We recently hosted an AMA with PolkaCipher, on July 14th at 11 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 Tim Rainer, CEO of PolkaCipher. 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 PolkaCipher to our community in layman’s term?
Ans — PolkaCipher is a cross-chain privacy preserving project on the Polkadot ecosystem. Our primary aim is to expand the applications of NFTs & DeFi and its use case in business settings and also increase the reach of Web3 applications in the blockchain economy via seamless integration to our project, privately.
I could go into more depth but in a nutshell, PolkaCipher is a fresh approach to Defi and NFT technology thats not currently available.
We are first movers, first to market and one of the best dev teams in the industry moving towards Polkadot.
Q2. What are the advantages of PolkaCipher to other alternatives in the Blockchain field?
Ans — Well PolkaCipher brings something thats new so there are not alternatives, at this present time anyway.
We allow for Privacy to be a right and do this with NFT technology including cross chain interoperability.
Q3. What are the major milestones PolkaCipher achieved so far & what are in the future pipeline?
Ans — Well its good you ask that because our developers have been working tirelessly to make sure that our products are on time and without delay.
We have pushed a little in the timeline to make sure that our utility will be effective from the get go.
We do have some great future plans but i want the initial roadmap to be met before we look to push forward.
The future in Defi and crypto is unknown so its important to pivot as when and as needed to meet market needs and demands.
Our first product Truss, which is the lending and staking platform is almost ready.
The cross chain NFT bridge should also be live soon!
Questions Asked on Twitter For PolkaCipher Team!
Ans — Polkacipher does not store anyones information, anywhere. If you use to our bNFT to store some information, your wallet address will be the sole owner of the data that is locked in NFTs.
If in the future PolkaCipher decides to store some form of data, that will be from website forms, not on NFTs. Even then, we do not intend to share any data to any 3rd party vendors. Ever.
99% of all NFT companies do not have any form of privacy functionality.
How can you hold documents and private data of individuals or companies without privacy?
Q2. How did you conceive the idea to build such an innovation project like Polkacipher? I find your project quite interesting. What do you intend to achieve in your Ur platform? What are your expectations?
Ans — The idea behind PolkaCipher was in our mind for a very long time and we have spent enough time to understand if our solutions are possible to build and if there are market demand for it. With current boom in NFTs in general, it was a collective team decision to launch PolkaCipher.
My Director of Operations had a lightbulb moment and we ran some test. It worked perfectly and we noticed nobody in the market had it or could do it yet. It is first mover advantage for sure.
We fully intend to change how NFTs are currently perceived, as an art document.
NFTs can be used for much more than that, such as securing any form of digital document on-chain.
You can use NFTs to exchange legal documents, send gifts, use for multi-layered access passes, Governance and much more. As mentioned previously with the vaccination proofs.
Q3. Opensea is an NFT marketplace that is still in demand by many people, are PolkaCipher inspired by opensea? & what superior features will you highlight when your marketplace is launched? & how do you attract people to want to use your marketplace?
Ans — Although we love what Opensea offers, and we intend to offer our solutions to most of the NFT marketplace in the market, we dont pull inspiration from one platform in general.
We would like to provide a cross-chain bridge for NFTs to these marketplaces and also be able to provide NFT staking and other financial products on NFTs.
Like said, NFTs are currently just an art collection document and we intend to change what NFTs are today through our solutions.
We are building a great team that will reach out to NFT companies to expand. As Chainlink did with their tech.
And for our features: Privacy Protection, Data Matching Mechanisms, Community Governance, NFT Privacy for Businesses, Multi-chain interoperability, NFT bridges.
Most if not all are a first to the industry.
Q4. You mention that the bNFTs can function as a legal document, property transfers, access passes, etc., but really these same functions cannot be fulfilled by the original NFTs? or is it that PolkaCipher will give it another use, and that is why they require bNFTs?
Ans — Yes. Currently regular NFTs cannot handle all the functions properly. Like, Legal document NFT solutions will have security features that will allow users to choose how their NFTs are shared, either privately or publicly.
Access passes will be fully private for businesses but if access passes will be used in some public event then data under those NFTs will be public too.
Each client will have a custom solution to their business needs (SAAS) which will be built on top of our infrastructure.
Through bNFTs you can do all of the above and choose custom fields to fill the data in and can also decide how its being shared. Like you would get on a google doc for example.
Q5. PolkaCipher only focuses on the expansion of the NFT right? If this is the case, then how will your platform be able to collect Payments and Salaries? Or will it also have multiple essential applications that are required to meet customer requirements?
Ans — We won’t collect any salary or payments for anyone. We intend to provide the infrastructure to businesses which can use our solutions to either make payments or to be used to give salaries. We will develop SDKs for businesses to integrate on top of our solution.
If any business needs to have custom solutions, we will be able to easily build that on top of our infrastructure.
Questions Asked by our BlockTalks Community Members during live Session to PolkaCipher Team!!
Q1. I read in your whitepaper that your target customers range from community owners to business conglomerates, if I may ask how exactly is your solution useful to each of these categories? Is the service you offer to community owner as same as the one you offer businesses? Kindly clarify this.
Ans — So in terms of community owners, they can implement bNFTs to ensure that people who hold a certain amount of tokens can have access to the community, also, bFTS can be used to reward community members in general. Pay salaries to team etc. More info can be found in docs.polkacipher.com and we will be updating this often as we progress through the timeline.
Q2. Where can I read information about IDO?
Ans — We will be making an announcement within the next day or so. It’s going live on 20th July via Trustpad. Public information can be found on the website header menu under tokenomics.
Q3. You have many products like TRUSS, bNFT, wDATA, CIPHERDEX and SuperStable and I see they’re mainly focused on business NFTs, can you tell us about your interest for providing solutions to businesses? What’s the importance of NFTs for businesses?
Ans — Truss is a staking/lending platform where you can stake NFT to earn rewards or lend to someone else as collateral and collect loans for it. First market mover
Businesses can use bNFT for a host of solutions, some of them are payments, legal documents, licenses, etc. For more use-cases, please visit polkacipher.com and see under use-case section. We will update this as we progress.
Q4. Could you give us more details about multi-chain interoperability? Will this be important and essential to earn a place in the Defi world?
Ans — EVM chains. This is essential for all on chain and off chain data. To stand out and be one of the best in the industry, cross-chain is essential.
We will be bringing a first for the NFT industry and we intend to do it very quickly.
Q5. How will the voting and governance be implemented in Polkacipher, and will each user who wishes to participate in governance be required to hold long-term tokens or shares? How is it different from other types of governance?
Ans — Voting and governance will happen through governance NFTs, no need to hold tokens to be able to participate in voting.
Whoever holds governance tokens will be granted certain rights, like the ability to vote on quality of NFTs and give them ratings, vote for tech releases and fees involved in transactions.
These governance NFTs will have to be earned. Details on this will be made public with the product itself.
Q6. I understand that you want to use PolkaCipher when NFT collectibles have important information, but if it really is a simple collectible that anyone made in minutes, why should they use PolkaCipher? will it really provide any other benefit other than privacy?
Ans — While you hold simple NFTs, some users might want to use different chain to use the NFT. If your NFT is on ETH, you can move it to BSC and use there for any use-case that you might see.
Other than privacy we will provide marketplace to allow users to use their NFT from either of the chain or irrespective of where and by whom it was minted to be able to use our NFT financial products, such as staking and loans.