On June 3th 2021, our community had a chance to welcome Mr. John Huy – KardiaChain’s Head of Business and Development to join in an AMA to give fruitful information about the key features and roadmap of KardiaChain - The First Decentralized Interoperable and Self-Optimised Blockchain Infrastructure. KardiaChain aims to push the current boundaries by solving one of the most prominent challenges facing blockchain technology — fragmentation of the blockchain ecosystems.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, Mr.John directly greeted the community and provided detailed information on KardiaChain as well as some key products and future plans.
Time: 02:00 PM (UTC + 7) on Thursday, June 3th, 2021
Venue: https://t.me/CryptoFamilyGroup
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Mr.John: My name is John Huy, head of Business Development at KardiaChain.
A little background about how we founded KardiaChain. Our CEO, Tri Pham, has joined and researched blockchain since early 2017. He observed that there are many blockchains with many tokens that have their own utilities. Would it be better to join all of them together? He then shared his thoughts to his highschool classmate, Huy Nguyen, our current CTO. Huy was a Tech Lead, managing a group of Senior Software Engineers at Google and he has extensive experience in network and distributed systems. Tri and Huy then found KardiaChain. Our vision is to bring the advanced blockchain technology to Vietnam, to be built in Vietnam, by Vietnamese and mass adopted by our people along with international supporters.
Our main technology is the Dual Node that is currently pending patented. It allows cross-chain communications between any public and/or private blockchain regardless of protocol. This provides easy-to-adopt solutions for institutional clients.
With our technology:
- TPS: KardiaChain network can handle over 6000+ TPS in under 5 seconds blocktime.
- Cheap and fast transactions fee to achieve our target is “Mass Adoption”
- With our non-invasive cross-chain technology, KardiaChain operates as a data conduit that allows cross-chain communications between public or private blockchains regardless of their protocols. KardiaChain can transfer both assets and data without requiring any change on participating blockchains.
2. Next, could you share with us the occasions that lead you to the idea of this project?
Mr.John: The KardiaChain team strongly believes that mankind is soon reaching a stage at which blockchain solutions, especially smart contracts, will help people reach trustless agreements with ease in all aspects of daily situations. Each of the individual blockchain will have a different design to serve specific purposes, and we believe they should be embraced for their own uniqueness.
Hence, there should be a smart ecosystem that is capable of utilising the collective strength of all existing blockchains and overcoming challenges relating to discoverability and isolation. The analogy of this smart ecosystem is a single living organism, and each individual blockchain is an organ or body part having their own purposes,, and KardiaChain as the heart that facilitates blood flow (traffic/transactions) to every part of the body at a level depending on their specific need.
3. What are the objectives and goals that you plan to achieve in the near future? Please share with us some of your plans to expand locally and globally.
Mr.John: Here is the plan that KardiaChain team tries to achieve in the near future:
- Listing on other T1 exchanges
- Mainnet 2.0 with fully functional dualnodes, KSLM, cross chain data transferring, and expanding its ecosystem (KAIDEX, cross chain swap, DeFi, NFT, and blockchain gaming)
- 1M active users and over 100M organic transactions
Questions for Part 2 - Pre-collected questions from Twitter:
Questions 1. The DEFI trend is evolving too fast and the ability to break is very high. What do you think about this and can you be sure that KardiaChain's products will be on demand in the long term? What is KardiaChain planning to contribute to the DeFi's growth? @quyencao12
Mr.John: DeFi is growing at a bullet speed; however, I don’t see it going away anytime soon. Even Elon Musk recognizes the significance of DeFi by tweeting “Don’t defy the DeFi”.
At KardiaChain, building the KAIDEX is a small piece in a bigger puzzle of our plan to focus on DeFi. With KAIDEX and our Dual Nodes (coming in the near future), we will bring KAIDEX to become the first and only fully decentralized and cross-chain DEX, meaning you can trade, stake, farm, lend, or any DeFi features for any tokens in any blockchains.
Questions 2. As I know KAIDEX has been launched recently, please introduce something about KAIDEX. What are KAIDEX's competitive advantages compared to other current DEXs on the market right now? What are some of your major milestones and toughest challenges during the development process? @Nguyen_haaa
Mr.John: KAIDEX is the first of its kind in the decentralized exchange market, possessing the capabilities of a completely decentralized cross-chain token trading platform. KAIDEX is built upon the Dual Node technology, utilising both CEX and DEX's advantages to be “the best of both worlds”. Users can have full control of their privacy, own their assets, and reduce the risk of a security breach.
Advantages of KAIDEX:
- Powerful trading tools: Stop — Market Order, Limit order (coming in the future)
- Low slippage
- Fast transfer speed
- Near-zero low fee
- 5 seconds settlement
- Fully decentralized cross chain swap from different chains (e.g. ERC20 token to BEP20 token) (coming in the future)
Questions 3. Achieving the consensus and protocol that KARDIACHAIN will use involves It being part of the use of 2 layers of BFT-DPoS copper. Could this make cross-chain transaction confirmations take longer? And why did you choose this BFT-DPoS method? Is it too complicated? @Lidiamga
Mr.John: We chose BFT DPOS: Byzantine Fault Tolerance - Delegated Proof of Stake because it’s fast, efficient, and it has the capability of scaling an unlimited number of validators.
In this case, BFT is a property of a consensus algorithm rather than an algorithm itself. KardiaChain uses DPoS with BFT property, not BFT consensus. We can support high transaction throughput, including any number of transactions. As long as those transactions can get validated, then consensus is reached.
KardiaChain is using DPoS BFT so we don’t have a large number of validators (a.k.a Master Nodes) like other PoS projects. We are only looking at 20–50 validators/Master nodes to secure the network.
There will be an election period to pick the validators where every KAI holder can “delegate” your tokens to vote for a particular validator. The elected validators will in turn “stake” their token to KardiaChain and earn the block rewards and transaction fees. The earned rewards will be distributed fairly to all delegators.
Questions 4. Could you please tell me the incentives of staking on KardiaChain and the use cases of KAI token? How revenue does KardiaChain generate to sustain the project, and what plans do you have to attract more stakers in the future? @Siena1820273
Mr.John: As of now, there are some incentives for staking KAI tokens. For example:
- Delegators receive KAI tokens as reward at a good APR.
- They will also receive airdrop for KRC20 tokens on KardiaChain network.
Since we launched KAIDEX, many more DeFi features, such as farming, staking, LP Pool, etc. will be available in the very near future with high APR and rewards. KAI token is a must token in any pair of the pools.
Q5. Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about #KardiaChain current partners, plans for partnerships and what everybody stands to gain from these partnerships?
Mr.John: As of today, we have about 50 partnerships with many prestigious blockchain projects and enterprises. You can check a full list of our partners from our website https://kardiachain.io/.
Naming a few partners for each category:
- Blockchain: Polygon (MATIC), MANTRA DAO, PAID Network, DAO Maker, VNDC, Chainlink, Theta Network, ANKR, Ontology, CELO, ShareRing, Enterprise Ethereum Alliance (EEA), etc.
- Enterprises: LG CNS, MaiLinh Group, Yeah1 Group, FADO, VECOM, Vietnam Football Federation (VFF), etc.
We form partnerships for multiple reasons. The most common ones are for technology collaboration, community exposure, and ecosystem expansion. Of course, everyone has a win-win in the collaboration or partnership.
Besides partnerships, we also incubate many projects that will be added into our ecosystem. The most recent project is My DeFi Pet, which won the grand prize at the Vietnam Super Blockathon event.
The Vietnam Super Blockathon event was hosted by Binance Vietnam team.
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1: What is your advantage over other projects? Is it from a security point of view or the technology you are using? Or are there other advantages? What makes you believe that your project is worth choosing?
Mr.John: This is a really good question that most people will be interested when learning about new project.
Currently, we already know that Uniswap has many of those DeFi features but it's limited to ERC20 tokens only. PancakeSwap is able to swap between chains using the wrapping method, which is not decentralized at all. Basically, Binance is behind all of the assets in PancakeSwap.
The advantages of KardiaChain's technology is the Dual Node. As I mentioned in one of the answers above, our Dual Node will allow us to swap, trade, and do cross-chain DeFi with any blockchains. As of now, no other project is able to accomplish it.
Question 2: Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Mr.John: This is also an interesting questions that most new investors focus on. We wish we could control the market. At KardiaChain, we are building the products that would contribute to the technology evolution. We currently have enough funding to operate the project for at least 5 more years to build more amazing products that will be game changer. Also, bear market doesn't last that long, I hope 😁
An analogy, just to look at an example from Amazon. Its stock crashed to $1 together with other scam companies during the dot com bubble. However, the company still had the vision and continued to build the products that change the way people shop at the faster speed. People within the company believe in the vision and continue doing what they do. Now, they are one of the highest market cap companies in the world.
Question 3: Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?
Mr.John: KardiaChain founded in 2018 and actually had an IEO in 2019. Both times were during the bear market. We are persistent with our visions while other projects fell apart during the bear market. We continued building what we have in our roadmap and operated in the lean-style to save as much cost as possible. With the vision to be a game changer, we overcame the obstacles to be where we are today.
Also, we met many good friends along the way that we share experience and support each other so both can grow organically. If you want to go fast, go alone. If you want to go far, go with a partner.
Question 4: COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?
Mr.John: COVID-19 has absolutely negative impacted in many aspects of life, including mainstream and crypto. At personal level, KardiaChain team supports each other to overcome any personal obstacles. We are very flexible with schedules and working from home (KardiaChain's office is a home so our team has been working from home regardless 😉)
Regarding the goals and targets, we have been meeting all targets that we set. Of course, it's a bit slower because of the quarantine. However, our team is eager to do more when they are in comfortable environment.
CF: I think COVID-19 has affected a lot of projects but ironically has been beneficial to the project to some extent. Because while people were at home, they were looking for quality projects and platforms to invest in, that would lead them to experiencing KardiaChain
Question 5: About KardiaChain's language. Is easy to understand? How will KSML help developers to build? How is better than popular languages?
Mr.John: KSML is the KardiaChain language that is very friendly to learn and code. With documentation of KSML, blockchain developers would be up to their speed at no time when developing or deploying products in KardiaChain network. I wouldn't say KSML is a better programming language than others. But I'm sure it's easier to learn.
CF: Seems like there're many things to exchange, but I'm afraid the time is up now.
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An upcoming event of KAI
CTO Talk live stream on VnExpress (Top 1 Newspaper) 04/06/2021
TOPIC: AI, Blockchain and the fight against Covid 19
Speakers:
1. Deputy Minister of Science and Tech Mr. Bùi Thế Duy
2. PhD. Hùng Trần - Founder & CEO Got It
3. Huy Nguyễn - Co-Founder & CTO KardiaChain
4. Viettel - Vaccine Passport Unit in VN
https://vnexpress.net/so-hoa/cto-summit/cto-talks
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For all of the questions that have not been answered yet, guys feel free to search for more information through the links provided below:
Website: https://kardiachain.io/
Twitter: https://twitter.com/KardiaChain
Telegram Group: https://t.me/kardiachain
Telegram Channel: https://t.me/kardiachainofficial
