BlockTalks x Unification AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Unification, on 12th June 3PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Neyma Jahan, CEO & Founder at Unification. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce Unification to our community in layman’s term?
Ans — Unification is a Hybird blockchain ecosystem that allows horizontal scaling of data applications though WRKChains and datawallets. Right now most people use secure wallets for their Tokens, but data also is a currency and enteprises need a way to secure and share that data. Hence WRKchains which allows all the benefits of a public blockchain (immutability) but at the same time solving the scaling issue.
Q2. What are the advantages of Unification to other alternatives in the market?
Ans — The market is so young and vast. Often times people ask us “are you like abc/xyz/123 project” and the general answer is maybe. any blockchain project who is “going after” crypto projects is not our competitor. Honestly Ethereum is the king for making tokens and defi — you can’t compete there. However that market is very small. the true gold lays in enterprise development- brining in clients one by one- getting them on a WRKChain and consuming FUND — So we are breaking new ground- businesses are not out there saying “we need a blockchain” — so we need to get in there and educate them, see the options, help them decide if they need one or not (because not always) and from there we build and deploy.
Q3. What are the major milestones Unification achieved so far & what are in future pipeline?
Ans — https://soundcloud.com/block-talks/blocktalks-x-unification-ama
Questions Asked on Twitter For Unification!
Q1. What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year?
Ans — So to give some background to this question — enterprises use FUND to transact on the network — meaning 1 FUND = 1 Timestamp of data. so right now if someone wants to timestamp once every 30 seconds for a year that will require around 1million FUND (rough guess here). So the person is asking- if the market price of FUND increases, will it become priced out and unaffordable for enterprises to purchase and use the network, So I can say this would certainly be an interesting problem to have and we have thought alot about this — — First off not everybody needs to time stamp every block — we have blocks every 5 seconds (approx) — depending on the use case, an enterprise may only need to stamp every minute or 5 minutes. or they may only need to stamp during certain times, like testing peroids or the racing season — so the market can self-regulate in that regards. The other answer is blockchains are always changeable with governance- This obviously would be difficult and require the overwhelming community majority — but at some point down the road say if FUND was trading at $28–32 per FUND — and it just wasn’t practical for enterprises to spend 1 FUND per timestamp, then the community could vote to reduce the cost of a timestamp (say to 0.1 FUND for this example).
Q2. I’ve watched your youtube interview with David and I was strongly convinced that Unification is quite focused on preventing fraud as well as taking care of its user privacy. With this in mind, can you primarily say that Unification is a game changer the blockchain system has been waiting for? And does this amount to pressure to deliver in the long run?
Ans — https://soundcloud.com/block-talks/blocktalks-x-unification-ama-1
This is the video interview he was referencing https://www.youtube.com/watch?v=D4O48xbSrZs
Q3. Let say Mainchain on an e-com platform,I ordered something on the e-com and paid for it,but the store didn’t send me anything, updated that delivered. Timestamps noted the data.Later I raised the issue,how the things will find the way after it?Mainchain timestamp will be revised?
Ans — Mainchain data is only as true as what you feed it. If you stamp data that says “the sky is green” then mainchain says the sky is green — so to understand your question first we need to understand that truth is always relative to input. so if you are talking about a Mainchain — or a WRKchain for that matter- — we would have to go back and look at the data sources which are called “oracles” (not this has nothing to do with price oracles etc.. it is a widely used term., ty). we would have to see if the oracles are in fact correct. Because saying something delivered when it’s not- means that the oracle told the WRKChain it was delivered. So how do we know this is true? in this case it is more of a user/oracle issue than a blockchain issue. I mean if you instruct the chain to send 100 ETH to a burn address but didn’t mean it, it is your fault( you are the oracle) not the blockchains fault. So these are then solved with front end user interface and auditing of endpoints and oracles.
Q4. Unification strives for the creation of a publicly adopted decentralized network which is referred to as the perpetual “Noah’s Ark” of data. However, Unification said it doesn’t believe in “more coins” neither does it believe in “partnerships” or getting “more exchange listings.
So does Unification thinks it can achieve this vision on it own without seeking more partnerships or exchange listings? Or what’s your own approach to this?
Ans — Well there is a interesting divide in this industry between making “a product that people use” and a “happy coin”. Most projects have no correlation here and just meme actual technology and focus all their resources on the “happy coin” aspect. That is great- but that is not FUND.
If you have had a chance to study our usage, enterprises that come onto the network are forced to consume FUND in order to operate. This creates a natural market cycle of demand from the enterprises which then encourage more adoption. So when we talk about “partnerships” we straight up go right for the consumption of FUND. If a partner is not consuming FUND, then likely it shouldn’t matter. We say this to help you analyze the industry better and why these things matter. As for exchange listings, these things happen naturally as a result of enterprise demand.
Q5. I am quite impressed with the Unification logo, why did you choose it? Does it have a story behind it?
Ans — It is based on the concept of the minatour at the center of the maze.
You can begin your study here https://en.wikipedia.org/wiki/Labyrinth.
besides that we liked the diamond shape because there is an old method of making “logos” where you take a shape. In this case the 6 pointed star and mark their endpoints on a circle. You then take a pencil and connect those endpoints in different ways adding and subtracting according to certain criteria. The criteria led us to the diamond shaped maze that you see as or logo. You will be seeing this logo all over the world in the next few years as we grow. It will become very common.
QUIZ SECTION
Q1. Please tell us the Current Supply of FUND, the Max supply and how new FUND is generated and distributed.
Ans — 120047679.1194 FUND
Maximum of 10M added per year through Enterprise purchasing of locked tokens to reach that maximum final supply amount
Q2. How do you stake FUND? how does commission work for Validators and Stakers. What is the difference between Max and Current Commissions?
Ans — you can stake through CLI or the Chrome extension. Commission is the amount that a validator will take when you delegate your fund to them in terms of fees on rewards. Max commission is the highest a validator can ever change commissions to, Current is what it is currently.
Q3. Please discuss When a Partnership is important to the FUND ecosystem. What is the key metric that we look for to define “success”.
Ans — When it consumes FUND, otherwise it’s useless
Q4. What consensus mech is the FUND mainchain built on? What is the difference between MainChain, WRKChains and Beacons?
Ans —
- Tendermint
- Mainchain is the mainnet that all validators are signing blocks on.
- WRKChains are separate networks that stamp their information to the mainchain, paying 1fund per tx.
- beacons are similar to WRKChains but in a less connected fashion. Stamping less detail of information
Q5. Please in your own words, give us an example of a case study or industry where a WRKChain can be useful. Please use your own ideas, do not repeat concepts already written about.
Ans — WRKChain could be added in city waste management. Say our colony has 20 house. Daily city management works comes and pick garbage our house generated. They use a technology to save that they collected the garbage. But one day they missed one of house. They can use application made with WRKChain to send data to authority. They come and take garbage. If some dirt the sourounding people can use application and call authority to clean it up, instead authority give them some amount of token as reward.
I guess as blockchain which could be deployed by any and any sector better to be implemented in publics lives.
Questions Asked by our BlockTalks Community Members during live Session for Unification team!
Q1. I read a rumor days ago in other communities that in Unification a Formula E team was doing work on the blockchain, is this true? Beyond this, in general, are you working for solutions in motorsports?
Ans — I don’t have a comment on this specific rumor, as I have heard it going around as well — but since it is asked so much I think it is best to address it. FUND is a public network — meaning that we have no control what people do on there- Also there are many projects in development, some public, some private- sometimes things are tested- sometimes they are expanded and sometimes they are discarded. This is a marathon not a race.
Q2. Congrats for the deployment of Finchains! Is there any teaser that you can give us regarding other future WRKChains?
Ans — I can tell you that FINchains is getting an expansion in the next few weeks- we are addiing energy and FX quotes. Here is Finchains -the decentralized price oracle built on FUND if people want to see it — it is designed to find real and historical price discrepancies across exchanges to allow traders to profit www.finchains.io
Q3. Can you explain why the unification inflation rate is 0%?
Ans — We explained it in this article — please have a look https://medium.com/unificationfoundation/the-unification-new-genesis-event-88-of-und-supply-destroyed-37fa56484396?source=collection_home---4------8-----------------------
Q4. “BlockChain for Business” That we can see on their website. Is Unification aimed only at companies? How can users like me contribute to the project? Does it have any benefits for small investors?
How was the jump to the Mainnet? Are they satisfied with the work accomplished? What are your next steps now?
Ans — First off I need to say that we are not open for investment at the moment- if you want to acquire the FUND utility token on the open market you can however — and you can use this token to stake to secure the network or make your own node. Technically there is no minimum to have a node, but most get started with about 250k FUND — you can get this yourself or get less and encourage others to stake with you through good commissions and support.
Q5. Could you tell us why $UND which was test-coin won’t be functional on an active public network and what’s going to happen to the remaining 1,955,000,000 UND token that were not in circulation before the Mainnet launch?
Ans — UND was our test network coin — we just minted a large number without thinking about it as Developers do. It was not designed for optimial tokenmics and community- So those Billions of UND are discarded- it is a zombie coin and we do not support it except for the swap — We all recommend you switch to FUND Asap
Q6. In one of your medium post it says that The FUND Public network has exactly 0% inflation. How does have 0% inflation?
Ans — Yes we have 0% inflation — this is designed so that only rewards are given for usage of the network. this mitigates the death spiral of inflation many projects have. Also since there is no interest and only rewards are given for work, some of our Muslim community has told me they are investigating if it would be considered Halal to have a node and earn rewards for work. Obviously this is separate point from us, but i was told this yesterday and found it interesting.
Q7. I learned Unification is making a health wallet which will keep all data. What’s the key concept of it? Can we get paid to share our data?
The Advantages of blockchain technology are transparency and security. How do Unification take this advantage of blockchain ?
Ans — Yes we have made one, but the one in circulation is for a private consortium in Brazil — you can see a walkthrough here https://www.youtube.com/watch?v=lBFtJ_Y-co0
So yes theoretically with this setup you can get paid for your data and this was the mandate we were built on originally- but in practice that requires more work in terms of regulation and adoption which is ongoing on a country by country basis.
Here are some important links of Unification 👇
http://medium.com/unificationfoundation
t.me/UnificationOfficial
t.me/unificationfoundation
