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Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Avalanche and our guest was . The AMA took place on the 16th of December.
The AMA session was divided into 3 parts with a total crypto reward pool of $500
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Telegram&WebSite
D. | Satoshi Club
hello everyone!
D. | Satoshi Club
we are happy to introduce you AMA with Avalanche!
Gold Rocket | Satoshi Club
Greetings again, dear Satoshi Club community! We are pleased to announce AMA with Avalanche
D. | Satoshi Club
our guest today?—?@OracleMan !
D. | Satoshi Club
welcome to Satoshi Club!
Rocky Rock | Avalanche ??
Thank you! It’s great to be here at Satoshi Club. Thank you for having me
Gold Rocket | Satoshi Club
@OracleMan hi there and welcome to Satoshi Club
D. | Satoshi Club
great to have you here
Gold Rocket | Satoshi Club
How are you doing today
Rocky Rock | Avalanche ??
I’m great. I’m super excited to be here to talk all things Avalanche
D. | Satoshi Club
awesome! so lets begin then
Gold Rocket | Satoshi Club
we also really excited about upcoming AMA with you
Gold Rocket | Satoshi Club
So… Let’s start
Gold Rocket | Satoshi Club
Introduce yourself please. How did you get to be involved in crypto & Avalanche
Rocky Rock | Avalanche ??
Thank you
I first got involved in crypto as something I would do in my free time in fall of 2017. It truly opened my eyes to decentralized technologies, smart contracts, and what the potential impact this industry could have. I started investing and following along in this space. Fast forward to fall 2020 and my desire to break into the crypto industry finally came true when I joined Ava Labs, building Avalanche. In just that 1st year of joining the industry. Our community has built a platform used by 10’s of thousands of people daily and are still growing rapidly (20% MoM). Also we just hit the top 10, pretty excited about that as well.
Gold Rocket | Satoshi Club
Give us a brief introduction to the project. What is the essence of Avalanche
Gold Rocket | Satoshi Club
It’s really amazing
D. | Satoshi Club
Yes! congrats! Being in Top 10 CMC is great achievement!
D. | Satoshi Club
And i think Avalanche is the biggest project that ever been in Satoshi Club
D. | Satoshi Club
Rocky Rock | Avalanche ??
Avalanche is a top smart contracts platform in the industry. It’s a multi-chain platform that allows for many use cases. So far we’ve seen typical use cases like DEX’s, NFT platforms and the like built on Avalanche. We’ve also seen novel use cases starting to be built on us including ILO’s, short for initial litigation offering. A way for defendants in court cases to crowdfund their litigation cases. Anyways, Avalanche is built for the speed of finance and is blazingly fast (under 1 second finality), low cost (most transactions cost ~$0.25 USD), and it’s eco-friendly (using about a 1000x less energy than Ethereum).
D. | Satoshi Club
Your success is truly deserved
Rocky Rock | Avalanche ??
Thrilled to be the largest project to be on Satoshi Club
Gold Rocket | Satoshi Club
I share your admiration for Avalanche! this is an amazing grandiose project
Gold Rocket | Satoshi Club
Also we would like to know more about your team. Who is on the project team core?
Rocky Rock | Avalanche ??
We have more than 130+ on the core team now. I first joined in September 2020 when the team was ~40, so the company has more than 3x’d in a matter of just over a year! Very impressed to see. You can see some of the Ava Labs team here: https://www.avalabs.org/team
That being said, Avalanche is fully open-sourced and have many community contributors as well.
Rocky Rock | Avalanche ??
The core team has backgrounds from Google, Microsoft, Cornell and many other Fortune 500 companies and top crypto/fintech companies as well.
Gold Rocket | Satoshi Club
Wow! Real big dream team
D. | Satoshi Club
And team is quite international as i see
Gold Rocket | Satoshi Club
Thanks for great introduction, we will have several questions selected for the Part 1. Ready to start?
Rocky Rock | Avalanche ??
Yes! I’d estimate about 40% of our team lives outside of the US.
Rocky Rock | Avalanche ??
Let’s go!
D. | Satoshi Club
Big thanks for intro!
D. | Satoshi Club
Q1 from Telegram User @UniqueVicky
First thing I saw while logging into your website is a welcome recommendation of avalanche ecosystem,it states ” blazingly fast,low cost, and eco-friendly” as among the reasons why people should trade with Avalanche. As I’m considering making first step in crypto trading please explain how user and eco-friendly is the platform for those who make first step in crypto trading and also for experienced traders? How easy and fast is it to withdraw or deposit funds from and to any country? Are there countries Avalanche is restricted?
Rocky Rock | Avalanche ??
Thanks for your question! Avalanche is great choice to trade on and use the full suite of dapps avaliable. First things first, I’d recommend checking our defi dapps here: https://ecosystem.avax.network/marketplace?tag=defi
You’ll find that the user experience is almost matched to web 2 from the perspective of how fast transactions finalize. For instance if you were to use a DEX on Avalanche you’d find your transactions will go through and finalize within 1 second. Try for yourself and you’ll see, it almost feels like magic
The same goes for withdrawing/depositing/sending funds, transactions will finalize within a second and you’ll be ready to move on with your crypto journey.
As far as restrictions on Avalanche. There aren’t any, Avalanche is completely open-source and allows anyone to build and use Avalanche no matter where you live, no matter what your income is, and no matter how long you’ve been using the platform. It’s approachable whether you are a novice or a crypto veteran.
D. | Satoshi Club
thank you! do you think Avalanche could be a good starting point for newbies, for those who only beginning their crypto journey? is Avalanche more user-friendly than other networks?
Gold Rocket | Satoshi Club
Absolutely agree. I registered on your platform yesterday and it is a very user-friendly interface. everything is clearly intuitive and thoughtful.
D. | Satoshi Club
what is your favorite DeFi product on Avalanche?
Rocky Rock | Avalanche ??
I would say, yes absolutely! If you are brand new, I would recommend you review and bookmark our getting started tutorials (https://www.youtube.com/watch?v=XcEWIByK-6o&list=PLRHl-ulWK4-EaxX-4JbQqUUhgATUSmVpr) so if you ever have a question, you can reference these videos to learn how to do basic operations on Avalanche.
Rocky Rock | Avalanche ??
That’s great to hear! Glad to hear the positive feedback
D. | Satoshi Club
Nice! thank you!
Gold Rocket | Satoshi Club
hmm… I like a lot… most likely I would highlight trader joe
Rocky Rock | Avalanche ??
Great question. I’m a Trader Joe fanboy I’m biased, but I think it’s one of the best DeFi projects in the whole crypto industry.
D. | Satoshi Club
And very cool that you have plenty of video tutorials for new people
D. | Satoshi Club
yeah, im very like this DEX a lot. but mostly im using paraswap, if i need to swap something
Rocky Rock | Avalanche ??
Another great option as Paraswap is a very helpful DEX aggregator.
Gold Rocket | Satoshi Club
Thank you very much for the great answers.
Gold Rocket | Satoshi Club
Are you ready for the next question?
Rocky Rock | Avalanche ??
Let’s go
D. | Satoshi Club
Q2 from Telegram User @victorogb
Avalanche has proudly listed its major milestones for Q4 2022 as; NTT, DID, Avalanche Name Space, Avalanche Wallet V6, the new Avalanche Bridge V4 and ILO V2. Looking back at these notable achievements as stated, how best would you judge your overall performances? Can you share your experiences with meeting up to these milestones and those set at the start of 2021, how ready is Avalanche for a safer, efficient and faster 2022 calendar year? Can you also give us a breakdown of current growth numbers, from users to partnerships as well as strategic product integrations, how set is Avalanche for an even bigger all round community?
Rocky Rock | Avalanche ??
Wow! A lot here, let me try to get to it all. I think we’ve made tremendous progress in the just over a year that Avalanche has been on mainnet. The platform has gone from top 50 to top 10. The platform gone from 0 users to 10’s of thousands per day. The platform has gone from 5 integrations to now almost 400 (https://www.avax-projects.com/). From $0 TVL to almost $20B TVL. From 0 community members to over 1.3M community members. From a handful to over 1,200 validators. I could go on forever
I think this growth is more than we even dreamed about when Avalanche first went to mainnet, however we are still just getting started. The new year is right around the corner, and we are excited to deliver the best products in crypto and give Avalanche users an edge over other ecosystems through the benefits that Avalanche inherantly offers.
Thanks for your question.
D. | Satoshi Club
thank you for detailed answer! could you tell us a bit about your Avalanche Bridge?…i used Biconomy recently, their bridge is quite fast you can exchange assets between AVAX?—?Polygon?—?ETH (and backwards). does Avalance have any other bridges that users can explore, except these two?
Gold Rocket | Satoshi Club
These are really incredible results
Rocky Rock | Avalanche ??
Yeah, the Avalanche Bridge is one of Avalanche’s cornerstone products. It allows users to transfer liquidity from Ethereum to Avalanche. It is also one of the most secure bridges in the industry because of the underlying technology. I’d encourage users to give it a try if they have liquidity on Ethereum to bridge it over to Avalanche and try some of Avalanche’s dapps. We find that most people once they bridge over, they never bridge back
P.S. If you bridge over $75+ of assets, you’ll get a small AVAX airdrop for gas to try out some Avalanche dapps.
More bridge stats: https://avascan.info/blockchain/c/bridge/0x50Ff3B278fCC70ec7A9465063d68029AB460eA04
D. | Satoshi Club
Great! @OracleMan thanks a lot for answers! ready for the next question?
Gold Rocket | Satoshi Club
Sounds good
D. | Satoshi Club
i hope you will try that bridge
Rocky Rock | Avalanche ??
Gold Rocket | Satoshi Club
I’m even sure of it! your recommendations above all
D. | Satoshi Club
less gooo!
D. | Satoshi Club
Q3 from Telegram User @DK177
My question is about Avalanche hub. You have stated that it is a platform for all aspects of Avalanche. Is this a social media similar to Facebook or Twitter? Or does it work as a forum? Can you explain what kind of benefits we get from joining the hub? Further, it has been mentioned that users of Avalanche hub can earn $AVAX. Please let us know what are the earning methods attached to Avalanche hub. Do you pay rewards for joining and staying active? Or are there any tasks to perform? Can we join the hub without holding any $AVAX and start earning? In other words, can we use this platform as a free income generator?
Rocky Rock | Avalanche ??
Avalanche hub is a tool we use to expand our reach on Avalanche social channels and it helps to contribute to the overall research, education, and engineering efforts of Avalanche. I’m not certain at the moment if we are accepting new applications but you can sure apply and see what happens
D. | Satoshi Club
by the way max supply of Avalanche token is capped or not? can you always mint more tokens if it would needed or there is some hard cap in this case, which you won’t cross?
Rocky Rock | Avalanche ??
AVAX is capped and cannot be changed (via governance). That cap is set at 720M. So AVAX is naturally deflationary. You can see that Avalanche has already burned $56M worth or 530k of AVAX since Avalanche went on mainnet. That will reduce the overall cap as time goes on.
Rocky Rock | Avalanche ??
https://burnedavax.com/
Gold Rocket | Satoshi Club
Thanks for sharing
D. | Satoshi Club
got it! so info on Coingecko is correct because info about your total supply is different on CMC
Gold Rocket | Satoshi Club
Are you ready for the next question?
Rocky Rock | Avalanche ??
Our Max supply is not on CMC but it is on CoinGecko.
Rocky Rock | Avalanche ??
I’m ready
D. | Satoshi Club
Q4 from Telegram User @Highpee
One of the interesting and unique feature of Avalanche blockchain is that out of any proof-of-stake protocol, it is said that you have the highest number of validators securing your operational activities. While it is necessary to incorporate more validators into blockchain validation operations, it is equally necessary to keep them as decentralized as possible in order to remove instances of bias. Can you explain haw your validators are formed or aggregated and who can become one? What is the difference between your Primary Validator and Subnet Validators? Also, I saw that you will not implement any punishment or slashing. How then do you intend to ensure your validators are of good behaviour at all times if there is no punishment check? What methods are you using to incentivise good behaviour and discourage any form bad behaviours of validators within the Avalanche ecosystem?
Rocky Rock | Avalanche ??
We currently have over 1,2000 unique block-producing validators. These validators are highly decentralized runnning all over the world on different setups from cloud setups to custom setups. Validators are vital to the proper function of the network so it’s not just important that they are physically decentralized but also decentralized from a hardware and software perspective. You can see the stats of validator setups here: https://avascan.info/stats/staking
All validators have to validate the primary network and in the future if they opt to validate subnets they can choose to do so or not depending on the the permissions/rules set by the subnet.
Avalanche platform doesn’t have slashing because we think it’s a bad method for running the network. The only type of punishment that the network has is that if a validator behasves badly or have uptime below 90%, they can lose their staking reward and so can their delegators, so they are incentived to act properly and provide exceptional uptime.
D. | Satoshi Club
is it expensive to run a validator node on your network? how many coins person should hold for this? and im wonder if these coins have to be locked in some period of time?
Rocky Rock | Avalanche ??
It is not actually. You can run a validator well on something as simple as a Raspberry Pi (costs <$40). That being said, the platform has a high threshold with regards to staking requirements per validator. That number is currently 2,000 AVAX minimum that needs to be staked to each validator in order to be included in validation/consensus. Someone can choose to validate for as short as 24 hours or as long as one year. After the validation period ends, one can choose to restake and begin validating again or choose to perform another action on the network.
D. | Satoshi Club
Gotcha! thank you for answers!
D. | Satoshi Club
ready for the next question?
Gold Rocket | Satoshi Club
Thanks for your answers
Rocky Rock | Avalanche ??
D. | Satoshi Club
Q5 from Telegram User @Cheriemike
Avanlanche’s high TP performance and EVM compatibility are winning over some of the biggest names in DeFi.I read that Avalanche quickly grew up to $2B+TVL showing that your network is gaining traction.So to capitalize on your growing reputation,you launched “Avalanche Rush”.So tell can you give us full details of this program?And is the “Avalanche Rush” still available?You also allocated in the “Avalanche Rush” $180 million,what was that used for?Do users have to do anything to participate in the “Avalanche Rush”?Please kindly explain to us the benefits also.Thanks
Rocky Rock | Avalanche ??
Avalanche Rush is open on a few top performing Avalanche projects. Users don’t need to do anything to participate other than using the dapps that currently have Rush rewards. Please view our annoucement here: https://medium.com/avalancheavax/avalanche-foundation-announces-180m-defi-incentive-program-d320fdfafff7
Here is a quick snapshot of the current projects that have Rush rewards: https://ecosystem.avax.network/
Gold Rocket | Satoshi Club
Great article
Gold Rocket | Satoshi Club
Thanks for sharing
Gold Rocket | Satoshi Club
the benefits are obvious!
Gold Rocket | Satoshi Club
And the projects also confirm this.
Gold Rocket | Satoshi Club
Many thanks for your answers
Gold Rocket | Satoshi Club
If you don’t mind, we can proceed to the next question
Rocky Rock | Avalanche ??
D. | Satoshi Club
the last question from part 1
D. | Satoshi Club
Q6 from Telegram user @MudaraSilva
I noticed that you have introduced several wallet classes, mnemonic wallet, public mnemonic wallet, LEDGER wallet and singleton wallet. In addition to the different sign-in methods, what are the unique features of each wallet? When choosing a wallet, what type of factors should be considered? Does the procedure of choosing a wallet type depend on the purpose of holding funds? Is there a specific reason to introduce several wallets instead of a single wallet and to choose aforesaid four options? Currently, traders and investors are using mobile applications because of the convenience. Can they access your wallets from mobile devices? In the future, will you introduce more wallet classes with more features?
Rocky Rock | Avalanche ??
Each wallet has slight nuances and benefits but for the most part they all do the same function, able to send/recieve and store assets on the Avalanche platform. We do have some updates coming on this front, so stay tuned.
Gold Rocket | Satoshi Club
By the way, please share your roadmap with our community
Rocky Rock | Avalanche ??
Of course?—?https://www.avax.network/roadmap
D. | Satoshi Club
roadmap on 2022 not finalized yet?
Rocky Rock | Avalanche ??
D. | Satoshi Club
we will see a lots of surprises from Avalanche
Gold Rocket | Satoshi Club
And also we ask you to share your useful links with Satoshi Clubbers.
Rocky Rock | Avalanche ??
Avalanche Ecosystem: https://ecosystem.avax.network/
New to DeFi Tutorial: https://www.youtube.com/watch?v=ZMmEdvMosCc
General Avalanche tutorials: https://youtube.com/playlist?list=PLRHl-ulWK4-EaxX-4JbQqUUhgATUSmVpr
Rocky Rock | Avalanche ??
Website has a lot of great resources for just getting started to use/build on Avalanche. https://www.avax.network/
Gold Rocket | Satoshi Club
Many thanks for this amazing first part of AMA
D. | Satoshi Club
it was really cool
Gold Rocket | Satoshi Club
And now get ready for the most emotional part of AMA?—?interaction with Satoshi Club
Rocky Rock | Avalanche ??
This is going to be fun!
Q1 from Telegram user @anh1973
Explain about Avalanche Consensus?
Rocky Rock | Avalanche ??
This is one of my most favorite topics. Avalanche consensus is the third breakthrough in consensus after classical & nakamoto consensus. Here is a great article explaining it in simple terms, I’d highly recommend a read: https://medium.com/avalancheavax/avalanche-consensus-101-99c68a3e3159
But essentially this allows Avalanche to be one of the fastest (while maintaining proper decentralization) networks in the industry.
Q2 from Telegram user @faaawaaad
Presently most projects and platforms are in English. How will you reach non-English local communities? Do you have any plan for them to better understand your project sir?
Rocky Rock | Avalanche ??
Yes, we have almost 20 international communities now that cover the globe with content being localized into each respective language. If you’d like to join one of these communities please check out the community page: https://www.avax.network/community
Q3 from Telegram user @King_Raja
Till now, How many Ecosystem Projects have been launched on tr he Platform?
Can You tell us an overview?
Rocky Rock | Avalanche ??
Almost 400 now. You can view some of them here: https://www.avax-projects.com/
Q4 from Telegram user @Wong2008
What is the cost of deploying contracts on avalanche?
Rocky Rock | Avalanche ??
Deploying costs is actually relatively inexpensive depending on the complexity of the contract. I would expect it to be almost 100x cheaper than deploying the same contract on Ethereum.
Q5 from Telegram user @soyestefanya
What are the best advantages of being part of your project?
Rocky Rock | Avalanche ??
From a user perspective you can benefit from the fast transaction finality, low fees and the suite of dapps that span use cases across DeFi, NFT, CLOB’s, GameFi, etc.
From a builder perspective, you can benefit from the vast and passionate Avalanche community. You can also benefit from time saved from implementing your contracts on chain. Another benefit is you don’t need to optimize your contracts for gas saving as the chain is already inexpensive for users to use, giving you more time to focus on other areas of your smart contract development like security or other novel features.
Q6 from Telegram user @atmaca111
Why are you organizing an AMA event, what do you expect from AMAs?
Rocky Rock | Avalanche ??
AMA’s are a great venue to get exposure to new and current users. It gives users/builders a place to ask their questions and understand Avalanche at a deeper level.
Q7 from Telegram user @Rakshhitx5
I saw Avalanche has 3 chains X,C and P. What is the difference between all these Chains? Which one is the main Chain?
Rocky Rock | Avalanche ??
Avalanche’s core is the Primary Network, composed of 3 interoperable blockchains, respectively known as the Exchange Chain (X-Chain), Platform Chain (P-Chain), and Contract Chain (C-Chain). The X-Chain is used to mint new digital assets, while the C-Chain is primarily used for smart contract execution and interaction, similar to Ethereum’s Virtual Machine. The P-Chain is the metadata chain and is used to coordinate validators and subnets.
Q8 from Telegram user
I want to add a subnet so could you describe what is the requirement to create a subnet inside avalanche platform ? do we need $AVAX token ? im really think avalanche will have good future
Rocky Rock | Avalanche ??
It’s realtively easy to deploy your own subnet, you can read more about it here: https://docs.avax.network/build/tutorials/platform/create-a-subnet/
Q9 from Telegram user @Indomiekuy
Do Avalanche have a video or a guide about how to stake $AVAX? and what people would get or what the benefit by staking $AVAX? pls share to us thanks
Rocky Rock | Avalanche ??
Yes we do. Here are some great videos explaining how to stake among other actions: https://www.youtube.com/watch?v=xruF55vVZ_w&list=PLRHl-ulWK4-EaxX-4JbQqUUhgATUSmVpr&index=4
Benefits of staking include staking rewards, securing the network, etc.
Q10 from Telegram user @Monkey_De_uiy
What is your main focus right now and what are you trying to build to make the Avalanche better and better?
Rocky Rock | Avalanche ??
We are building Avalanche to be the most user-friendly and builder-friendly platform in the industry. We are building for the mainstream and set out to digitize the $700T of assets in the world. ?? by ?? and one step at a time.
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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