Every day we go on a new exciting journey with SatoshiClub, so join us today and be ready for crypto adventures. Today we would like to tell you about the AMA session with our friends from Kira Network. The AMA took place on September 08 and our guests were Mateusz Grzelak, Kira CTO and Milana Valmont,Co-Founder & CEO of Kira Core.
The total reward pool was 800$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Irina K. | @satoshi_club: Today we have as our guests Kira Network, @asmodat welcome
Asmodat | KIRA Staking: don’t forget @miLanavaLmont : )
Milana Valmont | Kira Network: hi everyone, thank you for hosting us
D. | Satoshi Club: hello all! nice to have you here guys @asmodat @miLanavaLmont 😁
Irina K. | @satoshi_club: So, how are you today guys?
Asmodat | KIRA Staking: great, and great to be here
Milana Valmont | Kira Network: amazing
D. | Satoshi Club: so before we start our Q&A session, could you tell us a bit about yourself and how did you get involved in crypto?
Asmodat | KIRA Staking: My name is Mateusz, Kira CTO. I am an electronics engineer, in crypto since late 2011, involved in interchain/web3 ecosystem space for the last 3 years, worked as R&D developer for Barclays Bank, then as lead infra engineer for US based Settle Finance then as product manager for the crypto exchange in Switzerland called Bity, shortly after that started Kira with @miLanavaLmont
My journey to the industry come with obsession about algorithmic trading which I was exploring by wrapping my tools around MT4, I learned about crypto from reddit somewhere around 2011 and gave GPU mining a go, all started from there.
Irina K. | @satoshi_club: Nice. What did you mine? Still based in Switzerland?
Asmodat | KIRA Staking: Initially BTC but I was already late to the game with my poor hardware, later on DOGE since the very fist blocks : ) Right now Prague, CZ
Milana Valmont | Kira Network: Hi everyone, my name is Milana Valmont, I have a corporate finance background from NY. I got the crypto space first as an investor in early 2017 and later the same year I joined Binance exchange as a community volunteer
After that I have worked as project manager for Adcoin com and was an adviser to Sentinel dVPN. In 2018 I joined Knoks platform as head of strategy, and by mid 2019 I dedicated my full attention to Kira as CEO
D. | Satoshi Club: look like you guys have solid experience in crypto:grinning:
Irina K. | @satoshi_club: Yep. Not a lot of people know how to build a mining rig 😊
D. | Satoshi Club: im definitely not)
Asmodat | KIRA Staking: Lol It wasn’t a mining rig, I was never that rich to afford something like that : )
Milana Valmont | Kira Network: haha time flies to be honest, one day you’re a noob and after 4 years its total 180 lol
D. | Satoshi Club: yeah that’s for sure
Irina K. | @satoshi_club: Yeah but if it wasn’t for the money I’m sure you could have built it by yourself 😊
Asmodat | KIRA Staking: I am EE, should be in my scope, but it is very difficult to optimize your costs and actually make profit on BTC and other crypto mining. I have all the respect to the people who do that
Irina K. | @satoshi_club: Ok, thank you guys for the intro. In the first part we have questions collected from our community on our platform.
Q1 from bitcointalk user juanes
You have a novel crowdfunding tool: IDO. Why you decided that there is a need to create a new one? why not use an existing one? is it different?
Asmodat | KIRA Staking: We call it IVO – validator offerings now because people were confusing IDO with dex offerings. We conceptualized a new way of crowdfunding because we wanted to have a new mechanism propelling the next paradigm, but without exposing retail to all the risks that that ICO’s were bringing.
Irina K. | @satoshi_club: Could you elaborate on how does it work?
Asmodat | KIRA Staking: IVO comes with the pure DeFi spirit of yield farming -> instead of spending your money to buy a token -> you stake your coins to interchain-mine new coins projects that deploy IVO’s earn commission fees while delegators earn new tokens
Irina K. | @satoshi_club: Oh, got it
D. | Satoshi Club: good clarification thank you
Irina K. | @satoshi_club: Did you consider other funding sources?
Asmodat | KIRA Staking: Of course we did, you should not relay on a single source of income
D. | Satoshi Club: can you tell us about those sources?)
Asmodat | KIRA Staking: We are not crowdfunding platform to be clear, we are building our own network to propel DeFi with liquid staking, so I can’t advise on other mechanism
Milana Valmont | Kira Network: in terms of the funding for our project, we closed the private round few weeks ago and preparing for the public round which will come shortly but it will not be the IVO, we will have an IVO after mainnet to showcase it onchain
Q2 from bitcointalk user bitmartbounty
How are you able to support Staking of any assets like real-world assets, NFT’s, stablecoins or other cryptocurrencies. What Criteria is applied in selecting assets to include into your Platform
Milana Valmont | Kira Network: We’ve created our own consensus mechanism called Multi Bonded Proof of Stake to enable that. the governance of the network white lists tokens and defines interest rates for staking them to attract other people to come to the network and yield farm and trade
D. | Satoshi Club: btw could you explain briefly about NFT? it’s still kinda a new thing in crypto not all people understand what is this. 😉
Milana Valmont | Kira Network: NFT is a non fungible token that cannot be divided, its unique item that is tokenized, for example game, art items etc
D. | Satoshi Club: @asmodat you want to add something?
Asmodat | KIRA Staking: Well you can stake NFT’s on Kira just like you can stake any other asset – it has to be whitelisted by gov and have assigned interest rates for staking
Irina K. | @satoshi_club: Great. Thank you guys. I think this is covered 😊
Q3 from Telegram user @malhang
15%
for the team, 7% for advisors, 20% for reserves. Why do you need 20%
for resrves? how can they be used? Also, do you have any lockup fot
the team/advisors/reserve?
Asmodat | KIRA Staking: We are leaving ourselves option for the future, e.g. to showcase IVO and reserves are also essential for MM + some of the exchange listings, we can’t predict the future. All tokens have very conservative vesting schedule, we will be making public announcement regarding token distro schedule so stay tuned
Irina K. | @satoshi_club: Could you tell us more about the vesting schedule?
Milana Valmont | Kira Network: Seed and private investors will get small % (<5%) of liquidity during our Erc-20 public round and the vesting will start at our main net launch token genesis event
Q4 from Telegram user @tryharder
Kira
Network is using 2 protocols to interconnect with networks. Cosmos
and Polkadot. Please explain how this works and why you have taken
this decision
Asmodat | KIRA Staking: Those protocols are the most mature and most well suited for the interchain use case – permissionless and trustless. They are pegging mechanisms -> to transfer coins on one ledger to another coins are locked on one chain in verifiable manner and issued on another.
Q5 from Telegram Username @Adnan_Shakib
Many Decentralized Networks have dependencies on centralized parties, & that a weak link, Are you guys fully Decentralized? What is the main Problem You guys facing in achieving that?
Asmodat | KIRA Staking: Every network needs way to bootstrap, we want to be not only decentralized as a network – but also ensure that development effort is also decentralized and no single centralized party is the only contributor to the codebase. We are creating a gov system that can self-evolve as well as building up on-chain contracting system so that network itself cna self evolve and hire developers on-chain.
Q6 from Telegram Username @stekbyte
Are there any analogues of the Multi-Bonded Proof of Stake consensus or is this your unique development?
Asmodat | KIRA Staking: From my research MBPoS the the very first consensus to introduce concept of staking multiple assets to secure the network and induce capital flow to the dApp deployed on top.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @pok990
What are the penalties for delegates, validators who are mostly offline, and those trying to fork?
Asmodat | KIRA Staking: There are no penalties for going offline because governance of Kira curates validator set and can evict validators that on purpose try to delay the consensus. In case of fork attempts there is slashing penalty but it is governance assisted and only takes effect if multiple validators try to coordinate the attack. With Kira you are not going to get slashed for misconfiguring a node or by tripping over the cable in the data center.
Q2 from Telegram user @amybrow
I am not really impressed with your project, Can you tell us some advantages of this project? And why should I buy KEX?
Milana Valmont | Kira Network: With Kira stakiing any asset (crypto, digital fiat, stablecoins and NFTs) and earn revenue and trade. You can use KIRA and other DeFis at the same time to utilize 100% of your liquidity with Kira’s staking derivatives. And with the more assets are at stake the more secure and liquid Kira becomes, which is the opposite of other PoS projects, so you can stake and trade in the most secure and scalable manner.
Regarding KEX, staking KEX is the most efficient way to earn block and fee rewards. If you want to be part of the governance or validator set you will also need kex so you can earn more rewards from that
Q3 from Telegram user @Rosane1a8
Kira achieves throughput and availability with its sharding feature. Sharding has been highly criticized for compromising functionality of the network. How is this feature benefitial in Kira Network’s ecosystem and how is functionality not compromised?
Asmodat | KIRA Staking: In case of Kira our sharding works by the subset of validators operating a shard – those vlaidator scan be interchain-slashed if they misbehave. Thanks to our MBPoS consensus we can ensure that there is always more value at stake than the value deposited to the shard which means we do not have cap in terms how much we can scale out and there is close to zero overhead while settling balances on the hub (relay-chain).
Q4 from Telegram user @ipman099
Kira Network project is powered by Tendermint and backed by The Multi-Bonded Proof of Stake. What are the advantages of this?
Asmodat | KIRA Staking: Instant finality of transactions and possibility to secure the network using basket of tokens rather than a single volatile asset.
Q5 from Telegram user @Dmsaly14
How does KIRA solve scalability problems?
Milana Valmont | Kira Network: Regarding scalability- Kira uses a hub spoke architecture just like Cosmos, so we will have the hub (settlement layer) where people can deposit and stake their assets and all the trading execution happens on the zones, so blockchain application is fully sharded, you can have almost unlimited amount of trading pairs.
Q6 from Telegram user @Valobashituma
You guys are doing Ama’s in all group & almost answering same types of questions again n again? How do You feel about it?
Milana Valmont | Kira Network:We wish questions were a bit more creative but i understand that some people have 0 knowledge about KIRA so they ask very general questions to understand the basics of our idea and technology
Q7 from Telegram user @VladBondd
Could you tell us the strategies KiraNetwork has put in place to ensure it create an atmosphere where value is retained in the DeFi ecosystem as opposed to a never-ending loop where users withdraw their crypto/fiat revenues?
Asmodat | KIRA Staking: Governance of the network controls inflation and interest rates for staking other coins as well as all aspects of the economy, they posses all the tools to optimize economy and keep users in the loop.
Q8 from Telegram user @Paula9999
I’m interested in investing, though I missed the Presale round, Do you plan to have a public sale soon ? If yes, how many rounds you’ll have, what’s the minimum and max cap ?
Milana Valmont | Kira Network:Yes we will have the public round for $400k, we will create the whitelist so that people will have ways of getting in. We’ve had the seed and private round and will have the public round soon, no more rounds after that. Hard cap is $4M total for all the rounds. So just stay tuned for our announcement regarding the white list 🙂
Asmodat | KIRA Staking: We are not using smarcontracts and building up a very strong and flexible permissioning system that allows both the governance to secure the network (e.g. sybil resistance) and users to secure their accounts (e.g. sub-keys – hot/cold wallets)
Q10 from Telegram user @Aguacate30
I would like to know a little about your consensus protocol The Multi-Bondend Proof of Stake. Why did you choose to use this and not POW? How does it work and how can you get the rewards?
Milana Valmont | Kira Network:We created our own consensus MBPoS because other solutions do not offer the security that we need, with PoS you can stake only a single coin and you are very limiting your security to the value at stake in terms of the single particular token and its volatility on the market.
MBPoS doesnt have such issue, we also need instant finality which means that PoW cannot be used as it has probabilistic finality which is not the best for financial apps
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Kira Network. They’ve prepared 4 questions for this part. The total reward pool for quiz was 500$.
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