On September 18th 2020, we had an AMA with CryptoFamily Group on Telegram. During 4 years of operation, this has become one of the largest trading communities in Vietnam, where members can share investment and trading experiences, discuss many potential projects, airdrop programs as well as provide the most effective investment advice.
At CryptoFamily Group, our CEO – Milana Valmont and CTO – Mateuz Grzelak went live to greet the community and gave insights to topics such as the roadmap to expand the market share and some hot event of Kira Network in the upcoming time.
Time: 20:00 GMT +7 16/09/2020 at https://t.me/CryptoFamilyGroup
Airdrop 200$ including 3 parts:
– 5 Questions in Google Form (10$ each)
– 10 Questions in free-asking (5$ each)
– 10 Questions in Quiz (10$ each) at https://t.me/kiranetworkvietnam
Here I would like to write a summary of the main points of the AMA session:
CyptoFamily (CF): Great. Let’s kick off the AMA right now! Here are some of the opening questions.
First, could you please introduce briefly about yourself and Kira Network (including the vision of the project, and the milestones that Kira Network has achieved until now)?
Kira Network (KW): I am Milana Valmont, I have a corporate finance background from NY. I got the crypto space first as an investor in early 2017 and later the same year I joined Binance exchange as a community volunteer.
Afterwords I have worked as project manager for Adcoin com and was an adviser to Sentinel dVPN. In 2018 I joined Knoks platform as head of strategy, and by mid 2019 I dedicated my full attention to Kira as CEO.
KIRA, the first decentralized network that enables market access to any digital asset in the interchain ecosystem. With KIRA, users can earn block and fee rewards from staking any digital asset on multiple chains at the same time. This allows users to maintain full liquidity and custody over all their funds as they trade on KIRA or use other DeFi apps simultaneously.
My name is Mateusz, Kira CTO. I am an electronics engineer, in crypto since late 2011, involved in interchain/web ecosystem space for the last 3 years, worked as R&D developer for Barclays Bank, then as lead infra engineer for US based Settle Finance then as product manager for the crypto exchange in Switzerland called Bity, shortly after that started Kira with @miLanavaLmont
We have finalized our seed and private round few weeks ago. Development wise- we finalized most of our governance permissioning system for joining validator set and we are working on the public test net release which will come in around 2 months. We also won the Game of Zones on Cosmos which was geared towards interconnecting blockchains and sending interchain transactions.
We started with the idea of a proper sharded market access for any digital asset in the interchain ecosystem and we wanted for people to utilize their capital and not just sit on their bags without doing anything with it, which I’m sure you’ve noticed was happening a lot during the bear market.
We’ve also wanted to find ways for Kira to bring capital from outside of the crypto ecosystem. Our goal was always to develop a self sustainable network, governed by the community rather than a small circle of crypto-wealthy individuals.
CF: Thank you for the detailed introduction.
Next, could you tell me something about the occasion that brought you to the blockchain industry and Kira Network project?
KW: I joined blockchain space as an investor from researching different crypto projects, then I got really involved with the community and started working full time on various projects before Kira.
@asmodat and I were both part of the interchain ecosystem for a few years at that time. We shared a vision that there is not going to be a single masterchan network that scales infinitely and provides all the features you might imagine.
What personally brought me to industry was a totally random post on reddit in 2011 which encouraged me to try out BTC mining, I was fascinated in the algorithmic trading and once first really good exchange API’s started popping out in 2015 such as Kraken I transitioned from the MT4 automations to trying out algorithms I developed in crypto. I got engaged in the interchain ecosystem in late 2016/2017 and ever since continued the journey as per the previous post working on various projects in the ecosystem.
CF: Thanks for your detailed answer. Now let’s move on to the next question.
3. Share with us som hot news for Kira Network in the upcoming time, please.
KW: We have announced very important partnership in the last week. You could check them out in our announcement channel https://t.me/KiraAnnouncements or on our medium blog https://medium.com/kira-core
This week we will announce the white list information and how people can participate in KIRA’s public round.
CF: Thanks for all the above useful information. I believe all the members here would love to hear more about the project, and they have many questions submitted to our Google form today.
I have chosen 5 outstanding questions from the Form for you to answer them directly here in the group. Take your time, please!
Q1. I did research about Kira Network and found Multi-Bonded Proof of Stake. Can you tell people about it as well as its advantages over current projects?
KW: Multi-Bonded Proof of Stake allows us to secure Kira using real value at stake instead of just a single artificial token like other projects, we brought that idea even further by natively embedding staking derivative issuance which then enables stakeholders to maintain full liquidity. In MBPoS every validator has equal voting power and is approved via gov process which ensures sybil resistance. This means no one can circumvent the consensus by hoarding, stealing or using tokens that do not belong to them (e.g centralized exchanges which were influencing SETEEM gov system).
CF: Q2.The development of technology is very rapid. So what does the Kira Network technology stand out from competing projects? How to make Kira Network not obsolete?@Phuongthao03
KW: There are two components in Kira, that enable it to self evolve.
- is governance system that utilizes a permissioning system, where governance members can branch the responsibilities and operate more efficiently
- Kira Network revenue is not dependent on market conditions because the governance system has ability to control the economy of Kira/interest rates to attract token holders to stake and trade. Users can trade staked crypto for staked fiat instead of having to un-delegate their tokens, this means that when the market goes down user can take stable positions and continue to make profits.
CF: Thank you.
Q3. Currently, there are many scam DeFi projects. We can see that trust and security is very important in the blockchain business. So what can keep users and investors safe with privacy in Kira Network? @Jessica_xxx
KW: When users deposit tokens to Kira – that happens trustlessly over interchain protocols such as Cosmos IBC and Polkadot XCMP, no one owns your coins, uses them or stakes them for you – you are in full control over all your assets. Furthermore with every token deposited and staked Kira increases its security (value at stake). We also ensured that slashing process is supported by the governance system so that if a validator misbehaves not intentionally your assets at stake will not be slashed – which means the best risk to reward ratio that you can possibly achieve.
CF: Q4. Kira Network is using 2 protocols to interconnect with networks. Cosmos and Polkadot. Please explain how this works and why you have taken this decision @fodiboz
KW: Forgot to mention that privacy wise users directly communicates with the blockchain app without any middleman/centralized service. Which means no one can censor your access to Kira or extort private info.
For starters IBC and XCMP, we are also partnering with Swingby and other bridges so that users can have trustless access to the market regardless where their coins originate from. Regarding how bridges work – those are quite simple trustless pegs utilizing multisigs controlled by multiple parties (most often validators). IBC and XCMP also provide data transfers, not just value which is why we chosen them – so that you can interact programmatically with Kira using smart contracts on other chains.
CF: Q5. I would like to know more about Kira Network Consensus Mechanism. Can you give me more detalis about it? @soideptrai
KW: We created our own consensus mechanism which is called Multi-Bonded Proof of Stake which enables users to stake any digital asset, such as any cryptos, digital fiat, stable coins and even NFTs. Kira is using governance permissioned validator set to prevent sybil or malicious actors enter the network and influence the consensus. Kira governance can define its own on-chain and off-chain rules for onboarding new validators and governance members.
Wealth status is no longer the only determining factor when judging candidacy. This eliminates vulnerabilities of plutocratic governance models where holding more coins simply implies holding more power but not necessarily being a responsible or rational actor. Staking in Kira is used to increase security of the network meaning value at stake.
CF: Thank you for providing us very useful information.
That’s the last question from the Google Form.
To start the free-asking section, all the members here will have 3 minutes to make questions for @miLanavaLmont @asmodat today.
Feel free to ask and he will choose 10 questions to explain gradually in his answers.
(3 minutes later…) Wow, more than 2000 questions have been submitted!
@asmodat and @miLanavaLmont please choose 10 questions carefully and answer them directly in this group.
Member: Is KIRA a decentralized open source protocol that anyone can contribute to? If so, what is the control structure of the Kira Network?
KW: Governance system assists every aspect of the network operations and enables self-evolution process. By utilizing on-chain contracting system, gov cna hire developers on-chain to incentivise development using community pool funds.
Control structure is very simple but very powerful and flexible. Kira uses “Network Actor Permissioning” which consists of just two rules enabling bootstrap and evolving almost any imaginable governance model. The rules of the system state the following:
- Only whitelisted actors can execute on-chain actions (submit transactions of a given type)
- Whitelisted actors can only execute on-chain actions that they have permissions to execute
In the case of Kira each network actor (whitelisted address) possesses equal voting power, this guarantees that it is not possible to exploit the governance system by stealing tokens, accumulating or otherwise taking control over large amounts of assets.
Network Actor Permissioning ensures that the governance system can not only efficiently define roles and permissions of its own members but most importantly expand and self-evolve its own structure. A good example of evolving a governance model might be the creation of multicameral systems where subsets of councilors specialize in creating and voting on specific subsets of proposals. Another example might be a separation of power through checks and balances systems where governance branches have the power to check and limit each other, thus preventing a single governance branch from achieving privileged positions.
Member: Why should we invest in Kira? Any 3 reasons?
KW: Here are the 3 reasons why you should invest in Kira Network:
- Stake any asset (crypto, digital fiat, stablecoins and NFTs) and earn revenue and trade.
- Use KIRA and other DeFis at the same time to utilize 100% of your liquidity with Kira’s staking derivatives
- The more assets are at stake the more secure and liquid Kira becomes, which is the opposite of other PoS projects
Member: What’s your long term vision for Kira Network ? Where do you expect to see this technology in the next year? In the next five years? Are we really going to be using Kira Network without knowing it?
KW: We are planning to partner with NFT projects in the future so we can fascinate the NFT market place on Kira where users can stake their gaming digital items for example and earn revenue.
In terms of other partnerships you will see more projects joining Kira that are fiat issuers, DAO and projects that want to re use our consensus. We are also looking to partner with traditional companies who can stake their stock on Kira and earn revenue, real estate companies that would tokenize their assets and stake on Kira as well.
We are also planning to expand our IVO (Initial Validator Offering) to other projects and not just in crypto but also within the non crypto enterprises and even non profits, where people can stake their assets and projects can raise funds for their operations.
These mechanisms will open up the crypto ecosystem to a way larger market.
Member: How is Kira positioned to compete against Wanchain? Wanchain is another Ethereum fork that provides cross-chain interoperability and geared towards digitizing financial assets?
KW: We are not build on Ethereum, we have our own blockchain and our own consensus.
Member: How does Kira Network Liquid staking works?
What makes Liquid staking different than traditional staking system?
KW: Liquid staking allows you to transfer, trade and use “value” of your coins in form of derivatives, while at the same time your coins are securing the network and generate you passive income.
Member: What is the main Difference between Ethereum Blockchain & Kira Blockchain ? Can you explain the benefits of Kira over Ethereum ? & why Developers should choose Kira over Ethereum ?
KW: Kira is superio over Ethereum in Defi because scalability is very important to us when dealing with financial applications, and Ethereum is very limited when it comes to that.
Member: How do you feel about the Vietnamese market and Vietnamese user? Is this a suitable market for Kira Network development? Do you have plans to develop Vietnamese community after this AMA?
KW: We have done few AMAs for the Vietnamese markets already and have a very active official Vietnamese group for Kira, so its absolutely important for us to be highly active and involved in this Vietnamese community
Member: Blockchain doesn’t mean decentralization yet. What is the level of decentralization in KIRA and where is user funds stored?
KW: We have done few AMAs for the Vietnamese markets already and have a very active official Vietnamese group for Kira, so its absolutely important for us to be highly active and involved in this Vietnamese community.
CF: Seems like there’re many things to exchange, but I’m afraid the time is up now.
For all of the questions that have not been answered yet, feel free to search for more information on the links as Mr. provided above.
Guys, please join Vietnamese Kira Network Group to do the Quiz and get more airdrops!
Thank you so much for taking your time joining AMA with Crypto Family today, we all hope Kira Network will gain more and more success in the future!
Goodbye and see you soon!
If anyone has other questions, you can join and contact directly with KIRA NETWORK at:
Telegram Channel: http://t.me/KiraAnnouncements
Kira Network Vietnam Telegram: https://t.me/kiranetworkvietnam