Top Network AMA hosted by Pledgecamp — Transcript
Pledgecamp on the 15th of May, 2020 at 6.00 PM GMT-7 hosted a Top Network AMA on our telegram channel: https://t.me/pledgecamp
Representing Top Network was Noah Wang who is the Co-Founder of TOP Network, and holds an MBA, CFA, and CPA.
Q1: Could you briefly introduce TOP network?
A. TOP Network was founded back in 2017 in Silicon Valley and the mainnet was successfully launched at the end of 2019. It is the world’s first public chain to achieve full-state sharding, making it a high-performance Public chain platform
TOP’s has a unique three-tier architecture — main chain, business chain, trusted chain account book. This design helps us in fulfilling our vision of creating a public chain platform of large scale dApps.
Our throughput exceeds 100,000 TPS and, in conjunction with the fast on-chain confirmation speed and zero transaction fees, makes it highly suitable for on-chain communication, games, social networking, big data, and massive high-frequency services such as AI and IoT.
The team is very confident about our future and we believe that we have a lot more to give and achieve.
so yeah, that’s TOP network.
You can check out their site for further information topnetwork.org
Q2. What are the competitive factors for public chain projects? How about TOP Network?
A. There are multiple factors that make a public chain project strong and viable. It’s not just throughput its about the underlying technological standards, the ecology and smart contract functionality, as well.
The advantages of TOP Network are first reflected in technology. The TOP public chain implements the three-layer capacity expansion technology of Layer 0, Layer 1 to Layer 2.
To give you a brief overview of each:
Layer 0 is the network layer, which implements P2P transmission network layer and Gossip protocol optimizations
Layer 1 main chain layer uses state slicing to linearly and horizontally expand processing capabilities;
Layer 2 uses state channels to bring in added scalability. By offloading business logic off-chain.
on-chain scalability is assured via dynamic sharding and horizontal expansion. Each shard of the TOP chain is composed of 256 nodes, that are randomly selected from the node pool by our VRF algorithm. The processing capacity of each shard is 400–500 TPS.
In fact, our developers are currently working on optimizing shard activity for it to reach 600–800 TPS
The final part lies in out three-tier consensus network structure that ensure maximum security for our underlying protocol.
The outermost network (Edge Network) is only responsible for delivering transactions to the routing network to protect the internal consensus node network; the routing network first audits transactions that have been verified by the shard to prevent intra-shard transaction tampering. The second is the consensus network which synchronizes the state between the shards. It is composed of shards and is responsible for the verification of the transaction.
The TOP chain also draws on the DAG’s ideas and does consensus at the transaction level, not at the block level. In the TOP chain, the data of each account is expressed in the form of a dot matrix, which is connected to form a micro-chain, and each transaction is quickly verified by the pBFT consensus. as you can see, each and every aspect of TOP has been carefully thought out and realized. We are very proud of what we have achieved in the technological aspect.
Q3. As a public chain project, we guess there’re many dApps on your platform. Could you introduce some useful dApps to us?
A. great question! I am sure you will agree with me when I say that the health of a decentralized public ecosystem is directly related to the amount of developer work being done on top of it. innovations can make or break systems.
keeping that in mind, i am very proud to say that our team has launched a decentralized wallet called “HiWallet”
It is a secure and decentralized blockchain digital wallet with multiple layers of encryption. It is completely based on the ecology of TOP Network. TOP, BTC, ETH, BCH, DASH, LTC, USDT and other main chains and tokens. Users can use HiWallet to manage their digital assets, experience dApps, and open the door to the blockchain world.
You can donwload the wallet from hiwallet.org. It is also available in app store and play store.
on top of that, the TOP cloud ecosystem already has three huge apps — CoverMe, DingTone and SkyVPN… these apps have a combine 100 million users overseas.
Our plan is to transparently migrate these users onto our public blockchain.
what this means is that TOP is going to be the first public chain in the world with >100 million users.. We are very excited about this. We imagine that developers will stand to gain a lot from this as well
Apart from all this, our team is also creating some fun and highly interactive blockchain games.
Two large-scale games are about to be developed, and 10+ lightweight games are also about to be released.
so yeah..exciting times!!
Here’s the link to the wallet: www.hiwallet.org
Q4. Regarding the Covid-19 situation, does it have any influence on TOP Network?
A. Well, of course it has. The Covid 19 has had a pretty negative effect on the blockchain industry and TOP Network is no stranger to this. While majority of our work is online, we had several offline activities planned that had to be cancelled our postponed.
For example, TOP was scheduled to have activities in colleges and universities this year.
Previously we had arranged face to face activities with college students at Stanford and Ewha Womans University in Korea.
The response was very strong and very positive. So we will look forward to arrange more such offline activities when the pandemic situation passes this year
Speaking of Covid-19, I hope you all have been taking care of yourself and I wish good health for you and your loved ones during these trying times.
It’s a really trying time and we hope everything gets back to normal soon.
Q5. What’s your opinion about crowdfunding?
A. Well many call crowdfunding the “great equalizer” I do believe that the concept is extremely romantic. Having a dream and a vision that’s funded by the people that believe in you. I think it is a good model to help small and medium-sized entrepreneurs .
Plus it always warms my heart when I see people getting their operations paid for via crowdfunding. There is almost a poetic quality here, since you can save someone’s life by transferring love.
However, many people have a skeptical attitude towards crowdfunding. The fact is that any kind of innovative project or product must have its risks. Risk-sharing is a big part of crowdfunding is the process of risk sharing. A good creative product has a proportional risk and reward. The greater the risk, the higher the reward.
Well-known crowdfunding websites include kickstarter, indiegogo, Rockethub, etc. have successfully launched more than 100,000 projects. And Chinese crowdfunding sites like Taobao, Jingdong etc., also attracted a lot of attention.
Some crowdfunding platforms are willing to accept seed product projects, but the funds raised are very small. This is the biggest problem of the current crowdfunding platform. It’s easy to raise funds with the large crowdfunding platforms, but they don’t accept creative projects that are a little “out there.”
I think a good crowdfunding platform should not only accept product-ready projects , but must also support and accept some early-stage, unformed, but innovative and practical product projects.
Which is why, I love what you guys do here in Pledgecamp.
Q6. Pledgecamp provides crowdfunding service based on backer protection. What’s the advantage of blockchain-based crowdfunding platform?
A. Pledgecamp’s smart contract based immutable and transparent backer protection is one of the most ingenious and industry disrupting innovations that i have seen in this space.
So many times i have read horror stories of scammy kickstarter project. Oh dear god, do you remember that “ibackpack” debacle?
what pledgecamp does with its backer insurance is that it bring back trust into the ecosystem by making it trustless!
Backers will no longer have to trust the creators to do the right thing… automated smart contracts will make sure that either the creators deliver what they promise or suffer the consequences.
Its a brilliant concept.
Q7. We can see that TOP Network is the first project for Huobi Prime, could you tell us any background for this outcome?
A. I must preface the answer by saying that we didn’t actively seek them out to get us listed on the exchange.
It just so happened that when Huobi launched their prime product, they listed our project, after several rounds of screening, because they felt that TOP has the high chance of successful adoption.
First of all, it is the originality of our technology, which has already been said before. Then there are the advantages that almost all other projects in the circle do not have, that is, the three communication applications that have already been implemented: Dingtone, CoverMe, and SkyVPN.
The user factor, in conjunction with our potential, gives us an almost crushing advantage over our competitors. I believe that this is the reason why Huobi chose us.
Q8. Please tell us some uses of TOP token?
A. So ecological circulation is at very heart and soul of TOP’s tokenomics.
TOP Network has two systems, including a decentralized communication cloud and a public chain.
In the cloud service system, TOP Token is used as a means of payment, which acts as a settlement currency. You pay the service fee for as many services as you use. The communication cloud is open and anyone can use it, but its carrying capacity is not unlimited. Users need to stake tokens in order to reserve resources. In other words, in cloud services, TOP tokens has two important utilities — payment and reserving resources.
From the perspective of the public chain, TOP Token is used as the circulation currency.
Q9. What’s your expected collaboration point for Pledgecamp and TOP Network?
A. Well, as you may have guessed, I have been a secret admirer of pledgecamp for quite some time.
Pledgecamp is top quality blockchain project and I was very excited to collaborate with you guys through the #blockchainsilkroad program.
In the current situation where communication at home and abroad is blocked, we hope to establish a long-term and stable cooperative relationship with Pledgecamp in market expansion and user operations, jointly expand the domestic and overseas markets, and share domestic and foreign resources . We hope that this will help promote the further development of the entire industry.
Q10. What’s TOP Network’s roadmap for this year?
A. At the beginning of this year, we immediately launched our cross-chain Staking as planned. Later, due to the pandemic, our development progress was affected to a certain extent, but we still tried our best to advance our project according to the established plan.
Its a little unforunate, but hey, when life gives you lemons, you try to make lemonade right?
So, next, in our agenda we will also upgrade the mainnet., following which, we will migrate Proxy applications and games. In the second half of the year, we will conduct the mainnet mapping, and mainnet 2.0 will be officially launched at the end of the year. Of course, these are just a few of the major goals in our technological roadmap.
In this process, we will also have plans for coordination of various operational activities and market expansion. For example, from the beginning of the year to the present, we have been cooperating with major media and well-known project parties to carry out various online activities and AMAs, and have received good feedback in the market. If the pandemic situation improves, we will enthusiastically carry out several offline activities.
Community provided questions were asked.
Q1. How to make difference for TOP Network between several public chain projects?
A. So what makes TOP unique is its 4th gen blockchain offering, Scalability + User base.
The TOP public chain has extremely high TPS (total transaction volume) and security. On the chain, it is the original public chain platform based on the fourth-generation blockchain technology and the world’s first public chain to achieve full-state sharding. The transaction confirmation speed is fast, and the transaction fee is zero, which is especially suitable for the mass flow of services such as communication, games, social networking, big data, artificial intelligence, and IoT. The TOP public chain can achieve linear expansion almost by adding fragments.
On the user front, the ace in our pack comes from our already established apps coverme, dingtone and skyvpn and its existing 100 million user base which will be migrated on our platform in stages.
so high speed + large userbase = happy developers.
^^thats our formula.
Q2. What does the project have to do with TOP Network’s adoption of the blockchain platform? How does TOP Network deal with security, speed, and scalability?
A. Good question.
So the security is assured by by our three-level network structure which i have described above.
The speed is assured by dynamic sharding and horizontal expansion. The cool thing about shards is that as we increase the number of shards, we can achieve greater linear expansion. Its the most natural solution to scalability out there. Think about it, it can make a network faster as it deals with more information!
Q3. What is the core features of your network system and technical advantage? Why should we believe in TOP Network technology and holding TOP for long term?
A. Well, its mostly down to our technology+user base offering. Extending from the previous question, our three layer network and sharding gives us unprecedented security and scalability.
Along with that our three-layer expansion technology of Layer 0, Layer 1 to Layer 2 allows us to segregate business logic from transactions, preventing unnecessary blockchain bloat and boosting overall performance.
We let our tech do the talking!
Q4. How are the plans shaping up for marketing and building a strong, core community which is essential for any project in the crypto industry?
A. The current pandemic situation has made sure that there is almost no offline activity in the entire industry so far this year. So we have doubled our efforts on online and community activities. We are constantly trying to strengthen brand promotion and marketing, and winning more and more attention from community members.
Q5. Most users only care about immediate benefits rather than the real value of the project in the long-term. How can you convince users invest to your platform in the long term?
A. Real value investments are generally medium- and long-term, and profiting from short-term surges is basically speculation.
So, why is TOP suitable for long-term investment?
Firstly, TOP is technically very strong, and has achieved full-state sharding. This result is more than 2 years ahead of Ethereum, which is one of the guarantees for the landing in the later period.
Secondly, TOP will soon have 100 million overseas users, migrated on top of it, which is a guarantee for traffic.
So when you combine these factors, you can see the true long term potential of the project.
Q6. How will your team ensure that TOP Network remains the top platform and keep pace ahead of your competitors?
A. Well, the only way that I can answer this question is by stating the fact — our team is awesome! Looking into what we have already achieved technologically, this is not an exaggeration. Plus, keep in mind that our team has a proven track record of creating amazing applications which attracts a huge amount of users.
They have shown this not once, not twice, but three times (dingtone, coverme and skyvpn)
So, their proven track record and what we have already achieved technologically.. which is already way more than our competitors, along with the migration of the 100 million users puts us in the pole position in the 4th gen blockchain era. I can say that with the utmost confidence.
End…
On behalf of the Pledgecamp and Top Network team’s we would all like to thank the community for their questions and participation in the AMA.
To find out more on Top Network:
Check out TOP’s new, exciting wallet here: www.hiwallet.org
Want to know more about TOP? Go to their website: topnetwork.org
The wallet is available in the app store and google play.
