We are pleased to announce our next AMA on April 19th 2021 at 03:00 PM UTC Time: Satoshi Club x Acala & Karura
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Acala & Karura Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Acala & Karura Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Acala & Karura
For more details:
Acala & Karura Website – acala.network
Acala & Karura Telegram – @acalaofficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
How many Acala tokens will we receive for the Bitcoin contribution?
What is the payment method of this project. Does this ACA sale use BTC for payment or DOT for payment?
So, does you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
In order to be selected as a designer in your metaverse, what requirements are needed to be fulfilled? And is there a limit to the kind of content that a designer can create within your metaverse?
Your initial protocol, Acala, is described as the all-in-one Defi platform on Polkadot that can help to stake, lend, swap with micro-gas fees. However, you are also building, Karura, a sister network of Acala which will perform replica functions of Acala on Kusama. What is the essence of building on similar chains of Polkadot and Kusama (a substrate coded network based on Polkadot infrastructure) at the same time? What dApps utilities will be possible to develope on each of this substrate based layer 1 infrastructure and how possible will it be for you to effectively manage the two protocols when Polkadot and its parachains are fully operational?
Acala will utilise a sustainable economic model which will be facilitated by a unique treasury design called Decentralized Sovereign Wealth Fund (dSWF). What are the potential sources of income surplus which will cause funds to be accumulated into this reserve? How will your blockchain economic reserve model provide a third-way economic benefits to the Acala ecosystem in addition to the model of buy-back/token burn used generally in most cryptocurrency projects? And since it is said that this reserve is collectively owned by all token holders, what model will you use to frictionlessly determine the direction in which the dSWF is to be expended on?
To address the challenge of illiquidity faced by staked assets, you will be introducing the Homa Protocol into the Acala network which will be able to establish locked assets in a staking pool and tokenize users staked asset as L-Asset. How will the Homa Protocol aggregate the supply of each user participating in staking, execute and algorithmically manage staking strategies and issue L-Assets for the locked assets in the staking pool? What will this protocol use to determine earn block reward/punishment and in what way will this optimise staking returns and ensure liquidity?
As we well know, transaction fees are something that each user is concerned about because we always look for the most convenient way to save a little. What are the system fees? What transactions do they include? Are ACA tokens dilute or implement stakeout?
Currently most DeFi projects are governed by the community. Do ACA token holders have the right to propose network updates and parameter adjustments? Who is in charge of approving or rejecting these proposals? How do Acala and Karura respond to a sudden price crash?
We know that KARURA will be a network that will constantly reinvent itself and evolve as the latest technologies are implemented in the Acala ecosystem. What improvements will it bring to KARURA? Will the improvements depend on acala?
Users will be able to bring BTC and ETH to Karura through bridging solutions and pay fees on those wrapped tokens, this would help a lot in the demand for income and capital. What benefit will users get from working with you?
On Acala we can get involved on something you called Consortium where we can jointly govern and develop the plarform, can you tell us more about this group? How can we govern and develop Acala Network and how can we be part of it? Also, while looking at Karura’s page I noticed this option isn’t available. Does this mean we can only get involved on Acala? Or by joining one of this platforms we are already part of the governance and develop of the other one?
As we well know, each aUSD is over-backed by a crypto asset and stabilizes against the US dollar, through the Honzan Protocol, a dynamic system of secured debt positions (CDPS), on-chain governance and incentivized key players. What is the design of this joint project inspired by? Under what system is this protocol operating? How do they achieve the total balance between supply and demand?
KARURA plans to join the vibrant developer community, providing Kusama and Substrate developers with world-class tools and platforms for financial applications. Will this bring an exorbitant increase in projects and developers to the industry?
I read on your whitepaper that: “Anyone who owns the type of crypto assets supported by the ACALA Network can leverage them to generate aUSD tokens through The Honzon Protocol”. Can you tell us more about this? What are the crypto assets supported by ACALA? And what is this Honzon Protocol, what are the benefits of using it and how can it make this aUSD token generation possible? Are there any other methods of doing so? Also, is there a min. or max. amount of aUSD users can generate through this protocol?
It caught my attention that on Acala’s whitepaper there is this “Emergency Shutdown Procedure” part, can you tell us more about this procedures? What are they and for what kind of emergencies are they design for? What kind of risks are users exposed to on Acala Network according to you? Also, would you say that the same risks that users are vulnerable to on Acala are the same ones on Karura? What are your Emergency procedures for Acala’s sister?
Acala possesses stability to close a CDP with ostatuline. I understand that they have the Penalty method; Are all open CDPs constantly monitored by the system? Is the penalty for liquidation? How is the token backed? Do you have returns of the remaining guarantees?
A decentralized network governed entirely by Acala Network Token (ACA) holders to achieve a transparent future: a future based on more truth and less trust. What are the applications that Acala offers? How is the loan process carried out? With Acala I can generate interest? How do you respond to market volatility? Who influences the property?
I understand that $ AUSD is a stablecoin and that it is backed by several stablecoins resistant to volatility, can you mention which are those currencies that back the token? Are all the transfers that are made through connected blocks? How can I extract derived value without sacrificing network security?
There is something that strikes me about their token economy and it is that they claim to have a “gradual decentralization”. Can you explain why isn’t fully decentralized from the beggining? Or am I understanding in the incorrect way?
Acala has a parachain economic modeling and governance, is it similar to the one of Polkadot’s? How does Acala implements this parachains to improve the infrastructure and services of your products?
Because you decide to create an asset called (aUSD) stable which says that it has multiple guarantees and is supported, this support as we can verify it since it is a stable without permission in addition to this, what difference does (aUSD) have from the Tether / DAI / USDC itself / BUSD or some other stablecoin that does not have this, why did you decide to create this asset?
You have a feature called Emergency Shutdown Procedure, is it like a panic button? can you explain how does it work and what risks are associated with it’s usage?
I could read on your docs that oracles are essential for normal operation of the ACALA network, can you tell us which oracles are currently associated with ACALA and what are their main functions on your ecosystem?
Kusama has been said to be a ‘cypherpunk heaven’ for developers looking to move fast and push the limits of what’s possible. Karura plans to integrate and capture this vibrant developer community via Kusama and also assist substrate developers with world-class tools and platforms for financial applications. Can you carefully outline some the “haven of benefits” and financial tools Kurara will offer developers and budding innovators and how will the synergy between developers and Kusama, effectively benefit Karura?
Smart Contract DApps can be deployed in Acala EVM directly using native and cross-chain assets such as DOT, ACA, aUSD, renBTC, XBTC, and more. ERC-20 tokens can also be deployed in the EVM and be used as a gas fee tokens to pay transaction fees. With this awesome ease of interoperability offered by Acala EVM, how will it influence the runtime levels to listings of these tokens on the Acala DEX and what added advantage would such DApps enjoys via it’s deployment in Acala EVM?
You say that Acala DeFi platform is “all in one” as it has the ability to help users bet, trade, borrow, lend, win and more, all with micro gas fees. But could you explain to me how they do it without any inconvenience? Do users have to complete a KYC to access these tools? And how do the “micro gas” rates work? Are they really minimal?
You can see from their docs that Acala is Polkadot’s all-in-one DeFi hub. But could you explain to me mainly why they have been based on the Polkadot ecosystem? Does this ecosystem offer something unique compared to Binance Smart Chain, Solana or other ecosystems? And mad forward they claim that they are compatible with Ethereum, what do they achieve thanks to this?
Could you provide more information about your native stable currency? What are the multiple assets for which it is backed? What are the different use cases that this stable coin will have within its platform? And what are the transaction fees for this currency?
As an all-in-one DeFi platform to helps stake, swap, borrow, lend, earn, and more – all with micro gas fees, when are you planning to launch Acala mobile application for easy access and better use of Acala users and traders? Can we expect it for both android and IOS mobile? Is this plan will be one of your goal this year as development phase of Acala network? Thank you
Does Acala and Karura is only one network or they are under partnership? How they become connected to each other? Does the team and owner of Alcala and Karura is just the same? How can investors identified this two platforms? Thank you
Acala & @KaruraNetworkis being collaborated with Coinbase together with Polkadot and Kusama. So can you tell us how does those big platforms backing up your platform? What advantages that it brings to your network? Thank you
I saw one (1) Acala dollar = 1 US Dollar on your website and I was happy not knowing the ratio is on testnet. Regarding your fundamental technology, what are your plans to move to Mainnet in the future that can build distribution, trades, etc. innovatively and safely for the community?
Hi Acala!
Acala DEX promises micro gas fees that can be paid in any token. This sounds exciting! How will it work, when you trade/swap percentage of the token you sell will be taken as a fee?
Hi Acala!
What is the percentage borrowers will have to pay for the loan? Will you offer fixed rate or dynamic rate loans? Will the crypto market volatility affect this percentage ? Thank you.
Hi Acala!
Please tell us about the Decentralized Sovereign Wealth Fund (dSWF) proposal. As I understand dSWF will hold foreign cryptocurrency reserves. Is this similar to the bonds that some countries like the US sell to foreign countries and repay with interest in the future?
Acala plan to lease Parachain slot for 6 years and then switch to your own independent blockchain bridging Polkadot after. When will you start developing your own blockchain? And do you think a platform like yours is still relevant after 6 years with a fast-paced development of crypto industry?
According to your tokenomics, 20.25% of $ACA Token will be reserved for Acala Team. Why such a high percentage of token allocated to the team, while the Ecosystem development just have 5%? Are you going to lock the team’s token?
I read that token holder can engage on governance also give vote for important topics for example like network upgrades. Can you give clarification about this? How are actually DAO and governance token work in Acala & Karura network? How is the way a user possible to request and pick decisions?
What will be the total supply of $ACA token? Acala tokenomics dont have information about it? Are you still haven’t decided how many $ACA tokens needed to run the Acala Ecosystem?
One of the Acala Apps features is lend. How is this whole process organized? How can one user lend his funds to another, in what currency, for how long and at what percentage? How is the transaction formalized and verified?
I understand Acala & Karura build under Polkadot. Can you explain how is your opinion regarding Polkadot ecosystem that evolve to compete in blockchain with other big competitor such ETH, BSC, Solana in the future? Actually BSC is growing big so fast and maybe ETH 2.0 will implement as soon as possible, dont you worry about them?
1) When will you finish implementing EVM & Smart Contract?
2) When is the ACALA NETWORK launch planned?
3) When is the pre-sale on Coinlist or other exchanges planned?
You have a sufficiently large and detailed form to apply for the Acala Ambassadors program. A candidate for participation in the program has to provide a lot of information about himself, not yet being in the team? And if he does not pass the selection? How will all personal data collected by you be protected? Or are you inviting all candidates who apply for cooperation?