{"id":2316,"date":"2020-10-15T11:24:27","date_gmt":"2020-10-15T08:24:27","guid":{"rendered":"https:\/\/esatoshi.club\/?p=2316"},"modified":"2020-10-15T11:24:34","modified_gmt":"2020-10-15T08:24:34","slug":"akash-x-satoshi-club-ama-recap-from-7th-of-october","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/10\/15\/akash-x-satoshi-club-ama-recap-from-7th-of-october\/","title":{"rendered":"Akash x Satoshi Club AMA Recap from 7th of October"},"content":{"rendered":"\n

Today we would like to tell you about\nthe AMA session with our friends from Akash<\/a>.\nThe AMA took place on October 7 and our guests\nwere Boz M (COO) and Cheng (CFO).<\/p>\n\n\n\n

The total reward fund was 2000 AKT and\nwas divided into three parts. In this AMA Recap we will try to summarize some\nof the most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS<\/strong><\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Hello SatoshiClubbers! Welcome to\nanother AMA session with Satoshi Club. Our guests today are from Akash. @boz_m<\/a> welcome!<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>And @chenghiskhan<\/a> as well \ud83d\ude42<\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>Hi everyone.<\/p>\n\n\n\n

Cheng: <\/strong>Good morning, evening and afternoon\neveryone 🤟<\/strong><\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Can you please introduce yourselves\nand tell us how did you start with Akash?<\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>I’m Boz, COO of Akash.  I’ve been in diverse set of startups, ranging\nfrom social gaming and ag-tech, to FinTech, martech and now blockchain.  I’ve led in primarily business development\nand partnership roles. I’ve met Greg through a business development\nintroduction, and sold him on my previous company’s software.  Since then, gotten to know Akash and after\nmultiple conversations throughout 2019, and in person customer development\nmeetings, joined in August ’19.<\/p>\n\n\n\n

Cheng: <\/strong>Thank you for having us today! I’m\nCheng, the CFO of Akash and I joined our team back in March\/April this year. I\nspent nearly a decade of my career initially in traditional finance with\nseveral investment banks with the last notable stop at Goldman Sachs. Since\nthen, I caught the startup bug and worked for a high growth mobile gaming\ncompany as its CFO. <\/p>\n\n\n\n

The last few\nyears, I’ve had the pleasure of finally getting into blockchain with Refereum\nand now Akash.<\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Thank you Cheng! Can we know what\ngaming company was it?<\/p>\n\n\n\n

Cheng: <\/strong>Of course. It was called PennyPop and\nwe rebranded to wkrshp.<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> So you guys preparing for your IEO? 😉<\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>We’re all excited over here and planning\nquite a bit, for the IEO, and have significant plans post IEO! The IEO is the\nstart of our next chapter as a company \ud83d\ude42<\/p>\n\n\n\n

Q1 from bitcointalk user L Valerievna\n<\/strong><\/p>\n\n\n\n

You will hold an auction listing\nthrough Bitmax shortly. What kind of plans does Akash Network have regarding\nthe possibility to stake AKT tokens through their platform? Any non-centralized\npossibilities to stake AKT tokens planned?<\/em><\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>We have 64-mainnet validators that\nyou are able to stake to.  https:\/\/app.lunie.io\/akash\/validators<\/a>.\nOur validators are decentralized and our community’s Stake of Akash was\nrecently published yesterday https:\/\/medium.com\/vitwit\/vitwits-state-of-akash-network-9bb14854520a<\/a>\n<\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Can I apply as a validator?<\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>There is no application process.  Becoming one of the 64-validators is based on\nstake and delegation size of AKT. Anyone can become a validator.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>What is a minimum amount to stake to\nbe a validator?<\/p>\n\n\n\n

Cheng: <\/strong>currently, in order to get to the top\n64 as validators, you’ll need at least 516,000 AKT between your own tokens and\nour delegation:<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

D. | Satoshi Club: <\/strong>Got it! this is a lot of AKT!<\/p>\n\n\n\n

Cheng:<\/strong> This will of course fluctuate, but\nthat’s currently the ranking. In addition, the current staking rewards at set\nat 54% APR \ud83d\ude42<\/p>\n\n\n\n

Q2 from bitcointalk user maxzerone<\/strong><\/p>\n\n\n\n

Why you decided to use usdx as your\nstable coin in the platform and not usdt or busd, which are far more popular?<\/em><\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>Kava is in our ecosystem, close\npartners and allies.  It makes sense for\nus given they are a Cosmos SDK chain.<\/p>\n\n\n\n

Secondly,\nthey are a growing stablecoin, and we do have plans to further expand on our\ncapabilities of accepting other coins, but at this time, Kava’s USDX will be\nthe first stablecoin in our ecosystem. IBC will be allowing for that to happen,\nand bridging outside of Cosmos into Ethereum will be enabled at another time to\nallow for USDT, etc.<\/p>\n\n\n\n

https:\/\/akash.network\/blog\/akash-integrates-kava-labss-usdx\/<\/a>\nhttps:\/\/akash.network\/blog\/akash-partners-with-cosmoss-interchain-foundation-to-accelerate-development-of-inter-blockchain-communication\/<\/a>\n<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>So other stablecoins will be\nintegrated, but later?<\/p>\n\n\n\n

Cheng: <\/strong>Absolutely.<\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Any approximate dates?<\/p>\n\n\n\n

Cheng: <\/strong>Not at this time, actually, but you\ncan always count on us to be working on Akash 24\/7. We’ll have more to share in\nthe future.<\/p>\n\n\n\n

Q3 from Telegram user @iulya_i <\/strong><\/p>\n\n\n\n

Please explain the work of the\nvalidators and what is their number, how are they selected and what is their\nreward?<\/em><\/p>\n\n\n\n

Cheng: <\/strong>There are 64 total validators for\nAkash currently. They’re not “selected” by Akash or anyone\nspecifically, but are selected by the network based on the total number of AKT\nthey hold plus and delegated to them. In this manner, they’re all decentralized\nas the network itself chooses and decides. <\/p>\n\n\n\n

This is\nimportant to us b\/c validators contribute to the economic security of the\nchain: validate transactions, governance, etc.<\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Validators are so useful indeed! What\nare their rewards?<\/p>\n\n\n\n

Cheng<\/strong>: In terms of their rewards, it’s a %\nof the staking rewards. Just like all validators on the Cosmos chain,\nvalidators charge a commission rate for all tokens delegated to them.<\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Can you share the % or not possible? 😅<\/strong><\/p>\n\n\n\n

Cheng<\/strong>: Oh; that % is determined by the\nvalidator. We don’t control that. So if you’re a validator, you get to set your\nown commission rate.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Percentage depends on stake?<\/p>\n\n\n\n

Cheng<\/strong>: No, it’s a flat % set by the\nvalidator between 0% and 100%.<\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>There are three ways validators earn\nrewards:<\/p>\n\n\n\n

Validators\nearn proportionally more revenue than their delegators because of commissions,\nthis is a field they set. Transaction fees and block rewards as well.  Interested validators can learn more about\ntheir rewards here https:\/\/hub.cosmos.network\/master\/validators\/validator-faq.html#what-is-the-incentive-to-run-a-validator<\/a>\n<\/p>\n\n\n\n

Q4 from Telegram user @criedluck<\/strong><\/p>\n\n\n\n

Akash Supermini – can you tell us if\nit’s a computer or a mining rig? I mean can I use it as a computer? Install an\nOS, play games etc.?<\/em><\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>The Supermini is a computer itself,\nso there\u2019s no need to plug it into a computer; it just has to be plugged into\nthe wall and connected to the internet in your home or office.<\/p>\n\n\n\n

Akash\nSupercloud is the network that Supermini offers compute for. Anyone can offer\ncompute on Akash and Supermini is our reference hardware to demonstrate the\nportability of the platform. The purpose of the Supermini is to offer compute\non Akash Network, and serve as a node to service computational demand from our\nusers.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Btw what sizes of this computer? and\nweight?<\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>We’ll release more information about\nour Supermini as it’s still under production, including dimensions. Our\nprototype is about the width of an Ipad pro. \nIt’s small and compact. \ud83d\ude42<\/p>\n\n\n\n

Q5 from Telegram user @nasharussia1<\/strong><\/p>\n\n\n\n

From your roadmap, we can see that in\nQ2 2021 you plan to start a subsidised program with services 10-15x lower than\non the market. My question is for how long do you plan this program to last and\nif this will not be a threat to the stability of the token?<\/em><\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>Apples to apples, without our\neconomics, compute prices should be 2-3x cheaper.<\/p>\n\n\n\n

With our\nsubsidy models, it will be a lot more. \nIt is true that we are bootstrapping supply through inflation and\nsubsidies, but that will vary based on network demand.  So to your question, it’s not that we set\nwith a timeline, but it’s the market that determines the demand and when\nnetwork effects of a marketplace takes over, that accelerates growth.  We expand on that here in our blog.<\/p>\n\n\n\n

\nhttps:\/\/akash.network\/blog\/an-evolution-of-akash-network-token-economics\/\n<\/div><\/figure>\n\n\n\n

Q6 from Telegram user @waterbanner<\/strong><\/p>\n\n\n\n

Why is the inflation rate dependent\nonly on how many short-term and long-term miners are working in the system, but\ndoesn’t take into consideration the price of the token at all?<\/em><\/p>\n\n\n\n

Cheng: <\/strong>In simple terms, price isn’t a part\nof the equation to determine inflation. Specifically, inflation is a function\nof time (where we are on the inflation curve), what our current supply is, and\nwhat current vs targeted inflation is. Price also isn’t something controlled by\nthe protocol because the market ultimately determines price. Inflation is\nsomething that’s more structural to the protocol itself.<\/p>\n\n\n\n

Using a real life example: let’s use the USD, the dollar. Our\nfederal reserve bank sets the target inflation rate based on a bunch of\nfactors, but the value of the dollar is determined by the market, ultimately!<\/p>\n\n\n\n

\n\n\n\n

PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

The\nchat was open for 80 seconds; a lot of questions were posted by Satoshi Club\ncommunity. Our guests chose some of them. <\/p>\n\n\n\n

Q1 from Telegram User @Nickkiii<\/strong><\/p>\n\n\n\n

Why did Akash Network choose to\nintegrate with KAVA, do you also have plans to enable other stablecoins for fee\nsettlement on Akash Decloud platform?<\/em><\/p>\n\n\n\n

Boz M | COO Akash\nNetwork: <\/strong>Yes, we do\nand we\u2019ll make announcements at a later time, but we will have a multi-currency\nsettlement mechanism. We answered why Kava earlier in the AMA. \ud83d\ude42<\/p>\n\n\n\n

Q2 from Telegram User @Nickkiii<\/strong><\/p>\n\n\n\n

When is the AKT IEO on Bitmax, can\nyou give us more details on how the IEO would run, and what the IEO price is?<\/em><\/p>\n\n\n\n

Boz M | COO Akash\nNetwork: <\/strong>Oct 14th\n& 15th https:\/\/bitmax.io\/en\/marketing\/akash<\/a><\/p>\n\n\n\n

Q3 from Telegram User @jpsarmah<\/strong><\/p>\n\n\n\n

As per https:\/\/akash.aneka.io\/charts,\n67 % of AKTS are held by 10 (3.861 %) addresses. Why is the number of addresses\nso low and who holds the other 33% of AKTS?<\/em><\/p>\n\n\n\n

Boz M | COO Akash\nNetwork: <\/strong>We launched\nour mainnet less than 2-weeks ago, and haven’t launched our IEO yet.  This is very normal for projects that\nlaunched as the only users with AKT are investors, and testnet participants.<\/p>\n\n\n\n

Q4 from Telegram User @huydo<\/strong><\/p>\n\n\n\n

What are the major roles of Cosmos\nfor supporting Akash and why do you choose Cosmos instead of others?<\/em><\/p>\n\n\n\n

Boz M | COO Akash\nNetwork: <\/strong>Tendermint\nattracted us because of its flexibility as a library with a modular and\npragmatic design. We chose to build on Tendermint because of its iteration\nspeed and community moment. As a Go library, it was a natural fit in our stack.\nhttps:\/\/tendermint.com\/<\/a>  https:\/\/github.com\/ovrclk<\/a>\n<\/p>\n\n\n\n

Q5 from Telegram User @Idee01<\/strong><\/p>\n\n\n\n

Akash allocated top 27% of validators\nwith two-third of Veto power and bottom 73% of validator with one-third Veto\npower. Why did you employ the Pareto Principle in the distribution of Voting\nPower? Why is it calculated based on bonded tokens and not total tokens?<\/em><\/p>\n\n\n\n

Cheng: <\/strong>Good question! We didn’t actually do\nthis by design as that’s how things settled initially. Akash is only about 2\nweeks old at this point, so there’s still a lot of room for delegations to move\naround. Initially, we needed to ensure that enough AKT was staked to ensure the\nstabilization of the network, so we were optimizing for that. As time goes on,\nour delegations will be distributed. If you compared our delegations today vs\nwhat it was just a week ago, you’ll already see further distribution. We are\nrefining and fair and distributed methodology, that we’ll publish soon, so\nplease stay tuned.<\/p>\n\n\n\n

Q6 from Telegram User @KFChick<\/strong><\/p>\n\n\n\n

Many users are using Google Cloud,\nMicrosoft Azure, Amazon\u2019s AWS services, so how could Akash convince them move\nto your service and any incentives for them?<\/em><\/p>\n\n\n\n

Boz M | COO Akash\nNetwork: <\/strong>Akash is\nfaster, better, cheaper.  <\/p>\n\n\n\n

We believe the future holds an opportunity for more\ndistribution of datacenters versus the contemporary model of hyperscale\ndeployments. Better distribution means lower network latency, which means\nfaster applications. More distribution also means more decentralization. Given\nAkash supports cloud native applications, migrating to Akash does not require\nyou to learn a new programming language or tools.  If it runs on AWS\/Google\/Microsoft, it can\nrun on Akash.<\/p>\n\n\n\n

Q7 from Telegram User <\/strong><\/p>\n\n\n\n

Boz M | COO Akash\nNetwork: <\/strong>We’ll set\nbug bounties from our foundation soon, but we’d invite you to start\ncontributing today and get acquainted with our developer community.  Join our developer chat here:\ndiscord.akash.network  <\/p>\n\n\n\n

Q8 from Telegram User @solankinishu<\/strong><\/p>\n\n\n\n

COVID 19 has slowed many economies\naround the world but as a crypto business has it affected you negatively or\npositively?<\/em><\/p>\n\n\n\n

Cheng: <\/strong>With people and workforces (like our\nown team) becoming more distributed and remote operators as a result of the\ncrisis, demand for cloud services, cloud compute, etc. is higher now than ever\nand expected to continue growing quickly into the future. This benefits us at\nan industry fundamentals level. In addition, the team has been working remotely\nand managing remote teams for years already. Ultimately, we see ourselves along\nwith other cloud-based systems, services, and software, as a category of tools\nthat has actually allowed the world’s economies to sustain themselves to the\nextent they have. Akash will be making that tool set stronger, more robust,\nmore accessible, and cheaper.<\/p>\n\n\n\n

Q9 from Telegram User @Beterror203<\/strong><\/p>\n\n\n\n

Does your system have any kind of\nmembership plan?<\/em><\/p>\n\n\n\n

Boz M | COO Akash\nNetwork: <\/strong>No.<\/p>\n\n\n\n

Q10 from Telegram User @KFChick<\/strong><\/p>\n\n\n\n

How do you plan to promote about your\nproject in different countries? where English is not spoken very well. Do you\nhave a local community so they can understand your project?<\/em><\/p>\n\n\n\n

Boz M | COO Akash Network: <\/strong>We’ve translated our project\/white\npapers\/site in Russian, Chinese and soon Korean.<\/p>\n\n\n\n

We’ve\nexpanded our team across to support Russian, Chinese, and Korean communities\nand we’ll be announcing more regional expansions in the near future.<\/p>\n\n\n\n

\n\n\n\n

PART 3, QUIZ AND INFO<\/strong><\/p>\n\n\n\n

As usual, for the third part, Satoshi\nClub Team asked the chat 4 questions about Akash. A link to a\nQuiz form were sent into the chat. Participants had 10 minutes to answer. 1000\nAKT were distributed between the winners. You can check the winners list here https:\/\/t.me\/Satoshi_club\/329044<\/a> <\/p>\n\n\n\n

For more information and future AMAs, join our Social Media\nchannels: <\/strong><\/p>\n\n\n\n

English Telegram\ngroup: https:\/\/t.me\/Satoshi_club<\/a>\n<\/p>\n\n\n\n

Russian Telegram\ngroup: https:\/\/t.me\/satoshi_club_ru<\/a>\n<\/p>\n\n\n\n

Spanish Telegram\ngroup: https:\/\/t.me\/satoshi_club_spanish<\/a>\n<\/p>\n\n\n\n

Telegram Channel:\nhttps:\/\/t.me\/satoshi_club_channel<\/a>\n<\/p>\n\n\n\n

Website: https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n

Twitter:\nhttps:\/\/twitter.com\/esatoshiclub<\/a>  <\/p>\n\n\n\n

Our Partners: <\/strong><\/p>\n\n\n\n

Akash\nnetwork: https:\/\/t.me\/AkashNW<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Today we would like to tell you about the AMA session with our friends from Akash. The AMA took place on October 7 and our guests were Boz M (COO) and Cheng (CFO). The total reward fund was 2000 AKT and was divided into three parts. In this AMA Recap we will try to summarize […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2316"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=2316"}],"version-history":[{"count":1,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2316\/revisions"}],"predecessor-version":[{"id":2319,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2316\/revisions\/2319"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=2316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=2316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=2316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}