BlockTalks x PolkaFoundry AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with PolkaFoundry, on March 8th at 02.00 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 Mr. Thi Truong, CEO & Founder at PolkaFoundry 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 PolkaFoundry to our community in layman’s term?
Ans — PolkaFoundry is “a production hub for DeFi apps on Polkadot”. So what does that really mean? take a look at this picture…
Basically, PolkaFoundry is a DeFI-friendly platform for developers to build dapps
It includes
- A blockchain with innovative features
- A set of built-in DeFi-friendly services
It is straight-forward to develop new dapps as well as migrate existing dapps from Ethereum.
Q2. What are the advantages of PolkaFoundry to other alternatives in the Blockchain field?
Ans — 1. Leveraging the thrilling ecosystem, the interoperability and scalability of Polkadot and Substrate
2. Unique UX-enabling features bring dapps to a much broader population
3. EVM-compatible, straightforward to migrate from Ethereum
4. DeFi-friendly services for dapps
Among this, the unique UX-enabling features are our unique area. Current dApps put burdens on users. Foreign and complex concepts and steps ruin the user experience and confine the usage of dApps inside the small crypto circle.
do you agree this? PolkaFoundry help dapps to reduce those hassles to approach normal users. I will explain about these features in more details later.
Q3. What are the major milestones PolkaFoundry achieved so far & what are in the future pipeline?
Ans — Yeah, we’ve been developing our blockchain for years and it is live with several apps running on it
But we decided to be part of the thrilling polkadot ecosystem recently
so we are developing a Polkadot’s Substrate version
The first version of EVM-compatible parachain built on Substrate is planned for the end of this month for testing purposes
We are now grabbing some famous Ethereum smart contracts, like Kyber’s and Uniswap’s, to put on our system and test to ensure they work flawlessly, there are some partners/developers are also starting developing dapps on our system, we will announce them in the coming time.
Questions Asked on Twitter For PolkaFoundry Team!
Q1. There are total 6 use cases of PolkaFoundry, but what I majorly heard is Prediction market, so basically in which use case your team is working as priority? Why Polkadot?
Ans — I don’t know from where you heard that “prediction” is the major use case. Up to now, it’s not
Currently, we are discussing with project to build or port DeFi apps in the following areas:
- Lending/Credit platforms
- Multi-chain DEX
- Multi-chain NFT Marketplaces
- Community-governed DeFi DAO
the last one we even not listed on our website, but now several partners are discuss building such DAO on our system. so we will add it to our site soon, we didn’t know the DeFi DAO is of high demand :D
Q2. On your docs say that PolkaFoundry have 2 phases; 1 where you developed it using Tendermint engine, and 2 where it is rebuilt using Substrate framework. Could you tell us why did you decide to build PolkaFoundry like this? What benefits will it bring?
Ans — haha it is a hard question, the one I skipped in other AMA, but since you asked. We’ve been developing the Tendermint version for years. It is live and several dapps running on it.
However, nowadays, it is super hard to build developer community and ecosystem if you are an independent blockchain.
If you have strong financial and community support like Polkadot, BSC, Solana, etc. it is ok. But we didn’t have such strong resources. We need to join an strong ecosystem in order to sustain and realize our vision of bring blockchain to the masses
So we decided to be part of the thrilling Polkadot ecosystem, that’s our “phase 2” However, we can reuse most of our knowhow and features when making the Substrate version. We believe our experience and innovative solutions can contribute significantly to the development of Polkadot ecosystem.
Q3. We heard news, Paid Network got hacked. its a nightmare for investor/token holder. What’s your strategy to anticipate hacks possibilities on your platform? What’s you plan for making PolkaFoundry platform not get the same story like PAID?
Ans — Yeah, I did read the post mortem of Paid. It is the incident of there token contract. it is a leak of key somehow, and the hacker can transfer ownership, replace the token contract, burn, and mint new token. At PolkaFoundry, we believe in decentralization. Our PKF ERC20 token has no ownership at all, and it is not under proxy, not mintable and you cannot burn other addresses’ token, you can only burn your own token. that’s about our token, about the PolkaFoundry platform we are building
We are super serious about security, we follow strict process, make it open source, will announce bug bounty programs and have it audit by top audit firms.
Q4. How is PolkadFoundry’s cross-chain DEX platform different from other platforms and why does it need parachains over bridges?
With NFT Auction and Marketplace
Can PolkaFoundry users interact on dapps? Can it interact with artists, musicians and collectors?
Ans — On Polkadot, it is easy to relay messages through Relay chain
so it is fairly straightforward to “crosschain” with other parachains that’s much improve to other chain, where you need to build bridges for almost all crosschain needs.
yeah, if you want to cross-chain with external chain, outside polkadot (like Ethereum), you still have to using bridges though (wrapped token)
Can it interact with artists, musicians and collectors? => yes, I know some NFT apps and they have hard-time to invite artists, because they don’t understand how to use blockchain. I talked about our “UX enabling” feature before. how we help dapps sold UX problem
I will copy this part, one moment
1. Signing key: Used in place of the private key, each signing key has an expiry time and a limited set of permissions. Thus, leaking yields much less serious consequences.
This more efficient signing process improves both dApp security and the UX safeguard the keys.
2. Flexible Payer: DApps can pay transaction fees for users in a decentralized manner.
As a result, dApps can employ much more flexible monetization strategies, such as free, freemium, pay-to-unlock, and in-dapp-purchase models. Onboarding becomes seamless.
3. PolkaID: An off-chain service that encrypts a user’s key, splits it into parts, then distributes the keys to multiple independent and secure key management services.
This shifts the burden of keeping keys from users, while still preventing illegal access from any single central authority. these are some UX-enabling features we provide dapps.
Q5. PolkaFoundry provides a prediction feature for dapps with real-time event data, I must ask how is this data accurate and secure all the time? How do you ensure all this sources are reliable?
Ans — There are already plenty of good Oracles on the market, and many are building more. Chainlink, DIA, Paralink, Kylin, Oraichain, you name it
We don’t plan to re-invent this thing, We will integrate them
We are discussing with best Oracles to integrate into our system
dapp developers can choose from the data sources they trust easily.
Questions Asked by our BlockTalks Community Members during live Session to PolkaFoundry Team!!
Q1. Lately, I’ve seen you delay your strategy on both the PAID and DuckSTARTER networks. Can you tell me it will return as I expected?
Ans — Good question, it proves you know us and not just copy paste haha, like it!
Initially, we plan to do dual IDO on DuckSTARTER and Paid Ignition. The current hack on Paid is unfortunate, so we decided to delay the IDO and re-strategize our IDO plan. We will announce new IDO plan in the coming day (maybe tomorrow). It is still as expected.
Q2. You mentioned that PKF token is not mintable. What is the reason behind this? Do you think this method will have a positive impact on the PKF token price?
Ans — First, we want to prove strong commitment to our community.
Second, it can help mitigate hacks. I think it does not affect token price much.
Q3. I see that you will provide a variety of services on Polkadot. Do you also plan to provide interoperability with other blockchains such as Ethereum, BSC, etc. in the future?
Ans — It is possible, but we even did not think of it for now. We want to focus on what we are doing, and the Polkadot ecosystem is big enough.
Q4. As a project built on Polkadot ecosystem and Substrate, what are the common problems that Polkafoundry will solve and in what ways will these problems be solved?
Ans — We solve the gas cost, network congestion, interoperability of Ethereum by utilizing Subtrate and Polkadot.
We solve UX issues for dapps by our own UX-enabling features.
Q5. Defi, NFT & Yield Farming is very interesting and is starting to be in great demand, Can you share $PKF opinion ? What steps are already being taken towards the future progress of $PKF ?
Ans —DeFi and NFT are trending for good reason.
the blockchain is only useful to store valuable assets. No-one would store regular data there, it is not worth. And DeFi / assets/ NFT are the most valuable digital data.
I think they will remain the primary use cases of blockchain for long time.
Q6. What achievements does the PolkaFoundry want to achieve in 2021? Can you share it with everyone here?
Ans — Launch mainnet, have about 5 significant remarkable dapps launching on us
Q7. Does the Polkafoundry platform offer users the opportunity to customize their own subchain for their own applications?
Ans — For now, it is not possible, but 3rd parties can provide “layer 2” above us
Q8. What is the reason why people should invest in PolkaFoundry? What are the most attractive and important features?
Ans — Some reasons:
The Polkadot ecosystem is still very young but very potential.
We have years working on blockchain with real hands-on experience and many products.
We are backed by top VCs and partners to accelerate quickly forwards.
We have our own innovations, especially in UX for dapps features.
That’s what differentiate us form the crowd!
Q9. Could you tell us some details about you Name PolkaFoundry ? I mean what’s the main motive & Logic behind PolkaFoundry Name?
Ans — Polka: Polkadot — we are part of the polkadot system
Foundry: we are like a factory for developer to build dapps, with all the tools and services available
Hence the name.
Q10. One of the product running on our blockchain is Lovelock. What kind of stuff is this Lovelock? What problems does it solve and how is it of benefit to Polkafoundry and its users?
Ans — LoveLock is a micro (niche) social network that focuses on closed and true-meaningful relationship only such as lovers, family, and closed buddies.
With LoveLock, everyone can be true to themselves because they’re safe among their trusted relationship, not a bundle of fake friends on the Internet.
The LoveLock newsfeed only shows what you really care about, not neither advertisement nor controlled news because LoveLock respects your privacy and identity. You own your personal information and no-one can use it without your permission.
It is still in beta, though.
Q11. DuckDAO recently collaborated with you. So this relationship has been what you expected, what do you expect from it?
Ans — DuckDAO help us to fundraising, marketing, partnership, especially during early stage. They are great guys.
Here are some important links of PolkaFoundry 👇
🌎 Website: https://polkafoundry.com/
📱Twitter: https://twitter.com/polkafoundry/
📢 Telegram: https://t.me/PolkaFoundry
