Voice of the MANXers: Series #2
We held our second MANX AMA on August 23, led by our co-founder, Dr. Yawei Cui. We have seen a tremendous swell of enthusiasm and curiosity for the MANX project from MANXers (its community supporters) around the world. Here is the conversation among members of the MANX community, Michael Chiu (Senior Architect), Sam Levine (Head of Technology Development), Jennifer Bie-Purewal (Head of Global Community) and Dr. Yawei Cui (Co-Founder). This transcript has been edited for clarity.
Is the hard cap $30m? How much will go to the crowdsale?
YC: 5–10 percent of the total will go to the crowdsale.
Why do you need so much money?
YC: MANX is designed to help millions of SMEs (Small and Medium Enterprises) go on chain and provide goods and services in many innovative decentralized business models. So MANX is not just the implementation of technical innovations, but it’s intended to create a booming decentralized business ecosystem for millions of SMEs. We’re trying to create something very large and comprehensive — think of us as trying to accomplish for decentralized business applications what Alibaba is doing for commercial transactions.
You have many difficult ideas. Other projects can realize some of these ideas faster. What do u think about it?
YC: First of all, there is no other project so far that aspires to bring so many aspects of innovation together. The current roadmap is focused on MANX infrastructure development. On top of the infrastructure is the MANX framework and templates.
Sam: Let me add to Yawei’s answer — the MANX vision is a comprehensive one, and there are benefits to having a global consistent vision that can be difficult to attain with multiple isolated projects.
Michael: Unlike the development of centralized Internet platforms, we think blockchain technologies will be like a garden where many technical implementations can coexist. If during the development of MANX infrastructure and framework, superior technology emerges, we may evolve to adopt the better technology. However, MANX mission and vision remains the same, to help millions of SMEs to use the blockchain technology to flourish.
Is it possible to know terms for seed and private rounds?
YC: We are only talking to institutional investors at the moment. But we expect that the differences in incentives between the different stages are small.
How are you going to execute the cross-chain technology and nodes system described in PDF tech paper?
Michael: As we speak, there is an engineering team working on the cross-chain technology. We disclosed many details in the whitepaper so please see that for more details. MANX will be open source, so MANX cross-chain technology will be open when the time comes.
Will you guys have a yellow paper?
YC: Yes. Our Head of Technology is working on it. Not only will we have a Yellow paper, we also working on an Economic White paper. Stay tuned please.
How long will be confirm transactions in slow mode?
Michael: There is a detailed fallback procedure to slow mode and recovery when there are transactions not confirmed by committee voters in fast mode. The time it takes to fallback depends on the hostile network environment.
What will happen when all tokens are mined?
YC: The allocation algorithm ensures that the MANX public chain can run 100 years, well into the era of quantum computing. Guess you might wonder what will happen after 100 years. To answer that, you have to make me live longer than that!
Every project claims that they are the best, so how can you guys differentiate yourselves from the rest?
Sam: For why MANX, I’d say we have a great vision and capability, we have a focus on making dApps available to all. We’ve got unique technical answers to real challenges (like post-quantum).
Michael: MANX does not claim to be the best blockchain project by some arms race standards such as TPS or cross chain efficiency. Instead, we have a mission to help SMEs, so our focus is fast and easy real world applications for the little guys.
Guys we live in marketing time, not only tech! What about marketing?
Jennifer: From the very beginning, we have a focus on SME and individuals. Our marketing strategies will be developed with laser target on our end users.
Besides online and offline channels, we are big believers in grassroots mobilization. We will build tight communities of end users, centered by their industries, sectors and trades. We believe that loyalty comes from personal relationship and experience.
How can I run a MANX node?
YC: We don’t have specifics yet for rewarding nodes. In MANX, nodes can play a number of roles, including user nodes, monitoring nodes, execution nodes, etc.
Are you going to upload your code on github in real time?
YC: At a certain point yes.
I heard that SEC disapproved NYSE Arca’s proposal regarding Bitcoin ETF. What is your take on this?
YC: The unsuccessful creation of Bitcoin ETFs is a minor setback. The true value of Bitcoin is derived from the utility of all cryptocurrencies, not by financial instruments. That’s just my personal take.
Sam: I’d add that if you read the SEC decision, it states, “emphasizes that its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.”
YC: That’s the key, I would say.
Sam: So it’s really more about the concept of an ETF, which as Yawei points out, is an investment vehicle. It has more to do with the SEC’s ability to regulate than it has to do with underlying value.
I think Bakkt more interesting now.
Sam: I think of Bakkt as more of a trading platform rather than a fund that provides an easy investment vehicle for a pool of individual cryptocurrencies. It will be more interesting if it could establish a futures trading capability.
What is the main difference of your chain and quarkchain?
YC: We anticipated that people would ask about our difference from other projects, including Quarkchain. We did an analysis of how we compare with others, and the details are available on our website: http://www.macrochain.io/innovation.html
Michael: Quarkchain has some unique innovations in main chain and sharding to achieve very high TPS. I admire their efforts to innovate and we are following the innovation closely. In the meantime, MANX has a mission and is focused on rapid DAPP development and deployment. MANX is more concerned with a booming ecosystem for all constituents of the MANX platform.
Do you plan to be listed on any Korean Exchange? And when?
YC: The answer is a resounding yes. We truly value the quality and passion of the Korean crypto space in general, and our Korean group in particular. As for when, we don’t have a set date yet, but will make it known as soon as we can.
Many early MANXers are wondering what incentives there are for early investing?
YC: Early investors will get different level of bonus but we anticipate that the difference between the levels will be small.
As we know fast speed and scalability turn into bad decentralization, how the team wants to solve this problem?
YC: Here is how we address that: Transactions about token transfer and swap run on main chain and different business transactions run on different subchains based on different consensus and high speed nodes. As a result, the main chain can control subchains that allow applications to be decentralized to subchains.
Michael: Since MANX is focused on dApps, decentralization and trustless are very important. Speed and scalability are achieved by the use of subchains. This means that the heavy lifting is done on the subchains and verifiable on main chain.
What language are used for writing the core?
What mechanism will be realized without slow down If one or two subchain have a bugs?
YC: The hash of each block or the activity object on the subchains are recorded on public chain. If a subchain goes rogue, the MANX platform may disable it or dApps using the subchain may not function properly. In the meantime, public chain is just saving some nonsense hash values, so no harm.
The MANX team states that it will be a SuperServer for Internet services. it is perfect! But the last time we all saw how many projects could not even hold ICO because they are very weak! What resources do you expect to ensure you can deliver a quality work?
YC: A perfect qualitative question this is!
To deliver quality work, we need to bring together multiple things: foundational theoretical and technological research from the academia; excellent economic models; a talented community of engineers, architects and developers; adequate financial support; a well-balanced, diverse, and mature team; a wealth of application scenarios; great marketing strategies; deep understanding of regulatory requirement; and unreserved willingness to communicate with the communities. Considering what we have seen in this space, I would also add one more thing: a little patience and a lot of persistence of the project team!
I’m a fan of elevator pitch. Care to offer one for MANX?
YC: This is a question we love. Let me answer you and all of our community members with a great sense of pride:
Anyone knows Alibaba and Ant Financial should understand the social and economic value of serving SMEs and individuals. MANX aspires to be the decentralized version of Alibaba ecosystem.
When’s the next AMA?
Coming up, MANX experts will take on two heavyweight topics, token economics and network security. You shouldn’t make any investment decisions without knowing these two fundamental aspects of any project.
The upcoming sessions will be held in a private Telegram group for MANXers who have actively engaged themselves in the group discussion. They will be held by the authors of this article: