Merkle Network’s AMA with AvaxLauncher
Transcript of Merkle Network’s AMA with AvaxLauncher, 13th Oct 2021, 2pm UTC
Hello everyone,
Thanks a lot for joining us for the AMA with AvaxLauncher team in their Telegram group yesterday.
We received immense interest and insightful questions during the AMA from the AVXL team and their community, we thought to put them down for others who are still joining our community and would like to know more about us.
Hoping you will be onboarded with our vision after reading this!
Q. Introduction:
Alex Cupra: I am Alex, co-founder and Chief Product Officer of Merkle Network.
I have extensive experience in working in the blockchain space. I started my blockchain journey as a lead developer for an exchange. Also, I have built some interesting products in this space including gaming metaverse, and I also worked with over 50 projects for their custom price feed bots which are still in use by AMPL, Trutswap to name a few.
Sandeep Rajput: I am Sandeep, co-founder and CEO of Merkle Network. Thanks for inviting me to the AMA. This is going to be a great opportunity to talk to the community and take questions about what we are achieving at Merkle Network.
Q. Can you tell the idea behind the Merkle Network and what made you reach the idea formulation and launch stage for Merkle?
Alex Cupra: The idea behind Merkle Network came last year when we were looking to switch to Layer 2 for Metaverse we were working on. The lack of a decentralized protocol which can enable applications to operate cross chain was felt and we knew that this issue is only going to be more pressing once people realise the need for interoperability with all the emergence of many new blockchains. We are looking to enable every decentralised application to tap into the cross chain features without compromising on decentralization or security.
Sandeep Rajput: Even the solutions that are available in the market are highly centralised and prone to hacks. This was needed for a long time and when we figured out how to solve this we knew we were onto something HUGE.
Q. What exactly are you guys trying to achieve with Merkle Network?
Sandeep Rajput: The market for Merkle Network is massive and nearly every project will need Merkle Network to some extent to tap into all the features blockchains have to offer.
Q. Can you tell us about the market pie you are trying to conquer, your competitors and if possible a short SWOT analysis?
Alex Cupra: There is no omni chain interoperability solution that’s available.
Even Polkadot which is a poster child of interoperability offers features between it’s own parachain. Merkle Network will connect all blockchains and that’s something that’ll make this protocol unique.
Sandeep Rajput: The oracle projects that are dominant in the market are just restricted to price feeds. With Merkle Network, a dApp on Avalanche will be able to operate based on what’s happening on Ethereum and then do another transaction based on what’s happening on BSC. When every blockchain can talk to every other blockchain, the possibilities of what can be done is just limited by the imagination.
Q. What are the use cases that can be built using Merkle Network?
Alex Cupra: There are tons of use cases that can be built using Merkle Network. Some of them includes,
- Cross-Chain Decentralized Applications
- Decentralised Token Bridges
- Interoperable DeFi Markets
- Multichain Interoperable Exchanges
- Lending & Borrowing Platforms
- Yield Optimisation and Distribution
- Multichain Token Standards
- Solving Fragmentation of Assets Across Chains
- Flexible Smart Contracts
- Computing & Storage Arbitrage
and many more…
The protocol is designed to support nearly all smart chains. In the early stages we plan to launch on Avalanche, Binance Smart Chain, Polygon, Ethereum, Polkadot, Solana, Kusama and Cosmos. And then we will soon expand to other chains as well like Harmony etc.
Q. Okay, so let’s get to Tokenomics. Do share more on tokenomics and token utility of the Merkle token?
Alex Cupra: Merkle Network uses MERKLE token to reward Merkle Node operators for transferring the data from the source blockchain to the destination blockchain while maintaining the integrity & readability of the data and uptime guarantee of the node operators. MERKLE token is also used for transaction/gas fees, staking, rewards, token burns from fees. MERKLE will be a deflationary token fuelled by the adoption of the protocol.
Sandeep Rajput:
Q. Can you tell more on your IDO launch which is scheduled for 13th Oct, 3pm UTC on Avaxlauncher?
Alex Cupra: As everyone is aware that we have an IDO launch tomorrow.
We are excited that we have built a community that understands what we are doing and resonates with our vision and how Merkle Network is going to be a game changer in the blockchain space. I see this IDO as an opportunity for our supporters to get early access to our tokens and test out our protocol when we go live.
We have been aggressively developing the Merkle Network since the beginning of this year and there are a lot of exciting things that are planned to be launched in the coming weeks.
Questions asked by the community:
Q. At present, DeFi product security is the first; user experience is also the first; product experience is even more important. So, can you share with us the innovation, implementation and deployment plan for security construction, user experience, and product experience in the Merkle ?
Alex Cupra: Being a developer ourselves, we understand the importance of all these key features and we have built Merkle Network in a way that I would want to see in anything that I would personally use for developing applications.
We are focussed on all these areas.
Q. Most of the projects have a good impression at first, but get suddenly abandoned. How will you gain a place in the market and become one of the best projects in the near future?
Alex Cupra: That’s the reason we have planned to release the protocol and onboard the project at the very early stage of the project as well. Our protocol is tested and working and we are already working for the testnet launch.
Q. In the field of interoperability major problems exist i.e. large differences in consensus algorithm + underlying architecture between 2 blockchain. How does Merkel’s Network deal with them?
Alex Cupra: That’s where the validator nodes come into play which can support various consensus mechanisms and convert the messages in the format that suits these blockchains.
Q. What will be the IDO price of the merkle token and was there any seed price before IDO? On what exchange will the Merkle token be listed after IDO?
Alex Cupra: The price has been the same for Seed, Private and IDO participants. $0.15. We will list on multiple DEX and CEX exchanges. A major liquidity addition of 600k is planned at the time of launch
For more details, please follow our Official channels below:
Website . Twitter . Announcement Channel . Medium . Whitepaper
