April was a great month for Satoshi Club, the group is growing and also the number of AMAs and rewards presented on it. Our friends from Orchid were invited to conduct a session with Satoshi Club Community (English, Russian and spanish), today we are going to focus on the 27th April AMA on the english group. Our guest was Derek Silva – Community & Developer Relations from Orchid Labs Inc.

The total reward pool was $320 ($200 for English group, $80 for Russian and $40 for Spanish). The AMA´s structure was split in three parts. It was a good time with Derek, the members of the group learned a lot about Orchid related topics.

PART 1, INTRODUCTION AND TWITTER QUESTIONS

Serg | Satoshi Club: Hello, dear friends! Today we will have another episode from our AMA series in Satoshi Club.

We are proud to present to you Orchid Protocol! Our guest is @dereksilva (Derek Silva) – Community & Developer Relations. Welcome to Satoshi Club! Let’s have a great time together. Please tell us a little bit about yourself and how did you start your work with Orchid Protocol.

Derek Silva: I fell into the Ethereum space in the summer of 2017. I attended Fireside Conference where I met Ethan Buchman, Anthony DiIorio and others that were building wallets, blockchains and dApps. I got hooked! I had already heard about Bitcoin previously, but I found Ethereum and smart contracts far more interesting. When I got home from the conference I started researching ICOs, I found ETHLend, and then Bloom, and then district0x, and others. I have been working in the space full-time since February 2018.

Serg | Satoshi Club: we are not working full time in crypto but we have similar stories. 🙂

Bellow: Derek shared with us his taste for meditation and his admiration for Buddha.

Derek Silva: I have actually been very lucky to focus on learning about and helping projects and teams with real world use cases, and Orchid is one example of that. I met a former business development manager for Orchid, Tegan Kline, last fall. She said they were looking for community help. After speaking with her, Travis and then Seven (the CEO), they brought me on!

Serg | Satoshi Club: We made the warm-up. Are   you ready to start with the questions from the community?

Derek Silva: Yes, let’s do it!

Q1 from Twitter user, @nandhase

Why is a decentralized VPN platform better than centralized? What are the benefits of having decentralized over centralized?

Derek Silva: Good question! There are a few key reasons why dVPNs are better.

1. Orchid doesn’t collect any personally identifiable information. You don’t need to tell Orchid your name, your address, it doesn’t collect credit card information, and there’s no central database for Orchid accounts. It’s anonymous and there is no chance of a data breach where your information could be stolen.
2. Many VPN providers’ servers IP get identified and banned by various services. With a dVPN, where thousands of people can sell their bandwidth in the marketplace, there is a very, very small likelihood of that happening.
3. Many VPN providers’ servers IP get identified and banned by various services. With a dVPN, where thousands of people can sell their bandwidth in the marketplace, there is a very, very small likelihood of that happening.

You can learn more about why dVPNs are better in Orchid’s whitepaper.

Irina Kravchuk | Satoshi Club: What about before crypto life? Were you involved in other tech projects?

Derek Silva: Yes, I had a traditional project manager and sales job at an app development agency, and I used to own a web hosting company that I sold in 2018.

Irina Kravchuk | Satoshi Club: (in relation to numeral two of Derek´s previous answer) It’s something similar to how tor browser behaves?

Derek Silva: Yes, kind of. You can set up multiple hops to further protect your data and obscure the source and destination traffic. But Orchid’s VPN routes all your traffic through the network, not just web traffic. I have done Zoom video calls and watched YouTube on my iPhone while connected to the Orchid privacy network.

Irina Kravchuk | Satoshi Club: Sounds very cool. And can you geotarget it like in a regular VPN?

Derek Silva: Not yet, but that’s something we anticipate the community building. Others will be able to build their own curated list of nodes, so we anticipate others will create a list of servers in Canada, a list of servers in the UK, a list of servers in Brazil, etc.

Serg | Satoshi Club: How many people are selling bandwith at the moment?

Derek Silva: So, the server side software is not quite ready for general availability. You can download it today and start poking around, but the version that’s ready for full production is not out yet. For the moment, Orchid has partnered with trusted providers like PIA, LiquidVPN, Boleh and others to act as a whitelist of providers. They are running nodes now and actively providing feedback so that we can keep improving the node software. We have had many, many people inquire about being bandwidth providers though, so I suspect there will be thousands of small node operators later this year.

Q2 from Twitter user, @Sarp09385732

Which companies are your major competitors in your field and what is/are your main competitive advantage(s) against them?

Derek Silva: Well, we see Orchid as a way for traditional VPN providers to gain access to more customers since they can earn revenue through Orchid, so I would say that other decentralized VPN networks like Mysterium and Sentinel are the primary competitors.

Without diving into each one specifically, I have noticed a few key differences:

• Orchid’s default curator guarantees you at least one list of nodes you can trust (PIA, LiquidVPN, Boleh, etc.).
• Orchid is running on mainnet and has been since December.
• Orchid has an iOS app and macOS client available, along with Android.
• Orchid users are actually paying providers now, Orchid is not subsidizing it or paying the providers on the user’s behalf.

Serg | Satoshi Club: If traditional providers will provide IPs, wouldn’t they get flagged?

Derek Silva: They have actually started up new nodes just for Orchid, so we don’t anticipate that happening at this time. It could, of course, but with the possibility of thousands of people selling their own bandwidth at home, the traditional VPN provider’s servers shouldn’t be such easy targets.

Irina Kravchuk | Satoshi Club: So at the moment people that are using the app are paying for their traffic? Like they pay for what they use only?

Derek Silva: Yes, and yes! No monthly subscriptions. You pay for the traffic you use. A 1 OXT payment is triggered after about 10GB of traffic.

Q3 from Twitter user, @MaxiVV05

Why did you decide to call it ‘Orchid’? And most interesting and curious, why are there a lot of pics of rabbits and even ants on your website? What is the meaning of this? Do you wanna send some messages?

Derek Silva: Unfortunately, I don’t have the answer to why the company is called Orchid. I have asked, but Seven won’t reveal the secret yet.

The rabbit goes along with the theme of calling each node you connect to a “hop.” Orchid is not the only team that uses that term, but it was a nice way to bring a friendly theme to the brand. Bunnies, hops, etc.

The ants represent the traffic going across the network and the work involved to route the traffic through each hop.

Above: Images of rabbits and ants that can be found on Orchid´s Website.

Q4 from Twitter user, @TicoEdgardo

VPN is considered illegal in our Country, and in my research many other Countries considered VPN as illegal. How will Orchid Protocol address this rising Problem over VPNs?

Derek Silva: That is very unfortunate. VPNs should be legal, but this is all the more reason they should exist. Orchid’s goal is to get people like you access to the free, open and full internet. Our team does a lot of outreach and speaking against censorship and government intervention. That won’t stop anytime soon.

Seven just published an op-ed piece in Nasdaq last week, and we are also engaging with other organizations around issues of internet freedom, speaking against censorship, speaking against intrusive legislation, and so on.

And of course, Orchid’s privacy network is putting tools in your hand so that you can choose to bypass some of these problems. One thing that is unique about Orchid’s protocol is that the web traffic is disguised as WebRTC, so it all looks like audio/video calls to your ISP. So while it looks like you’re having a Google Meet video call, you could actually be sending BTC to your family.

Irina Kravchuk | Satoshi Club: But would it be possible to block orchid in some countries? I mean if it would be possible for governments to do it.

Derek Silva: Possible, yes. Anything is possible. The technology has been designed to be very hard to detect, though, and therefore very hard to differentiate from other traffic. You would need to inspect WebRTC traffic that’s encrypted inside the VPN, and the data you’re sending is probably already encrypted, and that’s almost impossible.

Q5 from Twitter user, @Nishantmeti

How has Orchid designed to share Incentives to its internet users? Are there other benefits as well that they will get?

Derek Silva: The benefit to VPN users is encrypted traffic, nodes that have not been blacklisted/banned, open source software, and the pay as you go model. If you want to earn revenue through Orchid, you will soon be able to easily set up an Orchid node and sell your own bandwidth. People who want to check out the node software can do so at https://github.com/OrchidTechnologies/orchid/tree/master/srv-shared.

Irina Kravchuk | Satoshi Club: When do you expect the possibility for regular users to create nodes will be available?

Derek Silva: I can’t promise a date, but I know that the engineers are re-architecting the node software so that it’s way easier to set up right now. Once that’s done, it should be made available. You won’t need to do any manual compiling after this work is complete.

PART 2, TELEGRAM COMMUNITY QUESTIONS

The chat was open for 2 minutes and some hundreds of questions were posted by the Satoshi Club community. Derek Silva have chosen 5 of them.

Q1 from Telegram user, MIN

Mass adoption is a problem for blockchain projects. So how will ORCHID solve this problem in order to achieve Adoption in reality?

Derek Silva: Mass adoption happens in a few ways:

1. Ease of use. While Orchid requires some knowledge of Ethereum and the ability to purchase OXT directly from an exchange right now, along with having a Web3 browser and all that, we know this is not ideal for mass appeal and adoption. The product and engineering team is always looking for ways to reduce friction, make the app easier to use, and of course improve stability on the back end.
2. Knowledge. This comes through AMAs like this one, speaking engagements and sponsorships like Ethereal Summit, ETHDenver, ETHLondon, ETHCC, and others, along with traditional marketing. Only the Android app is generally available, but when the iOS app is in the App Store (not TestFlight) and the macOS app is available with a GUI, then we’ll be in a place to do more marketing.
3. Product quality. The app has to be great, and the server software has to be fast and reliable. The product team is always working on improving this.

Q2 from Telegram user, Jhonatan

What’s about your VPN service, what countries supports it? Who regulate your privacy policies? Are we safe using this service?

Derek Silva: We are supported in any country where we can make the app available. There are some gaps here like Venezuela and France, but we can do things like make a signed APK available so that people can still access the Android app. We feel the app and service is incredibly safe to use since Orchid does not collect any of your information. Our website doesn’t even have Google Analytics on it! We removed it last year to help protect your privacy.

Q3 from Telegram user, Thea

All mentioned that you would aim to keep your VPN service free for journalist, how do you plan on keeping Orchid accessible worldwide to do this? (other languages, outreach ECT.)

Derek Silva: I think I just addressed this. Making the software available on multiple clients, making it available outside app stores when possible, attracting bandwidth providers (companies and individuals) across the globe, and targeting marketing at different countries and demographics to ensure we reach as many people as possible. The iOS and Android apps are already available in English, Korean, Japanese, Russian, Chinese, and Indonesian now with more languages coming in the future.

Q4 from Telegram user, OYIBO PEPPER

DeFi and Dapps are 2 pillars primed to rule 2020 in crypto space, what’s your approach to DeFi and Dapps? As a developer I Know SOLIDITY, Java C, KSML, can I build dApps on orchid and what programming language does orchid employ?

Derek Silva: The mobile apps are built using Flutter framework, and C++ for the node software. You could use our nanopayments scaling tech in your app today! It’s fully open source.

Q5 from Telegram user, Josefina Korea Love

What is the objective of the Whitelist in your protocol? Under what circumstances could it be within a whitelist and in which cases not? Would an unbalanced distribution of nodes be a problem for network performance?

Derek Silva: The whitelist ensures that everyone has a secure list of well-behaving partners to connect to. If we find out that one of the whitelist partners is behaving badly, we can remove them from Orchid’s default curator.

An unbalanced staking distribution does lead to the largest staker receiving more traffic than others, however when you disconnect from the network and reconnect again, Orchid’s default curator automatically connects you to a new node. And of course any node can only handle as many customers as the server and connection can support, so every bandwidth provider should receive traffic even if they are only staking a few OXT.

PART 3, QUIZ RESULTS AND CONCLUSION

As usual, for the third part we had a quiz with 120$ for first 15 who answer correctly all questions.

Serg | Satoshi Club: Thank you Derek! How are you feeling after seeing so many questions? 🙂

Derek Silva: My fingers feel very limber now! I haven’t typed this much, so quickly in a while.

Thank you so much for all the questions! We hope you will all check out orchid.com/join and give Orchid a try. You can join t.me/OrchidOfficial to learn more.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

Orchid Official Community: http://t.me/OrchidOfficial

On the 13th April at 11:30am BST Ambassadors Lgbeano 1, Priyank 1 and Josh took part in the Satoshi Club 4 AMA Series hosted by Serg 2 and the Satoshi Club Team.

The Satoshi Club Telegram channel has a very active and enthusiastic community of around six thousand members. The Satoshi Club approached the Ambassadors to see if Cardano would be interested in taking part in a Cardano AMA session. Results included 100s of new active crypto members joining the Cardano Telegram channels and a new level of knowledge about Cardano for a community that was not previously active in following the Cardano Project. This set the foundations to build a positive relationship and connection between two crypto communities.

Once details were discussed between Ambassadors and the Cardano Foundation, Lgbeano, Priyank and Josh proceeded to collaborate with the Satoshi Club team to finalise the finer details.

The AMA was held within the Satoshi Club Telegram channel and organised into three Stages for ease:

Stage 1: A few days before, the Satoshi Club and Cardano community in Telegram were made aware of the AMA; they were given a link to a website in order to ask any questions. Prior to the AMA, five questions were selected by the Satoshi Club hosts and passed to the Cardano Ambassadors to prepare their answers. The channel was muted, to allow the hosts and Ambassadors to introduce themselves and kick things off… The AMA had begun! 4

Stage 2: Once each question was answered by Lgbeano, Priyank or Josh the community were invited to ask follow up questions; the channel opened for 2 minutes to allow the community to post live 1. In less than two minutes the channel flooded with almost a thousand amazing questions (which gave telegram a few problems!!). With so many great questions, it made picking very difficult. The channel was muted again and the Ambassadors had about 15 minutes to select 5 questions and post their answers!

Stage 3: While Lgbeano, Priyank and Josh were preparing their answers, the Satoshi Hosts had set up a cool quiz 1 on their website for the community to answer while they waited; once the ambassadors followed up on their chosen questions it was time to end.

The AMA finished very positively with many thanks all around 4. The engagement, positivity and feedback from the community was over whelming!

Since the AMA we have received many invitations to participate in similar AMA’s within different communities. This is amazing to see and although it was initially organised as a one off trial event, it could mean more AMA’s with the Ambassadors in the not so distant future!!

A few words from the Ambassadors;

Lgbeano

When Serg first approached us enquiring if we would be interested in an AMA, I didn’t realise the amount of time and organisation that would go into it. It didn’t take long to realise how well the Satoshi Club team organise their AMA sessions which gave us great ideas for the future. I could not believe the interest, positive participation and welcome we received. I would like to thank the Satoshi Club for having us and opening up a potential path to help spread the word of Cardano; the feedback we had was amazing!

Although we are not currently planning to hold anymore AMA’s, I think I can speak for Priyank and Josh when I say, we really enjoyed it and maybe one day you will see us in an AMA near you.

Josh

When I first heard about the AMA with the Satoshi Club on telegram, I was a little sceptical that it could work with the fast passed nature of telegram channels. However I wanted to give it ago and see how it would play out. With a nervous few minutes in preparation before the AMA with Priyank and Lgbeano and some encouraging words from the Satoshi Club hosts in private, we were ready to roll with the questions!

It took a few questions before we settled down and got into the rhythm of the telegram style AMA, but once the nerves had settled we were away and running! I have to say it was an amazing experience to be asked so many great questions about Cardano, and it was also a great feeling to put to bed a couple of misconceptions too! The Satoshi Club and their hosts were very warm and welcoming, and were showing some fantastic knowledge about Cardano!

Its great to see other groups and communities becoming excited about Cardano, also a pleasure to have the opportunity to answer a few question that people have! I thoroughly enjoyed it and look forward to doing this more with other communities and my fellow ambassadors! I want to thank Satoshi Club for inviting us along, and hope to have the chance to do it again in the future!

Priyank

It was an interesting and gradually fun experience, I would say it went better than our initial (anxious) expectations, being the first time participating in such event. Much of the target audience were new to Cardano, and once the Stage 2 (live AMA) was activated, we were taken aback by the flood of interesting questions and it soon became apparent that we wont be able to go through the entire stack of questions, to pick questions by distributing the periods. I loved the fact that the questions were not about “when”/”what” or price related, but more about “why”/“how” relating to the workings or upcoming advances – especially from a community where some of the participants were not active members of Cardano groups.

As already mentioned by Luke and Josh, special props to the Satoshi club admins for maintaining the channels well – keeping it value-oriented. The feedback received from the audience post the AMA was quite encouraging, and I would love to see more personnel from Cardano engage in such activities.

Source: https://forum.cardano.org/t/ambassador-ama-with-the-satoshi-club-community/32210/4

We are please to announce that we had an AMA with our friends from Stealth! James Stroud, Lead Developer and Co-Founder of Stealth, was in @Satoshi_Club at 10:00 UTC, 2nd of April.
The total reward pool was 200 USD and was split in 3 parts. Here is the recap of the AMA.

Part 1

We have collected hundreds of questions from the community and have selected 5 of them.

Irina Kravchuk:

Hi again friends. Our guest today is Dr. James Stroud – Lead Developer and Co-Founder at Stealth. Welcome dr. James. Thanks for taking the time to join us.

James:

Hi, and thank you for this invitation!

Serg:

For introduction, can you tell us briefly about you and abut Stealth?

James:

My name is James Stroud, and I am the Co-Founder and Lead Developer for Stealth R&D LLC, a company that is dedicated to developing the Stealth cryptocurrency protocol and building infrastructure for it as well.

I earned a B.S. from UT Austin in Molecular Biology, then a M.A. in Biochemistry from Columbia University in New York, then a Ph.D. in Biochemistry from the University of Colorado at Boulder, and finally did a postdoc at UCLA. I then joined the faculty in Chemistry at UNM and stayed there until I got into blockchain.

I got into blockchain in 2013 during the enormous pump, where I bought BTC the top and watched it go down immediately. This left me not defeated but even more resolute to become good at trading. It also made me explore blockchain more deeply.

After a couple of months of studying the technology, I decided I had to participate somehow in any way I could, so I volunteered to help with some projects. The first thing I learned was to build the GUI (graphical user interface) clients.

I don’t know how many people that hold cryptocurrencies do it this way today, but when I first got into it, you typically had to download a full blockchain and run a server to use most coins. The server program, which I call a “client”, provided a GUI where you could send and receive coins. Building these for new coins was always a chore, and it was a good way for me to start to learn the details of cryptocurrency technology.

Soon, I decided that I wanted to launch a coin myself, and this was Stealth. We launched Stealth in 2014, and it was originally known as StealthCoin. My idea is that practically all cryptocurrencies lacked privacy, and Stealth would have a goal of being the premier private cryptocurrency.

I’ve been working on Stealth ever since, and in the last two years, have been completely dedicated to it. I quit my faculty position at UNM in 2016, and joined a different gaming-focused cryptocurrency company. Stayed with them for about 1.5 years, then founded Stealth R&D to exclusively develop Stealth’s core technologies and related infrastructure.

Irina Kravchuk:

So you’re a veteran in this field. Thanks for the intro. We’ll start with the questions from the community

Serg:

Q1 from @victbt

What is the STEALTH business model? How do you generate the profit?

James:

Stealth is a cryptocurrency, just like bitcoin. Neither have a profit model. I launched Stealth a long time ago and I am dedicated to making it the most useful private currency possible.

We have a company called Stealth R&D LLC that we made simply to formalize the relationships between the core dev team and to interface with exchanges who want an organization to “represent” Stealth to the exchanges. They want to know who to call to if they have a problem with their blockchain, and things like that, so we made a company for that purpose.

However, we don’t have a business model for the coin itself. There never was an “ICO” or anything like that. It’s a cryptocurrency and was mined out fairly and the mined coins and any coins earned from those through proof-of-stake are traded on exchanges.

Irina Kravchuk:

Our Q2 is somehow related to the motivation that might drive you.

Serg:

Q2 from @toanphamhd

What do you think is the biggest problem STEALTH will solve which is not solved by other projects and why this is the problem important?

James:

The biggest problem is a particular combination of requirements that will make cryptocurrencies useful or not.

First cryptocurrencies need to be useful for the whole planet.

That’s called “scalability”.

Second, cryptocurrencies need to have fast transactions, so that the user experience is similar to the most convenient payment systems, like credit cards. By fast, we mean a vendor and a customer should both feel a transaction is final within 5 seconds.

Third, crytpocurrencies need to offer at least the same level of privacy as other payment methods, like credit card. People don’t think about this very often, but credit cards are very private payment systems. Only the vendor and you know what you bought, and only the vendor, credit card company, and yourself know how much you spent where.

Most cryptocurrencies don’t offer anywhere near this level of privacy.

Irina Kravchuk:

Speaking of privacy. Can you tell us how are you/ Stealth related to Tor Project and Tor Browser?

James:

Bitcoin, for example is completely public. Services exist that can identify individuals by network patterns within the bitcoin blockchain. If an identity can be tied to any single transaction, then practically all their blockchain spending patterns can be determined.

Stealth is not related to Tor at all. We don’t share development with them. Stealth has Tor technology integrated, unlike most coins. Tor is there to protect privacy.

Serg:

but there are services which somehow randomize the transactions, right? Or they are not so efficient?

James:

There are services that randomize bitcoin transactions, for example. These are called “mixers”. I would not recommend ever using these services.

First a mixer is a proprietary service, not a trustless blockchain service. What this means is that a mixer can just keep your coins and never send them where you want them to go.

Second, once you mix coins with a service, they are tainted. Tainted coins can be blacklisted, and they are blacklisted with astonishing regularity.

Irina Kravchuk:

What does it mean if a coin is blacklisted?

James:

For example, an experiment I do not recommend running would be to mix some coins and then send these coins to Coinbase. Once these coins are at Coinbase, they will detect that they were run through a mixer, and completely lock your account, maybe permanently. Then possibly deny you service in the future, indefinitely. That’s a type of blacklisting.

Irina Kravchuk:

That’s interesting. But do they treat high-privacy coins differently? Like yourself or Monero etc. I mean you get the same result – you can’t track the first sender

James:

This goes back to the fact that Bitcoin and most cryptocurrencies don’t have privacy. This lack of privacy means different coins can have different values. For example, to Coinbase, an unmixed amount of 1 BTC will have a value of 1 BTC, but a mixed amount of 1 BTC will have a value of 0.

Some exchanges allow trading in privacy coins. I believe Coinbase offers ZEC, which is a privacy coin. I don’t remember Coinbase’s complete offering, so I could be wrong.

Serg:

Q3 from @Magoy12

What is the main role of STEALTH tokens? Can you explain in Details about Project’s Work and Mission with work of Token in Entire ecosystem?

James:

It might be a misnomer to label the Stealth currency (XST) as a “token”. XST is the currency of the Stealth blockchain. Most of the time the term “token” is reserved for passive tokens on a smart contract platform, like Ethereum.

This means the main role of Stealth is that it is a trustless payment processor, like Bitcoin, Z-Cash (ZEC), or Ripple (XRP). Stealth’s niche in the cryptocurrency “ecosystem” is therefore a payment system for those who demand the same privacy, speed, and scalability as they demand from traditional, centralized, payment options like credit card.

No other cryptocurrency that I know of is engineered to offer this combination.

Serg:

Q4 from @manugotsuka

Stealth, on one of your 2020 milestones will change from OpenSSL to secp256k1, this change will boost up the synchronization ans bootstraps times and also taking less CPU resources. But Why secp256k1 and not secp256r1? I think this last one has more potencial with stealth in term of SECURITY and user PRIVACY?

James:

Well, there are lots of different elliptical curves one can use for public key cryptography. Stealth was launched using secp256k1, and so we need to support that curve for existing transactions. In terms of this pair of curves, secp256r1 is marginally stronger, if you consider the bit strength of both curves.

In my opinion, were we ever to change curves, we’d opt for a quantum-resistance. I don’t that secp256r1 could fit the bill. Of course, neither could secp256k1.

Irina Kravchuk:

Thank you. Small question here. How do you deal with volatility?

James:

If you mean price volatility, we don’t deal with price volatility. It happens on its own. Stealth is a cryptocurrency and trading markets determine price. There is no mechanism in the protocol to stabilize its price. There are lots of stable coins available, but XST is not one.

Serg:

Q5 from @dani_unss  

How you compare to Zcash and Monero?

James:

This is a tough question, because I don’t want to offend anyone who may like either of these coins. But we have some differences, and I think we are better, depending on one’s requirements for a cryptocurrency.

First, Zcash and Monero are both proof-of-work (PoW). PoW has some advantages and disadvantages.

First the disadvantage of PoW is that it is inefficient. When I say this, I’m not talking about energy efficiency. Energy efficiency is very important for the environment, but doesn’t have much bearing on blockchain functionality.

By inefficient, I mean PoW is a competition to sign the immediate next block in the blockchain. Competition is inherently inefficient, and it makes block times slow and irregular.

Stealth uses proof-of-stake (PoS), which can be very efficient, both for energy and blockchain function. The Junaeth protocol, which is fully functional in testnet, is on of the most efficient forms of PoS possible, using scheduled block production. In this system, there is no competition for the next block. This makes block times highly regular and fast, at nearly perfect 5 second intervals.

Also, Monero and Z-cash have two different types of privacy. Monero uses ring signatures, which are themselves very inefficient because the blockchain proofs are very large. They also take a lot of time time verify.

Irina Kravchuk:

Why 5 seconds?

James:

Z-cash has much more efficient cryptography, the zerocash protocol, and this is the same protocol we are adapting for Stealth.

Five seconds is a long time for computers, so it gives plenty of time to verify blocks, and cryptographic proofs for anonymity. However, for people it’s short, and is about 1/2 the time of a typical credit card transaction.

Consider if you use a card and insert a chip, you will wait about 10 seconds for it to say “confirmed”. Maybe it can be as few as 5 seconds.

So, we chose a time that was long for computers but short for people. This makes Stealth highly useable but practical.

Serg:

Thanks for your answer!

James:

You are welcome!

Part 2

The chat was open for 2 minutes and 400 questions were posted by the Satoshi Club community. James have chosen 5 of them:

Q1: Raj Choudary‏:

Which programming languages are you using in your project? And why?

James:

Stealth use a few languages, and it depends on what part of the project. For the reference client, Stealth uses C++.

A reference client can be considered the embodiment of the blockchain protocol. If you want to really see how the protocol behaves, you can’t simply read the specification, because the specification defines an ideal behaviour.

In reality, the only real definition of behavior is the code of the reference client. To give the most fundamental operational definition, if the reference client allows a transaction into the blockchain, then the transaction is valid. That may seem too obvious, or “it goes without saying”, but it is a profound definition of the reference client, and I recommend one ponder that definition even if it does seem obvious.

Stealth uses C++ for the reference client because it is fast. Bitcoin was written in C++, and Stealth inherited a lot of the Bitcoin code. For other parts of the project, Stealth uses python. For example, to linearize a blockchain to create a bootstrap, the code is practically all in python.

Q2: Kun Aguero:

As you know that in the present market situation many new coins or either dying or thriving for liquidity? How will you manage this liquidity problem?

James:

Just like we don’t manage volatility, we don’t manage market liquidity. The markets decide what coins live and what coins die. My philosophy is that useful, innovative, and well-engineered technology will be the most important considerations for markets. For this reason, we focus on Stealth technology, not market issues.

Q3: Sergio:

Marketing is a leading element for every project.  So what is your strategy to attract customers and investors to XST in the long term?

James:

I’m focusing in market questions today, so I can clear some air. Congratulations to those of you who offered these questions. Normally, I avoid them. This question might be boiled down to “what is our strategy to attract customers?”

Stealth has no customers. It’s a cryptocurrency. We don’t offer Stealth for sale, so we don’t have investors. We have nothing to offer investors ourselves.

We focus on developing the protocol. The only exception is we believe it is important to present our technology, ideas, and work to the public for feedback. To this end, we attend conferences, give talks, and participate in AMAs, like this one.

However, we are not XST salespeople. If anyone is interested in XST or the technology, they don’t need to own the actual currency. They can help write code, offer suggestions, or simply ask good questions.

Q4: David Prince:

What are your plans to move towards a more decentralized and trustless solution?

James:

Stealth is already decentralized and trustless. It is a blockchain protocol with consensus rules. It was mined fairly and is presently proof-of-stake. The type of proof-of-stake consensus protocol will change significantly when Junaeth is on mainnet (it is functioning on testnet right now). But this change will not make XST any more or less trustless than it already is.

Q5: Alice Cắn dày:

Trust is very important in security, what makes investors, customers and users feel safe when working with Stealth?

James:

One last market question! I may never answer these types again 😎

I already mentioned Stealth has no customers and offers “investors” nothing. If one wants to decide whether they “trust” Stealth’s trustless consensus model, the code is open source, and the protocol is specified in the white paper.

I believe this is truly the only way to trust any cryptocurrency. If one relies on “trusting” founders or a business model, I think they could make a costly mistake.

For those who are not technical, wait for cryptocurrencies that stand the test of time and to be vetted by the expert community. Poor cryptocurrencies will die quickly. Good cryptocurrencies will last for years and decades.

Part 3

We had a quiz with 4 questions. 20 winners were announced:

Question 1:

By what algorithm Stealth Blockchain network aims to achieve distributed consensus?

Correct Answer:

QPOS

Question 2:

How many tps have Stealth blockchain compared to bitcoin:

Correct Answer:

10x faster

Question 3:

When Stealth was founded?

Correct Answer:

July 2014

Question 4:

What blockchain uses stealth?

Correct Answer:

Stealth Blockchain

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:
Stealth Telegram Group: https://t.me/stealthsend

We are please to announce that we had one of the best AMA ever with our friends from TomoChain! Kyn Chaturvedi, TomoChain CBDO, was in @Satoshi_Club at 14:00 UTC, 9th of March. We had an AMA in our Russian group as well: @satoshi_club_ru
The total reward pool for both AMAs was 200 USD. Here is the recap of the AMA.

Funny moments:

Irina Kravchuk:
AA baterries, anyone remembers them?

Kyn | TomoChain – CBDO:
I had consoles that used 5 AAA 😂

Irina Kravchuk:
Hopefully Greta (*Greta Thunberg) doesn’t see this

For the PART 1, we have selected 5 questions from the community and Kyn answered them:

Kyn:
Hey everyone 🙂 Pleased to be here. Thanks @sspurss for the invite 😀

Irina Kravchuk:
Hi @KynChaturvedi . Thanks for taking the time to join us today

Kyn | TomoChain – CBDO:
It’s my pleasure. I love meeting our crypto fraternity.

Kyn | TomoChain – CBDO:
2020 is shaping up to be an awesome year for all of us 🙂

Irina Kravchuk:
Everyone is very excited to find more about TomoChain

Irina Kravchuk:
or sorority
😁

Kyn | TomoChain – CBDO:
100!

Serg:
For the introduction, could you briefly tell us some information about yourself and TomoChain?
for our fraternity and sorority
😀

Kyn | TomoChain – CBDO:
Sure. Happy to.

So my name is Kyn. I’m the Chief Business Development Officer for TomoChain. I earned dual degrees in Economics and Industrial Engineering from Georgia Tech, as well as an MBA from the Wharton School of Business. My background is in technology with a focus in video game development.

Regarding blockchain, I got into the blockchain space as an investor in 2014. It became my second passion after games and so I turned it into a career as well.

Serg:
do you have any games developed on Blockchain?

Irina Kravchuk:
Sound like a great story. Passion turned into a career.

Kyn | TomoChain – CBDO:
I actually am developing two right now, on TomoChain 😀

But regarding my gaming career, it was way before blockchain. And also included pre-iPhone dev haha. Dating myself

Irina Kravchuk:
Ice Age 😊

Serg:
yeh, my mom is still playing those games 😄

Kyn | TomoChain – CBDO:
Games that were as small as 64KB, yeah indeed

Kyn | TomoChain – CBDO:
ROFL 😂
Well hopefully she’s a Tetris or Snakes fan then

Serg:
indeed 😄 very to happy to meet you. Shall we start with the questions from the community?

Kyn | TomoChain – CBDO:
Let’s go Serg

Serg:
Question 1 is from @copytrader1
As a Vietnamese project, do you find it difficult to compete with other projects around the world? How do you think about the blockchain market in Vietnam, which is your potential development market?

Irina Kravchuk:
AA baterries, anyone remembers them?

Kyn | TomoChain – CBDO:
I had consoles that used 5 AAA 😂

Irina Kravchuk:
Hopefully Gretta doesn’t see this

Kyn | TomoChain – CBDO:
[In reply to Serg]
Actually, quite the opposite. Being a project out of Vietnam is a competitive advantage for us. The Southeast Asia market has been gaining traction rapidly within the blockchain space and has been pegged as a major region to enter.

If we look just at retail investors, like you or me, Vietnam was ranked in the Top 5 on both Binance and Huobi during 2019 by the number of daily active users. Oh, and when I spoke with Viktor Radchenko, founder of Trust Wallet, in November, he was bewildered. Why? Because Vietnam represented its largest user base! 😀

And, since TomoChain is geared for mass market use, Coin98 (one of Vietnam’s largest crypto media houses) launched a Mobile App in January along with their C98 token powered by TomoChain. Within 6 weeks they had over 50,000 users & 160,000 transactions logged on TomoChain. Top 10 Finance App in Vietnam’s Play Store, and Top 40 in the Apple App Store. That’s the power of Vietnam

As a result, we have formed a number of valuable relationships globally, with 2019’s particularly coming in from China and South Korea. CoboWallet (China’s second largest wallet) listed us. HashQuark & HashKey, two major players under the Wanxiang Blockchain Group (the group that work on blockchain regulation) out of China offered TomoChain as part of their Staking / Wallet services, respectively. We launched an Ecosystem Development partnership with Neo Blockchain in December and co-hosted a meetup + workshop in December.

Because of this growth, we are launching a soon-to-be-announced crypto product focused initially in Vietnam exclusively, with a global launch planned for later in 2020. I wish I could tell you more, but the point is Vietnam is HOT! And it’s at the heart of the larger Southeast Asia market.

Irina Kravchuk:
Wow. I have a 15cm long response on my desktop

Serg:
😄
give me 2 minutes to read this please

Kyn | TomoChain – CBDO:
I talk a lot and have too much to say haha. That’s how much I love this biz 😁

Kyn | TomoChain – CBDO:
Haha If you need more, It’s cool. I have a paused game of Zelda: Breath of the Wild next to me

Irina Kravchuk:
How comes that you came to be involved in TomoChain, given your US education background?

Serg:
cool developments and great achievements. A big userbase pool which is great for adoption

Kyn | TomoChain – CBDO:
[In reply to Irina Kravchuk]
Most of my career has been outside of the U.S. actually. I’ve worked in South Korea, China, Indonesia, India, Japan, now Vietnam, and other countries. It’s been a blessing

The energy and opportunity is in Asia as I’ve seen it since the Dotcom Boom. So made a lot of sense to dive in

Serg:
thanks for this valuable insights, Kyn. Can we go to the next question?

Kyn | TomoChain – CBDO, [09.03.20 16:13]
[In reply to Serg]
Yah, we’re getting there. Still a distance to go to really say we have mass adoption, but the TomoChain tech is ready for it

Irina Kravchuk:
Question #2 from @paraphan
By TomoP Protocol, users can have private transactions on the TomoChain public blockchain. However, how will TomoChain balance privacy and regulation if your project has a plan to implement this feature in the future and expand it to regulated markets?

Kyn | TomoChain – CBDO:
Get ready for another wall of text. Your community knows what to ask 🙂

Irina Kravchuk:
[In reply to Kyn | TomoChain – CBDO]
Shoot

Kyn | TomoChain – CBDO:
So TomoP is currently in Testnet. I can’t wait until the mainnet launch because its really Privacy Suite of Tools with a ton of functionality.

Yes, the main thing is that it’s the fastest damn privacy send you’ll experience in blockchain today at only 2-4 seconds per transaction.

Beyond that, we’ll be opening up a bunch of cool features:

• Send Any Token Privately – Any token issued on TomoChain will be able to utilize TomoP to send them privately and anonymously. And that’s not all. You’ll be able to send wrapped BTC, ETH, USDT, and other tokens Privately and at the same blazing speed. We’ll even include Monero to help them out a bit
• Dapp Privacy – TomoP is going to allow for us to create a slew of brand new Dapps which are truly private. Anyone familiar with Staking knows that the Staker address and their holdings as public information. With TomoP, we could launch a Dapp to mask all of that information. Extrapolate from this what it could mean for any Application that is built to handle customer data. True financial privacy, including from the Dapp operators themselves.
• Issue Purely Private Tokens (TRC21p Standard) – A new token standard will be launched that is purely private. The only data available will be on its token supply. Beyond that, nothing. Think of these tokens like a faster Monero that can also meet regulatory compliance. Token issuers can optionally provide auditing access to enforcement authorities. What this means is if the next PayPal competitor can build their service right on TomoChain and meet the most basic criteria required to stay above board in many jurisdictions.

Got some links for yah guys too to test:

If you guys want to check TomoP on testnet go here and login: https://wallet.testnet.tomochain.com/

Get some free Testnet TOMO that can be used with the TomoP testnet: https://faucet.testnet.tomochain.com/

Serg:
[In reply to Kyn | TomoChain – CBDO]
when we will be able to see the mainnet?

Kyn | TomoChain – CBDO:
And, before it’s asked, the Testnet TOMO can’t be sent to exchanges to sell 😂

Kyn | TomoChain – CBDO:
[In reply to Serg]
We’re still planning for it depending on how Testnet goes. We’re hoping to see it go live in Q2.

Serg:
[In reply to Kyn | TomoChain – CBDO]
I think that our fraternity and sorority knows already 😉

Kyn | TomoChain – CBDO:
[In reply to Serg]
👌👌👌

Serg:
looking forward for the mainnet then 🙂 ready for Q3?

Kyn | TomoChain – CBDO:
Let’s go

Serg:
Question #3 from @Zerrynoz
TomoX and Relayers How does it enable businesses and investors to build decentralized exchanges? Can any business create their own stock exchange? What will be the legal basis of these exchanges?

Kyn | TomoChain – CBDO:
TomoX is also in testnet right now and we anticipate a mainnet launch next month. It’s a DEX Protocol that allows anyone to launch their on permissionless Decentralized Exchange in minutes. The legal structure for each DEX will be based on the operator’s own jurisdiction.

TomoX minimizes custody and security challenges that centralized exchanges have to contend with since since all users are always in possession of their assets. No usernames/pwds needed either

A TomoX DEX can be launched in minutes, requiring minimal technical knowledge. Operators have access to adding any tokens they want. And they also have access to a shared liquidity pool across all DEXs. That means a user buying on one DEX can be matched with a user selling on another DEX.

• TomoX is a layer 1 protocol, meaning it’s run and secured by the entire TomoChain network directly. Our Masternodes manage the transaction instructions directly, rather than other DEXs that operate as a Layer 2 protocol. What this means is TomoX DEXs will operate at about 50x faster than a typical 0x exchange. That significantly improves the end user experience.
• Fees. Unless you want to trade TOMO specifically, there is no need to hold TOMO to pay trading fees at all. If you are trading a Token minted on TomoChain or trading wrapped BTC, ETH, etc. the fees you pay are solely in that token.
• Full Decentralization. The Order Book is on-chain. For many other decentralized exchanges they store the OB on a centralized service in order to speed up the execution because their blockchains are just too slow to process in real time. That means there is a centralized point of weakness for them. Not for TomoX. Since the TomoChain Blockchain can process at 2000 TPS, orders are executed quickly and flawlessly
• You can checkout TomoChain’s own DEX in testnet, aptly called TomoDEX here: https://dex.testnet.tomochain.com/

Again, here is a link to get some free Testnet TOMO that can be used on testnet versions of TomoDEX and TomoP: https://faucet.testnet.tomochain.com/

Alrighty, more walls of text….

Serg:
you are building the great wall here 😄

Kyn | TomoChain – CBDO:
That’s what I love doing, bro. BUIDL On 😅

Irina Kravchuk:
[In reply to Serg]
It’s popular lately to build walls 😊

Serg:
😄

Kyn | TomoChain – CBDO:
So I’ve been told 😉

Irina Kravchuk:
Ok, ready for Question4?

Kyn | TomoChain – CBDO:
Q4 readyyy

Irina Kravchuk:
Question #4 from @Leokes
If Ethereum figures out their scaling issues, then projects like Tomo will not be able to compete. How will you respond to it?

Kyn | TomoChain – CBDO:
Good question. I get this a lot.

I actually see it as a common misconception that Scaling is the end-all be-all for blockchain technology. Like any other product or service in a specific market that has competitors there are differentiating factors to consider.

As a simple example, let’s say you choose to launch a mission critical product on a scalable Ethereum. You’re bringing in customers and generating revenue. All of a sudden there is a massive technical glitch and you’re not able to trouble shoot it. Every minute that goes by can represent lost income and possibly lost customers. What do you do? Post on a forum asking for help from the community? There certainly is not support desk to call.

Not so, at TomoChain. We value our partners and treat each one with priority to ensure smooth operation of their applications built on TomoChain. Though our blockchain is decentralized, we as a company are not, and that allows us to be involved with clients and builders to guide and troubleshoot.

Regional specialty is also important, like I mentioned earlier with how hot the Vietnam market is and why we have a key advantage. Not every competitor can survive in every key market. As an example, Uber sold their business to Grab in Vietnam and to Didi Chuxing in China. In India Uber Eats was just purchased by Zomato. Uber just couldn’t cut it in these markets. Blockchain adoption by businesses will be similar in my view.

Serg:
[In reply to Kyn | TomoChain – CBDO]
maybe we can call Vitalik? 😄

Irina Kravchuk:
[In reply to Serg]
We asked Buterin for a comment on this, but he was busy building POS algorythms

Kyn | TomoChain – CBDO:
[In reply to Serg]
He’s visited our offices. I’m sure he’d have a nice response hehe

Kyn | TomoChain – CBDO:
[In reply to Irina Kravchuk]
ROFL

Kyn | TomoChain – CBDO:
If he needs any help we’re available

Irina Kravchuk:
[In reply to Kyn | TomoChain – CBDO]
Looks like he does actually

Serg:
[In reply to Kyn | TomoChain – CBDO]
that;s a good one

Kyn | TomoChain – CBDO:
HAHAHA 😂

Irina Kravchuk:
Ok, thanks for the answer. I agree that the reality is more complex than just one single issue. When you’re ready, we can jump to Q5.

Kyn | TomoChain – CBDO:
Ethereum is relevant and will be relevant, as can other blockchains. So, we’re not looking to be their death note. We have our own tech and proven usecases. I think we will see multiple blockchains be successful and eventually specialize. All friends 🙂

Kyn | TomoChain – CBDO:
Sure let’s do Q5

Serg:
Last one – question #5 from @sakilan
In the crypto field, it’s very hard for projects to generate revenue/profits, some projects have a 10% dev share(10% from transaction fees taken by the project), can you explain to us in what way that TOMO creates revenue/profits?

Kyn | TomoChain – CBDO:
Absolutely agree. TomoChain’s founders come from a variety of backgrounds and are experienced in looking at the long tail of business operations. We knew that the funds raised during the ICO wouldn’t last forever so a plan was already put in place to ensure the company’s longevity.

TomoChain runs consulting operations in Blockchain. We also have expertise that have allowed us to build customized tokens, wallets, exchanges, and enterprise solutions.

One client I am allowed to mention is UcarPac, a top 10 user car company out of Japan. We completed a first phase pilot with them in January on a traceability solution. The client has greenlit phase 2 in order put all the pieces together for the purposes of commercialization. Exciting stuff.

As a result of these services, we anticipate breaking even this year.

Irina Kravchuk:
[In reply to Kyn | TomoChain – CBDO]
Sure. Agree on this. We can’t deny the huge role it had and has on the industry.

Irina Kravchuk:
[In reply to Kyn | TomoChain – CBDO]
When will this projects be live? Or are they?

Kyn | TomoChain – CBDO:
[In reply to Irina Kravchuk]
As with most things in Japan, things take time. Since we just got Phase 2 Greenlit, I’m guessing it’ll take another 6 months or so before it’s completed and evaluated. Then Phase 3 will be the true commercialization version. Probably 2021

Kyn | TomoChain – CBDO, [09.03.20 16:29]
The Pilot we worked on with UcarPac was in development for about a year. These things take a long time

In PART 2 we opened the chat for live questions. During 3 minutes, more than 500 questions were asked and Kyn have chosen 5 of them to be answered.
In PART 3 we had a Quiz about TomoChain with multiple winners.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:
TomoChain Telegram Group: https://t.me/tomochain

Eddy Christian, Tokoin COO, was in @Satoshi_Club on Telegram at 14:00 UTC, 3rd of March for an AMA.
The total reward pool was 200 USD. Here is the recap of the AMA:

Q1.
Message from @cailozma1900

The three main components that are connected through the TOKOIN are customers, businesses and ad advertisement units. Can you let us know which is role of each in TOKOIN ecosystem and which advantages can each side take from this connection?

Tokoin team has always try to bring use cases to Tokoin ecosystem, that’s how our team build token economics, in the end investors win through investment two fold, trading for the investment value and using it as a form of building and scalling their business (if they own business)

Irina Kravchuk:
How exactly can they use the ecosystem to scale the business? Can you give an example?

ECN:
simple, business cannot scale is because they face cashflow problem and they cannot get a funding from financial institution because MSME in Indonesia DO NOT have identity, their financial reporting sucks, banks DO NOT take it

ECN:
with TOkoin we build their identity and credit scoring and connect them with lenders and other services which are in our ecosystem

ECN:
we are currently developing also a program where small business can raise money based on equity from investors ourside of Indonesia, let’s wait for this BIG news

Q2
Message from @traderisthebest
How do you plan to explain such technical Tokoin to a wider audience?

ECN:
I did roadshow across Indonesia where i share value of how Tokoin through blockchain technology can scale their business, GIVE THEM THE VALUE TO GROW, that’s more important then explaining the blockchain, they need to know the value and impact on their business

Irina Kravchuk:
So basically it’s speaking in business owner’s own language

ECN:
very true Irina, we need to focus on scaling their businesses

Q3
Message from @dani_unss
What is the Future roadmap of Tokoin for next 3-4 years?

ECN:
Since we focus on credit scoring and identity, we will keep prospering the usage of a good identity and open up to more use cases and business segment, we are also developing and token offering to help small business fund raise and equity crowdfunding

Serg:
Can you tell us what are your goals regarding adoption? How many entities have joined your projects or you plan to join?

ECN:
we are working together with the largest Business to Business marketplace where they have 500,000 MSME and we already started working with a small business association where we onboard 79,000 users for our POS (Point of Sale) as the tools to collect data for credit scoring and identity

Irina Kravchuk:
That’s impressive. So at the moment you’re operating mainly in Indonesia? Do you plan on extending, working with MSME’s from other regions?

ECN:
Philippine and Vietnam are our targets, we already have partners and keep looking for more local partners there

Irina Kravchuk:
Thanks for letting us know when it’s comming, the expansion

Q4
Message from @dngo8644
Where do you see your TOKOIN product actually used for solving the real world problem?

ECN:
In managing identity for business and individuals, these are the focuses for us, from there we will solve identity issue and funding issue

Irina Kravchuk:
Can you expand a little bit on the notion of “identity”? What is this?

ECN:
in Indonesia, Small business like mom and pop shop or home industry, they do not have identity such as data, name of the business, financial reporting and legality. TOKOIN help them in building those items by digitzing their data on blockchain and keep it very secure

ECN:
same across the region such as vietnam and phillipine

Q5
Message from @typhudollar
Where does core profit come from? How will your team make TOKO become a win-win solution for both investors and platform?

ECN:
Targetted marketing ads on the platform and commission on loan disbursement

Irina Kravchuk:
So you get money only when you bring value. That’s a great business model

ECN:
that’s how we build the business model, we need to bring value for people before we make money

In PART 2 the chat was opened for 3 minutes and more than 500 questions were posted. Eddie have chosen 5 best questions and answered them.

In PART 3 we had a Quiz about Tokoin with multiple winners.

It was a great AMA as usual. For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:
Tokoin Telegram Group: https://t.me/tokoinglobal

Dr. Anbang Ruan, Trias founder and CEO, was in @Satoshi_Club on Telegram at 14:00 UTC 25th Feb for an AMA. Here is the recap of this AMA.

Q1.Trias invented DSaaS, so how is DSaaS and SaaS different? What are the benefits of DSaaS for the TRIAS ecosystem?

The main difference between DSaaS and SaaS is, obviously, with the “D”, Decentralized. Just like the difference between DApp and App. We use the “Decentrlaized” methodology to help solving the “Trust Issues”.

The reason that we need DApps is proprobaly that we don’t genueinlely trust an App, either an App on a smart phone, or as complicated as a large distributed web App. We don’t usually know for sure whether the App will behavior as expected; whether it will process our data as instructed.

The reason that we need DSaaS is similar: for companies, they need to ensure that their business logics are implemented and executed correctly and their business data, especially, customer data, are not abused or leaked; for auditors, they need a much more efficient, effective and cost-saving methods to inspect any data-accesss violations instantaneously; for end-users they need to be sure that their interactions with the SaaS provided by a third-party is trustworthy and reliable.

Certainly, the current concept of DApp may incorporate the DSaaS’s definition. But what we would like to emphasize with this new terminology is that: we cannot build a large-scale industry-ready enterprise application with the existing techs — e.g. we cannot implement the entire SaleForce on Ethereum. We need a new tech.

Q2. Most investors simply focus on the price of the token in the short term, and not on the real value of the project. Can you tell us about the motivation and advantages of an investor in a TRIAS in the long term?

I agree that there are quite a few investors focusing on the relatively short-term gains. And yes, not all of the investors understand the real value of many great projects. But I think there is nothing to blame: because it is such a fast-moving industry. And I am even a bit grateful that: even without fully understanding, there are still many investors actively in the space! Blockchain-space is a high-tech space. It is a rocket-science. If only tech-savvy investors would invest, it wouldn’t the most fast-moving industry so far.

For Trias, we are even fortunate to have a few investors who really believe in our visions, like NGC, DHVC and Reflexion (a less well-known, but it is among the first investors). We all believe that it is essential to have a global-scale of trusted communing infrastructure to support trustworthy and reliable large-scale industry-ready enterprise applications.

From the investors’ side, building techs and products for enterprise as a start, can help us to accelerate adoptions. By building DSaaS for enterprise customers, not only can we acquire the real pain-point more quickly, but also allow us to create revenues. The verified requirements and products further help us to expand the business and tech adoption. And this is why Trias didn’t raise too much from the crypto space.

And certainly, in an even longer term, we also believe that need solid techs to build Trustworthy and Reliable Intelligent Autonomous Systems, i.e. TRIAS. The market for solving the general trust issues towards machines (software and hardware systems) is beyond imagination.

Q3：Why did TRIAS aims to create New-Generation public Chain?Recently many project also have similar target, but I do believe TRIAS have special Fiture that other Public chain project don’t Have, Can You explain the fiture?

The sort-term goal of Trias is to build Decentralized Software-as-a-Service, the (DSaaS), to root trust into large-scale industry-ready enterprise applications. We think that we cannot simply migrate every component implementing a SaaS to any single existing chain, such as Ethereum, EOS or Hyperledger Fabric.

It is mainly due to the scale and complexity of the SaaS itself. For example, different components may have different security and performance requirements. The component implementing the SaaS’s user account system or financial data system may need higher security guards to protect the user passwords, personal addresses or credit card information. It can tolerate relatively low latency. Meanwhile, storage or warehouse management systems, for example, may trade security with relatively higher performance and throughput.

More importantly, it is not feasible nor practical to migrate (rewrite or even redesign) every existing enterprise software component to the current blockchains to run their smart contracts. Substantial costs will incur, not to mention the current low latency issues of different chains.

Trias’s idea is: we don’t migrate every piece of software from the old world to the new world. We build, execute, and manage all the legacy applications in a brand new way.

Trias is designed with a three-layer architecture targeting at building and supporting a DSaaS.

• The Leviatom system builds a global-span trusted computing infrastructure which ensure the genuine executions of ANY given compiled codes. This includes all the legacy codes. This is achieved by integrating the trusted computing technologies (including the TEE/SGX) and graph computing algorithms. We build a decentralized network of nodes which will constantly attesting to each other that whether the given codes are genuinely executed. All the nodes actually forms a “social network”, which allows the gossips of whether a node is “good” or “bad” to be quickly disseminated. A misbehaving node is identified very quickly within Leviatom network.
• The Prometh system builds a traceable software building framework. It utilizes distributed ledgers to track and trace any piece of binary codes back to all the source codes and building configurations, intermediate binary object and the trustworthiness of their building environment. Prometh helps identifying the misbehavior within each piece of software. It ensures a given software will behave as expected.
• The MagCarta system is a service orchestration and management platform. It connects the “good” software built by Prometh together, and distributes them to the “good” nodes in the Leviatom network. MagCarta than chains and track the data flow through these software and nodes. Hence it creates a software service with: verifiable software components, verifiable computing resource, and verifiable data flow among them.

For example, to run an entire CRM or ERP system on blockchain, we genuine have three (extremely simplified) ways: 1. we link all the machines into a Leviatom network; 2. we recompile/rebuilt all the CRM/ERP with Prometh framework; 3. we configure and deploy the Prometh-built CRM/ERP on Leviatom network with MagCarta.

In short: as oppose to port a software as smart contracts of any kinds of chains with different specific properties (security-focused or performance-focused, etc), we build, execute, and manage all the legacy codes to make it as trustworthy and reliable as smart contracts.

Q4：Adoption is a headache challenge for every blockchain projects, especially at this sensitive period of the whole market when many blockchain projects were dead since no-one uses their blockchain. What are your team’s strategies and visions on this problem to onboard more users for Trias platform?

We solve the adoption challenge with a business-oriented approach: we firstly build and run Trias-based DSaaS solutions by ourselves, and sell them to enterprises; and then, we will open our sdk/api to developer to acquire more applications, given that our current customers might have more needs; and finally we open our mining mechanisms to acquire more computing resource, given that more applications are developed and will be deployed.

Therefore, different from most public chains’ bottom-up development route of “releasing main network”-“publishing development frameworks”-“building ecosystem applications”, Trias adopts a top-down strategy of “building MagCarta ecosystem applications”-“publishing Prometh application framework”-“releasing Leviatom main network”:

At the first stage, Trias team will deeply participate, support or incubate MagCarta ecosystem applications. At this stage, the Leviatom network and Prometh framework will adopt the super-node mechanisms, and MagCarta application service providers will carry the super-node responsibilities of Leviatom and Prometh. Specifically, the early computing devices of the Leviatom network and the software system of the Prometh framework will first be provided by MagCarta application service providers. These genesis MagCarta ecosystem applications builds-up the genesis Leviatom network and Prometh software stack.

At the second stage, with multiple MagCarta applications been built, we will release the Prometh application framework and start the Prometh mining mechanism. This will firstly attract developers to build value-added software services for the existing MagCarta applications.

At the third stage, with further prosperity of the MagCarta ecosystem, we will release the Leviatom network and start the Leviatom mining mechanism. This will help finally recruiting more computing equipment to further scale the entire network.

We believe that the top-down and demand-driven development model will effectively promote the cold-start and further development of the Trias ecosystem, especially facilitated by the strong commercialization capacity of the Trias ecosystem companies.

Q5：Why does crypto space need new generation public blockchain?What is the deficiency of the traditional blockchain system we are using right now that Trias Team trying to solve/fix ?

I think if we all believe that blockchain is the next-Internet, then apparently, it is still not as ubiquitous as the Internet. So there is always the need for new techs. And, if we want to run every single piece of software on blockchains, as smart contracts, we definitely need to solve the compatibility issue: as we discussed before: rewriting all the legacy software as smart contracts is not feasible. We need a brand new way to build, execute, and manage the legacy software. And this is the key problem, the Trias team is focusing on at the moment.

Q6. Can you tell us a little more about your strategic partnership with CertiK?

The partnership with CertiK is twofold: firstly, we will be workin very closely them with have our own codes verified, and as well as the apps in our ecosystem. This will be especially challenging for Trias’s platform, as we are targeting at building the DSaaS.

Secondly, we will be working very closely in exploring the Chinese domestic market. Currently we have quite a few big customers, ranging from the financial sectors, manufacturing industry, electricity grids, local government, commodity trading etc.Our strategic partnership can also help CertiK to get more business in China.

Q7. I read that the Trias project does face some problems and uncertainties during its innovation process. Firstly, its TEE solution to data computing and privacy problems are still in the early stages of the blockchain industry, how are you going to address this?

TEE is a relatively new tech, especially the Intel SGX. But Trias’s underlying trusted computing network (the Leviatom) is not bound to TEE/SGX, that is why we propose the idea of Heterogeneous Consensus Graph (HCG). With HCG, different trusted computing techs can be used for remote attestations (a technique used for verifying the genuinely loading sequence of applications on a computing platform).

These will include SGX, but also the TPM/TPCM or ARM Trustzone.

The idea is that: firstly we need the supports from trusted hardware to “look into” what is really going on inside the loaded software (the memory space). and secondly, we cannot lock us in a specific trusted hardware, which allows the manufacturer to become the new center (like Intel for the SGX case).

So with HCG, machines equipped with different Trusted Computing techs will attest each other, and broadcast the results to their neighbors, who further reply the broadcast.

Q8. Can you tell us the motivation and benefits for investors to hold TRY token long term? What plans do you have to help drive demand and scarcity for the token?

The current business model for Trias is: we sell Trias-enabled information systems directly, and build it as replicatable use cases; and our collaborators (the Trias Alliance Companies) can then copy and sell the system in their countries or regions, as long as they stake certain level of TRY; after they managed to sell the product, they will share a bit profit by giving back certain amount of TRY for incubating more projects, or by burning the TRY directly.

So as long as more applications are building, more usage scenarios are creating, countries and regions around the world may keep copying and distributing Trias DSaaS, more staking, burning, ecosystem investing will happen. round and round.

This is why we believe in the value of TRY.

Q9. Do you plan to create new use cases for the TRY token to increase its value? If so, what will they be targeted first? Can you tell us about the motivation and benefits for investors, to keep TRY in the long run, how are you fighting inflation?

Yes. Currently we have developed a business-oriented usage for TRY, the franchiser/franchisee model. it helps a DSaaS developer to replicate it product around the world. The second step, after we have released the Prometh framework, a model for paying software components development / testing / verifying / distributing will be developed.

And finally, with the Leviatom network, TRY will be further used for sharing computing resource, implementing remote attestation / verifications to the computing nodes, and broadcasting / routing the trustworthy information among the networks.

So basics, for our visions, TRY lives in the circulation of executing, developing and managing software services, the DSaaS.

Q10. What is your long-term vision about the industry which Trias project is working at? Are you afraid some day there will be another project with more innovative technology can replace Trias?

From my vision: Trias is the Airbnb for cloud computing. put it another way, Trias builds a decentralized trusted cloud infrastructure. This actually stems from my research since 2007, my previous academic paper can also be located from our website.

For building the Airbnb for cloud, two critical trust issues need to be solved: how to trust the host, and how to trust the guest.

Leviatom solves the first issue and Prometh solves the second, and MagCarta is actually the AppStore (the DSaaS Store) for this cloud.The reason why this directly is so intriguing to me is that: it a big big market having enormous potential. Think how many applications could been enabled because the difficulties in trusting clouds, and not to mention in difficulties in trusting machines, and regarding the continuously improvements of the tech, we agree that it is a space fully of challenges.

On one hand, we are still working very closely with the academia: we have built joint laboratories with Peking University and Tsinghua University respectively, the two top universities in China. and we are working very closely with professors from the University of Oxford.

More importantly, we need helps from the community, the talents who share the vision with us!

Q11. And financially, does DSaaS behave similar to a SaaS?

Great questions: totally different. It will run with Trias’s token model.

Q12. During the previous days I was asked a lot what has happened. Trias have a partnership or an announcement? It is related to the price spike of course 🙂 Can you share with us some reasons of the previous growth?

Yes, and thanks for the attentions! I believe it is because that we have shared a few collaborations that we have had in China. One of them is with SooChow Securities, one of the top listed securities companies in China.

Q13. You said you will open our sdk/api to developer to acquire more applications, given that our current customers might have more needs. Will it be free of charge?

It will be charged with TRY.

Participants:

Community— @satoshi_club

Chris Kang – Founder and CEO of MovieBloc

Part 1

The community has sent in advance 200 questions. 5 questions that were selected will be answered here.

First Question

Serg:

It belongs to @sicxa

Are there any new partnerships and interesting upcoming use-cases?

Chris Kang:

Thanks for your question @Sicxa

We actually just announced our acquisition of Cobak, Korea’s biggest ICO Platform / community. It was a huge news in Korea, especially in Crypto market 🙂

Beside this acquisition, we do talk with more Korean film distributors to acquire more content from them. We do believe we will be able to stream new films on our service by the end of March.

Right now, users can pay with MBL to watch films on moviebloc.com, and in the end of first quarter, we will add an event feature ‘MovieBloc PICK’ which will be very similar to Biance voting. It is voting for better films every week to win the bounty, and the MBL holders or bigger contributors to the ecosystem will have more votes to win more bounty 🙂

Irina Kravchuk:

Is the distribution on your platform only?

Or also in physical locations?

Chris Kang:

Yes, but we do have some channels on other online platform, especially some Chinese channels, too.

Upon the distributor’s agreement, we will also stream their film on those platforms too.

We try to focus more on the online streaming, but irregular offline screening could be a fun event that can be mixed with our offline meetup!

Second Question

Irina Kravchuk:

This is a question from @iulya_i 

How many people use your platform at the moment?

Chris Kang:

Hello @iulya_i

Our platform is only a two month old, so it is at its very early stage.

Nevertheless, we have about 10,000 users, and i think this fast growth was only available thanks to our community’s support.

We will also use KMPlayer to promote the service to our existing users, and hope to have more growth on our platform user base quickly!

Irina Kravchuk:

Wow. 10k users in 2 months is a lot.

Chris Kang:

Couldn’t done it without the community members’ support 🙂

Irina Kravchuk:

How will the partnership with KMPlayer work? Streaming directly in their software?

KMPlayer is my favourite player, by the way. The colours and sound is better than on any other desktop player software.

Chris Kang:

In the later phase of the cooperation with KMPlayer, yes.

We will start from simple and small cooperation first. Pushing some of the featured content with the banner on KMplayer would be the example.

However, we are very careful on this content pushing, as we do not want to negatively affect KMPlayer users’ experience watching their own content 🙂

Third Question

Serg:

It belongs to @mladen_zivkovic

Is the platform fully functional? Do creators already get rewards for their posted work there?

Chris Kang:

The creators can get reward for their work, yes. As said earlier, there are some few features keep being added to this service, and the service is getting more and more stable.

The word ‘fully functional’ is quite tricky since we do expect more features to be added on our platform haha.

Irina Kravchuk:

What other features are there now for both creators (video and subtitles) and consumers?

Chris Kang:

From this Monday, we allowed individual users to upload their own films or videos to MovieBloc.com, so the platform is becoming more and more open to the public and the filim creators.

The revenue sharing has been functioning perfectly since the beginning.

If you are an audience and can help with the translation, he or she can provide the localized subtitle to that content, and earn 5% of the creator’s revenue. We already see a user uploading her localized subtitle to some of Korean films we have.

Irina Kravchuk:

5% for all translators or for each one?

Chris Kang:

for each one, only if his or her subtitle was used by the audience to watch the content.

Fourth Question:

Irina Kravchuk:

How do you technically ensure that a video/ movie that is posted on your platform won’t be stealed/ copied and used somewhere else? @endtimeprophet

Chris Kang:

A great question @endtimeprophet 🙂

All the movies uploaded to our service are fragmented to every minute, and have DRM. Even our team won’t be able to have the full file version. Once the payment is made, then the user gets the access to view the video.

It is not easy to explain this as a non-tech guy, but we do provide a good level of protection for the uploaders’ work 🙂

Fifth Question

Serg:

Why did you choose a blockchain solution instead of a traditional one for MovieBloc?  @crypto_monkk

Chris Kang:

Glad you asked! @crypto_monkk

Few synergy points we expect when blockchain is applied to content distribution platform.

1. Transparent revenue share

2. Encouraging and rewarding the users’ contribution

3. Safer copyright management

4. Faster and cheaper revenue settlement for the uploaders, especially for cross-border transfer

Part 2

The community posted hundreds of live questions for 3 minutes in the Telegram group. Chris have chosen 5 best questions to answer.

First Question:

Edgardo Tico:

Can you explain about theTheta integration going live in MovieBloc platform?

What is the role of Theta in MovieBloc ecosystem?

I support MovieBloc in Binance coin listing

20 votes i reserve for you

Chris Kang:

the Theta integration going live in MovieBloc would be around the corner. If you checked the “My Bloc”-> Wallet page, you will see one logo added to your wallet 🙂

We have discussed and communicated with Theta’s team and Mitch for over a year now, and since we do have a functioning platform, we believe the time to adapt Theta is approaching quickly 🙂

It will help us to reduce the CDN and streaming cost and share more with the creators and users.

Second Question

Oathbreaker:

What are some of the major achievements that MBL has achieved and what milestones are planned ahead in the next 6 months, 1 year and 5 years?

Chris Kang:

MovieBloc has been less than a year, and we achieved a lot: listing on major exchanges, launching the service, Cobak acquisition, partnership with great global projects and film & content entities.

We announced 2020 1st half roadmap on our medium, which is about detailed function of MovieBloc.com service. We will also launch the fundraising feautre on MovieBloc.com in the 2nd half of 2020.

In the long term, we want MovieBloc.com to be the place where a talented rookie filmmaker can gain his or her fame and rewards in the film industry. Like said earlier, the next Oscar could be the director who used to upload his or her early works on MovieBloc!

Third Question:

Dalmasca Blockchain:

I am Video content creator on Youtube, I want to move into MovieBlock platform, what should I need to do?

Any requirements?

Chris Kang:

Thanks for considering uploading your videos on MovieBloc!

It is an open platform, and as long as you have your “own” videos, there aren’t any requirements.

However, we do only publish videos that are considered as “films,” “TVshows” or videos with some kind of storytellings.

Fourth Question:

S.A.M. Crypto Trader:

I use KM Player from 3 years when i was not in crypto ! So, like me many users still use KMPlayer of MovieBloc.. But, they are not aware with Blockchain & MovieBloc platform!

So, How MovieBloc platform create awareness to KNPlayer users about Moviebloc as well as Blockchain technology?

Chris Kang:

Great to find another KMPlayer user here! We actually are opening and pushing MovieBloc to KMPlayer users small by small.

We are approaching to these useres in different ways, with banners, pop ups, background images to find the best and most efficient way for KMPlayer and MovieBloc.

Please stay tuned with KMplayer and you will see MovieBloc is up there pushing some featured movies to you!

Chris Kang:

Now I think i have last question to answer. Our whole team and CM are also watching this AMA and are reallly impressed with the questions. Very insightful. We will try to answer more on our Medium channel after this session 🙂

Irina Kravchuk:

We’ll give you a list with all the questions guys, from the part 1 also. Surelly you’ll get great feedback/ ideas in them.

Fifth Question:

Nguyễn Duy Bảo:

Last time I gave VOTE to DREP because they had a very good ecosystem, so why should I VOTE for MovieBloc instead of V-ID this time? What is MovieBloc stand out from similar projects?

Chris Kang:

Great to know you will be participating in this vote round. I wasn’t able to study VIDT project close enough, so I will just emphasize our strength 🙂

We have a strong background company KMPlayer (500 million monthly playback), streaming tech and experience on PandoraTV (A video platform for 15 years)

We are officially backed and supported by our crypto partners Ontology, Nebulas, Tomochain, Contentos, Theta, which are all already on Binance.

MovieBloc only had less than a year, but we were able to accomplish many milestones, and with our partners and background company’s asseets and assist, the future of MovieBloc is always bright! 🙂

Irina Kravchuk:

Great. Thank you for the answers and for your time @yeonkang . It was a great discussion.

Serg:

Thank you Chris!

Chris Kang:

Thanks for organizing this @Iri_kravchuk and @sspurss 🙂 and thank you all for your participation Satoshi Club!

Have to say, you guys have the best community name lol

Congrats! Satoshi CLUB x MovieBloc AMA Winners.

They will share a bounty pool of 200 USD (MBL)

Part 1 Winners:

@sicxa

@iulya_i 

@mladen_zivkovic

@endtimeprophet

@crypto_monkk

Part 2 winners:

@Leralover

@oathh

@Agz18

@duybaoxzx

@sam_cryptotrader

Part 3 winners – AMA QUIZ

Question 1 Winners:

@teshiagates

@huydo

@cattaccat

@Bitcoin_warrior

Question 2 Winners:

@cattaccat

@hg144

@Swapanpal1009

@rein_hard

Question 3 Winners:

@Mjsg98

@cattaccat

@dumontiskooo

@srksalman96

Question 4 Winners:

@Bitcoin_warrior

@LeridaGUADA

@NO4M3

@dumontiskooo

Question 5 Winners:

@NO4M3

@hg144

@murderrat

@Miles_toyo

Part 4 winners – Registration contest on moviebloc.com

@Magoy12

@jacob1

@Hasankpi

@akiraduy

@chrismutan

@endtimeprophet

@howaq

@an442018

@zepet

@yesspapa

Participants:

Community— @satoshi_club

Serg — Host from Satoshi club

Boris Yang — FinNexus Founder & CEO

Ryan Tian— FinNexus Financial Specialist

Part 1

The community has sent in advance 185 questions. 5 questions which were selected will be answered here.

First Question:

Serg:

1. What are your strategies to assure that investors will hold FNX in the long term, and not just profit in the short term and damage the project?

Boris Yang:

In general, our strategy is making FinNexus launchable, not like air or always developing in the lab. That is why when we issue FNX, there is a tokenized product issued together. So FinNexus will produce a fee from this product and share it with FNX holders. In the future, more products including tokenized and pure decentralized ones would run on FinNexus.

FNX holders will share more from FinNexus eco increasing.

Irina Kravchuk:

What does it mean launchable? Could you make it more clear?

Boris Yang:

Launchable is means we will not let FinNexus stay in development for a long time without anything could be launched or used by users. Another important thing is FinNexus designing inflation of FNX seriously. FNX will increase very slowly, so holders do not worry depreciation of FNX by inflation.

Serg:

Do you have any approximate percentage of inflation?

Boris Yang:

For token supply, we trust less is more valuable like Bitcoin. There is a model we designed on the paper. Inflation will be based on eco increasing. So there is not a fixed rate. If FNX eco does not increase, holders do not need to worry depreciation by token increasing.

Second Question

Irina Kravchuk:

Is Finnexus buffer like a central bank? Does it have outside money or the fund is developed from a % of raised money? How does it work?

Boris Yang:

In the beginning buffer fund is operated by the foundation. But in the future, it will be combined with a decentralized way and our protocols. We will make it more transparent and perfect step by step.

Anyway, the meaning of buffer fund is keeping FNX price increasing in a healthy way and make the project run in a long time. In the beginning, more than 15% of the raised money will be in the buffer fund. And in future fees produced in the eco and other sponsors’ money will be put in.

Third Question:

Serg:

At the moment I see that FNX is a utility token. Do you plan to add any incentive-generating functionalities to it?

Ryan:

The nature of the FNX tokens will not become a disadvantage against incentivizing the holders. Frankly speaking, most of the tokens on the market are with hybrid nature. In specific, holders of FNX are eligible for the following rights or benefits:

I. Rights of a higher rate of returns on tokenized products

II. Rights to invest in or transfer tokenized products with lower cost

III. Derivative rights, like early settlement, resale, interest swaps, etc.

IV. Comprehensive participation in the decentralized models

V. Staking benefits

VI. Interactions with other tokens in the ecosystem

VII. Benefits on the FinNexus’ gains and development from the operations

• Underwriting

• Investment banking

• Market making

• Transaction commissions

• Direct investment in the tokenized products

Also, you may have noticed that we designed a unique mechanism in the process of ICTO, to let the market decide the circulation amount of FNX. The converted FNX will be burnt and decreased from the issuance.

Fourth Question

Irina Kravchuk:

What are the advantages of ICTO over other forms of raising money for a project?

Ryan:

It is true that fund-raising activities provide an important channel for investors to participate in the blockchain projects. After the outburst of ICO and IEO in 2017 and 2018, they cooled down rapidly, mainly due to scams, Insufficient information disclosure, and high speculations.

In the former ICO and IEO, one may not need to be responsible for their representations. Several people with a copied and pieced white paper can raise money. Sometimes there is insufficient and misleading information disclosure, which causes investors to make a bad judgment on investment,

Also, ICO and IEO are born with high speculation. Prices may be shooting to the moon and falling to hell, just in a blink. This phenomenon is not healthy for the project either; especially the ones having the models with high interactions with the native tokens.

Therefore, FinNexus creates the concept of ICTO. Advantages of ICTO are more choices provided for investors, satisfying the need of investors with different risk preferences and letting the market mechanism decide the FNX tokens in circulation.

Investors of FNX in ICTO are granted with a second choice. One may either choose to convert FNX into UM1S, to enjoy a lower risk with fixed returns, or hold FNX to benefit from the future development of FNX. Also, this conversion choice will be a risk adjustment factor for the investors’ portfolio. A more conservative investor may choose a greater amount of FNX to convert, according to their risk preference.

Moreover, the conversion will act as the market adjusting mechanism to balance the issuance of the FNX in circulation. The converted FNX will be burnt and cease to exist on the market, which will decrease the final FNX traded. We will let the market decide how much FNX will be left on the market.

You may refer to this article for more details.https://medium.com/finnexus/deciphering-the-finnexus-token-offering-model-the-icto-6029dbe02610

Fifth Question

Serg:

Whom do you see at the moment as your most important and big competitors?

Ryan:

Defi is young, starting from 2018. As a newborn, it has achieved great development. The lockup value in ETH reached 1 billion USD recently, with an over 360% growth rate compared with one year before. We tend to call the other projects in Defi the ‘bother projects’, rather than competitors.

We have witnessed there are a number of projects working in similar directions as FinNexus. Projects like Realt, Konkret, etc. are working on the tokenization models in their own way. Traditional finance is measured in hundreds of trillions, yet Defi just locked up the value of 1 Billion. The legacy finance has provided assets with so many varieties and such a huge amount; together with all kinds of financial instruments and models, it is safe to say that there are hardly any competitions right now in the business model that FinNexus is working on.

On the contrary, we would more than willing to see other projects making achievements in the same direction. Also, interoperability is a natural and important essence of Defi. We would like to be the foundation piece of the Defi legos. We are creating a new world of Finance and would like to do it together

Part 2

The community posted 453 questions for 3 minutes in the Telegram group. Ryan and Boris have chosen 5 best questions to answer.

First Question

Julye:

FinNexus’ goal is to provide diversification and convenience with the tokenized real-world assets. Users will be able to find assets with various risks and returns here, and can easily choose to their preferences like in a supermarket.

Boris Yang:

Yes of course. We try to build the protocols on which more assets from the different regions could be issued and operated on FinNexus. And in another way, users could see and choose these assets with different returns and risk easily. For users, it is like a supermarket of course. For token operators, it is like a tool to manage their assets process. In tech, we call it protocol clusters or stack.

Second Question

S.A.M. Crypto Trader:

What’s the main Role as well as Benefits of WanChain in the Finnexus Project? Also, If there anything wrong happened with Wanchain then, is there any effect of that on Finnexus?

Boris Yang:

Wanchain is one of our stone investors. Wanchain will support FinNexus on marketing and community, especially on technical things such as cross-chain protocols. I worked with Wanchain for a long time. We have a good relationship with the founder and members of Wanchain and cooperate smoothly. Because FinNexus is a protocol connection to different chains, So we will connect more in the future. We do not only depend on Wanchain. This year we will connect XRP too in the plan.

Third Question

Aluta:

Financial principles compromises of two fundamentals which are Value creation and appreciation on investment. People keep digital assets at a distance if they are categorized and labeled as “security” tokens because of regulatory issues. However, finance reflects our real economic lives, digital finance cannot totally abandon traditional real-world assets and live in the virtual world alone. Though, certain traits of traditional financial products limit the liquidity of assets around the globe. This can lead to regional barriers between supply and demand.

How can FinNexus help play a role in providing a solution to this issue?

Ryan:

You addressed the value creation in your questions. Actually, there are normally two aspects if we are talking it into the building of one blockchain project. Whether the business of the project creates or enhances the value and whether the token model captures the value in the operation of the business.

Most of the projects in Defi are building themselves based on crypto-initiated logic or ideas. Like the ETH ecosystem, Makerdao is the foundation of the Defi lego and is acting as sth like the central bank. Many other projects like compound, dydx, Uniswap, and many others are built on top. The value became interoperated and magnified by the Defi mansion.

However, there is still some distance away from the real-world application. FinNexus is building interoperable protocol clusters that enable a new world of open financial applications. It will introduce the real-world value inside the blockchain and treat the technology as a tool. With the FinNexus protocols, we may build sth different from the traditional finance and the Defi we have right now, with the merits of blockchain’s borderless, interoperable, trustworthy essence.

Fourth Question

lai Otacer23:

What does the FinNexus team think about long-term competitors such as traditional financial institutions, and what long-term strategies do they have to embrace traditional financial consumers?

Boris Yang:

We think traditional financial consumers are the future of blockchain and crypto-world. It is not good that we play a game in a small circle. That is why we think crypto-world need more assets with different risk and return. More assets could attract more traditional investors to join crypto-world. In the long-term, we have to face competitors from traditional finance, which means FinNexus is big enough. When it happens I think FNX will increase to a very high price.

Fifth Question

Maximar:

What was your inspiration to choose the name “FinNexus”? In which mind-born this project that seems amazing?

Ryan:

Finance here includes the traditional and the decentralized, and here we call it open finance. The traditional finance and the decentralized finance lie on each side of the finance continuum.

The significance of open finance is ‘open’, which means it is transparent, programmable, composable, and open-coded. It may be deployed decentralized, or with the combination of the centralized and decentralized means, for the purpose of openness, efficiency, and friendliness, to meet the specific stage requirements of current economic formats, regulators, basic assets and investors.

Nexus has the meaning of connection, bond, and integration.

It is the connection between the ideal and application. The ideal of the decentralized establishment gives us belief and impetus, while application concentrates on the implementation and down-to-earth. The nexus is aimed at casting the dream into reality.

It is the connection between technology and scenarios. Every success of technology is connected to its application, and the decentralized should discover its value in real-world scenarios.

It is the connection between traditional finance and blockchain. The blockchain technology bears the dreams of many developers and describes a world that is fully decentralized, trustworthy and bondless, especially in the field of finance. But Rome was not built in one day. Apart from the application in the crypto assets, more importantly, the blockchain should introduce itself to the traditional finance field, while benefit from its successful models and risk control systems.

It is the connection between technicality and practicality. The success of blockchain technology is depending on the acceptance of the social public and friendliness of the applications. It is necessary to combine the theoretical and the practical, and to disclose the information of risks and logic of returns in an efficient, precise, understandable and fairway.

Congrats! Satoshi CLUB x FinNexus AMA Winners.

They will share a bounty pool of 200 USD (BTC+FNX)

Part 1:

@mjorje

@marvelbounce

@pandas_btc

@vasekmures

@smithitty

Part 2:

@Boylut

@NickyJack1

@MaxiVV

@sam_cryptotrader

@moonsoon23

Part 3:

Question no.1: 84 answers/ 72 correct

Winners:

@popov77

@parisienne_a

Question no.2: 84 answers / 64 correct

Winners:

@malachi456

@bitociok

Question no.3: 82 answers / 53 correct

Winners:

@Dong_jun

@bitalik_vuterin

Question no.4: 89 answers / 42 correct

Winners:

@nguyenhn74

@trustmywallet

Question no.5: 88 answers / 24 correct

Winners:

@ieo_alert

@crypto_propeller

Satoshi Club contacts:
https://esatoshi.club/

https://t.me/Satoshi_club