Recap of Community AMA on Mainnet Progress — 29th October
Q1 : Please help me understand oracles we have Bluzelle Link and Band oracles. What’s the difference between you all?
Pavel : The Oracle space is very important to the defi sector and then to the greater Blockchain industry later. From talking to defi projects, they dont want to rely on just 1 Oracle solution. They want 2–3. This makes them feel safe. What Bluzelle brings is something different which the projects like. That is our Oracle service is built upon a decentralized database. This allows us to store historical data. The others are real time data for that time front. With historical data, you can run analytics and get better security warnings. Also, we can update prices much faster than others. Chainlink sometimes takes 2 hours to update.
Darshan : Agreed, Oracles are very important. After bZx hack, the Oracles is in trend. Bluzelle is faster than Chainlink 💪💪
Q2. The rise of blockchain querying indicates the significance of decentralized data protocol. Also Defi needs a storage database. How will Bluzelle technology be utilized in solving this and providing a hackproof Defi ecosystem?
Pavel : Currently Defi uses centralized systems because they are already there. They know with a decentralized DB like ours, we can ensure their data is censorship resistant in the event that any governing body comes in and asks to shut down. They can’t with a decentralized DB. With the Oracles, as mentioned, security programs can be created to prevent flash loan attacks. The growth of our network with Stakers and Validators gives further security.
Darshan : Thanks for the brief answer!
Q3. Is the partnership with Polkadot attracting new leads?
Pavel : Yes! I was surprised at the developer traction Polkadot is getting. Lots of good talent building on it. As part of their Builders Program we’ve had many of the top projects reach out. We’ve announced some and have more coming.
Darshan : Eagerly waiting to know more about it, especially partners name.
Q4. Is there any talk between Bluzelle and any traditional cyber security companies on going, such as Amazon or Google?
Pavel : As everyone is aware, working with those large companies takes time. They don’t move as fast as crypto. 😬 But for the past number of months we’ve been working closely with two groups to add value to our DB and node network, and also deliver something together that benefit the blockchain ecosystem. We’ve been making very good progress and the names are well established and credible. 🤫
Darshan : Whoa, seems something big is cooking on backend. Patiently waiting for more updates!
Q5 : Earlier you said that mainnet will launch on Sept 9th. Now it’s almost 2 months delay. Yes, there might be issues, but why can’t Bluzelle just announce the launch for example Quarter 4 grace period instead of that specific date of Sept 9th? Your team always said soon. This might not go well for us the Community as we will lose confidence in Bluzelle.
Pavel : Totally valid question. We were making good progress and thought we were well on our way. But as we see in blockchain, so much is experimental and sometimes things break and then you need to figure out why and then something else can happen. Choosing an exact date may have been too aggressive and we learn from that. Giving a grace period type of answer is probably better. So we will be more mindful moving forward.
Q6 : Do I understand correctly that we have the ability to use the Cosmos, Ethereum, Polkadot and Bluzelle mainnet at the same time?
Pavel : Off the bat we will be bridged to Ethereum and Cosmos. Polkadot we will still need to integrate. That is next on the list. We also plan to give community developers the ability to build more bridges for Bluzelle to other chains.
Darshan : Interesting, the concept of bridge makes these things very easier.
Q7 : Why did you choose to be the first to build on Cosmos. This is asking for problems, now are you ironing bugs out for others?
Pavel : Cosmos/Tendermint has the best consensus engine at that time. We saw the traction it had and determined it was the best underlying tech. We still think it is. Using the latest version has yielded some obstacles, but thats part of blockchain. We can see all the bumps ETH 2.0 is having.
Darshan : Yeah, Cosmos is best in my eyes. It was a great decision to move onto Cosmos.
Q8 : A lot of us in the Community did asked whether we can convert our BNT tokens back to BLZ token in the staking but we can only do this during Mainnet. Is there a possibility of having an option to do the conversion should Mainnet is still delayed again?
Pavel : This is something that we are now thinking about. Earlier we thought we were close to Mainnet launch. Now with this note I’m going to re-visit what can be done.
Darshan : That would be great!
Community Questions…
Community Member : So what would be the rough time frame for mainnet?
Pavel : I would say in the next 30 days. But I wont give a specific date until we have it all tested and working and can then do a proper countdown and know we can lunch it live in 1 week.
Community Member : Hi Pavel, Do you have plans to create a data marketplace similar to what Ocean Protocol is doing
Pavel : Not for 2021. Our focus is pushing Bluzelle Oracles as the first killer app on top of Bluzelle DB. At the same time launch larger developer programs so they can build on Bluzelle.
Community Member : Why do you think other storage coins have done so poorly despite the success of Filecoin?
Pavel : Filecoin had a lot of anticipation for 3 years. It was natural for them to take some of the spotlight from everyone else. Now with BTC back on top, and ALTS taking a break, everyone corrects. But Decentralized Storage is now on everyones mind for Web 3, so the next ALT push will be driven with Decentralized Storage.
Community Member :: Does Bluzelle intend to work with non-blockchain companies to bring them into the decentralised data space. Is the demand for such a service
Pavel : They are still not ready. We are just now getting big companies to understand bitcoin. So using decentralized tech is still new to them. We keep in contact with some. But to focus a lot of our efforts on them would be waste of resources. Let’s focus on the crypto projects first and the big companies I talked about earlier who are into doing something together.
Community Member : Do you intend to work with the gaming industry? I feel this would be huge in 2021.
Pavel : I don’t think gaming is big in 2021. I came from the space and keep in contact with many gaming studios. They are making a lot of money in the traditional world. I see them integrating blockchain in 2022/2023.
Community Member: Could you show at least one working result, where you did something real together with your partners, and it works now?
Pavel : 2018 projects change and go different ways. Lots has evolved since. 2020 Projects we just announced. With Matic we have a developer program going. With Polkadot the integration is happening now. Others are waiting for the Oracles v1 to be ready to test next month. Lots of value being created.
Community Member: How will you guys solve the problem when something went wrong with the third-party in the future that will impact your network? Why wouldn’t you build your own tech stack and be independent from others?
Pavel: Once we have the mainnet out with this current version of Cosmos, we will be good on our own. When Cosmos releases a new version, we don’t have to upgrade to it. We can do so after we have tested it fully while we run our own mainnet. Only when fully confident do we need to change.
Community Member: Why don’t you enter the American exchange? I don’t see more than one American exchange. Does your company not have the ability to do this due to legal problems?
Coinbase chooses who they list. We are on the radar. We are already on the best non US exchanges. And the rest of the world drives the majority of volume, not just the US.
Community Member: You’ve had good price growth this summer. Have you been able to turn the resulting profit into new opportunities for the company? What exactly has been done?
Pavel: We have been able to secure some more talent and make plans for how to grow the ecosystem. The big area we need to further develop is the developer community. Staking groups and other wallets are all being developed for integration and support.
That’s the end of this AMA. Thank you all for participating!
About Bluzelle
Bluzelle aims to be the go-to data layer for Web 3.0 by providing a decentralized data network that is tamper-proof and has greater privacy, scalability and availability than traditional solutions. Powered by Cosmos, Bluzelle handles 10,000 TPS and is a delegated proof of stake. Bluzelle’s DeFi solutions are being developed to enhance Defi with historical price feeds, provide data analytics, 360-degree views, and more. As DeFi grows, Bluzelle’s infrastructure services play a big role.
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