{"id":3194,"date":"2020-11-15T00:35:55","date_gmt":"2020-11-14T22:35:55","guid":{"rendered":"https:\/\/esatoshi.club\/?p=3194"},"modified":"2020-11-15T00:35:58","modified_gmt":"2020-11-14T22:35:58","slug":"sifchain-x-satoshi-club-ama-recap-from-9th-of-november","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/11\/15\/sifchain-x-satoshi-club-ama-recap-from-9th-of-november\/","title":{"rendered":"Sifchain x Satoshi Club AMA Recap from 9th of November"},"content":{"rendered":"\n

Sifchain is the brainchild of Sif, the\nNorse goddess of earth, agriculture, fertility, family, and marriage.Today we\nwould like to tell you about the AMA session with our friends from Sifchain<\/a>.\nThe AMA took place on November 9, our guest was @Omni_Skyfather<\/a>.<\/p>\n\n\n\n

The total reward pool was 800$ and was\ndivided into three parts. In this AMA Recap we will try to summarize some of\nthe 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

Mary | Satoshi Club:<\/strong>\nHello,Satoshi Club! We are happy to announce our AMA session with Sifchain! @Omni_Skyfather<\/a> welcome to Satoshi Club. 😀<\/p>\n\n\n\n

Odin Borson:<\/strong> Great,\nexciting to be here.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Please,\nintroduce yourself and Sifchain project.<\/p>\n\n\n\n

Odin Borson<\/strong>: I am\na pseudonymous entity representing https:\/\/sifchain.finance\/our-team\/<\/a>\n<\/p>\n\n\n\n

We try to keep it focused on the team as opposed to\nindividual members, but it\u2019s no secret that a lot of our credibility lies with\nthe fact that we have so many members from the Thorchain team, including its\nearly architect.  This gives us a lot of\ncredibility and experience with cross-chain software and AMM token design.<\/p>\n\n\n\n

Jazear did not just early architecture on Thorchain but\nhelped with development on Cosmos\u2019s official Ethereum <> Cosmos bridge\nfor the Interchain Foundation and the Polkadot <> Ethereum bridge for Web\n3 so we really know cross-chain.<\/p>\n\n\n\n

Beyond that, our team has a lot of experience with other\ncrypto projects including a YC backed crypto startup and multiple crypto\nexchanges. Purely on the dev side, we have over a dozen engineers, most of whom\nhave prior blockchain dev experience and strong business development or\nmarketing experience from many major projects for our operations team.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Thorchain\nis also your project?<\/p>\n\n\n\n

Odin Borson<\/strong>: We\nhave team overlap, there\u2019s a horde of anonymous people on Thorchain.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Whos\nidea was to create Sifchain?<\/p>\n\n\n\n

Odin Borson<\/strong>: A\nfew of us came together, saw the need, and designed it together.<\/p>\n\n\n\n

Q1 from Telegram user\n@wicksterr<\/strong><\/p>\n\n\n\n

You process a lot of\nmore transactions than ETH DEXes, that’s true. Cosmos allow that. However, is\nthis enough to be successful? There are many blockchains which try to compete\nwith ETH for DEXes, like Tron for example, but with not so much success. What\nwill you do differently?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: 1.\nThere are a few cross-chain projects but no omni-chain projects.  We would be the only place to actually trade\nacross all of the major cryptocurrency blockchains.<\/p>\n\n\n\n

2. We actually let you trade with the liquidity from other\ntokens. It\u2019s not just about letting people express a trade related to a\ncryptocurrency on another chain. You can just do that with a price oracle if\nyou want.  We are focused on letting\npeople actually take the tokens they earned from previous token sales and use\nthose for cross chain liquidity. A lot of cross chain solutions are still nascent\nin this area. And we know most of them. None of them work for the 20 to 25\nchains we want to support.<\/p>\n\n\n\n

3. We offer so much more. There also aren\u2019t any good\nplatforms to do margin, limit orders, and swaps on the same self-sovereign\nchain.<\/p>\n\n\n\n

4. We plan to offer other features besides the ones we have\npublicly listed. Actually, we are building Sifchain to be more of a framework\nupon which we can deploy arbitrary crypto economic models.  We just need to get the basic infrastructure\ndown first.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>You\nreally offer a lot) Can you explain in details how i can use tokens earned from\nprevious token sales for cross chain liquidity?<\/p>\n\n\n\n

Odin Borson<\/strong>: Yeah\nsure. We are launching Sifchain with Ethereum support so it will work out of\nthe box with any ERC-20 token you buy. \nFor each of our target blockchains (for example, Stellar, Cardano, and\nLitecoin), we will build a cross-chain bridge. \nWhen we do, people will be able to use those on Sifchain as well.<\/p>\n\n\n\n

The process is the same for them all, you can deposit a\nnative token into a secure lockup group and mint a pegged token on the Cosmos\nNetwork, where Sifchain resides.  You can\nalways go in the reverse direction to unlock any tokens or take away any gains\nyou made from trading on Sifchain.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Sounds\nfantastic! i like it. but you need somehow force most of people to use all of\nthis. because they don’t want to use anything except btc and eth. 😁   <\/p>\n\n\n\n

Odin Borson<\/strong>: Well\nevery block chain has its own community. Remember that projects like Polkadot,\nCosmos, and Tezos are where Ethereum and Bitcoin used to be.  I also think people underestimate the\nbenefits of performance gains.<\/p>\n\n\n\n

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

Mary | Satoshi Club: <\/strong>Yes,\nbut it is hard for understanding from the beginning, this thing has to be user\nfriendly, because most people will just ignore them.<\/p>\n\n\n\n

Odin Borson<\/strong>: That\u2019s\ntrue. We\u2019ve got a lot of investment in UX that we are excited to share.<\/p>\n\n\n\n

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

Here is one more<\/p>\n\n\n\n

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

D. | Satoshi Club: <\/strong>What\nwallet we will able to use there?<\/p>\n\n\n\n

Odin Borson<\/strong>: We\u2019re\ntargeting Metamask but you can use any Ethereum wallet for the Ethereum\nside.  On the Sifchain side, we\u2019re\ntargeting Cosmos solutions like Keplr for wallet.<\/p>\n\n\n\n

Q2 from Telegram user\n@vinniepu<\/strong><\/p>\n\n\n\n

Sifchain will rethink\nthe formulas used for liquidity pool algorithms from first principles of\ncomplexity theory to implement adaptive AMMs suitable to limit orders and token\nswaps alike. This sounds beautiful and complex, but what exactly is the\ncomplexity theory? Was it applied in practice by other projects or it is just a\ntheory for now?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: Complexity\ntheory is the literally the theory of complex systems.  It has been applied in many cases.  Here is one of the most famous institutes on\nit https:\/\/en.m.wikipedia.org\/wiki\/Santa_Fe_Institute<\/a>\n<\/p>\n\n\n\n

It has been pretty important for market design https:\/\/en.m.wikipedia.org\/wiki\/Market_design<\/a>\n<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>It\u2019s\nalready being used. Check out www.block.science<\/a>\nfor more or https:\/\/tokenengineeringcommunity.github.io\/website\/<\/a><\/p>\n\n\n\n

Q3 from Telegram\nUsername @PaoloMonte87<\/strong><\/p>\n\n\n\n

In the litepaper you\nstate that tne CLP is used for trades directly involving Rowan, two CLPs are\nused for all other trades. So for example, the USDC:BTC internal price is\ncalculated using the USDC:ROWAN and ROWAN:BTC CLPs. Does that mean the price\ncan be different from external sources (other CeXes\/Dexes\/LPs)? Doesn\u2019t that\nopen the window to potential arbitrage exploits?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: All\nexchanges have arbitrage potential, we expect people to run arbitrage bots to\nkeep prices roughly even.  Actually, we\nencourage it! As for exploits, we are not as vulnerable as other exchanges.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>So,\nhow it will happen. Can you explain process? What i will need to do?<\/p>\n\n\n\n

Odin Borson<\/strong>: Trades\non Sifchain are priced using the CLP price, not an external exchange\u2019s\nprice.  No external oracle can be\nmanipulated to set the price for tokens swapped on Sifchain, like they can be\nfor other exchanges like BzX. If Sifchain\u2019s CLP price is different from the\nmarket\u2019s price, someone will step in to swap. \nThat\u2019s natural arbitrage which we support.<\/p>\n\n\n\n

Artificial arbitrage exploitation through a sandwich attack\nor a flash loan isn\u2019t possible.  If the\nattacker manipulates the price, he will have to pay that same price on\nSifchain, resulting in no incentive to try it.<\/p>\n\n\n\n

Q4 from Telegram\nUsername @Jonahapagu<\/strong><\/p>\n\n\n\n

Sifchain is\nimplementing a Hybrid Orderbook and CLP can you explain what components makes\nup your hybrid orderbook and why this is important to Sifchain?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: Sifchain\nlimit orders are executed against the CLP. \nFor example, if you set a limit order at 7950 and the price is 8k and\nthen drops to 7900, your trade will be executed as a swap against the CLP with\nan average price of 7950 or less. This hybrid approach allows us to store\nliquidity in liquidity pools but still have limit orders at all.  Limit orders by themselves are still\nprecarious on DeFi platforms.  You can\nget more liquidity for limit orders on a DEX by executing them against a\nliquidity pool than only against other limit orders or market orders.  <\/p>\n\n\n\n

This is important as a feature because it lets traders who\nuse limit orders, which is most of them, express trades on Sifchain and those\ndrives dramatically more trade volume to the platform.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>So,\nin simple words, i would be able to use this orders on Sifchain DEX like i am\nusing on CEX exchanges? Just it will be possibility that i will buy even\ncheaper, then my order was? Or i misunderstand?<\/p>\n\n\n\n

Odin Borson<\/strong>: Yeah\nyou got it. \ud83d\ude42<\/p>\n\n\n\n

Q5 from Telegram\nUsername @reinleoken<\/strong><\/p>\n\n\n\n

With Rowan token as\nthe governance token for Sifchain, can users purchase the token or would it\nonly be given to validators as block reward?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: Users\nwill be able to purchase the token. We will announce token sale plans soon.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Do\nyou have any details you can share with us now? Or everything later?<\/p>\n\n\n\n

Odin Borson<\/strong>: Well\nwe\u2019re going to share the details a bit later this month, the token sale will\nhappen in November. It\u2019s probably best that we make an official announcement\nthan drip anything here.<\/p>\n\n\n\n

Q6 from Telegram\nUsername @konditer_rolex<\/strong><\/p>\n\n\n\n

I saw your ad on\nCryptocurrencyjobs. You are looking for a chief of staff. Did you recruit the\nentire team by ad? Is there some core of the project? How many people are at\nthe origin of Sifchain? And how many people are involved in the development of\nthe project?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: We\nhave a few engineers from Thorchain, a few from previous projects we\u2019ve worked\non, and a few from external sources.  We\nhave over a dozen engineers across blockchain, test, and front end, and devops\n(which we call chain ops).  Then we have\npeople working on marketing, operations, business development, and other\nfunctions.<\/p>\n\n\n\n

If you are worried about outsiders participating versus a\ncore team, this project isn\u2019t for you. We are going to heavily scale\ndevelopment by both bringing on additional engineers and tapping into the\ncommunity for collaboration across Gitcoin, grants, dev shop partnerships, and\nother vectors.  <\/p>\n\n\n\n

We expect this project to be a proper open source protocol\nwhere the entire community participates. \nWe are actively looking to build up SifDao to own the entire operations\nof Sifchain and will give it some token allocation right at the start of the\nsale to do this.<\/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 guest chose some of them. <\/p>\n\n\n\n

Q1 from Telegram User @Gutike95<\/strong><\/p>\n\n\n\n

The other DEX\nexchangers of multiple chains have been developed with the Polkadot technology,\nallowing you great ease to do so, how did Sifchain Finance achieve interconnect\nthe chains without it (Polkadot)?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: We are built on the Cosmos SDK framework but we have\nbuilt interoperability to other chains. \nWe are excited for Polkadot to be one we connect to eventually.<\/p>\n\n\n\n

Q2 from Telegram User @Beterror203<\/strong><\/p>\n\n\n\n

Decentralized exchanges are in a\nbetter position to maintain sufficient liquidity in the market at all times, by\nworking on Blockchains like Ethereum, decentralized exchanges face a challenge\nwith transaction execution times as well as their commissions, which makes it\ntrading these exchanges is expensive and complicated. For traders, as Sifchain\nas a decentralized exchange and under a Thorchain and Cosmos infrastructure,\ncan it cover the solution for these problems in general and offer the trader a\nbetter experience?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: Well\nSifchain has the advantage of being 100x faster than Ethereum.  That said, we need to build wallets, block\nexplorers, and other tools to make it easy for people to use our platform.  I think we\u2019ve done a good job here.<\/em><\/p>\n\n\n\n

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

Sifchain will support Cross-chain\ntransactions for 20-25 of the top blockchains. <\/em>Will there be developed\nwallet for Sifchain so we can have one wallet for all blockchains?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: Maybe.  We think the Asgardex wallet is best for this\nand may contribute to its development. https:\/\/github.com\/thorchain\/asgardex-electron<\/a>\n<\/p>\n\n\n\n

That said, Sifchain\u2019s pegged tokens can all be traded in the\nsame wallet, regardless of where the native token came from.<\/strong><\/p>\n\n\n\n

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

Sifchain reseted the testnet to\nimplement cross-chain Ethereum transfers, I need help connecting to the Monkey\nBars testnet, how do I go about it?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: This\nis definitely something you should ask on Discord https:\/\/discord.gg\/wYeDHkYK<\/a> <\/strong><\/p>\n\n\n\n

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

Can you please share more details\nabout the UI and architecture for cross-chain Ethereum transfers on the\ntestnet?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: We\nshared a screenshot earlier. For the architecture, I recommend https:\/\/github.com\/Sifchain\/peggy\/blob\/develop\/docs\/sifchain-peggy-architecture-no-ibc.md<\/a>\n<\/strong><\/p>\n\n\n\n

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

Reading the documentation of your\nproject I came across two tokens inside Sifchain $Rowan and $SifDAO Can you\nexplain us how each one will work? Which one will be the most important?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: Sifchain\u2019s\nonly token is Rowan, SifDAO is an organization, not a token.<\/strong><\/p>\n\n\n\n

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

When will your IBC protocol go live?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: We\u2019ve\nbeen working on this for a while. Actually, IBC still has some room for\ndevelopment before it can be used in production by any chain, including the\nCosmos Hub.  I expect we will be one of\nthe first to launch with it after checking with other Cosmos developers.<\/strong><\/p>\n\n\n\n

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

Now, the token launch process is easy,\nbut to develop the ecosystem, stabilize prices, expand the market is a\nchallenge in every project? So what are your team first steps towards solving\nthis problem? what is your plan to maintain token price & supply in the\nmarket?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: I\nlike this question. We need to be viral about growth. We\u2019d like to do a bunch\nof business development deals with successful traders to drive liquidity to the\nplatform which will in turn drive up token price.  Referral tools are sorely under used in the\ncrypto space in our opinion.<\/strong><\/p>\n\n\n\n

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

The first time I came across the term\nomni-chain, I had Google it try to understand it, but it wasn’t totally clear.\nCan you explain it to us and mention its application within SifChain?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: Yeah\nsure. We are going to try to build bridges to 20 to 25 different blockchains.\nWe think by the time we do that and open source the schematics, people will be\nable to easily add additional bridges on their road. If we can get all bridges\nto all other cryptocurrency\u2019s, we will be omni chain.<\/strong><\/p>\n\n\n\n

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

You have a lot of big backers and partners;\nhow do you manage get them to invest in sifchain?<\/em><\/p>\n\n\n\n

Odin Borson<\/strong>: They\nsee what we see and what we hope you see as well, strong opportunity to advance\nthe ecosystem.<\/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 Club Team asked the chat 4 questions about Sifchain A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 500$ were distributed between the winners. <\/p>\n\n\n\n

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

English Telegram group:\nhttps:\/\/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

Sifchain Community: https:\/\/t.me\/sifchain<\/a>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Sifchain is the brainchild of Sif, the Norse goddess of earth, agriculture, fertility, family, and marriage.Today we would like to tell you about the AMA session with our friends from Sifchain. The AMA took place on November 9, our guest was @Omni_Skyfather. The total reward pool was 800$ and was divided into three parts. In […]<\/p>\n","protected":false},"author":4,"featured_media":3195,"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\/3194"}],"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=3194"}],"version-history":[{"count":1,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/3194\/revisions"}],"predecessor-version":[{"id":3200,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/3194\/revisions\/3200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media\/3195"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=3194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=3194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=3194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}