AMA Theme : Introduce Sifchain
Date : 11th January
2021
Venue : Crypto Expert
Organization
Spokesman : Mr. Luke K | Marketing & Bussines Dev of
Sifchain
SEGMEN 1 : INTRODUCTION
Crypto Expert Organization :
Hello sir @luke_use_the_force
Mr. Luke K:
Hi, great to be here!
Crypto Expert Organization :
ah you are here. Thank you for taking the time to attend this AMA event,
Mr. Luke
So sir luke are you ready for the AMA today?
Mr. Luke K:
Ready!
Crypto Expert Organization :
Wow, great enthusiasm from Mr. Luke I hope you have a good day sir
Well before I give the first session questions I want to ask a little about
you.
Can you please introduce yourself to the community first, Mr. Luke
Mr. Luke K:
Sure. I oversee marketing and business development for Sifchain. I used to
be the Chief Marketing Officer for a layer one protocol firm of about 80
people. Also co-founded the Berkeley Blockchain Xcelerator
(https://www.xcelerator.berkeley.edu/).
Crypto Expert Organization :
Surely your experience on Sifchain has been thrilling right? 😂
Okay sir luke I will start the first session.
Mr. Luke K:
Yes, it's been fun to build something so ambitious. By the way, the goddess
Sif is the inspiration for Sifchain.
https://en.wikipedia.org/wiki/Sif
Crypto Expert Organization :
The goddess whose name is the goddess never does not inspire 😂 xD
First Questions
Could you explain a little about Sifchain? and what Is make it different
From another Project?
Mr. Luke K:
Sifchain is the world's first omni-chain decentralized exchange (DEX). We
believe that cross-chain interoperability and scalability should be a standard,
not a feature, in our industry.
If you've traded on crypto-currency exchanges with high fees and
inefficient transactions, you'll enjoy the innovations we bring to the
industry...
Right now, centralized exchanges have notable problems: 1) limited lending
and staking offering 2) region blocking and trade censorship 3) fragmented
liquidity due to product disparity between exchanges 4) limited product, swaps,
and futures diversity.
Decentralized exchanges have problems which include: 1) single chain 2) not
market maker and trader friendly 3) poor scalability, throughput, trade turnover
rate, derivative market structure 4) unfriendly fees and low volume per trade.
Sifchain addresses the issues above.
Crypto Expert Organization :
second question
What features does the Sifchain have? Is this feature different from other
projects?
Mr. Luke K:
Sifchain's notable features are in our lite paper (https://sifchain.wpcomstaging.com/wp-content/uploads/2020/10/Sifchain-Token-Lite-Paper.pdf
) and token economy paper (https://sifchain.finance/token-economics
).
Although we are inspired by Thorchain, we have key differences outlined
here:
Continuous Liquidity Pools (CLP) are a major part of our omni-chain
capablity:
Crypto Expert Organization :
Third question
What achievements has Sifchain achieved so far? Then, what is the next big
step for Sifchain to take?
Mr. Luke K:
We raised our seed funding in August of 2020:
https://coinmarketcap.com/headlines/news/cosmos-interoperable-dex-sifchain-seed/
Already, we're set to launch BetaNet in late January:
We've crafted a way for anyone, including community members here, to run
their own validator in order to earn passive income in 30 minutes:
Lastly, we have launched our public token sale registration yesterday!
Crypto Expert Organization :
means more or less this Sifchain is almost perfect and only needs a few
finishing touches, is that so sir?
I listened earlier and opened the website, medium etc. that you provided to
understand the advantages of sifchain so I didn't communicate enough 😁
Mr. Luke K:
Sifchain is far from its ultimate vision, which is to be a philosophy and a
technology combined in a decentralized autonomous organization (DAO) owned and
governed by its community:
The core team is here simply to bring this DAO to the world. 🙂
Crypto Expert Organization :
Fourth question.
What are the benefits we get from buying and holding $EROWAN?
Mr. Luke K:
Rowan is our native crypto-currency. eRowan is our ethereum-wrapped token,
which are convertible to Rowan on a 1:1 basis.
1.Rowan is the governance token for Sifchain. Post-MainNet, all protocol
changes are to be voted on by holders of Rowan. Voting weight will be
proportional to the amount of tokens held. The governance token of SifDAO is
Rowan.
2.Rowan secures the network - it is provided to validators from protocol
emissions, also known as block rewards. Validators stake Rowan to participate
in network consensus.
3.Rowan is also the settlement token for Sifchain. Traders must directly or
indirectly purchase Rowan in order to execute trades against CLPs, ensuring
demand for the token.
As soon as our public token sale happens, you can monetize your Rowan by 1)
earning validator income 2) earning liquidity pool rewards. We also have a
referral program that is potentially highly lucrative, detailed in our public
token sale announcement:
https://medium.com/sifchain-finance/sifchain-public-token-sale-announcement-5a5e9bd9a2a5
Crypto Expert Organization :
Well, Mr. Luke, here is the last question of this first session.
What other innovations can we expect from Sifchain in the coming months or
years?
Mr. Luke K:
We forsee margin trading and limit orders (by March / April), as well as
additional blockchain pegs (4 per month starting in Q2 2021). You can see our
first peg zone announcement, regarding Peggy, in an article published by
Cosmos:
https://blog.cosmos.network/sifchain-announces-peggy-cosmos-ethereum-cross-chain-bridge-eeb46a8f91db
Our BetaNet article contains detailed information about future plans.
For technical people, Discord is a great way to join our community to be a
part of our destiny:
Crypto Expert Organization :
Alright, sir, thank you for your answers to the 5 questions that you
answered I hope the Crypto Expert Organization community can understand it
Well we will enter the second session where we have together selected the 5
best questions from Twitter
SEGMEN 2 : TWITTER
QUESTION
Crypto Expert Organization :
Q1. From Twitter :
@nannda32_
What is the reason for Sifchain to name its token $EROWAN? Is there a
separate story from the $EROWAN?
( https://twitter.com/nannda32_/status/1348550445384388614?s=19
)
Mr. Luke K:
Rowan is a plant that has mythical significance to Sif and to Thor.
eRowan is simply an Ethereum-wrapped version of our native crypto-currency
called Rowan. They have the same worth and eRowan convert to Rowan.
Here's the important thing - when we launch our public token sale, from day
one, people can monetize their tokens. This means that people will buy Rowan to
stake or pool it. They will hold Rowan to keep earning rewards.
We have a call-to-action for public sale purchasers to immediately stake on
a validator of their own, to delegate to a validator, or to add liquidity to a
pool. We also have a call to action for anyone who supports Rowan to pool their
ETH or ERC-20 tokens on Sifchain immediately after BetaNet to receive Rowan as
liquidity mining rewards (paid in Rowan) in addition to the standard liquidity
pool rewards (paid in Rowan and the other token as swap fees).
Crypto Expert Organization :
I hope you can understand and understand the answer that has been given by
Mr. Luke, yes
Q2. From Twitter :
@ben_ahmad10
I have visited the official Sifchain website and found several partners and
investors on that website. the question is "what is the advantage of
Sifchain to have multiple partners? Is this detrimental to Sifchain or vice
versa?"
( Questions Link (https://twitter.com/ben_ahmad10/status/1348432627301113859?s=19
) )
Mr. Luke K:
We raised a $3.5 million Pre-Functionality Token Sale Agreement seed raise
in a private round led by NGC Ventures, with participation from Alameda
Research, Mechanism Capital, AU21 Capital, Danish Chadhry of Bitcoin.com
exchange, Bitscale, and others - August 2020.
The development team has over a dozen engineering team members with prior
experience working at firms like Coinbase, Cosmos, Polkadot, Tezos, and
Thorchain, among others. CEO, Jazear, was not just involved in early
architecture on Thorchain but helped with development on Cosmos’s official
Ethereum <> Cosmos bridge for the Interchain Foundation and the Polkadot
<> Ethereum bridge for Web 3 so we are experts in cross-chain
transactions.
Built with the Cosmos SDK and Inter-Blockchain Communication Protocol
(IBC), Sifchain processes substantially more transactions per second than
Ethereum, making it 100x more efficient than the current leading Ethereum-based
DEXes like Uniswap in terms of both trading fees and transaction speed.
Our technical, investment, and business development partners are 100% great
strengths to us.
Even with other exchanges, both centralized and decentralized, we see them
as collaborators more than competitors. We have plans to make exchange
partnerships to share liquidity and trading volume.
Crypto Expert Organization :
Q3. From Twitter :
@ssshjdj
Chain safety. Yes, it is very important. Can you explain a little about the
security of the sifchain that makes people feel comfortable and safe?
( Questions Link (https://twitter.com/ssshjdj/status/1348547989044826112?s=20
) )
Mr. Luke K:
We have a very strong focus on security.
Our engineers pride themselves on creating a thorough test suite for
every feature. We then have test
engineers who enhance each test suite with a larger battery of standard tests
(unit, integration, etc.) as well as more complicated end-to-end tests or
testing harnesses that can spin up critical infrastructure for mocks (for
example, standing up a service that should be running in the background
adjacent to a major few feature).
Then, we've got auditors on top of that and an internal red team focused on
attacking the network. Before mainnet,
we'll launch an external red team in the form of bounties.
By the way, if you want to participate in securing the Sifchain network as
a validator, we've created a method you can use to do so in 30 minutes:
Mr. Luke K:
In terms of our public token sale, the security protocols are detailed
here:
Crypto Expert Organization :
You can also adapt in securing my friend network. So what are you waiting
for ? Sifchain is perfect
Crypto Expert Organization :
I've always understood all the websites and mediums that you provide and I
haven't been able to digest it, maybe it will take some time, Mr. Luke 😁.
Alright here Fourth question
Q4. From Twitter :
@djkaleed22
What are my benefits for holding eRowan?
Are you not going to register Rowan to the market for trading?
( Questions Link (https://twitter.com/djkaleed22/status/1347690025534713857?s=19
) )
Mr. Luke K:
Rowan will be an exchange listed asset, of course!
The benefits of holding Sifchain's tokens are outlined already in this AMA:
https://t.me/CryptoExOr/157016
Crypto Expert Organization :
Q5. From Twitter :
@accuboy
very impressive what is implemented by sifchain ... where dex uses the
order book execution ... apart from other dex which is instant execution ...
what method is used for this system?
( Questions Link (https://twitter.com/accuboy/status/1348502380451483650?s=19
) )
Mr. Luke K:
Liquidity pools enable you to buy or sell an asset for another asset on a
crypto-currency exchange. Think of each liquidity pool as a mini market within
the larger market, ensuring reliability and expediency when you trade two
different tokens.
Centralized exchanges (e.g. Coinbase, New York Stock Exchange) use order
books: marketplaces where buyers and sellers come together, respectively trying
to buy at the lowest possible price and sell at the highest possible price.
Sifchain uses a hybrid model with both an order book and CLPs.
Crypto Expert Organization :
Well, congratulations to friends who have asked questions on Twitter and
were selected as winners
SEGMEN 3 : AMA LIVE
Q1. From @lahkoklu
What are the main differences between Sifchain and Thorchain, can you tell
us all? and how do Sifchain and Thorchain work together.
Mr. Luke K :
Key differences between Sifchain and Thorchain are detailed here:
Q2. from @Harry111111111
Did you raise funds so far? If so, how did you handle them? Are you
planning to do any future raises?
Mr. Luke K :
We've raised a seed round as of August 2020:
https://coinmarketcap.com/headlines/news/cosmos-interoperable-dex-sifchain-seed/
We are currently taking registrations for our public token sale, which is
launching on 25 January 2021!
Q3. From @Calebkure
Could you tell me a little bit about Your roadmap going forward, how do you
plan onboarding users and gaining more adoption for Your project?
Mr. Luke K :
We have many things in the works, but the most exciting upate for now is
that we're launching our public token sale and our BetaNet on the same day -
January 25.
Q4. From @bcryptolover
Almost every investor is interested in large Defi projects as it delivers
high returns and is fast. For what reasons can
convince small and large investors to trust and invest in your project?
Mr. Luke K :
Individual investors can stake or pool Rowan in order to earn rewards
perpetually. So this is a great way to earn passive income. Our tokens have
utility value so, not only will the demand for Rowan increase through time, it
will also increase in usefulness.
Q5. From @delta7N312A
Please can you enlighten us more on SIFCHAIN? What makes it efficient for
the ecosystem? What advantage does it add to the existing ecosystem?
Mr. Luke K :
We believe the future of blockchain is between DeFi (decentralized finance)
and DAO (decentralized autonomous organizatins).
In order for DAOs to be viable in the long run, they need access to massive
capital. DeFi hinges on cross-chain (indeed, omni-chain) interoperability in
the long run.
We're here to provide that next generation of blockchain.
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