Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Vision Network, on 22nd July 1 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 Jarod Olfson, CEO at Vision Network. 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 Vision Network to our community in layman’s term?
Ans — Vision network is a protocol based on the Proof of vision (POV), and an application that allows to bring together all the Defi projects.
Q2. What are the advantages of Vision Network to other alternatives in the market?
Ans — There is no alternative on the market in terms of unifying the Defi project.
That’s why we came up with the idea to create this project.
Q3. What are the major milestones Vision Network achieved so far & what are in future pipeline?
Ans — Our project is very recent as you can. However, we can be proud that we have been doing business in the background, and we got some interesting things lined up for the near future. But for now, our main focus is to get the word out there, and decentralize as much as we can our eco system, to be able to fully transfer to a real governance model ( a DAO ).
Questions Asked on Twitter For Vision Network!
Q1. What are the benefits of the Proof of Vision (PoV) protocol? What is the difference from the classic POS and BFT consensus?
Ans — Vision Network is a whole ecosystem in itself. It’s a governance model business that aims to deliver several much needed functions in the DeFI space. We want to create an interoperability bridge to connect most of the existing popular DeFi solution and the Vision App that will be the platform to go to for DeFi solutions.
Q2. What is the economic model of the VSN token and how will its architecture provide a token shortage and increase its value?
Ans — Having VSNs will not only gives weight to the operation of the DAO, to use Vision Bridge at no cost, but will also allow you to collect VSNs on a daily basis.
It also means that the more the Vision Network ecosystem is used, the higher the income.
One of the big advantages will be stacking.
Q3. In 2021 Q3 in your lightpaper, mention is made about Node Elections v1.0, could you explain how it could be?
Ans — The election of the nodes will be done in a similar way to what is generally called DPOS, the nodes which will have as mission to secure the network will be submitted to the votes, and the DAO (the people who stack the VSN) will be the determining factor of who will be a node or not.
Our goal is to have 1000 nodes around the world.
Q4. Page 1 of 2 One of the core beliefs of the Vision Network is every stakeholder in the ecosystem should participate in the decision-making. Do you really think this will help foster trust and true governance within the ecosystem?
Ans — Yes i believe it.
Staking will be done on the principle of redistribution of part of our income according to the number of VSNs owned.
With strong interoperability favored by the use of the Vision Bridge, we expect a significant number of users which will ensure an interesting staking for any holder of VSN.
The more people are active, the more secure our network will be.
Q5. Defi is currently the most prominent topic in the crypto industry, is Vision Network afraid to face many competitors when there are many projects related to DeFi? What about Vision Network attracts users?
Ans — The more DEFI projects there are, the more Vision Network will be used. We are not in competition with other projects, we are here to unite them and make DEFI grow. This will always be Vision Network’s goal.
Questions Asked by our BlockTalks Community Members during live Session for Vision Network team!
Q1. What’s your tokenomics design like, Do you have Burns and Buyback plans ?
Ans — No buyback or burn for the moment. VSN token is the tool in which the stakeholder can govern and grow the network. The number of VSN you hold will grant him access to Vision Network’s revenues and income.
Q2. If you were to define your project in one word, what would it be? What can you do to keep
increasing adoption to the whole industry and What differentiates Vision Network from other blockchains?
Ans — Bringing Interoperability between DeFi project.
Sorry there’s a little more than one word.
Q3. What are the reason why Vision Network still need to build your own mainnet is Ethereum not enough to meet the requirements to accommodate scalability, performance, and customization requirements?
Ans — We are currently working on this consensus, we are in discussions with a blockchain start-up (we cannot mention them but if you research you’ll know there aren’t many doing that) which allows, thanks to a combination of hardware and software improvement, great scalability and fees close to zero, (currently with 1 $ you can make thousands of tx), we will be able to interact with the Defi projects while keeping costs low and scalability high thanks to the use of ethVM via our consensus.
That’s why we need and we want our own network.
Q4. What is your opinion about the oracle? can it integrate with vision network? How do you see the oracle opportunities in the next future?
Ans — The oracle is a necessity for the DEFI’s worldso yes we are thinking about solutions.
I’m a fan of Chainlink.
Q5. What are the requirements for participating in the VSN betting program? What is the minimum number of coins needed?
Ans — So far we haven’t defined anything.
We want to become a DAO and therefore empower the community to choose. That’s our Vision.
Q6. How many nodes does a Vision Bridge need to provide complete decentralization of the circuit?
Ans — Our goal is to reach 1000 nodes but we can work with less.
Q7. Southeast Asia is a very active market. Most exchanges are engaged in competitive activities here to attract users and grow, and VSN Network has seen the trend of Southeast Asia. Are you planning to develop and expand here?
Ans — We know the motivation of the Asian community for crypto.
I’d like to expand into Asia after the Covid crisis. Speaking of Covid, I would like to take this opportunity to tell you that I hope everyone is in good shape despite this health crisis.
Strength in Unity. Like crypto with DeFi project.
Q8. Why should investors enter your ecosystem? Can you give 3 reasons?
Ans — A new consensus
Passionate community from Iceland
Q9. Liquidity is the challenge of defi, how does Vision Network solve this problem?
Ans — We do not propose any solution as such for the Defi, you can see us as a Defi project aggregator, a place where you will have access to all the protocols in order to simplify the process.
Q10. What is the tokenomics of the Vision Network project? What is the inflationary model and rewards for node operators?
Ans — 80% of the block rewards go to the operator nodes
20% of the block rewards will be intended for those who stake the VSN coin.
Stakers will also benefit from 0 fees while using the DeFi applications, and obtain a part of the Vision Network revenues based on the amount staked.
Part of these block rewards will go into paying the free fees VSN holders benefitfromusing our applications.
To finance such an operation, there will be inflation of 7% per year (17.5M token) automatically redistributed as explained above. The percentage of inflation can only decrease year after year.
Q11. From your point of view, what do you think are the weaknesses and challenges that DeFi is currently facing?
Ans — The most difficult thing for DEFI at the moment is that it is very difficult for a novice to interact with the different protocols, that is why the idea of Vision Network came to us.
Q12. Whitepaper says this: This is where the Vision Bridge comes into play. Similar
to the Quant Overledger technology.
So what makes VisionNetwork different and better than quant overledgertechnology?
Ans — Quant Overledger is better for overall performances and general blockchain interoperability. We don’t need that much, so we are more efficient at doing smaller operations of interoperability but faster and at lesser cost.
Q13. Which area does Vision Network focus on at the moment?
Ans — The most important thing right now is our future mainnet, to have new partners and to make Vision Network known.