BlockTalks x Equilibria AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Equilibria, on February 25th at 04.00 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Thomas Core Team Member & Front-end Developer at Equilibria so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks
Q1. Could you please introduce Equilibria to our community in layman’s term?
Ans — Equilibria is an oracle project built around a private blockchain. Our goal is to create a fully decentralized oracle solution that is chain agnostic, affordable, and highly efficient.
Q2. What are the advantages of Equilibria to other alternatives in the Blockchain field?
Ans — One of our main differences between us and other oracles is that we are a) built around a Monero fork and b) our oracle is truly decentralized. Anyone can participate in our network by running an Oracle Node by staking XEQ. The process of creating an oracle contract is also fully decentralized and doesn’t require a middleman.
Q3. What are the major milestones Equilibria achieved so far & what are in the future pipeline?
Ans — Two of our most recent milestones were Pythia testnet (our oracle) and Wrapped Equilibria. So far testnet for Pythia has gone excellent and we are looking to release mainnet for our oracle in the next 1–2 months. Wrapped Equilibria has also been successful and will allow our oracle to better serve ETH projects.
Questions Asked on Twitter For Equilibria Team!
Q1. You say that in Equilibria, anyone can run his own Oracle Node. My question is: what are the requirements that a user must fulfill to be able to run his own node? exactly what is needed to be able to perform this task in your system?
Ans — You will need a few things. There is a staking requirement of about 80,000 XEQ. After this you will need to rent a server that can host the Equilibria daemon and run service node related tasks. After you have those two things you can run through our tutorial on github. After it is all setup you don’t need to do anything except check on it every once in a while to make sure your stake hasn’t expired.
Q2. Can you tell us about Tokenomics of $XEQ and $wXEQ? What are the token utilities, their usecases, similarities and difference? Would there be any token scarcity plans such as burns/Buybacks to help aid the bailey of the tokens? Where can we buy these tokens and what of listing?
Ans — Our tokenomics is split up currently between two chains: XEQ (native) and wXEQ (ETH).
XEQ: The Equilibria runs on a hybrid PoW/PoS. Miners and oracle node operators split a block reward every 2 minutes. Oracle node operators currently have around 45% annual ROI on their XEQ rewards. Operators lock up the staking requirement for 28 days. They daily coin inflation is about ~7,200 XEQ.
wXEQ: Our new wrapped XEQ has some incentives for holding wXEQ as well. We currently have basic staking however we are almost ready to launch our revised staking with increased fairness, remove stake sniping and allow LP staking.
Other Tokenomics: Once our oracle is online, the oracle node operators will also receive fees based on the requests they process like swaps and oracle requests. The breakdown of the fees are 50% burnt, 40% oracle nodes and 10% goes to the team fund.
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Q3. I’ve been a long-time holder and I’m very concerned with rewarding holders. My Question: Can I get a reward when I hold your tokens for a long time?
Ans — There are a couple ways to earn XEQ as a holder.
One way is to run an Oracle Node by staking native XEQ. Another options is to stake wXEQ through our ETH dApp. The coin you hold will determine which type of staking you are eligible for.
Q4. It looks like $EQ plan to dominate of the De-Fi market so what are the strategies #Equilibria prepared on achieving this?
Ans — After we release mainnet we are able to expand in a few directions. One of our biggest advantages is the community ran network which will allow us to expand past the ETH network into other chains like Cardano, BSC and cryptonote forks. Our goal is to expand to every chain that is deemed useful and make sure developers on that specific chain can use our Oracle.
Our fees are much more developer friendly and will allow for smaller projects to get the data they need. We plan on launching a partner incubator that will help subsidize smaller projects building dApps with our Oracle.
Some of our use cases include price feeds, predication markets, private tokens (think TOR for eth tokens with full monero privacy) and even off-chain governance.
Q5. How will your project develop this year and in the future ? and Can you tell me more about $XEQ ? And what kind of tokens do you currently have ?
Ans — We plan to develop everything mentioned here this year. There are currently two coins part of Equilibria. There is our private, native token XEQ that runs on Equilibria blockchain. We also have wXEQ, an ETH token. You can currently swap from XEQ to wXEQ, and after mainnet has been released you will be able to swap in either direction.
Questions Asked by our BlockTalks Community Members during live Session to Equilibria Team!!
Q1. Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
Ans — You can find information about us on our website and in our white paper. We are not anonymous.
Q2. What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Ans — 1. Release Pythia mainnet. Our #1 priority is to get our oracle released.
2. Obtain new partners and increase the usage for our oracle. Our push for growth will increase significantly once mainnet has been released.
3. We are looking to expand into more ecosystems. Becoming a chain agnostic oracle is a priority of ours, and getting exposure to more ecosystems is important for that. We plan currently play to expand into ETH, BSC, and DOT.
Q3. While you build your project, do you take into account community feedbacks and demands?
Ans — Our project is fully open-source and community oriented. We take feedback from our community very seriously and there have been many instances of it influencing our technical design.
Q4. When it comes to platforms like Equilibria, security is a fundamental pillar. What are the security protocols that you have included in your platform to protect all the assets and products of your main commercial partners and users? How invulnerable are they to malicious attacks?
Ans — Equilibria is a private blockchain. It is inheritably more secure than other non-private projects. All of our code is open-source and anyone can audit it. We always address security concerns.
Q5. Where it will be listing soon, dex or cex? And how will you get users from all over the world and what are the features of this project to invest in longterm, please explain
Ans — Right now we are looking to get wXEQ listed on 1inch. In the near future we would like to get XEQ listed on a top 10 exchange.
Q6. I see Equilibria has 2 different tokens, namely $wXEQ and $XEQ. Can you tell us why need two token?and what is the function of the both tokens?
Ans — Yes, we have a native token (XEQ) and an ETH token (wXEQ). The reason for creating wXEQ is to have a way for our oracle to have access to the ETH ecosystem and serve project built there. We will do the same thing with DOT and BSC.
Q7. Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project? BRIEFLY EXPLAIN THE features/improvements you are planning to add to your products in the near future and the Ecosystem?
Ans — We saw that the oracle sector was getting big but couldn’t find a truly decentralized solution. By using our community ran Oracle Nodes we are able to deliver trustless data. We do not pick which nodes can participate in providing data — anyone can run a node by staking native XEQ. We also do not bar anyone from creating their own price feed contraction, anyone can create one. Our mission is community ran oracle nodes with decentralized oracle contract creation while maintaining being chain agnostic.
Oracles have been hot ever since. You’re introducing privacy based Oracles. What’s the advantage compared to regular oracles?Can you give us an idea by naming possible usecases of privacy Oracles?
One of our biggest advantages is the community ran network which will allow us to expand past the ETH network with ease. Our goal is to expand to every chain that is deemed useful and make sure developers on that specific chain can use our Oracle.
Our fees are much more developer friendly and will allow for smaller projects to get the data they need. We plan on launching a partner incubator that will help subsidize smaller projects building dApps with our Oracle.
Some of our use cases include price feeds, predication markets, private tokens (think TOR for eth tokens with full monero privacy) and even off-chain governance.
Q8. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Ans — There is a max supply of 84M coins, with ~47M in circulation. There are coins emitted each block to stakers and miners. You can find the current emission rate on explorer.equilibria.network
Here are some important links of Equilibria👇
🌎 Website: https://equilibria.network/
📱Twitter: https://twitter.com/EquilibriaCC
📢 Medium: https://equilibriacc.medium.com/
