Idavoll Network — Telegram AMA — March 02
On Tuesday, March 02, we had the pleasure to welcome to our Telegram chat:
Alina Aseeva, Co-Founder.
We asked her questions about the development of the Idavoll.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Idavoll Network is a decentralized autonomous organization platform. It is a parallel chain of Polkadot based on the substrate2.0 development framework, which is convenient for users to create and manage organizations freely.
Idavoll Network has a set of pallets to achieve the management of DAOs: organization module, voting module, token module and finance module.
Any ethereum-based DeFi can run its heavy governance process on the Idavoll Network through the Polkadot bridge chain, the DAO.
Q — Ayeley Commodore-Mensah from GAINS: Let’s start by hearing a bit about you. What did you do before crypto and did you have any other previous venture in crypto?
A — Alina from Idavoll Network: Before crypto, I worked as a McKinsey management consultant in Zurich, Switzerland. Before Idavoll in crypto, I won Ethereum Denver in 2019 with a confidential transaction for POA Network (at that time I was working on Ethereum). Later built Unidao on Aragon stack — the first DeFi hedge fund structured as a DAO and worked as a biz dev for Equilibrium — another great Polkadot project.
Q — Ayeley Commodore-Mensah from GAINS: How did the switch to Idavoll happen?
A — Alina from Idavoll Network: I and my cofounder started working on Idavoll 6 months ago, in mid-2020. It was already clear for us that the most promising blockchain to work on is Polkadot, and building a general-purpose DAO framework — has been my passion for a while (since Aragon times). So Polkadot + DAO= Idavoll 😍.
Q — Ayeley Commodore-Mensah from GAINS: For how long have you been working on the project? And how many people are on the team?
A — Alina from Idavoll Network: We are 2 co-founders (me and Abhilash) + around 8 people contributing in total (tech and marketing). We will expand the team in the coming days.
Q — Ayeley Commodore-Mensah from GAINS: What is the project about in a few simple sentences and how does the crypto community benefit from its existence?
A — Alina from Idavoll Network: Idavoll is a
a) cross-chain protocol, meaning different blockchain ecosystems can meet and interact with each other on Idavoll. So Idavoll solves the problem of interoperability
b) framework for all kinds of organizations (also off-blockchain!) to solve disputes and build governing bodies for themselves.
Q — Telegram user po ko: In what ways does Idavoll make their platform user-friendly especially for beginners in the crypto ecosystem? Any training guides or manuals?
A — Alina from Idavoll Network: First of all, we are building on the substrate2.0 development framework, which is known for convenience for users (thanks to parity). We also provide users with a set of the basic building
templates so that they have the flexibility and can freely create custom organizations.
Also in the summer, we will be working on launching the Idavoll Dapp. Open SDK is also on our roadmap and we expect it in late spring, and demo videos and training. We will definitely provide you guys with these!
Q — Ayeley Commodore-Mensah from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?
A — Alina from Idavoll Network: Have a look at the token module in our white paper:
Token manages the representation and transfer of ownership of organization members
You can basically
- Assign: means allocating the IDV to disputes or voting decision (voting yes or no for the decisions in your organization)
- or mint: means the additional issuance and redistribution of tokens/
It will also be implemented by voting in accordance with a complete governance process.
You may ask, when do new IDV tokens appear? The community will vote on whether to issue additional IDV and its model. The cost of issuing new tokens is determined by IDV token holders. (so no bonding curve, demarcating curve so to say). This will be a continuous decision, taking into account the principles of supply and demand in economics.
Q — Twitter user @AMAProfessor: I am interested to know about Idavoll Network Tokenomics? Upon the MainNet Launch, Idavoll plans to issue a total supply of 2 billion IDV tokens. Kindly give a breakdown/proportion of how the token total supply will be distributed? Any plans for token burns?
A — Alina from Idavoll Network: Let’s look at this chart
and the same info as here also explained
Yes — When the mainnet is live, Idavoll Network will issue 2 billion IDV tokens.
Token issuance is to pay
- network operators, that is verification nodes and ecological operation and maintainers.
-Investment and partners (Private sale 25%): 500,000,000 IDV (25%)
-Ecosystem incentives: 400,000,000 IDV (20%), used for community development, airdrops, and subsequent card slot auctions and other activities.
-The foundation reserves: 300,000,000 IDV (15%) for the daily operations of the foundation.
-Founding Team: 300,000,000 IDV (15%), the team part will be linearly unlocked quarterly within three years after the mainnet launch
-Mining: 500,000,000 IDV (25%), mining is divided into two parts, of which 300,000,000 IDV (15%) is used for governance rewards, and rewards for participating in proposals and governance; the other 200,000,000 IDV (10%) is used for block rewards (nominators and validators), Reward for participating in PoS consensus block production
And no — we are not planning to burn IDVs in the future
Q — Telegram user Liz Katt: Will there be a small amount of burning when tokens are swapped? I’ve seen the graph for the broadly projected emission rate over the next 5 years but I’m wondering if there’s any counter pressure to the emissions within the tokenomics? Or is the idea that inflation won’t be a concern because the demand for Idavoll will be high enough if the project is successful in cornering mass adoption?
A — Alina from Idavoll Network: The community will vote on whether to issue additional IDV and its model. The cost of issuing new tokens is determined by IDV token holders. This will be a continuous decision, taking into account the principles of supply and demand in economics. If the cost of issuing new coins is too low, more and more tokens will enter circulation until the supply seriously exceeds the demand. This inflation plan will make the price of a single IDV token drop.
Ultimately, we believe that token holders will determine a healthy equilibrium inflation rate. By treating the opinions of every holder equally, the market will correctly reflect the best additional issuance costs.
Q — Ayeley Commodore-Mensah from GAINS: What advantage does Idavoll being a DAO on Polkadot have over other DAOs?
A — Alina from Idavoll Network: First of all, being on Polkadot — means being relevant in the long term
We don’t know which blockchain succeeds after all
2019 was a year of Ethereum
2020 was a year of cosmos
2021 — now Polkadot is on hype
but what does 2022 bring? Near protocol?
We don’t know, but we will need interconnectivity across blockchains 100% sure and this is the essence of Polkadot, so we put our bets in a safe place. This also means DAO in Polkadot can welcome new members from Ethereum, Cosmos, any other blockchain.
Q — Telegram user Deleted Account: Where do I get information about the ldavoll network team? Why do you prefer to be anonymous? Do you have a plan to identify the ldavoll network team later?
A — Alina from Idavoll Network: We have a bunch of white hat developers in the team who prefer to keep their anonymity and we respect this! More public info on our advisers, for example from Tron, Polkadot, Cosmos, etc. — their names will be published soon on our website, and the core team.
Q — Ayeley Commodore-Mensah from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Alina from Idavoll Network: Yes. you can get more details here. We raised a bit more than 1mln in a private round with a bunch of great investment institutions. We will use the funds for the campaigns on user acquisition for the platform, operations, partnerships, exchange listing, and synergies inside the space.
Q — Twitter user @CristobalZamora: Is Idavoll only compatible with Polkadot or do you hope to open Idavoll to other blockchain networks in the future? Why did you decide to work on Polkadot over other alternatives?
A — Alina from Idavoll Network: We are a Parachain, meaning that we will be the interface of different blockchains — the new ones that will be created on substrate 2.0 but also others — Ethereum, let’s say
For example, any DeFi project on Ethereum will be able to run its heavy governance process on the Idavoll Network (because of scalability issues governance will be expensive and slow on Ethereum) through the Polkadot bridge chain, the DAO. The results of its governance on Idavoll will be executed on Ethereum, enabling various projects to complete decentralized DAO management at a very low cost.
In a different use case, the Idavoll Network can serve off-chain foundations, combining off-chain data with on-chain rules to complete the governance process.
Q — Telegram user Nguyeuh Chriit: Smart contracts are prone to bugs, How efficient and secure is your smart contract. Have you ever been audited through external parties, so we are sure that this project is safe and good for the future of investors?
A — Alina from Idavoll Network: We really wish there are more audit companies serving Polkadot, but it’s really difficult to find one with as much great experience as we have internally in the team, so our plan is to offer audit bounties just after launch! We will have all developers of the world looking for bugs in our contracts instead of one company, I believe this must be pretty efficient, and many thanks to Certik for adding our current codebase.
Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at? And what should we look forward to in the coming months?
A — Alina from Idavoll Network: We received a Web3 Foundation grant in Dec 2020 to finance the early development, so our first MVP milestone is April 2021, as set in the requirements of the Web3 grant we received
actually, you can check these milestones in our GitHub, and after April 2022 we hope to receive the next wave of Web3 grants and deliver advanced options — SDK and Idavoll Courts
Speaking of business milestones — we have to keep them in the dark before listing. I wish to tell you everything but I can’t)
Q — Telegram user Token: There are lots of projects abandoned and did not upload a single new code to GitHub for months. How can I be sure the Idavoll won’t do this?
A — Alina from Idavoll Network: True, but this is not us. Check our Github. We commit almost every day, and now with the web3 grant, we have an incentive to stay responsible. Also, we promised so much to our investors (including Gains!). We will definitely keep development on track and deliver.
Plus, we really welcome every marketing specialist or builder on our team and are glad to finance their contribution! We will definitely grow as a DAO — if one developer leaves, we have many more to join, so I believe we are really sustainable in keeping delivery milestones.
Q — Twitter user @hoangkim1988: What is the ultimate vision that your project is trying to achieve within the cryptocurrency market? Obviously, the whole space will experience huge growth in the upcoming years, but what role would you like your project to play in this?
A — Alina from Idavoll Network: This may sound ambitious, but in 5 years from now we plan to be serving not only various crypto institutions (say hedge funds structured as DAOs) but also real-world organizations (like Unicef) and also state governments!
We want to make the world a transparent and fair place for everyone, that why we are building Idavoll
Q — Telegram user Nadia: What are ldavoll Network’s top 3 priorities in 2021? Could you share some plans for the upcoming year?
A — Alina from Idavoll Network:
1) launching on the mainnet (winning Kusama auction)
2) reaching organic user base growth!
3) delivering everything we promise to web3 and winning their next grant!
Thank you for joining us today, Alina. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Thank you everybody for this lovely AMA! I hope I answered your most burning questions. Please stay tuned for our updates! Join Idavoll on all their social networks and be a member of the community on Telegram, Medium, and Twitter — Alina from Idavoll