GAINS Associates
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GAINS Associates

Bware Labs — Telegram AMA — May 31

On Monday, May 31, we had the pleasure to welcome to our Telegram chat:

Flavian Manea, CEO, and
Alexandru Minulescu, CTO.

We asked them questions about the development of Bware Labs.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

Bware Labs provides an interface between Blockchain APIs consumers and node providers with integrated payment options and verified reliability, all embedded within their platform and protocol service.

On Bware Lab’s platform, Node providers will stake $BWR tokens to be able to participate and get rewards for fulfilling requests. Users who onboard a node and maintain its good behavior and optimal performance will receive rewards based on the number of requests the node will answer.

Bware uses Binance Smart Chain (BSC) as the platform for its payment system, including the management of subscription plans and other operations. Bware Labs leveraging the advantages of the Binance Smart Chain will allow customers to expand their DeFi options for the $BWR token outside Ethereum.

Introduction

Q — Ayeley from GAINS: Tell us a bit about you. What did you do before crypto and did you have any other previous venture in crypto?

A — Flavian from Bware Labs: I am Flavian Manea, co-founder and CEO at Bware Labs. I have more than 3 years of experience in blockchain and, before founding BwareLabs, I was head of Blockchain at Ankr. Before working in the crypto industry, I worked as a software engineer in several companies like 888Poker, Intel, and Harman, and was involved personally in crypto, as a trader and investor.

A — Alexandru from Bware Labs: I’m Alexandru Minulescu, co-founder and CTO at Bware Labs. I have more than 2 years of experience at Ankr as a Product Development Specialist. Before that, I worked as a senior embedded software engineer at LUXOFT and Enea for 8 years.

About Bware Labs

Q — Ayeley from GAINS: What is the project about in a few simple sentences? And what motivated the move from Ankr to Bware Labs? How many people are on the team now?

A — Flavian from Bware Labs: Somewhere last year, while we were working at Ankr, there was a blockage on the market caused by a centralized API Infrastructure Provider. At that moment, all the withdrawals were disabled from big exchanges like Binance, Huobi and we knew that there is room for a competitor, and that was the spark for Bware Labs.

Our project is defined by several products. Our main product is an API Service platform that brings together API consumers and Node Providers. End-users, who can choose from a varied multi-tier subscription offering, will benefit from verified and high-performing node access. In turn, good behaving node providers will receive rewards from the subscriptions of the end-users.

We also have as a secondary revenue stream, the deployment and hosting of validators for the hottest blockchains.

We have been working on the project for 8 months, we started with 5 founders and now we are 15 team members.

Q — Twitter user @TheShadowJK_1: Blockchain validators are a fundamental part of any network. How does Bware Labs provide a secure and reliable interface between Blockchain API consumers and node providers? What are the advantages of establishing this communication bridge?

A — Flavian from Bware Labs: Bware Lab's consumers and node providers are connected via our platform. Node providers will be asked to stake BWR tokens to be able to participate and get rewards for fulfilling requests. The nodes will be permanently monitored and verified by our integrity protocol and are susceptible to slashing in case they underperform or misbehave. On the other hand API, consumers will pay subscriptions for the usage of the API, which will go as rewards to the node providers, Bware Labs taking just a little fee.

Q — Twitter user @godpelpa: Your platform is an intelligent solution that works with a monthly subscription, but how accessible will this subscription be for users and what benefits will they have in a month of service?

A — Alexandru from Bware Labs: We haven’t released the pricing yet. The users will be able to select from a large variety of subscription plans depending on their needs in terms of queries, several endpoints, networks, and so on. There will also always be a free version of the product for development and testing purposes.

Q — Twitter user @godpelpa: Within your platform, you implemented a secure bridge from ERC20 to BEP20 but I would like to know how this process works and how reliable it is for users? Can the bridge be used in reverse from BEP20 to ERC20?

A — Flavian from Bware Labs: The bridge was developed to allow users the possibility of transferring their tokens from any EVM compatible blockchain to any EVM compatible, like from Ethereum to Binance Smart Chain and vice-versa. It contains an intuitive interface where they’ll connect their Metamask Wallet and be able to transfer their tokens from one network to the other. For example, they’ll be able to send tokens from their Eth address to their BSC address, after the transaction is completed users will need to change their network in Metamask and claim the tokens on the other side. In terms of security, our team has developed an almost infallible protocol that requires multiple authorizations before a transaction is submitted. The code for our bridge backend and smart contracts has also been subjected to audit.

Q — Telegram user Magdalena: Can anyone act as a node on your platform?

A — Flavian from Bware Labs: Anyone with BWR tokens and an already running node can become a node provider on our platform.

Q — Telegram user Abisola: Regarding endpoint, I read that you guys even have a motto for it, which goes like this: “Three clicks, and that’s it!”. Can you elaborate on these three clicks?

A — Alexandru from Bware Labs: There are 3 steps and it takes for sure under 30 seconds to get a full-fledged endpoint up and running on any of the supported networks in our platform. Connect Metamask -Get Endpoint -Copy endpoint address.

Q — Telegram user Dayo: What are the consequences in case a malicious node provider integrates their nodes into your infrastructure? Asides from the incentives, what other measures are in place to ensure the right behavior from different node providers?

A — Alexandru from Bware Labs: The node providers are required to stake BWR tokens to get access into our ecosystem which ensures their good behavior. All nodes are permanently monitored in terms of data integrity, latency, and uptime by our integrity protocol to avoid any malicious answers, they are also subjected to slashing or even removal from the platform in case they misbehave.

Q — Telegram user The Curious 👀: Reading the Bware Labs documentation I noticed that the project will be initially centralized, managed by you. Why have you decided to do it this way? How soon will you switch to a decentralized model?

A — Flavian from Bware Labs: We started centralized as a step to attract end-users, which in turn will attract node providers to our platform. Moreover, by starting centralized, we can assess the performance numbers that can be achieved by full nodes and set a baseline, while also maintaining a way to verify in the beginning the new nodes. As soon as there are enough end-users on the platform and we decide the protocol is mature enough, we will gradually begin decentralization (currently targeted for Q3)

Q — Telegram user Boylut: I saw that Bware Labs allocated a part of its tokens for Provider Node incentives. Can you tell us about the economics of these incentives? Has it been defined or not yet?

A — Alexandru from Bware Labs: The economics of the incentives is not yet defined, but we`ll make sure that it will be attractive for the third-party providers. Based on our experience, we can estimate very accurately the infrastructure costs for every node running and adjust the incentives accordingly, so everybody makes a profit.

Q — Telegram user Sir DeFi 🤵🏻‍: Could you explain what are the benefits and advantages of being a node provider within Bware Labs?

A — Flavian from Bware Labs: For the first time, full node owners can earn rewards for creating/hosting them. In our platform, if you onboard your node and maintain its good behavior and optimal performance, you will receive rewards based on the number of requests your node will answer

Q — Telegram user Ariana🌷: Your self-provider staking feature will be used for Pools staking in a “temporary centralized manner” what will be the next step to ensure the decentralization of your features and what benefits will be for stakers?

A — Alexandru from Bware Labs: Most of the revenue coming from our subscriptions will go to the node providers as rewards. Basically, we are for the first time providing incentives for deploying full nodes on our supported networks.

Token

Q — Ayeley from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?

A — Alexandru from Bware Labs: The main use of our token is inside our ecosystem and it will be used for third-party nodes to perform staking. Although decentralization is the cornerstone of blockchain and our project, this brings a lot of technical challenges. The staking/slashing mechanism which we are developing together with the beware protocol will ensure the good behavior and performance of the providers in our platform. This will add another layer of reliability and enforce the quality we are aiming for.

Moreover, for node providers to reach the desired staking quantity, they can accept delegations and share the rewards proportionally with delegators.

Financial

Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? And are you planning to do any future raises?

A — Flavian from Bware Labs: We had a private sale round that we closed a few weeks ago. We raised $1.2m at a $7M valuation from well-known VCs and Blockchain projects like Ascensive Assets, Avalanche, Morningstar Ventures, Ankr, The Spartan Group, Moonrock, GBV, Waterdrip, Vendetta.

More details can be found here and here. We are planning to do a Public Sale for $225k on an IDO platform that we cannot disclose at this moment.

Business Development

Q — Ayeley from GAINS: What stage is the project at? And what should we look forward to in the coming months?

A — Alexandru from Bware Labs: We are currently working on finalizing our first release, in the form of an MVP. It will cover the end-user flow, with the nodes being provided in a centralized manner by us. We have support for creating API endpoints on Eth, BSC, and all Avalanche chains. The MVP will be free for use, but the endpoints are rate limited to 25 req/s.

The subscription plan will also be available in the following months. We also plan on starting the decentralization of the API in the fall.

Q — Telegram user James Daniel: Does Bware have any plan to make a strategic partnership with any big project this year and why the name Bware?

A — Flavian from Bware Labs: We have some strategic partnership plans for this year, and it involves blockchains with a big user base and adoption (which leads to a high need for APIs services), we can’t disclose them at this point though. The name comes from merging “blockchain” and “software” into bware.

Flavian and Alexandru, it was a pleasure having you in our group today, and taking the time to answer all our questions. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS Associates

Thank you all for the interest you`ve shown in our project, it was a pleasure answering your questions. And thank you GAINS team for having us! — Alexandru Minulescu from Bware Labs

The Gains Community Rocks! It was a real pleasure to be here and to interact with you guys! You can follow our Twitter for our latest updates and on Telegram Community | Telegram Announcements — Flavian Manea from Bware Labs

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