
can my shop also get started and register?
Tosin Miracy: Great. Our adoption work in Nigeria has been growing greatly. You can accept payments in Dash directly with your Dash wallet, through Kurepay, Coinprofile or several other of our partners. Kindly join the Dash Nigeria telegram group at t.me/dashnigeriabiz and we will assist you. Welcome to Dash!
Serg | Satoshi Club: what other communities do you have? local ones
Nathaniel Luz: Venezuela, Thailand, Germany, Brazil, Nigeria and several others
Tosin Miracy: Ghana, Kenya, Haiti, South Africa among others.
Serg | Satoshi Club: A worldwide community, nice
Irina K. | @satoshi_club: Which one is the most active in your opinion?
Nathaniel
Luz:
They’re all active, Venezuela
is a Dash hotspot though
I am Brazilian, trained journalist and I am an enthusiast of the cryptocurrency dash, because it is one of the most decentralized that exists. On October 29, 2019, I came across the following article from the cointelegraph portal about closed operations in many countrys – https://cointelegraph.com.br/news/dash-encerra-operaces-na-america-latina Could you please clarify what really happened? I know that Latin America is one of the continents where the dash is strongest, especially Colombia.
Nathaniel Luz: Dash has been and is still very much active in LATAM. What happened then was that the proposal of one of the Dash teams did not pass that month and they decided to stop working for Dash. The beauty of Dash lies in its use of several grassroots teams to promote adoption. So one team stopping doesn’t hurt the adoption of Dash. Dashtext.io, dashmallparking.com and Dashhelpme.io are examples of some active Dash adoption teams in LATAM.
Irina K. | @satoshi_club: Are there many active teams in that region?
what are the future plans for Dash? Do we have any exciting things down the pipeline that we can share?
Nathaniel Luz: Dash has been working on an amazing project initially codenamed ‘Dash Evolution’. It is a layer 2 of the Dash network where other developers can leverage on Dash and build their own projects. By the end of 2020, Dash Platform will be on testnet. This will mark the initial testing phase before the mainnet launch next year. Dash platform will allow developers to build Dapps, tokens, smart contracts et al on the Dash blockchain similar to Erc-20 on the Ethereum blockchain. Projects built on the Dash blockchain will inherit the foundational features of Dash such as Instantsend, almost zero fees, anti-51% attacks, etc. You can learn more about the Dash Platform at https://www.dash.org/developers/
Irina K. | @satoshi_club: When do you plan to launch the mainet?
Nathaniel Luz: Please join the Dash Nigeria telegram group at t.me/DashNigeriaBiz pending when the main Dash group can accept new members
Tosin Miracy: Plans are on going for next year
Serg | Satoshi Club: 2021 should be a good one for Dash
Can you explain the significant improvements of Dash network over Bitcoin
Nathaniel Luz: InstantSend allows Dash transactions to be settled in 1 second while bitcoin takes hours or even days for a transaction to clear depending on the fees and mempool situation. A Dash transaction costs just $0.0002 as opposed to bitcoin that costs a good amount of dollars. Dash has optional privacy via PrivateSend while bitcoin doesn’t. These features make Dash more suitable for payments and remittances over bitcoin. Most importantly, Dash is 51% attack proof while bitcoin isn’t.
Serg | Satoshi Club: the transaction cost is fixed or can fluctuate?
Tosin Miracy: It varies but usually around $0.0002
What have been the advances of DASH in LATAM and why has Latin America been one of the target markets for DASH? For example, in Venezuela the adoption of DASH grows more every day, does the same happen in other neighboring countries? What are the expectations? Thank you!
Nathaniel Luz: Venezuela, a country in LATAM has been suffering from massive devaluation and inflation of their currency, the bolivars. Dash has proven to be a better alternative for them for receiving remittances, and paying for goods and services in everyday life.
Q13 from Telegram username @alpulusoy
Masternodes, what role do they play in the Dash network?
Tosin Miracy: Masternodes are powerful servers backed by collateral held in Dash, and are designed to provide advanced services and governance on the blockchain. Dash has been associated with the concept of masternodes ever since the invention of this novel concept soon after the project started in 2014. Masternodes host full copies of the blockchain and provide a unique second layer of services to the network, facilitating advanced functions such as InstantSend, PrivateSend and usernames on the blockchain. Masternodes must be backed by collateral denominated in Dash, and in return their operators receive regular payment for the services they provide to the network. As highly committed custodians of the project, masternode operators are given the opportunity to vote each month on up to 10% of the block reward to fund community projects supporting the Dash ecosystem.
Dash community is one of the oldest BTC forks, how easy it for a new community member to run a masternode ? What are the requirements?
Tosin Miracy: Each Masternode requires you to possess 1,000 Dash, host it in a server and keep it running, thereby providing services to the Dash network. For the services rendered, they get a reward of 5.7% annually. You can own a shared masternode for as low as 1 Dash on crowdnode.io.
I always love to refer to DASH as the mother of Masternodes, how do you feel about this seeing other projects copied your unique technology
Nathaniel Luz: Masternodes, DAO, Chainlocks, Treasury, etc are some of the inventions of Dash that have been copied and used by other projects today. What this simply tells is that Dash has been the most innovative coin since 2014 and deserves more recognition than what is currently accorded. See Zcoin copy of Dash Chainlocks https://dashnews.org/zcoin-to-copy-dashs-chainlocks-51-attack-proofing/
Serg
| Satoshi Club:
If you are copied it means that you are good 🙂
What’s DASH role in hyperinflation countries? How has the adoption been in those countries?
Nathaniel Luz: Venezuela, a country in LATAM has been suffering from massive devaluation and inflation of their currency, the bolivars. Dash has proven to be a better alternative for them for receiving remittances, and paying for goods and services in everyday life. Nigeria has seen its currency, the naira, being devalued by 30% this year while some Nigerian banks have restricted $ payments to $20 monthly for their users. Situations like this make people flock to crypto so they can be able to carry out remittances and international transactions without limits. https://news.bitcoin.com/high-network-fees-make-btc-less-appealing-for-remittances/
Serg | Satoshi Club: 20$ monthly?????? hey must be kidding
Tosin Miracy: Yes, that’s what we are facing currently.
Serg | Satoshi Club: I am sorry to hear that. Crypto is the solution
Tosin Miracy: Yes, we’re looking forward to more adoption.
Dash Evolution being a payment platform for consumers and merchants to create an account on the blockchain and use an interface to carry out transactions with the Dash network. Do you think this could be conducive to mass adoption? What expectations do you have with Dash Evolution?
Nathaniel Luz: Imagine being able to send Dash to a username or any of your contacts instead of long alphanumeric digits. That is one of the features of the Dash Platform codenamed Dash Evolution. It aims to bring crypto usage to the mass of non-tech users. It will be the most innovative solution to the UX problem of crypto at its launch. Once we get this UX problem solved with the Dash Platform, be sure of mass adoption!
I have been studying cryptocurrencies for many years and one of the concepts that motivates me is innovation. Today, the tron network (trc20), red bep2 (binance) and the erc20 network (ethereum) already manage to carry out swaps and innovative solutions. Recently monero is studying the swap from xmr to btc. In this sense, what does the dash have to offer us again in terms of technology?
Tosin Miracy: Dash has been working on an amazing project initially codenamed ‘Dash Evolution’. It is a layer 2 of the Dash network where other developers can leverage on Dash and build their own projects. By the end of 2020, Dash Platform will be on testnet. This will mark the initial testing phase before the mainnet launch next year. Dash platform will allow developers to build Dapps, tokens, smart contracts et al on the Dash blockchain similar to Erc-20 on the Ethereum blockchain. Projects built on the Dash blockchain will inherit the foundational features of Dash such as Instantsend, almost zero fees, anti-51% attacks, etc. You can learn more about the Dash Platform at https://www.dash.org/developers/
I know Dash is famous for its Decentralized Autonomous Organization (DAO) governance model, can you tell us about the voting mechanism that supports Dash Treasury and Dash Core Group and funds projects from the community?
Tosin Miracy: The Dash voting system is the governance mechanism that helps the Dash network reach a consensus on issues. This is a very important feature as it prevents Dash from breaking way due to forks. Most forks happen because there is no way for the network to reach a consensus like in bitcoin. Masternode owners also vote to allocate 10% of the block reward to proposals promoting the adoption of Dash globally. Each proposal requires a net positive of at least 10% of the total number of masternodes to pass. Dash is so decentralized that the Dash Core Team relies on the Masternode Owners to fund their continuous development of the Dash network.
Q20 from Telegram Username @Duylinh20
What are the ways DASH is generating profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both investors and your project ?
Tosin Miracy: The revenue model of Dash is the most certain and decentralised as it stems directly from the block reward. 10% of the block reward goes to financing activities that advance Dash adoption globally. Dash holders who run a masternode or shared masternode earn a 5.7% reward annually for the services they render to the Dash network.
Part
2 — live questions from the Telegram community
Q1 from Telegram user @RoZerius
Adoption
is one of the key factors that any blockchain project will focus on
to become attractive to investors and users.
So, what is DASH
plan to apply for more adoption?
In
Nigeria, I’m sure you’re aware of the recent clampdown on crypto
transactions, especially by the local banks and CBN. How is this a
threat to the adoption of DASH in Nigeria?
Tosin Miracy: This is false. There’s no clampdown on crypto transactions in Nigeria. The CBN and SEC are working on the regulatory framework for cryptocurrency in Nigeria and we are in touch regarding it. Also we delivered copies of ‘digital is the cash ‘ book to the SEC and other regulators to help them understand cryptocurrency more.You can download the book here Bit.ly/freedashbook
Q3 from Telegram user @Jonahapagu
Does
Dash currently have any programmes or incentives for its Community
that we can be a part of in driving mass Adoption?
Nathaniel Luz: There are bounties available for developers who build on Dash Platform testnet/ evonet. https://chat.dashdevs.org/ Please joim them there and earn some Dash by building on Dash Platform testnet
Q4 from Telegram user @kun4321
What
are the major milestones $Dash achieved so far & what are in
future pipeline?
Nathaniel Luz: Dash major milestones thus far include: InstantSend PrivateSend Chailocks Almost zero fees LLMQs X11 mining algorithm Treasury DAO Masternodes And several others. Soon, we will have Dash Platform which we enable building tokens and Dapps on Dash, sending Dash to a username and several others
Q5 from Telegram user @Kutinhu
Crypto
projects were closed in many countries due to improper regulation and
licenses. How does your project solve these problems?
Nathaniel Luz: Dash is a community driven project with no central figure who calls the shots. Can any government sanction bitcoin? So also they can’t do that to Dash. However, they can go after exchanges and crypto companies if they think they are breaking the law.
Q6 from Telegram user @Alika061
I
really like the newly redesigned of Dash Wallet sir but my question
is how secured and safe is the wallet compared to other wallet apps?
And what is the security mechanism of dash to ensure user assets do
not become the target of hackers?
Tosin Miracy: Dash wallet is very secured one, you can only access your wallet with your password and pin. Also, there is a recovery phrase that backs up your wallet incase you lost it. With your recovery phrase, your wallet can be recovered. Except your wallet password or recovery phrase is known to a third party, no one can access it The wallet has password and recovery phrase which makes it secured. Also, it is advisable to keep a large chunk of your money in a hardware wallet for better security.
Q7 from Telegram user @Infinite_crypto
What
is the main reason behind the formation of Dash Cryptocurrency ? Why
you think that coin Like Dash should be there in Market ?
Nathaniel Luz: Because Dash invested Masternodes, PrivateSend, InstantSend, DAO, Treasury, ChainLocks etc. Dash is one of the most innovative coins out there. I bet you can’t wait for Dash Platform to be launched!
Q8 from Telegram user @Lucassoba
Staking
and DeFi are very popular in cryptospace…
are there any idea
to implement DeFi and staking program in #Dash
Ecosystem???
Nathaniel Luz: Dash is the first inventor of DeFi and staking if I may say. Sonce 2014, Masternodes have been rewarded for using their 1,000 Dash collateral to provide services like InstantSend to the Dash network
Q9 from Telegram user @ngoccam
In
recent last news, I see that the growing of Dash at Latin American
increases significantly in mass adoption and commercial payments, so
could you please share me the strategy for this market in future and
where it’s a secret for this growth?
Tosin Miracy: Our goal at Dash have been to be the choice crypto for everyday payments and remittances. The development of Dash is done with that in view and that has been helping Dashnget widely adopted as Dash has almost zero fees and a transaction time of 1 second. Also, the various Dash adoption teams all over the world work to spread Dash tirelessly
Q10 from Telegram user @Castro_Tib
As
I know DASH support cheaper fees when paying instead of using banks,
Paypal, Alipay, …. But how do users feel safer and more confident
when using DASH instead of banks, PayPal, Alipay?
Nathaniel Luz: Dash is boarderless and doesn’t require KYC to use as opposed to Paypal and the likes. You can also use Dash privatesend for your transactions to enable privacy. Also, Dash transactions are instant and has almost $0 transactions fee
Serg | Satoshi Club: this was the last one 🙂 thank you very much for your time and answers!
It was an intense AMArathon
Nathaniel Luz: Thanks @sspurss@iri_kravchuk@ciupidos for hosting us here today. The session was amazing and the questions were well researched.
Tosin Miracy: Thank you everyone for having us, a big shout out to the organizers, it was intense!!!
Part
3
– Quiz
Results
In the final part we tested your knowledge in terms of Dash. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Safe Haven Team will select 10 questions and answer them.
Part 3: 500$ – A quiz about Safe Haven
For more details:
Safe Haven – @SafeHavenio
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. KIRA Network Team will select 10 questions and answer them.
Part 3: 500$ – A quiz about KIRA Network
For more details:
KIRA Network – @kirainterex
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Gotem Team will select 10 questions and answer them.
Part 3: 500$ – A quiz about Gotem
For more details:
Gotem – @gtxgotem
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. NULS Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about NULS
For more details:
NULS – @Nulsio
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 200$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 200$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Rocket Protocol Team will select 10 questions and answer them.
Part 3: 600$ – A quiz about Rocket Protocol
For more details:
Rocket Protocol – @RocketProtocol
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
