PART 1. Introduction of MiniSwap project and community questions.
Hello, Satoshi clubbers and guests of this site. Today we introduce MiniSwap that enables a connected network of DeFi ecosystems. MiniSwap provides a decentralized platform for exercising financial products.
The plan of AMA session:
- Part – Introduction and preselected questions.
- Part – Live questions
- The Quiz about Royal finance
The reward pool is 500$
Leading the AMA our clever and fun admins:
Mary | Satoshi Club – @madamlobster and D. | Satoshi Club – @Cool_as_Ice
The Representative of the project:
Jiangshan Yu – scientific advisor of Miniswap. Currently Assistant Professor and Associate Director of Research at Blockchain Technology Centre at Monash University.
Introduction of Miniswap project
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with MiniSwap! Welcome to Satoshi Club😀
D| Satoshi Club:
Good day everyone! 👋
Mary | Satoshi Club:
Jiangshan welcome here 😀
Jiangshan Yu:
Hey guys. Good evening!
D| Satoshi Club:
Hey, hey, welcome to Satoshi club! 😁
Jiangshan Yu:
Glad to e-meet all of you!
Mary | Satoshi Club:
Happy to see you! Thanks for visiting us today 🎉 Please, introduce yourself and tell us more about MiniSwap😉
Jiangshan Yu:
Thanks for hosting me! Looking forward to chatting with the club! I’m Jiangshan Yu, the scientific advisor of Miniswap. I’m currently an Assistant Professor and Associate Director of Research at the Blockchain Technology Centre at Monash University. Now about Miniswap. It is a decentralized exchange platform (DEX), however, it is not just a DEX.
Miniswap aims at establishing and providing an interconnected ecosystem of blockchain applications, with a focus on DeFi products.
Mary | Satoshi Club:
Exciting bio👍
Jiangshan Yu:
Sustainability, scalability, security, privacy, interoperability, and usability are our main focus.
D| Satoshi Club:
Sounds ambitious and why did you call your project MiniSwap?
Jiangshan Yu:
Aha, that’s a great question. So the first product of MiniSwap ecosystem is the DEX. As we mentioned, this is just a small yet vital part of our vision. As this is vital to the establishment of the entire ecosystem, we take the “swap” for Dex. As this is only a small part of our envisioned future DeFi ecosystems, we call it “mini”. Thus the name Miniswap.
Mary | Satoshi Club:
Nice name, I like it😀 So, it’s possible, that we will see rebranding at some time?
Jiangshan Yu:
We are currently having different names for different products, where Miniswap platform will be the infrastructure enabling, supporting, and interconnecting them. So the name would probably stay.
D| Satoshi Club:
👍 Gotcha
Mary | Satoshi Club:
Got it👍 which other product do you have?)
Jiangshan Yu:
with this said, you never know 😊 Maybe in 3 years’ time the entire space changes so fast so that we will have our updated vision to reflect the advancement of technology and applications. In that case, maybe we could consider it.
D| Satoshi Club:
you have to be a flexible system to survive and succeed in crypto 😉
Jiangshan Yu:
We have several other projects and products that are already alive or almost ready to release. We also have some projects in progress.
Mary | Satoshi Club:
Ok, that’s promising 😀 Ready to start with community questions?😀
Jiangshan Yu:
The current leading ones include our community management system (DAO of Miniswap), Layer 2 protocol (CNiSVAS) with a new programming language (Derivative) for DeFi products. We are also introducing an insurance service 😊
D| Satoshi Club:
This is nice 👍
Jiangshan Yu:
Anytime
D| Satoshi Club:
let’s do it!
Preselected questions about the MiniSwap DeFi project.
D| Satoshi Club:
Q1 from Telegram username @NataliyaKil
On your site, following the link to the Medium, I got a 404 error – the page does not exist. How do you get into your existing Medium account? I would like to see more information about you than presented on the site.
Jiangshan Yu:
Thanks for pointing it out! I will ask the website maintainer and the Medium post manager to identify and fix the problem. From Google search, you should be able to find the posts of Miniswap on Medium.
Previously we have been very active in reporting the research progress, including every detail and our analysis
D| Satoshi Club:
https://medium.com/@miniswap666
This one?
Mary | Satoshi Club:
Yes, I also find this one.
Jiangshan Yu:
However, we found that there were other platforms that copied our idea and did a quick implementation of our proposed (work-in-progress) ideas.
D| Satoshi Club:
https://miniswap-lab.medium.com/
Mary | Satoshi Club:
Yes, it’s common in crypto. And it is its sad part
Jiangshan Yu:
We learned it in a hard way 😞
As we would like to have a product that is fully ready and fully verified, the previous “report all details and intermediate results” actually gave us some challenges. We now only release the final versions instead of the previous strategy. This has resulted that some articles and posts being removed from the previous post to protect our research. This might be the cause of the 404 pages.
Mary | Satoshi Club:
Sure, this will be easily resolved 😀 ready to proceed?
Jiangshan Yu:
Of course
D| Satoshi Club:
Q2 from Telegram username @Xusuo
As I know from my experience using DEX, there is 5 biggest weakness from Decentralized Exchanger like Miniswap, 1.its about Speed and efficiency 2. Scalability 3.Difficult to contact support 4.Only Crypto to Crypto 5.Sustainability. So how did Miniswap manage to solve this kind of weakness?
Jiangshan Yu:
All excellent observations! To me, the first 2 questions are all about scalability, which includes tx throughput (such as TPS or BPS)
Mary | Satoshi Club:
Yes, it’s similar
D| Satoshi Club:
Does the average user can feel the difference by using your exchange? in my experience all DEX on Ethereum are the same with similar interface and insane fees.
Jiangshan Yu:
The fees were a great problem. Now it is solved with our layer2 protocol — millions of TXS will be packed together and one operation proves the validity of all TXS. So that the fee of this single tx is shared by that many TXS, which is then negligible.
The first version of Miniswap was suffering from the throughput issue as well. This was due to the fact that Miniswap is an application of Ethereum and the throughput is depending on the efficiency of Ethereum consensus, which is not great as we know. However, this is solved by our layer 2 protocol
Mary | Satoshi Club:
Already solved? Is it working now?
Jiangshan Yu:
It is already implemented and the inner testing is next week.
With our new layer 2 protocol, users will be able to have near instance confirmation and have negligible tx fees.
D| Satoshi Club:
As far as I know, to activate layer2 on Ethereum users should pay a fee as well. now it’s about 40-50 bucks
Mary | Satoshi Club:
Which tokens will we be able to swap there? Only those which will be listed or any erc20 token? Once?
D| Satoshi Club:
I actually don’t know😄 maybe once maybe every time.
Jiangshan Yu:
Yep, so the computation complexity of the protocol is O(1), which means that the complexity of the computation is constant regardless of the number of transactions. In comparison, techniques such as the Merkle tree have the complexity of O(log N). Also, the “once” is for each period where we confirm the current status on layer 2. There is a balance between fees and layer 1 confirmation latency
Mary | Satoshi Club:
How long this ‘each period’ lasts?
Jiangshan Yu:
This is something we are currently working on to make the (hopefully) optimal trade-off. We consider having either one or two conditions for this “period”. It could be a predefined number of Txs and a simple predefined time period (such as X days) to guarantee the liveness.
This will depend on the actual number of TXs in the system
Mary | Satoshi Club:
Ok, can you give an approximate time?
Jiangshan Yu:
We expect to have a dynamically updated parameter for this one. Currently, we can’t give a concrete number yet, but it won’t be more than days. Also, users have their own choice to make their TXS available on layer 1. There is a special tx defined for this. That will require more fees, of course.
Mary | Satoshi Club:
How much does it cost to activate L2 on Miniswap?
Jiangshan Yu:
So that users who are not in a hurry to withdraw money can enjoy negligible fees, and users who are in a hurry can still make it happen.
Mary | Satoshi Club:
Comfortable 😀
Jiangshan Yu:
We don’t know the final figure yet. It should be available somewhere next week. Let me double-check with the dev team to see the current progress and the number and come back to you later
Mary | Satoshi Club:
Thanks! Got it 👍 Ready for the next question?
Jiangshan Yu:
Sure.
D| Satoshi Club:
let’s go!
Q3 from Telegram username @Gutike95
Is it really so necessary to apply complex mathematical equations to understand in the Oracle price algorithm? Why not just use some lock or elastic system to control the value of the tokens? So it would not be more effective and simple?
Jiangshan Yu:
Ah, btw, I just remember that there were 3 more subquestions
3.Difficult to contact support 4.Only Crypto to Crypto 5.Sustainability. So how did Miniswap manage to solve this kind of weakness?
Let me have a very quick reply
Mary | Satoshi Club:
Yes, btw🤣
Jiangshan Yu:
Item 3 is important and I will communicate with the management team. Currently, most of the cost goes into R&D, we should definitely put more effort into the user support for 4, the main difficulty comes from the regulation — however, I will see the collaboration of CEX and DEX to solve this problem, which is already happening.
5 is the advantage of Miniswap, we had several articles to talk about our sustainability design, including mining incentive analysis, decentralized management of the community (Miniswap’s DAO), quality control of supported (certified) tokens through our DAO, and insurance project.
Some of them are in our whitepaper and others are in the articles.
The team will share the link here later.
Mary | Satoshi Club:
Ok, great👍 thank you for the answers!
Jiangshan Yu:
Now let’s go to the next one and hope that this would give you some flavor on these Qs. We would live to…
The problem is that the coin price is so complicated in terms of the factors impacting the price. It is impossible to have a single rule that everyone would follow
When there are different rules defining price oracle, then the price will be different on different platforms
Mary | Satoshi Club:
Yes, each project looking for its own solution
Jiangshan Yu:
This opens the window for “smart” users to trade and gain an advantage through the differences
Now we have to use the more complicated solutions to make it a bit better and fairer
Mary | Satoshi Club:
How this will work?
Jiangshan Yu:
Currently, there are several types of oracles.
Maybe in the future, a standard on price oracle would help (but unlikely to solve it completely)
Some of them use an aggregation function over a set of oracles where the price is extracted from the CEX
Some of them (such as Miniswap) makes use of dynamic ways to balance the supply and demand in the internal system.
Either way works, but they all have different pros and cons
D| Satoshi Club:
Definitely.
Jiangshan Yu:
We also designed our own alg, like other major platforms. We hope that we can demonstrate the effectiveness of our solution and this would lead to other apps to join us.
Mary | Satoshi Club:
Let’s see, its efficiency will be clear in the nearest time😀
Jiangshan Yu:
I can talk about the actual algorithms and research in this field, but I’m not sure we have enough time. Let me know if the current depth is good enough. I’m happy to go deeper
equally happy to move on to the next Qs as well
Mary | Satoshi Club:
I think it’s enough for the beginning! Let’s go to the next 😀
Jiangshan Yu:
It’s really what would give our community/club the most of today’s interaction. Sure.
D| Satoshi Club:
Q4 from Telegram username @Winterkom
MiniSwap provides a 100% refund of transaction fees but at the same time also 100% fee income from the platform. Where does the money for Liquidity Providers come from, if the fees charged are refunded to their users?
Jiangshan Yu:
I would refer the answer to this question to our whitepaper v1.0, which has great detail about the incentive mechanisms. Essentially, 2f fees were mint for each transaction with a fee, this gives the extra room.
D| Satoshi Club:
https://www.miniswap.org/files/whitepaper.pdf
Jiangshan Yu:
Excellent! Thanks!
Mary | Satoshi Club:
I think it’s a great chance for our users to read MiniSwap Whitepaper 😀 If they still don’t.
Ready to go to the next question?
Jiangshan Yu:
Well, at least our competitors read in all the details, Sure
Mary | Satoshi Club:
Ahaha🤣
D| Satoshi Club:
Q5 from Telegram user @JoanaZ
In the Miniswap Phase 4, is explained that the objective is to allow Traders from other differents Blockchains to trade on It, but how many Blockchains do you plan to support?
Jiangshan Yu:
Btw, before answering Q5, I just got the current figure for the current layer 2 deposit (activate layer 2 on Miniswap.
Roughly 9 USD.
Mary | Satoshi Club:
Wow👍
Jiangshan Yu:
Assuming the gas price is 50gwei
Jiangshan Yu:
This should be affordable given how expensive the current other available services (even with the banks.
Mary | Satoshi Club:
But even if the gas price will be 100 it will be cheaper then 40-50$
Mary | Satoshi Club:
Sure👍
D| Satoshi Club:
Very cheap compared to current fees on Ether😁
Jiangshan Yu:
Miniswap global aims to provide a platform for blockchains. The protocol would be generic so the only limit will be the scalability. Currently, the scale of chains out there is in the order of 10^3. Which should not be challenging to manage, given the sharding and layer 2 techs. So, the actual number of chains being supported will not be limited by the protocol. Rather, this will be depending on the quality of the projects.
Mary | Satoshi Club:
Which projects have enough quality?
Jiangshan Yu:
Well, it is hard to tell 😊 It’s like a national election, where people always hope that a good one will be elected, but it may not always be the case. (I’m not referring to any country, just stating the fact)
The quality will be controlled in a way similar to our current DAO for Miniswap, which controls the quality of the tokens and certify the evaluated tokens on Miniswap.
Mary | Satoshi Club:
Ha, nice answer. Thank you for your answers! Ready to proceed?
Jiangshan Yu:
If the certified token is not performing as expected, then the parties involved in the DAO will be punished through our insurance scheme. This would provide some degree of guarantee. We believe that this is currently one of the best solutions
Mary | Satoshi Club:
Oh, when this system will be fully integrated and working?
Jiangshan Yu:
I was communicating with our marketing and communication team on this. The product is already implemented, but we prefer to not reveal it yet and we will first fully focus on layer 2 of Miniswap. So, all R&D is done. Now it is the communication team to choose the best strategy w.r.t. the time to release the news😊
D| Satoshi Club:
Got it! I bet layer2 is very important at the current moment👍 Thank you for the great answers! ready for the last question from our first part?
Jiangshan Yu:
Yes. Previously the sounds around Miniswap were controversial, which was due to the fact that we have been fully devoted to the research aspect and did not do well on the marketing.
D| Satoshi Club:
Q6 from Telegram username @Unknown_Mark
How can you guarantee for me that my money is safe on your platform? What progresses does your exchange take to protect user’s funds in this market from theft or from hacking ?!
Jiangshan Yu:
Now we have established a team of excellent colleagues to take care of the non-tech aspects, which hopefully will show the non-geeky part of the team.
Theft or hacking are the main issues. There are several aspects to consider.
Mary | Satoshi Club:
We are waiting to see them!
Jiangshan Yu:
The security of a DEX is so complicated. We need to consider all aspects ranging from the protocol design, price oracle, all the way to the implementation.
Mary | Satoshi Club:
Sure, all parts are important
Jiangshan Yu:
As this is a true DEX, so there is no trusted party. So the service can be provided w/o relying on the operation of Miniswap.
Jiangshan Yu:
This is from the protocol design. For the implementation, we use code review and auditing to verify and remove the software bugs.
Other aspects including the price oracle, just like the protocol design, would rely on the expertise we have in this field. This is why we are designing everything rather than simply making a fork of other swaps.
Mary | Satoshi Club:
So, who were MiniSwap audited by?
Jiangshan Yu:
MiniSwap had a strategic partnership with Anchain, which is a globally top-ranking company expert in code security auditing, Anchain is the main one to perform a security audit for MiniSwap. Here is a cert published on their page https://www.anchain.ai/miniswap-certificate
D| Satoshi Club:
thank you! I think we did with the first part of our AMA? ready for the second? 😉
Jiangshan Yu:
Shall we keep going? Sure, let’s move on.
D| Satoshi Club:
We have another 10 questions there 😊
Mary | Satoshi Club:
Let’s go 🚀
PART 2.Questions about the Miniswap project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Miniswap crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @Nickkiii
I saw Mini on 1inch Exchange, are you officially listed on 1inch Exchange or it’s some clone claiming to be Mini, just want to confirm so I can invest??
Jiangshan Yu:
Yes, Mini is listed on 1inch.
Q – 2 from a telegram user @CryptoZaratustra
Is it possible in Miniswap to perform anonymous exchanges to keep users’ privacy?
Jiangshan Yu:
Privacy is one of our main goals. It is not easy to get right, but we have the right expertise evidenced by my scientific peer-reviewed publications on attacking Monero and providing optimal solutions. Miniswap will support private Txs.
Q – 3 from a telegram user @CryptoDurden
When will the CNiSVAS Layer 2 protocol be launched? How will CNiSVAS change existing problems such as the cost and speed of transactions?
Jiangshan Yu:
The launching time depends on the testing result next week, but we expect to have this released shortly. The layer 2 protocol processes all TXs offline without the need to go through ETH consensus, so there is no consensus confirmation latency. This increases throughput. The cost was explained in part 1 of the ama.
Q – 4 from a telegram user @feranno
Do you plan to build partnerships with local cryptocurrency developers and local projects in each country to make the use of the token more global?
Jiangshan Yu:
Yes, as mentioned the main goal of Miniswap is to establish the interconnected DeFi ecosystem and applications. All partners joining and supporting the interconnected ecosystem are welcome
Q – 5 from a telegram user @Capt_Star1
What specials are we expecting in 2021?
What are the 3 most important priorities for the year 2021?
Jiangshan Yu:
Here are the key words: Layer 2 for scalability and fee efficiency, DAO and insurance to guarantee the quality of certified tokens, a new language (Derivative), and VM for fast and secure DeFi protocol implementation with Layer 2 support.
Q – 6 from a telegram user @AndrySTP
What revolution will Miniswap make with Layer 2? How will this affect the optimization of Miniswap algorithms to provide affordable fees for Miniswap operations?
Jiangshan Yu:
Layer 2 is for Miniswap. The current optimization of Miniswap algorithms is intermediate solutions when we are working on the Layer 2 protocol. So Layer 2 makes it better.
Q – 7 from a telegram user @Xusuo
Does Miniswap have an ICO or public sale? How if I want to get a Mini token?
if possible please share the link where to purchase Mini token?
Jiangshan Yu:
Miniswap Address is 0x4d953cf077c0c95ba090226e59a18fcf97db44ec. You can see all tradings here. You could go to https://minidex.com/ or 1inch to trade MINI tokens
Q – 8 from a telegram user @m_i_l_e_s_u
While you build your project, do you take into account community feedback and demands?
Jiangshan Yu:
Yes, we already took the community feedback and their true need into consideration. This is why we are introducing our Layer 2 protocol to improve the speed and reduce the fees. This is also the reason we work on the DAO and insurance to provide a trustworthy certificate to users on our evaluated tokens.
Q -9 from a telegram user @spongeboblu
A lot of people including me using a trusted wallet for atomic swaps and other staking features and Dapps. Is it possible to stake Miniswap with a trust wallet?
Jiangshan Yu:
Yes, Miniswap supports several leading wallet solutions. If you go to https://minidex.com/, there is an interface to help you set it up.
Part 3 – Quiz about project
In the final part, we tested the knowledge in terms of the Miniswap project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Our contacts for more details:
English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website
Our Crypto Partner by this AMA: Miniswap
Telegram group | GitHub | Tweeter | Website | Medium