On Sept 11th 2020, CEO Vera Protocol Denis Lam joined a live Ask Me Anything (AMA) session in Forum Crypto Moonlight Indonesia.
The AMA had 3 Segment which are the following:
- Twitter Questions
- Free Asking
SESSION INTRODUCTION PROJECTS
MOD: Q1: Can you tell us a little bit about your background and what your role is in Vera Protocol?
Mr. Denis: My name is Denis and I am one of the Founders of Vera Protocol. I have been a coder since age 6 and started my first internet business at age 14. I have an Engineering degree at University of California Berkeley and I have over 10 years of experience as an entrepreneur and full-stack product engineer for startups and Fortune 500 companies. My passion is using cutting-edge technologies to disrupt the status quo and impact lives. I look forward to work closely with Vera’s engineering team to speed up the adoption of our technology in real-world use cases.
MOD: Q2. What is Vera Protocol and how does it work?
Mr. Denis: The quick simple explanation:
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. We are focusing on applying Vera to DeFi and DeComm (Decentralized Commerce) use cases.
The quick technical explanation:
Vera Protocol will the world’s first decentralized oracle network powered by mobile and IoT devices to enable real-world DeFi and DeComm use cases with physical goods or assets. You can also say Vera enables DeFi 3.0 as it powers DeFi with decentralized oracles and extends use cases to cyberphysical systems.
MOD: Q3. What is the name of the token from Vera Protocol? How much supply is available? Can you tell us where the token will be allocated? And is the token ready to trade?
Mr. Denis: VERA token. 10 billion supply. Up to 55% will be available for the public network ecosystem participants. Inflationary model is used where 7% to 20% of VERA tokens will be rewarded to stakers that power the network.
MOD: Q4. Vera protocol is one of the defi coins. Lately a lot of defi coins have sprung up, my question is what is the advantage of Vera Protocol over other DeFi coins?
Mr. Denis: DeFi is powered by oracles because smart contracts can’t get data not on the blockchain. Current oracle projects are centralized and insecure and focus mainly on obtaining digital data. Lack of current projects focused on obtaining real-world data sources (i.e. IoT). Vera Protocol will focus on this area which enables many use cases the other projects cannot do.
MOD: Q5. What services does Vera Protocol provide? What are the main advantages that are highlighted there?
Mr. Denis: Vera Protocol enables new DeFi and Decomm business models. Participants that stake tokens can earn VERA tokens for helping buyers and sellers transact or do business with each other with physical assets.
SESSION QUESTION FROM TWITTER
MOD: Q1. From @TOgaretta
What is Vera Protocol biggest challenge in blockchain future? And how will you handle it? How important is community support for the Vera Protocol l project? And how do you plan to build a large community and develop Blockchain?
Mr. Denis: Vera Protocol’s biggest challenge in the future will be to enable real-world business use cases and show our decentralized solutions is more cost-effective or advantageous than current centralized solutions. DeFi is still an emerging industry but recently it has surpassed $1 billion dollars market size which shows increasing demand for experimenting with decentralized business models. Therefore, we are confident that Vera’s contributions will be beneficial for continuing the R&D and expansion of this market.
Vera has many features that reward community participation and network effect such as our inflationary model and generous reward incentives for stakers to provide network services for the Vera Network in the form of a Verifiers and Delegators.
MOD: Q2. From @kumarperx
There are 5 common core issues in technology today which is: scalability, security, interoperability, speed and privacy. So How does Vera Protocol tackle these problems?
Mr. Denis: Vera’s decentralized oracle network is a layer 2 or 3 solution so we will not be focused on solving the issue of scalability which is reserved for layer 1 blockchain projects. For any blockchain solution, it is impossible to have a perfect score on all of the other 4 core issues. Focusing on one pillar means sacrificing another. This is also called the blockchain quadrilemma. Vera’s experienced engineering team understands that rarely does any general-purpose solution exists that can solve every problem in a business use case. For example, the security tolerance for a smart contract governing a $500 insurance policy will be much different than one that governs one that pays out $20 million. Unlike other decentralized oracle projects, Vera focuses on specific use cases within DeFi and DeComm that involves the transaction of lower-cost physical assets.
MOD: Q3. From @maharanigis
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?
Mr. Denis: Vera Verifiers (i.e. oracle) obtain real-world data via NFC tags and mobile devices and submits this data to an on-chain datastore. D-Apps can access this data via API and get data requests are handled by the service manager.
decentralized oracle solutions are not really decentralized and are slow and expensive, requiring multiple blockchain transactions (e.g. more gas).
Vera’s on-chain oracle system is fast and low cost, requiring only a single blockchain transaction and little to no data query delays.
DeFi stands for decentralized finance, which refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on blockchain that allows strangers to do financial transactions without needing to trust a centralized intermediary such as a bank.
Many DeFi smart contract use cases requires data that is not yet on the blockchain. Vera solves this problem by allowing trusted real-world data sent to these smart contracts. Imagine a DeFi smart contract that allows 2 parties to lend physical commodities or collectibles to each other. The identity and real-time condition of these physical assets and items can be sent to the smart contract via Vera.
MOD: Q4. From @rich_hardx
As a Decentralized P2P Commerce Protocol, What types of payments will be available in the Vera Protocol, whether using credit card or cryptocurrencies?
Mr. Denis: D-Apps built on top of Vera Protocol can accept payment using credit cards or any other cryptos via an abstract layer. These currencies can all be converted to Vera to reward the Vera network’s stakeholders.
MOD: Q5. From @Aflh88
Tokens of projects plummeted prices, causing a lot of loss for investors. With $VERA token, what will you do to make your project stable and bring the highest return to investors in the long run? What are the real strengths of the project?
Mr. Denis: Projects are more volatile if they do not have built in mechanisms to incentivize token holders or network participants to stake tokens. Vera designed many features to solve this problem. Some of these features are:
1) Inflationary model to reward token holders and stakers as interest
2) Incentivize public staking by being a Vera Verifier or Delegator
SESSION FREE ASKING
Q1 From @HeRmAwAnTrAdEr: Is your aim, to become the number one (leader) in the decentralized peer-to-peer exchange platform ? and if so what will you say is your biggest strength to achieve it?
Mr. Denis: We aim to be the #1 decentralized oracle platform for physical assets in DeFi and DeComm.
Q2 From @krazypinky: All project’s coins have their main Utilities & real-life use! So, Can you tell us what are the main role of your coin in your ecosystem? Explain its Utilities & Real-Life usecases? and Why should i invest in your coin for long term?
Mr. Denis: Any use case requiring oracles in DeFi and DeComm. Examples:
A smart contract want to know data about something in the real world:
- sensor data
Q3 From @Brucedt: How many partners currently have trusted #Vera Protocol technology and what benefits do these partners bring to #Vera Protocol and vice versa?
Mr. Denis: Vera is in development but we have existing customers or marketplaces with millions of users that pledged to consider building D-Apps with Vera.
Q4 From @alpulusoy: What are the solutions for $VERA once the extreme volatility hits in crypto market how do you protect your investors?
Mr. Denis: Staking incentives. Inflationary model.
Q5 From @RoZerius: Can you list 1-3 killer features of VERA Protocol that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
1. Decentralized Oracles
- On-chain datastore – only 1 blockchain tx needed (cheaper, faster, less gas)
- IoT connectivity
We are DeFi or Chainlink v3
- OfficialWebsite : https://veraprotocol.org/
- Medium : https://medium.com/veraprotocol
- Twitter : https://twitter.com/veraprotocol
- Telegram Group : https://t.me/veraprotocol
- Telegram Channel : https://t.me/veraprotocol_channel