KARDIACHAIN — MANTRA DAO AMA RECAP
Following the partnership announcement on September 14th, here is a recap of our AMA session on September 15th with our guests from MANTRA DAO — JP Mullin & Rodrigo — Council member, and Mr. Huy Nguyen — CTO at KardiaChain. A plenty of insights and plans for our integration have been discussed publicly.
Part 1 — Introduction and questions from Twitter
Q1 (OM team). Partners in every project play a huge role as backup and support at every start of a project/company, what role does KardiaChain and MANTRA DAO play in the ecosystem of each other?
MANTRA DAO will be the genesis validator for the KardiaChain ecosystem. KAI token holders will be able to stake with the MANTRA DAO validator on KardiaCahin in order to receive staking benefits. In addition, in the future MANTRA DAO plans to enable the distribution of OM as an added validator reward to those KAI token holders that delegate their stake to the MANTRA DAO validator, essentially integrating those token holders even more tightly with the MANTRA DAO DeFi ecosystem.
In addition to that, in the future, MANTRA DAO plans to enable KAI as an asset to be integrated into our DeFi platform, and through it get access to our full suite of DeFi primitives, such as lending and borrowing, among others.
Huy: Let us clarify that in Vietnam, VND is the only legal form of payment and this is the same for many other countries like China, Korea, US etc.
KAI is not trying to become a payment channel to compete directly with any other government back currencies. Instead, we are providing a utility ecosystem and infrastructure where KAI can be used to exchange and acquire services/merchandise through other means of partnership, vouchers, discount etc.
KardiaChain works on abstracting the underlying mechanism so end-users can enjoy all the services seamlessly. This approach allows us to grow beyond any border, as long as we can expand our partnership and merchant network. As we have mentioned a few times, we want to “think big and start small” so Vietnam will be our first trial market. Once we can set a strong position in Vietnam, we will definitely explore expanding into other markets.
Indeed, we are very excited to introduce our first application next month so everyone can experience this product firsthand. Please stay tune!
Q3 (OM team). What makes MANTRA DAO/KardiaChain an attractive project for each other’s team? What are the future plans for the collaborations of both projects to have sustainable growth?
As far as MANTRA DAO is concerned, KardiaChain is an incredibly attractive project for us to partner with due to its strong market penetration it has achieved in Vietnam, its very strong and active community of crypto enthusiasts, and its extensive roster of high profile local partnerships that it has built up. We see Vietnam as one of the hottest markets for crypto adoption, and KardiaChain as being one of the main drivers of that growth, and thus we see this as a great opportunity to integrate our suite of DeFi services to that market segment.
Q4 (KAI team). KAI How can I be a validator in the Kardiachain ecosystem? Which are the requirements? Also, What will be the benefits of being a validator in this new partnership between OM and KAI?
Huy: KardiaChain is using DPoS BFT so we don’t have a large number of validators (a.k.a Masternodes) like other PoS projects. We are only looking at 20–50 validators/masternodes to secure the network.
There will be an election period to pick the validators where every KAI holder can “delegate” your tokens to vote for a particular validator. The elected validators will in turn “stake” their token to KardiaChain and earn the block rewards and transaction fees. The earned rewards will be distributed fairly to all delegators.
At the genesis time, validators will be handpicked by the KardiaChain team and will gradually migrate to a more decentralized process. We already had a few partners interested in hosting our first validators, and MantraDAO is the first partner we publicly announced. You can expect to see more partners announcement toward mainnet launch.
As in the benefits from this new partnership, OM provides KAI outstanding solutions for DeFi services, which is one of our key priorities to bring real value to our non-crypto population.
Q5 (OM team). KardiaChain utilizes double layer BFT DPoS while MANTRA DAO utilizes POA consensus. How can the two ecosystems co-exist?
As a validator in the KardiaChain ecosystem, MANTRA DAO will fully integrate as one of the node operators and block producers under the KardiaChain BFT DPoS consensus mechanism. In addition to that, MANTRA DAO will be able to leverage RioChain’s (the Polkadot parachain in which OM will live in) cross-chain asset bridge for integration between KardiaChain, its KAI native asset, and our native platform. In short, there’s many ways in which the ecosystems can co-exist, and we are looking forward to developing each one of those mechanisms.
Q6. (KAI team) KAI How would the partnership attract more users in the crypto and non-crypto community? How would you ensure the platform/DApp to be user-friendly for all users?
Since KardiaChain is building an ecosystem to bring blockchain technologies closer to the mass, we desperately need useful solutions that add value for our customers and we strongly believe DeFi movement is one of these, if used appropriately.
Our partner MantraDAO, on the other hand, provides one of the best solutions in the DeFi space. It’s very natural for our two projects to get together and see plenty of opportunities for collaboration.
As both OM and KAI have demonstrated a strong presence with lots of traction in the past few months, we believe there will be continual aligned interest between our projects as well as our communities and partners so we can cross promote and attract more users into our platform and solution.
Q7 (OM team): How will Staking of $KAI Tokens & mining $OM provide benefit to users?
The benefit provided goes both ways. First of all, by acting as an independent masternode in the KardiaChain ecosystem, KAI token holders will have yet another option as validator which helps further decentralization of the network. In addition to that, we are working on developing an avenue for KAI delegators to our MANTRA DAO validator to earn $OM rewards… this is a direct financial benefit that users gain from staking KAI, and goes beyond the staking rewards that they could earn in terms of KAI.
That being said, benefit goes both ways, as
Q8 (KAI team). KardiaChain has immensely progressed in Vietnam as it has partnered with many big companies like telcos, Mai Linh taxi, etc. How do you see KardiaChain’s continuous move to make its own decentralized identity?
KardiaChain team is relentlessly looking into blockchain solutions that could bring real values for the mass population. You can see we have piloted many different solutions such as donation platforms, eSports prediction, transportation, non-fungible-token etc. We can’t say every trial has been a success but we learnt tremendously to adapt better for upcoming approaches.
With that being said, we are looking into a few more options and have high confidence in Decentralized Identity (DID) infrastructure as the next killer use case for blockchain technologies. Please note that Korean government and enterprises have successfully applied this new technology with overwhelming results.
Our team strongly believes that Vietnam has all the prerequisites to become the next trial ground for this fantastic technology and already did a lot to make it happen. However, this kind of ground breaking infrastructure cannot be built in days and would also require so much collaboration from big corporations and government support.
All I can say at this point is KardiaChain team has made tremendous progress in this front but this is still a long journey, and we will definitely share more with you once we feel ready.
KardiaChain network has been and will always be decentralized. Even though we have blockchain solutions integrated into enterprise infrastructure, it is on another layer on top of the network that doesn’t alter the network protocol.
Part 2: Live Chat — Community Q&A
Q1: How does kardiachain help Companies & governments build dapp? As Govt’s Data is very important, How does kardiachain deal with data mishandling issues?
HUY, KardiaChain — We provide easy-to-use API and SDK and abstract many blockchain-like layers so enterprises and governments can focus on the business logic of their application.
For data misuse questions, KardiaChain will provide a private network for our enterprises and governments, and help them expose the data to public or other private networks through our Dual Nodes technology. The Government can choose which data to keep private and which to transfer across our ecosystem.
The blockchain technology enables data transparency, immutability, and security much better than the existing framework.
Q2: KardiaChain project works on DeFi (Decentralized KardiaChain) But what’s the benefits of a Decentralized Financial system? What are the possibilities of DeFi over the Centralized KardiaChain system?
HUY, KardiaChain — DeFi, when used appropriately, brings great value to the current “centralized financial system” as it provides a direct, trustless mechanism to use your money.
KardiaChain believes DeFi is one of the key areas that can bring value for the existing non-crypto population so we welcome any good solution (such as OM) to onboard our ecosystem
Q3: Hello sir,
- Increasing Token price
- make Token Valuable
- Building Community Trust
From 3 aspects above, Which one is the most important for you?
If all above are important for you? Which one that Will you do first?
HUY, KardiaChain — Thanks Nilwan for the excellent question.
Definitely at KardiaChain, we want to build a strong and long-term Dapp that has mass adoption and brings back real value to our community of holders/ users. And building a strong, bonded community will be one of our top priorities. That’s why we will announce our Ambassador Program and other exciting community programs soon this year.
While delivering in great value to our users, price and valuation of KAI will be increased accordingly. And this is the least that we should be worried for now as we are on a good momentum while our token ROI has always been in the top chart of grossing/ outstanding token performance globally.
Q4: The biggest barrier for DeFi is that of interoperability, providing cross-chain interactions and multiple blockchains, how does your Unique solution solve this?
Rodrigo,Mantra DAO — This is a great question and something that we are trying to address through our partnerships. First of all, I’d like to point out that there are many projects that are working on building decentralized and semi-decentralized solutions to cross-chain asset bridging… we are working alongside our partners at RioChain on a solution that enables cross-chain asset bridging into our ecosystem, but I would emphasize that the uniqueness in our solution is the access it grants to a full suite of DeFi primitives in an ecosystem with high transaction throughput.
The W3F doesn’t actually play any direct role in the MANTRA DAO project… Having said that, MANTRA DAO has been onboarded into the Substrate Builders program led by Parity, which shares a lot of similar team members as the W3F. We agree with you that we need as much help as we can get in making our project as successful as possible, and for that reason, we look forward to the support Parity is giving us, as well as our partnerships with key ecosystem participants such as KardiaChain.
You can read more about our onboarding into the Substrate Builders program here: https://medium.com/mantra-dao/mantra-dao-welcomed-as-newest-substrate-builders-program-member-a18383ec66df
Q5: Speaking of MANTRA POOL Where 25% of the MANTRA DAO Foundation’s assets staking rewards will go into a pool on a weekly basis, so what are the conditions to enter the pool, stand a chance at being selected in the raffle?
JP, Mantra DAO — There are 2 ways that users can enter the MANTRA POOL — 1. By burning 1 OM which will give you 1 ticket or chance at winning, or by having a high level of KARMA, which will give you automatic entries into the pool.
Q6: How can you convince users to invest in your platform in the long-term?
HUY, KardiaChain — Thanks Neeko.At KardiaChain, thanks to our public blockchain platform focused on Interoperability and providing hybrid blockchain solutions for enterprises and governments. This brings us a strong unfair advantage to work across partners and bring in a strong user base from the partner.
Meanwhile, we do have our own strategy of acquiring and rented our own user on our own Dapp which will roll out this Mid Oct 2020 which deliver a simple experience to the non-crypto user by using gamification to acquire users, and some exciting lock and earn features to retain our holders in a long run for extra benefit while holding KAI.
Q7: You guys are doing Ama’s in all groups & almost answering the same type of questions again and again? How do You feel about it?
HUY, KardiaChain — Thanks Techno Lion for the interesting question. Though we try to pick different questions each time we do AMA, we do believe that we do have a lot of people hasn’t yet to know about us, our vision, and our recent updates on new projects, this is why there will be some overlapping/ repeated questions that we will work in order to make the community know us better/ and be transparent to our beloved holders/ users who believe in KardiaChain.
Follow Mantra Dao channels if you would like to know more: