Transcript of BiKi X Edgeware AMA

【Polkadot Ecosystem Project Edgeware AMA after Mainnet Launch】

Time: 2020/02/28 11:00 (GMT +8)

主持人:Good morning friends, thank you for your support ~

I am the host of this AMA Leo.

Today we are honored to invite Dillon Chen, co-founder and CEO of the Polkadot ecological project Edgeware, to the BiKi community to share information about the Edgeware project ~

First of all, let’s welcome Dillon to say hi to everyone and briefly introduce himself ~


主持人:Let ’s move on to the questions. Reminder to all guests to refrain from sending messages to interrupt Dillon. After the live broadcast, we will open the floor to questions!

Dillon, after you have answered a question, please answer “OK” to signal it is completed. First question: Please tell us your impression about BiKi?

Dillon:We were impressed by Biki’s growth over the past two years — and we appreciate Biki’s stated commitment to security and stability — two things that crypto-economics needs more of.

主持人:Can you briefly explain what the Edgeware project is mainly doing? And what kind of vision, what pain points have been solved?

Dillon:Edgeware is designed to be a WASM runtime (accessible to many developers), fast, low-cost, and on-chain governed network, perhaps a good blockchain for organizational technology like DAOs.

主持人:Being able to work with Polkadot officially. Can you briefly introduce your background? How did you get into the cryptocurrency?

Dillon:Edgeware was born as the result of a conversation between Parity Technologies’ Gavin Wood and the Commonwealth Team. Our CEO, Dillon Chen, has formerly founded an company called Source Networks, which provided a publically verifiable bandwidth market built on Ethereum. Our team is made of amazing development talent formerly of Medium, AngelList and Facebook, and engineers with cryptography and Zero-knowledge proof experience.

主持人: Edgeware originally designed the ILO (initial lock-up offering) method to distribute token EDG, why did you use this process?

Dillon:Lockdrops are a great way to select committed participants who will be involved from the start, which is a strong requirement for a successful on-chain governed network.

主持人:Why do you think of using ETH to participate in the ILO process? Why not DOTs or something else?

Dillon:By selecting the ETH community as eligible participants, we started from a large, diverse and active community, and then aimed to make an even fairer distribution on top of that, by allowing for different allocation awards based on lock duration or time of participation, as well as the token amount.

主持人:Now that Edgeware is launched, what kind of planning is there for the future?

Dillon:Once the network is launched, our organization will have only 4.5% of influence over the governance process, so while we will be able to propose changes and feature updates, the community will decide whether to implement these. We are not currently committed to exchange listings, as we are focused on the technology at this time. This would be a great activity for the network’s community to explore after launch as well.

主持人:As the first smart contract platform project of the Polkadot Ecosystem, what role does Edgeware play? Do you see any competitors?

Dillon:Edgeware will likely be the first smart contract platform on the Polkadot network. We don’t see any organizations as clear competitors due to our unique technology and early participation in the Polkadot ecosystem, but some similar projects may use on-chain governance. The biggest difference is the interoperability, security of Polkadot, and also our WASM runtime.

主持人:What is the difference between the most popular projects such as 0x, cosmos, and tezos in terms of chain governance?

Dillon:Each chain will have their own ways of proposing and enacting changes, but the goal with Edgeware is to provide the easiest and most iterative way to test changes on a network, and since everything about Edgeware could be altered, it is a great research platform for new or untested governance mechanisms, should the community decide to implement them. For For 0x, their governance is mostly set for running a DeFi project, it’s very cool but a different category. Cosmos, they are for interoperability, and their on chain governance does not allow for direct upgrades, this means that all Validators have to stop the chain and upgrade. On Edgeware it can be automatic, making it easier to run。 Tezos is similar, but does not have an on chain treasury, so core development may be slower

主持人:The mainnet launch of Edgeware had been delayed twice and it raised some concerns among the media and community. Can you share with us what was the reason for the delay?

Dillon:We’ve always been focused on getting Edgeware right, instead of rushing. For the betanet launch, a small math error and some unpredicted validation issues needed to be resolved. For the few day delay on the mainnet launch, we wanted to have the latest version of a module called the ‘vesting pallete’ that is developed by Parity Technologies, and to correct a typo in the chain specification regarding illiquid balances from signaling.

主持人:Edgeware issued its tokens through ILO which was a very innovative way and it attracted a large number of users but the cost of holding the tokens were small. How does the market play a part in Edgeware’s success?

Dillon:All smart contract platforms have transaction fees that must be paid and governance goals — exchanges help users obtain stake and voting rights in Edgeware, plus onboard new nominators which helps decentralize security for Edgeware.

主持人:How does fit into the Edgeware or blockchain ecosystem? is a portal for multi-chain management, community, governance and basic account functions. The idea is to create the best user experience for interacting with your favorite chains as a validator, nominator, voter, council member, or more. It’s also where we have serious discussions about the upgrade process for Edgeware. We think it will be as important as Wechat, Telegram, or a crypto wallet for crypto users

主持人:Will Edgeware maintain it’s own validators if it becomes a parachain?

Dillon:Parachains transfer the block production and finality duties to the relaychain — that’s the magic of Polkadot, shared security costs reduce inflation needs to secure each individual parachain. There will be a governance vote with validator participation for when Edgeware becomes a parachain.

主持人:How do ordinary holders participate in the Edgeware ecosystem?

Dillon:Ordinary users can participate similar to many smart contract platforms: staking EDG to validators to recieve rewards and help secure the chain, participating in decision making about the future of the network, developing smart contracts, and using applications. We are looking forward to manh developers building on us, if you are interested, please reach out!

主持人:Edgeware and BiKi have already begun their cooperation and also launched EDG Staking. What are your views and expectations on the future cooperation between both parties?

Dillon:Exchanges like BiKi are amazing allies in reaching communities we may not have the expertise in. We hope BiKi users will stake EDG and vote! We are looking to get the validator participation rate up to continue to climb up from ~17% today to 80%!

主持人:Okay, our live broadcast has come to an end. Thank you very much Dillon for sharing with us. Allowing everyone to learn more about Edgeware. I hope Edgeware and BiKi can continue to grow together.

Everyone may continue to exchange ideas and opinions in the group.

Transcript of BiKi X Edgeware AMA

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Founded in 2018 and headquartered in Singapore, BiKi is a global cryptocurrency exchange that provides blockchain technology and digital asset trading services

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Founded in 2018 and headquartered in Singapore, BiKi is a global cryptocurrency exchange that provides blockchain technology and digital asset trading services