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AMA session with Blockchain Nigeria User Group Community

On 5th November 2020, we joined Blockchain Nigeria User Group Community for an AMA session discussing Waves protocol, Neutrino, and Waves protocol features.

Below is a compilation of the questions and corresponding answers. The respondent was Sten lockholm (Strategic Advisor, Waves) and Henry Chukwuka (Waves Africa lead) and was moderated Adebayo (Blockchain Nigeria User Group community, Moderator)

Q1. Good evening everyone, you are welcome to our 24th AMA session in BNUG, privileged to have the Waves Team gracing this event. Let make welcome Sten and Henry do justice to this occasion. Let appreciate them with a clap of hands. Can @Lockholm and @Luckyhenrychuky briefly introduce themselves to this community

A1. My name is Sten laureyssens, I’m the strategic advisor to the waves association. My main task is to strategically position waves and the ecosystem development ahead into the future, to guarantee the current and future success of the products, projects and protocols we’re supporting/building.
But I also get closely involved with all global and local communities, to understand what is needed from our tech and how user’s day to day issues arise

Hello everyone, My name is Lucky Henry. I’m Waves Africa Lead. I’m a software engineer and blockchain expert.

Q2. @Lockholm and @Luckyhenrychuky can you tell us what your company is all about before the questions can come in

A2. Waves Protocol itself, as @Luckyhenrychuky has mentioned correctly, is a decentralized protocol, launched in April 2016.
It’s a blockchain ecosystem with 3 big protocols, all surrounding the same mission. Waves always had its vision aimed at achieving mass adoption for blockchain technology.

For anyone to build permissionless financial solutions. Waves protocol is governed by Waves association. For anyone to build permissionless financial solutions. Waves protocol is governed by Waves association

Q3. Waves have been launched and listed years back (Close to 5 years), How many projects have been implemented already? What are the projects?

A3. Waves launched in 2016. There are serval projects that have been launched on it including games, DeFi products like Neutrino — a stable coin protocol which has been used to issue naira stable coin on Waves.

Waves launched in 2016, over 4 years ago.
- Since then we launched our core protocol, Waves protocol. This chain is acting as the foundation or base infrastructure for all other technology to operate on. It’s a Leased Proof of Stake consensus algorithm, allowing for almost instant and extremely cheap transfers.
- We built Waves.exchange, a decentralized exchange, on top of waves.protocol, to allow for decentralized, but fast trading (contrary to what ethereum was capable of at the time when we launched WAVES)
- since then we have expanded and supported the development of NEUTRINO.protocol, an assetization or tokenization protocol, focused on allowing the creation of stable assets, backed in value by $WAVES. It allows for a stablecoin, like for example USDN, or even NGNN, to be created and generate a stable, yet high APY%

since then we ported these projects into ethereum and we are continuing down that path of interchain defi tools and communication

Q4. Does Waves have SDK?

A4. Yes, it has SDK for both Android (kotlin) and iO (swift)

Q5. What is the biggest challenge for Waves in the future and how do you plan to deal with it?

A5. I would say the biggest challenge now is reaching more users as it has built tremendous products like it’s decentralised waves.exchange

Q6. Can you please tell me about the influence of important ecosystems and marketing that you support on DeFi projects partnering with the Waves protocol?

A6. Currently, Waves is building Gravity which is an interchain protocol that is capable of letting Blockchain interact with each other, it will enable cross-chain asset transfer.
Waves have a strong vision for chain unity and this helps broaden it’s reach, allowing users and communities from other chains to utilize products and tools already exiting on Waves.

Any defi project (on ethereum or any other chain) or any protocol in general, can benefit from that same type of connection

Q7. What of Waves Enterprise? I thought it’s the 4th protocol?

A7. They are based on waves technology, but they are not implemented in waves protocol, directly. They are closely related but operate as a separate entity, have their own token, vision. So yes, you could count them as the 4th protocol in our ecosystem (in the broader sense)

Q8. Why did Waves port to Ethereum despite the scalability issues and high gas fees? Do you plan to enable a cross-chain bridge to other blockchains?

A8. this is a simple short question, but it has quite a big answer. i’ll try to structure it properly.
We ported both $WAVES token and $USDN to the ethereum ecosystem. This is part of a bigger plan/ strategy. It fits into our roadmap for interoperability and building out what we call ‘interchain DeFi ‘, or in short: InDeFi.

The reason why we are porting into ethereum is simple. If we can step into ethereum and bring waves products and certain waves functionalities to the ethereum ecosystem, it’s a much lower barrier of entry for the people inside ethereum’s ecosystem. WE can reach a bigger audience that way, rather than bringing ethereum coins into waves. (which our second step). To follow up on that, yes. we have quite some plans for cross-chain bridges to other projects. this happens through the interoperability / cross-chain communication protocol: Gravity.tech. it’s very unique of a solution, in a way that it’s a blockchain without a native token / no gravity token. instead, it uses the tokens of the chains it connects to, to operate, like eth, tron, ont, solana, binance chain, and many more

Q9. What are the mining rewards for staking Waves? Also, can one run a node on a PC?

A9. Yes you can run a node on pc as long as it meets certain requirements in terms of ram, hard disk. Depending on your purpose of running node, it’s best to use cloud servers

Q10. What are your views about DeFi? Are you interested in it? What are the future Scopes? Do you have any future plans to work in DeFi with WAVES ecosystem? What is the Vision and Mission of the WAVES platform to makes $WAVES token have very high demand?

A10. Waves have a huge DeFi product called Neutrino — it’s a stable coin protocol which have already been used to issue 7 stable coins like NGN, USD, EUR, BRLN, RUB, IND and others

maybe adding on top of what i already said about DeFi, we will also launch a protocol allowing people to yield farm, but more importantly, to use this functionality as a bulding block of their applications or integrations. yield generating assets are one of the most interesting innovations our space has created lately, and this functionality on its own, is crucial to presenting waves as a key infrastructure in the coming future

Q11. I am new and first time about WAVES , can you explain what kind of service that WAVES provide and other platform don’t?

A11. Ease of tokenization
Leasing nodes
Usage for e-commerce
Dev hubs & free support
Education
Freedom

Q12. You talk about staking what are the requirement for one to stake or how much wave can someone have before having access to staking port. you also mention lending what are the measure put in place so that if I lend someone my coin or toking so that such person won’t run away with my coin or token

A12. Any amount. It’s not lending.. it’s leasing (that was what was rename as staking of Waves)

When you lease.. the Asset is locked by you to the node with the lease feature. The asset also don’t leave your wallets but you cannot spend it until you unlock it

Q13. What are your views about DeFi? Are you interested in it? What are the future Scopes? Do you have any future plans to work in DeFi with WAVES ecosystem? What is the Vision and Mission of the WAVES platform to makes $WAVES token have very high demand?

A13. Waves have a huge DeFi product called Neutrino — it’s a stable coin protocol which have already been used to issue 7 stable coins like NGN, USD, EUR, BRLN, RUB, IND and others.

Maybe adding on top of what I already said about DeFi, we will also launch a protocol allowing people to yield farm, but more importantly, to use this functionality as a bulding block of their applications or integrations. yield generating assets are one of the most interesting innovations our space has created lately, and this functionality on its own, is crucial to presenting waves as a key infrastructure in the coming future

Q14. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?

A14. Waves focus from day one is solving the problem on user experience with interacting with blockchain

Waves have a mantra of Blockchain for the people, tools and products that makes accessing and utilizing Blockchain easy for anyone. For example, u don’t need to be a developer to issue your own Cryptocurrency on Waves. Ease, speed and good user experience.

With this short video, you could create your own Cryptocurrency with a fee of 1 Waves fee. This the goal of Waves, ease and simplicity!!!
https://youtu.be/UWF7NYI-LZk

We had an initial distribution of 100 million tokens. Now we have an inflation model, generating around 6% apy for people who are staking waves.

the real problem we’re focused on has always been how to bring blockchain to a larger audience, and drive adoption of blockchain in general, and waves specifically

Q15. Strong security and stable performance are of immense importance in this cryptocurrency industry! What’s the Waves’ plans with these great attributes?

A15. Waves is decentralised, users manage and control their seed. No one has access to users funds.

Q16. What types of benefits does LPoS (Leased Proof-Of-Stake) offer to Waves ? Why did you choose LPoS instead of other consensus algorithms, like PoS, DPoS, PoW etc.?

A16. Technically, LPOS allows the community to get into the governance of the protocol. This allows community members to quickly and easily support and protect the network even without running personal nodes which in reality allows for people, newer to blockchain, to interact with this new technology in an easy, but still safe way.

Q17. Does any one who holds the governance coin/token(Neutrinino) granted the access to make decisions on the platform?

A17. Yes, Neutrino is a protocol whose decisions are governed by NSBT. For example, NSBT holders vote for which stable coin to issue on the protocol

and to add to that, you don’t loose your NSBT by voting, all nsbt you have gets returned to you upon the completion of the voting process

Q18. What is the team’s orientation and development plan for 2020 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?

A18. Èveryone ofcourse is looking at DeFi, it’s hot, it’s hyped. It’s a quick and easy route towards visibility. However, i think contrary to what i have seen during the ICO boom from late ’16 till halfway ’18, this feels quite different. It’s a cycle where the hype is around working products, most of them, if not all are focused around ‘proof of capital’ or in short, proving that you have a certain amount of capital and that you are willing to do something specific with that capital, to benefit the product or protocol and as a result, the ecosystem and all the users.
So we hope to achieve something very practical and very needed. an infrastructure, built on waves, to deliver much needed defi tools, easy to use, powerful and fast/cheap

Q19. Do you have any upcoming features or projects for the nearest future that you’re yet to launch? Can you tell us about it?

A19. Yes, in coming weeks https://swop.fi will be launched. Swop.fi is a Multi-curve on-chain, decentralized exchange. Decentralized governance, bonuses for the first LP’s, multichain liquidity

We are building more tools on top of Neutrino, just like DeFo, and as henry mentioned, swop.fi, a multi-curve amm. a really innovative solution to the problems of uniswap, and curve, but built on a blockchain that is allowing for almost instant transfers at close to no cost

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A community of passionate blockchain developers & enthusiats across Africa building on Waves blockchain

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