AMA Satoshi Club x Parami, July 13th
We were delighted to welcome our guest from Parami . The AMA took place on July 13th, 2021 and our guest was @DorianWuAD3 .
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Gold Rocket | Satoshi Club: Hello, dear Satoshi Club community! We are pleased to announce AMA with Parami.
Andrés M. | Satoshi Club: Our honorable guest today is @DorianWuAD3
Andrés M. | Satoshi Club: Welcome to Satoshi Club!
Dorian Wu: Hi everyone! Thank you both for having me here in Satoshi CLUB. I am Dorian WU from Parami Protocol. I am having an AMA for all you want to know about Parami, building AD3 for Web 3.0.
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @DorianWuAD3!
Andrés M. | Satoshi Club: Nice to meet you, we are glad to have you here.
Gold Rocket | Satoshi Club: We are delighted to have you here today.
Dorian Wu: I read questions from the post earlier, I find you might all have read Parami lightpaper thru and posted quality questions
Dorian Wu: Before we start part 1, can I make a quick self-introduction? @GoldRocket27
Gold Rocket | Satoshi Club: Yes, there will definitely be questions from the community. Now tell us a little about yourself.
Dorian Wu: Nice to know we are thinking the same
Gold Rocket | Satoshi Club: it would be great
How did you get to be involved in crypto & Parami?
Andrés M. | Satoshi Club: Of course, please tell us a little bit about you and about the project.
Dorian Wu: so, this is Dorian WU from Parami Protocol. Before co-founding Parami, I was the senior architect of DCEP (Digital Currency Electronic Payment), working for the People’s Bank of China. Earlier, I was taking the responsibility of core architect & technical leader of TRON before DCEP project.
Gold Rocket | Satoshi Club: You have good experience
Gold Rocket | Satoshi Club: What is the essence of Parami?
Dorian Wu: From those jobs, I have gained much practical experience in consensus mechanism, privacy computation, cross-chain mechanism, etc. I hold a bachelor’s and a master’s degree in Software Engineering. After receiving my master’s from University of Chinese Academy of Sciences, I became a blockchain enthusiast and active investor since 2013.
Dorian Wu: My early purchase of Bitcoin and relevant study in academia inspired me to solve problems in a novel way. Now I am all in blockchain, co-founding Parami to explore more in the crypto world on tech side with my amazing team.
Dorian Wu: Yes, to the Parami part
Gold Rocket | Satoshi Club: what is the main idea of the project
Dorian Wu: Parami Protocol, in essence, is to build AD3.0 for Web 3.0
Andrés M. | Satoshi Club: Great decision
Gold Rocket | Satoshi Club: Many experts consider these to be the main directions of the next bull run.
Gold Rocket | Satoshi Club: You are in the mainstream
Gold Rocket | Satoshi Club: I want to ask a very personal question. Did you sell your early bitcoins
Dorian Wu: The reason for us to do Parami is quite straightforward. We are now in such a position as web-users that tech giants tag our preference and push relevant promotion information in every way. We do not get any reward for our attention, our identity is not ours anymore, our privacy get breached. No one want any of that.
Gold Rocket | Satoshi Club: Also we would like to know about your great team. Who is on the project team core?
Gold Rocket | Satoshi Club: Your motives are obvious and absolutely justified
Dorian Wu: Thanks, I get my appropriate rewards by the market
Dorian Wu: Little. I consider Bitcoin as a symbol of belief in crypto. I only do so out of investmental reason. (This is not a investment advice)
Gold Rocket | Satoshi Club: Like many of us.
Andrés M. | Satoshi Club: How did you choose the name of the project?
Andrés M. | Satoshi Club: Completely agree
Dorian Wu: Regarding team, we have this senior full-stack developer Mono WANG, a well-respected OG in the Rust community with many independent experiences in several projects like Tron and Ledger; we have Edison, specializing in ZKP algorithm, MPC and all about cryptology with strong commitment
Gold Rocket | Satoshi Club: We receive information about the tightening of cryptocurrency legislation in China. Has this affected you in some way?
Dorian Wu: The word “Parami” in Sanskrit, commonly translated as “perfection”, is used to refer to Buddhist ideals. Parami means the virtues one needs to cultivate himself/herself to cross over the flood of suffering, get reborn, reach safely the further shore. Like the idea of Parami Protocol, it aims at establishing a universal model for future advertising, to bring a rebirth of the digital identity and personal data economy.
Gold Rocket | Satoshi Club: Amazing team
are you anonymous? if so, did you plan to reveal your names once?
Gold Rocket | Satoshi Club: This is very symbolic! And pursues noble goals. You are real crypto fans
Andrés M. | Satoshi Club: Amazing
, an appropriate name
Dorian Wu: Not much to us, because we are focusing on building a global community and developing core functions. Investors do go low-key under the pressure.
Gold Rocket | Satoshi Club: Thanks for the introduction, we will have a question selected for the Part 1. Ready to start? Or want to add something?
Dorian Wu: Yes, I am all ready!
Gold Rocket | Satoshi Club: @AndresM77 shoot please
Q1 from Telegram User @andrey_seleznov
Parami roadmap had some very exciting plans in the Dana and Sila milestones:
– Complete the bridge between ETH ERC20 and the Parami substrate
– Complete the Parami wallet for Telegram and WeChat where users could binde their social ID and DID identity and more..
– Ad platform
– NPOS mining
I’d like to ask if you have completed all the milestones by now and what parts were the most difficult to achieve to date, maybe you could mention something that had had to be postponed for the future sprint? Thank you!
Dorian Wu: That’s what I spoke of quality question, thank for posing.
Dorian Wu: I would say the second one, “Parami wallet for Telegram and WeChat”, would be the most difficult yet significant part, because it is the priority functionality we want to deliver, also the foundation layer within the Parami Protocol. We have settled the mechanism, developed and debugged relevant codes, tirelessly pushing it to launching, a huge amount of commitment
Gold Rocket | Satoshi Club: yes, that’s an incredible amount of work.
Dorian Wu: If I have to prioritize the three other items, I would go for the Bridge > AD platform > NPOS mining, I mean, they are all important in different ways.
Andrés M. | Satoshi Club: Looking the roadmap it seems that great things are coming
Dorian Wu: Anything you want to go further with Q1?
Andrés M. | Satoshi Club: It’s very clear for me, thanks, would you like to proceed with the next one?
Dorian Wu: Definitely, committed and motivated is how I am
Gold Rocket | Satoshi Club: it seems to me that you already have something to be proud of. but even more lies ahead.
Dorian Wu: Sure
Q2 from Telegram User @Jmagsss
One of $AD3 token utility is SETTLEMENT, where users will be rewarded by your token each time they interact with the ads. Can you please explain how will the quantity of rewards be computed and calculated. Will it be based on how long the user interacted with the ads or will it be based on which the user really clicked the ads?
Andrés M. | Satoshi Club: Passion is the key
Dorian Wu: I’m glad someone is asking about user scenario. The length of the user interacting with the ads is a factor for sure, which entails the clicking, right?
But we can go further, one-time measurement is not good enough for advertisers, after all, you give the money out but don’t know where the money go.
Here we bring up a new idea, PCAP, aka Personal Crypto Advertising Preference, to measure users’ multiple times of advertising choices, and give appropriate amount, so that advertisers can see real-time feedback of his/her expenditure.
Gold Rocket | Satoshi Club: hmm … interesting approach
Andrés M. | Satoshi Club: So innovative
Dorian Wu: If no one have further query, let’s move to the next
Andrés M. | Satoshi Club: Let’s go, thanks for the answer
Q3 from Telegram User @yellowchamp
Parami provides users with a light wallet based on social media platforms (Telegram, Wechat) and a DID Avatar solution integrated into social avatars. So,can you explain how does Parami light wallet based on Telegram and Wechat works? What are the best features of this light wallet based on Telegram and Wechat?By the way,why do you choose to integrate Telegram and Wechat for your light wallet? Aside from Telegram and Wechat,do you plan to integrate other social media platforms like Facebook,Twitter or WhatsApp or other social medias platforms in the future? How does this light wallet used some social avatars from DID Avatar solution? Thank you
Dorian Wu: OK, let get to the ground. We are employing a novel technique to print your PDID (take it as an id for now) onto your avatar, like QR code. We build bots in Telegram and Wechat for users to access such your wallet, and encoding, decoding tools. And you can get others’ avatar to readily send and receive tokens to/from them
The best thing about wallet in an IM app is “LIGHT”, meaning you don’t have to install an app, you don’t have to set up an separate account and login, your wallet is attached to your social account.
Similar approach can be applied to Facebook, Twitter and others, the work is to develop respectful bots within the frame. We prioritize Telegram and WeChat for they are easy to use and popular among IM app users.
Andrés M. | Satoshi Club: So, is it necessary to pass any kind of KYC to use it?
Dorian Wu: it is an avatar for example, notice the dots and lines of circumference of this picture
Gold Rocket | Satoshi Club: and does it matter? which one?
Andrés M. | Satoshi Club: It seems you care so much about user satisfaction
Dorian Wu: We are weighing the privacy against KYC action, in principle we won’t as we can come up with a precaution against users’ abuse
Dorian Wu: it’s to elaborate the idea of printing PDID onto avatar
Gold Rocket | Satoshi Club: in my opinion this is a great idea
Gold Rocket | Satoshi Club: Thanks for your answers. Ready to proceed to the next question? Or do you want to add something?
Dorian Wu: let’s go ahead with next one
Q4 from Telegram User @luk4jah
Parami Protocol had partnership with DEGO. DEGO is a cross chain NFT DEFI protocol where anyone can mint NFTs, auction and trade them.My question is,Does Parami Protocol also have plans of integrating NFTS on it platform?And while going through Parami Ambassador Program I noticed that Parami have Fancy Outfit from Parami’s Wardrobe,Can you tell us more about it and give us a sneak peak of those outfit?
Dorian Wu: There seem to be two questions from @luk4jah
1. Yes, NFT-integration is planned. We are thinking of NFT as unique showcase of a user, or given a situation, a community leader, to vehicle his/her content
Andrés M. | Satoshi Club: Could you tell us more about your current partnerships?
Dorian Wu: 2. lol this is fun. We have this “Walk-in wardrobe” campaign (I mean ambassador program
) for recruiting ambassadors. I can show you all the 5 outfits here, or refer to the medium article
Dorian Wu: for original images, refer to https://paramiprotocol.medium.com/parami-ambassador-program-officially-launch-463b6a7f7013
Gold Rocket | Satoshi Club: wow! it’s incredibly beautiful!
Andrés M. | Satoshi Club: Still time to join, right? Great opportunity Satoshiclubbers
Dorian Wu: Welcome to pose your own outfit on social media like twitter @dorianwu1
Dorian Wu: Yes, up and running
Andrés M. | Satoshi Club: Actually our next question is about it
, our community show a lot of interest on it
Gold Rocket | Satoshi Club: I think one of the heroes looks like you
Andrés M. | Satoshi Club: Let’s proceed with the next question
Dorian Wu: Beside DEGO, we have reached partnerships with SOLV, Genesis Shards, and DuckDAO, etc, and we are exerting active effort to expand the list
Dorian Wu: Thanks for spotting me, lol
Gold Rocket | Satoshi Club: Many famous and familiar names! some projects were on our AMA
Dorian Wu: All quality projects in this quality community!
Andrés M. | Satoshi Club: Of course, only the best
Gold Rocket | Satoshi Club: It’s a pleasure to deal with you too. Great answers
Dorian Wu: Honor is mine. Let’s continue
Q5 from Telegram User @antoni_azx
I saw you published your ambassador program and there’s five categories you are looking for: Community Paramillionaire, Social Paramillionaire, Coding Paramillionaire, Popular Paramillionaire and VIP Paramillionaire, can you tell us what is this Paramillionaire term? What does it means within your ecosystem and what will be the advantages for joining your Ambassador Program?
Dorian Wu: Paramillionaire is our title for Parami Ambassador, we hold this strong belief that most Parami token holders will become millionaires.
So we are looking for believers in Parami to join us, and realize the belief, for that we welcome (strongly in need) all roles to help in different ways. Say Community Paramillionaire to activate and expand communities, Social Paramillionaire for create content and conduct interaction on social media, etc.
For benefit, you can get to work with Parami core team, know the latest update, get monthly budget, whilelisted on token offerings
You can read the complete job descriptions and benefits in this link https://paramiprotocol.medium.com/parami-ambassador-program-officially-launch-463b6a7f7013
Gold Rocket | Satoshi Club: Thank you for such a detailed answer.
Gold Rocket | Satoshi Club: Ready for the last question of this part of the AMA?
Dorian Wu: yes
Q6 from Telegram User @YomarS11
Hello! I read in the light paper of PARAMI, in the section of Economic model of tokens, several points that seem interesting among them we have: tender, synthesize and governance, which generated some questions, which are the following: in what ways Users will be able to bid for advertising opportunities using the tokens $ AD3? And in what form will the participation of users be with respect to the chain’s parameter adjustments that they will be able to make through voting? And what are the mechanisms that the PARAMI platform plans to use so that users can synthesize NFT and social currencies through their native AD3 Token? Could youtell us more about this system that your platform will implement, since it promises to be quite interactive and dynamic for users, and what seems to be it will allow the development and growth of PARAMI?
Dorian Wu: For the questions by yomarS11
1. in what ways Users will be able to bid for advertising opportunities using the tokens $ AD3?
Here we preferably call users biding for ad opportunities as Advertisers, they bid for the ADvertising opportunities of another user’s influence, usually, in a community. You might notice, the basic class of User can be both Advertisers and Influencers in our system
2. in what form will the participation of users be with respect to the chain’s parameter adjustments that they will be able to make through voting?
There are many aspects that voters can adjust by staking governance. By staking governance I mean, it is a inherent feature of Polkadot Network on which Parami is based. The rough idea is to propose a parameter to an amount, community members will second and vote. After the deadline, aye votes exceeds a certain ratio, the proposal will be automatically executed because it is a ready-made interface,
3. And what are the mechanisms that the PARAMI platform plans to use so that users can synthesize NFT and social currencies through their native AD3 Token?
There will be build-in functionality of swapping in our LIGHT wallet, to take care of such needs.
4. Could you tell us more about this system that your platform will implement, since it promises to be quite interactive and dynamic for users.
So it all goes back to our 3 layers. Put simply, we will present the application (main the wallet) to common users, open AD interface to advertisers, and run the DID and token system behind the scene
Part 2 — live questions from the Telegram community
Q1 from Telegram User @AugusS7
I understand that the Parami protocol allows you to believe and have your own decentralized identity, but could you really tell us why it is important to have a decentralized identity, when in DeFi you can enjoy multiple products without the need to use an identity?
Dorian Wu: It is true in DeFi you do not have to have an identity to proceed, but there has to be an wallet address to send and receive tokens. It is the same with Parami.
One thing that is special with Parami is that your PDID is your wallet address and vice versa. So that you can send, receive, swap tokens on one hand, watch your interested ads on the other hand. No advertiser knows your identity, because we use ZKP algorithm to make it happen.
Q2 from Telegram User @victorogb
Parami will offer support to IM apps as part of it’s decentralized privacy advertising model. Therefore, what sort or type of IM app would Parami focus on, and how would such support benefit both parties?
Dorian Wu: We are proud to say Parami Protocol can support IM apps that feature user avatars and browsing webpages within, that basically make it all IM apps.
I take the both parties as users and IM apps. For users, the benefit is obvious, a) reward for attention, b) privacy protected, and c) smooth experience; for the apps, the more users they have, the more valuable it is, why aren’t they happy to see this happen?
Q3 from Telegram User @andrey_seleznov
Could you please clarify what pain points you are trying to solve with the AD 3.0 proposal? How exactly do you manage to make this system user-centric and at the same time increase advertisers revenue? Thank you!
Dorian Wu: we are trying to solve 3 pain points in the digital advertising industry:
1. How to establish a user-centered advertising system
2. How to gather the traffic on Web3.0
3. How to improve the ROI of digital advertising
for the question to your concern, Parami Protocol is there to transfer the value to users, making the interface easy to use. It allowing users to interact with advertisements in the browser of social media apps and get the revenue credited to their wallets.
Parami believes that the traffic of Web3.0 is no longer the traffic aggregation based on APPs or websites, but the traffic aggregation based on people (KOL, Creator, Community Owner). Parami will provide social coin-based community member value connection for these DAOs (take it for community, put simply). At the same time, DAO members usually have a common label, so the advertising and cashing method based on this characteristic will be more targeted. In a sense, advertising for a DAO equals buying the social influence of all members of a DAO.
Q4 from Telegram User @Amila19932
You have mentioned in your website that “The native token on Parami Protocol is AD3. It is a UTILITY TOKEN that can be used in 6 scenarios” Could you please explain about some of these usecases?
Dorian Wu: Yes, the 6 using cases, I will go to Synthesizing, Bidding, Settlement with an example. Let’s say, I myself, Dorian WU, is an influential fan of milk in my community so I issued $DORIAN token for my community members. Now, an advertiser Jack wants to buy my influence and promote his milk.
For a starter, Jack buys some $AD3, he exchanges $AD3 into $DORIAN (the Synthesizing). He bids the ad opportunity in my community among others (the Bidding). He pays a certain of $DORIAN to members (the Settlement)
Q5 from Telegram User @ask2lance
I noticed you have an Ambassador program for the community, please what is this Ambassador program, do you have it in many languages and how can I join?
Dorian Wu: So far we haven’t translated the article into other language because we expect ambassadors to keep a working communication in English. It is welcome to build a community in your language, at the same time we hope you can havbe a working proficiency in English
Q6 from Telegram User @Kabirkapoor9
Please share tokenomics of Parami native token? How governance works under Parami? Will there be any burning event to provide benefits to existing holders?
Dorian Wu: Check this infograph for tokenomics. The governance happens in native Polkadot frame with litte modification. There is no major burning planned so far.
Q7 from Telegram User @xperia3
In your lightpaper you identify AD 1.0 as “Era of Slavery” and AD 2.0 as “Era of Feudalism”. Finally AD 3.0 is “Era of Democracy”. When you put them like this, it seems like AD 3.0 is something very different and offers a lot more beneficial features. Is it really like this? Can AD 3.0 really meet with the expectations? Can Parami make it work sustainable?
Dorian Wu: I’d say the major difference between AD 2.0 and 3.0 is the sovereignty of your data. Can you own your data and keep it to yourself only? You cannot possibly do it unless you stay offline lifetime. In the era of AD 3.0, we have it in our hands on blockchain. In our mode, as long as the advertising runs, the value transaction will sustain the system.
Q8 from Telegram User @Zohaya
The following is included in your Roadmap. MainNet V1: śīla, MainNet V2: Vīrya, MainNet V3: dhyāna, MainNet V4: Prajñā and TestNet: Dāna. I am curious what language it is and what does it mean. Why did you prefer to name it that way?
Dorian Wu: Like our very name Parami, it is Sanskrit. words mean the 1st, 2nd, 3rd, and 4th phase of the perfection process (aka. Parami)
Q9 from Telegram User @JoanaZ
What techniques does Parami employ to ensure that corporations do not “run away” with investors’ money, and how do you ensure that users’ monies are safe?
Dorian Wu: For investors’ money, we are fully committed to the ideal world of advertising to come true. Even in a bear market like the past two month, none of our investors have expressed a word of withdrawal. We have their faithful support.
For users’ money, Parami Protocol is a code-building decentralized network, so the corporation do not “own” anyone’s money after we do IDO, the money goes freely. All we have to do is to AUDIT the code and make it safe.
Q10 from Telegram User @Sumione
Is your project a global or targeted to Chinese market mostly ? Do you have any restrictions to any regions and how will you increase adoption of non crypto investors?
Dorian Wu: No, we have no intention to develop a Chinese-centered market, but a global one. Before the uncertain regulation in China settles down, we are not doing active promotion to Chinese audience.
For non-crypto investors, I would say once the advertising operation starts to run, they will quickly realize the potential.
Part 3 — Quiz Results
In the final part we tested your knowledge in terms of Parami . They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.