BlockTalks x Bluzelle AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Bluzelle, on 10th April at 10.00 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 Pavel Bains, CEO at Bluzelle. 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 Question Asked By BlockTalks
Q1. Can you introduce yourself to the community? What’s your position on Bluzelle?
Ans — I’m Pavel, CEO and co founder of Bluzelle. I manage branding, design, and over all business.
Q2. What was your motivation for starting this project? and what is your vision for Bluzelle?
Ans — We were working on blockchain projects for HSBC and AIA. Two massive financial and insurance companies. Outside of Ethereum, the whole stack was centralised which didn’t make sense and caused problems.
Then it hit us after that a decentralized data storage would be beneficial for all. My vision is that Bluzelle becomes the data layer for the decentralized world.
Q3. What are the major milestones Bluzelle achieved so far & what’s are in future pipeline?
Ans — The big one is we’ve just put out our incentivised testnet. It’s the last stop before the Mainnet.
With it we have launched a program called Swarm of Duty!!!! It’s for developers, Validators and community members to help us secure the network.
Question Asked on Twitter For Bluzelle!
Q1. Why there are two tokens in Bluzelle ecosystem BLZ & BNT ? Is there any difference for holding or usability of each tokens?
Ans — BLZ is an ERC20. It was made so people came easily obtain it.
BNT is the internal token for BluzelleNet. We use this for actually confirming transactions on the data network. Ethereum would be too slow for data validation. When people want to use or stake on Bluzelle they enter with BLZ. Then it’s switched for BNT. And when then exit Bluzelle they get BLZ back. It’s all 1 to 1.
Q2. Judging by the REWARDS STRUCTURE that you Implemented at 7.5% to your Loyal Holders is Quiet AMAZING.
now, Will this Rewards Program be Forever or there will be a time-table for this?
Ans — That was a one time reward for BLZ holders who stuck with us. Moving forward there will be staking rewards. We will be unveiling the token economics very soon. For Swarm of Duty, people can go and create their Bluzelle Wallets.
Q3. What are the advantages of Bluzelle data delivery network? Can you explain in detailed manner what are the advantages to develoers for using Bluzelle?
Ans — Currently Bluzelle is best for blockchain developers.
Until now, they had to choose from two bad options. Be decentralized stack and use Ethereum to store the data which will be slow and VERY expensive.
OR
Store data in a centralised solution like AWS and have security vulnerabilities. With Bluzelle they get a full decentralized data stack at a price cheaper than centralised ones.
Q4. As I know, Bluzelle has more centralized competitions than decentralized. How you will acquire most of the market with centralized dominance?
Ans — In the blockchain world thus far centralised was the only solution. Now there is another.
We aren’t interested right now to go after non blockchain companies. They haven’t bought in yet. But now as more breaches occur, and privacy disappears (look at Zoom) more developers will want decentralized systems. We will be ready.
Q5. How BluzelleDB is managing to get the price lower than AWS DynamoDB? Doesn’t it brings any value changes?
Ans — Systems like DynamoDB charge for replication and data transfer. This can grow fast and cost a lot.
By using the crowd as our storage providers coupled with blockchain tech, we eliminate the replication and data transfer costs.
Question Asked by our BlockTalks Community Members during live Session for Pavel Bains.
Q1. What are the requirements to be a validator of $BLZ and can anyone become a validator?
Ans — Right now we will be selecting validators to phase in the network. Eventually we will allow anyone to become one.
Validators details here
Q2. Revenue and adoption are the main points of all projects, can you tell us how the #Bluzelle platform generates revenue?
What did #Bluzelle do & plan to achieve real-world adoption?
Ans — Revenue is through fees collected by people storing data on Bluzelle.
Real world is secondary. Focusing on the blockchain world first. They understand the benefits. Prove that out with everyone then we all take the real world.
Q3. My Question is all about Bluzelle PRODUCTS
Bluzelle is Decentralized Database for Dapps
How are you dealing with DeFi Dapps?
Problems about DeFi Dapps today is, it is DIFFICULT TO OPERATE
What are Bluzelle solution for this?
Ans — The recent market crash showed how Defi infrastructure is not ready yet. Defi is the best place to create products but it’s needs to be strengthened.
Our focus is better data storage and making oracles better. Oracles play a massive role in Defi and that needs to be made better.
Q4. What can we expect about the strategic partnerships of $BLZ in the future? And how does it help to grow the development of the project?
Ans — Partners that complete the decentralized stack are what we want. File storage, side chains, etc.
Also distribution partners like other blockchains. They can give their customers an easy to use DB.
That’s why we started working with Cosmos. Allows for instant interoperability.
Q5. Why did you choose to use Ethereum to exchange your $ BLZ token while Ethereum had scalability issues? So how will Bluzelle solve this problem and what are your plans to make $ BLZ popular?
Ans — Ethereum isn’t managing their network. It’s a form of payment. But we connect to Ethereum first because it has the most developers. Ethereum scalability doesn’t affect our ability to scale.
Q6. What makes you most proud of Buzelle ?Do you want to be a leader in the mass adoption of this technology?
Ans — Most proud to be part a community and industry that is building a new world. We just saw, again, governments print more money and help the elites.
Money is being destroyed. A new system is needed and we want to be a core part of that.
Q7. Why are you using Comos and Tendermint for Bluzelle? What benefits does Bluzelle have from using Tendermint?
Ans — They have the best BFT engine. That allows us to focus on different features and front ends.
Cosmos gives us the ability to work with any blockchain. This saves time and increase distribution.
Q8. How are the plans shaping up for marketing and building a strong, core community which is essential for any project in the crypto industry?
Ans — We have a good base and now we kicked off our new programs to build awareness. That’s what Swarm of Duty is all about.
Q9. What is the role of BLZ tokens in the network? Does the payment need to pay for Bluzelle ? Do I need to pay for BLZ to send a message? In other words, what is the BLZ token appreciation logic?
Ans — Tokens are used by Validators to stake to earn part of our transaction storage fees. Tokens are used by customers to pay for storage.
Q10. ETH 2.0 to be launched soon will solve all Ethereum present problems and then make it the king of DApps once again. How do you see this as a threat or barrier to Bluzelle?
Ans — Neither. Ethereum is an operating system. It’s best for smart contracts and apps. Like iOS or Android.
Operating systems still need developers to use data storage solutions. To us we are critical to all blockchains.
Q11. What is the role of the Validators and Delegators and how important is each one in the network?
Ans — The validator and delagator token details come out in the next 10–14 days. You will not be affected by where you are.
