Crypto Society Ama Recap with XP Network, 11th September 2021
XP allows users to build and deploy NFT DApps on any of the 10+ supported blockchains, including Facebook’s upcoming Diem. Switch between chains easily or deploy on multiple chains. No coding skills needed
Nir Blumberger |XP Network CEO
Hello, everyone
Bilo | Crypto Society
@nirblumi @DimabXP welcome
Dima Brook |XP Network CTO
Hi, folks! Glad to be here
Bilo | Crypto Society
It’s our pleasure to have you with us today. I would like to welcome you here on behalf of our entire community.
Could we begin with a brief history of yourself and your team, and your roles at XP Network and what you were doing before XP Network?
Nir Blumberger |XP Network CEO
I’m in the world of crypto since 2017. I started in AmaZix managing several crypto projects. Later I worked with Firmo Network, the one that developed a unique tech for derivatives on blockchain and was later acquired by eToro.
Bilo | Crypto Society
Nice — thanks for that 🙂
Can you tell us about why you thought XP Network needed to be built and what problem it solves?
Nir Blumberger |XP Network CEO
Dima is a C/C++ dev with more than 18 years of experience in developing and management. Because of his experience I’ve offered him to lead our dev team as a CTO.
Bilo | Crypto Society
Awesome — Thanks 🙂
Nir Blumberger |XP Network CEO
We were inspired by a Tel-Aviv based no-code website development tool built by Wix. It gave a chance to people who could not afford paying for a quality website otherwise. Some of their users have grown into multimillion corporations. we’re building a no-code platform for building NFT dApps and link them to numerous blockchains with our first of the kind NFT Multibridge. You can test its demo here: https://bridge.xp.network
XP.network Cross-Chain NFT Bridge
Seamlessly move assets between chains | The first multichain NFT bridge to connect all major Blockchains into one ecosystem
Bilo | Crypto Society
Nice — will definitely take a look at that.
How did XP Network start?
Nir Blumberger |XP Network CEO
Like I wrote above, we were inspired by Wix. Actually, there was another thing that inspired us as well….
It was Facebook’s Diem with its inclusive policy attempting to bring crypto to the poor countries in Africa, for example
Bilo | Crypto Society
That is a very noble and worthy cause — Congratulations
Nir Blumberger |XP Network CEO
Unfortunately, Diem is not yet live, but we have found that their team has developed a very safe and robust smart contract language Move. we’re now using this language in your chain.
Bilo | Crypto Society
How would you describe XP Network if you were talking to someone unfamiliar with digital assets?
Nir Blumberger |XP Network CEO
We’re building a constructor that can be used to build many kinds of applications from its building blocks. It is very simple and intuitive.
Bilo | Crypto Society
Thanks
Why did you choose to build on Solana?
Nir Blumberger |XP Network CEO
we’re working on integrating Solana in our ecosystem by means of our Multibridge because it is a popular blockchain with numerous users who, we hope, will be interested to use our platform and our Multibridge to transfer their NFTs to and from Solana.
The more integration the more freedom and trade there will be. We believe, it is mutually beneficial for all the sides.
Bilo | Crypto Society
With an explosion in the NFT market and increasing awareness of the NFT space, there are many use cases yet to be explored and tried. Yours is unique as you have essentially built a platform that enables NFT’s to be migrated across multiple chains. Why is that important and why is it necessary?
Nir Blumberger |XP Network CEO
Imagine you have an asset that can only be used or traded in a very limited environment… how many people would like to invest into it? Now think of something that can be easily converted to other assets… a very different picture, right?
Bilo | Crypto Society
yes, for sure😍
Nir Blumberger |XP Network CEO
We’re making NFTs transferable and more liquid in terms of being transformed into something else.
Bilo | Crypto Society
Suppose someone purchased an NFT on the ERC20 network, what reasons would one want to have that NFT on a different chain?
So, following up on the following example, Once an ERC20 NFT is migrated to another chain, it can be sold. What’s the process? Does there have to be a marketplace dapp for this type of transaction?
Nir Blumberger |XP Network CEO
A limited environment has a limited number of potential buyers… we’re trying to widen that group… including the buyers from ESDT or BEP-20, BEP-721 worlds
Bilo | Crypto Society
So, following up on the previous example, Once an ERC20 NFT is migrated to another chain, it can be sold. What’s the process? Does there have to be a marketplace dapp for this type of transaction?
Dima Brook |XP Network CTO
Using our NFT Multibridge you need no other tools to transfer NFTs across chains and standards.
You specify the target chain and the target account and sign the transaction on your home blockchain.
Bilo | Crypto Society
Nice and simple then. My favourite kind😋
Dima Brook |XP Network CTO
The smart contract or a Rust pallet (depending on what chain you’re sending from) locks your tokens and emits an event about it.
The bridge relay validators listen to the events of all the bridged chains via the nodes of those chains.
Dima Brook |XP Network CTO
Once the validators catch such an event, they sign the relay transaction with their private key of the target blockchain.
The smart contract or a pallet of the target chain collects such signatures up to the BFT threshold (about 67–68%) under the control of the blockchain validators — which is very safe
Once the multi-signature is ready the wrapped tokens are released to the designated account on the target chain.
Bilo | Crypto Society
Thanks for the explanation — That was very clear
I read that anyone, even people like me that can’t code if their life depended on it, can build their own d’App using your platform. That is really exciting. Kindly tell us how that works and give us a real-life example of how that could be useful for someone looking to monetize their own art or other types of NFT’s
Dima Brook |XP Network CTO
Anyone who can read and write and knows how to use drag and drop can use our platform. If you are a photographer an artist or another kind of content creators you can build your custom boutique marketplace where NFTs will be sold with royalties to the author, a personal NFT exhibition, you can sell the admission tickets to the exhibition as NFTs that people can burn by attending the exhibition or keep and resell later.
As a creator you can protect your works with the NFT hash instead of a signature, something that is quick to validate for anyone via the blockchain explorer search field.
Bilo | Crypto Society
That is very cool. Very nice use case!
Dima Brook |XP Network CTO
There are NFT use-cases that do not require monetizing, like diplomas or certificates, patents, and licenses.
Universities and colleges, ministries and governments can mint NFTs that people can validate themselves… no need to wait on the lines
Bilo | Crypto Society
What is the XP Network token used for? Can you describe the Tokenomics?
Dima Brook |XP Network CTO
XPNET has 5 main use-cases
1. PoS validation
XPNET must be locked (staked) to qualify for a validator role.
2. Transaction fees
All transaction fees on the XP Network Para thread are paid with XPNET.
3. Staking as a nominator
XPNET can be delegated to validators for a share of the transaction fee reward
4. Cross-chain value transfer fees
XPNET is needed to move assets between chains via the Multibridge.
5. Governance
XPNET can be used to vote on how XP Network will develop (to be introduced gradually).
Bilo | Crypto Society
Are there any incentives to holding the XP Network token?
Dima Brook |XP Network CTO
Potentially, we’re considering deflation and burning, but it has not been decided yet. Apart from that, we expect that the quantity of our users will grow and thus the demand for the token since all the transactions will be in XPNETs… with a stable supply and growing demand the price grows… so buying early and selling later makes perfect sense
As you can see from the token use-cases holding and staking a token can bring you more tokens if you run a validator node or appoint a pool of validators you back with your stake.
Being a token holder will give you a chance to vote and participate in the decision-making process. The more tokens you lock and for the longer time, the more votes you get in return.
Bilo | Crypto Society
When is your public sale?
Dima Brook |XP Network CTO
Our IDO is on September 14th on BSCPAD & OCCAM Razor
Bilo | Crypto Society
Can you briefly describe how your governance process works?
Dima Brook |XP Network CTO
Initiative ecosystem members can stake their tokens and propose a change in the blockchain, such as the level of transaction fees, the governance system or integration with another blockchain via the multi-bridge. After several epochs the referendum begins.
The token holders stake their tokens and receive votes in return.
The number of votes they receive depends on the number of locked tokens as well as the period they are locked for.
The BFT majority of the votes is the decision of the ecosystem.
After the locking periods are over the users get the tokens back to their accounts.
The period enables users with fewer tokens to still have a say. Otherwise, only the richest would solve the fate of the chain.
Bilo | Crypto Society
I have heard many definitions for DEFI. Do you consider XP Network to be DEFI and why?
Dima Brook |XP Network CTO
Well, at the moment we’re pretty centralized since the decisions are still made by the team, but after a while, when the above-described governance is introduced (I believe it will happen the next year) we will become a true DEFI
Bilo | Crypto Society, [11 Sep 2021 at 19:59:02]:
Thanks — Looking forward to seeing all this happen
Going through your website, I was very impressed with the list of partners that have backed and funded your project. Aside from the early on financial support, can you share with us what value they add to XP Network and why that matters?
Nir Blumberger |XP Network CEO
Our partners include funds that supported early major chains — XP has amazing networking allowing us to build the ecosystem and materialize our work fast.
Our partners hold significant knowledge and experience about the market dos and don’ts — XP path is educated from previous success and failures — building with experience.
Bilo | Crypto Society
what do you look for in strategic partners?
Nir Blumberger |XP Network CEO
Funding partners are filled — so the definition for strategic partners has changed, it’s now about projects and chains.
We’re looking and interacting with projects that focus on the NFTs — connecting to XP bridge tech allows any NFT project minting NFTs to become multichain instantly. Building those partnerships along with the chains is the flat ecosystem we work for.
Bilo | Crypto Society
Is there any exclusive breaking news about XP Network that you could share with us here today?
Nir Blumberger |XP Network CEO
Many, but I have to hold on a bit more before I’m able to release details about coming partnerships, technology, and plans.
Right now, the focus is the launch on September 14th — new announcements, times, listings, and more are shared tomorrow and Monday on our community @xp_network
Bilo | Crypto Society
Do you wish to let us know anything else that was not covered in the questions above?
Nir Blumberger |XP Network CEO
Some indication to what’s coming on our new website https://xp.network
Tearing down walls between blockchains
Out-of-the-box multichain support for minted NFTs: connect to XP.network bridge to move NFTs and funds seamlessly across 10+ blockchains.
Crypto Society
How many killer features of Your project that makes it ahead of its competitors Could you tell us 1–3 features the Project?
Dima Brook |XP Network CTO
1.The first NFT Multibridge 2. Move smart contract language — the safest in the industry, 3. No-code platform for building NFT dApps for multiple use-cases
Crypto Society
Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?
Dima Brook |XP Network CTO
We’re here to stay. We’re only beginning. Our plan is to grow as big as Facebook or Google. Stay and grow with us.
Crypto Society
Do you have any Coin Burn / Buyback systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?
Dima Brook |XP Network CTO
Like I wrote above, we do have such plans, but we have not taken the final decision yet. Maybe, once the governance is introduced the community will make its choice.
Crypto Society
What strategy will you implement to bring non-crypto natives into your ecosystem? How do you keep a balance between developing the technology and improving the value of your token?
Dima Brook |XP Network CTO
We have chosen to build a no-code platform to attract millions of new users to our blockchain and the growing demand for XPNETs will increase its value.
Crypto Society
What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
Dima Brook |XP Network CTO
Our ambition is to attract millions of users to building their NFT daps and using NFTs in their everyday life. We’re building the Multibridge to make those NFTs accessible in most or even all of the chains bringing value to their ecosystems as well. We hope that NFTs will help people vote for the governments and protect their ownership rights with NFTs.
Crypto Society
What is the role of token in the ecosystem? Where can people currently buy it? What would be its used??
Dima Brook |XP Network CTO
The token can be used as a payment for all the transaction on the chain and in the Multibridge. Validators and nominators can earn a part of the transaction fees by staking their tokens and signing the transactions for the blockchain. Once governance is introduced the tokens will be used for voting.
Nir Blumberger |XP Network CEO
Thanks for having us!
We’re grateful to the admins for a great AMA!
Dima Brook |XP Network CTO
Thank you for your profound questions! It a pleasure to be with you!
Relevant Links
⚜️ XP Network Website: https://xp.network/
⚜️ XP Network Telegram: https://t.me/xp_network
⚜️ XP Network Twitter: https://twitter.com/xpnetwork_
⚜️ Crypto Society Chat: https://t.me/cryptosocietyy
⚜️Crypto Society Announcements: https://t.me/CryptoSocietyyy ⚜️CryptoSociety Twitter: https://twitter.com/cryptosocietytg
