Prasaga x Satoshi Club AMA Recap from 5th of February

Prasaga x Satoshi Club AMA Recap from 5th of February

Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Prasaga, an interesting project with great prospects! A good and confident start, a large team that is interested in the rapid and powerful development of the project. The AMA took place on February 5 and our guests were Jay Moore, Michael Holdman (Prasaga Founder and CEO) and David Beberman (Prasaga CTO).

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.


PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Prasaga! Welcome to Satoshi Club😀

D. | Satoshi Club: @TheJayMoore and @michaelholdmann hello! good to see you here! 😃

Jay Moore: Good day!

Michael Holdmann: Good Morning everyone, it is a pleasure to be here. I am very anxious to get underway, looking forward to this.

Mary | Satoshi Club: Could you please introduce yourself and tell us more about Prasaga!

Jay Moore: I am a massively parallel entrepreneur, human connector, and industry insight merchant. In my 25+ years in the video game industry I have spoken internationally and is domain expert on community branding, game development middleware, startup ecosystems, and new venture and strategic market planning. I enjoy successful track record in 12 new ventures with four exits.

I am most known for being GarageGames’ marketing director & chief evangelist, he helped grow a community of 250,000 game developers. GarageGames licensed the first AAA game engine for $100 and coining the term “Indie Games” and igniting the indie game movement. I believe the future will be massively improved by blockchain, empowered by AI, and driven by an economy based on reaching our full human potential.

Michael Holdmann: I am Founder & CEO of Prasaga. I have been involved in technology sector in Telecom, Network, Internet, Software for 5 decades my focus as strategist, biz dev, evangelist, and visionary. 

Prasaga is my 4th start up. I started a mission to create a ubiquitous, decentralized, open, equitable, technical foundation that would allow all everywhere to participate on a global playing field. My first endeavor to solve this was an Application Service Provider (ASP) in mid/late 90’s, what we call cloud today. For the last decade I have been collaborating for international open standards for the Internet of Things to ensure the ability for anything to talk to anything or anyone regardless of data model, protocol, platform or provider.

What I discovered was the need to Decentralize the industry to ensure the citizen was in power, not large walled gardens run by the FAANG. This is what Prasaga will deliver to the world. The foundation for all transactions, financial or other.

Mary | Satoshi Club: Guys, I am sure with your background you created something extraordinary! Introduce us about Prasaga, please.

Jay Moore: Prasaga is a Foundation that is building the DataGrid Blockchain. A new native chain that has a different approach to blockchain than any other to date. We started by working on a message server solution for interoperability in SmartCity/IoT.

After raising $850k for a full ICO back I 2018 we discovered that there were no block chains that would scale for our purposes. 3 years later we’ve designed, patented (to protect for our community) and proven our new invention by launching the XBOM on HyperLedger.

Q1 from Telegram user @JesusFre1tes

One of the biggest challenges facing many platforms and exchanges today is how to take human-to-human commerce to new heights of speed, ease and security. What are the solutions Prasaga has proposed to improve current exchange systems? How have you improved and diminished the scalability problems and high transaction fees that many users suffer from today?

Jay Moore: We’ve always seen a need for innovation on multi-sided markets – our IoT/SmartCity data marketplace is designed for just such purpose to facilitate both AI analysis and human interaction. There are a few key elements that are enabled to evolve on our blockchain platform. As we remove the difficult to develop Smart Contract and replace with Smart Asset we’re able to put each asset directly in your account under your control not just referenced. We can then fractionalize assets; we can certify them as well as easily transfer them from account to account.

Michael Holdmann: How have you improved and diminished the scalability problems and high transaction fees that many users suffer from today? Thank you for this question.  The scalability is solved by eliminating smart contracts with a Global Operating System, XBOM we call it.  With XBOM we move all state into the account (as opposed to the account referencing the smart contract) this allow us to now move accounts and state between parallel chains.  Smart contract platforms serialize at the shard; we increase throughput by adding resources to the limits of the network.

D. | Satoshi Club: Thank you for answers!  how do you think, do you have any competitors on this field? does anyone trying to do something similar as you do?

Jay Moore: There is some research at Stanford that is looking at some similar models, but nothing we’ve seen in the market has taken our approach. Our CTO David Beberman has previously written a 1st Class Object Model Operating system and the testnet now running on HyperLedger proves that we’re able to host the operating system effectively on the blockchain.

The competitors are more in having built full ecosystems of developers. We believe as we create a global network as part of the DataGrid Collaborative developers will see the advantages of our solution if they require scale and ease of use.

Love a “Blue Ocean” Opportunity. The convergence of AI, Blockchain and the demand for more online markets seems to also be a perfect storm for developers.

Michael Holdmann: Yes, our eXtensible Blockchain Object Model is an architecture based on a First Class Object Model.  This is the same underlying foundational architecture, although modified somewhat, as MacOS X, and Windows operating system.  This architecture enables us to create a single instance global class tree and to put (instantiate) class objects (assets) directly into the account structure of each peron.

This approach does many things, including limit bugs and malicious code as all object instantiate from same exact copy of code on the blockchain.  It takes the need of knowledge of the underlying blockchain out for both dev. and user by delivering a blockchain applications framework.  Think of it just as an OS on your computer, watch phone etc.  You now only have to know how to write or use an app.

Mary | Satoshi Club: Btw, I started to read this interview 😉 I think it will also help our users to understand a lot of things about Prasaga https://hackernoon.com/interview-with-david-beberman-presaga-cto-2q1031p0

Q2 from Telegram user @rhedd

DGT token is a mined token. It is not designed with a fixed total supply. The intent of Prasaga platform is to sale up to 21B tokens for just 12mons… Don’t you think your platform have a huge supply of token and surely it will reduce the value of DGT… What will be the big impact into your community and to your platform?

Michael Holdmann: Hi, we have done a premise as Ethereum did which we are using in a Dutch auction style DeFi liquidity campaign.  To fund Mainnet, list native DGT, and build out our global community collaborative etc.  The 21bn is a fluid number based on the spot price of the DGT on the market at time of each week unlock, the 21bn token is assuming a $.005/token price.

Our economic model is different than any other, we are not a deflationary economy as we see no way of those being sustainable, everyone just ends up a race to zero.

Jay Moore: Also, I might add that with our DeFi farming and staking platform we’ll have a larger appeal to retail and larger traders to participate in our Dutch auction that for example EOS had. As we’ve gotten more visibility we’re enjoying discussions with much larger fund (Family Offices, Syndicates and crypto funds) looking to participate in our project.

We are going to have a Balancer Liquidity Boot Strap Pool starting on Feb. 14th running for 96 hours. (Our price discovery phase).

D. | Satoshi Club: Thank you! DGT is your only one token? nowadays is kind of popular add more and more tokens to your ecosystem😊

Michael Holdmann: We are finalizing our staking and liquidity program now.  It will be published after the LBP Feb. 19/20 and prior to DeFi pools on Feb 25.

Past LBPs:

FURUCOMBO’s LBP announcement: https://medium.com/furucombo/announcing-combo-token-launch-53ea05a68e74

Overview of Nsure Network’s LBP sale: https://nsure-network.medium.com/nsure-network-tge-balancer-lbp-user-guide-2d61b40f2a7c

Step-by-step guide for APY Finance’s LBP sale: https://medium.com/apy-finance/apy-finances-lbp-step-by-step-guide-8a46d9ade88c

Post-sale summary of Perp.fi’s LBP token sale: https://medium.com/balancer-protocol/a-new-paradigm-for-token-distribution-c82de13626bb

Q3 from Telegram user @AmirJosh

To be able to interact with Prasaga, the stakeholder should have an access to IoT smart devices. What are the examples of device that considered as IoT smart device? Do smartphones include on it?

Jay Moore: So in our early thesis we had built a message server solution that would allow devices to be interoperable. What we’ve built now is far beyond that original data marketplace approach as we have full blockchain. You need a wallet, a browser or phone apps that will be developed in our community to interact. The key will be the ease of development of these applications that will allow consumers to quickly be doing new things not even knowing they are on the blockchain.

Mary | Satoshi Club: Did you already start to develop some apps?

Michael Holdmann: We have a dev environment and testnet running currently at xbom.io. This is only our XBOM technology and it is integrated with hyperledger fabric, a crypto will never be on hyper, so no competition.  We are about to release our fungible asset class, and ClassSwap which will use a Uniswap model to demonstrate how asset swapping can be done with XBOM.

D. | Satoshi Club: Thanks! btw do you have place for non-fungible tokens in your system?

Michael Holdmann: Yes, the asset can be used as both fungible and non-fungible.   When you instantiate a class object in your account you define its values, what is it, how many, does it fractionalize (spark plugs in supply chain) or is it single use (single owner titled home).  Fully customizable.

Q4 from Telegram user @Rosane1a8

Prasaga claims having the highest level of resistance against any attack, how confident are you about the security system of prasaga and what makes it the very best, is it infallible?

Jay Moore: Nothing is infallible and if anyone tells you it can never be hacked well you know to run not walk out of the room – Michael is working on a more detailed response.

Mary | Satoshi Club: Exploits, hacks… Yes, we all have to be very careful.

Jay Moore: I might add that as we did a very detailed dive into over 80 projects the security issues were some of our biggest concerns. As Dave sits on an international standards body working group regarding cyber security – so we know too much to be over confident.

Michael Holdmann: The design of our overall system mitigates many attack vectors, not all but many.  First off is in the class structure itself, everyone instantiates their asset from the same copy of code, this mitigates bugs and malicious code from being introduced by continually copying a bad Smart Contract. Our account system enables every person and every entity in the world a globally unique ID made up of 512-bit string, all your account assets and state are subsets of your globally unique ID.  This moves possession of asset from smart contact to your account.

Mary | Satoshi Club: Happy to hear, not everyone goes further than ‘trust the code’ words, believe me😉

Jay Moore: If you want reading material on our Distributed PoW/PoS we invite you to read our Technical WP. Much of it is dedicated to our security. If you have difficulty sleeping, we also recommend our Tech. WP.

Mary | Satoshi Club: I see that you really care about security! Btw, did you do any third part audit?

Michael Holdmann: No. our project code is not audited. We are building a new blockchain. It will be possible for classes written using the XBOM model to be audited and certified in the future. At the moment, there doesn’t exist a firm that is capable of auditing XBOM code.

Mary | Satoshi Club: Got it! Sure with further development this firms will appear. 😉

Michael Holdmann: We are here to build a global economy and the heart of that is businesses and developers writing apps and doen commerce on the DataGrid Blockchain.

Q5 from Telegram user @meml97

I read that “The governance model from Prasaga takes inspiration from modern democratic and monetary policy systems”. So, does this mean that the governance model will be centralized? Will the Prasaga users be able to participate in decision and governance of the project? If so, on what kind of decisions we will be able to vote?

Jay Moore: The inspiration is to build off the policy with our algorithms not to have a central body making decisions. We haven’t gone into detail about our monetary approach where we begin as a deflationary token and migrate to an inflationary currency over 8-10 years. All built on the internal Digital GDP that we can monitor in real-time in order to mint or burn as needed to maintain a stabilized currency. This is where we’ve consulted with some of the most advanced minds in monetary policy to build out our approach.

(Michael is working a high level description of our governance).

Michael Holdmann: Community is empowered in our governance and we are committed to a one person one vote with all decision of Foundation to be implemented only on majority or super majority plenary vote. Community nominated experts will comprise of termed recommendation boards which will monitor things across areas including Treasury, Technology, Monetary to propose and present recommendation to community. The key will be to have an engaged and educated community.

Jay Moore: (We challenged ourselves not to go back to any of our prior answers and do this AMA in real-time – sometimes our writing is more polished when we pre – prepare).

Mary | Satoshi Club: Do you have some articles describing your governance model?

Michael Holdmann: Yes, we go very deep into it in our Technical WP at prasaga.com. https://medium.com/@michael_11858/how-does-your-chain-ensure-sustainability-15dc5ca2a4e

Q6 from Telegram user @Indomiekuy

As I learn about your project, Prasaga is trying to control Defi market without using Ethereum blockchain, by using your own DataGrid Blockchain (DGB), can you tell us what is your monetary policy? And where will we see Prasaga Project in next 2-3 years?

Jay Moore: First we ARE first coming out on an erc20 based token that will exchange 1:1 for our native token upon launch of mainnet. Our milestones are being to launch testnet within the next 12 months and mainnet in 18. After that we will be integrating our Message Server solution into our blockchain technology. {See prior question for M X V = P x Y in the articles above}.

This is all under the Foundation and we will be working with the community to build out other key elements and tools for development on the DGB.

D. | Satoshi Club: nice plans! don’t you afraid, that maybe “upcoming” bear market would change your plans? or your project has everything to survive tough times and rise?

Jay Moore: Having survived bear markets we are not overly concerned. We have other ways to generate revenue in enterprise markets if we have to, but we’d prefer to stay focused and with the monetary support of our investors we’re confident we’ll be able to do that. Right now we’re talking to the larger funds to be sure their goals align with ours as we don’t want to compromise the integrity of our project.


PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.

Q1 from Telegram User @Astonroe

On one of your AMA I read that “We do not believe code is law. We believe that governed code is law” I do not understand that what did you mean here. So, would you mind to explain us what did you mean by Governed board here?

Michael Holdmann: Hello Aston, at our age we know one thing which is, we do not know everything.  This is a very complex project to build an underlying global foundation for all transaction, financial or other and we know that as this project matures and externalities that effect global commerce, social interaction etc. change we need to allow for a way that the community can ensure progress.

This is all done of course by majority plenary vote based on recommendations and proposals put forth.  These could be changes to values in monetary supply equations, voting parameters etc.

Q2 from Telegram User @Indomiekuy

What are the different between XSOA and XBOM? What is the function from them in Prasaga platform?

David Beberman: XBOM is the infrastructure that creates the metaclass, class and object model on the blockchain.  XSOA is a set of classes and the objects instantiated from them to support smart object assets.  That is XSOA is realized by, runs on, and uses the XBOM, much the way your applications run on an operating system.

Q3 from Telegram User @dnddlzo

I have read an article and seen saying Prasaga in the future will launch LBP. I am very curious about LBP; can you explain it carefully?

Michael Holdmann: Yes, we are also calling it a Price Discovery Pool as that is what is does.  A liquidity bootstrap pool (LBP) is a balancer.finance smart pool product. We fund one side of pool with DGT, the other with a stablecoin. The opening weight of the DGT is at 95% and the stablecoin is at 5%.  Over the course of 96hrs we will apply weight to the DGT pushing the spot price down. 

This stops whales and bots from buying early and dumping on everyone, as the market now decides when to start adding more stablecoin to the pool, balancing out the weight and determining the spot price for DGT which we will launch at in the DeFi Pools.

Q4 from Telegram User @topind7

Can you brief us on your marketing strategy to promote your project and attract users, developers, investors and build communities as these play major roles in the success of any project?

Jay Moore: We have a 9 plank approach of to our community development and promotion.

1) Publicity we’ve had articles in Hackernoon and Bitcoin.com and we’ve got another 12-15 in development as well as additional press releases.

2) We’re doing an intensive e-mail marketing approach that is yielding a large number of new token purchasers and partner opportunities

3)We have a team opening up one of our first DataGrid Collaborative Labs in Vietnam and gaining us 70% name recognition with all VN crypto traders.

4) We’ve got an event marketing approach where we’ve spoken at Digital Davos 2021, DC-Finance’s High Networth & Family Offices Blockchain and Cryptocurrency Conference and BTCMiami

5) We have a few AMAs we’ve been doing the Satoshi Club marks our 40th AMA (not including our discussions on Clubhouse)

6) KOL’s are coming to us a few are looking to endorse and join as advisories of course we can’t mention those important traders and YouTuber’s until we announce their participation.

7) We’re planning a full suite of promotional efforts and ad campaigns like our Merch store, NFT campaigns and online promotions.

😍 We have a very high response community management team coming on board to help us communicate with all our new members within moments of them arriving with 24/7 monitoring of our Telegram, Discord, Facebook, Twitter and Instagram channels.

9) We have a SEO and a Paid performance advertising that will give us highly trackable analytics on all our exposure and the connections we make from those efforts.

Q5 from Telegram User @AugusS7

You mention that with DataGrid Blockchain the quality of life of everyone could be improved, not only today, but many years in the future, but really in which areas could “our quality of life” improve? And how will you not lose validity in the coming years?

David Beberman: The DataGrid Blockchain itself is about creating as globally scalable secure blockchain that can maintain transaction throughput with a large population of users. We targeting supporting billions of users.  This is one aspect of the entire ecosystem. A very important foundation, and has many applications in its own right.  However, another important aspect is creating a marketplace for connecting devices, data, data users, data applications, and even AI algorithms.  This is a general technology currently known as IoT.  IoT has lots of promise for smart devices, smart cities, smart buildings, smart farming, etc.  But its promise has not been delivered yet.  A significant reason is that there isn’t a market force behind it driving companies to adopt such technologies at a high pace.  The DGB messaging system, management through the blockchain, and market place for data sources and uses, is intended to create market forces around increasing IoT globally.  As such it will directly and indirectly drive quality of life advances around the world.

Q6 from Telegram User @Astonroe

Prasaga has its own blockchain called DataGrid blockchain. But the DGT token built on Ethereum blockchain. So, in future what will happened with DGT (ERC-20) tokens? Are you planning for a token swap?

Michael Holdmann: Yes, upon launch of MainNet and listing of Native DGT, all erc-20 $DGT will be converted 1:1 to Native DGT.

Q7 from Telegram User @jangrihwa

What are the benefits of users or investors following, being involved and becoming Prasaga holders and giving 1 reason why Prasaga can surpass other projects?

Jay Moore:For us it is important for token holders and larger funds to assist us in the seeding identification of key entrepreneurs that will launch important projects on our blockchain.

For example, we are in discussions with a couple funds that want us to launch DataGrid Collaborative Labs in their regions to inspire more incubators/accelerators on blockchain and help get their projects to market internationally. The ecosystem of miners, core blockchain developers and application developers will all be heavily involved in our token.

Building out our global community will give us network effects all built by native nationals in every region using our playbook, but also sharing their innovations.

Q8 from Telegram User @babynamki

Prasaga uses parallel transaction processing technology, can you please explain more clearly to me what parallel transaction processing technology is?

David Beberman: By parallel processing we mean using multiple shards with separate sets of validator/miner nodes to process separate transactions.  Think of this as divide and conquer.  The DGB consensus algorithm enables separate shards to generate their own blockchains and then braid them together for long-term security.  At the same time the XBOM and account object containment model enables multiple independent transactions between separate accounts to occur simultaneously on separate shards.  This is logically equivalent to how a multicore CPU operates, and also somewhat how big data algorithms run on large pools of computers.  The enabling concept behind this is to have the data for each account local to the account on the blockchain instead of smart contracts have all of the data for each of the accounts in a single array.  In comparison, a smart contract as currently designed, can only process one transaction at a time for any given account, which causes all the transactions for that smart contract to queue up, and can only be executed in a single blockchain to maintain determinism, even if the transactions in the queue are completely unrelated to each other.  We specifically address this with the XBOM account object model and the DGB sharing model.

Q9 from Telegram User @Unknown_Mark

So you will allow blockchain to reach its full potential, improve identification and voting, financial services and solving hard challenges in supply chain and logistics and a lot more, but I still don’t know how will you do that, this is almost impossible to be done! So can you briefly tell me how will that be possible?

Michael Holdmann: Hi Mark, it starts with moving off smart contracts.  Vitalik stated a few months back, not as many apps will run on eth 2.0 that everyone wanted.  This is because of the serialization of the Smart contract and their inability to perform complex tasks. By moving to a Class/Object model architecture, it is now possible to do complex processes.  Placing all assets as objects into accounts, including all state we are now able to move accounts between parallel chains (shards) and move an object between individual accounts with no intermediaries or need for custodianship.

Q10 from Telegram User @K2ice

When you first started the industry in 2018, you didn’t complete the ICO. Why was this decision taken and why do you think that decision is so important for you?

Jay Moore: We started in 2017 with our WP in Sept. We did complete the 1st round of our investment in 2018 of $850k, we were in the process of having more money transferred in when the fidgid cold of crypto winter hit in June 2018 and by August we were frozen out of any additional fundraising. We have been self-funding and with the tenacity and grit of a team with over 20 new ventures between us are still moving forward. The decision was to solve scaling on the blockchain, we knew it was possible, but we knew it wouldn’t be easy or it would have already been done. All the optimizations we did to our design wouldn’t have been the sea change leap in innovation we’ve made without the XBOM Operating System for the Blockchain.


PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Prasaga. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.

For more information and future AMAs, join our Social Media channels:

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Website: www.prasaga.com

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