On February 24th, 2022, at 1:00 AM UTC (9:00 AM UTC+8), we had an AMA session with Astar Network in our Telegram chat at https://t.me/BTCEX_exchange. Our guest was Ramz, Community Growth Lead of Astar Network.
Here are the essential points of the AMA session:
Segment 1: Introduction
Question 1: What’s the future plan of Astar for the crypto market?
Answer: The future plan of Astar involves many destinations. As a Layer 1 blockchain, Astar wants to become the premier parachain on the Layer 0 we live on called Polkadot.
In our 1st year of existence this has already been accomplished actually. We recently broke into the top 100 coins on CoinMarketCap and CoinGecko. There aren’t many that can state that they have been able to do this in their 1st year. The market now has taken notice of our chain and our large potential.Another plan is to be the #1 blockchain for Japan (to start) and then replicate this to other countries. We have a great start so far!
Question 2: What makes Astar unique compared to other L1 chains?
Answer: The uniqueness resides in the tech we have to offer the world. In no other place can you see dual compatibility with EVM and Wasm smart contracts. This means simply that we are your premier all-in-one smart contract platform for developers. We offer this and much more.
Astar focuses on making tools and tech that can help bring in the millions of traditional web developers into the blockchain era. But we don't forget either about the many devs out here right now. Developers from Eth can come over with their projects and ideas and immediately begin building. As well as developers from chains that use Wasm, like Near and Solana. This versatility makes us flexible and stronger in the eyes of teams and investors. It also reduces the barrier for entry to a new blockchain. Devs can get comfortable in a rather short time.
Question 3: Why did Astar decide to build on top of Polkadot?
Answer: Astar chose to build on top of Polkadot due to the cutting edge technology that it offers for teams looking to create products for top companies and teams around the world. Polkadot has also been many years in the making by one of the original creators of Ethereum - Gavin Wood. So it is one of the most advanced blockchain technologies out there.
We also considered the security it offers. The shared security model, plus the scalability factor make it the ideal place to build out our smart contract platform. It also never has any downtime. It upgrades seamlessly! So we never have to wait on a "merge" or "surge" because they can happen quickly and without any hassle.
Question 4: What’s the plan for Astar in Japan?
Answer: The plan is to become the go-to blockchain for ALL of Japan. This includes its builders of all backgrounds and the top companies like Toyota, Sony and many more. We also hope that through Japan we can provide a model that we can replicate in other countries.
Question 5: What is Astar core features not found anywhere else in the crypto space?
Answer: In nowhere else can you find a tool called XVM (Cross Virtual Machine). We also are the originators of dApp staking.
XVM is specific to Astar Network and the team behind it are some of the most creative I have met. XVM is pure innovation and allows builders/developers to bring their EVM smart contracts and have it interact with Wasm based contracts (and vice versa).
This connection and ability to communicate between the two smart contracts will provide developers a whole new sandbox to play in. From this we will see further innovation and tools we have yet to see.
Segment 2: Questions from Twitter
Question 1 from Twitter user @AdiPrab10410697:
Can you give an example of how Astar’s Build2Earn model works? What are the advantages for both the developers and users in the Astar network?
Answer: I’ll briefly state two examples: an infrastructure team and a NFT DAO team.
Once they are a dApp, users can stake their ASTR token on them and receive a solid 10-11% apr while the dApp team gets rewarded every day. This creates passive income that sustains the team. In a way it's better than a grant because it's a grant that lives on. Every team has expenses to pay monthly. WIth dApp staking, this could help them cover that cost.
Now, you can also do the same with a NFT team or DAO. If they have a large community and value to add to the network (and we all know community IS valuable) the NFT team can also apply for a dApp. That same community can stake on it and in return both the NFT team and their community are earning passive rewards. Some NFT/DAO teams use the funds to add to their treasury or give back to the community through lotteries, airdrops, etc. Many things can be planned. The beauty of this is that each team can use their rewards however they want!
Question 2 from Twitter user @ZogaKysi:
Why did Astar Network choose to develop Web Assembly too? Can you tell me more about it?
Answer: Easy peasy. Wasm, in a nutshell, was co created by major tech companies such as Google, Amazon, Microsoft, etc, in order to create a universal coding language for the internet. Lots of current apps, tools, sites we use are using Wasm as we speak. Google Slides is one such example.
Now, imagine if blockchain had a universal language? It would be easier to onboard developers who already have been building prior to blockchain being a thing.
Not to mention, Wasm has many benefits compared to EVM which is prevalent on Eth and many Eth based L1s and L2s. Wasm is able to do a lot more due to the advanced nature of it.
Some chains already using Wasm are Near and Solana, so it's nothing new :). We are just allowing the dev to use both EVM and Wasm.
Astar recently partnered with SONY, what are the developments this partnership will bring?
Answer: SONY partnership is a one of a kind incubation program to onboard teams from around the space so that they can receive guidance and resources to build tools.
These tools will be related to DAOs and NFTs. The reason this is soo important is because its real action on behalf of the partner to create REAL tools and products. We don't aim to simply have an announcement with anyone. We aim to create actual products alongside them.
And the DAO and NFT products as a focus are intentional since they can provide a means to connect either the employees, customers to current products. NFTs also mean verifiable ownership. That can go a long way with companies such as SONY.
Question 4 from Twitter user @Abigg_MIKE:
Answer: Our constant development inside Japan - with the government, with 3 Top five companies (Toyota, NTT, and SONY) have laid down a foundation that keeps getting stronger. As I mentioned before, we broke into the top 100 coins in the market. To ensure that we keep growing, we continue to seek out partnerships with teams and companies that will build with us and on our tech. We can have the best tech but if there's no one to use it then what's the point? This is where the team is doing great and continues to grow.
Question 5 from Twitter user @NABUVICTOR13:
Answer: Like our friends in Japan and Toyota say: Kaisen: to improve slowly. I see smart contracts in a similar way. They enable individuals and groups to automate an action based on a set of rules - and in a verifiable, transparent manner!
The impact of this is immense, especially for companies looking to improve and make processes more efficient. DAOs are undervalued in my opinion but have the most relatable process that we know. Choosing/voting for a particular action is very common, not with a smart contract, or series of smart contracts, many decisions can be activated and actions initiated from simply clicking and making a transaction.
This chain of events can quicken processes on all sorts of levels - from teachers groups and committees to government and politics. Again all open and transparent + verifiable.
Segment 3: Live Questions on Telegram
Question 1 from Telegram user @caauunggg: Do you have an ambassador program? If yes, how can I apply to be one ?
Answer: We have some of the most talented and strongest Ambassadors in the ecosystem. Many languages are represented: Portugues, Japanese, Korean, Spanish, Italian, French, Indonesian, Turkish, Arabic, and a few others. Our program consists of a telegram group where all candidates are and share with us their questions and activities they do to bring attention to Astar. Some create articles, videostream, visuals, and so on. If anyone is interested, join the Astar Discord and begin to learn more about Astar first. Ask questions, and help out when and where you can. No pressure. When you feel like it's right, ask for Astar Flight Club. One of our team members will show you the way and path to becoming an Astar Ambassador. 🙂
Question 2 from Telegram user @Isaac0131: Do your token holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Question 3 from Telegram user @steyMorgan: What are the legal and regulatory guidelines, and how will the organization monitor emerging regulatory considerations?
Answer: This is a pretty talked about topic and would like to address how Astar took steps towards answering ahead of its time. The Astar token was actually airdropped to thousands of users who locked up some ETH on a smart contract for x amount of days. More ETH you locked up + more days you locked it up for, the bigger the airdrop. The ETH would be returned when the countdown of days finished for that user.
This allows the team to distribute the ASTR token in a manner that is considered not a security. There was no IDO or sales of that nature. This is one reason why we are listed on BinanceUS as well.
Question 4 from Telegram user @Pam0705: How do you cope with the bearish season a few months ago?
Question 5 from Telegram user @Shaanawaz: Any major Collaborations and partnerships for ASTAR? Or any Influencers on-board?
Answer: Lots of partnerships are on the way and some NDAs are currently signed. The best place to capture this info is on our Twitter of course.