Hello, We had an AMA with DNA Project on Sept 24th, 2020. For those of you who are late to follow or watch, you can read the following AMA recap.
- Twitter Questions
- Live Questions
Welcome to the CryptoFun community 🥳🥳, thanks for taking the time for today’s AMA ! We are glad to meet here:
• Mr. Remy @Reminiscensebienbao (Community & bussines Development Manager SEA)
• Berman @bermankahar (Community Manager Indonesia)
hi nice to meet you . Hi Everyone ❤️
Hello everyone, thanks to join us tonight for the AMA
Before we start, can you please introduce yourself to the community? 😄
My name is Remy and I am the community and business developer manager for Metaverse DNA. Thanks for joining us today for the AMA. I have been involved in blockchain and cryptocurrencies since 2015 as an early investor. I started my career in blockchain end of 2017. I built communities and introduced some interesting projects to Asia and Vietnam market during the boom of ICO and new cryptocurrency projects back in 2017.
Then I worked for Infinity Blockchain Labs and Asia Blockchain Review, we organized events around asia in collaboration with established projects. Now I am on board with Metaverse DNA to build a vibrant ecosystem. Metaverse is a global blockchain company with 3 offices: Toronto, Shanghai, and Ho Chi Minh City.
My name is Berman. short story I've joined in cryptocurrency from 2018. Now I am on board with Metaverse DNA to build a vibrant ecosystem in Indonesia.
Thank you for the introduction. Now let's move on to the first segment. Are you ready guys? If you finish the answer question you can say done 😁
Q1. Could you please introduce Metaverse DNA to our community in layman’s term? what is the background of this project? and when was it established?
Metaverse has been an established blockchain company since 2016, now the foundation team is developing the next step, which is DNA . A next generation protocol that is secure, scalable, decentralized and cross chain. DNA will unlock new possibilities in innovation areas like Digital Identity “ we called Metaverse Avatar ', High Speed transactions less than second, and business solutions for enterprises.
All completely integrated with a fast, full service Exchange, wallets and mobile solutions. We are building a full package of token solutions for enterprises, traders, investors and become part of this revolutionary step: Metaverse uses a second chain to achieve, we call : Dualchain Network Architecture (DNA)
Metaverse DNA is a blockchain project that provides a strong foundation for social and enterprise needs. Our goal is to construct a universe where digital assets and digital identities could communicate to each other without borders. We want to establish a new blockchain ecosystem that will transform human society and allow us to enter the New Reality.
Dualchain’, which runs parallel to the Metaverse blockchain using a delegated proof of stake (DPoS) consensus mechanism. This second chain is powered by DNA tokens, which are used to support and pay fees for the advanced decentralized applications such smart contracts and apps.
Q2. What is the name of the token that Metaverse DNA has? How much supply is available? And where will the token be allocated?
Our token name is $DNA
Total supply is 100.000.000.000 Token, you can find out more Here
25% for marketing, 25% for compensation of the technical team, 35% for market stabilization, 15% for bounty programs and community building. We are committed to releasing spending reports for community review/audit.
The token allocation can be reviewed on whitepaper
Q3. As far as I know, Metaverse DNA is accelerating Blockchain applications with the Lightning Network for people, so can you give us more details about the utility it brings?
Good question, let me try to explain briefly. The Lightning Network as it exists today allows for extremely fast transactions and significantly reduced fees. However, channels between the two transacting parties need to be pre-established in order for the payment routing to happen. As there is no clear incentive for transacting parties to create channels, the speed of adoption for the Lightning Network has been unsatisfactory.
In Dualchain architecture, channels amongst the 23 Super Nodes and the 529 Regular Nodes are already built due to the pre-existing delegating and staking processes. As long as both transacting parties have channels with any of the nodes, their transactions will be lightning fast and they pay only a fraction of the regular fee. On the other hand, many private chains claim to offer TPS in the millions and therefore a high degree of scalability, although they have just a few federated node operators. As a result, they lack adequate decentralization and therefore compromise on security and parity. The quest to strike a balance between these desirable traits has often driven new innovations in the blockchain space, such as the Lightning Network and Segwit in Bitcoin and the planned implementation of sharding on Ethereum. DNA will be the utility token for the parallel chain. Specifically, it will act as the token incentive for the lightning network between nodes. Along with the DPoS consensus, DNA will instill a three-layered governance system. Done
Q4. Currently, there are a lot of projects that just paint a picture of the ecosystem but actually have not many applications or have failed, what do you think and Metaverse DNA have applied them?
Good question, i take this. Many projects made significant technical advances in trying to build a flexible and robust framework for building blockchains. Example Polkadot, which has received a tremendous amount of hype in the last 3 years and defined itself as the Decentralized Web 3.0 Blockchain. They have taken risk and challenge in their promises and expectations
Metaverse DNA simplified many of these ambitions and technical challenges that Polkadot now face as they attempt to deliver on a multi-chain blockchain architecture. We thought deeply about wanting a more elegant solution of our blockchain. We define security, performance, interoperability, digital identity and oracles as the 5 components of the next generation blockchain. The DNA chain now paired with the Metaverse chain achieves these 5 components.
Q5. Finally, what will Metaverse DNA achieve before the end of this year?
We launched the mainnet last month on 5th August. It’s been running stable for about 2 million blocks and has some interesting features. Helix 1.0, it’s over 2000 times faster than Bitcoin, and can process over 10,000 transactions per second at 2 blocks per second that means you normally won’t have to wait more than half a second for your transactions to go through. That’s 20 times less than Bitcoin! ⚡️
We’ve all been suffering from the high transaction fees on the Ethereum network lately due to high demand, with the average transaction fee hitting 5$ today. DNA had more good news for us here: they’ve streamlined the transaction process to make it more than a million times cheaper than the Ethereum network is today. That is after all what we were promised all along, a blockchains that offer cheaper, faster, secure asset transfers.
DNA has also launched a fully functional wallet along with their Helix 1.0 blockchain. You can try the DNA Wallet at https://mvsdna.info/ it very user friendly, we were up and running and transferring DNA around in no time. Once you tried it, please send us your feedback on our official telegram @mvsdna or @DNAIndonesia.
SESSION 2 LIVE QUESTION
Q1 from @rizaldihen :
Everyone wants their assets to be safe, where can we store DNA? does DNA have a wallet?
You can create a personal wallet here : https://mvs.org/wallet.html we support many services such as android, IOS, desktop, etc.
We've listed in several markets, you can see it here https://coinmarketcap.com/currencies/metaverse-dualchain-network-architecture/markets/ & https://www.coingecko.com/id/koin_koin/metaverse-dualchain-network-architecture#markets and you can also use the market wallet listed here.
Q2 from @mrjuhn :
There are some common problems in crypto. Such as scalability, Interoperability, security and Privacy. How does DNA plan to resolve this problem?
Five main problems existing with current public chain addressed by DNA chain is trying to solve 5 main problems existing with current public chain.
DNA tries to solve it
1. Identity: DNA builds the Identity (Avatar) at the core of the DNA design. Indeed, self sovereign identity built at the core of a public chain is essential for wider use of public chain due to the needs to build reputation score for the identity, the needs of KYC/AML, the needs to having a token economy model based on the ownership of data and assets and the needs to protect privacy of users.
2. Security: Defensive in depth approach is needed in designing a public chain. 3. Reliable data source: In order to implement real world application using public chain.
4. Performance and scalability: Main limiting factors for scalability is the network bandwidth, computational power of participating nodes, and storage. DNA uses child chains to partition the network bandwidth, nodes, and storage.
5. Interoperability: Build a truly token bridge blockchain ecosystem
Q3 from @erven12 :
"MARKETING" is the GREATEST STRATEGY for a PROJECT SUCCESS, one of the marketing strategies is "BUILDING A STRONG and BIG COMMUNITY"
What are your Strategies in building a strong and big Community? What countries does your GREAT PROJECT focus or target right now?
Good question, I agree with you. For the success of the projects, not only we need to build the blockchain but also we need to build the community and ecosystem around DNA. Without our beloved community, we will not survive in long term. We continuously trying to expand our community in SEA. We planned to host some events in Indonesia but due to the virus, we have to postpone to a future date. Our strategies to build a strong community are to involve them in the governance and participate to important decision. DNA is a delegate proof of stake, it means when you are staking DNA you have the right to vote on important change of DNA development .
Q4 from @Nailduni :
Staking and DeFi are very popular in cryptospace... are there any idea to implement DeFi and staking program in the Ecosystem??
DNA is built for decentralized application and also for DeFi, our CEO will launch DeFi products on DNA chain upcoming months. We are working on smart wallet ( Roseon Wallet ) that you can stake your digital assets on different investment products similar as yield farming. The wallet will be connected to DeFi protocol such as Aave, Curve and liquidity pools.
Q5 from @merlinpury :
With Metaverse being open source for anyone to contribute to the code, is there any security in place if someone codes a hack into the code to steal or create more Metaverse like with what happened with bitcoin private?
DNA is build on hybrid consensus POS - POW, it makes very robust again attacks. Such attacks won't happen on DNA chain.
The POW algorithm has been battle-tested and has delivered impressive security to date. Various POS-based algorithms have seen varying degrees of security. DNA’s BaseChain, the Metaverse mainnet, uses a POW/POS hybrid consensus to maximize security. For the DNA Chain, an additional consensus algorithm such as DPOS can be employed to increase security, and permissioned nodes can be deployed if necessary.
SESSION 3 QUIZ ON DNA INDONESIA GROUP
Okay segment 2 ends and we will continue the last segment quiz at @DNAIndonesia
quiz is finished, please host continue the AMA
Alright, you are on fire guys 🔥. So i think most of the important questions have been already answered.
Lets end it it here 😃
Thanks again everyone to join us tonight 🥰
Thank you for spending your time with us today ❤️ it is really a fun session.😊
Thanks CryptoFun team to host the AMA with us
thank you everyone who has joined this AMA