GAINS Associates
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GAINS Associates

SpiderDAO — Telegram QUIZ & AMA — December 08

On Thursday, December 8, we had the pleasure to welcome to our Telegram chat:

Nathan Varty, CEO and,
Anas Sayed, CTO of SpiderDAO.

We asked them questions about the development of SpiderDAO.

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

Summary

SpiderDAO is about protecting your internet privacy while browsing the internet, get paid for selling your bandwidth, and have a say in how to grow the ecosystem.

The SPDR token will play a major role in the bandwidth monetization which will allow you to make a passive income with the help of the router.

SpiderDAO’s Liquidity as Utility concept enables SPDR liquidity providers to receive the dVPN service for free.

Introduction

Q — Alex Raffin from GAINS: Can you give us some background on yourselves? And convince us why you’re badasses ready to take this project to the moon?

A — Nathan Varty from SpiderDAO: Hi, my name is Nathan and I am the CEO of SpiderDAO. I am an experienced entrepreneur with a background in IoT Development and Operations. I have been successfully leading SpiderVPN since its inception in 2017, growing the business to over 6000 users across 18+ countries.

I have successfully started many businesses that are non-blockchain related such as an Industrial Window Cleaning business, Renewable Energy Business, and a Courier business. I have been a serial entrepreneur for the past 20 years. I found crypto when in the early years back in 2014. I bought some bitcoin and later participated in the early ETH days and dabbled in a bit of ETH mining. Later I Started SpiderVPN in 2017, while that business is still running & doing well today, I knew that we had not tapped into the full potential of the hardware just yet. So just like that, SpiderDAO was born to bring forward the full potential of hardware routers in the crypto space.

Nathan Varty from SpiderDAO

A — Anas Sayed from SpiderDAO: Hi, I am Anas the CTO at SpiderDAO. I have been in the networking field for many years and have already had experience in running different projects and drive them to success. I am always eager to bring the best ideas & new tech wherever I can. My time management skills got me where I am now, working with market-leading clients and this makes me confident and ambitious that SpiderDAO will follow to be the next big thing.

Anas Sayed from SpiderDAO

Product

Q — Alex Raffin from GAINS: What’s SpiderDAO in a nutshell?

A — Nathan Varty from SpiderDAO: SpiderDAO is about protecting your internet privacy while browsing the internet, get paid for selling your bandwidth, and have a say in how to grow the ecosystem.

Q — Alex Raffin from GAINS: How will the token be integrated into the ecosystem? What will be the incentives for holders?

A — Nathan Varty from SpiderDAO: There will be various use cases for SPDR tokens. Early on, you will be able to participate in our LAU concept (liquidity as utility) — utilizing your SPDR tokens to access the dVPN service. Additionally, the token will allow you to obtain voting rights inside of the DAO which will first be present in the form of a Discord channel but will later evolve into the Spider Dashboard. This is where many of the features will launch on the market. The token will also play a major role in bandwidth monetization which will allow you to make a passive income with the help of the router. A good comparison in that sense is the Basic Attention Token (BAT). Much like the well known BraveBrowser pays users to use a safer and more private browser, SpiderDAO does the same except in a hardware model.

Q — Twitter user @Ontork: The main problem with most VPNs I use is internet speed! VPN will reduce internet speed! How does SpiderDao VPN service solve the speed problem?

A — Anas Sayed from SpiderDAO: For the VPN, we use the Wireguard VPN protocol, which has a much smaller speed drop off of 10%, compared to some of the competitors like NordVPN or ExpressVPN which still use the OpenVPN protocol which has 20–40% speed dropout. It’s also worth mentioning that we will be moving to an even newer protocol next year which will further reduce the speed drop on the VPN. It will also allow you to have multiple levels of security up to 5 server jumps.

Q — Alex Raffin from GAINS: Liquidity as utility sounds interesting. What’s the concept behind it?

A — Nathan Varty from SpiderDAO: Liquidity as Utility essentially enables SPDR liquidity providers to receive the dVPN service for free. SPDR tokens are required to receive LP tokens by providing liquidity to SPDR/X pairs on decentralized exchanges. Greater depth of the SPDR market means lower slippage and a better buying experience for investors and traders. Therefore, some of the SPDR utility will be attached to SPDR-based LP tokens instead of the token directly. Due to SPDR being required to receive those LP tokens, any utility the LP tokens have is also inherent to SPDR itself. We call this mechanism “Liquidity as Utility” (LAU). We want to encourage token holders to lock their tokens in liquidity and stake their received LP tokens by attaching utility to the LP tokens.

Q — Twitter user @Ramla36730829: What are the benefits of Voting on SpiderDao users?

A — Anas Sayed from SpiderDAO: Yes, there’s a benefit of holding the tokens because it essentially gives you more opportunities to use them for all of our features. We will roll out features step by step within the next months so that you will have full clarity on the exact benefits.

In regards to liquidity mining, staking your tokens will come with a very attractive APY based on our internal calculations. Unlike many other projects with attractive APY, we are a public team and don’t hide behind pseudonyms which is likely a big confidence boost for investors. So yes, there is a great benefit in holding a lot of tokens, especially for early adopters.

Q — Twitter user @Ramla36730829: What is the main difference between SpiderDAO Traditional Voting and other Traditional Voting projects?

A — Anas Sayed from SpiderDAO: At SpiderDAO every user will only have one vote. With other DAOs, the vote is usually based on the number of tokens you are holding.

Q — Alex Raffin from GAINS: How do you enforce it? What if someone splits tokens in various addresses?

A — Anas Sayed from SpiderDAO: Regardless of how many token addresses you have SPDR tokens in, you still only have one router which qualifies the user for one vote on the DAO. This is one of the unique selling points for SpiderDAO where it’s significantly harder to “game” the system vs. traditional DAO structures.

Q — Telegram user malakian: If we have multiple routers in the house, wouldn’t that skew the voting. Let’s say I am operating some business and want multiple routers, how does that work?

A — Nathan Varty from SpiderDAO: It’s a 1 Router to 1 Vote mechanism we use and we have certain controls in place to prevent abuse.

Q — Twitter user @LuckyLuck041: What are the difficulties (and opportunities) that SpiderDAO is facing right now while the crypto-blockchain market is still young and needs time to grow?

A — Nathan Varty from SpiderDAO: The main difficulties that pretty much every project faces at the beginning is the early exposure & organic growth of the product. We have set out to tackle this by trying to participate in as much community engagement as possible. As you can see that we are also distributing a lot of the hardware for free, towards people that really express interest in our project. On top of this, we have a very experienced team of developers that have worked with tech leading companies in the past including projects with multi-million customer bases. We know what is needed to scale and how to lay the foundation for scaling. Internet privacy is nothing new to us. With SpiderVPN (founded in 2017) we have a successful business in our niche, an existing user base and the advantage of a deep market understanding. The decision to build SpiderDAO was not a “quick idea”, it has grown over many months and involves the experience of a couple of years in the internet privacy business. The ambition behind SpiderDAO was to leverage the foundations we’ve built to date to create a much more scalable and democratic platform to bring online privacy to the end-user.

Q — Telegram user John 🇫🇮: Can you please tell more about the bandwidth monetization and how does it technically function for the users?

A — Nathan Varty from SpiderDAO: We will give our users the ability to set the maximum bandwidth that can be used on Down/Up stream directions and the maximum bandwidth can be used as well on a weekly/monthly basis so you can have peace of mind, and not get annoyed that much traffic is being taken from your connection to the other users. We will also make sure that we prioritize your traffic to be served first.

Q — Telegram user Deleted Account: What advantages do dVPN’s have over traditional VPNs, and what additional does the extra layer dVPN bring there besides having no logs?

A — Anas Sayed from SpiderDAO: We are all about traffic encryption at the highest level while keeping your speeds as high as possible. We already have customers who are achieving 95% out of their original speed using our VPN services. It is also worth mentioning that our routers secure your whole network traffic plus our geo-unblocking services can give you peace of mind.

Q — Telegram user Jerry: What methods are you using to calculate the leftover bandwidth? Is this something where the Spider Market comes to play & users could sell the leftover bandwidth there?

A — Anas Sayed from SpiderDAO: We will allow our users to set the down/up stream speeds they want to share with the community along with the setting bandwidth you are happy to share.

Q — Telegram user 🌟 Shekwoyemi 🌟: What gives you confidence that your project would be preferred compared to others already available?

A — Anas Sayed from SpiderDAO: We have a group of great minds who worked on big projects with market-leading companies in the communications field. Plus our hardware powered solution with all services we have on top of the VPN is already making us stand out from other competitors. Adding to that, the DAO solution we are developing will bring the crypto world more and more into everyone’s day to day routine.

Q — Twitter user @Ramla36730829: Which platform would you release SpiderDAO tokens on?

A — Anas Sayed from SpiderDAO: We will be releasing our token as an ERC20 token on the Ethereum network. We will then bridge over to the Polkadot Ecosystem at a later stage.

Team

Q — Alex Raffin from GAINS: How big is the team? For how long have you been working on SpiderDAO?

A — Nathan Varty from SpiderDAO: In the Core team, we have 5 members, who have worked together for a combined total of 5 years. In this time they have worked on diverse and innovative projects with a proven track record. This will allow us to enable the SpiderDAO to shine and help the Open Source community to thrive. We are advised by experts in their fields with over 10 years of experience in hardware and blockchain ecosystems respectively.

The ongoing development of the hardware and software used in parts of the SpiderDAO has been developed over the past 3 years while working at SpiderVPN. This gives SpiderDAO a huge advantage over many other hardware projects.

Security

Q — Telegram user TsumaniX: What kind of technical solutions do you have to detect incoming malware with the routers?

A — Anas Sayed from SpiderDAO: We are developing our DPI filters that are always updated that will drop all malware, tracking and will make sure you avoid any other malicious traffic. That’s in addition to our ad blocker that takes care of DNS malicious traffic.

Q — Telegram user Emmie971: Smart contracts are vulnerable to bugs that cyber attackers can exploit. How efficient and secure is your smart contract and was an external audit performed to check for bugs, validity, and security concerns?

A — Nathan Varty from SpiderDAO: Our smart contracts will be audited before the release by one of the biggest companies at the top of their game. There will be an announcement made about it soon. We are fully aware that there were cases where other contracts than the audited ones were deployed in a few rare cases. However, unlike many of the DeFi projects where the founders hide behind pseudonyms, we are a public team, a public company.

It is in our very best interest to ensure that we are perfectly audited and I can guarantee, we will be.

Q — Telegram user TaeMin VJ: Many VPNs in their free version are scams since they don’t work. Is SpiderVPN one of them? Can you guarantee the user that if they purchase it, they will be able to enjoy a fully functional and safe free version?

A — Nathan Varty from SpiderDAO: We have never been a FREE VPN so that does not concern us. The paid version and the FREE version will be the same.

Finance

Q — Alex Raffin from GAINS: Did you raise any funds so far? Do you have plans for other fundraising rounds?

A — Nathan Varty from SpiderDAO: Yes, we raised the full allocation we were looking to achieve. This was $2 million in less than 24 hours. We are overwhelmed by the demand. SpiderDAO is an ongoing project with many R&D modules to be implemented and that is costly when you work with the best development teams. When it comes to our tech, we don’t want to make any compromises as a truly unique experience with your home network is our highest goal. Additionally, our target group is end-users and we don’t have the intention to ever charge high subscription fees. To stay competitive, and increase the market share in our niche, we will have significant marketing spendings. We are pioneering in our niche but pioneering means nothing when you are not on the radar. To put us on the radar of everyone, we simply need significant funds. I want to emphasize that we did not randomly choose the fundraising amount. This was done in coordination with our development and marketing team.

Business Development

Q — Alex Raffin from GAINS: What stage is the product at?

A — Nathan Varty from SpiderDAO: From the project perspective, we are close to the TGE launch. From a product perspective, we already have a working router with designated software for it, which has now been tested & updated to the stable version of the VPN. The VPN works through the Wireguard protocol, but we have yet to create a whole spider ecosystem which will closely follow our roadmap. That can be seen on our website.

Q — Alex Raffin from GAINS: When is TGE planned?

A — Nathan Varty from SpiderDAO: We are due to announce this soon but to give you a little hint it’s right down the middle of December.

Thanks a lot for coming in today Nathan and Anas! It was great learning about SpiderDAO and how you want to do things neatly. Privacy is certainly on the spotlight these days. I’m looking forward to your solution 🙏 Where can people follow you? — Alex Raffin from GAINS

Pleasure and thanks to everyone for taking the time to attend and we are looking forward to having you on board with our great community! Check us out on: Website, Telegram, Medium and Twitter — Anas Sayed from SpiderDAO

Join us now! Enjoy quality articles, daily curated news, insightful infographics, and enter a vibrant, fun, and knowledgeable community!

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