Recapitulation of DeSpaceDefi PROJECT AMA event held at AMA LOVERS CLUB.
Date: Monday, 6th September, 2021
Time: 14:00 UTC
The DeSpaceDefi PROJECT team was represented by @DeSpace_CMO who judiciously shared with us detailed knowledge and information about DeSpaceDefi PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on DeSpace Protocol?
ANS: Sure, Hello Everyone!!
I'm Micky Irons the CMO and Director of DeSpace Ecosystems.
Our team is very well distributed around the globe which makes working to together very exciting as we're all have different cultures.
Q2: How big is the DeSpace team?
Is the entire team doxxed?
ANS: Hello so there's four directors, a huge team of developers, designers and community managers, we even have our own legal team.
None of our team are anonymous,
We are all completely team.
Q3: Can you introduce DeSpace Protocol, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Of course!!! DeSpace will be the most advanced decentralized finance (defi) and NFT navigation platform ever developed. It will solve the problem users currently experience with accessing and using multiple decentralized exchanges and other defi solutions by giving users a single interface from which to use multiple defi and NFT platforms. DeSpace is powered by DeChain which is a layer 2 blockchain solution compatible with multiple layer blockchain solutions powering the defi and NFT ecosystems.
Q4: What competitive advantage does DeSpace have over existing projects that looks into the same problem?
ANS: This is the best question for me because there's just so much!
I think I'll share over competitive analysis sheet.
Please all have a good look at the features related to Despace.
Then join here for more exciting news especially our upcoming competition for cash prizes 🔥
Q5: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Sure, Micky Irons:
Sure, DeSpace Protocol is a multichain DeFi and NFT solutions platform that is tasked with the following product lines:
1. NFT PAD: The NFT pad is made up of:
- an Auction Pad
- a lottery pad
- an NFT Split Exchange
- and an NFT Staking Pad.
2. DeFi & NFT Aggregator: the Agregator comprises of DEX, Lending, Staking and Yield Aggregator; and also a fully functional NFT aggregator
3. Native DeFi Solution: DEX (DeSwap) this is a multichain Dex powered by Dechain; Lending Protocol (DeLend) and Staking Protocol (DeStake)
4. DeChain Blockchain: this is a multichain Layer2 blockchain solution powering DeSpace Protocol.
Our first product will hopefully launch by this months end with certainly more to follow next month.
2nd Segment: LIVE Questions
Q1: Regarding marketing, what plans, ideas and next steps does Sukhavat have to attract investors and users? Do you intend to leverage the popularity of social media to make your Project even more popular?
ANS: Okay so I have an exciting new avenue I'll be exploring for marketing here at DeSapce, something that's never been done before.
Please join our community and be apart of the DeSpace adventure.
Q2: Can you please describe a little about your unique unique blockchain algorithm "Decentralized proof of transaction" and "Decentralized proof of stake (DPoTS)"? And how they are better?
ANS: The Algorithm of DeChain is the Decentralized Proof of Transaction and Proof of Stake (DPTS). DeSpace chose a dual algorithm for adding blocks to DeChain Protocol because as an interoperable layer two blockchain solution, it is important to ensure maximum blockchain security to guide against any form of maliciousness.
The concept of Decentralized Proof of Transaction (PoT), is designed to ensure the maximum participation of blockchain users and enthusiasts, while they get rewarded for executing basic blockchain action, such as sending out a transaction, reporting a malicious attacker, making DIP, voting for a DIP, rejecting a DIP, transacting with all supported layer one Blockchains through DeChain Blockchain.
The concept of Proof of Stake in the DeChain protocol is to allow a person to mine or validate block transactions according to how many coins the miner or user holds. The PoS algorithm is a secondary algorithm layer on top of the primary algorithm layer – Proof of Transaction (PoT) layer, with the sole aim of ensuring that only valid PoT blocks are added into the blockchain.
This aspect of DeChain’s algorithm is to help reduce the potential of a single miner or user attacking the network for undeserved gains, just like in a proof of stake algorithm, the transaction data which is the amalgam of all networks per time is fitted into a block with a set minimum capacity per block forged.
DeChain PoS nodes are the management organ of the DeChain blockchain which helps to verify and validate the transactions (forged through Proof of Transaction – PoT) that take place in every block.
To carry out this block validation process, the nodes would need to solve a computational puzzle and thus add every PoT block into the blockchain. The first node to decrypt each PoT block transaction problem gets rewarded with a DES coin. Once a block of transactions has been verified and validated by the nodes, it is added to the blockchain.
Q3: the majority of DeFi projects see traditional finance as a problem and, that is why, they only focus on developing and implementing DeFi, but if really DeSpace focuses on allowing users to interact with traditional assets and digital, does that mean you think both are necessary ?
ANS: Of course, both are just as important as each other.
That's a very good question.
Q4: Do you agree with me that the DeSpace platform will have no purpose without users and it is your job to reach far and wide both within the crypto space and outside? If you agree with this, then how do you intend to make DeSpace reach far and wide within the crypto space and how will you attract more community members?
ANS: Yes I fully agree, we intend to have the world's best NFT artists on our platform and also the most users in this space.
With our platform having all the major features, users will need to look no further.:
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