Mr Bụt
Today we will have an AMA with AVALANCHE with Guest Wilson Wu — Head of Avalanche Asia.
@WilsonWu Are you ready ?
The Group will be Muted now so that the AMA is started!!!!
Our AMA today consists of 3 parts
👉 Part 1 : Basic Introduction of AVALANCHE and Wilson Wu — Head of Avalanche Asia.
👉Part 2: Guest Wilson Wu — Head of Avalanche Asia will answer community questions.
👉Part 3: All members can ask anything directly about AVALANCHE
We’ll start with the first part : Basic Introduction of AVALANCHE and Wilson Wu — Head of Avalanche Asia.
Mr.Wilson
Hello everyone, nice to meet you guys here. Very glad to share some idea about Avalanche.
First of all, I’d like to introduce that why we named Avalanche. As a new protocol based on random sampling and metastable decision-making, Avalanche protocol realizes the combination of classic consensus and Satoshi consensus.
In the process of verifying information, it does not need to compare with the whole network nodes, as long as the majority of N nodes are randomly selected, and then the nodes of the whole network repeat this process all the time.
This kind of verification form between nodes, like snowball rolling on the mountain, will roll bigger and faster, so it has more scale, security and high speed on the basis of decentralized network. The whole process just act like avalanche.
Meanwhile, base on this kind of new consensus, we gain higher TPS which can reach 4500, we have the most nodes in the world, beyond every project, and we have 3 chains to work together — X chain, P chain and C chain.
So you may be curious, what kind of team can develop such a project?
Our founder Emin Gün Sirer is Professor of computer science at Cornell University.
In 2003, Emin Gün Sirer released the karma system, which is also the first cryptocurrency system in the world to make distributed coins based on workload proof. As a matter of fact, Emin Gün Sirer is one of the few encryption experts who have found problems in the bitcoin consensus mechanism.
For this reason, he has written a special paper, major is not enough, Bitcoin mining is vulnerable, which describes the selfish mining attack, and proposes bitcoin ng, a bitcoin expansion solution, and bitcoin covenants, a bitcoin security solution.
All these have laid a solid foundation for Emin Gün Sire to build Avalanche protocol.
Our CTO Ted Yin is a PhD student at Cornell University and a consensus architect at Facebook Libra.
Our CEO John Wu is from Wall Street. He used to work for Tiger Securities. Later, he started his own business and got the investment of Blackstone fund. He is a very senior manager in finance
Mr Bụt
Thanks for the brief introduction about the project as well as the guests themselves.
We’ll continue with Part II of the AMA with the questions gathered from the pre-AMA form, you’re ready to answer them.
👉Part 2: Guest Wilson Wu — Head of Avalanche Asia will answer community questions from to form
First question: Please explain in detail what AVALANCHE is about ? @WilsonWu
Mr.Wilson
If Avalanche is defined by the criteria of blockchain world, you can understand that we are a public chain. But blockchain will eventually enter the mainstream Internet world, so if we hold the overall view, I would like to define it as Consensus 3.0
As I just introduced, avalanche protocol designed and developed a new consensus mechanism that allows us to expand unlimited capacity, have high TPS and the largest number of nodes.
Our vision is to become an enterprise level financial solution, which simply presents complex technologies, enabling the traditional world to use blockchain technology more easily. We have now worked with the Turkish government and the Mexican government, which has decided to deploy their digital French currency on the basis of the Avalanche . I don’t think any organization can do this across the blockchain industry.
As you can see, almost every week we have new ecological partners to work with us, like Chainlink, Sushi, Daomaker…
Here is the current picture of the avalanche ecosystem
Mr.Bụt
Thank you for the great answer from the guest, we will continue with the second question: How did the idea of AVALANCHE come about?
@WilsonWu
Mr.Wilson
You ask to the key point of the project, let me explain you more?
It’s actually came from the university lab during professor time in Cornell
professor has been developing blockchain technology platform for long time, and trying to solve problem in the speed + scale space
His PHD students Ted and Kevin were trying to develop this topic with many ideas
So during one semester around two years ago, they came out with this idea on the consensus side as Ted is in deep learning in the consensus direction
Then Kevin is more expert in mathematical direction
So based on Ted’s consensus design, Kevin tested out in mathematical logic. And it works
So it can encourage them to deliver something solid, fast, and able to transact in large volume, type of blockchain to the real world
So the way the consensus work it’s like the nature way of Avalanche which represent the falling of snow blocks (represent large transaction), but in very short of time (represent speed), then professor decided to bring it to commercial, as a result you now see this project, AVAX!
Over
Mr.Bụt
Thanks for the detailed answers that help people understand more about the project, we’ll go on to question 3 : I think a good project is one that will be of great help to the user. So what differentiated features does the team offer as a solution for users to stay and stick with the project? @WilsonWu
Mr.Wilson
The economic model design of avalanche network is very delicate. We combine the avalanche consensus with POS, which means that avalanche will not consume as much energy as pow. The difference between avalanche and other POS platforms is that anyone can run their own nodes on Avalanche (running a node requires at least 2000 avax).
Of course, we also support the proxy node, so as to realize the small holder. We don’t need to operate a node by ourselves, but we can get the stacking revenue through the proxy node. At present, the revenue of stacking is about 10%.
Avalanche mainly encourages people to hold avax for a long time through POS. Half of the total network (360m avax) will be used as a pledge reward for the whole network. Now 71% of the token in circulation has joined our stacking system.
The longer the pledge time is, the higher the reward will be. But the running node users must ensure that the running time of the node is at least more than 60% of the online time.
Apart from the reward, the key advantage of the platform is at its core consensus. It delivers high speed, super decentralize, able to scale to transact very large transaction. Eventually going to bring a lot of projects to the platform as ecosystem to enrich
Which will eventually drive up the demand of the token
It’s just like oil, there is only limited amount of oil in the world, the more car wants to drive in the platform, the mode demand in oil, the better utility of this AVAX token
Over
Mr Bụt
Through this answer I understand why the $ AVAX price has increased dramatically in recent times thanks to the response from the new client to help me understand what the project is doing and solve it.
We will continue with question 4 : What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any upcoming Updates? @WilsonWu
Mr.Wilson
Our market value has reached the top 20. At present, the volume of blockchain is still too small. We should take a long-term view and see how much valuation can be achieved on the day when blockchain technology and traditional finance are really connected
The mission of avalanche is to build a financial Internet system on the blockchain. From last year to this year, we have seen the rapid development and development potential of defi. Therefore, our goal in the next 1–2 years is to build a more perfect financial Internet Ecosystem on avalanche through our technology platform.
Avalanche is connected with Ethereum through a two-way “bridge”. AEB (Avalanche-Ethereym bridge) Yes, we have already gained a leading edge in the first step of the project, enabling the assets of avalanche and Ethereum to be connected.
Tusd’s entry has provided a stable currency infrastructure in the ecosystem. The DEX platform pangolin will soon be available. A more efficient AMM system will enable it. BZX will also provide leverage trading and lending services on avalanche. More ecological partners can be found in this website: https://www.avax-projects.com/ .
In our ecology, we will support more valuable projects, including providing technology, community and financial support. There are many interesting innovative products, such as low mortgage lending and decentralized options, which will be highly innovative on the chain financial products.
We encourage developers to create a more efficient and efficient infrastructure and service platform through the development of more efficient products.
Over
Mr.Bụt
Yes, thanks for the answer. We’ll continue with the final question that ends in Part II , last question : My question also related to demand, which is important for investors. How will demand of #AVALANCHE token increase in the future? What should you do to increase #AVALANCHE demand?
What is the Usecase Of AVALANCHE In Your Ecosystem? How can Holders & Investors Generate Rewards Using your Platform?
@WilsonWu#AVALANCHE token increase in the future? What should you do to increase #AVALANCHE demand?
What is the Usecase Of AVALANCHE In Your Ecosystem? How can Holders & Investors Generate Rewards Using your Platform?
Mr.Wilson
That’s a good question, why there’s so many projects chose Avalanche to cooperate with? Because of our high performance, high TPS is the common demand of all projects, at the same time, we have not given up the attribute of decentralization at all.
As I said just now, users and investors can run your own node to gain some rewards and involved in our development.
To increase the demand of the platform came from two direction. 1) the platform is in good performance which attracts users, cheaper and faster ; 2) we support quality project and encourage more developers to develop on the platform
You can image like two hand phone, 1 is a lower end hand phone with low performance, another one it’s like the latest IPhone with high performance, but even cheaper , which one user will choose? So eventually we gain demand from our fundamental high performance technology
Over
Mr Bụt
Thanks for everyone’s answers and questions. We will continue to Part III of the AMA
👉Part 3: All members can ask anything directly about AVALANCHE
The group will be unmuted within 2 minutes for everyone to ask questions
Everyone , Are you ready ????
Question : COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?
Mr.Wilson
Let me answer the last one first
COVID never slows down blockchain projects as we are pretty much decentralized and very comfortable in working from everywhere
So you can see we launch our mainnet and achieved our public sales very positively last year
Mostly on track with the roadmap, some outperformed especially on ecosystem building, you can see around 100 projects already connected to avalanche .
Over , and I will choose next one
Question : Now that technology is changing every second, are you afraid that in the future AVAX will lag behind new projects with newer technologies? Do you have a plan for this?
Mr.Wilson
Afraid never make you stronger in the market jungle, you have to continue improve in technology and building ecosystem
Remember we are in advantage of our consensus, which is much more advanced compare to other technology.
Just like computer chips, if you are compare single core chip to us, we are like multi core chips. Which runs like a V16 engine of a car. Which lead us in the market in performance
Over
Question : How do you think with Asia market? Does your team have any plan approach INDONESIA which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
Mr.Wilson
Bach Tuyet 🍎, [25.03.21 20:49]
How do you think with Asia market? Does your team have any plan approach INDONESIA which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
Mr.Wilson
Asia is a huge market for crypto, there are more traders in the markets, as well as many project developers
In order to build a more healthy market, we need to balance on the developers and users. It’s just like a only AppStore or e-commerce shopping website, you need more goods as well as many shoppers
So you can see since Jan 2021, we start putting more effort into Asia, include China, korea, Indonesia, and of course Vietnam market.
We will continue to input more info into asia region. Give you more localized info, to update you, and encourage you to participate in a much easy way
So if you have any interest or feedback, feel free to contact the group manager, we will take our best effort to support.
And if you have more friends are interested in blockchain and crypto, make sure to bring them to our regional community groups
Over
Question : DEFI and dAPPS are mostly trending presently, What are your opinions with these two ?Does AVAX has any contributions to make in the DEFI space ?
Mr.Wilson
Defi definitely is our key play
I tell you why it’s our Advantage, you have to take a deeper look into our ecosystem
Recently there are a large number of dex platform joined out platform including sushi
If you take a deeper thinking of Why? Is that they are trading platforms. When they are trading on ETH, the speed is slow, and expensive
Comparatively, running on AVAX is much faster, and cheaper. Which is they key demand of Dex, which is why DEFI players will enjoy to deploy their Dapp into our platform
Over
Mr.Bụt
Thank you, guest @WilsonWu for taking the time to join us today
Any information people can join groups and channels to update or have questions. Thank you everyone
Mr.Wilson
Thanks very much for hosting
Any information people can join groups and channels to update or have questions. Thank you everyone
Feel free to join our community
And to grow together with AVAX
Mr.Bụt
AMA END!!!!!