BlockTalks x Morphie Network AMA Transcript!
We recently hosted an AMA with Morphie Network, on September 28th at 12 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Mukul, Marketing Lead at Morphie 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.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Morphie to our community in layman’s term?
Ans — Morphie is the first Oracle on Avalanche. We are a community driven oracle aimed at providing devs with accurate data feeds.
While there are a few notable names providing Oracle services, but they do have their own limitations. Some are centralised, some have a low transactional speed, limited pairs, expensive.
Our solution is to utilise Avalanche blockhains higher transactional throughput, faster speeds and secure network to build a completely decentralised, community driven oracle.
Avalanche Blockchain stands at $2.8Billion TLV with no active oracle to provide Information to the Smart Contracts.
Q2. What are the advantages of Morphie to other alternatives in the Blockchain field?
Ans — I mean being first in the space already is a big first mover advantage to capture the space before the competition comes in.
Other than that I also mentioned Many Oracles have their own problems with some being too centralized, some having slowTPS and some having very limited data pairs.
So with Morphie we aim to Create a Decentralized Community driven oracle.
By community owned & community governed model, we mean that the data feeds are free from monitored/governed by a centralised authority and the decision making power lies with the ocmmunity.
Q3. What are the major milestones Morphie achieved so far & what are in the future pipeline?
Ans — We are in the launch phase and as launch is immensely important for community development I personally have been putting in alot of efforts in Marketing and onboarding meaningful long term Investors and Partners.
We have Announced a few of them.
And the list includes:
Banter Capital, AU21, X21 Capital
Along with Onboarding Evan Luthra and AvaXlauncher as our advisors.
Speaking of AvaXlauncher.
We will be having our IDO on AvaXlauncher and response so far has been very good.
I believe, We are just about to close our IDO Whitelist Contest with 1.75 Million competition entries.
https://gleam.io/DYnLn/morphie-network-ido-allocation-whitelist
I would strongly suggest everyone to fill up the form for the IDO.
Questions Asked on Twitter For Morphie Network Team!
Q1. Avalanche is not one of the most popular or versatile blockchains that exist today, why did you decide to build the Morphie network on this blockchain with blockchains like BSC or ETH existing?
Ans — According to Three arrows Capital, which is one of the most reputed Venture firm in the crypto space.
Avalanche ecosystem is a blockchain of interest which should be closely monitored.
But for any ecosystem to flourish an Oracle is needed for providing information to the Smart Contracts. As these SCs cannot interact with the outside world.
But due to Avalanche ecosystem just starting to develop there is no Oracle project on it yet. Which is why the Dapp development is so slow. With Morphie we aim to change that
Q2. Could you really tell us what are the end goals that Morphie has? will it simply become the most used oracle on the Avalanche network? Or do you also have in mind that it is the most used in all blockchain?
Ans — Our Goal is to become the single most trusted Oracle project in the Avalanche Ecosystem which at a later stage of development is ruled by the community.
Q3. I could read that Morphie will penalize those who provide malicious data, but will it really be able to identify all malicious data without problem and quickly? If so, what would be the penalty that they will implement?
Ans — An Oracle in itself is a fairly complicated thing - with multiple nodes, validators and data feeds interacting with each other.
So two ways we are working to solve issue of malicious data
1. Get data verified by multiple sources - community will verify
2. Check the data with centralised sources also - this concept is evolving as of now.
That way we keep the Oracle trustworthy and away from any malicious attacks.
Q4. About Morphie tokens utility, What are the main uses of your token? What are the rewards by stake morphie in dapps? Can we access to data feed?
Ans — Our Native Token is the backbone of the activities happening in the Oracle.
To Start with We are introducing very exciting staking and LP-staking models for $MORPH token holders.
By community owned & community governed model, we mean that the data feeds are free from monitored/governed by a centralised authority and the decision making power lies with the ocmmunity.
Validators need to stake their tokens in order to vote in the ecosystem. $MORPH token will form the basis of all transactions between the oracles and the people interacting with it.
Q5. While there are some notable names that provide Oracle services, they have their own limitations. Some are centralized, others have low transaction speed, limited pairs, expensive. How does Morphie solve this problem using Avalanche? Advantages of Avalanche?
Ans — By building on Avalanche, we are utilising it’s robust nature and higher transactional speed to create a decnetralised oracle - which doesn’t require the nodes to have a central KYC in place.
The price feeds are validated via POS consensus mechanism of Avalanche blockchain resulting in providing accurate data feeds.
Moreover, Avalanche is the best blockchain when it comes to Transaction Finality therby making ultra high speed transaction speed for data provisioning.
Questions Asked by our BlockTalks Community Members during live Session to Morphie Network Team!!
Q1. Many projects talk that they hand over total governance to the community, but will Morphie really give even more participation to the community? Or will it be similar to all DAOs?
Ans — Morphie is aimed to be developed in such a way that when it matures the power goes to the hands of the community and not the centralized team and fir that Staking is very important as it is important to prevent any malicipus attact on the network.
Q2. It is says that "Morphie Network is the first Oracle on Avalanche Blockchain". Then why you are launching on BSC at the first place? What is the reason behind it?
Ans — That is a misconception.
We are launching on BSC and Avalanche Both. But since Avalanche blockchain ecosystem is so new therefore we were advised to launch over both the chains in order to find the pieces and complete the puzzle.
Q3. When this token will be listed on CEX? From primary listing on DEX do you also in talk with CEX for listing?
Ans — Talks are on. We could see a CEX and DEX listing together also.
Q4. Who designed Morphie’s Tokenometrics?? What would be used to verify and provide fees data?
Ans — A very accomplised Advisor of Morphie has designed the tokenomics but he prefers to be unnamed for now. But I can assure you that he has designed the metrics for some really big projects.
Q5. I understand that Morphie Network IDO will launch in Avaxlauncher and start with the whitelisting process, but why have you decided to launch your IDO in this incubator? Simply because it belongs to the Avalanche ecosystem? Am I still in time to participate in your IDO?
Ans — Let me talk more of the IDO part.
We chose AvaXlauncher because while our meeting with them we shared a common goal of developing the avalanche ecosystem.
On the IDO part.
There are three Options to get guaranteed allocation in the IDO for Morphie.
1) Stake AVXL LP token
Get Guaranteed allocation with 2x Weightage in the investment poos and Airdrop Pool
2) Stake AVXL Token
Get Guaranteed allocation with 1x Weightage in the investment pool and Airdrop Pool
3) Gleam Whitelist Contest Lucky winners
Also forgot to mention that Morphie token has a 15% supply planned to be airdropped to Avxl LP stakers and AVXL stakers.
