On May 3 ,2021 at 2PM UTC In the Crypto Hunter Telegram Group, AMA started with Avalanche ( AVAX ) Mr.Wilson Wu ( AVAX Head of Asia ) as guest speaker and Guz Fahlev from Crypto Hunters as moderator. When campaigning, 10 lucky AMA participants when asking questions on Twitter, Telegram and Free Asking will get a total prize of $100.
The following is a summary of AMA questions and answers announced by the moderator and guest speaker:
can you inform to us about you background ?
Wilson Wu :Sure .Hello everyone, This is wilson, I am the head of Avalanche Asia.
I was FBG’s Head of Business Development in Asia, managing the secondary market and incubating over 40 projects.Prior to joining FBG, I was working in traditional financial market for over 10 years, covers securities, FX, future and options, trust and micro lending. I join crypto market back to 2018, and experienced up and downs, after all, I met Avalanche Which I believe is really the next generation of high performance blockchain
Guz Fahlev :A wonderful experience! We hope that will motivate us in the future.
Wilson Wu: So today it’s my pleasure to join this AMA with all the Indonesia community people here , and to tell you more about Avalanche thanks
( SESSION 1 Q&A About Avalanche )
Q1: Could you explain to us, what is Avalanche?
Wilson Wu: As a new protocol based on random sampling and metastable decision-making Avalanche protocol realizes the combination of classic consensus and Satoshi consensus. In the process of verifying information, it does not need to compare with the whole network nodes As long as the majority of N nodes are randomly selected, and then the nodes of the whole network repeat this process all the time.This kind of verification form between nodes, like snowball rolling on the mountain, will roll bigger and faster ,So it has more scale, security and high speed on the basis of decentralized network. The whole process just act like avalanche.
Q2: The token name is AVAX, so What benefits do users get by holding AVAX?
Wilson Wu:Since the main network was launched, Avalanche’s ecosystem has gradually grown up with the performance far superior to other public chains. As the underlying token, AVAX holders can participate in our ecological growth. Due to our deflationary economic model, along with the destruction of gas fees generated by transactions / transfers and the increasing number of pledged avax, I believe the value of avax in circulation will gradually increaseWith AVAX holding, the user can participate on Voting, to voice out on this decentralised ecosystem, to support the ecosystem growth direction. Also the user can participate on staking, to receive staking reward.More projects will start building on Avalanche, thus the AVAX holders will be the early participants on those ecosystem projects At the end, they enjoy the whole grwoth value of the ecosystem
Q3; Can you please ,introduce your team?
Wilson Wu: Sure, Our founder Emin Gün Sirer is a Professor at computer science at Cornell University. In 2003, Emin Gün Sirer released the karma system, which is also the first cryptocurrency system in the world to make distributed coins based on workload proof. As a matter of fact, Emin Gün Sirer is one of the few encryption experts who have found problems in the bitcoin consensus mechanism. For this reason, he has written a special paper,《Majority is not enough, Bitcoin mining is vulnerable》Which describes the selfish mining attack, and proposes bitcoin ng, a bitcoin expansion solution, and bitcoin covenants, a bitcoin security solution. All these have laid a solid foundation for Emin Gün Sire to build Avalanche protocol. Our Consensus Architect Ted Yin is a PhD student at Cornell University and he is the lead author of the Facebook Libra consensus agreement — Hot Stuff.Kevin, our co-founder is a very excellent engineer, he worked in NASA before. Our President John Wu is from Wall Street. He used to work for Tiger Securities. Later, he started his own investment company which invested by Blackstone fund. He is a serious entreprenuer in finance. Our team is very academic+entreprenuer mix, which is one of the important reasons why avalanche became consensus 3.0, and able to adopt to the market
Q4 : What makes the Avalanche network superior to other Network? And what features are provided to the user’s?
Wilson Wu: If Avalanche is defined by the criteria of blockchain world, you can understand that we are a public chain.But blockchain will eventually enter the mainstream Internet world, so if we hold the view, I would like to define it as Consensus 3.0 As I just introduced, avalanche protocol designed and developed a new consensus mechanism that allows us to expand unlimited capacity, have high TPS and the largest number of nodes. Always remember, never just look at TPS at itself, you can to combine with Scalability Just like you are driving on the road, if there is only one car, a narrow road or a large road, the car can perform the same. But scalability will allow more cars to drive at fast speed, which will not cause the jam, unlike what happen on the Ethereum
If you understand the fundamental of the Consensus, it’s more like Single Chip Core Chip vs a Multi Core Chip, which deliver user high performance
At the same time, we have three parallel chains, are X chain / P chain / C chain, called transaction chain, governance chain (platform chain) and contract chain in turn;
They perform their own duties internally and form a united front externally, which is fast and efficient.
This makes avalanche protocol not only more decentralized, but also has amazing performance. The transaction clearing speed is three times faster than that of centralized visa network.
At present, Avalanche AVAX attracts many Ethereum community developers to join by virtue of these advantages, prompting people to spontaneously recognize Avalanche AVAX technology. Naturally, AVAX has the technical advantages of blockchain 3.0.
Our vision is to become an enterprise level financial solution, which simply presents complex technologies, enabling the traditional world to use blockchain technology more easily.
We have now worked with the Turkish government and the Mexican government, which has decided to deploy their digital French currency on the basis of the Avalanche . I don’t think any organization can do this across the blockchain industry.
As you can see, almost every week we have new ecological partners to work with us, like Chainlink, Sushi, Daomaker…
There will be more coming to the platform, we overwelmed with projects which want to build on avalanche Thus we continue to expand the tech team to support the ecosystem growth
Checkout our ecosystem
(Sessions 2 Questions From Twitter)
Q1 : From @Berliktayy
Currently avalanche use P-chain X-chain & C-chain. describe these 3 how it works?
Wilson Wu, [03.05.21 21:19]
this one I think we covered in the previous section one of the question.
X is for transfer P is for staking C is contract , This makes it very simple
You can simply understand it as the underlying infrastructure is a cross chain
Each Chain service as it’s own function Thus is very efficient.
Q2 : from @HanceerBurak
relating to tech thing, How will you integrate blockchain software designed in very different software languages into the Avalanche / AVAX network?
Wilson Wu :It’s not just about language , it’s about connect.
We have a bridge with ethereum . Thus we support solidity. Meaning developers can simple build on both Avalanche and Ethereum
This will make the developer much easier to code and cross implement on multiple network
Q3: from @OutOfRa42490321
Avalanche is a bridge for Ethereum which we know has high cost and gas speed constraints? How does your platform solve this problem? And involve retail investors to take part in it?
Wilson Wu :The high cost is on Ethereum. For Avalanche network the cost is very low, speed is fast.
Thus if users are facing that problem, there are few solutions
1) for users want to trade around $1000 below, they can try to purchase all in AVAX then transfer over x chain then cross to C chain. Then they can swap over our dex pangolin
2) we are also integrate C chain with major exchanges. Very soon they can send over tokens direct from C chain which made cost cheaper
Q4 : from @PotongGadang
#AVAX works “Open-Source Platform” but, why is that important? Is this really profitable for investors? Can you explain in detail what benefits it offers? Are there any risks involved in doing this?
Wilson Wu :Blockchain as a decentralized element, open source made developer easier to understand and develop over the network
With more developers come to the platform, we grow the ecosystem together, eventually benefit the users on the network
Q5 : from @imwiiw27
Now that the Avalanche ecosystem is growing faster in the huge world of crypto. What do you think is the advantage of Avalanche that stand up to your competitors? Can you tell us what are is the best feature in your platform?
Wilson Wu :It’s the fundamental design of the system, especially the consensus
A lot of people talked to me before they don’t understand the consensus for most of the project
It’s the core chip of a mainnet blockchain project
As I mentioned before, it’s like a multi core chip
So it has the speed plus the capacity to scale. Which is the key fundamental structure of the project
Where you see the problem on EthereumSo we solve that problem with our fundamental consensus design
is the key advantage So , we are not looking at facing competitors, we are looking at building ourselves to a strong network Make yourself strong is the key
( Sessions 3 Free Asking )
1. @haxukCan : you describe how is burn system work in your project? Because I think burn is important to up value and price of token?
wilson Wu :
this is very Important, we burn the transaction fees. So far has 2 mil usd worth of token is burnt. Thus we are a super live chain
2. @starshades007 : Ambassador helps a project to achieve their goal and towards mass adoption. So, do you have an ambassador program too? If yes how can I participate and be an ambassador?
wilson Wu : We are building, do you want to be one of them
3. @bapwiHow can users stay updated with this project? Are there channels, including local communities where users can get the latest updates??
wilson Wu : Check out our community, join our community! Stay updated and stay tuned
4. @amybrowww :The roadmap tells us what you have planned until 2021, with this being crypto that’s a very short roadmap! What are the plans for the future, and do you hope to do
wilson Wu : Ecosystem building, project development and community growth
5. @Jessey721 I love Hackethon and it’s healthy for both community and for project itself. Do you have plan to involve community developers and run a Hackethon program?
wilson Wu : Definitely , let’s do it