aelf Hackathon Projects AMA Recap - II
The aelf metaverse-themed hackathon — TOP of OASIS projects AMA round 2 was held on Feb. 17th 5:00 P. M. - 6:00 P. M. (UTC+8) in aelf English community. DID Network, Homespace, and CryptoBank Africa joined us, each project had AMA session and Q&A session. This AMA triggered enthusiasm and active interaction in aelf English community. Here is the review.
Q1: Please describe what is the vision of DID Network?
With the development of Web 3.0, many applications beyond DeFi have emerged, such as social networks and information flow. Simple wallet login is not enough to support a wide range of application scenarios. We hope to build an open platform around the user’s wallet identity and tap into the value of the on-chain data to serve the increasingly rich Web 3.0 scenarios in the future. This is the vision of DID Network.
Q2: Can you please give us a brief introduction to your products?
Our product matrix contains three parts: DID Passport, DID Engine, and DID Network.
The DID Passport is the profile of the decentralized identity. Users can connect their wallets on different chains and get a profile with on-chain behavior analysis. The DID Engine is a multi-chain engine with decentralized nodes that can produce valuable information by extracting and analyzing the on-chain data. To handle ownership of data back to the users, we adopt the solution of Off-chain Computing and On-chain Validation. The DID Network will build an open platform based on DIDs. We will develop some first-party apps to explore Web 3.0 scenarios, we will also provide open SDK and API for third-party apps to build an open identity ecosystem together.
Q3: Will you please talk about what is your future plan with aelf?
With the development of AELF, more and more DeFi and Web 3.0 projects will be launched. We will cooperate with these projects and provide data support for them. We also have an on-chain credential system, which can integrate with the projects to carry on joint operations.
In addition to providing data support for the projects, we also have our applications. Our first milestone on AELF is to attract more than 10k users to create their profiles. We also have an invitation system, which allows users to claim airdrops by inviting new users. This will help us to achieve this goal.
Extra question from Q & A session: Could you introduce your team?
Our tech team is from Microsoft and have much experience in data science.
Q1: What are your fears about what might happen if society moves into the metaverse and “falls out” of reality?
It’s one of our fears but also one of our advantages. Metaverse concept doesn’t exist without escapism. We are providing a top-notch tool to help users spend some high-quality time at home, especially in a time when he has nowhere to go outside. Due to the COVID outbreak, we’ve realized how important it is to have a virtual ecosystem where you can socialize, make a meeting, play and spend free time.
Q2: What is your view on how AI technology can change our society for the better?
AI technology is evolving and I am fascinated by how it goes beyond our understanding. Creating a good AI with personality looks a bit like alchemy. The best pros of AI is that they are capable to do complex tasks, improvise and work in context. That means we can use it not only as a “computing tool” but for example as a companion, friend, or even mentor. For example, in the role of an assistant, it can guess what do you want or need at the moment.
Q3: What exact needs does the Homespace cover? Why Homespace can make users’ lives better?
As I’ve mentioned above, we are starting with a basic need of socialization. It’s the field we can help a lot. Homespace in terms of communication will be close to VR Chat, but with a detailed ecosystem.
Although, I want to exclude obvious points and talk about some specific examples. For example, we see the Homespace as a perfect environment for charity. We are applying for EU educational grant, so we can implement a studying program with an option of getting a certificate for completion. As our project could be streamed to low-end PC through our Virtual Machines, we can accept an application from a child from a 3rd world country who wants to get a proper education inaccessible in his hometown.
But overall, we hope Homespace can improve life quality on many levels. It’s not only about fun, we really want to make some sort of life substitute to provide any necessary experience that a user may lack in the real life.
Extra question from the Q & A session: Why did your team decide to create a project within the metaverse? How much potential do you see in the future for the metaverse?
The timing for our project couldn’t be better. The Year 2022 is a year of Metaverse. We had many similar ideas with our team long before we were aware of what “Metaverse” is .
And as we are IT developers who made numerous projects and delivered tons of products to our clients, we decided to take a path of a huge challenge. Metaverse is something big and complex. Basically, it’s so huge it is probably a project of our team’s lives .
Our final decision was made when we’ve realized that there is no similar project to “Second Life” on the market, which attracted many users back then and they weren’t even gamers. So creating a high-quality Metaverse with photorealistic graphics, usable NFTs, beautiful architecture, AI technology, and much more, became our goal and motivation to create something majestic.
Q1: Would you please tell us if CryptoBank Africa has any plan to burn its native token in the future?
Yes! we have a plan to burn our native token ($CBT) to help increase the value of our native in the marketplace.
In order to achieve this, we plan to buy back $CBT from the market every year with some of the percentage gotten from each transaction fee made from the system.
With this method, we are able to reduce the total supply of our native token in the marketplace.
Q2: CryptoBank Native Token a governance token?
In order to achieve our goal and add more transparency in the system, it will a great idea to give power to the community.
The reason behind this is to give power to the community as we grow together. We expect that $CBT holders should be able to request corrections and upgrades in the system by voting.
Q3: Could you tell us what are the benefits for $CBT token holders.
One of the benefits of $CBT holders includes the privilege to request improvements in the system.
$CBT holders can also stake their tokens to earn rewards from our staking pool.
Extra question from Q & A session: What are the main reasons why you think CryptoBankAfrica can achieve massive adoption?
Using Africa as a case study, a lot merchants finds it very difficult to benefit from the blockchain technology simply because of the government policy in most of the Africa countries. With CryptoBank Africa, we have been able to introduce a system to help merchants bypass this policy.
With our platform, merchants can easily accept digital payment from buyers where receiving back the payment in their local fiat currency through the help of our P2P system.
Not only merchants but also private users can also use our platform for international transactions which makes it easier then the normal traditional payment we are using today.
We are know how easy it is to send crypto from your comfort zone then the normal western union or paperwork used by banks today.
For more information, please refer to https://youtu.be/3X3GzB_KL00, the DEMO webinar held on February 15th, where these 3 projects e-met aelf global community and walked us through the visions and utilization of their projects.