Mar 23, 2020
Bluzelle — Telegram AMA & QUIZ — March 18
On Wednesday, March 18, we had the pleasure to welcome to our Telegram chat:
Pavel Bains, CEO of Bluzelle.
We asked him questions about the development of Bluzelle, currently ranked 565 on Coinmarketcap.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Summary
In this AMA, Pavel Bains, CEO of Bluzelle told the GAINS community about their decentralized database that will operate for less than half of the prices charged by the current centralized cloud giants. Bluzelle has an ERC20 token for ease-of-use but will operate on its own chain based on Cosmos and Tendermint, allowing them to scale to 10,000 TPS. Pavel also discusses Bluzelle’s long term vision, reaffirming that team tokens are vested over 4 years and that their goal is to build a fully-fledged data platform with data feeds and oracles.
Introduction
Q — Alexandre R from GAINS: Pavel, can you tell us what you did before crypto, how you got into crypto and if you’ve had any other venture in crypto previous to being involved with Bluzelle?
A — Pavel Bains from Bluzelle: I got into crypto after reading about Bitcoin and then wondering what it was all about. I became fascinated by the fact that it combined finance, distributed computing and economics. It was such an interesting combination of things I was keen about, so I started by just visiting local Bitcoin clubs in Vancouver. That was 2015. My first venture in crypto was Bluzelle. Before that, I came from digital media, primarily video games.
Q — Alexandre R from GAINS: Can you tell us what your role is at Bluzelle and what the project is about in a few simple sentences? Even though I’m sure most of us already have a good idea now.
A — Pavel Bains from Bluzelle: I’m CEO. I overlook marketing and design. Plus I need to make time for admin.
Bluzelle is a decentralized database for DApps. If DApps use traditional databases, they can be hacked and tampered. It defeats the purpose of being a DApp.
Product
Q — Telegram user KaiOKen: “DApp’s web 3.0 Ecosystem” focuses on Decentralized Finance. The fate of the “adoption” of DeFi is tied to the scalability and usability of Ethereum. As a project that’s dealing with DeFi, how does Bluzelle address this statement about the adoption of DeFi?
A — Pavel Bains from Bluzelle: We are only able to help at the product level, not the consumer level. Our goal is to make it easier for DeFi DApps to operate, and they can then get more users.
Q — Alexandre R from GAINS: How many DApps are using Bluzelle at the moment? What’s the volume of data that’s stored in a decentralized way thanks to Bluzelle?
A — Pavel Bains from Bluzelle: We are just putting the product out and those numbers aren’t available yet.
Q — Alexandre R from GAINS: How do the costs for the clients fare in comparison to traditional providers like Google or Amazon?
A — Pavel Bains from Bluzelle: We project less than half the costs.
Q — Telegram user Hee Chul: What if Ethereum can’t figure out its scaling issues and it becomes so overloaded with all the new projects? Is Bluzelle architectured in a way that makes it easy to switch to something like Binance Chain?
A — Pavel Bains from Bluzelle: We use Ethereum for our main token because it’s easier for everyone. Having our chain built on Cosmos prepares us for this problem. If needed, we can eliminate the two tokens and just have one on our chain. (Binance Chain is also on Cosmos).
Technology
Q — Twitter user Dusty Luza: Last week, we saw the Ethereum network being heavily congested. Being an ERC20 token, do you have a solution for this on the Bluzelle Cache? Any plans on building on your chain?
A — Pavel Bains from Bluzelle: We are building our chain. It’s based on Cosmos and Tendermint. Those allow us to achieve true decentralization for a database. The speed is 10,000 TPS, so any changes a customer makes to their database will not have to wait a long time.
Q — Twitter user Muhammad Novreysa: There are five common core issues in technology today: scalability, security, interoperability, speed and privacy. How will Bluzelle tackle these problems?
A — Pavel Bains from Bluzelle:
Interoperability — Cosmos has its inter-blockchain protocol (IBC). Connecting to that allows us to be available to any blockchain also connected to it. Cosmos is pushing that hard.
Scalability — with a network of nodes run by the public, we can become very dense and have wide coverage.
Speed — we don’t need to store the data everywhere on all nodes. Breaking them into hubs keeps up speed.
Privacy — we use the BFT consensus from Tendermint, probably the best one out there.
Q — Telegram user Rohit (wHaLe): How can $BLZ ensure the security of data? In addition to encryption, is there a similar way to cut data into several copies and store them in different small nodes? What do you think about 5G technology for Bluzelle? Would it be a challenge or a great advantage?
A — Pavel Bains from Bluzelle: Data cannot be broken down into puzzle pieces. Security will be done through BFT. This ensures the data is being accessed by and changed by the rightful owner. 5G creates more opportunities. More devices (IoT) will need more secure data storage.
Token
Q — Telegram user Gue Siapa: Tell us about your token economy. What is the kind of release curve we can expect?
A — Pavel Bains from Bluzelle: To become a storage provider on our network, you must also be a validator. This means you need to stake tokens to be part of it. Then as we charge customers for storing data or accessing data, the validators and earn the tokens as rewards. This will tie up tokens so they can generate more for the person.
Business Development
Q — Twitter user toanpham: Which market are you targeting for 2020? What strategies do you have to attract users, and make them stay with your platform in the long run?
A — Pavel Bains from Bluzelle: We will focus on the areas we see growing. Right now that is DeFi. More DApps are being developed for it, and decentralized data storage and feeds are needed. We are launching some bounty projects so examples can be built.
We also target crypto holders so that if they are using DeFi products, they will want to let the developers know to use Bluzelle to ensure security. You are only as strong as your weakest link, so if part of your DApp is using centralized systems, you have a weakness.
Q — Telegram user Srintiel: The total supply of BLZ is 500,000,000. Does Bluzelle have plans for buyback and lock-up of tokens and community tasks/activities to raise awareness and bring mass adoption?
A — Pavel Bains from Bluzelle: Team tokens have a vesting period of over 4 years. Almost 95% are still held in the vault. The team has kept them. Community awareness programs are being launched to go with our staking product and platform launch in the next few weeks.
Q — Telegram user Tony: Why did you choose to organize an AMA? What do you want to receive from the community?
A — Pavel Bains from Bluzelle: From the community, we need assistance in sharing our features and content to drive more awareness. The biggest thing we need to do is empower you.
Q — Telegram user Tony: What problems do you see occurring in the blockchain industry nowadays and how does your project aim to solve these problems?
A — Pavel Bains from Bluzelle: The biggest problem is making software easier to invite new developers. We need to increase the number of people working on this tech. That’s why we made Bluzelle very easy to be used as compared to traditional databases.
Q — Telegram user pat tora: How many communities do you have and which countries are they from? What about Bluzelle makes users and investors trust you in the long run?
A — Pavel Bains from Bluzelle: We have a strong presence in Asia and also in North America. The need for a decentralized infrastructure hasn’t gone away. My co-founder and team have remained committed and open. Now we need to strengthen our marketing and awareness about our features.
Q — Telegram user Sicxa: What does Bluzelle want to achieve in 2020 and beyond?
A — Pavel Bains from Bluzelle: Grow from data storage to a full data platform. This includes data feeds and oracles. Be a one-stop solution for DApps.
Thanks for coming in, Pavel, and sharing the plans for Bluzelle to become a full data platform. I’m looking forward to things getting started. If the quality is there, with costs being less than half of what the current big players do, I see no reason why you shouldn’t get a lot of clients. Where can people go to follow Bluzelle news? — Alexandre R from GAINS
Great questions! Definitely not the typical ones. Thanks for having me. It was a fun group. Visit our website and join our Telegram. The best place to follow us is on Twitter. — Pavel Bains from Bluzelle
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