Welcome to a new chapter of Satoshi Club AMA series. Today we want to tell you about an interesting session with Unification project that took place on July 9. Our guest was Neyma Jahan (@neymajahan).
The total reward pool was 6000 FUND ($300) and it was splitted into three parts.
In this AMA Recap we will try to summarize some of the most interesting points for you.
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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Serg | Satoshi Club: Hello! @neymajahan will join us for today AMA. Welcome!
Neyma Jahan: Thank you for having us today, really excited to spread the news about FUND.
Irina K.| @Satoshi_Club: Thanks for joining and thank you for your time 😊
Serg | Satoshi Club: We are glad to have you here. Before we start with the questions from the community, please tell us a bit about yourself and about Unification.
Neyma Jahan: Unification is a Hybrid blockchain designed for enterprises, we solve the speed and scalability issues found with other chains, through our WRKChain solution – which allows full horizontal scaling, while maintaining public trust through stamping to Mainchain at the cost of 1 FUND per stamp. Our team has been working on FUND for over 2.5 years and just in May released our native network which is live now with staking.
Irina K.| @Satoshi_Club: @neymajahan please tell us a little bit about yourself, how did you come to be involved in Unification?
Neyma Jahan:
Summary is that our core team has run an enterprise dev shop for the past 10 years and fully transitioned into blockchain in 2017 to start Unification.
Serg | Satoshi Club: with what enterprises have you worked? š
Neyma Jahan: We have numerous clients, some public ones that we can disclose are mentioned here in this article https://www.forbes.com/sites/darrynpollock/2019/04/26/brazilian-medical-records-getting-blockchain-boost-may-be-the-route-to-digital-identity-adoption/
There is also www.finchains.io and www.pac.foundation
Q1 from Telegram user @LeHai04
Generally staking-based projects in 2018 went into a death spiral because it was simply earn and sell, so right now what is Unification doing to avoid this investor behavior?
Neyma Jahan: Good question – first off I need to say that purchasers of the FUND token are not “investors” that term means something else – it is a subtlety of the english language, but semantics are important for us. They are token holders or stakers.
That being said, I understand the spirit of your question and will try to answer. We designed the FUND ecosystem to be 0% inflation for this and many other reasons. So a FUND token only gets minted and put to be paid to validators only in the case where there is usage in the network. So we can mint up to 10m FUND per year- but those have to be due to demand. So if there is no demand, there is no new tokens and no inflation. If there is demand, we can mint and distribute. This works as a self-governing system which will naturally balance and avoid the death spiral that you mentioned with other projects.
Serg | Satoshi Club: What is the demand right now? š
Neyma Jahan: Our mainnet launched May14th and so far enterprises have acquired over 3m FUND ā all on a recurring basis. So their orders will renew each year- We think this is very healthy. And we thank our business development arm which is working hard to bring the “Real world” clients into Blockchain.
Serg | Satoshi Club: That is good growth giving the fact that you just launched.
Irina K.| @Satoshi_Club: Does this demand include trading made by holders? Or just activity on the network?
Neyma Jahan: Traders will be traders, they buy and sell and buy and sell. the smart ones will stake actually because they see the long term future. However Real demand comes from the results of our biz dev arm bringing in enterprises. we have a very limited supply of FUND on the market and when an enterprise purchases some, they are removing and using it only for tax.
Q2 from Telegram user @Rosane1a8
Unification currently has 25 validators, would that represent a scalability problem as adoption increases, what would be the number needed in order to reach mass adoption, and how would you incentivate users to become validators?
Neyma Jahan: First off there is no “scalability problem” but I will take this opportunity to talk about our validator and staking ecosystem. 😊
Our network is designed to take at maximum 96 validators, to be a validator requires deploying and maintaining your own node. When you have that you can set a commission rate that will incentive others to stake to you. So validators will be competitive in their rates to try to lure and market to FUND holders. This is the best way to support the ecosystem. We have validators from Russia, Israel, Thailand, Philippines, Us, UK, Australia etc.
So being global and distributed is very important. If you are thinking about being a validator, the best thing to do is join our technical discord and get a good feeling for the communtiy https://discord.gg/DaYrYjg. They have plenty of guides on how to get setup. Here is one from our community member on how to setup a node for $5 https://medium.com/coinmonks/how-to-set-up-a-fund-validator-node-for-5-777261a72d34. And if you just want to stake (non-technical) here is a great community article as well https://medium.com/@xsigma/how-to-setup-the-official-unification-web-wallet-stake-and-earn-fund-rewards-with-the-xsigma-fd8d74c46983.
Q3 from Telegram user @alice_wonderland12
In a video Unification CEO mentions that they are working in a testnet to simplify the access to the data of patients in healthcare systems of developing countries by having the data in one place with the blockchain technology, what is the paper of blockchain, and specifically unification in this use case? and to which other situations do you expect to adapt it?
Neyma Jahan: Great question – let me give you some reference links first – one is the article that we already posted by we can post it again https://www.forbes.com/sites/darrynpollock/2019/04/26/brazilian-medical-records-getting-blockchain-boost-may-be-the-route-to-digital-identity-adoption/.
The other is a walkthrough of the health wallet, we apologize for the sound in the beginning, it gets better https://www.youtube.com/watch?v=lBFtJ_Y-co0&t=1s.
But the core point of this initiative is to decentralize access to health data so that the end user is in immutable control of that data. So as a user I can delegate access to my records to a hospital/clinic/insurance but I still own my data and it is my blockchain record. Obviously adoption here is the key to success, and hence starting it in brazil where there is less red tape than other countries.
Irina K.| @Satoshi_Club: But being on blockchain, doesn’t it make the records public?
Neyma Jahan: The data is encrypted onchain – only the key in the userās wallet can decrypt. They can actually issue a temp revocable key to the providers to access. We go through the tech on the process here http://go.unification.com/identitypaper.
Irina K.| @Satoshi_Club: That’s nice. You said it’s on testnet. When do you expect to go live?
Neyma Jahan: This is not a “public” project, however if you look at on chain records you can see that there are two beacons deployed for it already timestamping FUND. So it is live already.
Q4 from Telegram user @iam12312
You were about to release a project called PAC or public accountability chain. Can you tell us about it more? What will be its benefit?
Neyma Jahan: Yes of course, we just released yesterday actually- there were 1,2 FUND purchased and placed into a tax bucket. You can see the details here https://medium.com/unificationfoundation/public-accountability-chain-pac-a-framework-for-distributed-data-828372f64095?source=collection_home—4——0———————–.
Or go direct to the website here https://pac.foundation/. PAC is an immutable distributed project for recordkeeping. So when there are records that need to be consolidated (from different sources) Public Accountability Chain does that and stores them in a way that they are “protected” against the future. So even if we wanted to remove them we could not. The first deployment on PAC is a police accountability database where records of police misconduct are stored and searchable online. others can add to this.
We consider PAC a powerful framework which has been getting interest from NGO’s as a way to ensure public records are transparent. right now PAC timestamps every 30 seconds to the FUND mainchain, consuming 1 FUND per stamp so it is a good 360 fuel for our economy.
Irina K.| @Satoshi_Club: That sounds like a great initiative. We need more transparency, especially in the public sector. Is this project global? Or intended for a certain region only?
Neyma Jahan: We built it as a spiderweb framework that can keep expanding way beyond our team. So we can contribute so much, but the power is when others take the framework and localize for their areas.
Serg | Satoshi Club: Oh, yes. Like where are all the billions going. I mean about the package of the US administration for the companies.
Neyma Jahan: it is a framework – so if someone feeds it that data, it will be recorded and unable to be destroyed. 😃
Q5 from Telegram user @MsKiwi206
I often use telephone but Wallet unification only supports chrome extensions on the PC so your team have any plan to make a wallet unification version of the mobile app for Android / iOS app?
Neyma Jahan: Right now the way to store and stake your FUND is on our chrome extension which you can find here https://chrome.google.com/webstore/detail/unification-web-wallet/mkjjflkhdddfjhonakofipfojoepfndk/related
We are also working on Ledger support for this extension, so your private keys will be in your ledger but you can use the chrome wallet. However, we understand that not everybody has a desktop browser, so our FUND Philippines community (https://t.me/UnificationPH) discovered that you can use the Kiwi browser on android and it runs the extension just the same. Also we are in works with other wallet integration, however we found that 98% of people holding FUND in wallets wants to stake so all 3rd party wallets don’t support that. A native Android/IOS wallet is in our roadmap, but something for later in the year.
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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 2 minutes; a lot questions were posted by the Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @Nickkiii
What if someone adds illegal data will that get into the PAC?
Neyma Jahan: Good question, pac.foundation is a website that is centralized and curated by our team – ie. . We decide what does on there and what doesnāt. So if there is illegal etc… data we wonāt post it. However PAC is a framework – like a blockchain – people can post what they want, however it is up to other participants to accept their contributions or ignore it. It requires consensus in a way like bitcoin.
Q2 from Telegram User
The UND WRKChain is semi-private which makes itās not fully decentralized, how do you plan to deal with attacks from operators?
Neyma Jahan: Good question. WRKchains are semi-private, but being semi-private means that they rely on POA- or proof of authority. So being a node operator in a WRKChain, you must be selected by the original deploying team. So they need to do curation in that regards. Where the public aspect is, is when that WRKchain timestamps to the public mainchain.
Irina K.| @Satoshi_Club: So relying on POA makes them less vulnerable?
Neyma Jahan: POA is a private network, so yes. the public aspect comes when you timestamp to mainchain.
Q3 from Telegram User @jpsarmah
Coinmarketcap says 34,447,402 FUND are circulating and Unification website says Total Staked: 47,863,310.0282 FUND. What is the actual circulating supply and in most staked tokens, price?
Neyma Jahan: Good question, also coingecko says 96million, so which is correct! We gave all the same info to coin gecko and CMC and they have different numbers so who knows. However we have our internal stats dashboard here https://stats.unification.io/. Which shows 96m circulating supply and 47m staked, so over 50% of circ supply is staked already. If you want to keep updated, we recommend you follow our stats dashboard or coingecko.
Q4 from Telegram User @mhasan7
What Really is the Purpose of Making an Alliance called UEA or the Unification Enterprise Alliance and Do you have certain criterias for those who wants to Join?
Neyma Jahan: Good question you can see the UEA here https://unification.com/alliance/. The purpose is to give access to Enterprise FUND allocation for businesses needing to operate on the FUND Blockchain and to create a like minded circle, say the “Noahs ark of Data”. Where we have top of industry representatives from every industry starting a web or almost franchise model expanding the FUND chain downline to their industry.
Irina K.| @Satoshi_Club: Thanks for your answer. I think if someone is interested in more details, he or she can take a look here.
Serg | Satoshi Club: Thank you for being here with us today!
Neyma Jahan: Please join our telegram at https://t.me/unificationfoundation. Thank you for being great hosts.
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PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Unification. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 42 members with correct answers were rewarded.
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