Bithumb Global AMA Live with Prometeus Network (PROM)

20th Aug 2020, Thursday

Recap of Live AMA with the Founding Contributor of PROM, Iva & Vladislavs

AMA Link >> https://t.me/bithumbglobal_EN/229154

Q1: Can you please give us brief info about Prometeus Network and offcourse yourself to our community.

A1: Prometeus primary goal is to utilize the public blockchain to achieve a decentralized, trustless and censorship-resistant framework for exchange/share data across various fields and implementations. We plan to start small, so we try to build our Project in self-functioning and sustaining modules. We have two teams working on two different implementations of Prometeus protocol. One dedicated to trustless p2p data market place Stoa and another one is decentralized censorship-resistant social network some DeFii elements Ignite.so. We believe that such an approach will provide an excellent utility for a regular user and will encourage him to use public blockchain in a new way.

I am one of the core contributors as Prometeus. Mainly respsonsible for BD and overall strategy. From business and legal background, more then 5 years in crypto.

Ivan is responsible for marketing at Prometeus.

Ignite.so is one of our core products based on Prometeus Protocol. It uses Binance Smart Chain as primary blockchain, Arweave for permament storage, Sia for CDN.

Basically you can think of it as decentralized censorship resistant twitter/4chan/9gag.

There are several cool features of Ignite:

Unblockable — everything is protocol based
-Authorization though blockchain — no personal data collected
-DAO support — can be used for off-chain voting for DAO organizations
-DeFI -cool DeFi elements inside ignite. We will release first DeFi product inside Ignite soon)

Q2: You are already aware that how Centralised Platform Works? So, Please let me know How Ignite Can solve the Real Life issues like Censorship, Security, Privacy Of users and most important Freedom Of Speech?

A2: First of all, Ignite does not have internal censorhip or moderation, but we have system of filters and you can always control what to see.

Secondly, we do not collect personal data, Authentication is done through blockchain.

All data is stored on arweave and actions are traced on blockchain.

So twitter hack would not be possible on Ignite, as we do not have administrative rights or acess to user’s wallets or private keys.

Q3: My Questions is related to Security. In today’s world we say Data is the next big thing. In a p2p data sharing ecosystem, what security measures you are applying/using for the safety, privacy and confidentiality of all the datas?

A3: Thank you for question. That is absolute true when we say data is a new gold, thats why it is important to protect it. All data which goes through Prometeus Protocol is securely stored on decentralized data storages. We’ve worked almost with every DDS, including Filecoin, Arweave, BTFS, Lambda, Sia and so on, but for now we’ve stopped on BTFS for Stoa and Arweave for Ignite. Storing data on decentralized storages ensures that nobody except yourself will be able to access it

Q4: Dealing with data is very risky and requires trust. Facebook and Google were rumoured to have sold their customers data. How is the situation with Prometeus, how do you ensure the security, privacy and confidentiality of users data?

A4: I think this question is copycat of the previous one. But I will emphasize that main point is that Ignite and Prometeus are not centralized entitites. Prometeus is not owner of Ignite. Ignite is just a set of equitable nodes and thus is community governed project. Plus Ignite does not collect any user’s data in the first place.

Question from the Community

Q: Can you tell us the motivation and benefits for investors to hold the Prometeus token for long term? What are team’s plans to make Betprotocol a top project?

A: Prometeus is bulding more products around PROM token is it is reflected on the price and products generate organic demand for token. As we were busy with development, we have not yet really marketed Prometeus, nor did we worked on liqudity or exchanges for some time. Now as our products are more mature, we will move to this part. We are working with good partners such as Binance, Arweave, Sia, Ankr and so for. But if course it is not a financial advise.

Q: Which area does Prom focus on at the moment? (DeFi, Dapps,..) and which products/projects are you developing to support it?

A: Our main focus is Ignite.so and DeFi elements around it. We want to position it as decentralised social network with DeFi. Thus we are building our own proprietary protocol to support DeFi functions on Prometeus.

Q: As we know that adoption remains one of the major weakness for most project, how do you plan to convert this weakness into strength to make you stand out among your competitors?

A: Thank you for your question, Gabriel, but i think that you are wrong. It’s not the difficult task to create adoption for our products. Social media’s, for example, can collect ten times more users that other crypto projects just within a few days. If we are talking about this from Ignite perspective, our main difference from our competitos (Steemet, Golos, EOS voice) is that Ignite has no moderation and userbans by design. Unlike our competitors, Ignite is also government block resistant.

Q: What role do you think Prometeus will play in making blockchain highly adaptable in the worldwide stage?

A: We are bringing more products to get blockchain usable. By registering on Ignite, you familiriaze yourself with BSC, and get a new wallet. So more users on Ignite, more users on blockchain.

Q: Prometeus is a decentralized data storage and tha mean our data is not stored in any of the server. Than how do you store the data and what if in the blockchain 51% attack takes place?

A: Prometeus protocol is decentralised data exchange relay, it transfers data between Prometeus nodes and different decentralised storages like filecoin,arweave, lambda and sia.

Q: Why do you think PROM token is necessary for your project ? What is the main role of PROM token in your Project ? What are the actual use cases or PROM Token? How Prometeus aims to pay anyone around the world for their generated data?

A: PROM token is required for the ecosystem parts, such as nodes. And is being used as utility token for Ignite and Stoa.

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