On 14th of May Kucoin were invited to conduct an AMA with the Satoshi Club Community. Our guest was the CEO and Co-Founder of Kucoin — Johnny Lyu ( @lyu_johnny ). Total reward pool was $200 in KCS for 30 winners. Johnny Lyu shared a lot of great information and important points for Kucoin with our Community. During the Live Telegram session with questions from Community more than 500 were posted. Kucoin AMA gained impressive interest in Satoshi Club Telegram group.
Part 1 and introduction
Serg | Satoshi Club: Hello, dear friends! Today we will have another episode from our AMA series in Satoshi Club. Today we present to you KuCoin! Our guest is Johnny Lyu — Co-founder & CEO of KuCoin. Welcome to Satoshi Club! Let’s have a great time together. Please tell us a little bit about yourself and how did you founded KuCoin.
Irina Kravchuk | SatoshiClub: Hi everyone and welcome Johnny Lyu
Johnny Lyu(CEO of KUCoin): Hello everyone, thanks for inviting me.
Serg | Satoshi Club: Please tell us a little bit about yourself and how did you founded KuCoin?
Johnny Lyu(CEO of KUCoin): I am the CEO of KuCoin Global and in charge of KuCoin, KuMEX, Pool-X, and other products. Before joining KuCoin, I used to work in the auto and luxury industries for many years. It is Michael who led me to the crypto world. We are high school classmates and Michael is an early Bitcoin miner. Michael used to be a user of Mt.Gox lol. He bought around 1000 BTC at the price of $10. And all these BTC went away with Mt.Gox. Actually that is one reason why he wanted to create an exchange that is super easy-to-use and secure, and that’s why we now have KuCoin.
Irina Kravchuk | SatoshiClub: I’m sure he wasn’t very happy when he lost 10k BTC, but it ended up quite well.
Serg | Satoshi Club: Ohh, I am very sorry for Michael 🙂 But I think he doesn’t regret it now because you have created KuCoin 🙂
Johnny Lyu(CEO of KUCoin): Yup, a sad story but ends well.
Irina Kravchuk | SatoshiClub: He should be happy. Motivation is costly sometimes. Like all good stories. How it’s been in the beginning? When you first launched?
Johnny Lyu(CEO of KUCoin): KuCoin was founded in 2017.
Serg | Satoshi Club: Was it difficult to find investors, developers, to attract the first users?
Johnny Lyu(CEO of KUCoin): We started in 2017 when the market is quite bullish, so there have lots of investors in the market. And our product is easy-to-use and friendly to global users, so we have accumulated quite a lot users from the beginning.
TWITTER QUESTIONS FROM THE COMMUNITY
Q1 from Twitter user: @banderamamusya Could you tell us more about The Project Pinocchio, which launch KuCoin announced in March? What data will you use to calculate the Pinocchio Index?
Johnny Lyu(CEO of KUCoin): As you know, Project Pinocchio is a neutral and credible alert platform for less trustworthy projects in the cryptocurrency industry. Through the establishment of a crypto credit reporting system, it will prevent malicious business behaviors such as cooperative breach of contract, illegal fundraising, and bad cryptos expeling good cryptos. Project Pinocchio is committed to creating a fair, just and transparent business environment, and providing a foundation for the healthy development of the blockchain and crypto industry.
Serg | Satoshi Club: So, it is like a blacklist for the crypto world?
Johnny Lyu(CEO of KUCoin): Yeah, you can understand the project as a blacklist, actullay we have published 2 lists till now.
Irina Kravchuk | SatoshiClub: That’s a great initiative.
Johnny Lyu(CEO of KUCoin): Project Pinocchio will introduce the Pinocchio Index as the evaluation standard, and all judgment results will be disclosed based on legal compliance. All information records will be stored on-chain with immutability via blockchain technology. Eventually, we will establish a non-profit credit reporting DApp. Pinocchio Index is a reference standard for the industry using multi-dimensional measurements, including moral hazard assessment, data analysis, public opinion monitoring, transaction history, project development, etc.
Irina Kravchuk | SatoshiClub: By the way Johnny Lyu. Where does the name come from? I mean the coin part is clear, what about Ku?
Johnny Lyu(CEO of KUCoin): In Chinese “Ku” means warehouse, we are the warehouse of coins, haha.
Q2 from Twitter user: @nandhase What is your view of someone manipulating the tokens in exchanges. What are the measures taken by KuCoin to prevent liquidity wash trading?
Johnny Lyu(CEO of KUCoin): Actually, market manipulation also happens in the traditional finance world. In order to ensure the fairness of transactions and maintain the healthy development of the market, governments have, in many areas, implemented regulatory policies to constrain market manipulation behavior. Since crypto is still in the early stages, I believe that with the improvement of regulations and compliance in the market, the market will be more fair and just.
KuCoin is always fighting against wash trading. To prevent it, we have developed a system that can monitor the traders’ unusual behaviors. If, through the system, we detect liquidity wash trading, we will warn them first and take more serious actions after.
Irina Kravchuk | SatoshiClub: And does the monitoring system work? I mean have you noticed a drop in this kind of behaviour on KuCoin?
Johnny Lyu(CEO of KUCoin): Yes, we have warned some market makers when our system detected their usual data in trading.
Q3 from Twitter user: @dangsaoha2 Kucoin is the only exchange currently supporting the L3 mechanism, does this make Kucoin different from other exchanges and attract users? Can you introduce us to the L3 mechanism?
Johnny Lyu(CEO of KUCoin): Actually KuCoin is one of only two exchanges that support Level 3 data push (the other one being Coinbase), as most exchanges only support Level 2. As you might know, Level 1 can only push the price, Level 2 can push the price and quantity, and Level 3 can push the price, quantity and order ID. The L3 mechanism is unique in the industry, enabling users to know the details of every transaction and so eliminate any market manipulation. With Level 3, you will be able to check every single trade on KuCoin, which means the platform is 100% transparent. The L3 mechanism can push data and matching results to users as quickly as possible, which means users can react faster and gain more profit.
Irina Kravchuk | SatoshiClub: Just to make sure I get it right, the id’s of every trade is public, right?
Johnny Lyu(CEO of KUCoin): Yes.
Irina Kravchuk | SatoshiClub: But they are not linked to users, right? I mean an id = an user?
Johnny Lyu(CEO of KUCoin): Every user can track the data, if you check your API notifications, you can find the trasaction details.
Q4 from Twitter user: @laivulong41 How does Kucoin solve the problems that exchanges are facing: system overload, lack of liquidity, hacker attack?
Johnny Lyu(CEO of KUCoin): System overload is a common problem in the industry, especially in extreme markets — many exchanges have had problems with their systems. With the completion of the Bitcoin halving, Bitcoin’s price will fluctuate violently with high probability, and be more prone to become an extreme market. Therefore, the exchange should be ready to deal with the extreme market at any time. KuCoin, through the development of dynamic capacity expansion technology, in the extreme market to come, can actively implement rapid expansion of server resources to deal with the impact of large traffic growth, ensuring that the trading system is not stuck and not down. Liquidity is an issue that users are very concerned about and that we have been trying to solve. In fact, the liquidity is pretty good on KuCoin. In the CMC global exchange liquidity rankings, KuCoin ranks in the top 10. Take BTC/USDT for instance, the spread is only 0.1 USDT on KuCoin for the majority of the time. You can easily buy 1 or more BTC on KuCoin without affecting the spot price much.
Security is also very important. Many exchanges have been stolen due to hacker attacks. To protect our users and our system while maintaining stability and reliability, we have introduced many security mechanisms. We developed a WAF web page protection system, which can better analyze user behavior and malicious attack data, and establish a more rounded risk control monitoring system. This has led to the efficiency of malicious attack interception increasing by 70%. We are also working with many security companies like Chainalysis and Onchain to improve our security. I cannot say too much about this as the hackers may be watching as well. But for sure, trading on KuCoin is pretty safe. Let me know if you have any suggestions to make KuCoin safer.
Serg | Satoshi Club: Btw, did you have problems during the high market volumes in the recent days? Coinbase was down if I am not wrong?
Johnny Lyu(CEO of KUCoin): We haven’t experienced any unexpected system down rencently. I know some exchanges were down in the dump in March 12, but we were good.
Serg | Satoshi Club: That’s a good sign.
Q5 from Twitter user: @salmanmbstu96 How about doing an IEO and Community coin vote Every month? Which will bring more volume to the exchange and may increase the use cases of KCS token along with the increase in demand.
Johnny Lyu(CEO of KUCoin): Good idea! Our Spotlight has been picking good projects, but we have a pretty high standard, so it could be hard to find that many qualified projects. The good news is we just launched the 6th Spotlight project — — LUKSO, and the token sale will happen on May 20. LUKSO, the blockchain for new digital lifestyle, was created by former Ethereum developer Fabian Vogelsteller, author of ERC20 and web3.js — both of which are the foundation for today’s DeFi protocols. Together with founder Marjorie Hernández, he is building the platform for the next wave of mainstream blockchain applications. Check out latest blog article to more know about the project: https://medium.com/kucoinexchange/5-things-you-must-know-about-lukso-f68d260e106
Serg | Satoshi Club: That’s interesting. Maybe we can have LUKSO here before the 20th of MAY? For an AMA.
Johnny Lyu(CEO of KUCoin): It would be great if LUKSO can have an AMA here!
PART 2 — LIVE QUESTIONS FROM TELEGRAM
Telegram User: What are the special features of KuMEX platform how this platform protect the traders from unusual liquidation caused by market manipulation?
Johnny Lyu(CEO of KUCoin): First, KuMEX is the only contract platform that supports Level 3 data push, and we’ve mentioned the benefits of L3 before. Also, KuMEX has a fairer index price, leading to a better mechanism to protect users’ positions. The Bitcoin Spot Index used by KuMEX is the volume-weighted average US dollar price of Bitcoin across 6 exchanges, which ensures the index price on KuMEX is fairer, avoiding the user’s contract being liquidated due to the low liquidity of the trading platform or large price fluctuations of one or two spot exchanges. Also, you may know that most futures platforms have an insurance fund, but different platforms use it differently. I know that some platforms only use like 20% or 30% of their insurance fund in a single day, which means the rest of the losses will be covered by users. But for KuMEX, all the funds in our insurance fund will be used to cover the unexpected losses. Besides, KuMEX also has a lite version which is very friendly to new futures traders.
Telegram User: Can you convince us about long-term potential increase in KuCoin token market value?
Johnny Lyu(CEO of KUCoin): Within KuCoin, the function of KCS is as many as the exchange token in other channels, pay trading fees, get VIP rights, etc., and KCS also has plenty of use cases outside of KuCoin in traveling, gaming, financing, social networking and other industries. As for the value of KCS, I think it has infinite possibilities. With the continuous expansion of the KuCoin ecosystem, the business around KCS will gradually become ecological, and the intrinsic value of KCS will be higher and higher. Along with the development of KuChain. KCS will play a more important role in KuCoin ecosystem than ever.
Telegram User: What is Pool-X Staking? Is it different from staking at other exchanges? What are the benefits of using Pool-X Staking?
Johnny Lyu(CEO of KUCoin): Pool-X is an exchange that provides liquidity for staking assets. When the user needs to redeem the staking tokens within a short time, the user can choose to transfer the staking certificates/credits in the liquidity trading market. By paying with a certain amount of POL (Pool-X native token), users who provide freely circulating crypto assets (liquidity providers) can quickly obtain the circulating tokens, and staking certificates are automatically transferred.
Telegram User: What are the advantage of being a KucoinVip?
Johnny Lyu(CEO of KUCoin): KuCoin VIP can enjoy 1 on 1 Service by Exclusive VIP Client Manager, Trading Fee Discount, New Product Alpha Test, API Request Limit Upgrade, Withdraw/Transaction Limit Upgrade, VIP Exclusive Campaign, etc. Numerous benefits of being KuCoin VIP, welcome to join.
Telegram User: What are the Fiat currencies possible to buy/sell crypto through depit card, credit card, or local banks ? And right now which fiat currency planning to open the gateway in soon?
Johnny Lyu(CEO of KUCoin): We now have supported 22 fiats like USD, GBP, EUR, VND and our goal this year is to support 100+ fiats.
CONCLUSION
Irina Kravchuk | SatoshiClub: Thank you very much Johnny Lyu for your time and answers. It took longer than we expected but we covered a lot of good topics.
Serg | Satoshi Club: And thank you for being here with us today! It was great. Do you have smth to add before we open the chat?
SatoshiClub and its community moving forward together and continue to introduce you the most interesting projects in cryptocurrencies world. Today we would like to tell you about the AMA session with our friends from Monero Enthusiasts Community. The AMA took place on June 23 and our guest was Diego Salazar.
The total reward pool was $300 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
Serg: Dear community, today we will have an AMA with one of the best crypto projects according to CMC: Monero – number 15 at the moment. @ofthesalazar will be our guest today. Welcome!
Diego Salazar: yo what up?
Irina Kravchuk: Hi @ofthesalazar . Nice to meet you. How are you today?
Diego Salazar: I’m doing well. Chilling. Happy to be here to answer questions about Monero.
Serg: Please tell a bit about yourself and how did you become involved with Monero community 🙂
Diego Salazar: Sure. So to start with, a little background. Monero didn’t have a premine, ICO, and has no founder’s reward. There is no corporation, foundation, or anything behind it. Similar to Bitcoin, nobody is in charge. There are no ‘leaders’ per se (like other projects have a CEO or stuff like that).
We really are just a
decentralized group with a passion for privacy.
We do have a Core
Team, but our core team is very different than other core teams. They
aren’t ‘in charge’. They aren’t the boss of anyone. And they don’t
lead the project. Basically what they do is bridge the decentralized
world that we want to exist with the centralized world that does
exist. Let me give an example.
A domain name (i.e. getmonero.org) has to be owned by someone. It can’t be owned by a decentralized community. The payment has to come from somebody’s card, and somebody’s name has to be on there.
The Core Team is comprised of seven trusted individuals that do things like this. Things that require trust. One of their tasks is managing the Monero general fund, which is entirely funded via donations (no premine and stuff remember?). The general fund has a good amount of Monero in there, and the Core Team has made the decision that having someone working full time in Monero from a non-coding perspective would be helpful, so they hired me. I work for the core team and I’m paid from the general fund. I am the only one like this. Note, I am not an employee of ‘Monero’, but of the Core Team, which, again, are just trusted individuals that handle different tasks that require trust.
Serg: what if the person who buys that website for ex will divert its initial purpose? like Roger Veer did for ex
Diego Salazar: This is a good question. The Core Team serve at the pleasure of the community for as long as the community trusts them. We have had changes in the core team before for a few different reasons (none of them due to scandal), but if an individual in the core team were to break the community’s trust, it would be much good to have them in a group that is tasked with doing trusted things, would it?
So the community
could kick away the current core team (presumably with some losses)
and continue. The website is open source, the code is open source,
and we use FOSS for our infrastructure, so everything can be rebuilt.
In other words, they hold no cards against the community.
Irina Kravchuk: How does this control from the community happen?
Serg: Yes, how can the community participate in the decission making
Diego Salazar: via the open source nature of EVERYTHING about Monero. If the core team member responsible for the domain-jacking was unwilling to give the domain getmonero.org back to us, the entire getmonero.org website is open source (https://github.com/monero-project/monero-site/) so we can simply make a new name, and as a community tell people that the old site is defunct because of the scandal and we’re under a new site. We would do this on all of our various platforms.
Note, the core team is not the admins of the telegram group, or our subreddit, or our Mattermost, etc. So they would not be able to stop this flow of information.
Irina Kravchuk: Looks solid
Serg: It’s a nice check and balances system
Diego Salazar: Ye. So to answer how I got involved, I actually found Monero before Bitcoin. 🙂 I’m a privacy enthusiast and was looking into cryptocurrency, and remembered a terrible website I had seen, and it turned out to be Monero’s. I own a small design firm, and I wanted to remake the website.
They agreed, and as
I did, I learned about Monero and what it stood for, and how it was a
pillar of quality in the, frankly, sea of trash that is the crypto
space.
So I joined up and
became a hard working community member. 🙂
(I didn’t get the
job from the core team until a couple of years in)
Serg: That’s an interesting story 🙂 We’ve collected questions from the community via our website. We have selected 5 to be discussed in the first part. Are you ready to start?
Diego Salazar: ye
Q1 from
Telgram
user @maxzerone
Who chose
Esperanto as the language from which to choose the name of the
project? Do you use Esperanto for other communication within the
project except for the naming?
Diego Salazar: So Esperanto was chosen by the founder of Monero, a random scammer. Yes, you heard that right, Monero was founded by a scammer. It’s a hilarious story, but quite long to get into, though I’d be happy to get into it a bit later if it’s desired. We don’t have contact with this scammy founder anymore (he disappeared), so we don’t know why he chose this, but it was a clever thing. The name itself was originally bitMonero. Monero means ‘coin’ in Esperanto, so bitMonero means bitcoin. It was also an inspired choice because Esperanto is a stateless language. It has no home country because it was a deliberately man-made language. In the same way, Monero is a stateless money. It belongs to no country, so it fits rather well. Esperanto is not used for communication purposes (though there are several in the community that speak it), but it is definitely used for several other names of different projects within the community. Things like Monerujo (means wallet) Android wallet, Kovri, Vendo, and more.
If there are enough
Esperanto speakers though, we’d be glad to have Esperanto channels of
communication for them.
Serg: Monero has nice stories behind it 🙂 You could create a movie 😄
Irina Kravchuk: That’s a great story. How did you get rid of him? Or her?
Serg: or it 😄
Diego Salazar: They left of their own accord. They were ignoring the community requests, doing their own thing, disappearing for a week at a time without communicating with anyone, and more. So the community decided to just put out their own code. That’s how the current Core Team got started actually. Some people heavily involved with the project just decided to do their own thing. After a while, the scammer realized that the community trusted the new Core Team more than him, so he just disappeared altogether.
So the community
hijacked a scam project (because it had actually good cryptography
surprisingly) and turned it into a community-based, legit project.
We are one of the
few projects who no longer has our founder with us. Similar to
Satoshi leaving Bitcoin, our scammy founder isn’t with us either. 🙂
Irina Kravchuk: So the good guys won?
Diego Salazar: yes. One of the few cases where the good guys win in real life.
Serg: Thanks for this interesting explanation 🙂 Ready for the second question?
Q2
from Telgram
user @marvelbounce
Do you
have any statistics that you can share about how people use Monero
(for what kind of transactions)? It would help a lot to fight the
negative view that it is used primarily for illegal stuff. Thanks
Diego Salazar: We don’t. Monero is private and fungible, so we simply can’t know what it’s being used on. But let me emphasize something. WE WANT IT THIS WAY. Financial privacy is very important. You don’t post your bank statements online for everyone to see every month, do you? Then why do you use transparency coins that have all of your transactions available for everyone to see, whenever they want, forever? It’s insane. What I do with my money is my business. That said, we can look at how cash and Bitcoin are spent, especially in their early days, and we can make guesses that Monero is probably similar. The reality is that Bitcoin is mostly used for mundane things (trading and speculating, not even commerce!), and the sad reality is that Monero is probably also used for mostly trading as well. 🙂 Another point of interest is that the dark net still primarily uses Bitcoin. Monero has been gaining adoption there, but most people still take Bitcoin rather than Monero. We think this is because of lack of education and/or convenience, but if Bitcoin is still the darling of DNMs, then they’re probably used for more illegal things than us.
Serg: I am glad you mentioned this because our next question is related somehow 🙂
Irina Kravchuk: What’s a DNM?
Serg: dark net market
Diego Salazar: dark net market, a marketplace on the dark web where people buy a variety of things, many of which are illegal
Q3
from Telgram
user @IsaacBrave
One of my
friends who works in the German anti-laundering and anti-fraud
department, said that they are able to track even Monero transfers.
He didn’t give me specifics however. Can you tell if that’s true?
What are the steps to be taken to become untraceable?
Diego Salazar: I find this extremely unlikely. Monero has a three-prong approach to privacy. It obfuscates the sender, receiver, and amount of transactions via different cryptographic methods. The sent output is protected by ring signatures, the receiver is protected by stealth addresses, and the amount is hidden by RingCT (confidential transactions modified for ring signatures). The weakest point of this privacy is the ring signatures. They aren’t impossible to break via heuristics (just extreeeeeeeeeeeemely unlikely), but in so doing you only reveal the output sent. NOT the person, and the amount and receiver are still a mystery. Only under certain conditions would this lead to any identifiable information, the biggest one being an EAE attack (which you can learn more about here: https://www.youtube.com/watch?v=iABIcsDJKyM)
The only way to break RingCT and stealth addresses would be to break the underlying cryptography, which is used all over the internet, for many many things (such as securing your bank accounts and passwords). So if somebody found a way to break those things, they could break the whole internet, and ‘tracking Monero’ would be the least of our problems.
All of this to say, we’ve got exciting technology in the pipeline that will allow us to really bolster the privacy offered by ring signatures. Within a year or two we hope to be able to take our effective anonymity set from 10 to over 100, really destroying any heuristics that can presently be applied to try to track outputs.
Irina Kravchuk: What’s the max. value? Isn’t it 100?
Diego Salazar: the maximum ring size is the size of every output on the blockchain. Ring size just means the amount of decoys (or fake outputs) you put alongside your real output so nobody knows which is the real one that is being spent. To learn more about ring signatures (in a fun, animated video) you can go to this page: https://web.getmonero.org/get-started/what-is-monero/
Go to the bottom where the videos are, and click the arrows until you get to ring signatures (you can watch the other ones too 😉 )
Irina Kravchuk: What about transfers from exchanges that are centralized? Does this security measures apply to them also?
Diego Salazar: this is a good question. At this point, the exchange is the sending party, so they know both the receiver (the address anyways, not the name), the amount, and the sender (because it’s them). So by using an exchange you are giving them all of the identifying information for one transaction. BUT!! This isn’t the end of the world.
Monero is like cash. I can go to the bank and pull out one hundred dollars. The bank now knows who I am, and that I have one hundred dollars. But after I leave the bank they have no clue what I do with it. Six months later, they don’t know if I still have it, or if I spent it all, or any combination of the two.
With Bitcoin, it’s
not like this. When you take out of the exchange, they can follow the
Bitcoin across the blockchain. Maybe they see that you donated it to
a non-profit, or you spent it at a website, or anything. It’s as if
the bank can watch what you do with the cash after you leave their
building. So really, Monero doesn’t care if you buy from a KYC/AML
exchange. It’s not damning evidence, like with Bitcoin and its
derivatives .
Serg: you can use 2 transactions, right? by sending them again to your wallet
Diego Salazar: sure. You can send a transaction to yourself after it leaves the exchange, and the plausible deniability increases by a lot. This is a process called “churning”. It’s not bulletproof, and there’s still a little bit of leaked metadata, but it can help if you want to be super sure that you’re getting good privacy.
Q4
from Telgram
user @iulya_i
In the
last AMA with Ghost, it was claimed that Monero, Zcash and other
coins are good but beside sending transactions, you don’t have more
utility. What do you have to say about that? Thanks!
Diego Salazar: Do one thing and do it well. Money can just be money. Is your cash good for more things besides spending it? In my opinion, making your money an application for many different things increases the attack surface astronomically. We see this all the time where with ‘smart contracts’ that are implemented incorrectly, the end result is a loss of money. Monero is just interested in being money. Nothing more, nothing less. But money has a lot of utility. Some might say the utility of money is higher than anything else, since we use it for pretty much everything.
I’m going to be 100% honest, the vast majority of you people that consider yourself crypto-savvy are probably not great at threat modeling and subsequent security. You’re probably not good at analyzing attack surfaces, and, if I was to go further, you’re probably just looking at white papers trying to see if there are buzzwords that will make you money. All of this aside, ‘smart contracts’ as they stand today, are pretty much useless without working oracles. There is currently no good, working solution for the oracle problem. All of the blockchain 3.0 solutions you’re following are hilarious premature in their claims of ‘utility’, and will likely NEVER be as useful and full of ‘utility’ as they claim. I’m sorry to be the debbie downer and bearer of bad news here, but as a person who actually knows what I’m talking about, that’s the truth. 🙂 I’m more than happy to expand on this as well with reasons why. Sorry if you get mad at me because you have heavy bags. 😉
So all of this to
say, Monero isn’t trying to make big, grandiose (and ultimately
false) claims about offering any utility beyond what a trustless,
fungible, private money can offer. But make no mistake, that utility
is massive!
sorry if that took a
bit of a darker turn 😀
Serg: Nobody is getting mad about anything and we are not searching for the truth because there is no black or white things in this world 🙂 we are just trying to make a good debate
Q5
from Telgram
user @halvving
In a time
when sustainability and green energy is a focus for more and more
people, how do you comment the fact that Monero is a POW coin that
uses a lot of energy to be created and if you (the project) plan to
switch to POS or other technology that doesn’t involve that much
energy consumption?
Diego Salazar: Let’s get one thing clear right off the bat, Proof of Stake is not a proven mechanism for securing a blockchain. Proof of Work is very very simple, and the security, trade-offs, and game theory are very easy to understand. Proof of Stake is much MUCH more complex, and the attack surface is much larger. That’s not to say that in time it won’t be as well understood as PoW, but it’s currently not there yet. All of this talk of everything moving to PoS is extremely premature. It’s like talking about moving to a new building or bridge design that we THINK is not going to collapse, but we can’t prove it yet. That would be absurd. One (large) thing to note is that PoS requires weak subjectivity (i.e. trust) to get working properly. It’s just a part of the security model. PoW is 100% trustless, but PoS requires a small amount of trust under certain conditions, and in those conditions. In this way, if you want a completely trustless currency in terms of a security mode, you cannot use PoS. Going even further, PoS is incompatible with privacy (and therefore fungibility). PoS requires you to put a discreet amount for staking, and that amount has to be known so blocks can be signed accordingly. Since Monero hides amounts, this would not be possible. It is theoretically possible that somebody can create a zero knowledge proof that would be able to show a number is in a certain range without revealing the number, and work is being done on that, but it’s currently not possible for Monero.
Beyond the above, the argument of PoW not being green enough has been covered several times by several coins also using PoW. Usual arguments such as ‘taking up unused electricity spaces’, ‘forcing innovation in efficiency’, and ‘it’s not wasted if it’s providing a strong utility, unlike Christmas lights’ all apply here, but if none of these arguments have satisfied you in the past, then perhaps PoW coins aren’t for you. If that’s the case, you’ll have to be satisfied with trusted blockchains, since we currently don’t have a way to do trustless currency in an energy efficient way.
And if you dig into
the game theory, inefficiency is actually somewhat required for
reasonable security, but that’s a big topic that requires a lot of
background to understand.
Serg: Well, you really can give good arguments 🙂
Irina Kravchuk: you would be good as a preacher
Diego Salazar: Sure. 1. Monero uses several different methods for privacy, and the ‘breaking’ of one does not constitute the breaking of the whole privacy scheme. 2. PoW is the only completely trustless form of blockchain security, and Monero prizes trustlessness above all. 3. Monero just focuses on being money, but money itself is full of utility. 4. KYC/AML does not affect Monero in the same way it affects transparency coins (like Bitcoin and its derivatives). 5. Your financial privacy is very important! Ask questions about how much information you’re comfortable with sharing, and evaluate your investments based off of privacy conferred.
Part
2 — live questions from the Telegram community
Q1
from Telegram user Kath
Monero
has reached many milestones. But of all the milestones you have
achieved, which do you consider to be the most important so far and
why?
Diego Salazar: We have two big ones. Adding RingCT in 2017. Before, several more attacks were possible on Monero than anyone realized, but most of them were mitigated when RingCT was added to hide amounts. It brought Monero to a truly private coin. Second was bulletproofs. The addition of RingCT increased transaction sizes by a LOT (meaning less scaleable). Bulletproofs brought these down by over 80%, allowing us to increase the ringsize (i.e. better privacy) with much smaller transactions (i.e. more scaleable). There’s more in the pipeline, and much more that we have done, but those are the big two, and both have been quite revolutionary.
Q2
from Telegram user John Max
Privacy
blockchains have promoted money laundering and criminal sponsorship,
how do you tackle this?? What procedure will be required of me to
access a transaction information, even though I’m not a government
agency, is it even possible?
Diego Salazar: Do you know what has supported money laundering and criminal sponsorship? Cash. Dollars. Corrupt governments. I don’t want to get too political here, but some of the biggest sponsors of terrorist organization, criminals, and mafia-type gangs are our very own governments. Corrupt officials who have much to gain in this. It’s actually hilarious how the governments have spread fear among the population about the spooky boogieman of cryptocurrency, when some of the biggest criminals in the system are those same people spreading fear. This isn’t to say that no illegal things happen as a result of cryptocurrencies, or Monero specifically, but the VAST MAJORITY of money laundering is done with dollars, not Monero. Why don’t we cross this bridge when we come to it rather than saying the sky is falling when really, the sky is falling with our current, traditional system many orders of magnitude worse than the tools we’re building.j
Q3
from Telegram user Dron Kutsen
How
to use our data in the future, how will users be affected and how can
we manage to transfer as little data as possible?
Diego Salazar: This is such a big question. It’s so important. The average person has ZERO IDEA how much their data is worth and who wants it. Literally everyone, from corporations, to governments, to various interests want your data. Your data is VALUABLE! With your personal information, people can sell to you better, arrest you, threaten you, intimidate you, give you better gifts, make you happy, take away your happiness, or much more. PLEASE PROTECT YOUR DATA! Not just your financial data, but ALL data. Once your information is revealed, it cannot be taken back. Let me repeat. Once your information is revealed, IT CANNOT BE TAKEN BACK! If you don’t know my name, then it’s up to me if I tell you or not, but once I tell you, I cannot untell you. This is why privacy (and Monero) is so important. If you transact stupidly on a transparent blockchain, there can be massive consequences, even if you did nothing wrong. Let me give an example: Let’s say you own a tshirt selling business. You accept Bitcoin for your shirts. Somewhere two bad guys do a drug transaction with Bitcoin. Later, one of the guys buys a shirt from you with the same Bitcoin he received for the drugs. Now, you can be under investigation by the authorities. They’ll ask you “where did you get this Bitcoin? Did you know it was part of a drug transaction? Were you a part of this?” You did nothing wrong. You sold a tshirt. But now you have a dirty bitcoin. Take your privacy seriously, financial and otherwise. There can be real consequences. In the first world, perhaps the worst you suffer is targeted ads, but in many other places, lack of privacy can lead to loss of money, freedom, or life.
To finish up that
same question, how to transfer as little as possible? Choose the
correct tools. Choosing Windows will send a lot more of your personal
data to Microsoft than using a Linux distribution. Using Bitcoin will
reveal a lot more info than using Monero. Etc. Being privacy
conscious can be a pain, because it’s constant choices and it is
definitely the road less traveled, but it’s something well worth
exploring.
Q4
from Telegram user Harsha
Do
you have any plans to attract non-crypto investors to #monero
and how? What are the actions to increase awareness around #monero
in non-crypto space?
Diego Salazar: We have many many many translations for most of our resources. Our website has been translated to many different languages with more on the way. And yes, we have different communities for the different languages spoken in the community. We have Spanish podcasts, Russian podcasts, YouTube channels from many languages, interviews, and I personally have gone to several conferences all over the world as a speaker. If Monero doesn’t have a translation for a certain language (or a community) and you want to make it happen, then please let us know. We’re all about making Monero accessible to everyone.
Q5
from Telegram user Alejandro Urich
• Apart
from hiding our identity and making private transactions, what added
value does Monero have? What use does it have in daily life?
Diego Salazar: Fungibility. You’ve heard me say this word a few different times already in this AMA. It’s about time I explain it. Fungible is when one of something is the same as another of that same thing? Confused? Here’s an example. You have one dollar bill, and I have one dollar bill. We exchange bills. I now have your bill and you now have mine. Even though we exchanged bills, we both still have one dollars worth of dollars, because 1 USD = 1 USD. They are fungible. The same is NOT true of Bitcoin or other transparency coins (i.e. literally almost all of them). I know people like to say 1 BTC = 1 BTC but it’s not true. In the previous question I gave an example of someone obtaining dirty bitcoin by selling a tshirt. In many cases, if the individual were to put that Bitcoin on an exchange, their account would get shut down. There are many many stories on the internet of people’s coinbase accounts getting temporarily closed for review, or binance, or many other exchanges, because they unknowingly put dirty cryptocurrency in their accounts. Seriously. Google for these stories. There are so many. What this does is mean that some Bitcoin is different than other Bitcoin. If you have 1 BTC and I have 1 BTC, and we exchange BTC, unlike dollars, there may have been an exchange of value. If I gave you a dirty BTC and you gave me a clean one, then I get the better deal, because I can use my BTC in more places than you can. So maybe you’re willing to get rid of your BTC at a discount to compensate for it. Bitcoin is not fungible. Transparency coins are not fungible. Opt-in (optional) privacy also doesn’t help. Because if you use an optionally private coin (most others except for Monero) then what people see is that you mostly use transparent transactions and then suddenly you use a private one. Wait. Why did you need privacy there? It stands out. But if everyone is private, all the time, then everyone looks the same. There’s no way to distinguish a history of a coin. Those people who did the drug transactions will not affect your tshirt business. Monero is fungible. But fungibility is unlocked by mandatory privacy.
So really, it’s less about hiding your identity. Monero isn’t about being sneaky, avoiding taxes, or being a hacker or criminal. I am a squeaky clean guy. I don’t do drugs, or hacking, or criminal activity. But I need Monero. Because otherwise, somebody who DOES do those things will ruin my reputation for something I’ve never done (like the tshirt example). Monero isn’t for criminals. It’s for everyone. Ye. Done. 🙂
Irina Kravchuk: How are you? How was it?
Diego Salazar: Good. I hope it was useful.
Irina Kravchuk: Your answers were very good and interactive. Thank you so much for your time
Serg: Thank you Diego. I really enjoyed reading your answers
Diego Salazar: Sure. Thank you everyone for coming. I hope it was informative! As I said before, I’m more than willing to do a livestream to continue answering questions I didn’t get to. Sometimes it’s good to pick the brain of someone who actually knows what they’re talking about. 😉
Serg: It’s a good idea. We can talk about a date to organize this. I am more than willing to do this
PART
3 – Quiz
Results
In the final part we would like you to check your knowledge in terms of Monero. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!
Q1
What does Monero use to hide transaction amounts? A. zk-SNARKS B. Ring signatures C. RingCT D. Dandelion++
Q2
How does Monero finance it’s initiatives? A. 10% Premine B. Crowdfunding system C. Founder’s reward D. ICO funds
Q3
Who created Monero? A. Howard ‘hyc’ Chu B. fluffypony C. Satoshi D. thankful_for_today
Q4
Besides privacy, what is one other thing Monero is known for? A. Egalitarian mining secured by a tail emission B. Smart contract oracle provider C. Second-layer solutions D. Innovation with private proof-of-stake.
Part 1️: 50 USD/5 users – We’ll select 5 questions from you. Please submit your questions in the comments under this article. Max. 3 question per user.
Part 2️: 50 USD/5 users – Open chat for 80 seconds. You can post Max 5 questions. ETH Classic Team will select 5 questions and answer them.
What kind of messages will be considered good and taken into consideration?
The reason for giving activity rewards is to encourage members of our community to have meaningful and real conversations on our Telegram group @satoshi_club .
That being said, we will not consider the numbers of messages when we will choose the winners of each 10 day’s period.
Super general messages, as well as messages that does not help the community will not be counted. You are welcome to use them of course, but they will not be counted for this contest. Some examples of messages, that will not be taken into consideration are:
hi
how are you
thank you sir
well, you get the idea
On the other hand, good examples are messagest that encourage conversation. This messages includes:
Questions.
answers to other user’s questions and be helpful
share interesting ideas about crypto
talk about trading, blockchain technologies and news
in general, everything that is not posted just to count. Quality messages
Of course we don’t say you shouldn’t greet people or write short messages. We are just saying that trying to send a lot of messages without meaning will not help you get the activity rewards.
Have you ever thought about becoming a ghost online? so this project is for you. On June 21 we had the opportunity to enjoy a new chapter of our AMA (Ask Me Anything) series with our friends from GHOST. Our guest was Josh Switch and came with a lot of rewards.
Rewards: $500 Prize pool was split as follow: part 1: $100 to 5 winners, part 2: $100 to 10 winners, part 3: $300 to 72 winners
In
this AMA Recap we are trying to summarize some of the most interesting points
for you.
………………………………………
PART 1, INTRODUCTION AND COMMUNITY
QUESTIONS
Serg | Satoshi Club: Dear community, today we will have an AMA
episode with Ghost! 👻 @joshswitch
will be our guest. Welcome Josh! We are glad you came back here. 😊
Irina Kravchuk | SatoshiClub: Hi @joshswitch,
how are you? Missed us?
Josh: Hey! I’m doing great. I did! Thanks for
having me back.
Serg | Satoshi Club: Tell us a bit about your involvement in Ghost.
🙂
Josh: So I met John McAfee a few years ago. He
really cares deeply about all ideas such as crypto, privacy, freedom etc. He
came on as an advisor for Switch and 2018, and over the years as we kept
talking it became more and more obvious that we needed to put out a privacy
coin. It would work amazing with our products and our community, and there was
just no other project really doing it the way we thought they should.
Irina Kravchuk | SatoshiClub: Sounds like a great initiative 🙂
There is not such thing as too much privacy or freedom when talking about
internet.
Serg | Satoshi Club: We have collected more than 300 questions
through our website. We have selected 5 for the first part.
Q1 from Telegram user @LuisMe7
If GHOST main idea is to remain its users and
holders private, why is it listed on CEX (Centralized exchanges)? This way,
GHOST traders and holders don’t remain fully anonymous.
Josh: GHOST is a privacy coin, and everything we
are doing internally will be fully focused on privacy, security, and user
freedom. User freedom, and freedom in general is often a 2-way street where
there are often things going on that you don’t specifically love.
The
reality of where we are in this space, is most people prefer CEXs (although
that will change in the future). For now, we want to give our users as many
options as possible, as we build out towards global adoptions. Overtime, with
new products such as GHOSTX, a full atomic swap exchange we launched yesterday,
people will move more and more away from CEXs and into the types of products we
are offering. And a lot of exchanges that list ghost just do it on their own.
We don’t have anything to do with a lot of them.
Irina Kravchuk | SatoshiClub: Yes, that’s a risk.
Serg | Satoshi Club: That’s interesting. 🙂
Josh: For instance, Bilaxy, HOO, Hotbit, and 1-2
others listed on their own.
Q2 from Telegram user @wicksterr
There are many privacy coins in the market
right now. Since you’ve created your own, it makes me think that you have seen
flaws in that coins. Why you decided to create your own privacy coin and what
are the problems in other privacy coins that you want to avoid?
Josh: Honestly, there are a lot of privacy coins
out there with really tech, that if you use properly, you really are
anonymous…. however, what are you going to use them on? GHOST is building a
full ecosystem of products. Marketplaces, GHOSTEsim service, gambling, and a
whole lot more. The problem with a lot of the products within crypto currency
today is that you can only speculate on price.
Serg | Satoshi Club: Can you tell us more a bit about GHOSTEsim
service? I didn’t fully understand the tech behind it.
Josh: There’s no way to use the token on anything
“real”. We are going to change that.
There
is a link on the GHOST website with more info on the esim https://www.ghostbymcafee.com/ghostesim/.
The ghost esim allows you to take the sim card out of your phone, scan the
GHOST esim, and then you can use data on your phone while being 100% anonymous
and untrackable. Works in over 35 countries and we are expanding to over 100 by
the end of the year
Irina Kravchuk | SatoshiClub: How are you handling regulation issues? Given
this set of services that you have or plan to have?
Josh:
We don’t. GHOST is a decentralized team of people all over the world. We will release good secure code that allows
you to do private interactions with your money, your location, your purchases,
and more, but we are not a business or organization. There is no CEO, no
office, no information collected from anyone.
Serg | Satoshi Club: But how can I use it without a sim? Where is
the data coming from?
Josh: It’s an esim. It only works on new model
phones that can support esim technology. Think of it like a vpn for data. We
partner with local carriers all over the world, but your data is fully shielded
from them at all times.
Serg | Satoshi Club: I will definitely try it. 🙂
Josh: I will DM you an esim barcode after this ama.
You can try today and get back to your community on how great it worked. 🙂
Irina Kravchuk | SatoshiClub: But it works via carriers network, right? not
over internet?
Josh: Correct.
Irina Kravchuk | SatoshiClub: Very interesting. I didn’t know that it was
possible to have network without the small plastic sim in the phone. 🙂
Josh: It’s very cool. I’ll send you one too so you
can test!
Q3 from Telegram
user @iam12312
There has been a
talk that Ghost project has largely Plagiarized its whitepaper from PIVX? What
do you have to say about that, Any type of Clarification?
Josh: We were never a fork of PIVX. As a PR move,
we acted like we were, and released a white paper that was not plagiarized by
any means, but very very very similar to theirs. As expected, press and
everyone ate it up, and John did what John does and made it into a really nice
initial boost in traffic for us before we released our real white paper. You
can find our real whitepaper on the GHOST website. It’s awesome. Check it out!
Josh: Np! We are releasing the GHOST code base
later today publicly, and there is 0 PIVX code in there 🙂
Q4 from Telegram
user @Magoy12
The negative side
of privacy is money laundering. Do you have any safeguards to prevent money
laundering?
Josh: People will probably not like this answer,
but what is money laundering? Someone trying to keep the proceeds of money they
earned or have? Someone trying to avoid paying a tyrannical govt 1/3rd their
income? Someone selling weed online?
We
will provide secure code that allows you to be nothing but a GHOST online. What
you do is your business.
Q5 from Telegram
user @nyo_cant
Ghost Veterans –
which already must be holding at least 20,000 GHOST – are getting a 50% (6/12)
of the new GHOST tokens minted on each new block. Do you think that GHOST
accumulation in a few hands could pose short-/medium-term risks for the
project? Thanks!
Josh: This is something internally we have thought
about a lot this month. If we could that part again, the only thing we would
lower is the threshold to become a GHOST veteran. Large code changes like that
can only be made with a community vote (which will have a mechanism for soon),
and I do think one of the first proposals will be to lower that threshold to
5,000 or 10,000 ghost. However, the community will have to approve it.
Serg | Satoshi Club: Yes, I think it is a good decision to lower it
to include as many Ghost hodlers as possible.
Josh: I agree. But to be clear, you can stake with
any amount of GHOST at all. You just get increased rewards if you stake over
20k.
GHOST logo.
………………………………………
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 2 minutes, around 800 questions were posted by the Satoshi
Club community. Our guest chose ten of them.
Q1 from Telegram
User @biegy
Excess token
inflation is the most common problems, projects are facing nowadays… How Ghost
is overcoming from such problem?
Josh: Our inflation rate is quite low and will take
decades for the supply to 3x from where it is now. In that period of time we
will onboard so many new users, that the inflation rate via block rewards won’t
really effect anything. Also we plan to curb inflation more in the future by
making some proposals that reduce the block reward as adoption and price
increases.
Q2 from Telegram
User @Rubenl57
Will exchanges
which don’t support the swap keep trading GHOST? Therefore, will both mainnet
coin and ERC20 token coexist and keep being traded? What are the disadvantages
in case of NOT swapping?
Josh: So far it looks like these exchanges will support the main net drop and will list main net GHOST:
We
are unsure about HOTBIT at this time. GHOST will continue trading as an ERC20
token on IDEX and UNISWAP. There is no expiration date for swapping your erc20
to main net tokens. ERC20 tokens swapped
for main net will be burned and removed from the supply. The 2 biggest
advantages for swapping to GHOST main net tokens are privacy, and staking.
Q3 from Telegram
User @Albert3990
Can you tell more
about security of ghost to prevent attacks like 51%?
Josh: GHOST uses a proof of stake blockchain to
secure the network. Unless someone were to gain 51% of the entire GHOST supply,
that would not be possible.
Q4 from Telegram
User @jpsarmah
Ghost is the future
of privacy. We are coming for our top 25 spot on the charts. What main
technological features of GHOST main net will make this possible and enable you
to compete.
Josh: Software technology is being democratized.
There is nothing protectable about coded features because all the code is open
source. While GHOST is literally MONERO love privacy, and we will continue to
build and innovate in this area, our main focus is creating the most marketed
privacy coin, gaining adoption on our products, and growing a real network
effect for a privacy coin. Something that no one has accomplished yet.
Q5 from Telegram
User @huydo
What are incentives
or benefit for holding GHOST in long time for loyal investors?
Josh: GHOST has an amazing reward schedule for
users that stake their GHOST and help secure the network. There is a calculator
on our website you can check out.
Q6 from Telegram
User @bolodmia
What’s the
difference between normal stakers and GHOST VETERAN? How can we become a GHOST
VETERAN?
Josh: GHOST veterans are those that have 20,000
GHOST or more. They received an increased reward. You can find all the info on
our website in the white paper.
Q7 from Telegram
User @JoanaZ
Why do you believe
that the combination DEX+ Privacy coin can provide a full control of their
funds to the users?
Josh: When you have the ability to trade crypto,
buy and sell products, pay your bills, cash in and out to fiat, gamble and more
without submitted any documents about who or where you are, you are finally in
control.
Q8 from Telegram
User @Aleurich
If we want privacy,
there is Monero, a consolidated project. What differences does Ghost have with
this type of project? (Monero, Zcash, Zcoin).
Josh: What are you going to do with the Monero, or
Zcash? That’s the point. You can’t really do anything but hold it and speculate
on price. GHOST is growing an entire ecosystem of products and services that
you can use for real life things while keep your privacy at all times.
Q9 from Telegram
User @endtimeprophet
Kindly explain more
about the proposed SWAP PROCESS, would you have a Token bridge for swaps or
would it be only available on exchange and why did you launch initially on ETH
Blockchain?
Josh:
Here is the way the swap works
First make sure you have your Ghost ERC-20
token in a web3 compatible wallet that can peform the swap such as MetaMask,
Trust, etc.
Then download official Ghost wallet and follow
the steps to get your Ghost mainnet address.
Go on to Ghost token swap website and enter
your Ghost wallet address from step 2 into textbox.
A popup will appear to connect to your wallet
and send Ghost ERC-20 to a smart contract that will burn the Ghost ERC-20 and
log the amount of Ghost mainnet coins you will receive.
Please give the system some time to process
the swap and your mainnet Ghost coins will arrive in your wallet shortly.
Q10 from Telegram
User @DarkSoul2132
Since feeling safe
is the most important thing today, my question is: How does GHOST provide
security to its users when delegating their GHOST for staking?
Josh: Currently when staking, the network does have
to verify the amounts you have, therefore GHOST has several levels of security.
When staking, you have to expose the amount of coins you have for the network
to validate it and pay you. Once you are paid, you can do 1 private transaction
and all your coins, addresses etc are 100% hidden and no one can see where or
what happened. Also private staking is on our roadmap as well. 🙂
Serg | Satoshi Club: Thank you for this cool AMA! We were glad to
have you here as a guest. You are welcome to come here in the future as well.
🙂
Josh: Thank so much for having me! We will get one
of the GHOST main devs in here before too long to doo a more dev centric ama on
our tech and how it works! GHOST main net is tomorrow! Don’t miss it!
Thanks
again for having me!
………………………………………
PART 3, QUIZ AND INFO
As usual,
for the third part, Satoshi Club Team asked the chat 4 questions about GHOST. A
link to a Quiz form were sent into the chat. Participants had 10 minutes to
answer.
72 users with correct answers were rewarded.
Ghost Quiz Results
–
How many accounts does the official twitter for Ghost follow?
a)4
– What’s the name for holding at least 20,000
GHOST?
c)Ghost veteran
–
What protocol does GHOST use?
b)Proof of Stake
–
How many ghosts are in the ghost roadmap?
d)7
For more information and future AMAs, join our
Social Media channels:
⚠️Please post your questions in the commenting section bellow
⚠️Total Reward pool: 300$
⚠️Requirements: 👉Join Satoshi Club Telegram group 👉Join Monero Telegram group
We will have the following structure:
Part 1️: 50 USD/5 users – We’ll select 5 questions from you. Please submit your questions in the comments under this article. Max. 3 question per user.
Part 2️: 50 USD/5 users – Open chat for 80 seconds. You can post Max 5 questions. Monero Team will select 5 questions and answer them.
We continue our exciting journey into the world of cryptocurrencies and today we would like to tell you about the AMA session with our friends from Credits. The AMA took place on June 18 and our guest was Arjan Eikelenboom (Partnership Director at Credits).
The total reward pool was $250 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 SatoshiClub members
Serg: Hello everyone! Today, Credits will join us for our AMA series. @ArjanCrypto will be our guest. Welcome! 😉
Arjan Eikelenboom: Hello all, Arjan here. Thanks
Irina Kravchuk: Hi @ArjanCrypto . How are you? Nice to have you as our guest
Arjan Eikelenboom: Thank you very much for having me.
Serg: Please tell us a bit about yourself 🙂 and an introduction of Credits
Arjan Eikelenboom: I am a former banker; investment banking, private banking etc. 4 years ago I entered the crypto industry to educate people on crypto and its dangers next to oppurtunities
Seminars and later
on went on tour with Credits for promotional activities which led to
our ICO in 2018
Now Head of Investment Relations and partnerships
I know, hence my take on education. Teaching people and show them the other side is what I have been doing in finance all my life. Keeping it real so the speak
Irina Kravchuk: You have an interesting name. Where are you from?
Arjan Eikelenboom: I am from the most magical place on earth…..
Amsterdam 😀
Netherlands
Serg: I hope this helped you for inspiration 😄
Arjan Eikelenboom: I sure has and still does. Did you know that Amsterdam is the hub for fintech?
Its booming here
with start ups and know;edge and experience, gues the canals are
inspiring indeed
Irina Kravchuk: Didn’t know that. I guess a little bit of magic helps in fintech
Serg: nope. I’ve heard about other cities but not about Amsterdam
Arjan Eikelenboom: Well, keep an eye on us from now on
Serg: tell us a bit about Credits. How would you summarize an explanation about the project?
Arjan Eikelenboom: When I joined back in 2017 me myself got triggered by the message of high volumes and superfast low cost transactions. During my seminars I noticed that there was a growing demand for this, especially in finance. Many of my ex banking collegues confirmed this. Then I met Igor, CEO and got inspired by his dream and vision; to build the fastest blockchain in the world capaple of serving the financial markets. So now the blockchain is finished we have started to build products to work on the blockchain. Our newest proud product is the neo bank mobile wallet
Serg: how did Igor convince you? that you will be able to build this
Arjan Eikelenboom: First of all I read the whitepaper, then he gave a presentation but was less convincing tbh, this was my q to ask him more. We chatted for a long time and the dedicatioan and passion was enough for me to be triggered
Then, during our USA
roadshow we bonded, of course, we hung out day and night and I got
even more excited. I realised he had a golden baby. Now it was up to
us to help it grow
After 2 years the
blockchain has been built
Serg: That’s an interesting story. I hope you will achieve your goals 🙂 As you know, we’ve collected more than 200 questions from the community. Are you ready to start?
Arjan Eikelenboom: I am rolling up my sleeves right now, so yes 😁
Q1 from Telgram user @reisbayram
From the
beginning Credits was regarded with skepticism, because of the 1 Mil
tps statement and we went through a lot of Fud. Today there is a lot
of skepticism, also reflected in the price and lack of volume. Are
you going to run those capacity tests and wave off the skepticism?
Arjan Eikelenboom: Of course we will run cap tests. We have done this before and reached 1,3 million txs p.s. we will continue to test publicly soon to show the world what we are capapble off. The fud I am very aware of. This is collateral in crypto and I also know that this comes from people who do not even know what they are talking about, ( most of time). In regards to the price it is very interesting. In crypto actions do not necessarily pay out in price increase. Yet we are focussing on delivering the utter best products. In time this will reflect on the price.
Irina Kravchuk: I think a public test will help a lot, will bring more credibility
Arjan Eikelenboom: Totally agree.Also a thing to understand is that if tomorrow the price jumps 150% in an hr, which has happened, everybody is happy and no fud.
Serg: Can you explain what have you done differently from other projects? to obtain 1,3 million tps
Arjan Eikelenboom: We have designed, created and built credits blockchain from scratch with our own technology; patent pending poa consensus algorithm
The
patent will keep this safe to only us, no one else which has been our
goal from day 1. 1 m txs will be the start. In a few years
from now when demand grows we wil be capapble of scaling up to much
more. Only a matter of time.
Serg: It
is also important to bring projects to use those millions of
transactions 😊
Arjan Eikelenboom: You are absolutely right. That is why we have created and launched the Credits Neobank mobile wallet. We are going to prove and show what we can achieve in volumes and speed with low cost
Mind you, big
institutions are still in exploring mode, in 2 years from now they
will slowly make their move and
start integrating proven tech
Serg: are there other projects who are trying to use the same tech?
Arjan Eikelenboom: I noticed last week of a project that mentioned a similar tech but that article has not been authorised as far as `i know. We keep our eyes open
Q2 from Telgram user @MsHuong206
Security, scalability, and data privacy are three aspects that are very important at enterprize level, how Credits foundation handle these issues?
Arjan Eikelenboom: Security is a major one indeed. With our signature technology one would need a majority of the nodes to be able to even try to hack ( in short) To become a major noderunner one needs to bring big money. I do not see the added value of spending millions in order to get less to nothing. So yes, we have security high up there
Scalability as well. The Credits blockchain has been designed and
built to scale to demand. We can scale up to let’s say 50K txs if
we get a client who needs that.
Data privacy as well. Credits is an open source protocol where one
can design private protocols themsselves for securing data.
Serg:@iri_kravchuk has a node. Don’t know how big but she is familiar :blush:
Arjan Eikelenboom: My best friend is a noderunner and sits next to me actually 😁
Irina Kravchuk: When did he start to run it?
Arjan Eikelenboom: Last year I think. He is an pre-i o investor though. Most of my friends are and they are still friends 🤣
Irina Kravchuk: Mine is from Oct 2019
Arjan Eikelenboom: You’re gonna be rewarded
Q3 from Telgram user @MsKiwi206
Credits
looks good but it confuses me that there are so many other Blockchain
projects. What should I pay attention in Credits to give it the
importance it deserves? What are your planning to achieve with your
project?
Arjan Eikelenboom: Building a blockchain back in 2018 was a big step and people expected these companies to grow big immediately. Yet, many of them did not even had a finiproduct. On top of that we ourselves found out that the world in general is not ready for integrating blockchain large scale. So, in order to not sink in your own bathwater you needed to re0invent yourself and stand out, be an entrepreneur and visionary. Which is what we did months ago.
Instead of waiting for the masses to intergrate blockchain we decided to show them. With our neobank Mobile Wallet. Available on app store and google play.Both consumers and businesses can learn to play and experience the benefits of superfast txs, low cost, cross border payments that happen in less than 1 second. For instance. In time we’ll add many more features but the base of this story is Credits blockchain. So, a neobank wallet that opens the doors to our blockchain services.
Irina Kravchuk: So how is neobank special? can you share more on that?
Arjan Eikelenboom: Special because we will offer consumers/users high discounts on fee’s, give cashbcks on purchases and offer a variett on currencies which can be used for instant low to zero cost payments
Serg: I’ve heard that you have a partnership with IBM. Is it true? Tell us more about it
Arjan Eikelenboom: The partnership with IBM is indeed there, for about 2 years now. Exploring and testing
As for the neo bank
mobile wallet. I suggest to dowload the app ( testfligh) and help us
testing it and improving it until we can go big. We have a very
ambitipus roadmap for at least 1 million users soon
Q4 from Telgram user @gigi2195
As of now
there have been many blockchain related projects come and gone, what
are the special and unique characteristics of #CREDITS
that make it different from the others, that make investors and users
decide to invest into it?
Arjan Eikelenboom: Many projects have raised many millions yet cannot deliver. We only raised a few millions compared to them and are delivering as we speak. We are a highly dedicated team that is ready to make credits amd its neobank the best in the world. The unique characteristics of Credits are the amazinly high volumes per second plus the speed. On top of this we have the lowest fee’s
Real investors can
come on board now, not for instant profit but for longer term. We are
here for a long time and to dominate, not to fly high for a bit and
crash. Credits is going to change your life for the better
Watch the video I
would say, its a good introduction
Then pm me
Irina Kravchuk: But regarding the sustainability of the project, how does it sustain itself?
From the funds
raised initially?
Arjan Eikelenboom: We have been very frugal, or better, financially responsable. That has been our saviour
For further growth
new funds are needed of course because we are going to compete with
global players who have many millions. So if there are any serious
investors they can pm me for further details. Only real investors
😀
Q5 from Telgram user @luckydraw66
There are
4 core issues prevalent in crypto and blockchain: Excessive
Volatility, Security, Scalability and Interoperability. How do
Credits plan to overcome these issues?
Arjan Eikelenboom: Volatility in crypto is a thing indeed. When you look at the list of coins on coinmarketcap then its intrresting to see that most coins follow btc, even ETH. Even though eth has real value and btc not. So, for us it is clear to do everything in our power to escape from the volatility dangers and show the real investors and traders we add value and not just another empty coin
Interoperability has
been at the core of credits blockchain from the start. Easy to
integrate and easy to use and compatible with pretty much any
procedure or protocol.
I invite 3rd party
devs to try it themselves.
Security and
scalability I have adressed to a little earlier 😀
Part
2 — live questions from the Telegram community
Q1
from Telegram user Ridu 123
You
must agree that Blockchain stands on Decentralizeation. There we see
many projects that claims they are fully Decentralized. But they done
their work in a Centralized way. How can we sure that Credits is
fully Decentralized? Can you please tell us what’s Credits working
method?
Arjan Eikelenboom: Credits blockchain is fully decentralized. The road to a decentralised world is a bit more challenging though. This is because of regulations by law in every part of the world. For instance our neo bank wallet; we need to oblige to laws and regulations in order to get licensed and regulated and therefor centralized feutures are inevitably at this point. Good thing is we get the opportunity to build bridges between blockchain/crypto and tradional tech and fiat. An achievement in itself and only step 1
Q2
from
Telegram user Max
Credits
want to be a leader in the mass distribution of fintech?
Arjan Eikelenboom: We want to pave the road and be indeed at the forefront in payments ( fintech ). There is a lot open to explore as this segemnt may looks saturated but still ‘new’. We have made agreements with suppliers already, have our first license and kore coming. The neobank wallet will be a great tool to prove our tech and our ability to shift fast and initiate. Next to this we are accumulating new partnerships in payments and overlapping industries.
Q3
from
Telegram user Rimjhim
How
do you see South asian Countries to expand like Vietnam, China &
India?
How has Covid Affected Your Development?
Arjan Eikelenboom: Miss Corona was a big surprise for us. No more traveling and exploring. But in return she gave us the opportunity to focus and build. In Asia we have good things coming, btw. We have a partner in the Philippines that has built on credits blockchin already ( opphir) and is building more. It will be a great way for us to open the doors to more partners in finance all over Asia.
Q4
from
Telegram user a user
Can
A non-crypto person generate profits on their projects using credits,
is there a plan to atrack this users?
Arjan Eikelenboom: Oh absolutely. That is exactly why we have created the Neobank wallet. With this we build the first solid bridge between crypto and fiat
Q5
from
Telegram user a user
Why
do you believe your mobile wallet service would lead you to the top ?
What steps have you taken to get wallet users on board?
Arjan Eikelenboom: We have an internal roadmap in place. Next to that we have created a tier 1 board of advisers from the payment and cards industry. They know that playing field, we know ours. This golden combo icw our existing partnerships will help us getting there
We look at a first range of 30K new users by the end of this year, 1
million in 2021
PART
3 – Quiz
Results
In the final part we would like you to check your knowledge in terms of Credits. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!
Q1
Which
of the following are not Credits Partner yet?
-Lenovo
-IBM
-Oracle
-Samsung
Q2
How
many
TPS achieved credits on its blockchain durring the last speedtest?
-3,000
-10,000
-100,000
-1,300,000
Q3
What
language Credits smart contracts are written?
-Java
-Python
-C#
-HTML
Q4
How
many CS do you need to run a node and get rewards?
⚠️Please post your questions in the commenting section bellow
⚠️Total Reward pool: 500$
⚠️Requirements: 👉Join Satoshi Club Telegram group 👉Join Ghost Telegram group
We will have the following structure:
Part 1️: 100 USD/5 users – We’ll select 5 questions from you. Please submit your questions in the comments under this article. Max. 3 question per user.
Part 2️: 100 USD/10 users – Open chat for 80 seconds. You can post Max 5 questions. Tezos Team will select 5 questions and answer them.
There can’t be too much knowledge, so SatoshiClub will continue to introduce you the most interesting projects in cryptocurrency space. Today we would like to tell you about the AMA session with our friends from NULS. The AMA took place on June 17 and our guest was Mario Blacutt (NULS Western Regional Director).
The total reward pool was $150 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
Irina Kravchuk: Hi everyone!Welcome to another great edition of our AMA series.
Serg: Hello! @Berzeck1
will be our guest from NULS. Welcome!
Berzeck: Hello everyone! nice to be here with you guys! and thanks for the opportunity I hope we have a good time learning about or products and also giving you structural reasons on why we are climbing fast on CMC.
Serg: Very glad to have you here/ Please tell us a bit yourselfand an introduction about the project.
Berzeck: My
name is Mario but everybody calls me Berzeck, i am software engineer
with 20 years experience, so i may be a little old for crypto but
with 300+ years of experience and wisdom thanks to crypto, anway i
designed nulstar which is the microservices infrastructure on which
nuls and Nerve are based on, unique in whole crypto lansdscpe that
allowed us to build unique difficult to copycat products like
ChainFactory and ChainBox, and now i am directing the western
operations for Nuls and Nerve (which i am founder).
Serg: So, you are CTO? CEO?
Berzeck: You
can call me dev… or’d’ is you feel lazy .. i am not very fond of
job nomenclature as i tend to always respect the person, not the job
but i am like
director of the west or something like that.
Serg: West means?Europe?
Berzeck: It means Every region except China. not the best word that we have chosen but it will serve for now.
Serg: Is the project China based then?
Berzeck: It was born on china, registered on singaapore but right now it is split in 2, almost autonomous organizations…but that answer to Council, which is kind of board of directors. the reason for this is because Chinese culture is very different than the west so it didnt work at first, so we split in 2
Serg: What is the relationship between NULS and Nerve?
Berzeck: Nerve
is crosschain solution for NULS, it opens the gates to NULS for other
blockchain projects… it is designed to complement NULS and uses
some NULS features, for example Nerve does not have smart contracts
facilities and uses NULS’s… the idea is: instead of having one
single big fat bloated blokchain that tries to do everything (the
trend this days) we split in two slim and effcient ones designed for
specific goals
Serg: Doesn’t this complicate things for devs who want to build on NULS? I mean dealing with 2 parts
Berzeck: Absolutely no, on the contrary it makes everything easier because there is a module you can download called cross chain module that if you incorporate to your projects you acquire cross chain operation and functionality seamlessly
they dont need to
know about the specifi implementation details on how this is achieved
Irina Kravchuk: Why Berzeck? Where does it come from?
Berzeck: When i was a kid there was an Atari game called Berzerk (i think) i changed it so it still sounded cool but unique
Serg: NULS and Nerve are autonomous?
Berzeck: They are communtiy projects, people have voting rights even to choose the Council members (gov.nuls.io )
West is almost
autonomous from China and we answer only to Council which is elected
by community. For example we wanted budget for the West fro makreting
company:
Council approved the application and community voted
yes for this and here we are. Since march we hired marketing company
because we finished a great portfolio of products and now its time
for people to know about them!
Serg: Who have the right to vote? what are the requirements?
Berzeck: You hold NULS, thats it. With nerve will be the same.
Serg: Can you tell us about some partnerships?
Berzeck: We recently announced 8 institutions investing in nuls… Bitmart is the last on which they not only announced it will be the first exchange for USA citizens to be able to purchase NULS, they also announced they invested in NULS themselves.
Bitz
already announced they are cornerstone investors
for Nerve and we will announce more soon. We
also have companies and organizations building in nuls blcokchain
like: token network, liberty blues, vibook, aleph, and a lot more so
we already got to the stage on which we are a ‘nice’ project to a
real project that solves real problem for real companies.. and thats
a big step.
Serg: Yes, that is what everyone expects from blockchain projects.
Berzeck: Indeed once you finish a product the most difficult part is showing to companies but the first question they ask is: “who is using it successfully?” and creates a 22- catch type of situation. gladly we already gone through that.
Irina Kravchuk: Can you tell how many partners/ projects involved or using NULS technology are there at the moment?
Berzeck: Like 10 companies going or will be going soon through SCO program and 40+ companies that are bulding using our ChainFactory solution.
Irina Kravchuk: What’s a sco program?
Berzeck: Thats another unique product we have… so you are a NULS holder and you like one of the 10 projects registered, then you stake in the project’s nodes and you RECEIVE the projects tokens and the project receive NULS.
so you NEVER risk
your initial capital to support projects
unlike ICO and IEO
and those projects feel more motivated to make progress fast because
people can unstake at any moment and stake on another project.
So it provides
constant funding to projects but not everything in one simple big
event, this gives a lot of confidence to investors, the more projects
we have listed the more investors will come which will atttract evem
more projects.. it will snowball from there
so we rae giving
unique utility to out coin NULS and not just as GAS
the reason you guys
probably didnt heard about us its because we have the slogan “develop
first , pump later!” so we developed 2 years and since march we
are ready for people know our products.
thi mindset is completely different from: “i have an idea and good looking power point! give me money!” which is very common these days.. and will prove very good lont term.
Serg: That’s a good approach 🙂 Where did you get the funding to have those 2 years of development?
Berzeck: We had and angel investor in china,
also Chain Factory
alone got us 91000+ NULS (36000+ USD ) income last months,
considering the very adverse environment it is a great acheivement.
NDEX our decentralized ecxchange will have a lincesned engine that we will offer for white box solution
in general as
everything in life the key to success is finding a good balance and
compromise of situtations, and the same applies to buisness
we will always offer
nuls and nerve as opensource products free.. but products we develop
above them may not be free and be source of income
in other words we
are not planing for our investors to become opensource martyrs if you
know what i mean
Serg: Thank you fot this interesting Introduction. Ready to move forward to the Quiz part?
Berzeck: Ok lets do it!
Serg: Please explain the rules to the community, because it is a new format for them
Berzeck: Here is how it will work, i make a question and you guys answer it, the first answers get a chance to earn the reward (correct answers)
after the ama i will
choose winers and post a few hour later
ALSO
please follow our
tweeter accounts and telegram as a requisite to earn rewards
and FINALLY some GOOD NEWS!
WE DECIDED TO REWARD NOT ONLY WITH NULS BUT WE WILL GIVE EXTRA NVT !
NOW THE BAD NEWS:
mmm no bad news,
lately we dont have bad news…
so lets begin shall we?
Serg: Ok, let’s do it. The stage is yours
PART
2
– Quiz
In this part Berzeck was behind the wheel – he asked questions and opened a chat for a few seconds so the participants could send their answers.
Q1:
NERVE: Do you prefer virtual
banks or consensus nodes? Why?
A: Virtual Banks – more income
Q2:
NERVE:
what is NERVE’s disinflation ratio ?
A: 0.822%
Q3:
what
is Nulstar ?
A: The mircroservices infrastructure used in NULS/Nerve
Q4:
NULS:
What are the Max supply and current circulation?
A: Max supply : 210M Circulation: 96M +/-
Q5:
NULS
and Nerve: Can i write modules in Java, c++ and python?
A: YES you can wirte in any development language you want
Q6:
NERVE:
How many normal nodes are allowed in Nerve Network?
A: no limit
Q7:
NULS:
How many Institutions that invested in NULS were announced recently?
A: 8 institutions announced that they invested in nuls… including an exchange in the USA
Q8: NULS: Whats the main difference between PoC (the consensus mechanism used in NULS) and DPoS
A: PoC has and embedded mechanism to punish bad behaving nodes
Q9:
If
you want to build your customized blcokchain + a web wallet + an
explorer but you are not a developer… which tool would you use?
A: Chain Factory
Q10:
What
is called our own stable coin?
A: USDI
Serg: Thanks for this interesting Quiz
Irina Kravchuk: Yeah, it’s the first time we have the quiz in this format
Berzeck: Yeah thank you for allowing us, it may be weird at first but it will make sense later
(hopefully )
Serg: Ok, we will open the chat now. Prepare your questions.
Part
3
— live questions from the Telegram community
Q1 from
Telegram user Darth Vader
For
creating smart contracts, why should any developers choose the NULS
platform rather than any other blockchain project?
Berzeck: Smart contracts are normally a small part of a complete complex enough application (dapps) so the advanatges is that modules that integrate with nuls can be written in any language, engine is fast, we have 800 – 1000 TPS, and Nerve will have more than 2000 TPS .. also we are capable to adapt end evolve a lot faster than any other project we offer direct support from dev team so companies building using our products have a lot more chance of success …
some more
we will focus unitl
july on finsihing Nerve mainnet and NDEX.. after that we will dock
more blockchian projects (that belong to top 10 in market cap) to
Nerve and NULS ecosystem
Defi is just ONE type of
industry where blcokchain will be adopted but certainly not the only
one… if your bussiness process needs tamper resistance and double
spending solution, then blcokchain is the right answer.. so there are
a lot more industries that we will target
BUT DeFi is the
buzz word and Nerve is also designed to target DeFi projects **
Q2
from Telegram user David Prince
In the
context of the current bear market. What are the challenges you think
NULS will face in 2020 and next year? Could you share with us about
NULS’s plan for 2020, such as BD, partnership, development and
marketing?
Berzeck: The alt bear market lasted more than 2 years, so instead of cursing crypto gods and crying in fetal position we just used it as opportunity to build unique platform with unique products difficult to copycat.. and now that market seems changing in sentiment we decided its time for letting people know about us. In other words bear market was just another day in the office for us The next challenge is that it seems we will endure a rapid growth period (nice problem to have but still difficult to face it correctly) so we need to manage human resources very carefully
Q3
from Telegram user omaha99
Fast
transaction speed and high security are indispensable to NULS. How
does NULS keep these factors stable at all times?
Berzeck: The project has endured a thorugh internal code audit and when we stabilize features we will get third party audits, still the blcokchian has showed great resilience in these factors.
Q4
from Telegram user MadamLobster
Which
equipment and level of technical knowledge i need to have to
participate in Nerve Network Public Beta Testing?
Berzeck: Probably your local computer is enough for testing but for final mainnet node requirements are higher https://t.co/eMlu8ymS8m?amp=1 check this link for more info about beta testing **
Q5
from Telegram user Aldilan (Remaja SMK)
Do you
have mechanisms such as buyback and burning to regulate the demand
and
supply of $NULS, so as to increase its intrinsic monetary
values?
Berzeck: We dont try to manipulate directly the price as this is a bad idea long term, the way we bring value is giving features, unique products and partners, that is the way to grow organically and that’s why our investors trusts us having said this when we get income from chain factory a predefined part of it burns as a symbolic ritual of appreciation to our customer
** we dont have to
worry about every single project out there that will enter
competition because:
a] we have unique prodcuts that will
complement nerve very difficult to copycat on which we have zero
competitors (as far as we know) like ChainFactory , ChainBox and
SCO
b] WE have built from scratch an infrastructure called
Nulstar that allows us to evovle and adapt faster than anybody else,
so no matter what tech you think your favorite blockhain has now, it
will probably become obsolete in a couple of years anyway and thats
when our architecture will shine
let me put this way:
If Vitalik finds
ultimate scalability solution, while he is receiving the Turing
award, we will pack it in a microservice and deploy it to our
customers months before Ethereum can… in a way its like everybody
is working for us if you think about it… and thats our strategy
Q6
from Telegram user Doctor Crypto mangunkusumo
Hello
@Berzeck1.
I am windows client i want asking about light wallet, especially
about mining what is advantage for mining at nuls platform?
Berzeck: We have decent return but what is different than other is that you can stake you NULS on one of our partners ‘nodes’ and you receive our partners tokens and they receive NULS, so its a great way of funding.. check SCO and my answers in Section 1] of this AMA ALSO we will give the ability to NULS holders to stake in Nerve nodes to earn NVT.. even BTC holders will be able to stake (something that may attract some attention as well)
Q7
from Telegram user Sixsa Kubur
NULS
mission
the statement “Making Blockchain Simpler”
can
you explain how you will completed this mission ???
Berzeck: We built Nulstar that makes life easier for developers as they can develop modules on any language they want, in fact NULS 2.0 has c++ modules and Java modules we built ChainFactory that allows non developers to build their customized blcokchains with a few clicks and paraneters so they get a node application, a web wallet and explorer ready to use, a cross chain module and also you may be listed in NDEX without paying a fee chainbox is more powerfull and aimed to developers, in fact we built Nerve using ChainBox, so I could argue its a very powerful tool
Q8
from Telegram user Rohit
The first
Nerve app is NDEX. How will NDEX differ from other decentralized
exchanges? What benefits it will give to users?
Berzeck: Its very fast, but the idea is to provide our partners with a complete set of tools to start their project and ‘publish’ it early on so they dont need to worry about listing on exchanges or fees, etc.. users will be able to assign value to the projects tokens minimizing costs for projects.. which will attract even more projects. NDEX is the last piece of the puzzle to attract more partners
Q9
from Telegram user Rolex
Now
everyone wants DeFi on their platforms. Are you planning to implement
this? After all, there is a problem of hacking DeFi, and we remember
that in your history there were already problems with hackers
Berzeck: As everything worth something in internet we were targeted by hackers several times, one team succeed partially stealing from a single wallet using an advanced technique, we recover most of funds and perfomed a thorough internal audit and they failed next times they tried, due complexity of the attack we know they know the code pretty well so they invested a lot of time studying it but they failed nevertheless in other attacks. About DeFi, yes Nerve is also designed for DeFi applications, its very fast and scalable and we also have USDI our stable coin that will be part of the offer +
Q10
from Telegram user Dimas Lavigne
What is
meant by Proof of Credit (PoC) Mechanism? I know, Proof of Work,
Proof of Stake, PoA, etc But what is Proof of Credit (PoC) ?
Can
you explain what’s the benefits of Proof of Credit (PoC) in $Nuls
project?
Berzeck: PoC has these benefits: 1] fast: 800 – 1000 TPS 2] has an embedded mechanism to punish bad behaving nodes .. (come on! you should have read the quiz! ) 3] easier to implement complex upgrades
Q11
from Telegram user Sohil Dosani
Why the
name #NULS? What is
the story behind the name #NULS?
what is the logo of #NULS
represents?
Berzeck: Was a supposed to be a play of words, : “NULL is nothing, NULS is everything!” the logo was supposed to support this concept
Q12
from Telegram user Satoshi Nakamoto
The first
Nerve app is NDEX. How will NDEX differ from other decentralized
exchanges?
What is the main objective of Nuls in the short and
long term?
Berzeck: About ndex, already answered above NULS goals is create a blcokchain framework that helps companies reduce costs when mapping their businesses processes to blockchain tech, after all, thats all they care about .. we achieved that with ChainFactory, ChainBox and SCO program **
Q13
from Telegram user Jhoan Zabala
Adoption
& Awareness about Platform is very important for any Creator as
well as Users! So, What are your plans to attract More users as well
as Creators with Non-crypto users too on NULS platform?
Berzeck: We hired multiplied.io marketing company since March and since they are the experts we follow their plan, but in general we had very very good impact with tweeter as main news outlet (probably due its network effect) so we always make a lot of promotions there, we are running 2 or 3 if i remember correctly :joy:… also we already have good articles published in reputable sites like contelegraph, yahoo finance, decrypt and others, and finally youtubbers are starting to talk about nuls and nerve as well
Q14
from Telegram user Zερ | KFC
I’ve
noticed that investors can either make investment activity in the
secondary market or join the #NULS
staking program, could you please explain how the #NULS
staking program works.?
Berzeck: For staking you have 2 options: 1] download wallet, login with your address and choose ‘stake’ from consensus menu 2] go to pocm.nuls.io and stake in one of our partners to earn their tokens ifyou find them interesting
Q15
from Telegram user David Prince
Adoption
is one of the important factor that all sustainable blockchain
projects should focus to be more attractive in the investors’ eyes.
What NULS has done and plans to do to achieve real world adoption?
Berzeck: There are 3 variables that give long term value blcokchain projects: a] developing unique products than nobody else is offering and becoming a first mover (we know what happens with those) b] attracting projects and companies to build real solutions to solve real problems so we already have a healthy dose c] attract partners to help enhancing ecosystem (we already have 8 institutional partners and it seems we will have more in the future)
Q16
from Telegram user erza Scarlet
Can you
explain the current focus of the Nuls network team, in a broad-sense
and in a business sense?
Berzeck: We are focusing to complete Nerve main net and NDEX that will be achieved on July business sense we invested in marketing and public relations company (multiplied.io ) so they are helping us getting investors, projects and users. also we offer SCO program and we offer direct free support from development team so they increase exponentially their chances to finish a working product
Q17
from Telegram user Termux Lucky
So bad in
quiz and so hard you quest
Berzeck: Quizzes will get harder but for your own good, the more you know about us, the more you will like the project… thats why we changed the AMA reward format (can be considered another innovation 😂
Q18
from Telegram user Rohit
What is
the advantage of using multiple programming languages? Do you want to
attract the maximum number of developers in your NULS project?
Berzeck: Minimize cost for companies, thats the objective, so they use the manpower they have… cost and income is the only thing they care about so we give them that, thats the core of our buisness strategy in general giveing free direct support, building ndex so they can publish their tokens for free, chainbox, chianfactory .. helps companies reduce costs SIGNIFICATIVeLY
chainfactory has a
free version but premium modules have cost paid in nuls. we already
collected 91 000 nuls in the middle of pandemic catastrophe so we are
on the right track…
in general products we build above NULS
and Nerve blcokchain may not be opensource so we get income which
will be used to invest in more projects, development and partners
which will bring more income and so on… you get the idea
Q19
from Telegram user Quốc Nguyên
What is
the business model of NULS ? How does it generate revenue for
development?
Berzeck: Read above
———————————
THE END ——————————
THANK YOU FOR
PARTICIPATING AND (HOPEFULLY) NOT SLEEPING IN THE PROCESS!
:joy::joy::joy:
Final words: I am not asking you guys to rush
and invest your hard earned money in NULS , the only thing I ask is
for you guys check our progress and know a little more about us,
because I am sure sooner or later you will like something you see
HOST: thank you very
much for the opportunity, in the future we surely will cooperate
again 🤗🤗🤗
Serg: It was a new format for us @Berzeck1 🙂 Thanks for being here with us
Irina Kravchuk: Thanks for your responses @Berzeck1
This first summer at Satoshi Club started with hot news. We were visited by friends from the incredible Orion Protocol project. Today we would like to tell you about this AMA session. The AMA took place on June 5 and our guests were Hatu (the CMO and co-COO of DAO Maker) and Timothea Horwell (CMO of Orion Protocol ).
The total reward pool was $150 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 SatoshiClub members
Irina Kravchuk: Hi everyone and welcome to a new edition of Satoshi’s Club AMA series. @HatuSSS and @timotheahorwell are our guest today. Nice to e-meet you.
Timothea Horwell:
Hi everyone! It’s great to be here and thanks for having us. Look
forward to all your questions!
Hatu: Hi everyone, look forward to the community’s curiosity.
And how did you come to be involved in Orion Protocol?
Hatu: I am the CMO and co-COO of DAO Maker. We are split among a technology provider, accelerator, and early stage investor.
Since 2019, our
strategy has been to accelerate projects that have a strong
product/market fit, established years of development, and seed rounds
funded by the team.
Our portfolio, till now, in comprised of LTO
Network, Elrond, 2key, and now… Orion.
These companies were
bootstrapped by founders, meaning the founders put their own savings
to make the product come to life. This is the ultimate testament to
dedication.
This is the case with Orion too, as the first year
or so was entirely funded by the team, who put in hundreds of
thousands. It’s that kind of team that we want to support, and invest
in.
Timothea Horwell:
I’m Timothea and I’m CMO of
Orion Protocol. Over the last decade I’ve worked with tech
companies in the data, mobile, and payments space, with a focus on
driving business growth and revenue through marketing.
Prior to
this I was Head of Marketing and Research at Telefonica UK, founding
and leading their research division. Very happy to have landed in
this space having met a few members of the team at a Blockchain
conference last year, and was instantly drawn to the concept of
Orion.
A snapshot of DAO Maker’s track record, which even exceeds public sale IEO pumps
Irina Kravchuk: In the first part we’ll have questions collected from the community on our platform. Whenever you’re ready, we’ll jump to the first one.
Q1 from
Telgram
user Erol
What is
the uniqueness of Orion Protocol that cannot be found in other
projects that’s been released so far? And how the demand of your
$ORN will increase in the future? or what steps would you take to
increase the demand?
Timothea Horwell: Firstly, the most unique and powerful aspect of Orion is our liquidity aggregator protocol at our core. We understood the need for the merging of the centralized and decentralized worlds of crypto, so we built the most advanced liquidity aggregator ever developed – aggregating the liquidity of the entire crypto market into one platform for the first time. From this protocol, we’ve built a stack of DeFi products that address industry-critical needs, including a trading terminal, price oracle, and high-margin DEX, as well as a suite of B2B solutions for exchanges, blockchains, and crypto projects.
Regarding $ORN, it’s at the core of our protocol and each of our products. We’ve integrated it into all main transactions to take the form of an internal currency or utility token. Similar to tokens integrated with platforms like Binance, ORN will give holders a range of benefits, plus additional functionality that will increase demand: it’s required for payments, staking, participation, and the unlocking of advantageous network access with discounts on trading, oracle usage, and Protocol access. We’re committed to ensuring its sustainability and demand. It’s supply-capped, meaning new tokens are never minted beyond the Token Generation Event, while efforts are in place to strategically and frequently remove tokens from circulating supply. -Unrivaled token utility – Non-inflationary staking – Diminishing supply – Strong holder benefits – Refund opportunities – Thirteen revenue streams
Irina Kravchuk: And the products are already usable, right?
Hatu: The terminal is the first product, and it’s already in private beta, accessible to early brokers and applicants.
Hatu: A Q1 response from my perspective: Orion is a liquidity aggregator that has been in development for over 2 years. It’s not the first one, but the few that exist have massive demand, like Tagumi, which was bought this year by Coinbase for $100M. Orion’s differentiating point is that it aggregates liquidity not by itself, but by a distributed network of brokers—anyone can be a broker but the first few brokers are major exchanges and the foundations of large-cap coins. This difference lets Orion be superior to centralized aggregators like Tagumi by collecting volumes and liquidity of not 15 or 20 exchanges, but every exchange in the world. It also allows Orion to offer a non-custodial solution, which is both more secure and convenient. Keep your funds in your wallet, say MetaMask, just go to Orion’s terminal website, and buy/sell whatever you want at the best price available.
The terminal also accounts for fees so the trade you get will be the one with the lowest fee possible from across exchanges, at the best price for the asset.
Irina Kravchuk: When do you expect to launch?
Hatu: We invite everyone to apply for the private access already! As for the non-apply, open release, that will be in the next quarter.
Irina Kravchuk: Sure. You can share a link, maybe those interested will join.
As for token holders’ benefits, the Protocol has a robust product roadmap, with each building a revenue system. Collected fees are then distributed to those who stake the token.
A look at the how each product adds new layers of revenue.
Timothea Horwell: Great question. As Hatu and I mentioned, our flagship product is Orion Terminal. It was built to help traders save their time, money, and assets, enabling them to trade across all major exchanges on one decentralized platform with zero risk.
Time: you no longer need to waste time exchange-hopping as you can access the liquidity of the entire crypto market in one place. Money: you no longer need to worry about finding the best price for your assets – Orion aggregates all major exchange liquidity into one order book to provide you with the best price possible. By doing so, Orion provides the best prices and lowest fees in market – with almost zero spread and zero slippage. Assets: critically, you no longer need to risk your assets to access liquidity. You simply connect your wallet and execute your order across any exchange – centralized or decentralized – without the need for an account.
Irina
Kravchuk: Does
this affect the time involved in running the transaction itself? I
mean it should take some time to aggregate and deliver all the data
from the exchanges?
Timothea Horwell: We’ve built this in a way to be almost instantaneous, with the least slippage of any solution that is attempting to solve liquidity.
Hatu: The data delivery is quite efficient for a number of reasons. The protocol is not centralized. This adds linear scalability as each broker that joins the network adds the necessary computation power to support him/herself. The decentralized aspect not only adds security and convenience, but makes the product more competitive. As for data routing itself, much of the institutional volume is via APIs as it is. Traders on the platform will have an equally competitive data reliability as the industry’s main institutional traders.
Not
to mention, exchanges compete on the quality of their APIs. As an
aggregation platform, any individual exchange’s advancements
make Orion increasingly more competitive.
Irina Kravchuk: Nice. So it wouldn’t really make a difference for the regular users. Thanks for the clarifications on this.
Timothea Horwell: Nope, except for more efficient and profitable trading for the trader.
Q3
from Telgram
user giovanni
Safety
and security are always the most important things. So what is the
security mechanism of ORION to ensure user data do not become the
target of hackers ?
Hatu: As it’s a decentralized platform, its users own their data and hence Orion itself does not put user data at risk by design.
Timothea Horwell: Totally agree that safety and security are critical in crypto – this is the whole reason behind the development of our trustless and decentralized protocol. Orion or its brokers never get access to traders’ accounts or funds, as the terminal is governed by smart contracts to enforce secure conditions of token exchange. Only if the order is filled by a selected broker will the transfer of assets occur atomically within the smart contract: the trader gives the sold asset in exchange for the bought asset. The exact amounts of exchanged assets are strongly enforced by the conditions specified in the order and cannot be altered by us or the broker.
Also, leading
blockchain security firm CertiK will audit smart contracts and core
modules on our platform. All open-source software running on brokers’
local computers will be audited. Meanwhile, every project built on
Orion will be referred to CertiK for security auditing, improving the
entire ecosystem.
Irina Kravchuk: Got it. When will you have their results?
Timothea Horwell: Feedback from Certik is given regularly with a full audit, with public report being released after our public test net and public main net go live.
It’s an ongoing
partnership though to assure the safety of our traders. As technology
advances, sadly it also helps malicious actors. We want to be sure to
mitigate any and all risk as they may come at us.
Irina Kravchuk: Aha. Public component/ report is very important for the credibility.
Timothea Horwell: Yup, we totally agree and will be publicly releasing this to our community asap to ensure transparency.
Q4
from Telgram
user Vyacheslav
Orion
exchange platform depends on the liquidity of other exchanges. What
if you are deemed an unnecessary competitor and the use of API is
prohibited by Exchanges? Liquidity will drop and trade will stop?
Timothea Horwell: Here’s the thing – we don’t compete with exchanges: we aggregate them. Instead of competing with sources of liqudity like exchanges and swapping pools, we unite all of their order books into one easy-to-use terminal, giving traders access to the entire crypto market in one place. Rather than taking users away from these exchanges, we’re providing another point of access to their liquidity, allowing users to trade across exchanges they don’t even have accounts with. Also, it’s impossible to prohibit our use of the APIs – with anyone being able to be a broker, it’s impossible for exchanges to know which of its traders are giving the API access to Orion. The decentralized nature of our brokers make it impossible for exchanges to shut down our access to their APIs. We’re here to ensure the sustainability of the crypto landscape though, and that extends to exchanges too – having built a Liquidity Boost Plugin for exchanges with low liquidity, as well as a DEX Kit for blockchains looking to build their own ecosystem.
Hatu: Very true. Which is why the earliest brokers are actually some of the top exchanges themselves. That’s actually one of the first questions I had asked the Orion team. Beside that, Orion is decentralized, and that means in the final release, anyone can become a broker. Hence, even if some exchange intends to block it by blocking one account, another broker can jump in and claim the opportunity.
Irina Kravchuk: So technically you use a trader’s account to get access to an exchange’s API?
Trader’s
account that give access to an API = broker. Is that correct? There
might be more brokers for one exchange. Is that accurate?
Timothea Horwell: Brokers with exchange accounts run Orion Broker Software, automatically executing trades routed from the liquidity aggregator based on how much ORN they stake. There will be multiple brokers across multiple exchanges – if we only had one broker per exchange, we’d have some serious scalability issues!
Hatu: A summary of what the protocol does The Orion protocol creates the software with which traders can interact with a smart contract, and the software with which brokers are automatically synched to their exchange APIs and the smart contract. For each user trade, a broker is always the counter-trader. The brokers retain a balance within the smart contract and that’s all. From that point onwards, as trades are made, a somewhat on-chain swap takes place from a trader and one of the brokers, and the protocol immediately pulls the additional funds from the broker’s exchange account, be it any coin, any amount.
Because of this, you can use any wallet to interact with the liquidity brokers are providing, and brokers can maintain that level of liquidity without ever being actively involved. Hence, eventually anyone can become a broker as the process is hands-off once the setup is complete.
The closest comparison would be Kyber But one with an order book and not just swaps, along with aggregated liquidity of not node balances, but of every exchanges’ volume, liquidity, and order book.
Timothea Horwell: “Because of this, you can use any wallet to interact with the liquidity brokers are providing, and brokers can maintain that level of liquidity without ever being actively involved. “ – Not exactly, traders don’t need to open accounts on multiple exchanges. So no API key sharing and no complicated fund management – the trades are performed from brokers’ accounts on the traders’ behalf. That’s the beauty of it, anyone can be a broker and monetize their idle assets. And what’s even better is that the big exchanges are noticing this and want to take part in making this revenue too :rocket:
Q5
from Telgram
user Laila
What are
the benefits of Dynamic Coin Offering (DYCO) to ORN Token holders?
Why should I participate in Dynamic Coin Offering (DYCO)?
Hatu: We created the Dynamic Coin Offering to ensure that token buyers have a downside protection. Some key points: – All sold tokens are refundable – Refunded tokens are burned – It creates a mirror flip, which allows holders to arbitrage profits if a token goes below its price floor I’ll expand on these now.
The dynamic coin offering is designed to let you be vested in the upside of a project’s potential for 16 months. That means holders have the ability to stay involved in the project for at a very long period of time while still retaining the right to refunds. This means you get to see projects launch, see their level of adoption and demand, and then decide whether or not to keep the tokens. Throughout the period, holders get to be involved in the upside, with limited downside. This is refundable aspect of the project.
The second part is
the burning of refunded tokens.
If refunded tokens are burned,
supply is consistently reduced to adjust for the market demand. If
there’s a need for refunds, then there’s a need to remove those from
supply.
This means that the DYCO adjusts token supply to market
demand, reducing project valuation (and even its initial hard cap as
the number of tokens sold is not set in stone, and is in fact decided
by holders who can have supply burned after refunds).
The third part is the mirror flip. I believe that buying tokens at issuance should be different from buying them off an exchange. As an early supporter, you deserve to be privileged. For that reason, refunds are limited to DYCO participants only. And they even have the right to buy from an exchange and claim refunds for those tokens. If market price drops below refund price, there’s from for risk-free arbitrage. More details here: https://medium.com/daomaker/what-is-a-mirror-flip-and-how-to-profit-through-it-f036fd870d1b
Irina Kravchuk: Sounds good for the investors 😀 What about the projects? Is this like a loan for them? Or how does it work? Do they have access to the funds during this 16 months?
Hatu: I’ve covered this in detail here: https://medium.com/daomaker/money-backed-utility-tokens-are-a-necessity-930baa5aa5b0 But some quick notes: Project performance is essentially a milestone. Once you buy in, you have a stake and if the project is going well, you clearly do not want refunds as that would be a loss for you compared to what market price would be. On the 9th, 12th, and 16th month, holder have to decide whether or not they want to claim refunds. As people forego refund rights, more funds are unlocked for the project itself to scale up product expansion and hence benefit the token holders.
Worth noting that through out the 16 month period, the only tokens in
circulation are those that have been bought, and so there is no
supply inflation.
Irina Kravchuk: And are there any projects now that are interested or use this new technology?
Hatu: We’ve had several applicants, but we have a thorough due diligence process and only Orion qualified, and that too after months of communication and assessment.
Irina
Kravchuk: Ok.Thank
you @hatusss
for the explanation of DYCO. I think we’re good on this question. Is
there anything that you want to add to your answer for Q5?
Part
2 — live questions from the Telegram community
Q1 from
Telegram user (¯`*•.¸,¤°´✿.｡.:*Jőhńl*.:｡.✿`°¤,¸.•*´¯)
“Staking”
is a very popular topic recently. Please tell us in detail about the
$ORN staking plan and the benefits of adding “staking”??
Timothea Horwell: Operating our protocol is our staking mechanism, Delegated Proof of Broker.
This mechanism fulfills every function on the protocol from order execution, to clearing, to the governance of choosing a broker, and everything in between, via a decentralized brokerage with the native ORN token at its core. Brokers with exchange accounts run Orion Broker Software, automatically executing trades routed from the liquidity aggregator based on how much ORN they stake, while Non-Broker Stakers stake ORN to ‘vote’ for their choice of Broker based on the variable benefit share offered. Brokers never get access to traders’ accounts or funds as the terminal is governed by smart contracts to enforce secure conditions of the token exchange. Only if the order is filled by a selected broker will the transfer of assets occur atomically within the smart contract: the trader gives the sold asset in exchange for the bought asset. The exact amounts of exchanged assets are strongly enforced by the conditions specified in the order and cannot be altered by the broker. Orion’s MainNet V1 is due to be released in Q3 of this year and will feature trusted brokers from major exchanges, OTC desks, and market-makers. Learn more here: https://blog.orionprotocol.io/delegated-proof-of-broker
Q2
from Telegram user Savage
Are there
any requirements needed to be met before an Exchange can be added to
Orion’s terminal ? Do you filter out Low Quality Exchanges with
fake volume or wash trading ?
Hatu: Exchange quality is irrelevant If an exchange has no liquidity or volume, no broker would want to sync it Even if a broker syncs, the protocol aggregates the orderbook such that best instantaneous price of an asset is discovered. Exchanges with fake volumes would never qualify for the best price discovery match.
Q3
from Telegram user Shin Chan
What are
the use cases of $ORN token in Orion protocol. Right now, $ORN is
hosted on Ethereum blockchain. Are there any plans to migrate $ORN to
native blockchain?
Hatu: The token is not issued on Ethereum, and the final decision is still pending, but on which chain the token is issued is not relevant in Orion’s case as the protocol itself is blockchain agnostic. It’s designed to operate as a layer-2 on almost any chain, but the blockchain on which primary transaction settlement will take place will be announced soon in a joint-statement with the foundation of that blockchain.
Q4
from Telegram user Lunm (investing microcap projects)
Will I
finally be able to exchange different tokens from other chains SAFELY
and FAST?
Hatu: Yes, and conveniently with the wallet of your choice, be it MetaMask or anything else. The final settlement chain is Ethereum VM compliant to support most of the popular wallets.
Q5
from Telegram user Lee
What is
the use case of ORN token in your ecosystem and what is the mean of
dynamic coin offering?
Timothea Horwell: At the core of Orion Protocol is the ORN token. We have ensured deep utility of our native token across the entire protocol, integrating it into all main transactions to take the form of an internal currency or utility token. No product or feature can work without it: ORN is required for payments, staking, participation, the unlocking of advantageous network access with discounts on trading, oracle usage, and Protocol access. You can learn more about our token economy here: https://blog.orionprotocol.io/tokeneconomy
Q6
from Telegram user I AM | Elrond
Does
ORION exchange support Fiat currency Or do you have the plan for
this?
Hatu: Not from day 1.However, it’s part of the roadmap. Given that brokers are deployed as part of the network, OTC brokers who settle in fiat are already interested.
Q7
from Telegram user erza Scarlet
How do
you plan to keep your position solid in the whole crypto market and
sustainable overtime while there are too many exchanges created day
by day?
Hatu: Orion is not an exchange. It’s an exchange aggregator. So regardless of which exchange you like, you can access its liquidity, depth, and coins through Orion — but without giving ownership of your assets. Then there’s the added advantage of having access to any other coin that’s also on other exchanges. Plus, your preferred exchange won’t always have the best price, even the biggest ones deviate from the best price. As a trader, you simply seek order fulfillment at the best asset price, at lowest trade costs. Now, you have that advantage from a Protocol that will guarantee that fulfillment.
Q8
from Telegram user Nick
What are
the main differences between Orion Terminal and other trading
platforms? Why is Orion Terminal better than these platforms? What
are the benefits of being a user of Orion Terminal?
Timothea Horwell: Currently, no solution in market offers traders the liquidity, custody, and accessibility they need in one platform. Traders are being forced to trust large monopolized exchanges with their assets in order to access the liquidity they need to trade – entities that are prone to the very issues that crypto is supposed to eliminate and leaving traders at risk. Decentralized alternatives have arisen to provide traders with access to liquidity while retaining ownership of their assets, but decentralized exchanges often lack the liquidity, trading pairs, user experience, and features traders are looking for. Insufficient liquidity: the decentralized liquidity aggregators available only pull from decentralized exchanges, leaving out a major source of liquidity from centralized exchanges. Few non-custodial solutions: the liquidity aggregators that do pull from centralized exchanges are themselves centralized, custodial solutions. Lack of accessibility: most decentralized aggregators carry ERC20 tokens only, while those that are multi-chain are custodial and therefore not decentralized. Unscalable solutions: swapping protocols have become popular, yet the pools are often not large enough to sustain increasing demand. Some pools could be wiped out with as little as a single $5k order and leaves the token price susceptible to manipulation. Orion Terminal is a solution that provides traders with what they need: allowing them to tap into the liquidity and markets of every crypto exchange directly from their private wallets – without any third-party risk.
Q9
from Telegram user Jonas
How do you Plan to Tackle Challenges In Case of Low Liquidity of Selected Coin from Other Exchange ? How do you Plan to Meet Liquidity as well as Provide Lowest Fees in Industry ?
Timothea Horwell: The liquidity of the entire crypto market is aggregated via our liquidity aggregator protocol – pulling from every major centralized exchange, decentralized exchange, and swapping pool, allowing us to provide over 10,000 trading pairs.
Q10
from Telegram user Mike
At the
moment DeFi is very popular. How about the Orion platform compared to
other platforms?
and How does orion solve the problem about Defi
Orion?
Hatu: Defi is a market segment. Orion is not competing with DeFi, it’s joining it… and it’s joining it with solutions existing DeFi products do not offer. Namely, oracles such as Tellor or Band are limited in terms of price discovery as they use a handful of sources. With Orion, the oracle has entire market price included, easily edging any competitor. Meanwhile, DeFi’s key limitation, lack of liquidity and depth, is now addressed as Orion’s settlement will be onchain.
Q11
from Telegram user Crypto Star
How will
you solve the scaling problem that many DeFi have? And how do you
overcome the threat of centralization in Orion Protocol? By what
criteria does Orion choose exchanges to support with?
Hatu: It’s layer-2 protocol and it’s blockchain agnostic. It can operate on multiple chains, that are EVM compliant.
Q12
from Telegram user Tony
How will
you attract potential users to your platform considering that it is
powered by blockchain ?
Timothea Horwell: Top exchanges provide much of the liquidity in market — we’re aggregating the liquidity from all of them into one easy-to-use platform. We’re providing the best prices and lowest fees in market with almost zero spread, due to our aggregated order books from every major exchange. Embedded within the terminal are robust trading tools that provide you with all of the news, market analysis, and trading signals in real- time to conduct successful trades. On top of this, we’re providing arbitrage opportunities without the need to open and manage any accounts. Seems a no brainer to me.
Q13
from Telegram user Robertson
Do you
have any discount on commercial rates for the ORN tokens? If yes,
under what conditions do the discounts apply and how does the
percentage vary?
Hatu: Private sale buyers get a 20% bonus, which starts to vest 16 months after TGE. They still have rights to refund their original purchase + the bonus is an added factor — of course, the bonus is not refundable.
Q14
from Telegram user Tony
How will
you attract potential users to your platform considering that it is
powered by blockchain ?
Hatu: As a product that addresses trading, it’s a blockchain development with a ready go-to market: anyone who holds crypto. Orion does not need to penetrate new consumer markets or create fresh demand. It’s already there, and offered in a manner that is convenient enough to get existing market participants to opt in.
Q15
from Telegram user Anisur Rahaman
Does
Orion has insurance? Are Orion is financially capable to do that just
in case of emergency?
Like, If there’s an unnecessary incident
that you need to refund the users of this platform.
Hatu: The protocol is already done. It’s been in development for 2 years, and till mid-2019 was funded was self-funded by the team. The new raise is for product scaling.
Q16
from Telegram user Christina F
why did
orion choose DeFi?
Timothea Horwell: It was less of a decision to ‘choose’ DeFi and more of an understanding that DeFi is the future. Traders are being forced to trust large monopolized exchanges with their assets in order to access the liquidity they need to trade – entities that are prone to the very issues that crypto is supposed to eliminate – leaving traders at risk. But of course, centralized exchanges provide much of the liquidity in market, so we realized need for the merging of the centralized and decentralized worlds in a decentralized way. That’s why we built the most advanced liquidity aggregator ever developed – aggregating the liquidity of the entire crypto market into one decentralized platform for the first time.
Q17
from Telegram user Subzero2020
How is
Orion planning into protecting agains attacks from malicious
actors/brokers, attacks simmilar to the bZx exploit that can steal
liquidity from the protocol ?
Why does Orion have a token, what
is your revenue stream and is that revenue tied in some way to the
token ?
Hatu: The issues with bZx and other DeFi exploits were due to poor oracles and lack of liquidity across decentralized platform. Both of these are addressed by the Protocol as is pulls the liquidity, price discovery, and depth of every exchange.
Q18
from Telegram user Carlos3766
What is
the bandwidth? If suddenly there are a lot of buy and sell orders,
will the protocol handle the load?
Hatu: Yes, it’s linearly scalable. Each broker joins with his/her own computation resources.
Q19
from Telegram user Tony
Who is
building the business and tech and your upcoming plan in the near
future?
Timothea Horwell: This is largely being built by our fantastic CEO Alexey Koloskov – previously Chief Architect and Creator of the Waves DEX (the most mature DEX in market with daily volume up to $10million). Prior to this he was creating banking software for some of the largest international banks – so we have huge belief in his ability to bring to market such an ambitious roadmap.
Hatu: For more information and answers to additional questions — Join the Orion telegram: @orionprotocol Orion website: orionprotocol.io Learn about the DYCO token sale framework: daomaker.com/dyco
Timothea Horwell: Thanks guys! This was a fantastic AMA and really appreciate all of the great questions. As Hatu said, join us over at @orionprotocol if you have any more questions for us or the rest of the team.
PART
3 – Quiz
Results
In the final part we would like you to check your knowledge in terms of Orion Protocol. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!
Q1
What percent of tokens sold are refundable in a Dynamic Coin Offering? a. 80% b. 20% c. 50% d. 100%
Q2
Which Orion Protocol product competes against Tellor and Band Protocol? a. Orion Terminal b. Orion Lending c. Orion Oracle d. Orion Enterprise Widget
Q3
How many revenue streams are tied to Orion Protocol (ORN)? a. 10 b. 11 c. 12 d. 13
Q4
Orion Protocol aggregates liquidity, coin pairs, and order book depth from which platforms? a. Decentralized exchanges only b. Centralized exchanges only c. Stock exchanges, centralized exchanges, and decentralized exchanges d. Swap pools, centralized exchanges, and decentralized exchanges
