Recapitulation of CoinWeb PROJECT AMA event held at AMA LOVERS CLUB.
Date: Monday, 4th April, 2022
Time: 14:00 UTC
The CoinWeb PROJECT team was represented by @kvinger, @alexanderkjeldaas and @TGBkk who judiciously shared with us detailed knowledge and information about CoinWeb PROJECT.
1st Segment: INTRODUCTION
✨✨QUESTION1🩸: Can you please introduce yourself and your background, also introduce the team working on Coinweb?
👉ANS: I’m Toby Gilbert, CEO of Coinweb and I’m joined here by Alexander, Lead Architect and Knut Vinger, CTO.I’m Toby Gilbert, CEO of Coinweb and I’m joined here by Alexander, Lead Architect and Knut Vinger, CTO.
I attended UCL and went on to focus on the tech and telco spaces and have a proven track record of founding new start-ups, including having successfully invested in and exited three telecommunications companies operating in Europe, Africa and Asia, I invested in Coinweb in 2018 as well as co-founding and leading the Blockfort and OnRamp team in 2019.
Knut is a tech pioneer and early adopter of digital currencies and payment systems, Knut attended University of Oslo. His thesis on evolutionary hardware was published by NASA and the US Department of Defence. Knut developed one of the first online mobile slot machines and has worked extensively in telecommunications as CTO of Nouvel Air Group Inc. Knut is also a founder and an architect of the Blockfort and OnRamp platforms.
Alexander is an experienced technical architect with a particular focus on Artificial Intelligence, blockchain, and security. A graduate of the Norwegian University of Science and Technology with a MSc in Comp Sciences, he had a seven year tenure holding senior positions at Google and FAST. Alexander is also the founder of astor ai and Formal Privacy, developing a system for secure cloud computing using blockchain security proofs, and is the founder of Guardian Networks. Furthermore Alexander has contributed to the Bitcoin blockchain in the area of thread safety and was the first developer to implement encryption in the Linux kernel.
✨✨QUESTION2🩸: Can you introduce Coinweb, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
👉ANS: Coinweb unlocks the full potential of blockchains
Coinweb addresses fundamental problems with current blockchain technology. Coinweb aims to be the first general-purpose blockchain platform to deliver true interoperability for real world usage. To achieve this, we are actively approaching collaboration with traditional businesses.
The broader vision of blockchain technology promises to enable the creation of an infrastructure that can automate and optimize trust-based functions in society. This will catalyze a paradigm shift in how businesses, governments, institutions, and individuals interact and operate. This requires a technical foundation capable of supporting it. We have identified several key problems that persist, preventing a shift from taking place.
Decentralized applications must be able to access a larger part of the whole blockchain solution space and adapt as it develops, without losing important security properties from underlying platforms.
Smart Contract Limitations
Most blockchains use a sequential execution model, which severely limits their computation throughput. This leads to high gas fees and slow execution time. Smart-contracts are also limited when they are executed.
Custom programming languages and non-standard toolchains make it harder for developers to develop dApps.
Accessing and merging blockchain data across multiple chains is cumbersome, and introduces additional security dependencies.
✨✨QUESTION3🩸: Can you briefly tell us some key achievement of Coinweb since establishment and what is to come in the nearest future?
👉ANS: Coinweb built two 2 DeFi projects on the component working parts of the platform as proof of concept, which launched in Dec 2020 and now supports 140,000 active users who have purchased in excess of $100M USD worth of Coinweb issued stable tokens in the past year. Coinweb has now successfully connected to both Bitcoin derived chains and the Ethereum family of chains, with a whole host of chains to be added this year.
In the near future, we will be releasing the Coinweb wallet with fully integrated fiat rails and a cross-chain tokenisation platform with a basic Coinweb market place - planned for June of this year. Towards the end of the end of the year parallel execution of smart contracts and unifying the developer space. Q1 2023 mainnet!
The Coinweb protocol that we have developed is really the next stage of blockchain technology. It moves interoperability to the protocol layer, where it is as safe as the blockchains it connects. The Coinweb protocol also allows unlimited horizontal scaling and removes current computational bottlenecks.
✨✨QUESTION4🩸: Can you briefly describe your PARTNERSHIPS and BACKERS so far?
👉ANS: Originally we were privately funded by the founders and friends and family, the two DeFi projects are profitable and at the end of last year we were funded in a private sale round by the likes of Kucoin Labs, Morningstar, Shima Capital Skynet Trading, MM Ventures, Master Ventures, VLaunch, 360VC, Panda Capital, Contango Capital amongst others
Partnerships (outside of Blockfort and OnRamp - the 2 DeFi projects) Ive got to be slightly careful here as we haven’t released news yet. But will shortly be delivered!
✨✨Does this mean there was no public Sales?
👉 Yes - we ran an IDO on the VLaunch platform in late December of last year and are now listed on no less than 8 exchanges
Kucoin, Gate, Hoo, Bittrex, BitMart, Uniswap, MEXC, BKex
✨✨QUESTION5🩸: Can you give an overview of the Tokenomics and Utility of $CWEB tokens?
👉ANS: The CWEB token is a unique blockchain agnostic token that can live inside any blockchain. CWEB is the fuel that drives the Coinweb protocol which can unify all blockchains.
The utility of CWEB is:
Payment for gas fees in the Coinweb execution layer.
Payment for transaction fees in underlying chains so that users of interoperability functions do not have to keep balances in different L1 chains or wait for fee payments to confirm with transaction broadcasting brokers.
Provide liquidity and security to expedite cross-chain operations.
Pay brokers for data query proofs enabling light clients to prove state across different chains.
State changes at the Coinweb layer happen atomically with state changes on an underlying chain, and while Coinweb can see the L1 state, the reverse is not true (it is true when viewing L2 as a rollup, but there is still a delay). Mirroring L1 tokens at the L2 layer through staking is expected to be useful and this might require significant capital. The CWEB token is the apex token for such staking.
Payment of incubator fees for Coinweb incubated projects.:
2nd Segment: LIVE Questions
✨✨QUESTION1🩸: Hey 😄🙋♂
Kucoin Labs and Gate.Io labs are partners of Coinweb and both of these labs have Exchange.
So can we say that Coinweb token will be listed on Kucoin And Gate.io Exchange?
👉ANS: We’re already listed on both!
We can all know that Cross-chain Projects will definitely require a lot of Marketing. If so, can you share with us some of your marketing plans? And what sets you apart from other projects on the market?
👉ANS: Focused on building and shipping useful tech and partnership’ ing up with international companies in the first instance with millions of user = adoption.
✨✨QUESTION3🩸: According to rumors, during the research and development process, the CEO even sold his own house to maintain the development of the project. Is it true ? Can you share with you the biggest difficulties and milestones in the process of developing Coinweb and interesting things thing?
👉ANS: Hahaha, I didn’t sell my house but I def sold companies and drew working capital out of them to fund Coinweb. It was a hard painful decision at the time, which I couldn’t be more confident in today.
✨✨QUESTION4🩸: Kindly discuss how Coinweb provides an expanded solution space' and reduced platform risks for high dApps. Which technology does Coinweb utilize and how is the performance compared to other systems based on key interoperability and computation functionality.
👉ANS: Coinweb, for example the reactive contracts means you can listen in on what is happening at the layer 1 across lots of chains. So that makes Coinweb an ideal platform for, for example, interacting with tokens on multiple platforms.
For reduced platform risk, what we're typically referring to is the ability to choose which layer 1 you are dealing with.
Coinweb provides an expanded solution space and reduced platform risk by allowing dApps to use many different blockchains at the same time. Different blockchains are more suitable for some solutions than others. Coinweb allows dApp developers to combine these chains so that better dApps can be created. This also reduces platform risk because Dapps no longer have to rely on one specific blockchain or platform.
✨✨QUESTION5🩸: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? and How important is community to you? we know The SUCCESS of a project also depends on how big the COMMUNITY
👉ANS: Hi Irma, our community today is literally everything to us. By way of example, there was a big demand for staking in January that we listened and as a result announced our staking campaign last Friday to commence at the end of this month.
✨✨QUESTION6🩸: I am more interested in Coinweb's digital wallet. What unique technologies does The Coinweb digital wallet use, how to simplify the transfer of digital assets, and how to pay faster? When will the beta version be released?
👉ANS: It’s a good question. When purchasing tokens within the wallet, we can link them to Coinweb tokens making the transfer almost instant and low cost within our ecosystem. When you transfer those tokens out the Coinweb tokens convert to the native token that was purchased. Aiming for a June release (Knut / Alexander…did you hear that??? I said JUNE!!!)
✨✨QUESTION7🩸: Q1.Consistency stability & delay, Computational requirements, and System fragility are some of the three critical Consensus scalability challenges which often render most system infeasible as the consensus scales into something broader and more complex.
Q2. Just recently, Coinweb launched Ethereum Integration to unify world’s biggest blockchains. How excited are you about this integration and how does this integration be of benefit to Coinweb and its ecosystem in general?
👉ANS: Coinweb transactions have full consistency between coinweb layer 2's on different blockchains. The trick we use which is unique is that we're aligning the chains so that after $n$ delay on one chain, the security, i.e. the probability of reorganization, is assumed to be smaller than reorganization of the chain it is merging into.
This property has not been utilized by other interoperability systems. We then build faster probabilistic dapps on top of that where some risk still exists, but the risks are settled at some later time.
For the second question, integrating with Ethereum is of course important because the sheer amount of information to tap into using reactive smart contract is enormous in the whole Ethereum eco-system.
✨✨QUESTION8🩸: You Have Said that COINWEB is Looking Forward to Closing the Gap between blockchain and the TRADITIONAL WORLD , But Bridging this GAP Is not Very Easy , So Can I know What Strategy You have Planned to Fill this Gap ?
👉ANS: We are in the process of building a cross-chain e-wallet and customised tokens for one of the top 5 car manufacturers in the world. It is those sorts of partnerships that enable the platform to drive adoption.
✨✨QUESTION9🩸: The Coinweb wallet is said to be able to verify Coinweb data on its own, what's the implication of this feature and how does it do it? Can you tell us more about your digital wallet and how it differs from others?
👉ANS: Because the Coinweb wallet is able to verify Coinweb data on its own, many of the constraints and weaknesses found on other interoperability projects are resolved. You can say that the Coinweb wallet is a more active participant in the protocol compared to many other digital wallets.
✨✨QUESTION10🩸: Which block chain should coinweb integrate next to enable them accomplish their proposed goal of closing the gap between block chain and the traditional world or would only BTC and ETH suffice?
👉ANS: We're integrating more blockchains. We do need to have certain assurance that the blockchains have availability so our validation system, refereed delegation of computation, has the "leaf data" to power the proofs. Thus each chain needs to have a decent community, but it doesn't need to have the economic security of ethereum to be eligible as we're using a security/age tradeoff to let those less secure chains integrate with higher delay.
✨✨QUESTION11🩸: There are other projects like Coinweb that are also trying to fix blockchain’s biggest problems. But can you tell us in what parameters that Coinweb is different from others trying to solve blockchain's biggest problems? What makes Coinweb unique?
👉ANS: Some would classify Coinweb as both layer 0 and layer 2 at the same time. We are tackling scalability (layer 2). and interoperability (layer 0) in the same system.
I also think the way we are integrating the rdoc verification system into clients, freeing us from requiring state-transitions and state roots to be under consensus is radical.
✨✨QUESTION12🩸: The Coinweb wallet is said to be able to verify Coinweb data on its own, what's the implication of this feature and how does it do it? Can you tell us more about your digital wallet and how it differs from others?
👉ANS: Coinweb uses refereed delegation of computation which is built on top of merkle proofs that most layer 1 chains use.
rdoc can be seen as this: Consider everything that happens in a blockchain to be one large computation. Now ask N people what the state of the blockchain is. If there are more than 1 answer, ask them what the state of the blockchain was when it was half as long. Continue this process until you find a single state change where the people disagree, and then you execute that on the client side.
This is slightly more complex than the original bitcoin SPV proof system, but it gives the ability to scale infinitely because any computation, no matter how complex, can be refereed in log n steps. This also frees the miners from computing all of this state.
This rdoc system is put into the wallet and other light clients going forward. You can check our roadmap for when this is done.
✨✨QUESTION13🩸: You Have Said that COINWEB is Looking Forward to Closing the Gap between blockchain and the TRADITIONAL WORLD , But Bridging this GAP Is not Very Easy , So Can I know What Strategy You have Planned to Fill this Gap ?
👉ANS: We are attacking this from several angles. From the technical side, we are providing a unique way form traditional businesses to reduce their platform risk by allowing access to multiple blockchains and new blockchains as they become popular or in other way useful. From the business side we have an aggressive go-to-market strategy, where we work with large companies to develop specific solutions for them.
Let's delve a bit into how actions are executed on Coinweb. Talking about shards, what exactly happens when a new block on a shard's underlying blockchain is found? In addition, how does CWEB serve as an anti-spam mechanism?
👉ANS: The layer 1 token, whether ETH or BTC already acts as an anti-spam mechanism, that's one of their main purposes. However, as the bandwidth of layer 1s improve, spam protection of computational resources are also needed, and CWEB provides that.
When a block is found on, say Bitcoin Cash, the block is parsed for coinweb transactions. These transactions are then executed deterministically at the Coinweb execution layer.
The input to the Coinweb execution layer additionally includes jump transactions coming from neighborhood blockchains, delayed by a certain time so that the probability of reorganization of the neighborhood chain is smaller than reorganization of the shard's chain.
However, this only affects usability. No matter what reorganizations happen on the main shard or neighbors, all transactions are consistent as the Coinweb execution layer will reorganize/recompute state if a reorganization of a neighbor blockchain is deep enough to "reach through" the delay graph.
✨✨QUESTION15🩸: Dose Coinweb have any security issue on their platform? Have you done your security audit? Can I feel safe with Coinweb platform?
👉ANS: A big difference between Coinweb and other cross chain projects is that Coinweb operates under the consensus of the underlying chains. It is protocol level interoperability which gives optimal security properties. Unlike other systems which require 51% or 2/3 majority of honest nodes, Coinweb require only 1 honest node.
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