GAINS Associates
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GAINS Associates

GAINS AMA with UniLayer Network— July 1

On Friday, July 1, we had the pleasure to welcome to our Telegram chat:

Alex Belets
Sergey Belets
Reynand Otida

We asked them questions about the development of UniLayer Network.

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

Introduction

Q — Ayeley from GAINS: Please introduce yourself. And tell us about your crypto journey, and how you ended up at UniLayer Network.

A — Reynand from UniLayer Network: Let me introduce myself quickly. My name is Reynand Otida, a lawyer with a background in TradFi. I am currently the Social Media Manager of UniLayer Network. I’ll be on standby to answer the non-technical side of things.

A — Alex from UniLayer Network: That’s a long journey. In 2011 I compiled a Bitcoin node (on MS Windows!). In 2015 I bought some tiny pieces of BTC. But first serious involvement happened in 2018, I was a Hedera Hackathon judge. After it, I consulted an am amount MedTech and FinTech projects. How to use blockchain tech and how to do it safely? A few years ago my partners and I founded together with the SmartState audit company. At some point, I retired from the SmartState in order to build UniLayer Network.

As for the concept of the UniLayer Network, it has a much larger story behind it. First of all, I spend a lot of time in enterprise development and management. It is expensive development so there are a few ways how to make it more effective. Our architecture came from IT security and has a rich background in how to construct the largest systems effectively and smoothly. And it’s only a tiny part.

We fused our ideas together and created a solid and ideologically complete product. And we see from our experience that it will be helpful for the crypto market.

About UniLayer Network

Q — Ayeley from GAINS: Tell us about the UniLayer Network project. How would you explain it to a newbie in crypto?

A — Alex from UniLayer Network: Well, it’s a bit challenging since we are a deep tech project. UniLayer Network is to how to connect ever existed blockchain networks altogether seamlessly and securely. Basically, it’s data role with the ability to transform the data in a way. What does it mean? Well, we aim to be a proper replacement for off-chain solutions in current crypto (cloud/standalone servers and etc). This way we can open gates for upcoming true cross-chain projects. Because each chain is unique and there is a request to compose features of different chains together in order to create something completely new. UniLayer Network has a special meaning behind the name. The most classic blockchain technology is L1 which is Ethereum, Bitcoin and etc. And so we are. L2 networks represent additional optimizations and integrations that can be achieved by using them. And every chain connected through us can be called L2 toward each other. And finally, the whole newly created ecosystem represents the concept of L0.

For sure it’s required cooperation from different blockchains in order to be achieved. We are in negotiations with Near, Solana, Thezos, Polygon, and other major networks.

Q — Telegram user kunlefighter: I see that the UniLayer Network presents users with the opportunity of becoming a Validator. Can you tell us the criteria or procedures to follow to become a Validator on UniLayer Network and what are some of the incentives or benefits that come with it?

A — Alex from UniLayer: Since we are DPOS, in order to be a validator node ULR tokens should be stacked.

Q — Telegram user Jose Gamboa: UniLayer Network uses its leasing mechanism to issue new ULR coins and to increase the circulating supply of coins. What is the UniLayer Network leasing mechanism? How does it work? Benefits?

A — Alex from UniLayer: Benefits here are obvious: rewards from gas fees, rewards from block creation.

Q — Telegram user Gutierrez04: I read that Unilayer Network integrates an EVM to achieve cross-chain, but really why just limit yourself to blockchain EVMs? don’t you plan to incorporate networks as scalable as Solana in Unilayer?

A — Alex from UniLayer: EMV here only for smart contracts (but we will support Python smartcontracts as well). Integration here can be archieved by 4 means:

1. Cross-chain accounts,
2. Direct injection of the node of the target chain in our node (on a code level),
3. Additional interceptors in order to catch the data from the node and to transfer it to the UniLayer Network node,
4. Gasless fees.

Q — Telegram user Keymer: You say that interoperability is a great “dilemma” and that Unilayer solves all these problems, but could you really tell us what are all the problems and limitations found in interoperability? and Unilayer will solve them all?

A — Alex from UniLayer: I am referencing here some IT-architectoral concepts ‘separate and rule’. We aim to be a rele, a core for data flows. This way complexity of the common crypto project will be reduced.

Q — Telegram user Tommy: There are Three MasterNode types, Can you please explain the “Mixed Type node”? How is it different from others?

A — Reynand from UniLayer: This is a very good question. It needs a lengthy answer to explain. For me to be able to clearly explain what is mixed type node, I have to explain each kind of node and it will be very long. However, the answer to your question can be found here, starting on the 2nd page. If you have more questions about this, feel free to ask them in our chat.

Q — Telegram user Troy: On what layer networks does UniLayer support? Is It only limited to Layer 1 networks such as Ethereum and Bitcoin?

A — Alex from UniLayer: Actually, there is no limitation. The UniLayer Network has a plan to integrate Polkadot as well for instance. And some exciting announces just waiting for an appropriate time at the moment. 🙂

Q — Telegram user CHUKKY: UniLayer Network — A layer 1 solution speeds up cross-chain interoperability. So how is the platform built to allow for the transmission of light data over various chains?

A — Alex from UniLayer: There is a huge room for discussion over the matter. But in essence, the answer would be a seamless integration. Each node of UniLayer Network can be at the same time the node of another chain. Without any additional abstraction in between. And the simplicity of the architecture (which is harder to obtain in terms of development resources) allows us to claim that we can be a replacement for backends and make it possible for more complex cross-chain projects to existing.

Token

Q — Ayeley from GAINS: What role will the token play in the UniLayer Network ecosystem?

A — Alex from UniLayer: It’s a gas token, a classical L1 token. But we are using DPOS. DPOS is known as the consensus with the lowest carbon footprint. It means that our coin can be staked in order to become a master node.

Security

Q — Ayeley from GAINS: How secure is the UniLayer Network?

A — Alex from UniLayer: The UniLayer Network is based on the consensus-to-consensus principle driven by the rules of blockchains we are interacting with. It allows us to provide a new level of control and security compared to what we have in a classical cross-chain message transferring (the most obvious example now is bridging). Please pay attention that we really enforcing the statement that the collator nodes have a node to interaction. This allows each collateral node to have its own complete information of our chain and interacted chain states to make its own judgment. And this allows the UniLayer to collect consensus. Thus we can cover each data transition via the whole L1 network.

This way we finally can fix security issues around oracles and backend using in crypto.

Q — Telegram user Morries Abbud: Currently, there is a massive attack from hackers on platforms that facilitate bridge networks and DeFi platforms. Does the UniLayer Network platform guarantee and protected from all potential attacks such as above?

A — Alex from UniLayer: That’s one of our goals.

Q — Twitter user Cöcã Cölã: Security has always been a priority for BlockChain in the development of the project’s platforms and technologies. So do you have any solutions or plans to improve user confidence in these issues?

A — Alex from UniLayer: Since we already talked a bit about the security side let me explain the idea behind it. First of all, each blockchain should be self-sufficient. And here in this matter, we are closely following the Bitcoin Manifest and its ideology. Our main priority is to connect and solidify networks while keeping their originality and uniqueness. It means that after we will reach our goal the market will be protected by the basic idea of the blockchain itself making invaluable all infrastructural type attacks based on that misconception of the idea of the Bitcoin Manifest i.e. oracle attacks, server attacks, falsification of the data transferred through some cross-chain protocol and etc.

Partnerships

Q — Telegram user Thomas: The UniLayer Network has managed a partnership with Gains Associates in the last few days. My question is, what are the tasks you will be doing together to mutually support the growth of both communities? What are UniLayer’s aspirations for this great Gains Associates team?

A — Alex from UniLayer: To be honest I am simply thrilled at how good our collaboration is. You guys are amazing. The most important thing for projects like us is the community that understands what we are doing. With this kind of support, we can pick the hardest tasks that ever existed and do them.

A — Reynand from UniLayer: As we know, there are projects focusing on interoperability and cross-chain but we don’t see them as competitors, rather we see them as partners in solving the problem of interoperability to create a truly united world of crypto

Q — Telegram user kaushal $flow: In your project website I read UniLayer will be integrated into BTC, ETH, Tezos, Near, Solana, Algorand, and Fantom. ? What’s next? How are they integrated into the data for each chain? Can you explain in detail about data integration?

A — Alex from UniLayer: First, we will integrate the top 15 chains and some partner chains as well. The exact process is complicated and involved a tremendous amount of work. Basically, it requires us to be able to compile our node with the code of the target chain’s node. To intercept the data in a correct and secure way. To be able to pass the data. To extend our cross-chain account and our symbolic names in smart contracts. Amount of tiny but important things. Next, we will create comprehended guidelines for anyone so to say maintainer of some blockchain will be able by following it to contribute his PR in our repo, pass all required tests, and finally add his integration to the UniLayer ecosystem.

Funding

Q — Ayeley from GAINS: Can you share with us if you have raised funds so far? How are the funds going to be deployed? And are you planning to do any future raises?

A — Sergey from UniLayer: Yes, we just close the angel round. The seed round is soft-committed. A strategic round is open. We’re going to close the strategic round during the summer, before launching the Mainnet. Then we can proceed to a private round. TGE and public in the Q4 this year

Competitive Advantage

Q — Telegram user IronMan: How is UniLayer Network different from its rival crypto bridges?

A — Sergey from UniLayer: Crypto bridges are not our rivals. As rye and soil aren’t rivals. You can grow rye without soil in a hydroponic environment, but it is cheaper and more convenient to do it on the soil.

Q — Telegram user SuperHero: I found your project very unique Because your aim is to integrate with every blockchain. Do you think you have competitors in this field, if yes then how Unilayer is trying to compete with them?

A — Reynand from UniLayer: As we know, there are projects focusing on interoperability and crosschain but we don’t see them as competitors, rather we see them as partners in solving the problem of interoperability to create a truly united world of crypto.

Business Development

Q — Ayeley from GAINS: How far along are you with your roadmap and what should we expect in the next weeks and months?

A — Alex from UniLayer: We already launched our testnet. It’s technical now. In order to ensure the stability of the network itself. Next month we will introduce smart contracts. In September we have a plan to announce integration from our testnet to the Ethereum testnet. In October we will launch the Mainnet. Then it will be continuously updated every two months. Each update will bring new integration.

So far we are processing as planned without altering.

Q — Telegram user MiraS🎈: What key milestones have UniLayer Network developers reached on your roadmap? Did you complete your “Private Test Network” test?

A — Reynand from UniLayer: Right now, we have successfully deployed 6 MasterNodes, a very significant milestone showing that the UniLayer vision is working. The devs are now in the private testing, soon we will announce how everyone can participate in the public testnet.

Q — Telegram user Chúc ngủ ngon: Since I’m from Southeast Asia, does UniLayer also have a goal to market its products to Southeast Asia and what do you think about Southeast Asian investors?

A — Reynand from UniLayer: Yes, absolutely! I am from SouthEast Asia myself. This region is one of our focus

A — Sergey from UniLayer: Almost half of our tokens from the angel round were allocated to investors from Southeast Asia. We’re looking forward to create a great ecosystem in SEA

Q — Twitter user big joe: Nowadays, NFT is becoming more popular, and many projects come out related to NFT. So how do you rate the potential that UniLayer’s NFT can bring? Do you have any plans to make NFT become a new market trend?

A — Alex from UniLayer: NFTs are now everywhere. And its market will be much larger in the future. There is no way now to make infrastructure projects in crypto without touching this field. But the potential of these projects hardly depends on the skill level of the team. Blockchain here is the only basis. And since we are aware of it we are doing our part in order to support this market and these teams.

We provide 1. Transparency of cross-chain transactions. You can track them through the blockchain explorer from chain to chain. 2. Security. Printing 2 identical NFTs because the base transfer transaction was exploited? Impossible with us. 3. History. Since the transferred NFT never leaves the blockchain contour it will be much easier to keep the authentic history of the particular NFT.

Alex, Sergey, and Reynand, thanks for coming into our community, and taking the time to answer our questions. Do you have any final words for us? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS

Keep in touch. Many thanks to the organizers, you have to be proud of your community members, you’re really smart and visionary! My respect! — Sergey Belets from UniLayer

Thank you for having us here, it’s amazing. We had a lot of fun. You guys can follow us on Twitter and Telegram. We’re very active in these communities and if you guys have questions, we’re always happy to help☺️ — Reynand Otida from UniLayer

I really appreciate all your questions. I hope it’s just the beginning. So if you have a passion to get an answer please reach us through our Telegram community. Join our mailing list on our site. All the upcoming beta release updates will be released there. Join our Twitter for all the latest news.

And some last word from UniLayer: We are willing to solidify the crypto into a single ecosystem, logical and clean. Because this way the whole crypto will prosper, as a tech and as an idea. That’s what we are believing in. — Alex Belets from UniLayer

GAINS Associates is the World’s First Decentralized VC, allowing anyone that holds $GAINS to invest in the crypto unicorns of tomorrow. With over 3 years of experience and several ultra-high return deals, we are removing the barriers of entry to investing and changing the world, one deal at a time.

GAINS stands for Group Action Is Never Small, embodying the collaborative spirit that is the essence of blockchain and decentralization.

In addition, GAINS provides daily news, articles, video interviews as well as fun & educational events.

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