We hosted a joint AMA with our friends at the DOS Network on July 10. Participants learned about what both Meter and DOS are all about, our recent mainnet launches, and much more!

The AMA was hosted by yours truly, and guests included Xiaohan Zhu, the CEO of Meter, and Jerry, the Community Lead of DOS.

Here is the full transcript. Enjoy!

Introductory Questions

Mike|The Host:

Hi everyone, welcome to the AMA with DOS Network and Meter! I'm Mike from Meter and I'll be your host. We're looking forward to a great conversation, and thanks for having us!

Our guests are @DOSJerry, which of course all of you know as Community Manager of DOS Network, and @xiaohanzhu, CEO of Meter.

Jerry|DOS Community Lead:

Hello everyone, I am Jerry from DOS Network!

Mike|The Host:

We'll start by having Jerry and Xiaohan introduce their projects, and I'll ask them a couple of questions. Then we'll unmute the group and open it up for your questions.Make sure you ask great questions, because we'll be giving away 100 $MTR and 100 $DOS to the best ones!

Xiaohan|Meter.io CEO:

Hi Everyone, this is Xiaohan from Meter.  It is great to come to the DOS community😀

Mike|The Host:

Welcome Xiaohan. Why don't we start by introducing the projects. @DOSJerry , please provide an overview of DOS Network.

Jerry|DOS Community Lead:

DOS Network is a scalable layer 2 decentralized oracle network that offers real-time data feeds and verifiable computation power to mainstream blockchains. It connects on-chain smart contracts and Ðapps with off-chain data sources and unlimited computation power, enabling smart contracts with more real world use cases.

Mike|The Host:

Thanks for that overview, Jerry. @Xiaohanzhu, please describe what you're building at Meter.

Xiaohan|Meter.io CEO:

Meter is a DeFi infrastructure with a Built-in PoW based low volatility coin.  It is fully-decentralized, permissionless, low-volatility cryptocurrency that eliminates counterparty, regulatory, and oracle risks typically found with crypto- and fiat-backed coins.

Meter employs a unique hybrid consensus protocol that separates currency creation from record keeping.

The system uses Proof of Work to create the MTR low volatility coin, making it as decentralized and secure as Bitcoin. HotStuff consensus based Proof of Stake is used to manage the ledger; validators who hold Meter’s governance token, MTRG, approve transactions.

This hybrid consensus mechanism makes Meter fast – the system can process thousands of transactions per second, reaching finality in seconds – and super secure.

Meter also functions as a Layer 2 sidechain for other public blockchains to allow value interaction among different crypto assets.

Yes we have two coins. MTR is uncensorable, sound, stable money. MTRG is the governance coin in the system similar to MKR and COMP, but with more functionalities and deeply integrated into the system’s consensus process .

We just launched our mainnet on July 4th and will be running an IEO on gate.io on July 15th  https://gate.io/startup/51

Mike|The Host:

Thanks for the intros! OK, let's get into some starting questions. @xiaohanzhu, what are Meter's goals overall, and in DeFi specifically?

Jerry|DOS Community Lead:

Cool! By the way, our mainnet - Caelus launched about 30 mins ago. https://medium.com/dos-network/dos-network-caelus-mainnet-has-officially-launched-e7e6c816bcae

Mike|The Host:

Wow,That’s huge news,Congrats!

Jerry|DOS Community Lead:

Sorry for interrupting, it's Xiaohan's time now

Mike|The Host:

ha, no worries, thanks for announcing that important news, I'm sure you'll get a bunch of questions about it when we unmute. Be prepared for that!

Mike|The Host:

OK Xiaohan, what are Meter's goals overall, and in DeFi specifically?

Xiaohan|Meter.io CEO:

Meter’s goal is to realize Satoshi’s original mission create a sound money independent of the fiat system, but long term stable in purchasing power.  In addition, we would like to address the scaling issue in cryptocurrencies.  Because money is the foundation of building any financial system.  We create Meter as a base layer infrastructure to support the need of DeFi.  1. layer 1 level security 2. Instant high performance transactions 3. compatible with the exising ETH DeFi applications

Mike|The Host:

Nice,Very lofty goals!

Jerry, same question for DOS - what are your goals overall and specifically for the DeFi sector?

Jerry|DOS Community Lead:

The overall purpose of DOS is to be the most stable, decentralized and precise oracle, contributes to the growth of Defi, and brings more assets to the decentralized world.

We know that most Defi protocols require real-time information about the market price of the crypto assets and it is necessary for their security as the value (expressed in fiat) of crypto assets is volatile Thus, DeFi protocols introduce oracles, third parties reporting the price of assets from real-world (off-chain) sources.

Mike|The Host:

Yup, very important for DeFi indeed

Jerry, sticking with you - what are the key advantages of DOS Network  over what's currently available on the market?

Jerry|DOS Community Lead:

Sure, this is a very interesting question and thank you for asking!

DOS is the first decentralized oracle that has implemented verifiable random function (VRF) and threshold BLS signature in the live network. By using collectively generated verifiable randomness instead of reputation, nodes are hard to conspire and manipulate the results, existing nodes are also impossible to “bully” newcomers because every node is treated equal.

The usage conforms to the on-demand request-reply pattern. The result as well as the proof are delivered back in the next block (~14s) - the fastest one could achieve in theory. Some existing solutions periodically push data on-chain, but that costs too much and is not durable in the long term, also the data could be pushed is very limited. Instead, on-demand request-reply pattern is cost-efficient, near real-time, and can basically bring whatever data needed to Dapps.

More about new token economics design are in infancy, and once matured it’ll be released to request for comments. We’re closely observing new patterns in DeFi such as liquidity mining, SNX-style token issuing to network participants, etc.

Mike|The Host:

Great answer,Thanks for that info

Liquidity mining is definitely hot right now, so I'm sure many would like to hear what you have in store there.

Xiaohan, what would you say the competitive advantages are that Meter has over what's already out there?

Xiaohan|Meter.io CEO:

All the stablecoins so far are mostly pegged to the USD. 

Basically based on finance theory only USD backed stablecoins could maintain pegging to USD at scale. Unfortunately they will 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.

Crypto-backed stablecoins like DAI first have capacity issues as it could only use a very small portion of the backing assets as collaterals to avoid causing liquidity problems of the backing assets. It also has to rely on oracles. 

Meter is designed to avoid such systematic risks. It gives up strong pegging to USD, but could maintain an economically stable value. Each MTR is created with 10kwh of SHA256 Proof of Work, the same method used by BTC. Miners’ profit chasing behavior will drive the coin to the cost of global competitive electricity price, which is more stable in purchasing power than any fiat in the world. We expect the market price to settle in the 0.7 to 1.5 USD range and will be more than more stable as it grows. Permissionless mining also eliminates counterparty, regulatory, and smart contract risks typically found with crypto- and fiat-backed stablecoins.

It is a new social economic experiment that we would like to invite everyone here to watch and to participate, similar to when BTC was launched.

-Yup, lots of issues with current stablecoins out there. Latest news about Centre (USDC) and Tether blacklisting addresses, no good.

Mike|The Host:

Xiaohan, sticking with you. Meter mainnet recently went live. What's in store for the rest of 2020?

Xiaohan|Meter.io CEO:

Our 1st phase mainnet is permissionless PoW mining.  We are open staking and on chain MTR to MTRG biddings in around 2 to 3 months.  Toward the end of the year, we are enabling EVM and bridges for DeFi application to interact with ETH and other blockchain

Mike|The Host:

Jerry, congrats again on launching mainnet! What are your goals for the rest of the year?

Jerry|DOS Community Lead:

DOS has launched its mainnet today and we will publish more network tools such as explorer, staking dashboard and tutorials. After that we’ll expand the adoption of DOS oracles and bring more participation from the community.

We also plan to experiment new token economics to ensure aligned interests and benefits with token holders, bring more attention and capital to the network, make it more robust and decentralized.

Mike|The Host:

Sounds exciting 

OK, last question before we unmute and open up for member questions.

How can the community members get involved and be a part of your projects? Jerry, let's stick with you.

Jerry|DOS Community Lead:

Yes, there are several ways.

First, every dos token holder could benefit by participating in the token staking.

Second, we will hold several events to motivate the promotion of DOS.

Third, there will be more functionalities like on-chain governance and new token economics for dos token holders in the future.

Mike|The Host:

Got it. Xiaohan, what are the best ways the community can get involved with Meter?

The community is the most important part of the project, we need you to support us and spread the word.  We have an Ambassador program open to community member across the world.  You could also join our testnet as validator and prepare for the coming open staking phase of the network.  Finally you could mine on Meter’s main net for the $MTR mestastable currency and enjoy being the central bank for the world

Mike|The Host:

Sounds powerful!  Thanks for the great answers to the intro questions!

OK community members, get your questions ready, we're going to unmute the group in...

5, 4, 3, 2, 1...Go!

Questions from Community Members

Cado: Will $Dos be listed on new exchanges?

Jerry|DOS Community Lead:

Hi Cado, we are working hard on expanding the usage of DOS and we will publish new announcement if we are listed in new exchanges. Currently, DOS can be traded in MXC, Bitmax and Coinsuper.

Parabolic: One question for meter, seems interesting to me. How could meter be pegged to electric price?as we all know electricity price differs in different countries

Xiaohan|Meter.io CEO:

It is actually a global race to the bottom, only the most efficient miners matters.  That bottom is acutally surprisingly stable in terms of purchasing power.  We have data showing the competitive electricity price went up by 6.3x in the last 70 years if measured by USD.  However if we adjust for inflation, it stays the same.  In Meter in order to create $1MTR to amount of electricity the miners have to burn with their SHA256 mining hardware is always around 10kwh.  Miners’ profit chasing behavior will naturally create a disciplined monetary policy.This video actually explains it very well https://youtu.be/3Fbn-gNO3cw

Parabolic: So 1 meter would still be pegged to 1$? or am I wrong?

Xiaohan|Meter.io CEO:

We estimate the equilibrium value for 1$MTR to be in $.7 to $1.5 range.  It is not hard pegging, more like Euro to USD or Yan to USD relationship

UFO: private sale has only distributed 75%, when will distribute the last 25%?

Jerry|DOS Community Lead:

Exchange deposit / withdrawal will be opened and distributed soon.

UFO: Thanks, Jerry. So the last 25% of DOS token from private sale will be distributed soon?

Jerry|DOS Community Lead:

We are discussing with private investor about the last round distribution. They are all intersted in the staking.

UFO: when can we be nodes and mine DOS?

Jerry|DOS Community Lead:

Hi Ashish, the staking guide will be published soon and there will be tutorial.The staking guide will be published soon and you could find the explanations of DOS staking.

Ashish Character: Hi admin, I've been following dos since your IEO. Can you elaborate the economic model of dos?

Jerry|DOS Community Lead:

The current economic model focuses on the interaction between dapp developer, node runners and data provider and we have "mining incentive" for node runners. We are doing research on new economic model to make the network more robust

Ashish Character: I am a long time follower of DOS, I want to know how can I start to stake my token to earn interest.The cost of utilizing dos is lower than LINK? Since I am also a developer, I am trying to build my own Dapp which may need oracle. I am comparing the cost of each oracle service provider.

Jerry|DOS Community Lead:

Yes, the cost of oracle service is much lower than Link, since we do offchain aggregation, only one transaction is needed to broadcast to blockchain.

Tian Li: which company was the code audited?

Jerry|DOS Community Lead:

Hi Tian, an internal review has been done by crytic.io (see https://github.com/DOSNetwork/eth-contracts/issues/27). Security issues and several concerns were resolved since then.

Steve ’Miles’ Davis: Can the DOS binance dex tokens still be converted to erc20?

Jerry|DOS Community Lead:

Yes, the conversion tool will be published in the future.

Ashish Character: I have a question for meter, the electronic price vary across different area. How to make sure the coin stable

Xiaohan|Meter.io CEO:

It is a global race to the bottom.  At the end of the day, only the most efficient one matters and that is really stable

Ashish Character: Right now, the USDT and USDC or BUSD already dominate the market, how you compete to them.As I know, Maker also have a plan to peg to usdc as 1:1 ratio.which means they think about the the fiat peg maybe the more efficient way

Xiaohan|Meter.io CEO:

We don’t directly compete with USDT/USDC/BUSD initially.  They are actually competing with central banks, which will become a serious issue when they grow bigger.  Meter starts with an internal economic game design that will continously consume $MTR.  Once the eocnomic game kicks in, $MTR will already become a good independent currency.  The main advantage of MTR is that it is fully decentralized with no premine and we could not control it either.  This will help $MTR avoid many regulatory issues that is faced by projects like Libra

Ashish Character: Basically, stable coin is stable comparing to fiat, thus We don't really need decentralized in this case

Xiaohan|Meter.io CEO:

Because Maker’s method is fundamentally unscalable.  Using fiat as the reserve is the only way to do a peg at scale.  MTR gives up the PEG, but could be much more scalable and even better than fiat currency in terms of retaining stable purchasing power

UFO: Where can we see the up-to-date information from DOS at the first time?

Jerry|DOS Community Lead:

We will update latest information in Wechat, Twitter and Medium

Mike|The Host:

OK everyone, thanks for all the great questions! That concludes our AMA session.

Xiaohan and Jerry, please let the community know the best places where they can learn more about Meter and DOS.

Xiaohan|Meter.io CEO:

Please join our telegram group at https://t.me/Meter_IO Follow us on Twitter: https://twitter.com/Meter_IO

Jerry|DOS Community Lead:

Thank all for joining us! Please check out telegram: https://t.me/dosnetwork_en Twitter: https://twitter.com/DOSNetwork Medium: https://medium.com/@dosnetwork

Mike|The Host:

Thanks so much to Jerry and Xiaohan for providing all the great info, and thanks to the community for having Meter here for this AMA. Have a great day!

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