Shentu’s First Community Call Recap
Shentu Chain had its first Community Call on November 3rd in the official Telegram channel. The Community Call was run by Solomon Okafor, Shentu Chain’s Ecosystem Developer. Below is a transcript/recap of what was discussed.
Solomon: Hello Everyone and welcome to the first Shentu Chain community AMA, our Community AMA is where we hope to discuss new developments, plans and partnership for the Shentu ecosystem.
Our mission at Shentu Chain is to empower people to trust in blockchain. By utilizing cutting-edge technologies and techniques to prove trustworthiness in the underlying systems, the Shentu Chain aims to raise the standards of security and trustworthiness in the blockchain. The Shentu Chain has supported the development of a robust suite of technologies and tools to ensure that security and correctness are maintained throughout every phase of the blockchain lifecycle, from initial development to live usage.
Our Community Call Agenda is available below.
Introduction of Shentu Chain & team.
Community Questionnaire feedback.
Governance & Community Participation.
Shentu chain growth & development plans.
We are big believers in the power of our community and how important you are to our work at the Shentu Network and so thought it wise to call for an AMA to get your feedback and concerns about our chain and ecosystem in general.
Hello Everyone, My name is Solomon, and I work as an ecosystem developer at Shentu chain, And I will be helping answer any questions you might have about Shentu chain today.
Second on our Agenda today is the community questionnaire that was put out sometime last week to get some questions that needed to be addressed by the Shentu team at this meeting. And we are going to share some of the important things we learnt from the questions we received.
Q1: People wanted to know the major use case & utilities of $CTK token on Shentu Chain ecosystem?
The CTK token is the native utility token of the platform and is used in the following use cases:
- Gas consumption for smart contract operations;
- Staking for network consensus;
- Rewards for participating in the Security Oracle network;
- Collateral and reimbursements for ShentuShield;
- Community voting for decentralized network governance.
Q2: Can you give us an overview of $CTK tokenomics & token supply?
Private sale 1 & 2 was 38% of supply, team 10%, Foundation 25%, Community pool 17.5%, ShentuShield 8% and binance launchpool 1.5%
Q3: What are the plans for the ecosystem?
We are working on a series of community programs and activities to both engage our community and attract developers and builders to implement or build on our infrastructure.
Q4: What is the ShentuChain project focused on right now?
Ecosystem development & Chain infrastructure development
Q5: Hello everyone. How many people are working on the audit and how many directly on the ShentuChain?
The CertiK and Shentu chain teams are quite distinct, just a few roles overlap.
Q6: How many smart contracts use the security oracle and how are they planned to develop their further implementation?
The Shentu chain currently powers the Shentu shield which over 10 teams are currently using our reimbursement protocol for securing their assets worth millions of dollars.
Q7: Are there plans to burn tokens or some other measures aimed at deflation?
No, This has been addressed one too many times. The token is inflationary. And to counter the negative effect of inflation, you can stake your tokens to earn a reward which is GREATER than the inflation rate. It is a design choice.
Most ppl ask for token burns hoping the token price will go up after. Not only does this go against the fundamental design of the protocol, it brings little to no value to the ecosystem either. There is a lot we could do. What we will NOT do is entertain the crowd trying to bring arbitrary measures into the design with the intention to bring up the token price momentarily.
Q8: Hello. I would like to know what are the similarities and differences between the Shentu and Chainlink oracles? Are there any plans for joint use or partnerships?
Shentu network is a suite of products that includes a security oracle used for on-chain security analysis, while Chainlink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.. And we will be first to announce if we do have a partnership.
Q9: Hi. Why don’t you have a roadmap? After all, there was one before? And there was also a Roundup for months, it was interesting to read what’s new.
We are not very big on roadmaps, but we will be releasing a short to mid term plan of what we are working on going forward.
Q10: Certik chain is now renamed to the Shentu chain, what is the purpose of this change? What does it mean for the development of the company and ctk…?
We wrote an article addressing this question in depth, here is the link(https://medium.com/shentu-foundation/certik-chain-rebrands-as-shentu-chain-7d48e93dcae1)
Q11: What are the upcoming plans of the team/dev? Why did they not take any action until now when so many investors leave/lost faith in the project?
Security is not taken seriously by people in web3 and crypto despite the importance and we are able to drive user education and enlightenment, we will not see exponential increase in the price of the CTK token, and if everyone really care about improving the network then do your part in educating and sensitizing people around you about the value of on-chain security intelligence and analysis, we are opening applications for our community ambassador program tomorrow, and would be the perfect chance to contribute your quota towards the development and growth of our network. Ambassadors will lead our newly launched local community networks acting as Shentu chain champions in their countries and locality while helping drive education, enlightenment campaigns for the ecosystem.
If you are interested in learning more or getting involved with the Shentu network, follow us on social media and join our telegram channel to keep up with our team and community.