On July 6th 2021, our community had a chance to welcome John Slyusarev - CEO of ProjectX to join in an AMA to give fruitful information about the key features and roadmap of EMIT Protocol - crypto technology is based on three different levels of continuously evolving information systems built from “Electronic Material Information Technology”.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the Mr. Isak directly greeted the community and provided detailed information on EMIT Protocol as well as some key products and future plans.
Time: 08:00 PM (UTC+7) on Tuesday, July 6th, 2021
Venue: https://t.me/CryptoFamilyVn
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: Introduction of the guest speaker and a brief introduction to EMIT. Why was EMIT born?
Mr. Isak: Hi, I’m Isak.
I'm EMIT's Thinker, responsible for researching and studying the structure of the crypto economy, collecting and analyzing business data, and challenging Edward's ideas.
EMIT is a non-profit project initiated and created by a group of crypto enthusiasts. If I summarize EMIT in one sentence, I think EMIT is a decentralized crypto world that can create the same level of GDP as the real world. EMIT can be understood from different perspectives as follows.
EMIT is a blockchain system with many disruptive innovations in technology, concept, and products.
1. EMIT is the world's first crypto platform that can create NFT purely endogenously.
2. EMIT is the world's first ecology that adopts PoN consensus mechanism.
3. EMIT is the first crypto system in the world that can carry out ecology and underlying technology at the same time.
4. EMIT will be the ultimate form of future crypto economic structure.
EMIT is a long-term blockchain project and will continue to be improved and updated, as of now.
1. EMIT wallet supports cross-chain function of ETH, TRON, BSC and SERO chain.
2. Released LIGHT, the first token of the ecology, and provided liquidity in PancakeSwap.
3. Released Epoch ecology version 1.0, community users can participate in mining.
4. The EMIT global community has grown to over 4000 members.
EMIT can make the participants' wealth grow.
1. Gaining wealth through multiple tokens generated by mining (EMIT is a multi-coin system).
2. Gain wealth through the creation and forging of NFT.
3. Become a "professional alchemist" in the EMIT world, selling "labor" and renting "tools" to gain wealth.
Unlike other blockchain projects, there is no single way to gain wealth from EMIT.
EMIT is just starting to roll out
1. It has already attracted more than 100 seed miners with only a small promotion.
2. Previously, EMIT has been working on product development and not mass promotion, but now, EMIT is holding several AMAs in major communities around the world to attract more miners and investors. Theoretically, the earlier you join EMIT, the higher your revenue will be.
EMIT is a necessary choice to break the limitations of the current crypto world.
There are a number of limitations in the current crypto space that in a sense gave birth to EMIT, these limitations include:
External limitations:
1. The exclusion of the crypto industry by the traditional financial system.
2. The hindrance caused by the regional nature of the political system, etc.
Internal limitation:
1. Simplification of economic behavior.
2. Simplification of asset forms.
3. No endogenous economic closed loop.
4. The heavy dependence of the crypto industry on the real economy, etc.
The existence of these limitations has, to a certain extent, led to the current single economic structure of the crypto sector and the difficulty in forming a stable support for the value of virtual assets. Breaking these limitations and creating a better crypto ecology is one of EMIT's goals.
EMIT is the ultimate form of the future development of the structure of the native crypto economy
The crypto economy will develop in the direction of diversification, and the economic structure will change from simple to complex.
1. The forms of assets in the crypto domain become diverse: multiple tokens, NFTs, etc.
2. The economic behavior of the crypto sector becomes rich: trading, production, depreciation, destruction, leasing, cooperation, employment, and so on.
3. The ecological structure of the crypto domain has become complex: different scenarios, operating independently, but collaborating with each other to form a complex economic network
Question 2: What are the innovations in EMIT?
Mr. Isak: EMIT has both technical and application-level innovations
Technical level: EMIT integrates and upgrades the current infrastructure of the crypto space, such as:
1. EMIT's underlying blockchain technology "EMIT-Core" is based on block lattice and random checks for validation and security, a major innovation that inherently enables high TPS and low latency.
2. EMIT uses subchains as carriers of DApps, which are themselves part of the block lattice consensus, and we redefine the DApp paradigm so that the threshold for developing Dapp can be significantly reduced.
3. EMIT's purpose and mission is to create real wealth in the native crypto world, but as far as possible without reliance on the real world. Whether it is "EMIT-Core" or "EMIT-Epoch", or later "EMIT-GDP", it is the tool to achieve EMIT's goals and the essence that distinguishes us from other purely technical projects.
These are described in detail in EMIT's Parchment Paper and White Paper.
Parchment Paper: https://doi.org/10.31219/osf.io/xr8b6
White Paper: https://doi.org/10.31219/osf.io/bymuk
At the application level: EMIT changes the current economic structure of the native crypto space and constructs a completely new economic model.
Question 3: How to participate in EMIT? Why should I participate in EMIT and what are the benefits?
Mr. Isak: EMIT gives every crypto enthusiast a platform where they can create great wealth, and this is not just a hollow statement, because EMIT can create the same level of GDP as the real world.
We need to understand how real world GDP is generated?
1. The real world has a constant supply of labor
2. The real world has a complex economic structure with transactions, production, leasing, loans, etc.
3. The real world consumes energy and produces new products, etc.
These economic factors are important conditions for the growth of the real economy.
So, the economy of the real world is growing.
Let's think about this:
If the real world economy can be realized in the native crypto world, does it mean that the crypto world can generate the same level of GDP as the real world? It happens that the EMIT world also has the necessary conditions to keep generating GDP.
Then, what are the economic elements of the EMIT world and do they have the conditions to generate huge GDP?
1. The concept of "labor" is introduced for the first time in the EMIT world, EMIT tokens and NFTs are produced through "labor", participants continue to provide labor to generate FTs and NFTs.
2. In the EMIT world, there are currently production, trading behavior, and with the development of the Epoch ecosystem, more economic behavior will occur.
3. NFT is created and upgraded by the destruction of tokens, which must be generated using NFT.
It is obvious that EMIT is ready for all this!
It is conceivable that if you are a participant in this initial world, when the world is large enough, the wealth at your disposal will be immeasurable.
Question 4: What are the follow-up promotion plans for EMIT?
Mr. Isak: After the release of Epoch 1.0, EMIT will conduct EMIT promotion to attract more investors' attention.
EMIT has issued press releases for Epoch 1.0 in top international media, and will continue to make important information releases in top media.
Continuous globalization of AMA activities
EMIT will do more than ten AMA events in large crypto communities around the world in the next three months, including Southeast Asia, Europe and America, Africa, etc.
Questions for Part 2 - Pre-collected questions from Twitter:
Question 1: Community is integral to any blockchain startup. How do you plan to get the community to be involved in EMIT? Does EMIT plans on launching any ambassador program, developing dapps on your platform? How what will be roles of this ambassadors? @Lidiamga
Mr. Isak:
1. 4800+ EMIT global communities
2. Mining community 2800+
3. Indonesian community 600+
Every user who joins the EMIT community does so based on interest and trust in EMIT.
EMIT team is working on EMIT Core. When EMT Core is finished, ambassadors will be able to create DApps in EMIT Core system.
Question 2: See many people saying that NFT is the next 'Trend'. I also see some use cases of NFT in the crypto space. What do you think about the growth of NFT in the crypto space and the real world? Will your project roll out any NFTs in the future? @MinhTru31477298
Mr. Isak: If you are already involved in EMIT, you will find that NFT has become an important element of the EMIT ecology.
EMIT original PoN consensus, in the EMIT Epoch ecology, NFT is used as a mining "tool", and will NFT has different properties. A community member obtained a three-star dark attribute AXE with a single transaction price of $999.
Question 3: Polkadot and Cosmos both have a master chain, which will be a bottleneck for EMIT performance in the future. Furthermore, Polkadot and Cosmos also use chains to run applications instead of smart contracts, why not do it directly on them? @DngGiaPhong2
Mr. Isak:
EMIT will not choose them as the master chain, from a technical point of view, Polkadot and Cosmos are our competitors.
Although, in some aspects, they have done a great job, EMIT wants to build a more complete ecological model, so they have done a lot of innovation in both conceptual and technical aspects.
In EMIT's future ecology, EMIT will also have its own master chain.
Question 4: Will your token have any other DeFI features like staking, yield farm or NFT in the future? and do you have a BuyBack system or a Token Burn plan to increase Token value & attract Investors to invest? @Mayaraa000
Mr. Isak: EMIT ecology released the first token LIGHT. You can create NFT by burning LIGHT tokens, and the output of LIGHT is also produced by NFT, and the upgrade of NFT also needs to burn LIGHT. so LIGHT itself has the characteristics of producing NFT and destruction characteristics. At present, 30%-40% of the total amount of LIGHT produced every day will be destroyed.
Question 5: One of the greatest aspects of project success is community support. And most of the big projects have programs that interact with their users. My question is Do you have any specific plans to attract & expand your community and improve the user experience? @HelenMorale1
Mr. Isak: Because community is the focus of EMIT's development, EMIT has been making a strong effort to develop it.
EMIT has been trying various ways to attract crypto enthusiasts. For example.
1. Airdrop
2. AMA
3. Meme contest
4. Team Mining
...
PART 3: 5 LIVE QUESTION AT TELEGRAM GROUP BC BLUE SKY VENTURES
Question 1: Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Mr. Isak: In the EMIT Ecosystem, the first token LIGHT issued by EMIT has its own destruction mechanism
EMIT EPOCH uses a unique PON mining mechanism with the following characteristics
1. Tokens must be produced using NFT
2. The creation and upgrade of NFT is done by burning tokens or committing NE
3. The grade of NFT determines the efficiency of mining
As a result, 30-40% of the tokens produced each day are now destroyed
Question 2: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold this token/coin in the long term? @lulu0978
Mr. Isak: First of all, EMIT is a long-term project. In the past six months, we have been committed to product research and development and community development. We have been holding EMIT ecotokens for a long time for the following reasons:
1. If you participate in EMIT mining for a long time, you can get more tokens every day as time goes by.
2. When more contemporary coins are mined, more tokens will be burned, which is determined by market demand.
3. EMIT will continue to improve the EPOCH ecosystem and build a very complex economic model, so there will be many application scenarios for LIGHT and the demand for it will increase
Therefore, there is no doubt that holding LIGHT for a long time.
Question 3: Because community is the focus of EMIT's development, EMIT has been making a strong effort to develop it. @ami_hoe
Mr. Isak: It is clear that the community is a very important part of EMIT. We have been developing the EMIT community since the EMIT Project was founded. We have held events such as AMA and airdrop in various crypto communities around the world to attract people who are interested in EMIT.
To date, we have about 5,000 global users and a mining community of over 2,000 people.
EMIT will continue to grow the community and it will only grow as the community grows
Question 4: What is the most ambitious goal of your project? What is the ultimate vision this project is trying to achieve within the cryptocurrency market? @fuckfuck5
Mr. Isak: EMIT's goal to create a completely decentralized crypto world is a great goal. To achieve this goal, we need to make the following efforts:
1. Constantly develop and expand the community, and lead the users of the community to create huge wealth.
2. Constantly improve and develop new functions of products, and build a rich ecological system.
3. Continue marketing, introduce EMIT to crypto enthusiasts all over the world, and encourage people with the same interest to join EMIT
There is a lot to do for EMIT, but let's do it step by step
Question 5: Many projects start but get stuck along the way, could you tell me if you plan to stay active and offer projects and opportunities to the community in the long term? @luckyboy0305
Mr. Isak: We have been running EMIT as a long term project since its inception.
1. We didn't try to expand on a large scale in the early stage
2. priority over product innovation and research and development, because we believe: product is greater than everything.
3. I have been developing the community steadily, and every community user joins based on their interest in EMIT
So, this is a long term thing, and we need more crypto enthusiasts to work with us!
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
Website: https://emit.technology/
Global Community: https://t.me/emit_protocol
Mining Community: https://t.me/emit_mining
Channel: https://t.me/emit_protocolChannel
Vietnam Community: https://t.me/emit_protocolVietnam
Twitter: https://twitter.com/emit_protocol
