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 NEXT.chain and our guest was Christiaan van Steenbergen?—?founder/CEO of Next.Chain, JD Rebel?—?customer support, Raiders?—?a member of the core team and DCTO?—?Fintech Specialist for over 15 years. The AMA took place on 15 March.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with NEXT.chain! Welcome to Satoshi Club
D. | Satoshi Club:
hello all! let’s welcoming our today’s guests?—?@dcnl1980 @jd_rebel @raiders_reloaded @DGCTO ! hello guys, welcome to Satoshi Club!
JD Rebel:
Happy to be here!
Mary | Satoshi Club:
Hello, welcome here!
D. | Satoshi Club:
Good to have you here
DCTO:
Good morning/afternoon/evening all from the PayAccept team
Christiaan:
Hello everybody, nice to be here!
Raiders:
Hello Everyone.Happy to be here !
D. | Satoshi Club:
welcome guys! nice to see you all in our club !
Mary | Satoshi Club:
Happy to see you here, guys!
Mary | Satoshi Club:
Let’s start our AMA
D. | Satoshi Club:
Great idea!
DCTO:
Let’s kick it off then
Mary | Satoshi Club:
Please, introduce yourself to our community and tell us more about NEXT.chain
Christiaan:
NEXT.chain is a DeFi/NFT blockchain, which supports unlimited tokens and digital assets at 10k tps and with instant transactions. On NEXT.chain we build a complete ecosystem, with a decentralized exchange (NEXT.exchange) and payment provider (PayAccept). Let me kick off with a picture.
I’m, Christiaan van Steenbergen the founder/CEO.
https://esatoshi.club/wp-content/uploads/photo_2021-03-16_16-34-56-1-1024x538.jpg
JD Rebel:
I am JD, around one year part of the Next team, started as customer support in helping our users but grew into a part of the ‘’core’’ team so now I am involved in all the brainstorming about our unique products and chains!
Mary | Satoshi Club:
Nice to e-meet with you
Raiders:
I’m Raiders. My journey in crypto started in Nov 2017 and happy to be part of 2 bull runs. I’m a fan of instant transactions and low fees. I’m a firm believer of Next chain’s vision and potential. This team survived a long bear market and now ready to unlock the true potential. I’m part of the core team.
Mary | Satoshi Club:
Wow, so you made a career in NEXT.chain
You’re a professional of bull runs
D. | Satoshi Club:
Great! I’m a fan of instant transaction and low fees as well
DCTO:
I’m Jay?—?Fintech Specialist for over 15 years?—?helped build multi-billion pound valuation companies and now joined the PayAccept team, helping the team bridge the gap between traditional FIAT systems as well as the crypto ecosystems by introducing legislation, jurisdictional licensing as well as the world of debit/credit/prepaid cards into the ecosystem.
Mary | Satoshi Club:
Very serious background! Sure, it will help a lot
D. | Satoshi Club:
Very cool! you are probably the most experienced team member
Big thank you guys for the intro! if you are ready we can open the first part of AMA and find out more about NEXT.chain?
Mary | Satoshi Club:
Thank you for intro, guys! Can you tell about the latest news from NEXT.chain?
And then i think we can go forward to the questions from our community
D. | Satoshi Club:
Yeah, or you can share the news with us
Christiaan:
Last week we finished our ILO on Unicrypt and start building and scaling up the company and the complete ecosystem. Ramping up with new employees, developers and an office. We put it all in a Medium, so everybody can read it. https://next-chain.medium.com/a-word-from-the-ceo-d7c7ead3efb8
D. | Satoshi Club:
Oh, it’s a new article
Mary | Satoshi Club:
It’s very important news for every project! Congratulations!
Christiaan:
Thank you, we now have to scale up considerably to get to the top.
D. | Satoshi Club:
I hope to see your project on KUCOIN soon
Mary | Satoshi Club:
Yes, we will wait
So, i suppose we can go to the questions from our community
Christiaan:
Maybe it’s good to show also a good comparison diagram.
So the community is well informed what NEXT.chain have to offer.
Mary | Satoshi Club:
Sure
JD Rebel:
https://esatoshi.club/wp-content/uploads/photo_2021-03-16_16-58-51-1024x899.jpg
Christiaan:
The blockchain is already up and running in mainnet since 2018.
Currently having 200+ masternode validators and growing every day.
D. | Satoshi Club:
ok, this is really impressive ..
Mary | Satoshi Club:
Wow! You win everywhere!
Christiaan:
This blockchain will ensure that we can build unique decentralized applications on it. Like an exchange and payment terminals.
Mary | Satoshi Club:
Fantastic!
DCTO:
We are already talking and negotiating with several organizations across various verticals to deploy onto this unique blockchain and it will pave the way for others to come.
Mary | Satoshi Club:
Thanks guys! Sure your network will make our life easier!
DCTO:
Each integrating entity will be RegTech checked and certified to promote good governance and trust to its community
Mary | Satoshi Club:
That’s right. And we have some questions regarding the info above from our community
Ready to dive deeper into details?
Christiaan:
Yes we are
D. | Satoshi Club:
Awesome! let’s do this!
Q1 from Telegram User @Wormz28
NEXT.chain was born on April 17, 2019 and is blockchain where which is build on the original Bitcoin-core protocol, add the tokenization and smart-contract features from Ethereum. Next.Chain was built as the next version of Blockchain and your aim is to become leaders in the Blockchain field. So may we know why did you need and build a blockchain of your own in the first place? Also what problems or issues you are intended and aiming to solve?
Christiaan:
Since it’s a live AMA I need to type the answer, just a moment.
Mary | Satoshi Club:
Sure, take your time
Christiaan:
The original plan from 2017 was to build a decentralized exchange, which we then started to develop. During the developments and the previous bull market, we found out that it was impossible to execute many transactions simultaneously and in a decentralized manner without spending a lot of money on transaction fees. This has resulted in building NEXT.chain in 2018, released on April 2019, by applying the best technologies to make a future-proof blockchain, where we solve the high ‘gas-fees’ which the market have at the moment.
JD Rebel:
We for sure solved the problem with high gas fees!
Instant low-cost transactions!
Mary | Satoshi Club:
Yes, that’s very important and actual now!
D. | Satoshi Club:
Cool!
Mary | Satoshi Club:
How many users you have now?
Do you have statistics?
D. | Satoshi Club:
So i have a little question, there are projects in crypto like?—?RSK and Stacks, as i know they are also building smart contract on bitcoin-core, doing something similar like you do, could you tell us the major differences between your project and these two which also working with the similar concept?
Christiaan:
We have around 50k registered users and 500k unique addressess on the next.chain.
I need to study these projects to give a more in-depth answer, but we build an entire ecosystem with the needed licenses.
Mary | Satoshi Club:
Nice amount! And i suppose it grows day by day
D. | Satoshi Club:
Got it
Mary | Satoshi Club:
Thanks guys for your answers! Ready to jump to the next question?
Christiaan:
Of course.
D. | Satoshi Club:
Let’s goooo
Q2 from Telegram user @meml97
While I was reading on your website I came across the fact that NEXT.chain have a NEXT.coin and a NEXT.token, could you tell us the differences between these two when it comes to their uses cases and utilities and what made you take the decision on having both? What benefits will bring to users having one or the other? Are they equal to each other and how can we swap them?
Christiaan:
@Raiders_Reloaded this one is for you
Raiders:
Next.coin vs Next.token
Next.coin is the native currency of NEXT.chain, like ether, for the ethereum blockchain. NEXT.token is the ERC20 ‘wrapped’ version on the Ethereum network. This gives us the ability to get listed on Uniswap and BINANCE Smart Chain.
Different trading experience. Today uniswap is popular, so with the help of NEXT Bridge, we can swap the coins to ecr20 or binance chain to make it available for different trading experiences. Also, staking and liquidity farming is hot now, which can be available with this move. But the overall goal for the Next chain is to make the people on the other side (erc20/BSC) move to next chain. We are not popular at the moment, but when we reach stardom, many will move to our chain
The total number of coins and tokens will be in a 1:1 swap ratio, so no double-spent. For example, if anyone has 10k next, will use the bridge to lock these coins in the pool and get 10k equivalent token to stake, store (erc20 supported wallets), or trade-in uniswap. Anyone who wants to run the full Masternode has to be on the native chain coin. But the total supply on all blockchains will never exceed 30,3M NEXT.
If you want to swap from coin to bridge and vise versa, there should be an offer on both sides. If someone wants to change the 5k next coins to tokens, there should be 5k next token available in the pool to switch chains. It will be the same mechanism for a token to coin.
Raiders:
you can find more here https://next-chain.medium.com/next-is-a-multi-chain-token-2883972fa0a2
Mary | Satoshi Club:
Btw, did you have airdrop in 2017 or 18?
D. | Satoshi Club:
So when i need to use the bridge i have to pay some fees? for the swap
Christiaan:
The regular blockchain fee’s
So better to bridge to NEXT.chain, for the lowest fees
D. | Satoshi Club:
That’s for sure
Raiders:
All erc20 projects are welcome to switch to next chain and save fees
Mary | Satoshi Club:
I am sure you will find them
everyone is tired of high fees
Thank you for your answers! Ready to proceed?
D. | Satoshi Club:
i think that’s what more and more projects on Erthereum will do, i don’t know how they still trading with those fees
Christiaan:
We will provide an easy bridge to walk on and make the switch.
JD Rebel:
https://esatoshi.club/wp-content/uploads/photo_2021-03-16_17-06-05-746x1024.jpg
Christiaan:
It’s time to get rid of those crazy high gas fee’s.
JD Rebel:
https://esatoshi.club/wp-content/uploads/photo_2021-03-16_17-06-43-850x1024.jpg
I am a fan of visuals (A)
Christiaan:
Also, we will launch a simple tokenpad. Investors don’t want to have a ‘gaswar’ to get a token. This can be so much improved. And with our fiat-gateway, they can buy these tokens with USD/EUR and credit cards.
D. | Satoshi Club:
A picture is worth a thousand words
Raiders:
What’s the Next Bridge:
The NEXT Bridge works for all ERC20/BSC tokens!! As we grow, more and more tokens will take advantage of the ability to cross over to the Next.chain to utilise the speed and reduced fees, and cross back again at will, without the need to leave or migrate their current blockchain. This creates added value for all tokens to enable a whole new decentralized economy, without high fees and with lightning-fast transactions on a very powerful blockchain. We are ready!
D. | Satoshi Club:
Awesome!
thank you guys for the detailed answers! if you are ready we can proceed to the next question?
Christiaan:
Yes we do!
D. | Satoshi Club:
Q3 from Telegram user @Karoceh
NEXT.chain claims that there are no higher dynamic gas costs on its network. Most blockchain services initially claim to have low gas costs, but as transactions increase, the price of gas will become more expensive. How does NEXT.chain ensure that gas costs will remain stable in the future?
JD Rebel:
As the core layer, PoW carves all data into stone. The PoW is the strongest layer and makes NEXT extremely robust by using the SHA256D algorithm. Once mined, the transaction cannot be undone or changed. The miners receive packages of data that are bundled by the Masternodes or the Proof of Stake (PoS) layer of the blockchain.
This is the second layer, which makes private and instant transactions possible. Once a transaction is sent to the network, Master nodes are the first point of contact, and they make it possible for verification to happen while the block is technically still unmined. This technology of instant transactions is inspired by Directed Acyclic Graph or DAG-technology and runs on top of the Master node. NEXT.chain is home to the latest technology, leaving behind older blockchains which are often slow, expensive, and easily congested.
NEXT.coin is the native cryptocurrency which runs on top of the NEXT.chain, like Ether is on the Ethereum blockchain. With the NEXT.coin it’s possible to setup Masternodes and vote for masternode proposals, next will be standard paired with all assets which will be added to the chain.
Let me try to explain it in a non-technical way. Just a moment.
Proof of Work (PoW) is a form of mining, in which the computing power of a computer is used to serve the blockchain. The computer solves mathematical puzzles, as it were, and has to deliver intensive work (the W in PoW) to check transactions and create new blocks. On bitcoin every 10 minutes a new block is created. On Ethereum this is around 15 secs.
The Proof of Stake (PoS) algorithm concept says that a person can mine and approve blocks according to how many coins he has. This means that the more Bitcoin or NEXT (in our case) the person has, the more mining power he or she have. A Proof-of-Stake blockchain like NEXT.chain is supported by Masternodes. Like miners, Masternodes ensure that transactions within a network can be processed and in return receive a reward in the form of cryptocurrency. A masternode acts as the backbone of a blockchain.
And because we already have 200 masternodes worldwide, we can process a lot of transactions.
Raiders:
Demo of Instant Lightning transaction and fees in Next blockchain
https://esatoshi.club/wp-content/uploads/IMG_0440.mov
JD Rebel:
What a sexy chain!
D. | Satoshi Club:
What a speed!
Mary | Satoshi Club:
Transactions are really instant
What can you tell us about 51% atrack possibility?
D. | Satoshi Club:
so you don’t think that all crypto will be become more and more complex in case of amount of transactions in the network and actions and it will eventually increase fees on any blockchain? will NEXT blockchain will avoid this? as i remember Ethereum also was relatively cheap and fast in the past
Christiaan:
Since we are a combi of PoW and PoS, the 51% attack is not possible. Our network is already in mainnet since 2019 and stable without even a single failed transaction.
D. | Satoshi Club:
Mary | Satoshi Club:
Cool
Raiders:
Even if NEXT reaches $1000 the gas fee is max of 10 cents since we don’t do dynamic gas calculation.
D. | Satoshi Club:
Nice, good to hear that
Thank you for answers! ready for the next question?
JD Rebel:
Always!
Q4 from Telegram user @Arisabela
I was able to see a comparison of NEXT.chain with Bitcoin and Ethereum and one of the main core functionality is allowing private transactions, is this allowed for high volume transactions as well? How can the users have access to keep their transactions private? Is there an additional cost to pay for?
Mary | Satoshi Club:
JD Rebel:
Good question, we have a mixer in the wallet
but for the technical stuff let me tag @dcnl1980 !
Mary | Satoshi Club:
Something like tornado cash?
Christiaan:
We can send private transactions on NEXT.chain, where a transaction is splitted in multiple small ones.
Mary | Satoshi Club:
What about additional cost?
Christiaan:
The same as any other transaction.
Almost zero-costs, or less than 1 cent.
D. | Satoshi Club:
This is cool feature.
Mary | Satoshi Club:
Thank you, guys! Do you want to add something or we can jump to the next question?
Christiaan:
We can jump to the next one
Q5 from Telegram user @Antoni_azx
The NEXT.Chain blockchain is a combination of PoW and PoS consensus, how do you put this both consensus to work simultaneously and what role do masternodes play in your ecosystem?
Raiders:
NEXT.chain Masternodes
Masternodes are the PoS layer of the NEXT.chain. Primary requirements to operate a NEXT Masternode include 25,000 NEXT (to be used as collateral, which cannot be spent once unlocked, though once collateral is unlocked for an extended period of time, seniority bonuses are lost), a server with 24/7 uptime. NEXT.chain masternodes are responsible for upholding transactional privacy, executing instant transactions, and upholding the decentralized network of NEXT.chain.
In general, transaction speeds are one of the most prominent features offered by any state-of-the-art blockchain. (Retail) users have grown accustomed to fast transactions. NEXT.chain, the core foundation of the NEXT ecosystem, ensures instantaneous transactions between users and peers. With the power of the NEXT.chain Masternode consensus and transaction locking combined, anyone can transfer NEXT coins seamlessly, securely, instantly.
Transaction locking is a feature that prevents double spending on Next.chain. Current systems (for example, Bitcoin and Ethereum) use block confirmation as an assurance against the double spend. The problem with block confirmations is that it takes a while for a given transaction to be confirmed. Transaction locking exists to improve upon block confirmation and to significantly speed up transactions on the NEXT.chain.
Masternodes are selected algorithmically to receive a transaction locking message, after which they vote on the validity of the transaction lock. If the selected Masternodes do not reach consensus then the transaction will resort to a standard confirmation for the assertion of transaction validity.
Masternodes are utilized as observers and are given greater authority in regard to InstantSend transactions, and by doing this, double spend protection can be guaranteed whilst ensuring low transaction times. Using Masternodes as such contrasts to how merchants currently obviate double spends in other cryptocurrency systems; where clients observe a network and signal to the merchant if any double spending attacks are identified.
Raiders:
https://esatoshi.club/wp-content/uploads/photo_2021-03-16_17-12-20-1024x526.jpg
We do have seniority reward system
https://esatoshi.club/wp-content/uploads/photo_2021-03-16_17-12-41-1-1024x550.jpg
D. | Satoshi Club:
25k is about 4k$ now? not bad, i think it allows many people to run a node.
Mary | Satoshi Club:
Do any services support shared NEXT master nodes?
Raiders:
Indeed. Who knows it could in Next DASH in making or surpass that.Better to grab it when cheap.Also, Masternode holders can take part of governance and we have dedicated private channel for MN group.
Christiaan:
At the moment we don’t have shared masternodes, but this is ofcourse possible.
Mary | Satoshi Club:
Btw, do i understand correctly that to participate in governance i must pass KYC?
Christiaan:
For the moment we have only KYC for fiat transactions. But in the near-future when we become a big fintech/blockchain company it could be possible to introduce KYC when voting. But it depend on the regulations at that moment.
Mary | Satoshi Club:
As i know it’s a very popular services
hope you will have it
Got it, thank you
Thank you for your answers! Ready for the 6th and last question from this part?
Christiaan:
Yes
Q6 from Telegram user @garrinepotter
Tell us what to expect in the near future. About NEXTSWAP, about the mobile application and what other surprises await us
D. | Satoshi Club:
Please tell us about your future plans
Christiaan:
NEXT.swap will be released this Q1-begin Q2. It’s an uniswap on steroids. With this you can swap and trade every asset on NEXT.chain against other crypto and fiat within a millisecond! This will be also available on iOS and Android. Payaccept is going to release creditcards, payment terminals and e-commerce plugins. Lot of exciting things will be launched in the upcoming weeks. Please make sure to get informed and subscribe on @nextchainNews to get the latest updates.
Mary | Satoshi Club:
Wow, a lot of upcoming events!
D. | Satoshi Club:
Very cool things
i assume you will get a lot of liquidity from other chains when NEXTswap will be live
Mary | Satoshi Club:
Satoshiclubbers, join @nextchainNews if you don’t want to miss something important!
JD Rebel:
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @mobilejii
I am confused to buy Can you please help me by providing NEXT.coin and NEXT.token contract address?
Christiaan:
https://info.uniswap.org/pair/0xba2dda035358e513f2de62f1fe73c20fe3ba316f
Q2 from Telegram user @adamlike
Next has 198 active masternodes but where are they located? Are they located globally or on a continent? How is the coverage?
Raiders:
Diversed globally. You can find it here https://explore.next.exchange/#/masternodemap
Q3 from Telegram user @highpee
Presently the NEXT BRIDGE is only supporting ERC-20 and BSC swap interaction. Will NEXT chain be able to bridge with other prominent blockchains apart from these two?
Christiaan:
For sure, but the next one will be Binance Smart Chain. We are supporting all Ethereum side-chains (like Matic) and Polkadot. Those are planned on the long-term.
Q4 from Telegram user @highpee
You will be incorporating FIAT-GATEWAY with the Next Chain, but most platforms that integrate traditional FIAT with CRYPTO usually require KYC. I want to know if you will be requiring the users of your chain to pass KYC in order to be able to use your platform or use this feature. If yes, what will you be needing for KYC
JD Rebel:
Hello, as long as you only want to use crypto assets there will be no KYC, if you want to use fiat also you indeed need KYC, which will consist of ID and address verification.
Q5 from Telegram user @apocan99
What are the advantages of Next Chain over the mostly known and widely used Bitcoin and Ethereum chains?
Christiaan:
For Ethereum the answer is simple. No gasfees and failed transactions anymore. For bitcoin forks, there are not many which are supporting smart contracts and tokens on top of it.
Q6 from Telegram user @Gutike95
One of the features they provide is that they will grant privacy, but also compatible with KYC and AML, if your projects are totally private and decentralized, then why will KYC be required? or is it just an alternative option?
JD Rebel:
It is a requirement by the government if you want to use the FIAT options, if you stay with assets it is not needed!
Q7 from Telegram user @BlancaSdF
Where can I find out more about the deployment of my own masternode, maintenance and other utilities to offer the best service to the network?
Christiaan:
https://medium.com/nextexchange/how-to-setup-a-masternode-with-nodehub-io-25e4f4b2051a
Q8 from Telegram user @Antoni_azx
I understand that next.coin is the native cryptocurrency running on the Next.chain and the next.token allows staking, yielding and trading, is it really neccesary to divide the token functions and create this variant? Why should the users need the native coin?
JD Rebel:
Different user case, if you want to run a masternode or discount on the exchange you will need the coin, token will be for ECR20 / uniswap, and so on!
Q9 from Telegram user @Karoceh
BSC networks are popular now, and I think it takes a lot of effort from Next Chain to match the BSC fame. How will you attract people at BSC to become interested in moving to the Next Chain? What are the conveniences you offer to attract people from the other chain?
Raiders:
I think the easy access and use by making simple dApps, instead of complex application with many buttons. The masses need to understand the working. Most companies are still unknown about how to deploy a smart contract. We are fixing this issue with a simple form and a mouse button click. In this case, everybody can create digital assets on next.chain, start a crowdfunding campaign, or trade the token in a super-fast uniswap-look-alike interface with low fees. To execute our roadmap on our website https://nextchain.dev, continue the marketing (people need to know about the great blockchain we have) and continue building the chain with excellent partners. I’m sure if the above is done, it will lead to success. Nothing can stop it. We had already survived a bear market in 2018, and it makes our team very strong and dedicated.
Adoption and Marketing is the key.Many projects with good tech also failed due to low or no marketing.Rome was not built in one day.We have spent more time to create a perfect blockchain for everyone.So with upcoming releases and support from community we are going to give a tough fight for top coins.
Q10 from Telegram user @JuanSB07
Bitcoin and Etherum are insurmountable and highly competitive currencies, how does NEXT manage to have so many benefits unlike these large currencies? How is it possible that NEXT has transaction fees of 0.001 USD and fulfill a total of 10,000 transactions per second? Would this mean that NEXT is a unique and unbeatable coin?
Christiaan:
See us as Bitcoin 2.0. We improved bitcoin by adding masternodes and PoS on top!
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of Boson. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/
Our partners:
NEXT.chain Telegram community: http://t.me/nextchain
Twitter: http://twitter.com/nextchainGlobal
