Recap AMA VIC Group 🤝 VERA Protocol
👉 Part 1: Basic Introduction of VERA Protocol and Denis Lam Founder & CEO of VERA Protocol.
👉Part 2: Guest Denis Lam Founder & CEO of VERA Protocol will answer community questions. People can post questions.
👉Part 3: All members can ask anything directly about VERA Protocol.
The AMA session is here to begin, together with our guest Denis Lam Founder & CEO of VERA Protocol.
Group will be mute for us to start part 1 of AMA.
👉 Part 1 : Basic Introduction of VERA Protocol and Denis Lam Founder & CEO of VERA Protocol
Hello everyone, I am the CEO of Vera Protocol. Thank you for staying up late in Vietnam to learn about my project.
Let me first introduce myself… My educational background is an engineer. I graduated from the University of California, Berkeley Engineering College here in America.
I have been coding since age 14 and started by first internet business at 14 years old. So you can say I love to build projects that can change the world or make the world different.
I have worked in many technology startups and companies for the past 10 years.The industries I specialize in are e-commerce, IoT, sharing economy, and supply chain.
Believe it or not, I love Vietnam because my friend from Vietnam in Saigon introduced me to cryptocurrency 4 years ago . My first investment was in Ripple (XRP), when it was very very very low price (< $0.01) . Unfortunately I did not invest a lot. :) But I learned the power of network effect and decentralization in cryptocurrencies and blockchain.
Because of the early success of Ripple, I spent alot of my time researching blockchain and cryptocurrencies. I do not like to invest in things I am not educated about.
Since many people in Asia and Southeast Asia are so excited about this industry I actually came to Vietnam many times before to meet other founders, projects, experts, attend conferences, etc.
Some of you may know Tomochain , when Tomochain was very early, he invited my team of engineer to his office . He ask us for suggestion to make Tomochain better.
So I invited some of my engineers from Silicon Valley, California to go help
Vietnam is a emerging economy. One of my goal is to have smart people in Silicon Valley share technology with many young engineers and entrepreneurs in Vietnam. I want to thank VIC community for making this bridge possible between East and West.
So the idea for Vera Protocol began around 2018 , we have been working on it for over 2 years now.
The initial use cases involves IoT.
The idea is very simple… If Bitcoin is a peer-to-peer network to allow online payments sent between strangers without relying on a financial institution, then Vera will enable peer-to-peer networks to allow physical goods to be exchanged between parties without relying on a big tech oligopoly. So Blockchain v1.0 allow money to be sent between strangers without you needing to trust the stranger.
Since my background is largely involved with IoT, I ask the question… Why cannot blockchain be used to share PHYSICAL THINGS the same way between stranger?
Have anyone buy things from a online store and get scammed?
Maybe the product is fake.
Maybe the product is different from what is advertised.
Maybe the product or object gets exchanged for a different thing.
What about LOANING a phsyical object or product to a stranger?
What if they dont return the same thing?
What if they steal it?
What if this object is expensive… like GOLD or SILVER?
Many of you are excited about DeFi because it allow stranger to loan cryptocurrency to each other or hold on to cryptocurrencies and earn interest and there is no middleman to steal our money
Which is why BILLIONS of dollars are now in the DeFI market ?
Even though it is early stage, it shows there is a MARKET DEMAND for DeFI use case. And alot of people and money do not like centralized solutions.
People are willing to take the risk… to support this technology.
We believe Vera Protocol will allow DeFi 3.0. We do this by solving problems in 2 areas:
The first area involve something called an ORACLE.
What is an oracle?
So we all know what smart contract is. Smart contract is ON the blockchain so it should be trusted.
The problem is smart contract cannot get data that is not already on the blockchain.
Data can be…
- price of crypto
- exchange rate
- IoT data (e.g. GPS location of something)
- a lot more
The real solution to this is using a DECENTRALIZED ORACLE NETWORK. Some of you may have heard of oracle projects like CHAIN LINK
The crypto is pretty HOT!
However, it is oracle v1.0… the oracle network is CENTRALIZED, not decentralized
But many people still believe in the project!
Vera Protocol solve this problem by creating a DECENTRALIZED ORACLE platform… and uses $VERA token to govern this platform
With Vera smart contracts and D-Apps can TRUST the data obtained from off-chain.
DeFI apps and use case DEPEND on oracles.
If the oracle system fail, the DeFi system fails.
Thats why oracle is the FOUNDATION of any DeFi use case.
DeFI v1.0 uses centralized oracles.
DeFi v2.0 uses decentralized oracles.
We are pushing for v3.0…
Which is decentralized AND can also interact with PHYSICAL OBJECTS (not just digital data)
How can we get data from the real world?
This creates SO MANY useful use cases that was never possible with v1.0 or v2.0
What if you want a gambling DApp that depends on real-world physical data?
What if you want DeFi for supply chain or precious metal commodities?
We need IoT data, location data, temperature data… to power a smart contract . Of course, we also can transmit digital data… So… Vera Protocol in summary innovates in 2 areas for DeFi…
1) Decentralized Oracles
2) IoT connectivity to the blockchain
Here is a simple example of how Vera is used.
For example, data from a parcel can be sent to our blockchain datastore through our oracle. And that data is used by a DApp
In addition to DeFi what other big use case can we achieve?
Decentralized Commerce — or DeComm! . E-commerce today is monopolized by a few giant companies
Those are the biggest ones in US and China
They care more about their own profits than the success of its sellers. And buyers have to always deal with fake products
There have been some blockchain products that try to solve this problem in the past like IOTA
But they all lack one thing… None use decentralized oracle or ANY oracle. Their oracle is 100% centralized
So once again, decentralized oracle is very useful
You can understand the power of blockchain in DeComm
On the left side is TODAY… If I want to buy or sell something physical from @Mrbut88. I dont trust him. So thats why I must trust ebay/Amazon. I dont trust he send me money, so I must trust PayPal or a Credit Card company
Just like Bitcoin allow 2 stranger to exchange money Vera Protcol can allow 2 stranger to exchange a physical object
For any use case
Imagine a future of Direct to Consumer D-Apps?
You can advertise your products and directly sell to a stranger or friend without needing to trust any centralized marketplace . This D-App is 100% powered by Vera Protocol
This is not just a dream. It is practical! Because there is no centralized middleman, the fee is lower . The fee does not go to Amazon. It goes to the Vera Network nodes that stake VERA tokens! Vera can allow buyer and seller to trust each other using any smartphone.
And Vera also allow everyone to make money with their phone by providing oracle service for the network
Imagine you get paid for helping SCAN a parcel or physical object
Because someone or an app want to know the data from that objectI will pause here to see if there are questions, I do not want to go into more technical detail yet. In summary we are DeFi v3.0 or Chainlink v3.0 I hope you have an idea about the Vision of Vera.
Thanks for sharing about the project as well as the upcoming adoption from the VERA protocol.
We’ll move on to part 2: Guest Denis Lam Founder & CEO of VERA Protocol will answer community questions from to form.
👉Part 2: Guest Denis Lam Founder & CEO of VERA Protocol will answer community questions. People can post questions.
First question: Why does the VERA need blockchain technology? What role does blockchain play in the VERA? @denis_lam
I explained what is a blockchain ORACLE and why it is important.
Blockchain and smart contract currently cannot take data from off-chain
And getting data from real-world (IoT) data is even HARDER.
Because we must rely on a centralized middleman to tell us this data… If this data is BAD, then the blockchain is USELESS Vera is a layer 2 and 3 protocol that makes sure data going ONTO the blockchain and smart contract can be TRUSTED.
So blockchain is even more useful! Without oracles, DeFI smart contract cannot get exchange price of crypto for example.
The DeFi industry everyone loves would not be possible without oracles. So I hope this answers the first question.
Thanks for the thorough answer.
We’re going to the second question, I think a lot of people want to know,
Question 2 : Who is part of the core team? Backgrounds? What is the mission and vision of VERA? @denis_lam
Here is a snapshot of our team .The core cofounders that started the project is myself and Michael.
Michael has over 11 years of experience as a software architect. His code has helped companies transact over $1 billion usd .
He’s worked with big banks and payment processors. And security of the code is most important.
Michaael also invested in Ethereum when it was doing ICO.
So he’s passionate about crypto as well. Back then everyone thinks he is crazy
I have known Michael for many years.
We have worked in different startup projects and also worked with Fortune 500 companies as our clients . One of our clients recently is the biggest AC manufacturer in the world.
Unlike many crypto proeject teams, our team have real world experience , Blockchain is very hard to make a product that generate revenue
It is also very hard to get existing businesses to want to use the solution
With our experience, we believe we will have real world adoption and we can also leverage or existing customer relationships
While we definitely CANNOT build a decentralized Amazon in 1 month or 1 year . We believe Vera will push innovation and research in that direction
If we can pick ONE product or object And get many people to use a D-App powered by Vera to buy/sell/exchange/or loan that object/product , that is already a BIG success.
Remember, Amazon only sold books for over 10 years before they become a giant that can sell everything . So all big dreams must start with small steps. And focus on doing one thing BETTER than other competitors.
Question 3: How does the on-chain Data base mechanism used by Vera Protocol work? Is it possible to obtain low-cost transactions through it? How this mechanism is DeFi? @denis_lam
Good question. I will also talk about how the Vera token works and why you should hold it or stake it! Here is a image from our technical whitepaper which we will release soon.
IT shows how Chainlink work . If a smart contract or D-App require data from off-chain… It must first GET the data… this is ONE blockchain transaction
After, it send the data to an OFF-CHAIN oracle network (Chainlink network) This network will check the data…. But because it is OFF CHAIN, it is centralized. Data can still be wrong or bad.
AFTER the data is checked and processed, chainlink SEND the data back to on-chain (the smart contract or d-App) . So this requires a SECOND blockchain transaction And this is on Ethereum… so each transaction cost gas fee This is SLOW and EXPENSIVE.
And it is centralized, so its not secure or trustless
Here’s why Vera is 10x better than Chainlink
A smart contract or dapp can get the data, process it with oracles, and use the data with only ONE blockchain transaction
The data we get by oracles can be stored in an on-chain datastore this is ON CHAIN so anyone can audit the data It is transparent. And any D-App or smart contract can call this data using API which does not cost any gas fee
Therefore, Vera is MORE safe/secure and CHEAPER than chainlink
Now what about the VERA token? What does it do and why you should hold it or stake it?
VERA tokens allow us to have a decentralized business model.
They are used to make sure our network can be trusted.
Let me explain how it works. Let say SELLER want to sell something to a BUYER Using a D-App….. Both are stranger
We ask the Seller to STAKE VERA token in order to use the D-App. Seller must also put a Vera NFC Tag on their product so data can be obtained from that product and sent to the network.
Buyer pay money to buy the product. Instead of a big transaction fee (%) going to middleman (i.e. Amazon), the fee is smaller % and it goes to VERA NETWORKWho provides node service for VERA NETWORK?
2 types of STAKERS….
1) The first are the ORACLES. We call them VERIFIERS.
Verifiers stake tokens and can perform oracle service for Vera Network. They earn VERA TOKENS for their service. Verifier can take the data from the NFC tag directly on the product. And put that data to an on-chain data-store
The second type of staker is called a DELEGATOR
Delegators must PICK a VERIFIER they trust and stake VERA tokens on the VERIFIER If the Verifier (the oracle node) make money, delegators make money together!
So the job of the Delegator is to do due diligence on the Verifier, they must make sure the Verifier can be trusted!
If the Verifier cheats, they are punished by losing their stake. (This is called slashing).
Delegators will get punished too.
The more popular a Verifier is, the more delegators will be attracted to stake on it. The more % revenue together they can earn from all the jobs they do for Vera Network. So anyone (you) can be a Verifier or Delegator! And earn Vera for supporting our network.
There are 3 main ways to make money (earn VERA tokens)
1) Stake tokens to become a Verifier
2) Stake tokens to become a Delegator
3) Earn INTEREST for staking Vera Tokens.
Vera has an inflationary model where every year 7% to 20% more tokens are given to you as interest.
Question 4 : What your plans in place for global expansion; are VERA PROTOCOL focusing on only market at this time? Or focus on building and developing or getting customers and users; or partnerships? Can you explain this?
Since Vera can do DeFi and DeComm use case.
We think there is alot of business opportunity in Southeast Asia
Many ecommerce businesses happen in China and Vietnam area
Many manufacturers are in the area. Therefore we see ourselves able to launch many pilots with customers in Asia To build Vera Ecosystem, we will be also looking for partnerships with many other blockchain projects. We will also build our first D-App… a marketplace that demonstrate using Vera smart contracts.
In Asia there are many KOLs… KOLs need to make money… So they often sell their own brands
One of the early use case we find very fun is we partner with KOL… tik tok or instagram and they can sell their products through our DApp to their fans
And when the fans receive the product, the can even get special service or content from the KOL
These are all ideas we already have business partners waiting to work with us on once Vera is built
And everyone else that is not a KOL, you can make money by staking Vera token as I explained.
And i think many people in VIC community want opportunity!
You now have a way to get rewarded for helping make DeFi and DeComm a reality.
Last question: What are the benefits when I hold VERA PROTOCOL ?
I think I explained it in the last question.
1) Stake it to earn rewards for being a Verifier or Delegator.
2) Stake it to earn interest.
👉Part 3: All members can ask anything directly about VERA Protocol
Question: How do you ensure trust is built on Vera Protocol? If I pay to buy some goods and it doesn’t get delivered by the seller due to some unavoidable reasons? Will you act as Escrow until the product is delivered? @Nickkiii
A manufacturer can put NFC tag on their goods and sell these goods to customers thru a D-App. Vera will reduce the possibility of fraud, fake products, or errors.
Keep in mind Vera is a protocol. The real business solutions depend on application. Vera powers applications to make it possible to trust data obtained from off-chain.
Questions: What do you think is the biggest problem VERA will solve which is not solved by other projects and why this is the problem important? @toanphamhd
Decentralized Oracles + IoT data endpoints. It makes more sense for IoT data to require oracles than existing cloud or digital data needing oracles to check. Very little decentralized oracle projects in the space focus on IoT endpoints.
Questions: Vera would be currently the most cost-efficient P2P commerce infrastructure. How do you manage to have lower costs than any competitor and still be sustainable long term? @Rosane1a8
Once again this is a D-App question — we are a protocol only. BUT we want to go above and beyond and build a D-App for a niche e-commerce use case to prove Vera can be better than current centralized alternatives.
As long as buyers transact on this marketplace app then there are fees that pay the network or verifiers and delgators. This is just one-dapp so there can be many more other d-apps in the ecosystem. In the long run we provide the tools, it is up to the ecosystem to build working D-Apps just like any other protocol. Vera Protocol is not a D-App project on its own.
Question: How do you plan to increase the demand for tokens in the crypto space? @nichiao
Creative ways to get as many supporters to participate and get incentives for participating is important. Thats why we introduce staking and inflation model.
Question: What payments gateway will be available in your marketplace, Do you accept payments by VISA/MasterCard and cryptocurrencies? @Nickkiii.
We will have abstract layers for Marketplace D-App to pay with credit card or Paypal etc… but have fiat converted to VERA in the backend. It is a must to enable adoption.
Question: There are 4 core issues prevalent in crypto and blockchain: Excessive Volatility, Security, Scalability and Interoperability. How do you plan to overcome these issues? @Sangkaima
Volatility can be combated with an inflationary and staking model.
If there is no good utility of token people want to just speculate and trade it making it more volatile. If many people stake or hold it instead of trading it, then its less volatile.
Our decentralized business model is used to ensure security in the network to prevent or decrease motivation to cheat. NFC tag systems also are proven secure for commercial IoT applications.
Scalability is not a problem we need to solve, that is for layer 1 blockchains. Vera can be compatible with any layer 1 blockchain.
Question : ⭐️ What is the meaning of “VERA” ? Why do you chose that name? And Why the LOGO that represents you is the Omega symbol?
⭐️ Why do you chose Omni as Network base to create your P2P commerce enviroment? And not other Network? @Tony253210
Vera in Latin means TRUE. Oracle tells the TRUTH.
See this image. Our network of Verifiers supported by Delegators… ENABLES 2 strangers (buyer and seller) to lend or do a transaction. Thats what inspired the LOGO. :)
Also it is similar to the Libra astrology symbol… Libra stands for BALANCE and FAIRNESS .We dont believe any oracle can be PERFECT or GENERAL USE , In software, solutions are optimized for different use cases General purpose oracles fail because you must sacrifice one thing for another.
So we focus specifically on DeFi and Decomm related use cases and our oracle is more balanced for these use cases.
Question : VERA PROTOCOL Open Marketplace does not charge you any fee for buying goods and services. Where does VERA PROTOCOL get dividends then? What is your way of financing this technology? @FFdior
There are fees because oracles will charge a fee to do their job so D-App must pay that fee which comes from the buyer. .Amazon charges 30%. I think we can be much less.
Question: How do you plan to promote about your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project? @Sangkaima
VIC community and many other blockchain partners in vietnam will help!
Question: Is your aim to become the number one (leader) in the decentralized privacy platform ? and if so what will you say is your biggest strength to achieve it? @CSNDer
No we aren’t focused on solving privacy. We focus to be the #1 decentralized oracle platform for Defi and decomm.
Questions : What are the benefits to any decentralized application project using #VERA core technology? @Soleh2000
First decentralized iot oracle chainlink v3.0 defi/decomm v3.
Question : Blockchain has many Disadvantages as well, how does VERA plan to merge Blockchain as well as existing Technology to make it more Secure? @armahes
We are using NFC technology which is not related to blockchain but shows how proven tech from today can be merged with blockchain.
Question : When will users stop being afraid to use IoT? What does VERA PROTOCOLe do to the mass adoption for it? When will be the mass distribution of VERA PROTOCOLe marketplace? @CSNDer
If Vera powers even ONE D-App that can sell ONE type of product (i.e. beauty) — the same product sold on Amazon 5x cheaper and with 2x less fees. Then we don’t need to worry about lack of adoption. Let’s first get the protocol built first with everyone’s support! Then afterward, we work on the D-App~
I think I answered most of the questions.
Thank you Denis_lam for your time in AMA today with VIC Group
Thank you to everyone joining AMA today.
👉VERA Protocol information