Recap | Online Meet Up on Discord
This is our fifth AMA, and it’s been a few months since the last one due to delays in launching the mainnet, which was initially scheduled for June. Despite facing several postponements caused by uncontrollable factors such as partnerships and feature developments, we are now aiming for an August launch. We appreciate your patience.
FAQs
- Mainnet Launch: Expected in late August, with product launches around the same time. Airdrop claim and usage will start on September 3rd.
- New Sybil Detection Round: For the second phase of Sybil detection, it was supposed to be combined with the listing, but due to a delay in the listing discussion, both have been postponed. We are currently in discussions with other partners, so please be patient, and we will make an announcement soon.
- Cryptopedia Mission: For the Cryptopedia, some of users are worried about not receiving the tokens. However, this Cryptopedia mission is for everyone who participated, and it has already been recorded. So, there’s no need to worry about that.
- Listing: There are many questions about the listing, but as you know, I can’t provide details before the exchange announcement due to compliance issues. Please understand.
We are actively working on development, focusing on enhancing user experience and adding more profitable features. Despite misconceptions, we are committed and working hard to launch successfully. Please stay tuned for the updates and look forward to our progress.
Note: This summary is based on Discord Q&A session on Aug 6th, that conducted by Ben, the founder of Superblock, a core contributor to OverProtocol. The information is subject to change and should be verified for the latest updates.
🇶 How will Over develop and introduce itself outside of Korea, and will it collaborate with brands outside of Korea?
🇦 Yes, we’d love to collaborate with global projects and companies. Korean culture is becoming increasingly widespread globally, so we will start from Korea and aim to expand internationally. We will do our best to reach a global audience. We already have collaborations with global projects and will hold an event at KBW, where you will see our global partners.
🇶 What are your plans for expanding the Over Network ecosystem, cultivating a developer community, building partnerships, ensuring interoperability, and integrating with real-world businesses and services?
🇦 There are very few on-chain users globally, (under 1 million a day) and DeFis are merely tools that do not generate real value by themselves. Therefore, we will not follow the conventions of traditional crypto businesses. Instead, we will expand our ecosystem by integrating real-world businesses and combining them with DeFis to generate real value and utility, thereby growing the ecosystem with strong demand.
🇶 How does Over Protocol address regulatory compliance across different jurisdictions and adapt to evolving legal landscapes while maintaining decentralization principles?
🇦 Typically, regulations are applied based on whether the token is classified as a security. OverProtocol is a protocol that anyone can participate in, contribute to the network, and receive rewards, which can lower the risk of being classified as a security. Additionally, we are doing our best to comply with other regulations and requirements.
🇶 Is there a risk of the OverWallet applications being overwhelmed by a large number of people trying to access the system at the same time on August 30th, and could this cause delays?
🇦 That’s why we are planning to open OverWallet, OverNode, and Nethers bridging a few days before the airdrop. This will help alleviate traffic congestion and give both us and the community time to prepare for the airdrop and the subsequent events.
🇶 What are your long-term goals and strategies for driving adoption and maintaining interest in the genesis NFT project? Are there upcoming features or updates to enhance value for NFT holders?
🇦 The motivation for Nethers NFT is to help people understand the principle of Ethanos, which divides data into two layers: the over layer and the nether layer. Typically, people will maintain and use data in the over layer, while obsolete or infrequently used data will be stored in the nether layer, which can be restored to the over layer when needed. Nethers NFT has its own world that explains this concept, and we will continue to create episodes to help people understand OverProtocol better and develop a greater affection for it.
Moreover, Nethers NFT holders will have voting rights in the DAO treasury to decide how to use the funds to grow the ecosystem and receive rewards in return. There will be additional advantages for Nethers NFT holders, so please look forward to it.
🇶 Does Over only apply to K-food and K-beauty products in Korea, or is it intended for global use? How will Over address issues in countries that do not accept digital currency, like Indonesia?
🇦 K-beauty and K-culture products are just the first examples. You can still buy and trade them even if you cannot use or enjoy them directly, which means you can invest in Korean culture and seize financial opportunities. After the test, we will expand the voucher market globally, allowing you to buy and use the vouchers in your country through the marketplace in OverWallet. So, don’t worry and stay tuned to see what happens.
🇶 Will Nethers NFTs remain tradable and hold their value after transferring to OverWallet? Does OverWallet support trading OVER tokens and NFTs for USDT and is it fully non-custodial?
🇦 Yes, you can trade NFTs and Over tokens after the bridging. OverWallet will have a native DEX with USDC, allowing you to trade them at the mainnet launch. Additionally, OverWallet is non-custodial; we do not save the plaintext of your mnemonic.
🇶 Are you still planning to leverage the EigenLayer infrastructure when launching the mainnet? If not, why was this intention abandoned?
🇦 Honestly, we suspended the integration of EigenLayer because I wanted to see whether it could truly enhance the security of Layer 1s or help expand the community. However, there was no significant evidence of this after the airdrop. We are still monitoring it and will consider restarting the integration if we find sufficient evidence.
🇶 How will OverProtocol drive adoption of its DePIN AppStore and RWA Marketplace post-mainnet? What strategies will be used to onboard users and developers, and measure ecosystem growth impact?
🇦 I believe the most important factor in DePIN is demand. An excessive supply without demand will eventually fail and negatively impact our network. Therefore, before providing grants to developers, we will verify whether there is genuine demand. For example, computation offloading is not commonly used these days because the hardware specifications of smartphones are similar to personal computers. Thus, we want to find projects targeting areas with real demand and fully support them to attract genuine users, which will also help grow the ecosystem.
For the RWA marketplace, I want to target the voucher market first. Traditional financial assets like stocks, bonds, and project financing are challenging to onboard right now due to regulations, so we want to concentrate on the markets we can currently target. Then, we will expand the assets to further grow the ecosystem.
🇶 OverNetwork initially ran on normal PCs but now requires mid-high config PCs, potentially leading to the use of VPS. Will there be a separate group of nodes for VPS, and will there be a lighter version for normal PCs?
🇦 During our previous testnet, there were so many transactions and users exceeding our expectations, which made the node heavy. We anticipate this situation may occur again and are doing our best to optimize the node. While VPS is also good for running a node, we want to utilize your idle computing power to maximize your profit. So, please wait for our next update.
🇶 How are the OverNode, which can be run on a personal PC, and the focus on secondary transactions connected?
🇦 Creating a new market for secondary transactions is a strength of blockchain, but there are very few on-chain users, with most trading tokens on centralized exchanges. To grow the market and provide value to participants, we must first decentralize the network and enable people to participate, contribute, and earn rewards without relying on institutions that charge fees. If you can earn a profit, you can easily trade, which will further grow the ecosystem. We are doing all of this because no one else in this space is doing it.
🇶 With many new protocols, wallets, and mainnets entering the market, what important process do you see as missing in the digital world that Over Protocol is trying to fix?
🇦 The biggest problem in blockchain is the absence of users. Most are traders active on exchanges, leaving the blocks vacant and generating no on-chain value. As a result, parallel processing, layer 2 interoperability, and data availability layers are all meaningless. Our first goal is to attract users and facilitate useful transactions to generate real-life value. That’s why we are concentrating on building entirely new products that anyone can easily use and earn rewards by participating in the network.
🇶 Why are the mainnet launch and claim period different, and who will be the validators during the stabilization period? Will the team transparently disclose the addresses and amount of OVER mined during this period?
🇦 For the first question, only our team will set the validators to initiate and stabilize the network, and there will be no VCs involved since their tokens will be locked. For the second question, yes, we will announce the address and the amount of pre-mined OVER. So, don’t worry about that; you can also find and check it on the explorer.
🇶 The mainnet launch date and the airdrop date are different. How will the blockchain operate during this period? I’m curious about the “additional benefits due to the delay” mentioned in the previous announcement.
🇦 Before the airdrop, we will stabilize the mainnet and give our partners time to integrate with our chain. I cannot disclose the “additional benefits due to the delay” now, but you will know them in the near future.
🇶 What is the Points conversion ratio?
🇦 Point conversion ratio will be determined after the Sybil Detection. Please wait for the future updates.
🇶 Could you provide a comparative explanation of how much lighter this node is compared to nodes from other projects?
🇦 There are many types of nodes in the market, but they are not the same as blockchain nodes. These market nodes often serve as information collectors, NFTs, or mediums to sell tokens. They do not maintain data, verify transactions, or create blocks. True blockchain nodes maintain the blockchain state, verify transactions, and allow users to stake tokens and run validators on their computers, contributing to the protocol and earning rewards. Therefore, comparing these market nodes to true blockchain nodes is somewhat awkward. Comparing true blockchain nodes to market-sold nodes is difficult because their purposes are fundamentally different.
🇶 Is there value underlying the speculation in the token, such as products, prototypes, or demos that users need?
🇦 Regarding speculation, it’s not my area, but we do have many products. If you’ve participated in our testnet, you may have already experienced the user experience we aim to provide. The Over community has experienced this, and we are developing further features for the main launch.
🇶 how do you plan to handle the potential dump of the token on launch day and maintain or increase the OVER token value?
🇦 To maintain or increase the token value, we focus on boosting trading volume and the number of transactions, which drives demand for the tokens. We aim to enhance wallets, nodes, and other products like OverFlex, while onboarding various assets. By providing a convenient UI/UX, we hope to attract new users to our protocol. Our strategy targets increasing on-chain trading volumes. We have already gathered millions of people into our ecosystem and continue to attract newcomers. By participating in our products and increasing trading volumes, newcomers will strengthen our protocol and help raise the token price. This is our strategy to maintain and increase the token’s value.
🇶 How does Over Protocol ensure scalability, security, and decentralization while preventing potential pitfalls?
🇦 We prioritize security and decentralization over scalability. We aim to distribute nodes to ordinary people using personal devices to create the most decentralized and secure network. This foundation will provide strong fundamentals for financial opportunities, which is a key focus of Over Protocol.
🇶 What partnerships or collaborations are in the works?
🇦 Regarding partnerships, I believe that partnerships should create real on-chain value, not just serve as superficial announcements. Our strategy is to attract meaningful collaborations that add genuine value to our chain. This is why we have announced very few partnerships so far, as we are careful to avoid deceiving our community with hollow claims.
As for interoperability with other blockchains, I don’t see it as a priority right now because there isn’t significant trading volume on other chains, and most traders operate on exchanges. Instead, I believe it’s more important to grow our ecosystem, form real partnerships, and onboard valuable assets within our chain. This approach will create real value, unlike merely exchanging tokens between chains.
🇶 Please explain how the microfinance workflow works in Overflow. Is it similar to existing DeFi lending platforms, or does Overflow have a unique system?
🇦 The fundamental idea behind Overflow is that when you stake your tokens in the protocol or DeFi, you receive periodic cash flows from them. Overflow utilizes these cash flows by allowing you to collateralize your deposits, borrow money, use it as needed, and repay the debt with your cash flow. This system provides micro-lending and microfinance solutions to enhance convenience in daily life.
🇶 Can you elaborate on the specific incentive programs you’re implementing to attract and retain developers? Are there any particular success stories or milestones you can share? Which types of partners are you prioritizing, and how do you evaluate the potential value of these partnerships?
🇦 For the open entry system and developer network, we focus on more than just developers. To grow the ecosystem, we need to focus on projects that create real value, involving not just developers but also economists, business professionals, marketers, and business developers. While hackathons and developer-focused events are important, we believe in hosting events that include all these groups. This inclusive approach is our strategy for ecosystem growth.
🇶 Can you elaborate on the criteria and process for selecting grant recipients under the Over the Rainbow initiative?
🇦 Our criteria for the grants focus on real demand and utility in daily life. We conduct thorough due diligence to avoid copycat projects. We aim to find and support projects that can create real value and integrate into our lives, working together to build and develop these projects.
🇶 What innovations in scalability and throughput does your protocol incorporate? Are there specific technologies or Layer 2 solutions employed to enhance performance?
🇦 We believe that performance is not the main concern at the moment due to low block occupancy. Our primary focus is on increasing trading volumes first, followed by enhancing blockchain performance. Given the blockchain trilemma, we prioritize decentralization and security over scalability. To improve performance, we will implement Layer 2 solutions and other advanced technologies. By generating significant trading volumes and real value, performance issues become less critical, as many existing solutions can be integrated into our protocol to address these challenges.
🇶 Is running OverNode on a smartphone a possibility in the future?
🇦 Yes, running nodes on smartphones is a dream of our team. While there are challenges to overcome, we aim to achieve this in the future.
🇶 What measures are in place to ensure that Over Protocol remains lightweight and accessible during periods of congestion, especially during the main launch, while maintaining security and operational integrity?
🇦 Over Protocol is designed to be lightweight for normal operations, although users may experience inconvenience during high-traffic periods. Our primary focus is on decentralization and real value creation. While scalability is a secondary issue, we plan to address it in the future. We ensure that our user-friendly approach does not compromise security by adhering to strict security criteria for our products.
What is OverProtocol ?
- A blockchain network committed to fostering a truly decentralized ecosystem, allowing anyone to serve as a validator.
- Leveraging ‘Ethanos’, an innovative node optimization technology, it empowers individuals to operate full nodes from their home desktops.
- Driven by the vision of decentralization, OverProtocol aspires to place the power of a new internet right in your hands.
OverWallet
- Mobile crypto wallet application, serving as a gateway to OverProtocol.
- Before the Mainnet launch, the wallet educates users about OverProtocol and blockchain technology, offering rewards that will be usable on OverProtocol upon its release.
- With over 5 million accounts registered and more than 1 million daily users, OverWallet is at the forefront of building a robust community around OverProtocol.
OverNode
- Node client designed to help users run OverProtocol nodes on their personal computers.
- Featuring an intuitive UX/UI, OverNode allows anyone to seamlessly become a validator for OverProtocol, with no computer science background required.
