Radix x Satoshi CLUB AMA Session 22 September 2021

Radix x Satoshi CLUB AMA Session 22 September 2021

Radix is the only decentralized network where developers will be able to build quickly without the constant threat of exploits and hacks, where every improvement will get rewarded, and where scale will never be a bottleneck.

PART 1. Introduction of Radix project and community questions.

Hello, Satoshi clubbers and guests of this site. Let’s talk today about an open, interconnected platform where the full range of powerful DeFi applications will be built securely and safely.

Radix is the only decentralized network where developers will be able to build quickly without the constant threat of exploits and hacks, where every improvement will get rewarded, and where scale will never be a bottleneck.

The plan of AMA session:

  1. Part – Introduction and preselected questions.
  2. Part – Live questions
  3. The Quiz about Radix

The reward pool is 500$

Leading the AMA our clever and fun admins:

Paul Mont | Satoshi Club –  @Ballantines87on

Andrés M. | Satoshi Club @AndresM77

The Representative of the project:

Adam √ – from Radix DLT@Adam_XRD –  Head of Strategy @ Radix DLT – radixdlt.com

Introduction of Radix project.

Paul mont | satoshi club:

Hello satoshi clubbers! Today we are excited to announce our ama session with radix! Welcome to satoshi club 😄😀

Andrés m. | satoshi club:

Hello dear satoshiclubbers. Welcome to an exciting ama session. Today our friends from radix are here to share with us.

Paul mont | satoshi club:

Today’s guest is @adam_XRD! Welcome! Great to have you here!  😁

Adam √ – from radix dlt:

Hi everyone! Glad to be here!

Andrés m. | satoshi club:

@adam_XRD welcome to satoshi club

Paul mont | satoshi club:

The pleasure is ours adam 🔥 how are you today? 🙂

Adam √ – from radix dlt:

Doing great thanks – been very busy with lots of exciting radix stuff and excited to be here representing radix again 🙂

Andrés m. | satoshi club:

Let’s remember our past ama with radix project https://esatoshi.club/radix-x-satoshi-club-ama-recap-from-30th-of-june/

Paul mont | satoshi club:

And we’re here to get to know anything about the exciting news you have in store for us 😉

So please tell us more about your background, your past experiences and please introduce radix to our satoshi clubbers, especially the latest members 😁

Adam √ – from radix dlt:

I would love to.

I’m the head of strategy at radix, which means i work very closely with our ceo, piers, and also run the marketing, community and comms teams. I have been involved in a few start-up and scale up businesses, including a video platform that scaled to 35m monthly active users, co-founded a crypto project that is still running successfully today, and then joined radix last year to help accelerate growth and fulfil our mission to build a network that can support the whole $360t++ global financial system on defi!

For those that are new, radix is the first layer-one protocol specifically built to serve defi. Radix is “defi done right”, because it is the only decentralized network where developers will be able to build quickly without the constant threat of exploits and hacks, where every improvement will get rewarded, and where scale will never be a bottleneck.

The key benefits of radix and our technology stack are:

10x more productivity for developers, meaning defi can be built faster on radix, and more innovative products can be made.

100x more security for investors, meaning that dapps built on radix are far more secure from hacks and exploits thanks to our purpose built development environment for defi, including our unique programming language scrypto.

1000x more scalability than any other decentralized network, meaning that radix is the only network that will be able to manage the millions of tps needed for defi to go mainstream!

Andrés m. | satoshi club:

Great experience and interesting products for the community

Paul mont | satoshi club:

Thank you @adam_XRD, great intro! 🙌 it’s a perfect business card paving the way for our community questions section 🙂

There are many details that we’d like to flesh out and learn about radix. So without further ado, if you agree, we can move to the community questions 🙂

Adam √ – from radix dlt:

Let’s go! 🚀

Preselected questions about the Radix DeFi project.

Andrés m. | satoshi club:

Q1 from telegram user @emnking

XRD is the radix network native token, that was launched in july 2021. XRD is required to pay transaction fees in the radix network and to earn staking rewards by staking it. I discovered that XRD can only be purchased on bitfinex exchange. Why is it so please? Are there plans on ground to make XRD available on other exchanges. Why did you choose solely bitfinex as the only platform where one can buy $XRD??

Adam √ – from radix dlt:

Great question.

You are correct, XRD is the native token. There is also the ethereum wrapped version, eXRD, which will always be swappable 1;1 with XRD.

EXRD was launched first, in november 2020 so we could begin to distribute stake as widely as possible prior to the genesis of the radix mainnet, to ensure there was good distribution for the delegated pos system radix uses.

EXRD is currently actively traded on: uniswap, kucoin, gate.io, aszendex and mexc.

XRD is currently available to purchase on bitfinex. Other exchanges will be adding support for XRD, but due to our mainnet launching recently (july 28th), it takes some time.

The good news is that you can always swag eXRD for XRD. Currently, you can swap using instabridge.io or bitfinex, with other exchange partners adding support for swapping soon 🙂

Andrés m. | satoshi club:

Which benefits pos system provides to radix different to others?

Adam √ – from radix dlt:

The radix dpos system means that all token holders can participate in choosing the validator nodes that participate in consensus, and earn rewards for doing so.

Minimum to stake is 90 XRD, so very accessible for all holders. By staking, token holders earn a share of the 300m annual XRD emissions.

Validator nodes are ranked by the amount of stake they have, with the top 100 participating in consensus. Radix already has over $100m of XRD staked to over 130 validator nodes all across the world. We are really proud of this, as it means the radix network is already very decentralized and protected from sybil attacks.

Andrés m. | satoshi club:

What is the APY for staking?

Adam √ – from radix dlt:

Currently it is 20%. If people are interested, you can use our staking calculator here: https://www.radixdlt.com/#radix-staking

Paul mont | satoshi club:

Very accessible indeed, and interesting rewards allocation ✨🙌

Thank you for the in-depth answers @adam_XRD 🙂 ready for the next community question?

Adam √ – from radix dlt:

Yep!

Really good questions so far – great work from all the satoshi club members who submitted such good questions!

Andrés m. | satoshi club:

Q2 from telegram user @rotoxy

From your document, you said that the security of radix blockchain is heavily dependent on your validators nodes. How many validator nodes exist within the radix blockchain and how are these validators formed or located? Who can become validators? Why do you allow XRD holders to chose validators and delegate their tokens to them which these validators use in partaking in network consensus? Can’t this option be misused? What reward or slashing model have you design to ensure that nodes are committed to good behaviour that will promote the technical ability for maintaining transparent security of blockchain?

Adam √ – from radix dlt:

Validator nodes are those running the radix node software and have flagged themselves to accept stake. The top 100 nodes, ranked based on the amount of stake they have delegated to them, participate in consensus for the radix network.

Radix is a permissionless network, so anyone can set up a node and register it as a validator to start accepting stake. The node will only begin participating in consensus if it is ranked in the top 100 for that epoch.

Currently, we have over 130 validator nodes, with 100 of those participating in consensus. In future versions of radix, this limit will increase, especially where fully sharded cerberus is launched, as it has something called linear scalability – that means more nodes = more tps.

Token holders delegate their stake to validators, but the tokens are never in the control of the validator, it just weights their impact in consensus. Therefore, to ensure the radix network remains as decentralized as possible, the ideal scenario is that stake is split across as many performant, geographically distributed validators as possible.

As the nodes are ranked by delegated stake, it means token holders decide which nodes participate in consensus – ensuring that radix remains fully decentralized and permissionless.

Token holders are incentivised to stake to high quality nodes as when a node you stake to is participating in consensus, stakers earn a share of the 300m XRD annual network emissions. If the node you are staking to is not running or misses consensus rounds, you get less rewards.

Paul mont | satoshi club:

Great, thorough explanation, thank you 🙏 Is there a slashing/punishment mechanism in place for bad actors in the network?

Andrés m. | satoshi club:

Thanks for the complete and clear answers, all this process is secure? Have you done audits to verify everything is ok?

Adam √ – from radix dlt:

Currently the punishment is rapidly decreasing rewards (to 0 at 98% uptime). We will be bringing in slashing in a future update.

All these systems are built by our core team, we work with various auditors who are in the process of reviewing things – we will release more details as it comes.

The software is also opensourced on our github here: https://github.com/radixdlt

Paul mont | satoshi club:

Safety is a never-ending and felt concern in crypto land. It’s truly great and relieving to read that you’re duly anticipating and taking care of this critical topic 🚀

In our last ama with piers we were eagerly awating for Olympia’s mainnet launch, now it’s time for the next phases. The next question is just about that 😉

Andrés m. | satoshi club:

Let’s proceed

Q3 from telegram user @cenkkargin0666

Olympia, the first release of the radix core network, followed by alexandria, babylon and xi’an. Are these stages integrated with each other or work differently? When one version ends, what will happen to the previous version when the other one starts, will it be deleted and disappear?

Adam √ – from radix dlt:

There are some pretty big differences between each upgrade. We will ensure each upgrade is as seamless as possible for users.

Let me explain what each release brings.

The Olympia release was to bring the core network online. This is the foundation all future releases will build upon. It enables staking, token creation, and sending/receiving of tokens.

Next we have the Alexandria release, due at the end of this year. This release is the first taste of radix’s purpose build defi programming language, scrypto. Developers will be able to start coding locally using scrypto, and running the dapps on their local machines.

In 2022, we release babylon. This is where the radix defi ecosystem comes to life. The network is upgraded for radix engine v2, enabling defi dapps to run on the network!

In 2023, xi’an will be released. Xi’an is upgrading the core network to a fully sharded state that will enable unlimited linear scalability (more nodes = more tps) that is able to do millions of tps+ while also maintaining atomic composability!

Andrés m. | satoshi club:

Xi’an will be the final phase? Or you will have more stages?

Adam √ – from radix dlt:

Well, let’s just say it is as far as we have announced so far 😉

Andrés m. | satoshi club:

Thanks for the answer, very interesting ecosystem👏

Adam √ – from radix dlt:

Dan, the radix founder, has even being doing virtual testing of interplanetary dlts using our technology – so there are definitely a lot of future things we will need to implement https://twitter.com/fuserleer/status/1346868942447517696

Paul mont | satoshi club:

Now that’s something i would call futuristic for our time 🔥🚀

Andrés m. | satoshi club:

Completely agree, we are excited to see what is coming around that technology. For now, let’s proceed with our 4th question

Q4 from telegram user @highpee

During your last visit to the club on june 30th, you talked about Olympia mainnet which you said will launch on 28th july. To come with Olympia release is your own wallet which you said you build using “headerless chromium” that can equip your wallet with best security tools and practices. How has your Olympia mainnet and all other components that were released with it such as token creation, explorer, wallets, instabridge, performed since you launched them? Also, how are you planning to rectify the current downtime your wallet is experiencing as a result of ddos attack that it is presently suffering from? How best can a user access their fund in this wallet and use it securely for now, until you find a permanent fix?

Adam √ – from radix dlt:

The Olympia release went well, but also as ever had some challenges. I believe it is best to be transparent about these things, as with a mission as large as replacing the $360t tradfi industry, there are sometimes things that don’t go to plan!

First up, the good points of the Olympia launch:

The core network is running perfectly, with over 130 validator nodes already registered and more than $100bn of XRD staked to the network within the first month (about 45% of circ supply at the time!).

We also launched the radix wallet, radix explorer, instapass (our single sign-on solution for kyc in defi) and instabridge (a way to swap eXRD to XRD). These all worked well, other than a few initial issues with instabridge that meant swaps were taking a bit longer than we expected. The good news is that instabridge is now working well, and we also have the ability to swap eXRD and XRD on bitfinex, with other partners coming up soon!

A few weeks ago, we had some issues with the wallet and explorer, as the radix archive nodes were being subject to a sophisticated and large scale ddos attack. The good news was that the core consensus was not affected, but it did result in users having issues using the wallet and explorer due to time outs.

We have mitigated most of that attack now, but there are currently some new issues with the wallet timing out. Our team are working on that now, and will have a fix in place for Friday. You can learn more about radix status updates on: https://status.radixdlt.com/ – this is a new page we put live today 😀

As Russell explains on the video in on the status.radixdlt.com page, the current issue with the wallet is still just affecting the interface, rather than the core network. This is causing some users difficulty, but the core network (and assets) are not effected.

Andrés m. | satoshi club:

Thanks for the sincerity with the community

Paul mont | satoshi club:

Yes, actually cool news, and friday is just around the corner 😉

Thank you for the exhaustive answer 👍 let’s move onto the next question, shall we?

Adam √ – from radix dlt:

Ready when you are 😀

Andrés m. | satoshi club:

Q5 from telegram user @arisabela

I saw a recent announcement from the radix team research division recruiting people with a focus on economics and stable coin algorithms so i’ll assume you are cooking something big on this regard, could you tell us about your future plans to improve the radix stable coin algorithm and your economic model?

Adam √ – from radix dlt:

Big question that our ceo piers could spend (and does spend) a lot of time discussing!

At the genesis of the radix network, 2.4bn tokens (10% of max supply) were locked in a stable coin reserve indefinitely (or burned if not used within 10 years). We kept this reserve as our view is stable coins are one of the most important elements to a successful defi ecosystem, and we have done years of work on algorithmic stable coins and how they could work within the radix ecosystem.

We have seen a wide degree of success in the industry with stable coins, and we have some big plans that we are exploring for an algorithmic stable coin on radix.

Decentralized stable coins provide a mechanism to lock up large amounts of tokens, as well as provide a useful decentralized store of value for other applications to use – so the work we are doing around this could be very powerful in expanding the use and adoption of the radix defi ecosystem.

Paul mont | satoshi club:

So something’s definitely coming in the pipeline! Can we expect some relevant announcement about the topic in the near future?

Andrés m. | satoshi club:

Great answer, please tell us about the tokenomics of the token, max supply and current market cap?

Adam √ – from radix dlt:

Of course:

Circulating supply is 9.6bn XRD + network emissions to date, due to the indefinitely locked stable coin reserve*.

12bn XRD total supply, with no new tokens or unlocks other than the 300m annual XRD network emissions for staking.

24bn XRD maximum supply will be reached in a minimum of 40 years with the 300m annual XRD emissions.

Additionally, XRD tokens are locked via delegated proof of stake (dpos). Over 1bn tokens ($110m+) are currently locked in staking in just under 2 months since the radix public network genesis. This further reduces the floating supply (the number of tokens available for trade on secondary markets).

All transaction fees on radix (paid in XRD) are burnt. Approximately 15,000 XRD has already been burnt since the network went live on july 28th, 2021.

Adam √ – from radix dlt:

Current market cap is around 1.1bn.

Paul mont | satoshi club:

Great, great. Thank you very much. This is the last question for this very first part of the ama, then we’re heading into the live part of the session 😁

Adam √ – from radix dlt:

Sounds good

Andrés m. | satoshi club:

Q6 from telegram user @victorogb

Radix recently concluded it’s final token unlocking event with the remaining eXRD tokens unlocked due to very high staking levels across a wide range of validator nodes. Obviously, this activity has greatly impacted the radix economy and your defi ecosystem, as new and improved volumes have been added across board. Can you carefully provide us with some economic data on the positive significance of this final token unlock, how has it increased circulating supply and the financial stat with your defi services, and as financial numbers increase, how has it directly influenced community growth and service adoption across all channels?

Adam √ – from radix dlt:

This is correct, the radix community and radix token holders wanted to unlock the remaining radix tokens to accelerate the adoption and distribution of tokens. You can read the full details about the unlock here: 

https://www.radixdlt.com/post/final-token-unlock-complete

Since the unlock, we have seen great support form the community and wider industry. The token price has increased from around $0.09-$0.10 before the unlock, to currently $0.12.

Shortly after the unlock, we also saw the amount of XRD staked on the network increase significantly, to over 1bn XRD!!!

This continues to show the large degree of support and confidence radix holders have in the project, and our ability to deliver on our vision to bring the $360t++ global finance system onto defi on radix!.

Outside of the token, the launch of the radix mainnet and the token unlock has also brought a large amount of awareness to the project. The main radix twitter account (https://twitter.com/radixdlt) was at about 30k followers before our mainnet launch in july. It is now just under 90k, with over 100m views in the last month!

Andrés m. | satoshi club:

Congratulations, currently where and how we can buy the token $XRD?

Adam √ – from radix dlt:

You can find all the places here: https://www.radixdlt.com/#token

Paul mont | satoshi club:

Great milestones being achieved and ecosystem growing! Uber congratulations 🔥🔥🚀

Thank you very much for the clear answers @adam_XRD!

Now it’s time to proceed with the live segment of the ama. Time to interact with our community members 😁

Andrés m. | satoshi club:

Let’s check it satoshiclubbers, a great opportunity to invest😃

@adam_XRD thanks for your great answers, is time to interact with our dear community, let’s proceed with the live segment. Would you like to share useful links before?

Adam √ – from radix dlt:

I would love to.

Best place to find things is:

Radix website

https://www.radixdlt.com/

Radix twitter

https://twitter.com/radixdlt

Radix telegram https://t.me/radix_dlt

Paul mont | satoshi club:

Thank you! We will also take the opportunity to remind at the end of the ama 😉

PART 2.Questions about the Radix 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 Radix 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 @Rosane1a88

 In the website of Radix, it is written that scale will never be a bottleneck, does the platform have a maximum of transactions or simultaneous users it can support? Or do you consider it virtually infinite? Also developers are able to build quickly without the constant threat of exploits and hacks, how can the platform ensure security in a level that hacking attempts will never be a problem?

Adam √ – from Radix DLT:

This is a fantastic question.

The unique thing with Radix is that our unique consensus mechanism, Cerberus, has no maximum TPS.

This is because Cerberus has a near limitless shard space (2^256 shards, more than every atom on earth. What makes cerberus really special though is that any shard can communicate in real time with another shard. This means atomic cross-shard transactions can occur. This is unique to Radix, as all other sharded networks break atomic composability, and therefore break DeFi!! You can read more about this here: https://www.radixdlt.com/post/breakthrough-in-consensus-theory-scaling-defi-without-breaking-composability

Radix consensus, Cerberus, also has unlimited linear scalability, this means more nodes = more TPS. University of California even wrote a paper about the maths behind our consensus algorithm proving it: https://arxiv.org/abs/2008.04450

Q – 2 from a telegram user @tahanisg

The names you use within Radix (Olympia, Alexandria and Babylon) caught my attention. Can you tell us a little bit about what these names mean to you and how Radix represents it? 

Adam √ – from Radix DLT:

As Radix is a long term project, aiming to bring the $360T++ global financial system to DeFi on Radix, we have some pretty big releases to get there.

When naming these releases, we choose historically famous monuments that are still known millennia later, as our goal is to build the Radix network to last for equally long times!

Olympia was named as it is the city of the Statue of Zeus, celebrating creation.

Alexandria is the city of the Lighthouse, lighting the way for explorers (developers)

Q – 3 from a telegram user @Antoni_azx

Radix claims to fix the big problem of DeFi hacks, those are big words since we’ve seen that even the most sophisticated exchanges have suffered from this at any moment, could you tell us what parties are involved in Radix security system and how do you incentivize them I achieve the greatest security mechanism from the crypto world?

Adam √ – from Radix DLT:

So the big change here is compared to Solidity, the programming language for the ethereum virtual machine (EVM).

Many projects are using the EVM so people can port current dApps faster. The problem, is Solidity is not purpose built for DeFi or financial transactions, which means developing secure applications with it is extremely hard.

This leads to there often being hacks of exploits, especially when multiple dApps are used together – e.g. with flash loan exploits.

Radix is solving this by having a purpose build DeFi development enviroment with the Radix Engine and the programming language Scrypto.

This introduces fundamental systems to building DeFi that enable it to be more secure, and easier to build. As a result, developers can build faster with less worries about hacks and exploits. 

Q – 4 from a telegram user @NAZMP2

Radix Royalty program will help other projects to succeed, Can you tell more about this program? How would you select project to help?what are the conditions?

Adam √ – from Radix DLT:

The Radix Royalty program is a really exciting element of Radix.

Basically, when a developer deploys a competent/blueprint (Radix smart contract), they can add a royalty fee for each time someone uses it in a transaction.

This means that if you are one of the first devs on Radix, and say built a simple component essential for a DEX, every DEX may choose to use that for every transaction. You could add a small royalty each time it is used, and earn money every time your code is used.

Altneratively, you could make a really specific and powerful component, but it may only be used once a year (but be worth millions) so you could add a large royalty.

This means the free market decides which components should be incentivised, rather than just grants.

Q – 5 from a telegram user @BJosefina61

It is believed that regulations are aimed at destroying innovation, from RADIX, how do you see the future between regulation, connection with the traditional economy and innovation?

Adam √ – from Radix DLT:

Regulations are coming. As we have seen with coinbase, binance, and more, if we want DeFi to interact with the wider financial system, there will be some form of regulation.

At Radix, we are prepared for this, and even adding tools such as our Instapass service (single sign-on KYC for DeFi) to help users and Radix developers prepare.

What is really important though is that we are building these things as optional – if developers want to use them, they can, but nobody has to. That means Radix will always be a permissionless network.

Q – 6 from a telegram user @limonsjb

Can you list 1-3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

Adam √ – from Radix DLT:

1 – Radix increases DeFi developer productivity by 10X! This means more dApps, better dApps, and a bigger DeFi ecosystem on Radix faster!

2 – Radix provides 100X more DeFi security. This means less hacks, exploits and bugs. So investors don’t need to worry about using DeFi.

3 – Radix provides over 1000X more scalability than any other decentralized network. This means Radix is the ONLY network where global scale DeFi can thrive. DeFi today is just 0.02% of global finance, to have 100% of it, the network will need millions of TPS. Only Radix can provide this.

Q – 7 from a telegram user @limonsjb

How can I buy this tokens? Is it available on any exchange?

Adam √ – from Radix DLT:

You can buy Radix tokens on a range of places, such as Bitfinex, KuCoin, and Uniswap.

You can find all options here: https://www.radixdlt.com/#token

Q – 8 from a telegram user @Pratze

as i understand, Radix network use base of Ethereum network, so how Radix handle problem the High Gas Fee from ETH network ? any plan to bridge or support other chain like BSC,DOT or SOL?

Adam √ – from Radix DLT:

This isn’t correct, Radix does NOT use the Ethereum network – we use our own Network.

The Radix network has unlimited, linear scalability, which means there is no limit to the amount of TPS it can scale to. On Radix, scale will NEVER be a bottleneck.

In past versions of our technology, we have demonstrated Radix doing over 1.4M TPS.

Q – 9 from a telegram user @Deleted

Deleted

Adam √ – from Radix DLT:

Radix is definitely a long term project, our goal is to replace TradFi by giving developers everything they need to create a global, decentralized network on financial applications.

We know this will make finance better for you, me, our children and great grandchildren.

To put it in perspective, DeFi today is TINY. It’s 0.02% of global finance. That means it can get AT LEAST 5000X bigger than today.

We are building Radix to manage the whole $360T global financial system of today, and more!

Q -10 from a telegram user @Akira236

I am very excited for the upcoming release ” Alexandria”
As it is for defi Developers,
What if any new users wants to come in this space?
Will it be easy for him?

Adam √ – from Radix DLT:

Alexandria introduces Scrypto, Radix purpose build DeFi programming language.

There are two goals here:
1) Make it quicker and easier to build DeFi
2) Make dApps more secure

By doing those two things, it means more people can become DeFi developers confidently. This is not only new users who want to come into DeFi, but also providing the tools Traditional finance developers need to feel comfortable building secure code!

Alexandria comes out at the end of this year, so keep an eye on radixdlt.com for some exciting updates here in the near future.

Part 3 – Quiz about project

In the final part, we tested the knowledge in terms of the Radix 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.

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