On April 28, the "Vitality 2021-Blockchain Ecological Industry Cloud Summit" hosted by Odaily was successfully held. This cloud summit invites blockchain industry leaders, high-quality enterprise representatives, mining industry head guests and top project parties to discuss industry changes, link technology applications, and explore richer imaginations in the encrypted world (Click here to access video playback）。
Polkadot and the Web3.0 ecology are undoubtedly one of the hottest topics in the past year. Now the Kusama network’s parachain slot auction is about to enter a new stage, and Web3.0 projects are springing up like mushrooms. How will the ecology develop in the future? What is the opinion of the projects in the ecology on the auction?
The following is the specific content:
The following is the specific content:
Stewart (moderator):Hello everyone, I am Stewart from First Class. We are an institution specializing in independent research and investment. It is a pleasure to host this roundtable today. The theme this time is "Web3.0 Ecosystem Ready to Go", and we have invited some well-known Polkadot ecological projects. Guests can briefly introduce themselves and the projects that your team is working on.
Derek（Moonbeam）：Thanks for the invitation. I am Derek Yoo from Moonbeam. Moonbeam is a Polkadot-based smart contract parachain. With the compatibility between Ethereum and Parity’s Substrate framework, Moonbeam may become a platform to help Polkadot attract smart contract developers in the future. important force.
YuZhu（Acala）： Hello everyone, my name is YuZhu. I participated in the creation of PolkaWallet in 2018. I met the Acala team at the end of 2019 and have been working together since then. Currently, I am mainly responsible for Acala's domestic market and operations. Acala is Polkadot's DeFi center, which will bring a series of financial products to the Polkadot ecosystem, such as lending, decentralized exchanges, liquidity release derivatives, etc. In addition, Acala will also provide smart contracts to facilitate The developer deploys the project to the Acala project with minimal modification, and all our products have been developed.
Victor Ji（Manta）：Hello everyone, I am the person in charge of Manta in China and the CSO of the project. I have been in contact with cryptocurrency since 15 years ago. I have participated in the liquidity provision and trading of many DeFi projects, but every time I transfer money, I worry about my asset information being exposed. Last year, after graduating from Harvard Kennedy School, I founded it with the local Algorand technology master in Boston and my classmates from the Massachusetts Institute of Technology. With Manta, we hope to solve a series of problems of DeFi privacy.
Manta Network is a plug-and-play privacy-preserving parachain designed to provide privacy services for the entire DeFi network. Manta Network is built on Polkadot as a parallel chain to ensure interoperability, and based on zkSNARKs (zero-knowledge proof technology) to ensure privacy. Manta's early products include MantaPay, a private payment, and MantaSwap, a private decentralized exchange. Manta's founding team consists of several cryptocurrency veterans, professors, and academics whose experience includes Harvard, MIT, and Algorand. Manta’s advisors include Hypersphere Ventures co-founder Jack Platts, Polychain partner Tekin Salimi, former Web3 Foundation co-founder Ashley Tyson, and Consensys’ Shuyao Kong. Manta has previously completed a million-dollar seed round financing led by Polychain and participated by Three Arrows Capital, Multicoin, Alameda, and Hypersphere. Manta is also a grant recipient of Polkadot's official Web3 Foundation, a member of the Substrate Builder Program, and a member of the Berkeley University Blockchain Accelerator.
Eric Ma（Deeper）：I am very happy to participate in today's event. I am Eric Ma, CMO of Deeper Network. We were founded in 2018 and headquartered in Silicon Valley, California. We have rich experience in DeFi development. Our team members include network security experts, distributed financial experts, etc. , we also have a sales network all over the world, we have more than 30 employees in North America, mainland China, Taiwan and other regions. Through Deeper Network, we hope to form a large decentralized consensus network.
Earl (TrustBase):Hello everyone, I am Er Er, the head of TrustBase China. TrustBase is a Polkadot-based smart contract parachain. We are developing a Polkadot-native Subscript language, dedicated to developing and linking the blockchain developer community. Developers on other chains such as Ethereum may prefer to use the Solidity language. What the Subscript language wants to do is to allow more projects, developers, and business ideas to land on the Polkadot ecosystem. This is what we are committed to goals achieved.
Q1
Stewart (moderator):Everyone here today is from the top projects in the Polkadot ecosystem. Although the main subdivision tracks are different, there are DeFi, smart contracts, and privacy protection, but it can be said that they are all when the ecology explodes in the future. And essential infrastructure. My first question is, why do you choose to develop based on Polkadot instead of other public chains? We know that there are many new-generation public chains that support EVM, and the ecological development is quite good. Compared with these public chains, what are the unique advantages of Polkadot?
How about we start with Derek Yoo?
Derek Yoo（Moonbeam）：host:
host:I strongly agree that the developer's choice is indeed very important.
Victor Ji（Manta）：In order to raise the value of DeFi to a new level, there are three existing problems that need to be solved: the current DeFi world lacks privacy, throughput and interoperability. In order to solve these problems, we found that the current performance of Ethereum cannot meet expectations, so we chose to build Manta Network on Polkadot, which can expand the DeFi market by providing better convenience and privacy terms.
In order to solve the above problems as effectively as possible, we built Manta on the Polkadot parachain. In order to make transactions efficient and protect privacy, we believe that Polkadot as the infrastructure of Manta satisfies the following three characteristics:
First, Manta needs a fast running environment. Using zkSNARK can ensure the smooth completion of transactions with privacy features on the chain. Although the verification process is relatively fast and cheap in newer zkSNARK schemes such as Groth16, it still consumes a lot of computing resources and has a "taxing" effect on other blockchains. Substrate uses a WASM-based runtime that supports compiling native Rust code to WASM. This makes Substrate more efficient than EVM.
Second, in order to provide the best user experience for Manta's privacy-preserving decentralized exchange and trading functions, we need a fast consensus protocol. We hope to achieve trustlessness through decentralization. Therefore, what we are building is a Layer 1 solution that can take advantage of the advantages of a fast consensus protocol, and Polkadot's GRANDPA consensus protocol is currently one of the fastest consensus protocols on the market at this stage.
Last but not least is interoperability. Polkadot's parachain architecture enables Manta to achieve interoperability. In this way, any parachain assets can interoperate through the Manta interface. Moreover, the current prosperous ecology and various smart contract platforms on Polkadot have brought a very rich digital asset, which has brought huge opportunities for the development of the Manta ecosystem.
Eric Ma（Deeper）：What you said just now was very good.
Regarding why Polkadot was chosen for deployment, we also did a lot of work in Ethereum, and later left Ethereum. Our founders are very familiar with Ethereum and have a lot of experience in the development of the Ethereum chain. From our understanding From the point of view, Polkadot is a better solution.
There are three main reasons for this. One is Substrate, which everyone mentioned earlier; the other is developer support. Polkadot can break some infrastructure restrictions. In addition, from the perspective of interoperability, future development based on Polkadot It will be possible to interact with other ecosystems, such as Serum, Ethereum, etc.; the third point is that from the perspective of the user community, Polkadot has lower Gas fees and faster transaction speeds .
Earl (TrustBase):For TrustBase, we believe that Polkadot is a transportation hub. How to make this hub work requires the construction of underlying tools and infrastructure to support developers. Looking at the world, we don't see so many mature developers and programmers, but if you want to develop under the Substrate framework, you must be proficient in Rust and Ink languages, which is a high threshold for developers. Polkadot needs to continuously attract developers, and needs to open a gap for developers to enter. Subscript realizes this function.
Looking back at Bitcoin, it is the first time that human beings have technically realized the inviolability of private property, which is actually what Bitcoin script and its underlying language design do. Subscript does the same thing. We can use the simple, easy-to-operate, and compatible Polkadot native language to allow more developers to quickly deploy their projects in the Polkadot ecosystem. Business ideas that cannot be realized on the traditional public chain due to high gas fees or too slow a network have landed in the Polkadot ecosystem.
Yuzhu（Acala）：The previous guests have already answered well why Polkadot was chosen for development. Let me answer the second question. The overall diversity and unity of Polkadot is unmatched by other public chains.
The unity of Polkadot lies in the fact that Polkadot can achieve unity through the connection of the parachain and the relay chain, and realize the leap within the ecology. Diversity refers to many excellent projects that are developed based on Substrate. After accessing the parachain in the future, Different projects can communicate directly. In addition to these isomorphic projects, heterogeneous chains such as Bitcoin and Ethereum can also achieve intercommunication through bridging. Its diversity and unity are unmatched by other public chains.
There is still a mutual linkage between Polkadot and the projects in the ecology. If Polkadot is done well, the parachain will be better. If the parachain is well done, Polkadot will be better. This is a kind of complementarity From this point of view, the linkage effect in other ecology is still not as good as Polkadot.
Q2
Stewart (moderator):The parachain slot auction is undoubtedly the hottest topic in the Polkadot ecosystem in the past six months. In the past few months, a lot of testing work has been done on the Rococo network, and some projects here have participated in up. Today, Kusama’s slot auction is finally coming. I would like to ask if everyone here plans to participate in Kusama’s slot auction, or continue to wait for the Polkadot mainnet? How do you see the future value of the Kusama network? Is there any chance to form an independent ecology and value system?
Derek Yoo（Moonbeam）：We do have plans to deploy on Kusama. Our parachain on Polkadot is called Moonbeam, and the parachain on Kusama will be called Moonriver. For Polkadot and Kusama, we will have different deployment strategies, but will use the same coding technology, and various code updates will also be executed on Moonriver first, and then deployed on Polkadot (Moonbeam) after verification .
We believe that deploying on the Kusama and Polkadot mainnets can help us make higher-quality products. We can complete more testing work in the Kusama network environment, which will help improve our development speed and product suitability, so we will definitely consider deploying on the Kusama network.
As for the future direction of development, the decentralized world will inevitably diverge in different directions. Some projects will consider Kusama as their final deployment direction, such as NFT projects. Many projects may take the Kusama ecology as their development goal from the very beginning. There will be many NFT projects in the market participating in the Kusama ecosystem, because such projects may not require such a high level of security. But to say whether to choose the Polkadot mainnet or Kusama, I think it still depends on the future development direction of the project. The existence of the Kusama network gives project parties and developers more room for choice.
Victor Ji（Manta）：Manta is supposed to participate in slot auctions for both Kusama and Polkadot chains. In terms of specific forms, Manta may be on different chains in the form of two tokens. I think Kusama has developed into an independent ecology, and it may go online earlier. We expect to launch privacy payment products on Kusama first, and wait until After the completion of our Privacy Swap, we will upgrade Kusama's parachain and participate in Polkadot's parachain. By the way, the parallel chain of Manta on Kusama is called Kalamari, the token name is KMA, and both Manta and Manta belong to marine life.
Eric Ma（Deeper）：host:
host:Haha, I especially like your "wild cousin" phrase.
Earl (TrustBase):First, let me talk about my views on Kusama. From a project perspective, TrustBase is fully experimental, preparatory, and exploratory. We are very similar to Kusama in terms of these features. Regardless of Gavin's attitude or Kusama's recent actions, we don't think Kusama is just a test network. In the later stage, the network will definitely innovate the front line of Polkadot innovation. This is what we have always said to Kusama view, so we had high hopes for Kusama.
We will bid on the first slot of Kusama, of course, it doesn't matter what number, the most important thing is the first slot, so we will definitely bid hard. Since we are optimistic about Kusama and its later development and continuity, we will organically combine Kusama’s auction with TrustBase’s validator nodes. Supported by TrustBase, you can also join our validator node through the official website of TrustBase. At present, you can pledge KSM for non-destructive pledge. A pledge of KSM is approximately equal to 800 TBE currency rights, and you will also get 50%-133% annualized. We At present, it has been verified that the figure is about 120%, which is a point where TrustBase and Kusama can be organically combined.
host:
host:I agree with you, Kusama is not only Polkadot’s testnet, but a frontier space where all developers can experiment and try new ways.
Yuzhu（Acala）：Everyone has already talked about the unique value of the Kusama network, which is why Acala also has a parachain Karura for the network. Acala's name comes from a Buddhist culture, which means "Fudo Mingwang", and its implication includes peace. We hope that Acala will bring users safe and stable products.
For Kusama, Karura is Kusama's DeFi ecological center, and Acala runs the same set of codes, but the assets served are different. In the future, Karura will provide a series of financial products for the Kusama ecosystem, including Swap products similar to Uniswap, and derivative token products for liquidity release scenarios.
As for the slot auction, Karura is bound to compete for the first slot on Kusama.
Stewart (moderator):This is the first time I have learned about the origin of the name Acala. It is very interesting. Thank you for your answers.
Q3
Stewart (moderator):The next question is still related to the parachain slot auction. The design of the parachain slot auction allows the project party to borrow from the outside through the form of crowd loan (Crowdloan), that is, through a series of incentives to attract others to spend more DOT (KSM) votes for itself, which is also an opportunity for external investors to participate in the auction. I would like to ask everyone here, is there any specific plan for the auction? What slot do you plan to shoot? How long do you plan to rent? Can you tell us a little bit about the Crowdloan incentive plan that everyone is most concerned about? I think fans of your various projects will be curious to know these details.
Eric just answered that he will not consider bidding for the time being, so you can skip this question here.
Victor Ji（Manta）：Generally speaking, users can participate in parachain auctions through on-chain Crowdloan and centralized exchange hosting. For any user who supports the Manta parachain, we will give corresponding Manta token rewards. At present, there is a lot of support for Manta in the community, and the period of support is very long, so we will choose the card slot with the longest period for lease , In addition, investment institutions that support Manta, such as Polychain, Three Arrows Capital, Alameda, etc., have not invested in many Polkadot ecological projects, but they are also the main holders of Polkadot and will also support us. We expect that the user rewards for participating in parachain incentives will exceed those of staking Polkadot. And we are also actively communicating with centralized exchanges and decentralized pledge services like Bifrost, hoping to release the DOT liquidity pledged by card slot auctions for open market transactions. At present, we expect to use up to 10% of Manta tokens to incentivize Polkadot slot auctions, and 30% of KMA tokens to incentivize slot auctions in Kusama.
Earl (TrustBase):As I mentioned earlier about the slot auction, in addition to crowdfunding, everyone also participates through the official website of TrustBase. Now we have started the recruitment of validator nodes. Originally, the work of validator nodes required users to master relevant node technical operations and server support knowledge, but now as long as users pledge 500-800 KSM, they can become validator nodes. There are some ranking-related rules, and you can pay attention to our official information channels for specific details.
Yuzhu（Acala）：Karura will definitely participate in Kusama's auction. Karura's Token is KAR, and the fixed total amount is 100 million. We expect to give 11% of the total amount to participants who support Karura's auction.
Karura promised that in the future, when the Kusama parachain slot auction starts, each locked KSM will get at least 12 KAR, and 30% of the obtained KAR incentives will be released directly, and the remaining 70% will be released linearly. mode release until the end of the parachain lease period. As for the cycle, the bidding cycle of Karura plan is 1 year. It is worth mentioning that we have a referral reward mechanism for auctions. When users support Karura auctions, if a referral relationship is involved in the process, both the referrer and the referee will have an additional 5% KAR reward.
Q4
Stewart (moderator):Next, let's talk about the last question. This topic may not be so easy for you. Regarding the Polkadot ecology, there are actually some controversial voices from the outside. We chatted with some skeptical users. Some users think that since the Polkadot mainnet has not officially launched the auction, in a certain sense it can be said that the entire Polkadot ecosystem has not yet officially started. Although many projects It is known as the Polkadot ecosystem, but its contracts and tokens can only be placed on other networks (especially Ethereum) for the time being. Does this mean that Polkadot is behind in construction progress? In addition, even if the auction can be launched soon, the speed at which projects can access the Polkadot network in the future will be limited by the slot opening speed, which may hinder the rapid expansion of the ecology. What do you guys think about these controversies?
Earl (TrustBase):I think the suspicion of the community is that they do not understand the framework of Web3.0 at all. The primary problem that Web3.0 needs to solve is how to realize the complete decentralization of data. I think Substrate can perfectly solve this problem. This framework gives blockchain Scalability, special chain specificity, interoperability, etc.
host:
host:Thank you Er Er very much. Er Er mentioned that Substrate is a very good technical framework. Technology development takes time, and the community also needs more patience.
Yuzhu（Acala）：Regarding this issue, what I want to say is that "good things take time". It has been a year and a half since the Acala project was established. We had the opportunity to issue an ERC-20 token at the beginning of last year, but we did not do so, because when your After the Token has been distributed through the ERC-20 method, in fact, this will form two completely different systems, which will require a very large migration cost. In addition, considering that once the project has a premium, it will have a certain impact on the development and development of the team, so we chose not to issue ERC-20 tokens too early at that time.
Derek（Moonbeam）：host:
host:So the whole community should have more patience.
Victor Ji（Manta）：There are several problems here. First, the quality of the Polkadot ecology is indeed uneven. Many projects that no one cares about in 18 and 19 years have turned into popular projects through the so-called access to the Polkadot ecology. I think that the parallel chain card slot is only the first step in the future development of Polkadot and Manta. It is more about making Polkadot and Polkadot through Manta privacy protocol, Moonbeam smart contract platform, Acala DeFi one-stop solution, etc. The goal to pursue in the future is to develop together with the projects that are really just needed on the card. The value of Polkadot is ultimately in the hands of all DOT holders. How do DOT token holders use their DOTs to determine which projects have real long-term value and demand to obtain parachains. If you just follow the market heat, it is easy to cause the value of Polkadot to deviate from expectations in the short term because of supporting these hot projects. This is also the current dilemma. The solution to the problem lies in the hands of all DOT holders. The core is to invest less in altcoins, focus on valuable projects, and have stronger judgment.
In addition, the development of Polkadot still needs time. This is in line with the expectations of our technical team. It is not that Polkadot is behind in progress, and market expectations are irrational. The development of a new technology needs to be based on a yearly cycle, but the currency circle takes the sky cycle, which is the root of the contradiction. For Manta, we have already started to access Recoco, and launched the first crowdloan. Due to the sufficient communication with some earlier Polkadot projects, and the parity official also has a lot of support, we are not currently No major problems have been encountered, and we look forward to the launch of the testnet deployed on Manta in the near future. But at the same time, we are also using Substrate to develop our own chain for early product landing and application to ensure the advancement of the technical part.
Eric Ma（Deeper）：As far as I know, the development of Polkadot has not slowed down or slowed down. Projects take time to polish, which can take years, so even some delays are not a bad thing and are acceptable.
Stewart (moderator):Thank you, time is of the essence, today's roundtable discussion is coming to an end, thank you very much for your participation, let's see you in the future.
