Date : 27 May 2021
Host : HunterX & GemFlair
Guest: XP Network TEAM ( Nir Blumberger — CEO )
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with XP network, on 27 May at 16:00 UTC. So here we are up with the AMA transcript, for those who missed the live session, this post will be a saver & a feeder of knowledge for them.
INTRODUCTORY QUESTIONS — BY SPYKEFAST TEAM.
HunterX | Spykefast (@realsch1- twitter) — Q1. Kindly give brief introduction about yourself, Crypto experience and your role at #XP Network Project?
Nir Blumberger | Never PM for $ —
My name is Nir Blumberger, I am the founder and CEO of XP Network.
I first got involved in crypto in 2017 and had the pleasure to work with two great companies, Amazix & Firmo (later acquired by eToro).
I’ve held different executive positions on both through which i learned all the do’s and don’t of crypto. Later i became fascinated with NFTs and thus XP Network was born.
HunterX | Spykefast (@realsch1- twitter) — Are these crypto-related companies?.. Not sure.
Nir Blumberger | Never PM for $ — yes. Amazix has been initially focused on creating and managing communities (learned a lot from them).
Firmo was a derivatives on the blockchain initiative. as mentioned, got acquired by eToro
HunterX | Spykefast (@realsch1- twitter) — NFTs is really a new concept which is yet to play a bigger role in crypto industry. 😁
HunterX | Spykefast (@realsch1- twitter) — Q2. Let’s talk in detail about #XP Network project. What are the main features of the project? Which all blockchain does the project support?
Nir Blumberger | Never PM for $ — XP Network is the first blockchain-agnostic platform for creating NFT dApps. It is a Polkadot-based platform that allows users to design NFT dApps without the need to know how to code, deploy them on (or migrate them to) the blockchain of their choice. I would say the main features of XP are:
- XP utilizes Move VM — similar to Facebook’s upcoming Diem Blockchain which is a very robust and secure virtual machine which allows to create safer smart contracts.
- 2. It enables cross-chain communication for dApps developed via XP; thus, a dApp deployed on Ethereum could easily accept or transfer assets to Binance Smart Chain, Polygon or other supported chains.
- 3. No Code — This feature will reduce entry barriers by allowing anyone, even people without any technical background, to easily develop and deploy their own NFT dApps.
We plan to support all blockchains, but all in due time
HunterX | Spykefast (@realsch1- twitter) — Yes.. I read.. Plan is to support like 9 blockchains.
With Prime focus on Facebook’s Diem Blockchain
HunterX | Spykefast (@realsch1- twitter) — When we say.. Blockchain agnostic platform.. What do we want to specify with Agnostic?
Nir Blumberger | Never PM for $ — specifically that you can create an NFT dApp and deploy it on Ethereum. Or Polygon. Or Solana. Or all of them
HunterX | Spykefast (@realsch1- twitter) — Q3. What are the major utilities of holding the #XP token? How does team plan to enhance it value so as to attract users onboard
Nir Blumberger | Never PM for $ — good question :)
There’s a number of utilities for XPNET (that’s how we’re currently calling the token, might change in the future if we find something better)
First, as a Polkadot parathread, XP has its own set of validators. These validators process all network transactions as well as faciliate the cross-chain value transfer
in order to become a validator, having a stake is required (this a PoS network) non-technical people will also be able to join this through delegation. Simply select a validator and delegate your stake.
secondly, XPNET is the network gas. A function similar to that of ETH for Ethereum as part of that it is also required to transfer value in between networks through XP
HunterX | Spykefast (@realsch1- twitter) — Some Great utilities for the XP token. So much to offer in terms of value.
Nir Blumberger | Never PM for $ — lastly, it is also used for network governance
The way to create value for the token is a matter of economics. Supply vs Demand
We reduce supply by using a PoS system,
We increase demand by requiring XPNET for operations.
The more dApps on XP, the higher the number of transactions and thus the higher the demand.
HunterX | Spykefast (@realsch1- twitter) — Community can also give whitepaper a read, when you get time, to understand more.
HunterX | Spykefast (@realsch1- twitter) — Q4. How is #XP Network project different from other competitors?
Nir Blumberger | Never PM for $ — a good question as well.
i don’t think we currently have direct competitors
HunterX | Spykefast (@realsch1- twitter) — Well.. Even i wasn’t sure of it. Haven’t heard of any project so far.
Nir Blumberger | Never PM for $ — there are tons of NFT projects out there, but none are doing what we are
there’s some that have similarities (e.g use Move, No Code)
HunterX | Spykefast (@realsch1- twitter) — Maybe once the chat turns on, if some1 has any observation..
Nir Blumberger | Never PM for $ — which could technically be considered indirect competitors
to that i say that our main differentiation is our pure NFT focus
Gem Flair — Thats great to know that you have formulated a plan for both to reduce the supply and increasing the demand 🚀🚀
Nir Blumberger | Never PM for $ — while these aim to support a great number of products and services
we plan to aim at NFTs. this niche allows us to create surgical precision tools that will allow the creation of powerful NFT dApps, never before seen
HunterX | Spykefast (@realsch1- twitter) — Q5. What major events can we expect in the 2021 #XP Network Development Roadmap?
Nir Blumberger | Never PM for $ — this also allows us to spend all our resources on NFTs oriented operations, development and very importantly — marketing.
There’s going to be plenty of developments this year, including a functioning product.
we’ll be launching testnet initially and later the mainnet.
we plan to support a number of NFT dApps (and features) this year
Royalty support, Fractionalization wrapper, the ability to retain NFT rights on other blockchains, NFT insurance
NFT lending and borrowing and more
the aplication editor is also planned to be released this year (albeit in an alpha version)
HunterX | Spykefast (@realsch1- twitter) — When can we expect the public sale?
Nir Blumberger | Never PM for $ — probably a good question for Elon :)
seriously though, we estimate a public sale in June, if everything goes according to plan and the market doesn’t go too wild again.
HunterX | Spykefast (@realsch1- twitter) — Wish the team the best of market sentiments support as well..Coz we know other things are right in place.. 🚀🚀
LIVE AMA QUESTIONS.
LFC Boy — -What’s the story behind the rebrand from XPDiem to XP network? What’s necessitated it and what was improved on to benefit users?
With the recent increase in Ethereum gas prices, minting and transferring non-fungible tokens has become expensive for many retail users. How does XP network solve this for NFTs creator?
Nir Blumberger | Never PM for $ — we understood that XPDiem gave the impression that we are focused on Diem only which is absolutely not the case. Therefore we decided on the rebrand.
For Now — I just realized that XP Network is offering to projects and regular user to launch their NFTs on XP Network platform, so can you tell us which benefits or unique services do you offer than other launching project don’t?
Nir Blumberger | Never PM for $ — lots of things but the main ones i would say are the ability to deploy on any supported blockchain (including packaging for Diem) and the ability to create the dApps without the need to know how to code
Sun —XP Network Forged cIaims to be easy to use and build, but, how easy it actuaIIy is? What basic knowIedge in crypto and other fields would be needed to use XP Network properIy and efficiently? Regarding to this, ate your functions oriented more to beginners, or may resuIt attractive to experts as weII? Does the simpIicity compromise the diversity and exactitude of the possible soIutions?
Nir Blumberger | Never PM for $ — As all good things, features will be deployed gradually. this will certainly limit what can be done in the network, but for security reasons that’s good. Eventually we aim to please both novice and advanced users.
Alex Lenderp — Since it is a Polkadot-based platform, do you plan to participate in auctions and, if so, in what wave? Considering that with the growing popularity of this industry, the number of malicious people is also increasing — have you conducted any pentests?
Severus — We plan to start as a parathread and not a parachain, thus there’s no need to conduct an auction.
Once XP will become popular and the bandwidth used will increased significantly, then we will look towards getting our own parachain.
All our code is audited, however its worth mentioning that Move and Move VM are significantly more secure than solidity and EVM for example
Pondit — If I have a lot of tokens frozen, in what form will they be listed on the open exchange?
Severus — If your tokens are staked then you wouldn’t be able to trade them as that defeats the purpose (unless we integrate Stafi [which is on the table])
Ishika😍😍 — As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?
Nir Blumberger | Never PM for $ — Great question.
XP.network is a project for the communities of the different blockchains and also the new market of the project makers and entrepreneurs that want to raise funds and build their own NFT dApp. Even if the crypto market is in a bear-state, XP.network holds a strong part in it thanks to the fact that we save so much cost in R&D for new projects.
As for the team, most of us are based in a single location, Tel Aviv, Israel — we’re all vaccined and are keeping all health regulations to make sure the project is running smoothly.
Amina Peter — You have not mention your partners through out the ama. So can we know your partnerships including the potential ones, your investors and backers?
Nir Blumberger | Never PM for $ —
Current VCs I can share:
NGC
Exnetwork
Wings Capital
Blocksync
Magnus Capital
AU21
Jun Capital
Kosmos
TwinApex
Lunarstation
GD10
On top of that more than 20 others strategic and engagement partners
Current chain Integrations partners:
Elrond, Heco, Cardano. Next in the line are Solana, Avalanche, BSC and Neo.
Core chains support: Ethereum, Polkadot, Diem
Athlon — Your project enables cross-chain communication for dApps developed via XP; thus, a dApp deployed on Ethereum could easily accept or transfer assets to Binance Smart Chain, Polygon or other supported chains.
How do you plan to achieve this?
Nir Blumberger | Never PM for $ — validators will be connected to different chains, allowing them to receive and transmit transactions. because this is very resource demanding, validators will receive rewards accordingly. consensus is still required in order to preserve decentralization.
Na Na — We all almost are familiar with NFTs but we do not fully know the production process and post-period. Since we can mint NFT on XP Network, can you tell the overaII story of an NFT please? How do we mint, what is needed (their formats,videos,images ), how much do users pay, how Iong does it take, how does users move it to a market, create an auction, etc.?
Severus — an NFT is a first of all — data. What type of data, depends — it can be a song, a picture, a contract, a ticket to a show, an ownership deed.
That data can be stored in a token (e.g ERC20 / 721)
Minting is done on chain — the costs and duration depends on the blockchain (e.g and ERC20 NFT will take much longer and cost much more than a polygon one even at current rates)
Moving the token is done through the same mechanics as moving any crypto asset today. We hope this process will be simplified significantly in the future through breakthrough technologies such as the Dfinity Identity
Mamun — Please give us some details about your roadmap going forward, how do you plan to onboard users and gain more adoption?
Nir Blumberger | Never PM for $ — the main event this year is at Q4 where we launch the alpha version of the application editor which will include the support of multiple chains and popular NFT dApp use cases
Jeje — Since the blockchain is a living public document, you will not be keeping Personally Identifiable information on the blockchain but you will convert users data to a digital shadow which cannot be publicly traced back to the user. How will this data transformation process takes place within the protocol and how will you ensure that the initially collected data will eventually be discarded? Does XP Network have provision for data sovereignty which will provide the Option for users to control their data and decide on how it is used?
Severus — as you mentioned, we are not saving any personal data other than public keys.
the data can relatively easy be tracked on-chain back to the wallet (note — wallet, not user). thus there’s no risk of personal data misuse or theft.
Silver Spoon — If developers have an asset authorized with XP Network, they can access your records from anywhere. How are these asset authorization processes? is there any chance that a scam asset will be approved by the XP Network system? How do you handle that situation?
Severus — it’s important to understand that XP allows the creation of tools (e.g a dApp that creates NFTs or accepts NFTs).
these tools could potentially have malicious use, although we will do everything in our power to prevent the creation of such tools (this is also one of the reason we chose Move VM)
Sonom Jahan — Don’t you think old and new blockchain projects promise or offer the same things to users, customers, companies?
Nir Blumberger | Never PM for $ —
this applies in any aspect of life.
How many mobile service providers do you know?
How many supermarkets ? Dentists? Automobile manufactures?
Just because many companies target the same segment, it does not mean there isn’t enough market share for all.
that said — we’re relatively alone on the current target market.
some succeed more, some less. some fail.
We will succeed.
CLOSING REMARKS .
HunterX | Spykefast (Twitter ID — @realsch1) — We thanks @nirblumi @IAmSeverus for their time and being available here.
Nir Blumberger | Never PM for $ — Thanks to all of SpykeFast community and their great questions
Manish — Awesome session 🔥
Important Links
1)Website : https://xp.network/
2) Telegram : https://t.me/xp_network
3) Twitter : https://twitter.com/xpnetwork_
4) Spykefast TG : https://t.me/spykefastofficial
Contact Spykefast Group (TG Members — @realsch & @Gem_Flair) for promotions and AMA!!
