Parami Protocol AMA Recap

03 Sep 202015:08

AMA

Parami Protocol AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Dorian Wu, Co-Founder of Parami

Dorian Wu

Hello, this is Dorian Wu from Parami Protocol. Before co-founding Parami, I was the senior architect of DCEP (Digital Currency Electronic Payment), The People's Bank of China, and the core architect & technical leader of TRON before PCEP.

Myko (CryptoDiffer)

Welcome Dorian, thank you for taking your time today!

Dorian Wu

Thanks Myko for having me!

Myko (CryptoDiffer)

Well! it's great you've started introducing yourself, it was our first question!
Would you add something or should we move on to next question?

Dorian Wu

Aha I’m about to add some. Thanks

Myko (CryptoDiffer)

Great!

Dorian Wu

I have much practical experience in consensus mechanism, privacy computation, cross-chain mechanism, etc. I hold a bachelor’s and a master’s degree in software engineering. After receiving my master’s from University of Chinese Academy of Sciences, I became a blockchain enthusiast and active investor since 2013.
My early purse of Bitcoin and relevant study in academia inspired me to solve problems in a novel way. Now I am all in blockchain, co-founding Parami to explore more in the crypto world on tech side with my amazing team.
-done-

Myko (CryptoDiffer)

Well! Thank you for the answer, now let's move on to the project)
Q2: Can you introduce Parami to us?

Dorian Wu

Parami Protocol proposed an AD 3.0 paradigm powered by blockchain for Web 3.0.
SO what is AD 3.0?

“AD3.0 is a human-centric and privacy preserving network poweredby blockchain where users are smart-rewarded for attention and data with their sovereign identity being protected on a trust-free basis.”
Our focus and the problems we are trying to solve are:
1. How to build user-centric advertising platform？
2. How to gather user traffic in Web3.0
3. How to increase the ROI of DigitalAdvertising in Web3.0？
-done-

Myko (CryptoDiffer)

Woah! Nice to see exact problems to solve)
Now the last question before moving to the community part)
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Dorian Wu

Yes we are being practical here
The testnet version Dāna is finishing.
Introducing Milestone Dāna:
1. Substrate chain | Build Parami ParaChain based on Substrate3.0.0, the core modules that have been developed include DID pallet, ADS pallet, NFT pallet and Bridge Pallet.
2. Provide the following RPC interfaces for Parami Wallet, including setup DIDs and ads, and APIs that allow transfer assets via DID
3. Setup and launch Parami testnet, which has been running stably for over a month. Parami testnet has been launched as a parachain to Rococo.
4. Complete the bridge ETH ERC20 and Parami substrate.
6. Complete the Parami wallet for Telegram and WeChat. Users can login to Parami wallet to complete the binding of social ID and DID identity, implement token transfer in/out and transaction query functions.
7. Complete the AD3-maker encode/decode protocol for the avatar of Telegram or Wechat users, and create the binding of DID and social user's identity image. Social users can transfer token through the avatar.
-done-

Cryptodiffer Community

In your litepaper, you claimed that AD 3.0 is the Era of Democracy, so can you tell us how this is new Era is different from that of AD 1.0 and AD 2.0 Era? What kind of right does it actually offer users?
Ownership over their self-sovereign identity and personal data, which has been long exploited by Internet Giants.
Ownership over their self-sovereign identity and personal data, which has been long exploited by Internet Giants.

Dorian Wu

Think about how much does Google make from delivering ads for you. You give away data and attention with nothing in return.
https://twitter.com/paramiprotocol/status/1397830014423355392?s=21

Cryptodiffer Community

Can you explain to me what the #AD3 platform's main goal is to make your project stand out from the crowd? and can you use the AD3 token in real life?

Dorian Wu

Yes, absolutely. What DIFFERs us from other projects is at least following two points.
1. We have built solid ground to land the value of $AD3.

The native token on Parami Protocol is AD3. It is an UTILITY TOKEN that can be used in 6 scenarios:

• Settlement: The price of the Ad and the price of the token will jointly determine the number of rewards the user will receive for a single advertising campaign.

• Bidding: Use tokens to bid for advertising opportunities.

• Synthesizing: Use AD3 to generate social coins and NFT.

• Paying: AD3 will be used to pay operation fee.

• Governance: Vote and adjust the chain parameter.

• Staking: Stake tokens for mining and community development.
2. Those who attempt to decentralise an economy may haven been trapped themselves into providing alternatives to existing products such as building media platforms (as Brave the browser for BAT), which wash out their blockchain native per se.

While we gazed at this uncultivated land of decentralized communities in IM apps. We can walk the newcomers through AD3 IM Wallet (e.g. hold relevant campaigns in our Telegram group) which may raise their appetite for crypto asset management in near future. On this regard, we proposed blockchain-based solutions to monetising these private traffic pools and provided an incentive mechanism based on ZKP algorithm accordingly.

Cryptodiffer Community

As supporter, what can we do to help bring the masses to the project?

Dorian Wu

Hi thanks Juliet for being a supporter here. I think what we value the most is community support. Stay curious about Parami and tell your friends what we do. It’s a process of awakening!

Cryptodiffer Community

On moving forward through your roadmap, what are your most important next priorities? Does your team have enough fundamental (Funds, Community, ect) to achieve those milestones?

Dorian Wu

Hi Era, yes we do have many support from renowned funds and from communities

Cryptodiffer Community

Parami has received grant from Web3 Foundation at early stage and is a member of Substrate Builders Program. Early investors include NGC Ventures, CMS holdings, GBV, Digital Finance Group, Genblock, Signum Capital, Axia8 Ventures, Spark Digital Capital, Digital Renaissance, AU21 Capital, GBIC, PNYX Ventures, Ruby Capital, Titans Ventures, Gate.io Labs, Bella, Blockark, Weblock and some core members of Parity.

We can see some short-term collaboration at this stage such as providing on-chain data for airdrop campaigns. The cross-chain nature of DOT-based projects contributes to amplifying other projects’ data resources so that we can facilitate privacy computation at a much larger scale. Parami tech can serve as an engagement tool for creators or influencers in near future for the purpose of precise marketing.
Can you talk more about the DAO support which Parami offers? What benefits do DAOs get from registering on Parami, is there any incentives in place for them and do you charge them any fee/amount in return for this service?

Dorian Wu

We can help with monetizing DAO members’ influence. Besides, we can see some short-term collaboration at this stage such as providing on-chain data for airdrop campaigns, leveraging DAO’s user base and benefiting your community as well.
Hi Tania, the next significant step would be our first mainnet — śīla

1. Develop Offchain-worker to verify ads and incentives, rewards and withdrawals, etc.

2. Support Social coin and introduce NFT support for advertisers.

3. Refine AD-Oracle implementation. Engage ad-specific validation into it, like an anti-spam check, visibility validation, and so on.

4. Build Parami Chain explorer, and provide block and transaction query support;

5. Wallet development, optimization of new functions

6. Implement Parami AMM, support between AD3 and Social coin

7. The code will have unit-test coverage (min. 70%) to ensure functionality and robustness.

8. Parami developer documentation support, including node deployment, API design instructions, wallet usage guidelines, etc.

The next verisons will be Vīrya,dhyāna and Prajñā, for more details you can check in our official website and lightpaper.

Cryptodiffer Community

Are you partnering with any big exchange? What problems is your token going to solve

Dorian Wu

We have gate.io as early investor. And we are well connected with the major ones. Let’s see what’s going to happen. 😎

Cryptodiffer Community

Dorian Wu

Hey covered your question here @oswaldhowe

Cryptodiffer Community

Investors are afraid of scam, exchange is afraid of scam, partners are afraid of scam, so what does Your project guarantee not to scam investors?

Dorian Wu

Haha interesting perspective. The team’s been in crypto world for 7+ years. I started my BTC farmer career in school library in college. It’s not just a project. It’s our ideal of future advertising. You don’t betray your faith.
And, of course, we have big names to invest in us, who see the solid value in what we are doing.

Cryptodiffer Community

How will Parami build a thriving community that truly cares about and supports the project for a long time, rather than just gaining temporary benefits?

Dorian Wu

Hum, simple, we need support from @gwillms who calls him/her self as a supporter of Parami. 😉

And we have been very careful about allocating tokens in private sale. We talk to them, make personal connections and make sure we agree on great terms.

Cryptodiffer Community

How do you plan to spread awareness about your project in different countries/regions where English is not spoken well?

Dorian Wu

We had macro influencers such as CryptoDiffer onboard with us, and covered regional communities from SEA and Korea to Africa, Europe and Middle East.

Cryptodiffer Community

Parami Protocol Global 🌏

$AD3 ｜Parami Protocol - English
https://t.me/ParamiProtocolEN
$AD3｜Parami Protocol - 中文
https://t.me/ParamiProtocolCN
$AD3 ｜Parami Protocol - Việt Nam
https://t.me/ParamiProtocolVN
$AD3 ｜Parami Protocol - 한국어
https://t.me/paramikorea
$AD3 ｜Parami Protocol - Skandinavisk
https://t.me/ParamiProtocolSCA
$AD3 ｜Parami Protocol - Español
https://t.me/ParamiProtocolESP
$AD3 ｜Parami Protocol - Portuguese
https://t.me/ParamiProtocolPOR
Please share with us what do you think about the real philosophy behind DeFi?Where Do You See This Revolution After 4 or 5 years?

Dorian Wu

What’s special about DeFi is it’s openers and fairness. We are not exactly a DeFi project but we do see DeFi as a tool to build up business model. It’s part of the business scenario. Many project may need DeFi as a tool to deploy business. Like every project needs liquidity, places to swap.

Cryptodiffer Community

Hello sir,🙋

🚧🚧🚧🚧🚧🚧🚧

AD3 IM Wallet is a plug-in light wallet tailored for Instant Message Apps including WeChat, Telegram and Messenger...

Q1- can you please tell us more about
"AD3 IM Wallet" ?what are the key features?
How will it beneficial for the user ?

Q2-I saw you have introduced NFT pallet module ..
Can you please tell us more about this module?How does it work ?

Thank you..

Dorian Wu

1. AD3 IM Wallet is a plug-in light wallet tailored for Instant Message Apps including WeChat, Telegram
2. Each advertising spot will be in the form of NFT. Whoever bids for the NFT and gets it can determine the content of it. That’s why we deploy NFT Pallet

Cryptodiffer Community

Dorian Wu

Hey Elva @ikuhlman check this

Cryptodiffer Community

What is the role of the community in the governance of the your crypto ecosystem in order to be able to call it community driven? Which members of the community can participate in the decision making?

Dorian Wu

Community is so important for our project that we want to be the “community of community”. Our technology helps governance in DAO.

Cryptodiffer Community

While i was going through your roadmap it comes to my attention that you ascribed some terms to each of the roadmap, such as MainNet V1: śīla, MainNet V2: Vīrya, MainNet V3: dhyāna, and the likes. Can you tell us what language is that and does each has it own unique meaning?

Dorian Wu

Haha thanks for noticing. It’s Sanskrit. The word “Parami”, commonly translated as “perfection”, is used to refer to Buddhist ideals. Parami is the virtues one needs to cultivate to cross over the flood of suffering, and rebirth to reach safely the further shore.

As for the Parami Protocol, it aims at establishing a universal model for future advertising, to bring a rebirth of the digital identity and personal data economy.
We are building one and you are very welcomed to join Xperia!

Cryptodiffer Community

Will Parami ensure the trustworthiness of data providers and will there be governance mechanism to ensure that they are not joining force target to collude the system?

Dorian Wu

Individual user’s personal info is totally encrypted. It’s not owned by us or any party, so it may have nothing to do with ensuring trustworthiness of anyone.

Parami uses zero-knowledge proofs, blind signatures and other privacy computing techniques to build a PCAP (Personal Crypto Advertising Preference) based on user DIDs, which is a homomorphically encrypted user advertising preference profile (user profile).

Therefore, user data is usable while “invisible”, totally own by users themselves.

Cryptodiffer Community

What mechanisms does Parami use to ensure that companies cannot "run away" with investors' money, and how do you ensure the safety of users' funds?

Dorian Wu

Parami is a parachain built on Substrate, which ensures the security from already.

And more importantly, keep an eye on your private key. Not your key, not your coin. Right? 😉

Cryptodiffer Community

1. AD3 is the native token of the Parami Protocol and it is an utility token. So in what scenarios can the AD3 token be used and can you give some of its use cases?

2. From your roadmap, I see that Parami protocol will support NFT in Q3 2021. In what ways will Parami support NFT?

Dorian Wu

1 please check our tokenomics i shared before.

2 We can expect some innovations such as social DAO, social coin, and social AD-NFT. Leveraging the utility of AD3, we are able to upgrade and each one can share in the community value.

Cryptodiffer Community

It's stated on your website that The PCAP document works not only for payment but also for user preference data. The preserved data can be used but can not be seen.

What's the reason why the preserved data cannot be seen?

Dorian Wu

It’s “invisible” because it’s totally encrypted. When any party makes use of it, the proof of personhood and user value is through zero knowledge proof.

Cryptodiffer Community

Will you also focus more on Asian market as it arbors a very strong based for crypto currency projects ?

Dorian Wu

We value each market. So Asian market is important for sure.

Cryptodiffer Community

I was almost conned by a telegram group that messaged me and asking me to participate in Parami IDO. However,on further investigation I discovered this was a scam group and not an agent of Parami. What steps are you taking to prevent people from exploiting others using your name ?

Dorian Wu

Nicely done bro, alway be cautious. Pls follow us on Twitter @ParamiProtocol

We have CMs and volunteer to watch over the groups. And I think I know the one you were talking about. When we noticed the scam, we would warn the community members ASAP.

Cryptodiffer Community

Hello,
According to your lightpaper AD3 will be consumed for operation fees. But in some cases advertisiment income of the users can be low.
Do Parami has a solution or partnership with another protocol provider to reduce the costs of the transactions to withdraw that income?

Dorian Wu

First of all, we are built on Substrate, so the gas fee is very low.

Second, based on our incentive algorithm, either you don’t get reward or you get a fair number of it. So no worries.

Cryptodiffer Community

To support PARAMI for Parachain auction, what mechanism will users adopt to support? What benefits do users get after successful auction support?

Dorian Wu

We can run independently so auction is not a necessity. Later we may go for it. Stay tuned.

Cryptodiffer Community

What's special about Parami's AD 3.0 paradigm when it's designed for WEB3? Currently, there are many original user-centric projects, but while the implementation works, the reality is the opposite. So how will Parami ensure the maintenance of these goals and interests for users throughout the time?

Dorian Wu

User-centric is not just a slogan for us, we design the system based on it
1. User owns their data and identity.
2. Data integration is user-centric.
3. Users are those who get reward

We believe Web 3.0 is for one and each users, not a “rich guys’ game”

Cryptodiffer Community

What support will Parami have to help SolvProtocol about Solv's user privacy protection? How will your partnership strategy evolve?

Dorian Wu

Leveraging our privacy and DID solutions, we will help them with precise marketing. Those who are interested in primary market trading will be their target groups

Cryptodiffer Community

1. Crypto market is still not out of the woods.
2. Every day new kinds of FUDS.
3. Government is cracking down on crypto
4.The market is cropped up with zillion of shitcoins – No utility No future ahead
==> So my question is how the legit PARAMI like keep motivated itself and what keeps you going amidst of all the negative news?

Dorian Wu

We live for it, the ideal of Web 3.0. And as an active investor myself, I hunt for real value. We are a very self-motivated team.

Cryptodiffer Community

I am very much interested to know about NFT pool funding, how would it be implemented? How can Sharing of a single NFT work?

Dorian Wu

The NFT can be shared in the form of a landing page. This is how the content of a NFT is shared if this is what you are asking bro.

Cryptodiffer Community

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?

Dorian Wu

So far no negative effects. Only benefits. For example, people have to spend more time in digital world.

Cryptodiffer Community

If a creator wants to start a project, what kind of documentation will they need to provide? Is it really possible to raise funds from the community from any country once the platform goes live? Or will there still be some limitations?

Dorian Wu

Parami is without permission. I think what helps you to start a successful project as a creator is determined by your influence. This is what really matters. If you have enough supporters then Parami would help you to bond with them in a new dimension. You and your followers can all be benefited from your quality creation.
Hey guys i think it’s so much for today. Love your questions!

Myko (CryptoDiffer)

Thank’s for the ama! i guess you covered most of the topics! i guess community values it!

Dorian Wu

For more info and updates, do follow and interact with us on Twitter twitter.com/paramiprotocol
Thanks Myko again for having us.

Myko (CryptoDiffer)

Chat is unmuted! Thanks everyone for your questions

Dorian Wu

And many thanks for lovely community members 😊😊