Recapitulation of RAZE NETWORK PROJECT AMA event held at AMA LOVERS CLUB.
Date: Thursday, 25th February, 2021
Time: 10:00 UTC
The RAZE NETWORK PROJECT team was represented by @Taylorzczc and @JustinK2 who judiciously shared with us detailed knowledge and information about RAZE NETWORK PROJECT.
1st Segment: INTRODUCTION
Q1. Can you please give an introduction of yourself and your background?
ANS: Sure. So I am Justin Kellison. I have been a contributor in the crypto industry for around 4 years now, and have worked with a few multi-million dollar DeFi projects. I have mostly worked on the marketing front and created exposure and content for the projects that I managed.
My focus here will be on growing and strengthening the RAZE community, and create ELI5 content for them. The one most asked for.
As RAZE is focusing on preserving privacy of the individuals, the RAZE team is also anonymous. This sends a good message as people should trust the code and not the face behind the project. Code is the Law, the only thing an investor/user must trust on.
Q2. Can you please give a brief overview of RAZE Network to our community?
ANS: So Raze Network is a second-layer protocol that will provide cross-chain payment privacy for the entire DeFi stack of the Polkadot ecosystem. Since the Zether framework we use was designed to support the Ethereum account model, the Raze contract will support both tokens issued in the Polkadot ecosystem such as DOT & Kusama as well as ERC-20 cross-chain private payment.
Through our RAZEVM integration, we will be able to connect to any DeFi or Web 3.0 product, and then mint privacy tokens in 1:1 ratio. By using zero-knowledge algorithms, the identities of involved parties, balance and transaction amount will be hidden, thus protecting privacy to the fullest extend.
2nd Segment Selected Twitter Questions
Q1. Could you please tell us about the Raze Network team, its background and take us through the early days of creating Raze Network ? What is the reason you are implementing the project?
ANS: As already told above, our team is anonymous. You might have already heard of the recent news of many CEX delisting the privacy coins from their exchange, or facing legal issues for supporting them in the first place. Our team being anonymous will not attract any such legal issues for individuals, and they will be able to work without any fear.
Plus it also sends a strong message to trust the code, rather than the person who is building the protocol.
We believe privacy is a fundamental right, and everyone should have their control over it. Selling of your personal data to large companies (without your permission) will no longer work, and we are seeing great steps being taken worldwide towards achieving this goal.
To learn more about why Privacy is important, please do go through our recent article:
Q2. Can you expand our knowledge about Your Roadmap this year and the future and any Updates on your Research and development progress?
ANS: Let me also share a picture covering our Roadmap.
As you might have already noticed, we are currently at the very early stage of our project.
We have already released our docs, and upnext is our Whitepaper release.
We will also open-source our modules code, and will work on cross-chain bridges to give our users more opportunities and liquidity.
Q3 is when we are expecting the release of our product, and we will integrate with various DeFi protocols, both on Polkadot and Ethereum, to use their services in a completely anonymised manner.
Q3. Do you create any tokenburn roadmaps for increasing the token value for customer benefits?
ANS: Yes token burn is something which is in our roadmap.
RAZE token is deflationary. A certain percentage of transaction fees will be burned forever.
We will also have governance features live so that the community will be able to create any proposal, and vote and participate in any change they would like to see.
Do read more about RAZE token use cases here : https://docs.raze.network/getting-started/token-economics.
Q4. Raze Network's aim is to provide confidentiality for users while also maintaining auditable transparency across blockchains. This to me seem difficult to achieve. How do you intend to achieve this?
ANS: We will be using Zether framework/algorithms to achieve this. It will have three technical modules: mint, transfer and redeem. The mint module will convert a base token into its anonymized version, while the redeem module will convert the anonymized token back to its native form. The transfer module is the one that enables the anonymous transfer of the anonymized token. This process will conceal the transaction amount and guarantee the anonymity for both the sender and receiver.
These modules will hide the identities of involved parties, and encrypt the balance and transaction amount, thus making it hidden too.
The identities of involved parties will be hidden through the "one-out-of-many" proof algorithm.
Do give a read to our technical architecture to understand how it works: https://docs.raze.network/getting-started/technical-architecture.
Q5. Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?
ANS: Yes we do understand how great the community support can be. We do have some great plans to grow our community, and to educate them about RAZE through various activities and events.
In upcoming months, we are planning to have Weekly/Bi-Weekly events and campaigns.
Various contests will be live for the community to participate, ranging from educational ones like Infrographics, articles, videos, twitter threads etc, to creative and fun ones like memes and stickers.
We will also continue to do AMA’s, to promote our project and answer as many community questions as we can, and you will see more educational content from us as we move forward.
We are just getting started!!
3nd Segment: LIVE Questions
Q1: Why should We trust you?? Give us proper reason??
ANS: I like this one. Exactly.
No one should trust anyone until proof is presented. Our team does not exepct anyone to bindly trust us. In tech world. You need to see the codes and the underlying technology.
I think gradually the evidence will emerge and then people can do due diligence and decide accordingly.
Q2: How can I be a #RAZE NETWORK ambassador?
ANS: This is something we will open for community very soon.
Apply for a particular front, Contribute, and be rewarded.
Follow our announcement channel and stay tuned for any update on this:
Soon to be out!
Q3: Raze is a very complete project, but I would like to know what it can offer in terms of interoperability, and scalability. Also, do you have smart contracts resistant against hackers?
ANS: This is really a big question.
So right now interoperability and scalability really depend on the ecosystem and network you choose. For us we decide to go with Polkadot and DeFi. I think it is pretty obvious why.
In 2020, Polkadot experienced the biggest upsurge in developer activity at +44% compared to any other platform via a report by Outlier Ventures and DeFi is exploding.
Btw, we have applied for the Web3 grant and things are looking good right now.
Q4: @JustinK2, What types of industry and user base is the target of Raze? Are you planning collaborations with local developers in each country in order to globalize the token?
ANS: DeFi users mainly. It is a part of our product design to allow privacy for decentralized finance.
For the second question, I think blockchain and Defi space is very global and water-like. However, we definitely do not mind collaborating with global devs.
Q5: Can you list some major advantages of RAZE NETWORK that you guies hoping that this facilities can attract people to invest in RAZE NETWORK?
ANS: I think Justin made it clear that we are still at the early stage, so just plainly saying how good we are still not very convincing. But we do believe we are on a right journey. Centralized players have every right to stay in this space but we do think we can provide excellent services for those who are very privacy-oriented.
Q6: Do you have any plans to work with other privacy-focused initiatives in the ecosystem like SpiderDAO VPN?
ANS: Yes, we do have plans to work with multiple projects in the future. I think collaboration is of great importance in this sapce. Smart people are always creating and we need to keep up with them and learn from each other.
Q7: Raze Network uses a "Secret DeFi Bridge" which users can use to hide their history trading and it is compatible with Uniswap, AAVE, Compound, among others, what are the steps for the users have this feature? Is it necessary to be a Raze contributor or is this an independent feature that can be used by anyone?
ANS: One these DeFi protocols are integrated with RAZEVM, the users will be able to mint privacy tokens in 1:1 ratio through our mint module.
Once minted, users will be able to use these DeFi services (trading, borrowing, lending, yield farming etc) in a truly anonymised manner and will be able to hide all transactions, balances and parties involved.
This will be possible with Zether algorithms and "one-out-of-many" proof algorithms.
Users will also be then able to redeem these tokens back to their original form using the "Redeem" module.
Q8: A global project alwas gain much attraction from the people. Can you tell me is RAZE NETWORK is a global project or it’s a local project?
ANS: Thanks for the question. Raze Network is a global proejct for sure. Privacy does not see geographic location.
Q9: One of the characteristics of the Raze token is that a certain percentage of the transaction fees is burned. With this, the circulating supply could reach zero? If yes, how long is this expected to happen?
ANS: Circulating supply will reduce, but will never come to zero.
We have a release structure in place, and once our governance voting is live the community will be able to make changes in these segments.
Q10: It is important to know what type of audience is your priority, is your project aimed more at those individuals, investment companies, among others?
ANS: We dont really differntiate that much. We believe privacy is something every human being need inately and people are becoming more and more aware of this concept day by day.
On the top of my head. Crypto whales are very eager to have decent privacy services.
Q11: Do you have any plans to work with other privacy-focused initiatives in the ecosystem like SpiderDAO VPN?
ANS: Yes i am already in touch with some good people who works to bring the privacy-projects together.
Their sole objective is to grow the emerging privacy-friendly world, and contribute in any way they can.
Privacy is a fundamental right, and must be taken seriously.
You will soon be many privacy-projects joining hands/working together to achieve this goal.
Q12: How does privacy being important in Raze Network? Can you tell us your insight how do you look at privacy being essential for anyone? Thank you.
ANS: I like that you are discussing the concept of Privacy. We just posted a medium article on this subject. Hope you can enjoy it
In my opinion, The underlying logic of Raze Network is to mint private tokens from base tokens on the contract at a minting value ratio of 1:1. zkSNARKs are key to maintaining anonymity.
Q13: What problems will the Raze Network aim to focus on to increase capacity and solve?
What role will the Raze Token utility play in the Raze Network ecosystem?
ANS: The objective of Raze Network is to enable cross-chain privacy-preserving payment and DeFi systems, while protecting the transparency of your assets and behaviors from surveillance.
Just connect to any DeFi protocol, mint private tokens, and use their services in a completely anonymised manner. Once done, redeem it back if you want.
And for the token utility, please check this: https://docs.raze.network/getting-started/token-economics.
Q14: One of the characteristics of the Raze token is that a certain percentage of the transaction fees is burned. With this, the circulating supply could reach zero? If yes, how long is this expected to happen?
ANS: Reach zero? I highly doubt that, especially with token burn and liquidity reward.
Q15: RAZE network applies zkSNARKs to the ZETHER framework to build a second layer decentralized anonymous. what are the benefits of implementing the zkSNARKs system and how does the system work, does it provide updates from the defi project to give it a different look?
ANS: This is a very complex concept to unpack. It requires multiple academic papers to do that. You can look forward to our complete whitepaper.
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Thanks for having us here guys!
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