We held an AMA in the Meter Telegram Discussion group today with a couple members of the Ankr team to discuss our recently announced partnership for easy Meter node deployment. 

There were a bunch of great questions about:

  • Meter’s and Ankr’s goals
  • How the partnership will work
  • What benefits they will bring to each project’s communities
  • And more!

Check out the full transcript below and let us know what you think!

Mike (host)

Welcome to the AMA with Meter and Ankr! I'm Mike and I'll be your host.

As you may have seen, we've partnered with Ankr so you can easily launch validator nodes on the Meter network: https://www.meter.io/meter-partners-with-ankr. So we've brought on a couple of Ankr team members to discuss the partnership.

Our guests are @Marco_Ankr, Ankr's Chief Marketing Officer; @flavian5352, Blockchain Product Manager at Ankr, and hopefully eventually @xiaohanzhu, CEO of Meter.

Marco (Ankr)

Hey all, great to be here!

Flavian (Ankr)

Hello guys, nice to be here as well!

Mike (host)

Welcome, Marco and Flavian!

Marco (Ankr)

Thanks for having us @mikewchan and great to meet the Meter community!

Mike (host)

So we'll start with some intro questions, then open it up to the community to ask their questions.

Marco and Flavian, please introduce yourselves and provide an overview of Ankr.

Marco (Ankr)

Hi all, I am Marco, CMO of Ankr and responsible for marketing, social media but also many other things within Ankr, as we are still a startup and a lot of things are going on

Xiaohan Zhu

I am in.  Sorry I was in another call just now

Marco (Ankr)

I’ve been with Ankt for a while now and have seen the project grow from a computer science concept to a company with 45+ employees, 4 offices around the world and a working product with real paying customers

Flavian (Ankr)

Hello, I'm Flavian, Blockchain Product Manager and I have been working at Ankr since December 2019. I have a software engineering background and being part of the Crypto sphere since the memorable 2017.

Marco (Ankr)

Hey good to have you here!

Mike (host)

@xiaohanzhu is here! Great, I don't have to answer my own questions, that would be weird.

Mike (host)

Xiaohan, can you do a short intro of yourself

Xiaohan Zhu

sure.

Mike (host)

and a short intro to what you're building with Meter as well

Xiaohan Zhu

I have a mixed engineering and finance background. The first 15 years of my career were in R&D and engineering. Afterwards I got my MBA from Wharton and started doing strategy and investments. Back in 2016 I formed a VC fund called ZMT Capital that focused on fintech. That is when I started entering blockchain. In 2017 many of our portfolio started launching tokens include Brave (BAT) and Aion. We started investing in cryptos as well. 2018 I finished the first fund and decided that I enjoyed BUIDL more. That is when I started working on Meter.

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 .

Mike (host)

Awesome, thanks for the background info on you and Meter!

Mike (host)

Marco and Flavian, can you provide an overview of what Ankr is?

Marco (Ankr) 

I’ll take this one

Ankr is building the infrastructure for the web3. We provide marketplace on top of our proprietary cloud infrastructure, which makes it possible for literally everyone to participate in their favorite blockchain project by running a node, staking or building dapps. We have integrated with more protocols than any other company, 40+ at the moment, to which people can connect easily and at affordable pricing on our web application

Mike (host)

Nice! Building on that, what is Ankr's mission and goal overall?

Marco (Ankr)

We want to push adoption for blockchain by lowering the entry barrier and price of running nodes and building dapps on every major protocol out there. That is the “short term” goal. Long term we aim to become the backbone of the web3 by connecting resource providers to end users and making it easy for everyone to participate

Mike (host)

Very cool! @xiaohanzhu, what do you see as Meter's overall mission?

Flavian (Ankr) 

We also focus on making life easier for developers / wallet providers /  blockchain explorers / research companies  by providing full nodes / archive nodes with RPC capabilities. We also provide load balancing for some of the nodes when scalability is needed for Dapps or other kinds of applications that would need an entry point for a particular blockchain

Xiaohan Zhu

Our overall mission is to create a safe and stable DeFi platform for the decentralized ecnomoy to flourish

Mike (host)

Thanks for the answers, guys!

Mike (host)

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

Xiaohan Zhu

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.  The Chinese way, where you do not allow free flow of capital or the Hong Kong way, where you have 100% reserve in the currency you peg to.

The first way noone would like.  The second one unfortunately 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.

Mike (host)

Yup, lots of issues with stablecoins to be solved.

Xiaohan Zhu

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, which is typically centralized (there are just a handful of good data sources in the world). If oracles provide wrong data, the entire financial system is subject to fail. This may be too much of a systematic risk.

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 oracle risks typically found with crypto- and fiat-backed stablecoins.

Mike (host)

Thanks for the in-depth answer!

Marco and Flavian - what are the key advantages that Ankr has over what's currently available on the market?

Marco (Ankr)

There are many advantages, it depends at which “competitors” you look at, but I’ll try to put some in perspective here

Benefits of Ankr over centralized cloud providers such as AWS, DigitalOcean etc:

- much cheaper 

- less complex pricing model

- more blockchain friendly

Benefits over other infrastructure providers such as Bison Trails and Blockdeamon

- publicly available app

- super easy to use for retails customers

- much much cheaper and more decentralized due to the use of our own cloud infra

- we provide more protocols than any of them

- on-chain governance (future work)

Benefits over staking platforms

- non-custodial

- we take no commissions from your rewards

- you can run your own validator and earn comission on delegations

Benefits for exchanges, wallets etc

- fast and easy integration of new protocols

- blockchain native contact persons

- great pricing

- 24/7 customer service due to the distributed nature of our team

And there are some more technical benefits too, for developers, which @flavian5352 can sum up

Mike (host)

Wow, it looks like you've built something really powerful. @flavian5352 anything to add?

Flavian (Ankr)

Nope, it was quite comprehensive

Mike (host)

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

It's actually a 3-part question. Please provide details about:

    1. How this partnership will work

    2. What benefits it brings to each project's community

    3. And how will they get your projects closer to achieving your goals?

Marco (Ankr)

[In reply to Flavian]

Lol

Mike (host) 

Marco and Flavian, let's stick with you for the above questions

Marco (Ankr)

I think the technical details are up to @flavian5352 to explain

But there are also marketing and community benefits such as cross marketing our services and get more community run nodes on board for Meter

Mike (host)

[In reply to marco]

Yup, we're looking forward to that!

@flavian5352 what are some of the technical details of the services you're offering to the Meter community?

Flavian (Ankr)

1. The partnership will give Ankr the possibility to build one click solutions for Meter for Validators and full nodes. 

2. The community that doesn't have technical knowledge  can benefit from this in a way that they can have their node and help the network grow and also receive rewards based on their node role.

Mike (host) 

Nice! There is currently a bit of a technical hurdle to launch a node, so this will be super valuable.

Flavian (Ankr)

Also, the Full Nodes will enable developers and wallets to query and send transactions to the network if needed

Without the burden of having their own node launched on a VM and do the maintenance by themselves

Mike (host)

Awesome.

@xiaohanzhu , your turn, please provide details about:

    1. How this partnership will work on your end

    2. What benefits it brings to the Meter community

    3. And how will they get Meter closer to achieving its goals?

Xiaohan Zhu

Sure.  From Meter’s perspective, we are trying to make running validator as easy and asscessible as possible.  What we have observed during the 8 month public testnet was that there are ver few people intentionally to be malicious, however the operations including upgrade, frequently checking server status and configuration of validator nodes may not be for everyone.  We would like to first work with Ankr to make it a streamlined and low cost setup for our validators

In the future, when Meter bringing in trustless bridges to other public chains, the Ankr could also help the validators to run full node on other chains easily.

Mike (host)

Nice, I think a lot of people are excited about all of that.

Xiaohan Zhu

We believe this will bring tremonderous benefit to our community

Marco (Ankr)

[In reply to Xiaohan Zhu]

This can be quite an interesting use case for both of use actually

Mike (host) 

All right, thanks for the great answers to the intro questions!

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

5

4

3

2

1...

Go!

Community Questions

Park Lee

What is the nature of your cooperation besides financial investment and perhaps technical cooperation? Is there a symbiotic relationship?

Marco (Ankr)

There is no financial investment element in this partnership. We help each other by building tools which should spark adoption for the Meter protocol as well as the Ankr platform

Xiaohan Zhu

It is technical collaboration.  Material products will be built for the partnership.  volatility is the question we aim to address with the introduction of MTR global currency.  MTRG public staking will be available in 2 to 3 months.  We will also other other DeFi plays available before that.  Please keep tuned.  The reason for us to provide an official wallet was the speed of innovation.  We are creating a lot of features in terms of staking, onchain auction, bridges and etc.  It is very difficult to have a 3rd party wallet keeping up with our development speed.

Park Lee

What is the development direction of Meter and ANKR on decentralized finance (DeFi)? For example, staking $MTRG?

Marco (Ankr)

Ankr will make it easy for everyday people to run their own nodes on Meter and stake Meter tokens without delegating to any staking provider, thus keeping their Meter tokens in their own custody

Park Lee

wow that will greatly facilitate users to staking😇

Marco (Ankr)

Exactly! Safer and more profitable staking:)

Park Lee

For Meter Network, what niche market are you expecting to be a leader in? How will Meter Network differentiate itself among the market?

Xiaohan Zhu

For Meter, our focus is the decentralized financial applications.  This has been the goal since we started in 2018.  The entire Meter blockchain is designed for that goal.  From fully decentralized layer 1 stable coin, to instant finality Hotstuff consensus.  We will continously push for adoption and application for MTR global currency and its economic model.  Please keep tuned, we will have many new products releasing in the next couple months

Aluta Continua Victoria Ascerta

You will agree with me that ADOPTION and UTILITY is very key to project survival and success, what's being done to drive global adoption of ANKR amidst crypto regulations, legislation and competition from other projects

Marco (Ankr)

We make it super easy for everyone to participate in their favorite blockchain project by deploying and running nodes in just a few simple click! Check it out at app.ankr.com

Park Lee

Both of you are in the tech industry. How does your past experience inspire you to get into the blockchain industry?

Xiaohan Zhu

I belive as the human soceity evolves, the geographical boundries of countries become less and less important.  People are spending more of their time in the vituralized global society.  An decentralized economy building on top of that is a natural evolution of the society.  Blockchain and crytocurrency is the most improtant technology for building trust in this society.  That is what inspired me into this industry.

Park Lee

blockchain and cryptocurrency are the future

Park Lee

Currently there is a hot topic about 51% attack in the blockchain industry. How do Meter and Ankr provide network decentralization and protection again different types of attacks?

Xiaohan Zhu

Because Meter uses Hotstuff consensus and has instant finality in its blockchain.  We are not subject to the traditional PoW type of 51% hash rate attacks.  The network is protected by the MTRG token holders with MTRG tokens.  The security threashold is 2/3 of the staking validators need to be honest

Park Lee

How is the development of Meter Wallet going forward after collaborating with ANKR?

Xiaohan Zhu

We have not worked to that stage yet.  However it is likely to be seperated as the wallet and validator setup is two seperated process

Victor - Looking for job 🇲🇾

will it be completely on DAO governance in the future?

Xiaohan Zhu

yes that is the goal of $MTRG token.  Each token reprsents one vote

Mike (host)

OK everyone, we're going to end it here. Thanks for your great questions!

Marco and Flavian, please let the Meter community know where they can learn more about and engage with Ankr.

Marco (Ankr)

Thanks @mikewchan for having us and thanks to the community for your great questions!  Please find more relevant info about Ankr here https://t.me/ankrnetwork/282809

Mike (host)

All right everyone, please give @Marco_Ankr , @flavian5352 , and @xiaohanzhu a round of applause! 

Thanks for attending and we hope you enjoyed the conversation! Make it a great day!

Xiaohan Zhu

Thank you @Marco_Ankr @flavian5352 for the intro.  Thank you @mikewchan for hosting

Mike (host)

Thanks everyone!

We hope you enjoyed that AMA! If you did, please share it with the share buttons on your left so others can discover it. 

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