{"id":796,"date":"2020-06-17T22:46:06","date_gmt":"2020-06-17T19:46:06","guid":{"rendered":"https:\/\/esatoshi.club\/?p=796"},"modified":"2020-06-19T14:39:31","modified_gmt":"2020-06-19T11:39:31","slug":"satoshi-club-x-tezos-ama-recap-from-june-16","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/06\/17\/satoshi-club-x-tezos-ama-recap-from-june-16\/","title":{"rendered":"Satoshi Club x Tezos AMA Recap from June 16"},"content":{"rendered":"\n

On June 16, while the world tries to recover from the pandemic situation, Satoshi Club Community is growing more and more. Our friends from Tezos team were invited to conduct an AMA session with us. The guests were @wbm_97<\/a> and @ajustice8<\/a>.<\/p>\n\n\n\n

Rewards: $1500 Prize pool was split in three parts.<\/p>\n\n\n\n

In this AMA Recap we are trying to summarize some of the most interesting points for you.<\/p>\n\n\n\n

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

Serg | Satoshi Club: <\/strong>Dear community, today we will have an AMA with\none of the best crypto projects: Tezos – number 12 on CMC at the moment. @wbm_97<\/a> will be our guest today. Welcome!<\/p>\n\n\n\n

Irina Kravchuk | SatoshiClub: <\/strong>Hi William, nice to meet you 🙂<\/strong><\/p>\n\n\n\n

William McKenzie: <\/strong>Thank you, glad to be here!<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Please tell us a bit about yourself :). @ajustice8<\/a> will join us as well \ud83d\ude42<\/p>\n\n\n\n

AJ: <\/strong>Thanks\nfor having me Serg. While William is writing a novel, I’ll just intro myself.\nI’m a community director for Tezos Commons, a nonprofit organization focused on\nbuilding the Tezos ecosystem. You can check out our website at: tezoscommons.org<\/a> <\/p>\n\n\n\n

Tezos\nCommons supports the ideas, individuals and organizations dedicated to building\nthe digital commonwealth. We empower the community to be the architects through\nbootstrapping local communities, communications, promotion, education, funding\nopen source initiatives and advocacy.<\/p>\n\n\n\n

William McKenzie: <\/strong>Well, I\u2019m apart of Tezos Commons. I\u2019m the\ncommunity manager. I\u2019ve been involved in the blockchain space for quite some\ntime. At Tezos Commons, we focus on growing the Tezos community through a\nnumber of community focused events (such as this haha) and educating the\ngeneral public on Tezos.<\/p>\n\n\n\n

Irina Kravchuk | SatoshiClub: <\/strong>Hi @ajustice8<\/a>,\nnice to meet you. Can you tell how many entities are there in the Tezos project\nin general? Because I was thinking about that also, it’s a bit unclear. Is\nthere a company and a foundation?<\/p>\n\n\n\n

AJ:<\/strong>\nSo let me clear up the misconception of a company and a foundation for Tezos. <\/p>\n\n\n\n

Tezos\nis a permissionless, decentralized blockchain protocol or rather just the technology.\nThere are organizations within the Tezos ecosystem that build on the protocol,\nsupport community initiatives, build tools, and fund projects. So there are\nquite a few organizations around it. For example, Tezos Foundation, TQ Tezos,\nTezos Commons, Nomadic Labs, Metastate, just to name a few.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Thank you for this introductions \ud83d\ude42 We have\ncollected questions from the community. Shall we start?<\/p>\n\n\n\n

William McKenzie: <\/strong>Let\u2019s start!<\/p>\n\n\n\n

AJ:<\/strong>\nIndeed, let\u2019s get the ball rolling.<\/p>\n\n\n\n

Q1 from Telegram\nuser @kbender<\/strong><\/p>\n\n\n\n

How is Tezos\nproject generating profits and how does it sustain itself?<\/em><\/p>\n\n\n\n

AJ:<\/strong>\nSo as mention above, Tezos is just a decentralized blockchain protocol, its\ngoal isn’t to generate profits but rather be a base layer of a powerful\ntechnology so organizations and companies can build and adopt on top of it.\nThere are examples of organizations on top of it that are generating profits,\nfor example a baker (staker) can set up a node and have token holders delegate\nto them and they take a percentage of the rewards. <\/p>\n\n\n\n

The\nsecond part of the question on how Tezos sustains itself is a great question,\nTezos has a built in funding mechanism for developers, called inflation\nfunding. A developer can propose an upgrade to the Tezos protocol and attach an\ninvoice. Once it successfully gets voted on by token holders and is\nimplemented, the chain will mint those tokens and pay the developer. This mean\nTezos is built to evolve over time with the newest technology as the code base\nis modular. Tezos can upgrade and evolve at a rapid pace.<\/p>\n\n\n\n

Q2 from Telegram\nuser @bitcoinistic<\/strong><\/p>\n\n\n\n

Could you share\nwith us what are the main usages of the XTZ token?<\/em><\/p>\n\n\n\n

William McKenzie: <\/strong>So, as @ajustice8<\/a>\ntouched on, Tezos is a decentralized, permission-less, self-amending\ncryptographic ledger. Anyone can build on top of the protocol.<\/p>\n\n\n\n

Furthermore,\nany new tech\/features that arise can be ported onto the protocol through a\nformal means decided upon by token holder voting. This is one function of XTZ.\nThere are also some exciting projects that aim to make use of XTZ, such as\nEmergents, a DCCG being built on Tezos, and also STO\u2019s. There\u2019s been numerous\nSTO deals announced, predominantly in the real estate sector. I\u2019d encourage you\nto read through this post for further information: https:\/\/link.medium.com\/MyFbYpmPm7<\/a>.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>What about the funds collected in the public\nsale? Are they used for this initiatives?<\/p>\n\n\n\n

AJ:<\/strong>\nAbsolutely, the funds collected are held in custody with Tezos Foundation. They\nare a charted Swiss nonprofit with its only purpose to advance to the Tezos\necosystem so they distribute funds via grants to contributors and builders.<\/p>\n\n\n\n

Indeed,\nand they are transparent with their bi annual reports of the funds: https:\/\/tezos.foundation\/reports\/<\/a>, that is audited by the big 4 accounting firm\nPWC.<\/p>\n\n\n\n

Q3 from Telegram\nuser @pandasbitcoins<\/strong><\/p>\n\n\n\n

Tezos had a rough\nstart, with many people criticizing the lack of news and progress. Why did you\nhave this period of poor communication?<\/em><\/p>\n\n\n\n

AJ:<\/strong>\nSo Tezos indeed had a rough start, as it was one of the largest fundraisers for\nthe blockchain project. The Tezos Foundation had to shake up their board of\ndirectors which upheld communication, however, the community and development\nwas still going strong during this time. There were weekly development updates\nfrom the founder of the project while the Tezos Foundation was sorting out its\nboard of directors. The amazing thing about it is, that Tezos launched its\nbetanet, restructured the board and has been running like a well-oiled machine\nsince the launch. The other great aspect is that the community banded together\nand helped launch the project as well.<\/p>\n\n\n\n

Irina Kravchuk | SatoshiClub: <\/strong>Everything worked out quite well after the\nbetanet launch😊.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>I was an investor in the Tezos public sale. To\nbe honest, I was skeptical that the project will succeed. I am glad now\neverything is going well :).<\/p>\n\n\n\n

AJ:<\/strong>\nI wouldn’t blame you, it was a tough period that tested the Community’s will.\nBut diamonds are forged through tension, stress, and pressure :).<\/p>\n\n\n\n

Q4 from Telegram\nuser @bitalik_vuterin<\/strong><\/p>\n\n\n\n

Name 3 most\nimportant concurrents that Tezos has at the moment.<\/em><\/p>\n\n\n\n

William McKenzie: <\/strong>So, I will say there\u2019s many focuses currently\nwithin the Tezos ecosystem and these range from several sectors – from digital\nsecurities, payments, CBDC\u2019s, DeFi, and more just to name a few. I would say\nsome of the most exciting developments at the moment, I touched on in my\nresponse to @bitcoinistic\u2019s question. <\/p>\n\n\n\n

In\nterms of competition though, I think the blockchain space is still nascent and\nthe technology is all very new. So, it will take some time to see what works\nand what does not.<\/p>\n\n\n\n

AJ: <\/strong>3\nexciting concurrents for me:<\/p>\n\n\n\n

STOS<\/em>\n– there will be over 1 billion dollars\u2019 worth of real estate tokenizing on\nTezos <\/p>\n\n\n\n

Governance<\/em> – Tezos is decentralized with over 450 bakers\nand have successfully upgraded the protocol 3 times<\/p>\n\n\n\n

Adoption:<\/em> The French cybercrime unit is using Tezos to\nvalidate expenses, Universities are using Tezos for voting, etc.<\/p>\n\n\n\n

Irina Kravchuk | SatoshiClub: <\/strong>What about external competition?<\/p>\n\n\n\n

AJ:<\/strong>\nin regards to competition, I think Ethereum and Cardano are interesting\ncompetitors.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Can you tell more about the French cybercrime\nusing Tezos?<\/p>\n\n\n\n

AJ:<\/strong>\nYou can read more about it here: https:\/\/cointelegraph.com\/news\/french-cybercrime-division-uses-smart-contacts-on-tezos-blockchain<\/a>. <\/p>\n\n\n\n

Q5 from Telegram\nuser @cryptocivilizations<\/strong><\/p>\n\n\n\n

What is the role of\nTezos grant funding and what projects can participate in it?<\/em><\/p>\n\n\n\n

AJ:<\/strong>\nSo as you know, the fundraiser initially consisted of 250 million dollars which\nis held custody by Tezos Foundation, a nonprofit foundation located in\nSwitzerland. This nonprofit has a charter which means the funds are legally\nonly to be used on advancing the Tezos ecosystem. Tezos Foundation has a grant\nprocess that issues an RFP each quarter people and projects to apply for. The\nprojects vary from technology platforms, business development, development,\ntooling, marketing, community initiatives. A great resource of the entire grant\nprocess and application can be found here: https:\/\/tezos.foundation\/grants\/<\/a>. <\/p>\n\n\n\n

I\nbelieve the last bi-annual report stated that Tezos Foundation now has 600\nmillion in custody from BTC price rising so that means there is even more funds\nsince the fundraiser to grow the Tezos ecosystem<\/p>\n\n\n\n

William McKenzie: <\/strong>That\u2019s correct, for anyone curious to see this\nreport, they can view it here – https:\/\/tezos.foundation\/wp-content\/uploads\/2020\/03\/tezos-foundation-biannual-update-march-2020.pdf<\/a>.<\/p>\n\n\n\n

Irina Kravchuk | SatoshiClub: <\/strong>How many applicants did you have until now?<\/p>\n\n\n\n

AJ:<\/strong>\nThere have been hundreds of applicants, I can’t verify the number in\napproximate measures as Tezos Foundation has those numbers but there tons of\ncool applications to build the Tezos ecosystem.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>In 2 minutes we will open the chat for the\nlive questions from the community :).<\/p>\n\n\n\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026 <\/p>\n\n\n\n

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

The\nchat was open for 2 minutes and a lot of questions were posted by the Satoshi\nClub community. Our guests chose five of them. <\/p>\n\n\n\n

Q1 from Telegram\nUser @Knarf7003<\/strong><\/p>\n\n\n\n

How Secure is the\nTezos Smart Contract?<\/em><\/p>\n\n\n\n

AJ:<\/strong>\nGreat question, Tezos Smart Contracts has built in formal verification due to\nthe language oCaml. In other words, the smart contract can detect any bugs\nbefore being live. This enables confidence when executing a large value smart\ncontract and why a lot of institutions prefer Tezos.<\/p>\n\n\n\n

Q2 from Telegram\nUser @jpsarmah<\/strong><\/p>\n\n\n\n

Your website reads,\n”Secure. Upgradable. Built to last.” Can you explain how Tezos as an\nopen-source platform achieves this and how is Tezos a self-amending\ncryptographic ledger?<\/em><\/p>\n\n\n\n

William McKenzie: <\/strong>First off, when the term \u201cself-amending\ncryptographic ledger\u201d is used – it encompasses Tezos\u2019 on-chain governance\nprocess. Through this formal process, which token holders have a say in, new\ntech\/features can be ported onto the protocol and as @ajustice8<\/a> described previously – be rewarded. <\/p>\n\n\n\n

That\nprocess works as follows:  <\/p>\n\n\n\n

A\ndev team injects the hash of a tarball file into the protocol as a proposal\nwith an invoice attached. That proposal undergoes 4 phases, where upon approval\nof each phase it results in activation – and the subsequent minting of new XTZ\nto fulfill that invoice attached.<\/p>\n\n\n\n

Q3 from Telegram\nUser @Lady_luck2<\/strong><\/p>\n\n\n\n

Tezos uses the\nLiquid Proof-of-Stake algorithm (LPOS) a combination between the classic PoS\nand its counterpart the delegated PoS. What advantages does this combined\nsystem bring to the platform?<\/em><\/p>\n\n\n\n

AJ:<\/strong>\nThe amazing thing about LPOS is that your tokens are always liquid when\nstaking, that means when you delegate your tokens to a validator, you always\nown your tokens and can move them in and out without any lock up period. This\nalso plays a key factor in governance, your token is a vote, so when you\ndelegate to a staker, then you are delegating your voting rights to that\nstaker. Let\u2019s say for example a proposal has been submitted and your baker is\ngoing to vote on it and you don’t agree with their stance. You can instantly\nchange bakers that does agree with your point.<\/p>\n\n\n\n

Read\nmore about it here: https:\/\/medium.com\/tezos\/liquid-proof-of-stake-aec2f7ef1da7<\/a>.<\/p>\n\n\n\n

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

Q4 from Telegram\nUser @alice_wonderland12<\/strong><\/p>\n\n\n\n

What is the minimum\namount of XTZ required to be a stakeholder, and which other requirements are\nneeded? What would be my reward program as a stakeholder?<\/em><\/p>\n\n\n\n

William McKenzie: <\/strong>So, there are numerous tutorials out on how to\nget started on baking – both video and written. I\u2019d recommend reading through\nthis before you even start – https:\/\/medium.com\/tezos\/its-a-baker-s-life-for-me-c214971201e1<\/a>.<\/p>\n\n\n\n

In\nterms of how much XTZ you need to be a baker, you can delegate to a baker for a\nminimal amount ~100 XTZ. But, to bake on your own you\u2019ll need a roll (atm =\n8,000 XTZ). In RE: to expected returns, it\u2019s about ~6% currently.<\/p>\n\n\n\n

Q5 from Telegram\nUser @Misun1<\/strong><\/p>\n\n\n\n

What business\nscenarios can XTZ support now? In which industries can we see the mass adoption\nof XTZ technology in the near future?<\/em><\/p>\n\n\n\n

AJ:<\/strong>\nRight now Tezos is leading asset tokenization, there will be over $1 billion\ndollars of real estate tokenizing on Tezos through various organizations and\nbanks. These organizations prefer Tezos because of its ability to evolve over\ntime with a sophisticated governance mechanism and because of formal\nverification built into smart contracts.<\/p>\n\n\n\n

Here’s\na cool sizzler video on STOs https:\/\/www.youtube.com\/watch?v=225nO6HPwF0<\/a>.<\/p>\n\n\n\n

William McKenzie: <\/strong>To add onto this, that number is actually\ncloser to $3B plus with a lot of momentum in the real estate sector.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>We have the 5 winners \ud83d\ude42 Congrats for the good\nquestions and thank you for taking the time to be here with us today!<\/p>\n\n\n\n

AJ:<\/strong>\nThanks Serg! that was fun.<\/p>\n\n\n\n

William McKenzie: <\/strong>If you\u2019d like to learn more about this, we did\na deep dive on TezTalks. <\/p>\n\n\n\n

You\ncan check that here – https:\/\/youtu.be\/dNik0CPsl1o<\/a>. <\/p>\n\n\n\n

Irina Kravchuk | SatoshiClub: <\/strong>Thank you for your time and great answers.<\/p>\n\n\n\n

William McKenzie: <\/strong>So, we\u2019d like to thank everyone for\nparticipating in this and asking all these great questions. You can find more\ninformation about Tezos Commons and Tezos through these links – https:\/\/tezoscommons.org<\/a>, https:\/\/tezos.com<\/a>.<\/p>\n\n\n\n

AJ: <\/strong>Thanks\neveryone for having us, that was a blast and really enjoyed talking to your\ncommunity. We also like to engage with a ton of community engagement, we host\nregular virtual events online and a podcast:<\/p>\n\n\n\n

Check\nus out at: https:\/\/www.youtube.com\/c\/tezoscommons<\/a>. <\/p>\n\n\n\n

And our medium site: https:\/\/medium.com\/tezoscommons<\/a>. <\/p>\n\n\n\n

………………………………………………<\/p>\n\n\n\n

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

As usual,\nfor the third part, Satoshi Club Team asked the chat 4 questions about Tezos. A\nlink to a Quiz form were sent into the chat. Participants had 10 minutes to\nanswer.<\/p>\n\n\n\n

17 users with correct answers were rewarded.<\/p>\n\n\n\n

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

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

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

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

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

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

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

Tezos Telegram Group:https:\/\/t.me\/tezosplatform<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On June 16, while the world tries to recover from the pandemic situation, Satoshi Club Community is growing more and more. Our friends from Tezos team were invited to conduct an AMA session with us. The guests were @wbm_97 and @ajustice8. Rewards: $1500 Prize pool was split in three parts. In this AMA Recap we […]<\/p>\n","protected":false},"author":4,"featured_media":815,"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\/796"}],"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=796"}],"version-history":[{"count":8,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/796\/revisions"}],"predecessor-version":[{"id":825,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/796\/revisions\/825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media\/815"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}