Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Kira Network, on September 4th at 11.30 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 Mateusz, CTO of Kira Network & Milana Valmont,CEO of Kira Network. 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.
Mateusz: My name is Mateusz, Kira CTO. I am an electronics engineer, in crypto since late 2011, involved in interchain/web3 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 Milana Valmont.
Milana Valmont: Hi everyone, my name is Milana Valmont, I grew up in LA but moved to NYC to study economics and psychology at Fordham University. After graduating I have worked in corporate finance for a couple of years as a private equity analyst.
I became involved with the crypto ecosystem first as an investor in early 2017 and later the same year I joined Binance exchange as a community volunteer. After that I have worked as project manager for Adcoin.com and was an adviser to Sentinel dVPN.
In 2018 I went to Tel Aviv to join Knoks platform as head of strategy, and by mid 2019 I dedicated my full attention to Kira as CEO.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce Kira Network to our community in layman’s term?
Ans — Kira is a new decentralized network that we are creating to enable any asset within interchain ecosystem to benefit from the access to the market without loosing out on the staking rewards.
Q2. What are the advantages of Kira Network to other alternatives in the Blockchain field?
Ans — You can use Kira and other DeFi at the same time where you utilize 100% of your liquidity. There are not many comparisons because Kira is the only network in crypto that allows to trustlessly stake any token type and uses liquidity of those assets at stake to power its own DeFi application.
Q3. What are the major milestones Kira Network achieved so far & what are in the future pipeline?
Ans — We have internal dev testnet, completed basic permissioning of the validator set and gov system. We want to launch testnet in around 2 months and plan mainnet launch end of Q4. We will be launching in similar fashion to polkadot: PoA with sudo -> Governance -> MBPoS -> removing sudo -> IXP -> sharding -> on-chain contracting -> self sustaining network. Our budget is already reserved to make sure we can deliver a self sustaining network within that time, before the community fully takes over.
Questions Asked on Twitter For Kira Network team!
Q1. What is Code of Conduct ( SLA ) ? How to implement a model — SLA management solution? How is the SLA different from the KPI? What is its operation principle between Users , Bonded Validators , Council Members and Open-Source?
Ans — SLA is a set of rules that governance of the network creates on its own to self-organize. In case of Kira each network actor possess 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. Kira leaves it to its own governance system to define its own structure, Code of Conduct (on-chin SLA), and enables control over all economic aspects of the network such as interest rates for staking foreign tokens or inflation rate within certain safety thresholds rather than forcing and inventing specific rules that the community must obey. 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.
Regarding open-source we will have on-chain contracting system so that developers can be hired on chain by the governance system using community pool assets to self-evolve te codebase which is sully in the public domain.
Q2. When comparing your Multi-Bonded Proof of Stake (MBPoS) consensus to Avalanche, what are the disadvantages and advantages of comparing it?
Ans — Kira Multi Bonded Proof of Stake allows you to secure Kira using multi assets rather one like Avalanche does, PoS networks are secured by the value of assets at stake and Kira does not have limitations regarding how much value there can be at stake, while Avalanche is limited to value of its own token. The validator set is incentivized from block and fee rewards where fee rewards are a basket of different assets which users pay to use our Defi application, this means that our validator set can sustain itself regardless of the market price of our native token, in case of avalanche this would cause a death spiral where validator would simply have to turn off their nodes to survive.
Q3. What is meant by IDO Crowdfunding ? Is it similar to ICO & IEO or it’s Different? If same, then what are the advantages of IDO over current IEO/ICO System?
Ans — Initial Validator Offering (old IDO now IVO) is similar to stakedrops — but actually generates revenue to the projects that launch them on Kira. Main advantage is that investors do not spend their tokens and with MBPoS you can take part in multiple IDO’s at the same time using the same asset. It’s like stakedrop on steroids. With ICO/IEO projects just grab your money and you have no way to pull them out.
Q4. Kira is the first network in the crypto ecosystem that increases its own security the more coins are deposited (and staked) into it. What can Cross chain transactions do to solve the existing blockhain problem?
Ans — Kira provides a trustless access to the market for different blockchains and thats is possible thanks to cross chain transactions which are trustless in our case. This means you dont have to depend on centralized custodians to provide you market access. Furthermore cross chain transactions also allow you to facilitate data transfer from different blockchains which means you can use different applications from different chains instead of being locked in within a single master chain and its $15 transaction fees.
Q5. In your website I read that Kira Network has ‘almost’ infinitely scalable order books. Is it possible that the current scalability would not be enough to support a massive amount of users? Do you intend to improve this feature?
Ans — Current scalability solution that we use (hub-spoke architecture similar to Cosmos Network) should be more than enough, we do not have limitations in terms how many shards there can be to parallelize the operations.
Questions Asked by our BlockTalks Community Members during live Session for the Kira Network team!
Q1. Is there any incentive when running a node other than securing and decentralizing the network?
Ans — Of course, as a validator your commission fees are conﬁgurable for each validator, 50% of all network fees are equally divided among all validators and you get a governance seat with voting power equal to all other governance members.
Q2. Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for KIRA and how could you overcome this barrier?
Ans — Ethereum will only offer such functionality with ewasm which is ETH 2.0 v2 and not ETH 2.0 v1. That is not coming any time soon. By that time cryptocurrency ecosystem will be long time sharded thanks to interchain/web3 ecosystem which Kira is a part of and no longer depended on the masterchains.
Q3. How can I stake Kira Network. Can you please tell me the process. And how much rewards will I receive if I hold more than $500 in Kira Network? And can unstake my tone anytime or there a time-lock period?
Ans — You have to transfer your asset to the Kira network, governance of kira then will whitelist your asset for staking then you can delegate your asset to the validator of your choice on Kira and the rewards you receive are defined by the gov itself.
Q4. When will you list on CMC and Coingecko so that people can easily follow up on KIRA Network? In what exchange are you currently?
Ans — We want to have ERC20 very soon before we swap KEX for a mainnet token at the end of Q4. I think CMC should be showing the ERC20 fairly soon — when the market is open.
Q5. How do you plan to show the world that your product is not just useless blockchain solution to a non-existing problem?
Ans — I think its pretty straightforward, on Kira you can use any asset and earn revenue and use kira and other defis at the same time so that helps with people utilizing 100% of their capital, sounds useful. And you can do so in the most secure and scalable manner.
Q6. Could you expantiate more on Kira’s clientele base, who are your target customers? Is your product useful to a normal crypto user like me whose sole interest is buying and selling of crypto assets to make ends meet?
Ans — Anyone who has any digital assets can use Kira. Once we partner with NFT projects that can tokenize your real world assets such as tokenized real estate, luxury and art good, gaming items — you would be able to stake those as well. Thats how kira will bring capital from outside of crypto ecosystem.
Q7. What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Ans — Lots of educational and visual content, AMAs, working with influencers, and social media posts.
Q8. Could you elaborate on the key benefits of staking at Kira? Are tokens blocked when staking?
Ans — You stake your asset on Kira and then you can use the staking derivative of that asset which you get 1:1 to trade or transfer.
Q9. What kind of terms & conditions are there registering on Kira Network’s DEX? Does it require KYC for trading & withdrawals?
Ans — Kira is permissionless and non custodial, when you transfer your tokens to a trading zone the individual set of validators might require from you to have account on some other network in the interchain e.g. dID chain to accept your transactions — lets say in case of the STO trading zone. Other than that you are communicating in the P2P fashion with the network and there is no middleman or other centralized service to prevent you access or force to reveal your private info.
Q10. As you mention NFT’s on interchain exchange, what can KIRA Network solve the NFT’s problems? What will you provide to make NFT’s more popular and valuable?
Ans — We will provide a chance for people to stake their non fungible tokens and earn rewards on them. You can tokenize your digital gaming items or real estate and earn revenue on Kira.
Q11. Do whales/big investors have a chance to manipulate team/club voting by holding big bags of KIRA token? If yes, what is Kira Network team solution?
Ans — No this cannot happen because with Kira your voting power is not proportional to your wealth. You have a chain conscious and economically rational actor to be selected to participate in our gov set.
Q12. Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Ans — We’ve chosen the name Kira because we got inspired by the Death Note anime and we use the same utilitarian principles of the greater good. We want to be the creators of the new system in Defi and fix the old system that is not secure and not fair.
Q13. Can you explain why staking my cryptocurrencies in Kira Core Pool is beneficial for me instead of staking on any other platform?
Does Kira Core provide higher rewards or other benefits?
Ans — Its beneficial because you can stake any asset on kira and earn revenue and you can use stake and trade these assets at the same time on Kira or other platforms because we support staking derivatives.
Q14. It is written on your website that KEX holders can become part of the Kira Network management system and validator. Could you tell us about the responsibilities of the Kira Network management and the minimum amount of KEX per person?
Ans — There is no min or max, governance self organizes and defines its own rules for onboarding new network actors. There will be min KEX balance required but only gov can decide what it will exactly be . Gov will create branches which will be responsible for voting on specific subsets of proposals (multicameralism) so your responsibilities and incentives will depend on to which branch you apply and get accepted to be a part of.
Q15. Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?
Ans — it's normal to have difficulties the main thing is not to get too emotional over them and find solution rather than focus on the problems. The only issue right now is we wish we had more hours in a day.
Q16. How does Kira Network Liquid staking works?
What makes Liquid staking different than traditional staking system?
Ans — Liquid staking in Kira works in a way that when you stake asset X you get 1:1 derivative dX representing the asset you just staked. What is different is that with Kira you stake directly on Kira and not on other network like in case of other derivative issuers, and how is that different then typical staking is that you maintain liquidity — can transfer or trade the value of your tokens at stake.
Q17. What is your plans in place for global expansion, are Kira Network focusing on only market at this time?
Ans — Thanks to our consensus the Multi Bonded Proof of Stake you can stake any assets, that includes NFTs, such as digital real estate, luxury and art goods, and gaming digital items. We are planing 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.
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.
Q18. What are your core values at KIRA NETWORK? How transparent and accountable the team is to the project? as we all know that crypto space these days is filled with scams and non trustworthy people.
Ans — Our unique identity comes from the utilitarian principles that we build into our consensus and governance model. We want to break the old plutocratic regime in crypto and empower those chain conscious and economically rational players who bring value into our ecosystem.
Q19. What are the minimum requirements to stake into Kira Network? Also can i unfreeze this fund anytime?
Ans — There are no requirements other than holding coins you like to usually hold. To unstake instantly you can trade your staked coins for unstaked ones or for other type of staked coins e.g. stablecoins — this way you can continue yeld farming without need to cash out and loose out on the rewards.
Q20. Typically, investors buy tokens that are likely to increase in price in the future. I saw that, total supply of the token is huge.
So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Ans — Total supply is not huge it 300M and only 25% will be distributed.
Q21. How does Kira Network maintain and control flexibility, cost and security which are important factors that most be considered on the blockchain?
What a special for your security? And what make you confident is safe? i think security its important,please tell us about security of KEX ?
Ans — Kira uses a “Parameterized Network Actor Permissioning Model” : ) lengthy word but its very simple and consists of just two rules enabling bootstrap and self-evolving almost any imaginable governance model and huge level of flexibility. 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 (and within certain parameters/ranges that they are assigned)
This allows for a very granular management and security. In Kira every network actor has equal voting power and chance to propose the block. All validators and gov members must be whitelisted by the gov before joining the network which prevents sybil attacks and malicious actors joining or influencing the network using coin that they stolen or do not own (which we seen happen for example with STEEM).
Q22. Crypto projects were closed in many countries due to improper regulation and licenses. How does your project solve these problems?
Ans — We will have our own designated exchange trading zones where people can trade their assets and validators will choose to execute their blockchain logic. We also wont hold custody over your assets and we dont host any servers.
Q23. Most PoS network penalize delegations to the validators who are mostly offline & those who attempt to fork thereby exposing them to several risks such as hardware failure, misconfiguring of node software among others. This in turn discourage delegators from placing their assets at stake. What’s Kira’s protocol approach to resolving network faults or how do you aim to mitigate downtime risks?
Ans — There are no downtime penalties and slashing in Kira is supported by the gov that verifies if the misbehaviour was a real attack or a simple misconfiguration of a single validator for example. You will not get slashed if your validator trips over the cable or misconfigures something.