We held a Twitter AMA with Smart Crypto on Tuesday, July 7, and it went really well!
CEO Xiaohan Zhu answered questions for 6 hours (!), and the original tweet garnered 408 Retweets and comments and 197 Likes!
We’ve provided a transcript of the questions below, but you can click here to view the entire Twitter thread with the questions and answers.
AMA Questions and Answers
Q. Security is top priority, 51% attacks happen frequently and even to the most known blockchains, can you tell us how does your Meter network public chain prevents such attacks?
51% attack is for pure PoW coins, as the cost for renting hashing power to attack a new pow chain is pretty low. For Meter, transaction and account are protected by PoS consensus. You will need >1/3 of the staked capital to perform the attack, which is much more costly.
Q. Partnerships and community are the keys for success of projects, so in future (Q4.2020) could you tell me how will Meter network expand partnerships and which market Meter network will focus in?
We just announced partnership with chainlink, more to come. Meter is built for decentralized financial applications and will focus on this market.
Q. Scalability is one of the issues plaguing blockchain, how does #Meter solve these issues? Do you have an option for staking in wallets and exchanges given that $MTR has Proof of Stake elements? What use cases is #Meter developing to foster mass adoption?
Yes, you could stake in the Meter Wallet already. We are mainly targeting financial use cases. Meter uses the state of art HotStuff consensus for record keeping on the chain level. It is a few times faster than @tendermint_team and doesn't require strong network synchrony (more resilient to network failures). We also support multiple chains for horizontal scaling.
Q. Do you have any plans to attract non-crypto investors to Meter network, and how? What are the actions to increase awareness around Meter network in non-crypto space?
Yes. Our mobile wallet will focus more on non-crypto users. We are also have partnerships on consumer lending and credit.
Q. What are the advantage for Validators at #METER and what are the requirements to become a validator of #METER?
The requirement for validation is much lower compare to other PoS chains. We expect the minimum qualification point for a validator to be around $1K to $2k worth of tokens in the beginning. The minimum hardware requirement is 2vCPU and 4GB memory.
Q. Regarding technology (e.g. No Collateral Needed, Layer 1 infrastructure, DEFi, etc), how far are Meter network in them at the moment? What is the main focus of Meter network in terms of technology at the moment?
We launched the phase 1 main net on July 4th. Our testnet with full functionalities have been running since last December with more than 100 validators. Decentralized open staking will be live in 3 months.
Q. Can you tell us about the two Coin in your platform which are the Metastable Currency (MTR) and The Governance Token (MTRG)? How do they differ from each other and what are their functions on the Meter network??
$MTR is mined through PoW. It is the currency in the system, used for paying tx fees, gas, storage and etc. $MTRG is the governance token. It is the staking token used for validating transactions and earn fees. You could use $MTR to compete for the newly created $MTRG
Q. What is Meter network main difference from other projects? What advantages does Meter network provide for Dapps developers? Which Dapps do Meter want to focus on developing?
Meter has a built in stable coin $MTR that eliminates all the systematic risks like oracle, counterparty and smart contracts. We are targeting financial related applications.
Q. There is 8 stable coin in the market right now, how the meter is better from all other, why the meter is best, and what problem meter is solving? Where do you see DeFi and Meter in the next 10 years?
All the stablecoins so far are pegged coins actually, especially to the USD. However based on international finance theory. There are only two ways to maintain such pegging at scale. 1. restrict free flow of capital 2. have 100% reserve in USD. Crypto-backed stablecoins like DAI first have capacity issues, only a small portion of the backing assets as collaterals to avoid causing liquidity problems of the backing assets. It also has oracles. If oracles provide wrong data, the entire financial system is subject to fail. 100% reserve have to be centralized solutions and subject to all the regulatory restrictions. At the end of the day, it is the central banks’ job to create such coins.
Q. I read your White paper that quite good & you mentioned that you using consensus design that separates currency creation (Proof of Work) with record keeping (Proof of Stake). It’s quite impressive... Can you guys explain little bit more about this what are some Advantages of that make different & unique from other Chain system?
When you separate the two consensuses you could do things more efficiently and combine the benefits of both world. There is a reason that in the real world miners for gold are different group of persons to bankers and accountants Existing crypto currencies like @Bitcoin and @ethereum mix up currency creation and record keeping, but these are two fundamentally different consensuses. Record keeping can be done efficiently while currency creation is an economic consensus that takes a lot of energy.
Q. I think it's quite unique to have the 'luxury' of a senior research team likes yours in Meter. Not many projects have that. Especially have some professors. Just out of curiosity: Once the early stage has been resolved, what will be your next focus?
The main net has already launched last weekend after 2 years of R&D. The next focus is to push for applications leveraging the Meter infrastructure
Q. As investor I also care about the future price of the Token, can you point out why should I buy and hold $MTRG and $MTR? and what the measures you are doing to increase demands of the Token?
When we open public staking, Meter's economic model will kicks in. We will have daily onchain biding for $MTRG with $MTR. 40% of the auction proceed goes to the validators as rewards, 60% will be retained the system. $MTRG holders will be able to borrow against it. In fact you could have traditional finance models to support value $MTRG $MTR's value consensus will be reached through miners' cost. Each $MTR requires 10kwh in mainstream BTC miners to create. Making them worth around $0.7~1.5
Q. Why Decentralized? Many projects works on centralized basis and work very well, so, what actual need of decentralization in Meter network?
Centralized system faces a lot of regulatory issues and introduce systematic risks. Look at what happens to Facebook Libra. At the end of the day, centralized system will better left to the central banks.
Q. Staking seems to be popular right now on many blockchain projects to encourage investors to hold tokens and make it healthful for the project ecosystem. Does METER support this as well? If yes, what requirement of a Node and a Validator node be? And how does reward base on?
We have been doing public staking with $MTRG since last December. The minimum requirement for validator node is 2 vCPU, 4GB memory and enough hard drive space staking uses $MTRG token, but the reward is distributed in $MTR tokens
Q. I read about its low-volatility. How is #Meter able to maintain stable value / purchasing power? #DeFi apps and platforms are gaining popularity and adoption. How is Meter positioned for DeFi?
To create each $MTR, the amount of electricity the miners have to burn is on average 10kwh. $MTR is a global digital commodity linked to the competitive electricity price, which is more stable in purchasing power than any fiat currencies based on historical data. Miners profit chasing behavior will naturally create a disciplined monetary policy in the system. Meter is designed for DeFi, that is why we have a built in layer 1 stable coin, integrating with @chainlink from the beginning.
Q. From a startup project to a mainstream project, being a pioneer in the industry, do MTR team anticipate that many new startups will show up and compete?
Currently there is no startup directly competing with us due to the level of innovation in economy game design and technical barrier for layer 1. However everything will be open sourced and we welcome competitions. It is what make crypto decentralized after all.
Q. Can you list 1-3 killer features of MTR that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
1. $MTR is completing @Bitcoin 's original vision. It is the first crypto native currency independent of the fiat system, but fundamentally stable in long term purchasing power.
2. It is green to mine with BTC miners, transactions finalize in seconds and fully decentralized
Q. For the success of a project, investors, community and developers play a major role. What is #MTR's strategy to get them involved?
We already have tier 1 investors like @PanteraCapital and @0xDHVC . With our exchange sale and listing, we will attract the trader’s communities as well. For miners, you could see the real time stats at https://wa.8btc.com.
We gave out 100 $MTR to 10 winners who asked the best questions. Congrats to the winners below!
Our next AMA will take place in the Vietnam Blockchain Community's Telegram group on Friday, July 10, 2PM UTC / 9PM Vietnam time. We hope to see you there!
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