Sienna x Satoshi Club AMA Recap from 10th of May
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Sienna and our guests were @MontyMunf0rd and Sienna Network. The AMA took place on 10 May.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram community
Gold Rocket | Satoshi Club: Hello, dear community!
We are pleased to announce AMA with Sienna
Andrés M. | Satoshi Club: We are glad you to introduce you Sienna project. @thisissienna welcome to Satoshi Club
Gold Rocket | Satoshi Club: We have a replacement in the visiting team
Andrés M. | Satoshi Club: Let’s give the welcome to @MontyMunf0rd
Gold Rocket | Satoshi Club: @MontyMunf0rd is our new Sienna guest
Monty Munford Sienna Network: Hello.
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @MontyMunf0rd!
Andrés M. | Satoshi Club: How is going your day?
Monty Munford Sienna Network: It’s been a little crazy, lots of work going on, amazing buzz around the whole Sienna team.
Gold Rocket | Satoshi Club: let’s start our AMA with a small intro
Monty Munford Sienna Network: OK.
Gold Rocket | Satoshi Club: Introduce youreself. How did you get to be involved in crypto & Sienna?
Andrés M. | Satoshi Club: Yes, we would like to know more about you
Monty Munford Sienna Network: I am the Chief Evangelist and core contributor to Sienna network.
I used to be one of the pioneers of mobile games in 2005.
Lived in India, Bollywood actor and villain.
Lots of conference workbincluding Kim Kardashian, Steve Wozniak, John McAfee.
Gold Rocket | Satoshi Club: wow! It is very cool! I want to see your filmography
Monty Munford Sienna Network: I was very bad.
Gold Rocket | Satoshi Club: This is a very impressive list of the mighty of this world.
But this path led you to crypto!
And it’s amazing
Andrés M. | Satoshi Club: Wow, great personalities
Monty Munford Sienna Network: Yes and finally to the wonderful people at Sienna.
Gold Rocket | Satoshi Club: Yes, please tell us about it
What is the essence of your project?
Monty Munford Sienna Network: This article should describe it.
Signaling that privacy is coming to DeFi, Sienna Network raises $11.2M for its platform
We believe in long-term privacy DeFi.
Andrés M. | Satoshi Club: Is a great concept
Gold Rocket | Satoshi Club: And you have every reason to think so
How long does it take to develop a project? What plans do you have for the future? And what can we expect from Sienna?
Monty Munford Sienna Network: Thank you. My job title is Chief Evangelist, but we are all privacy DeFi enthusiasts.
This is our roadmap.
Andrés M. | Satoshi Club: Thank you for the introduction. We have collected some community questions, would you like to proceed?
Gold Rocket | Satoshi Club: Thanks for sharing
Monty Munford Sienna Network: Sure.
Q1 from Telegram User @andrey_seleznov
Sienna promises fast transactions that will cost only a few cents. Users will definitely be excited not having to pay exorbitant fees. Can you tell us more about your infrastructure? How do you achieve high speeds and such low fees being cross chain platform? Fees remain low even when trading with ETH chain?
Monty Munford Sienna Network: We do and that is our aim. Transaction fees are too high and we will explain in coming months. A bit vague, sorry.
Gold Rocket | Satoshi Club: Do you want to add something to this question?
Monty Munford Sienna Network: Not at the moment.
Gold Rocket | Satoshi Club: Also we would like to know about your team. Who is on the project team?
Monty Munford Sienna Network: We have people all over the world. London, Copenhagen, Sofia, Zurich. A great team.
Gold Rocket | Satoshi Club: Is this an anonymous command? If so, do you plan to open over time?
Monty Munford Sienna Network: Good question. We shall be opening up soon.
Apologies, but this was a last-minute thing and my mobile is nearly flat.
Andrés M. | Satoshi Club: It would be great for user’s trust
Gold Rocket | Satoshi Club: Thank you very much for your answers! Ready to proceed to the next question?
Andrés M. | Satoshi Club: Let’s proceed
Monty Munford Sienna Network: Yes
Q2 from Telegram user @Jonahapagu
In sienna users can use the Bridge to Convert tokens from multiple ecosystems into secret tokens, at the moment only ethereum is supported with plans to support polkadot, Binance, monero and cosmos… so can you explain what happens at the bridge when a user wants to convert tokens of other networks to secret tokens, what happens to the tokens to be converted and how are the new secret tokens minted, and how does sienna assure users that the newly minted secret tokens are indeed privatized tokens?
Monty Munford Sienna Network: Yes, users can utilize Secret’s bridge to tokens into privacy-tokens.
Sienna has created an interface for this bridge
Andrés M. | Satoshi Club: How is the process?
Monty Munford Sienna Network: Tokens do indeed become private.
Gold Rocket | Satoshi Club” it is very interesting!
Monty Munford Sienna Network: How that is best explained is on the scrt.network website.
Gold Rocket | Satoshi Club: thanks for the answer and the hint! do you want to add something or are you ready for the next question?
Monty Munford Sienna Network: Yes
Q3 from Telegram user @victorogb
wSIENNA is an ERC-20 version of the native SIENNA token running on Secret Network (SNIP-20). In order to mint wSIENNA, users have to lock an equivalent amount of SIENNA in the bridge and this action can be reversed by burning the wSIENNA to get back SIENNA. Therefore, what is the major difference between the wrapped SIENNA and SIENNA, how are they used differently and though SIENNA currently runs on secrets network Ethereum bridge, but are there plans to incorporate other blockchain bridges on the network for a better user variety and ease of transactions?
Monty Munford Sienna Network: The main difference is that wSienna 8s running on Ethereum.
Andrés M. | Satoshi Club: And what are the use cases of SIENNA token?
Monty Munford Sienna Network: Whereas the SNIP-20 coin is running on Secret Network.
That means that wSienna used on Ethereum will be bridging multi ecosystems.
More bridges are being built to other ecosystems as well where we also have a Sienna wrapped token.
That’s my answer.
Gold Rocket | Satoshi Club: this opens up a lot of possibilities for users
Monty Munford Sienna Network: We hope so.
Andrés M. | Satoshi Club: So, where can we buy the Sienna token?
Monty Munford Sienna Network: Uniswap.
Andrés M. | Satoshi Club: What is the contract address?
Sienna Network: When you use Sienna Swap, the privacy-first AMM launching this month, every time you execute a trade, a portion of the trading fees go to burning the SIENNA token, thus reducing the total supply. SIENNA also acts as a governance token which will give you influence over the AMM, the upcoming privacy-first lending protcol and much more.
Gold Rocket | Satoshi Club: Greetings @thisissienna
Sienna Network: Uniswap, Gate, and more exchanges coming very soon!
Greetings! Thanks for having me alongside Monty!
Andrés M. | Satoshi Club: Thanks for the answer and welcome to the AMA
Gold Rocket | Satoshi Club: we are happy to have you here!
Andrés M. | Satoshi Club: Is there something else would you like to add before the next question?
Sienna Network: Yes, I’d like to add that the reason why the tx fees on Sienna are significantly lower than on Ethereum is due to the fact Sienna is built on Secret Network
Secret Network is the first blockchain with privacy-preserving smart contracts, hence why it also obtains the privacy from there.
Secret Network is built on Cosmos, and that’s where it obtains the high scalability and low fees
Gold Rocket | Satoshi Club: Yes, we are familiar with this project. They were at our AMA
Andrés M. | Satoshi Club: Has it been audited?
Sienna Network: All Sienna’s code has been audited by Certik, yes
Andrés M. | Satoshi Club: Great job
Gold Rocket | Satoshi Club: Want to share your results with us?
Sienna Network: Results are already on our website. https://sienna.network/wsienna
Gold Rocket | Satoshi Club: Thank you so much! Safety first
Sienna Network: One more audit of the native token will be published today
Andrés M. | Satoshi Club : [
Gold Rocket | Satoshi Club: Are you ready for the next question?
Sienna Network: And the final audit for the AMM will arrive shortly
Safety first indeed!
Andrés M. | Satoshi Club: Will be waiting for it
Gold Rocket | Satoshi Club: don’t forget to share with Satoshi Clubbers
Q4 from Telegram User @cryptofollower
Sienna is now listed on gate.io and uniswap. Governments don’t like the idea of the private tokens. So they make exchanges to delist them. We have seen monero to be delisted from some centralized exchanges. If that’s the case, is it possible to give special privileges to centralized exchanges to see the blockchain data and prevent from delisting? What do you think about this?
Sienna Network: It’s worth noting that Gate has listed wSIENNA (the public token running on Ethereum). That’s why it’s important to have wrapped tokens for multiple blockchain ecosystems, but $SIENNA will always be our favorite. SIENNA has native native since it’s native to Secret Network
Gold Rocket | Satoshi Club: This is indeed a very wise decision on your part
Position Win Win
Andrés M. | Satoshi Club: How is the amount distribution of $Sienna?
Sienna Network: Total supply is 10,000,000
You can find more about the tokenomics on https://sienna.network/token
Andrés M. | Satoshi Club: And the market cap?
Sienna Network: Current market cap is around $7m
Andrés M. | Satoshi Club: Thanks for share the info, do you want to add something else?
Sienna Network: If people want to check out Sienna they can visit the website: https://sienna.network or join our Telegram: @GoSiennaNetwork
Andrés M. | Satoshi Club: Let’s join Satoshiclubbers
Well, let’s proceed
Q5 from Telegram user @Xusuo
I read your data about Liquidity Pool, all 3.9 million Sienna token will be finish to be minted in 4 years. So what will happen after your LPs depleted and no Sienna Token to be mint again? What are the plan so your project can keep growing?
There will be other ways to earn Sienna after the minting pool ends. What those plans 4 years from now are, remain secret. In the meantime, you can see our roadmap here: https://sienna.network/roadmap
Andrés M. | Satoshi Club:Do you have staking programs?
Sienna Network: Not as of right now but there will be soon
Andrés M. | Satoshi Club: Btw, what of those coming events are the greatest for Sienna?
Sienna Network: Product launch this month, more exchanges, exciting partnerships, privacy-first lending in full speed development, more bridges on Secret Network to multiple ecosystems and much more. We’re beyond excited!
Andrés M. | Satoshi Club: A lot of exciting things are coming, it means a lot of work to do
Btw, don’t forget to share with us your coming events
Sienna Network: Indeed! Sienna is on a mission to innovate at a high pace. Privacy DeFi is here to stay and is what’s needed for DeFi to truly flourish. Those who know, know.
Andrés M. | Satoshi Club: Great, is time to proceed with the last question of this first part of the AMA, ready to go?
Gold Rocket | Satoshi Club: Thank you very much for your answers and clarifications!
Sienna Network: Yes sir!
Q6 from Telegram User @yellowchamp
wSIENNA (wrapped SIENNA) is an ERC-20 version of the native SIENNA token running on Secret Network (SNIP-20). SIENNA is a privacy token, wSIENNA is not. To vote at the Sienna Network protocol, you will need to swap your wSIENNA into SIENNA. So can you tell us if SIENNA token will remain private forever? What is the advantage of being a private token? By time goes by,can we expect SIENNA token to be available in other Blockchain aside from Secret Network? Can you explain more about the different characteristic of SIENNA token from wSIENNA especially to its uses in Sienna Network Protocol? Thank you
Sienna Network: Yes SIENNA will remain a privacy token. it’s worth noting that, given you need to show your transaction history to someone, you can generate a viewing key for them.
The advantage of being a privacy token is that privacy solves a lot of problems in DeFi. Front-running, lack of privacy (if someone sends you some BTC / ETH for example, you’re able to look up their balance and transaction history. That is of nobody’s business than you — unless you give a third party access given your consent.
Yes you can expect SIENNA having a wrapped token on BSC, Polkadot and other ecosystems in the future.
wSIENNA = public wrapped token on Ethereum
SIENNA = native privacy token on Secret Network
Gold Rocket | Satoshi Club: I really like this idea and simplicity
Andrés M. | Satoshi Club: So innovative, we should recognize the great job of your team
Gold Rocket | Satoshi Club: I really want you to implement your plan as soon as possible and we could use it to the full
Now get ready for the most impressive part of our AMA — the live questions!
Gold Rocket | Satoshi Club: @thisissienna are you ready?
Sienna Network: Ready as can be!
Part 2 — live questions from the Telegram community
Q1 from telegram username @KhaleesiTheCryptoLady
Can you share to us the reasons why did you choose to build SIENNA in Secret Network? What is its edge to other popular networks?
Sienna Network: Programmable privacy is essential for DeFi as you can use sensitive data on the blockchain without revealing that data. Privacy also protects front-running and many other things
Q2 from telegram username @ronaldo_super
Can you list your most unique feature that not any of other de-fi project has it only Sienna has?
Sienna Network: Inherent privacy. Front-running resistance. Cross chain support
Q3 from telegram username @boradam
Where to I buy Sienna?
Sienna Network: Uniswap, Gate and more exchanges coming soon
Q4 from telegram username @csgonub
Are there any yield farming or lending properties do you have these systems?
Sienna Network: Yes, once SiennaSwap launches this month, you can do yield farming
Q5 from telegram username @topind7
Is Sienna a Fully decentralized platform and do you value users privacy?
Sienna Network: Yes fully decentralized, running on Secret Network
Q6 from telegram username @BJosefina61
“KYT support for institutions”
What is KYT sir? can you explain more?
Sienna Network: Know Your Transaction as an optional feature for the ones who prefer it. Sienna believes bringing in big instituions is key to DeFi adoption.
Q7 from telegram username @BlancaSdF
Why did you decide to build on the Secret Network and not on other more popular blockchains like Monero or Zcash?
Sienna Network: Because Monero and Zcash don’t have smart contracts. Secret Network has programmable privac
Q8 from telegram username @testercoin
Are you planning to do any NFT tokens support into your project? Does Sienna support NFT’s?
Sienna Network: Yes! Private NFTs are already on mainnet on Secret Network. Sienna will support these
Q9 from telegram username @pavaaaaaan
For being able to be adaptive in nature, user friendliness is much needed and might turn out to be a challenge. How are you planning to educate your users and make the experience user friendly?
Sienna Network: The contributors to Sienna have built products that today is being used by tens of millions of people. They are hyper focused on user experience and design
Q10 from telegram username @Guandog
wSIENNA will only be on Ethereum or could it be on other blockchains soon?
Sienna Network: BSC and Polkadot are the next ones up!
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/