“Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning.” -Albert Einstein said. SatoshiClub always does its work and doesn’t stop questioning! Today we would like to tell you about the AMA session with our friends from RioDeFi. The AMA took place on August 17 and our guest was James Anderson CEO/CO-FOUNDER at RioChain.
The total reward pool was 600$ 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
Serg | Satoshi Club: Hello dear community! Our guests today are from @Riodefiofficial. Welcome to Satoshi Club, @LibertyBuddhist !
James Anderson: Hello everyone! It’s a pleasure to be here 😁
Serg | Satoshi Club: We are glad to have you here as well 😁
Irina K. | @satoshi_club: Hi everyone and welcome. Welcome @libertybuddhist :blush:. Thanks for joining us. How is your day @LibertyBuddhist ? Or night 😀
James Anderson: It is night in Hong Kong 🙂 It’s 9pm here in Hong Kong 😉
Serg | Satoshi Club: Please introduce yourself and Rio DeFi
James Anderson: It’s wonderful to be here and engage with this vibrant community! I’ve been in the blockchain space since 2013, when I first purchased some Bitcoin. I also invested in Ethereum back in 2014, and I made blockchain technology a full-time profession in 2017, when I created a business called Blockchain Investor to teach people how to securely purchase and store cryptocurrencies and research projects. I then co-founded a business called Social Evolution, where we worked to bring Decentralized Autonomous Organization (DAO) technology to traditional businesses. In 2019, I co-founded Rio DeFi, the company that created Rio Chain and incubated MANTRA DAO.
Rio DeFi is a Blockchain technology company. Our mission is to accelerate the mass adoption of digital assets by bridging traditional and decentralized finance.
Our vision is a world in which everyone has access to decentralized financial (DeFi) services. To that end, we develop applications that connect people to digital assets, mobile payments, and DeFi services such as savings and lending. Our solutions enable lower transaction fees, faster confirmations, energy efficiency, secure storage, and global reach.
Serg | Satoshi Club: I see that you have a lot of experience in crypto. Is Rio a project which was born after realizing the problems we are facing in the crypto world?
James Anderson: That’s correct. After being in the blockchain space for so long, I’ve run into a lot of issues. I like to consider myself to be somewhat tech-savvy and I tend to be an early adopter on things, but even I find many dapps to be complicated and cumbersome to use. We’re seeking to make cryptocurrency A LOT simpler for the average person to use.
Serg | Satoshi Club: that’s an important step towards adoption 🙂
Irina K. | @satoshi_club: That’s a good direction. Without design and friendly usage common people will not use this powerful tech
James Anderson: We do this in a few ways, such as providing free Rio Fuel (RFUEL) in every unique mobile wallet so users can try dApps without having to first buy cryptocurrencies, using an OAuth wallet login solution where users can use their Gmail or Facebook account to manage their wallet & private keys, and focusing heavily on user experience in everything we build.
Q1 from bitcointalk user kahlerr
“To ensure scalability, security, speed (2s/block), and transaction throughput (up to 3,000 TPS), Rio Chain adopts a federated model.” You said here what do you want to achieve but you didn’t say how? What is the federated model and how will it help you?
James Anderson: In phase 1 of Rio Chain, we’re utilizing a Proof of Authority consensus mechanism, which was a term coined by Gavin Wood, the creator of Polkadot. In PoA-based networks, transactions and blocks are validated by approved accounts, known as validators. Validators run software allowing them to put transactions in blocks. The process is automated and does not require validators to be constantly monitoring their computers. It, however, does require maintaining the computer (the authority node) uncompromised.
Within 3-6 months, we’re planning on moving from PoA to a Nominated Proof of Stake (NPoS) system, which is the consensus model being used by both Polkadot and Kusama. We think this model does a great job of balancing network efficiency, governance, security, and scalability.
Irina K. | @satoshi_club: So NPoS = federated model?
James Anderson: PoA is more of a federated model, whereas NPoS is more decentralized.
Irina K. | @satoshi_club: oh, ok. Got it. So what you’ll de doing actually will be to move towards a more decentralized consensus mechanism
From a federated one. Is that correct?
James Anderson: That’s correct. https://101blockchains.com/federated-blockchain/#:~:text=Federated blockchain examples will remove,the network for their benefit.
^ this is a great explainer of federated blockchains
Q2 from bitcointalk user AndresM77
Can you list 1-3 main features of RIO DEFI that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most remarkable about?
James Anderson: Scalability (up to 3,000 TPS), Speed (2s block times), and Interoperability with other blockchains are our 3 main competitive advantages, but I’d also like to highlight our security – our blockchain has been audited by CertiK, one of the leading blockchain security firms – and we also give 20% of all transaction fees back to the dApps that generate the fees.
Serg | Satoshi Club: this last feature is interesting. I didn’t see it before
James Anderson: It’s sort of burried in the whitepaper haha
Serg | Satoshi Club: so basically you are encouraging the projects to use the blockchain
James Anderson: But we think it’ll really attract the best developers and projects to build on Rio Chain, because they’ll get financially incentivized to do so we think those dApps that bring the users should be rewarded for it rather than just pay HUGE gas fees all the time. Rio Chain’s fees are quite low (starting at 0.1 RFUEL, which will mean it’ll be just pennies to send a basic transaction). This can also be changed over time quite easily since Rio Chain features an easy upgrade process.
Q3 from Telegram user @JP_Morgan_Chase
How does Rio Chain encourage users to drive its ecosystem and use apps?
James Anderson: Great question! First and foremost we’re incubating dApps by working closely with the entrepreneurs & teams who’d like to build on Rio Chain. Especially during these early phases, we think it’s hugely important to have AWESOME dApps on Rio Chain. That’s why we incubated MANTRA DAO, which is shaping up to be one of the hottest DeFi applications launched in 2020. We think user experience, simplicity, accessibility, and scalability are necessities for mass market applications, that and they need to be enjoyable to use.
Serg | Satoshi Club: Some part of it we already discussed, haha
Irina K. | @satoshi_club: But maybe there is more to that, @LibertyBuddhist we love secrets here :heart_eyes:
Serg | Satoshi Club: We are kinda making it a tradition. During every AMA, the projects are telling us a secret, an information which is not public yet 🙂
James Anderson: Ooo… I may have something for you then. I’ve been sitting on a massive announcement waiting for the right time to share it.
Serg | Satoshi Club: We are excited to hear it
James Anderson: Okay… remind me at the end so we can end on a high note 😏
Serg | Satoshi Club: sure 🙂
Q4 from Telegram user @abedmahmud
How is the interaction with other blockchains happening and what’s it purpose? Why would I use RIO Chain and then interact with Ethereum rather building on Ethereum from the beginning. Thanks!
James Anderson: Your community always asks good questions. We love doing AMAs here! So one of the reasons to choose Rio Chain is that it’s built for business. Ethereum only has a throughput of 17 TPS, whereas Rio Chain can process up to 3,000. It’s also a lot faster, with block times around 2 seconds. When Ethereum network congestion is high, transactions with otherwise normal gas amounts can take hours to process. And the high gas fees make many Ethereum dApps way too expensive for the average consumer. If it costs me $5 to breed a CryptoKitty that I can only sell for $1, I’m much less likely to try my hand at virtual kitty breeding. During the bull market in 2017, I actually spent around $1,000 on Crypto Kitties…
Serg | Satoshi Club: you are a kitty lover I see
Irina K. | @satoshi_club: Was it worth it?
Serg | Satoshi Club: I have bought one actually at the beginning. I should check through my wallets maybe it is worth smth now, after this years
James Anderson: I didn’t get any rare breeds
Irina K. | @satoshi_club: Could you elaborate a bit how interoperability between blockchains work? Rio chain and other blockchains
James Anderson: It’s a bit technical, but here goes. Rio Chain is a Parity Substrate-based blockchain that utilizes Polkadot technology for its cross-chain compatibility. Polkadot is a sharded blockchain based on the thesis that the world will have several blockchains that need to interact. Polkadot unites scalability, interoperability, and security. The Polkadot network uses a sharded model where shards – called “parachains” – in the network have unique state transition functions (STF).
Based on Polkadot’s design, as long as a chain’s logic can compile to Web Assembly (WASM), then it can connect to the Polkadot network as a parachain. Polkadot has a Relay Chain acting as the main chain of the system. Parachains construct and propose blocks to validators on the Relay Chain, where the blocks undergo rigorous availability and validity checks before being added to the finalized chain. As the Relay Chain provides the security guarantees, collators don’t have any security responsibilities, and thus do not require a robust incentive system.
Rio Chain is planning to become a Parachain of the Polkadot network.
Additionally, we’ve created what we call a Generic Asset Gateway. For cross-chain interoperability, the core developmental task is designing how to bring one blockchain’s assets onto other blockchains in a secure and transparent manner. Currently, many blockchain networks are pursuing “trustless” cross-chain approaches, such as Lightning Network and Liquid sidechain. But, after years of development, such applications are still not mature enough for mainstream adoption. Either the user experience is too complex, or there is not enough functionality to cover the cross-chain assets. We prefer to adopt a Federation based cross-chain mechanism(Federated Blockchain). In its initial phases, Rio DeFi is utilizing cold storage multi-sig wallets secured and insured by Hex Trust, a licensed Hong Kong trust company. This process creates a seamless, cross-chain transfer link, ensures security, and eliminates the risk of a single point of failure.
Q5 from Telegram user @ACMILANfanatico
You say that you will distribute RFUEL for new users registration. How much was distributed until now? Also, there are 350 million RFUEL reserved for staking. How much is stil left and how is the process of staking? I want to try it
James Anderson: For both questions, no Rio Fuel (RFUEL) has been distributed so far as we haven’t had our Token Generation Event (TGE) yet. 5% of all RFUEL will go to these new wallets, 10 free RFUEL per wallet, which is enough to process 100 basic transactions. 5% = 50 Million RFUEL, so that’s enough for 5 million wallets.
Serg | Satoshi Club: when will it happen btw? the TGE
James Anderson: This depends on a number of factors, including the token sale timeline, so it’s too early to give an exact date yet; however, our plan is to have TGE before the end of October.
Irina K. | @satoshi_club: What about the staking process? Can you tell us how will it work?
James Anderson: Staking Rewards: 350 million RFUEL (35%) will be distributed to those staking RFUEL and validating transactions on the network. The APR generated through staking will vary depending on the staking year and the total % of staked RFUEL.
Serg | Satoshi Club: Me and Irina just came across a scenario: You are giving 20% of the fees to the dapp, right? A type of dumping scheme: the dapp encourages users to spend the gas on their dapp. In this way, they will give their free gas to the dapp. what do you think? And dapp will give a part back to the user
James Anderson: It’s definitely possible, but they’re also giving 70% of their gas to the Rio Chain validators and 10% to the Rio Ecosystem Fund (for grants), so they’d be enriching the whole ecosystem while burning RFUEL. When it comes to the promotional RFUEL, this does present a potential gaming of the system, so we may need to restrict the 20% RFUEL rebate to only come from the normal unlocked RFUEL rather than also from the 5% promotional RFUEL. Nice find!
Serg | Satoshi Club: I am glad we helped you find this
Q6 from Telegram user @eylem201
What critical problems do you see occurring in the blockchain industry nowadays and why we need a DeFi solution in blockchain ? What’s your aim to solve these problems & how will you solve?
James Anderson: Some of the critical problems in the blockchain industry are complexity / poor user experience, lack of scalability (clogged networks), and high fees. We love all of the “DeFi Money Legos” built within the Ethereum network, and we plan to integrate with many of them, including Compound & Aave; however, we think that the #PolkaDeFi ecosystem will grow to be even bigger in the years to come. That’s why we created Rio DeFi using the Substrate framework. We think the future of blockchain is cross-chain compatible, because many blockchains have unique advantages that make them valuable.
Irina K. | @satoshi_club: Why do you call them DeFi money legos?
James Anderson: Here’s a great answer from an article I really like – “If you played with legos as a child, you know that you can combine them in new ways every time. The same pieces that were a car yesterday can be a space ship today! Each piece can plug into the next, be separated and used in an essentially infinite number of ways. In systems design, this is called composability. A composable system provides components that can be chosen and combined to suit a specific purpose.
Ethereum has been called a “money lego” platform by Ethereum influencer Ryan Sean Adams among others. In the lego world, ETH is the flat piece you can build your world on. Decentralised Finance (DeFi) products, based in the decentralized stablecoin “DAI” in particular, have been hailed as immensely interchangeable financial products.” https://www.asiablockchainreview.com/money-legos-defi/
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Nilwan
STOP SCROLLING & READ THIS SIR
I’m very interesting with your your project🤩
As a community,. How to support your Project??? :muscle::sunglasses:
What should we do to help, to increasing, to gaining ,to grow up your Project??:rocket::rocket:
How to make contribution to your Project?? What should we do in order to make your Project become the biggest, the greatest potential Project now and then????
Tell me your killer strategies
James Anderson: Alright, you win sir! I’m a huge sucker for emojis and you got me. Although I hope I don’t create too much chaos and precedent by picking this one first haha.
AMAs are one of our best strategies for reaching crypto users and gaining incredible feedback from many crypto communities, so we’ve got a bunch of them lined up in the coming weeks. Please make sure you all join our Telegram Group – https://t.me/riodefiofficial – and tell your friends about Rio Chain and Rio Fuel!
Q2 from Telegram user @tungvodoi206
What are the benefits to any decentralized application project using Rio Chain core technology?
James Anderson: The benefits include using a blockchain with low fees, fast speed, high TPS (scalability), getting a 20% of the RFUEL their dApp generates, and being able to more easily interact across the Polkadot ecosystem.
Q3 from Telegram user @cryptoenthusiast1200
What are your plans to educate and raise awareness and adoption among the community to make more people understand RioDefi and its technology?
James Anderson: AMAs, working with Influencers & Key Opinion Leaders (KOLs), sharing with our MANTRA DAO community, working with industry-leading marketing & PR firms, partnering with institutional investors, and incentivizing people to promote Rio Chain through various referral programs.
Q4 from Telegram user Nstila Vitu
Can you give me a clear understand about the Rfuel and the relationship with Rio DeFi?
James Anderson: This is a sneak peak from our pitch deck
Q5 from Telegram user @toanphamhd
What are your major goals to achieve in the next 3-4 years? What are your plans to expand and gain more adoption? How do you elevate crypto participants’ understanding about project?
James Anderson: We seek to be a top 20 project by market cap within the next 2-3 years. We think of ourselves as a cross-chain, Polkadot-compatible version of Crypto.com, but also with third-party dApps and licensed cryptocurrency exchanges in both Estonia and Singapore (licenses pending). https://www.mas.gov.sg/regulation/payments/entities-that-have-notified-mas-pursuant-to-the-ps-esp-r
Q6 from Telegram user @iam12312
Can You talk about some Dapps development on your Platform?
What role its Native Token plays in the ecosystem?
James Anderson: Great question! We currently have 4 dApps building on Rio Chain. 1) MANTRA DAO, a DeFi DAO built for staking, lending, and governance within the Polkadot ecosystem. 2) Bitpool, a blockchain-based predictions platform that rewards users for correctly guessing whether the price of Bitcoin and other cryptocurrencies go up or down. 3) KQJ (King, Queen, Joker) – an Ecommerce game where users can guess a card and lower the purchasing price of a Bitcoin. 4) A yet-to-be-announced predictions game for world events.
Q7 from Telegram user @Alika061
Rio DeFi facilitates cross-chain transactions and bridges blockchains with traditional financial systems. What method do you use to make this link with the traditional system?
James Anderson: You guys are really encouraging me to share all of our currently confidential pitch deck slides
Q8 from Telegram user @Siocis
Southeast Asia is a very challenging market and many are competing campaigns here to attract investors; users and grow; with $Rio do you see how Southeast Asia is and do you plan to develop & update here?
James Anderson: We are definitely focusing on rapid expansion across Southeast Asia. Our company is based in Malaysia, and many of our staff work in Hong Kong and Shanghai. We think Asia has been leading the trend of mobile payments and FinTech, so we’re really excited that many of our MANTRA DAO community is based in India, Vietnam, and other SouthEast Asian countries (as well as globally).
Q9 from Telegram user @raptarabbu
AMA session very rewarding and received a lot of questions related to utilities and technology, future vision,
So now I want to ask what do you want to receive from the community?
James Anderson: Your love, support, and insightful questions
Q10 from Telegram user Club 27
What is Rio Chain and what is Rio DeFi? do they synergize in the existing ecosystem?
James Anderson: Rio DeFi is the name of the company that built Rio Chain, and it’s also the name of the ecosystem of which Rio Chain is a part. Other technologies within the Rio DeFi ecosystem include Rio Wallet, Rio Exchange, Rio Pay, and Rio Block Explorer.
Serg | Satoshi Club: Thank you! It was awesome, @LibertyBuddhist ! Would you like to address the community before we open the chat?
James Anderson: One more thing…
Irina K. | @satoshi_club: One more thing left for tonight: it’s secret time
James Anderson: The secret message! Okay, so I’m pleased to break this news to the Satoshi CLUB community, because you folks all helped make MANTRA DAO a huge success.
The Rio Fuel (RFUEL) pre-sale is ONLY available to those staking OM Tokens, and it will be at even cheaper prices than the private sale purchasers get!
Serg | Satoshi Club: so, the winners in the Mantra Dao AMA, hodl your tokens!!!
Irina K. | @satoshi_club: That’s a great sign of respect for the community! Wonderful news
Part 3 – Quiz Results
In the final part we would like you to check your knowledge in terms of RioChain. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!
Q1
What framework does Rio Chain use?
A. Solidity
B. Substrate
C. Graphene
D. Hyperledger
Q2
How long does it take Rio Chain to process blocks?
A. 10 minutes
B. 30 seconds
C. 10 seconds
D. 2 seconds
Q3
What did Rio Chain prioritize during its development?
A. Security
B. Speed
C. Scalability
D Interoperability
E. All of the above
Q4
What’s the name of the hot DeFi project building on Rio Chain?
A. MANTRA DAO
B. Cosmos
C. Kava
D. DIA
Answers
1.B
2.D
3.E
4.A
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/
Our partners:
RioDeFi Community: https://t.me/Riodefiofficial