Radix AMA Recap

15 Oct 202101:56

AMA

Radix AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Adam Simmons, Head of Strategy Radix

Adam Simmons

Hi everyone :)

Myko (CryptoDiffer)

Welcome Adam, thank you for taking your time today!

Adam Simmons

I am glad to be here with the CryptoDiffer community! We have had great support from you so glad to be able to spend some more time here.

Myko (CryptoDiffer)

glad to hear
we've prepared some questions to start with
let's begin with the introduction
Q1: Can you introduce yourself to our community?

Adam Simmons

Sure - I'm Adam Simmons and my role at Radix is the Head of Strategy. I work very closely with our CEO, Piers, on company wide planning, marketing, and community building.
👍

Myko (CryptoDiffer)

okie, let's continue with the project itself
Q2: Can you introduce Radix to us?

Adam Simmons

I'd love to, although think many here are already familiar with Radix ☺️

Radix is building the future of Decentralized Finance (DeFi) and is a layer-one protocol specifically built to serve DeFi.

We like to say that Radix is Layer-1 DeFi done right, as we're the only decentralized network where developers will be able to build quickly without the constant threat of exploits and hacks, where every improvement will get rewarded, and where scale will never be a bottleneck.

Radix is focused on the full stack of successful DeFi. That means we are building all the tools needed to make traditional finance obsolete and move the $360T+ global financial system to DeFi on Radix.

We are doing this by providing:

10x Develop Productivity - so they can make a better, more reliable DeFi ecosystem on Radix faster than anywhere else.

100x More Defi security - so that on Radix, investors don't have to worry about the $1B of hacks that have been on DeFi already.

1000x more scalability - we all know it sucks to have to pay $200 in gas to make a $100 DEX swap. Radix fixes scalability FOREVER. With over 1000x more scalability than any other network. We already have shown our tech can do over 1.4m TPS 🚀

Done on that question :)

Myko (CryptoDiffer)

Superb!
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Adam Simmons

Radix has been working on solving all the problems with blockchain since 2013! In that time, we have done a huge amount of research and development, including doing a 1.4m transaction per second test on a global network in 2019.

We are currently rolling out our production roadmap, with the genesis of the Radix mainnet launching in July 28th 2021. It was a very successful launch, and we hit over $100m of XRD staked on the network within a month.

The next exciting event is the final XRD token unlock on Wednesday, Sept 15th. This is an exciting milestone that the Radix community and token holders wanted as we are progressing so well. This final unlock will let us accelerate adoption of the network, as well as bring us inline with the other big layer-1 networks.

In December, we will be launching our Alexandria release, which is all about DeFi dApp builders - it will be the first release of our DeFi specific programming language, Scrypto :)

Next question :)

Cryptodiffer Community

Can you tell us the difference between $eXRD and $XRD? Which one is advisable to hold between the two and is it possible to convert eXRD to XRD and vice versa?

Adam Simmons

I can!

XRD is the native token of the Radix network. It is used to stake, pay Tx fees (which are burnt 🔥) and use on the network.

eXRD is the ethereum wrapped version of XRD, similar to WBTC / BTC. It is so that our community can access and integrate with existing DeFi on Ethereum while the Radix DeFi ecosystem is built.

You can swap between eXRD and XRD on our own service, https://instabridge.io and also on Bitfinex. Other exchanges are also working on swapping between the two

Cryptodiffer Community

You point out that Radix is the only decentralized network where developers can build quickly without the constant threat of exploits and hacks, but could you really detail how Radix manages to be invulnerable to these attacks when the rest are?

Adam Simmons

A big part is how solidity works. It is not purpose built for DeFi, so does unexpected things.

Radix has it's own programming language, Scrypto. It is based on Rust and is build specifically for DeFi. If you want to learn more about it, I suggest reading here: https://www.radixdlt.com/post/reducing-defi-hacks-exploits-failures-on-radix

Cryptodiffer Community

Radix Public Network launched/released its first version of the Radix Node to the world known as Olympia in July 2021. Olympia really delivered in terms of transaction finality time and low transaction fees. However, Radix Network intends to release Alexandria in the Q4 of 2021. What will the Alexandria be all about? What problems will Alexandria be solving that Olympia didn't really solve? How soon should users expect the release of Alexandria? After Alexandria, what next will be in the pipeline to be released by Radix?

Adam Simmons

The Olympia launch was the Genesis of the Radix Public Network. It was the foundational level all other additions of Radix will be added to.

Alexandria is our next release, and it's all about DeFi builders! It will introduce the Scrypto programming language which is designed specifically to help people build DeFi dApps quickly AND securely.

Through Scrypto and other unique innovations from Radix, we will 10x developer productivity and make DeFi 100x more secure!

Cryptodiffer Community

What is the biggest problem Radix network sees in DeFi? Can you tell us about the operation you plan and hope to solve? Unlike other platforms, what features will Radix bring for DeFi?

Adam Simmons

Great question! There is no single "biggest" problem, but a combination of a few big problems!

1) DeFi today is exposing investors to lots of risks. There have been over $1Bn of hacks in the last 2 years alone. Radix fixes this with Scrypto and the Radix Engine, which is purpose built for DeFi. This means developers can build quickly and securely for DeFi. Because of this, Radix will be able to build a DeFi ecosystem far faster than anything else, and make many more innovative dApps that aren't possible elsewhere.

2) Scalability - we all know gas fees suck! Other solutions are working to make this better, but they only go a tiny way. Even 65k TPS is tiny if the whole $360T global finance system moves to DeFi.

Radix is the only solution that has unlimited, linear scalability. This means that every node added makes the network TPS increase. We have already shown our technology running on a decentralised network at 1.4m TPS. Cerberus (our new concensus) has unlimited scalability.

People ask why we need such high TPS... well, imagine trying to work out how fast the internet needed to be by counting how many phonecalls were made! That is how people are measuring DeFi TPS requirements today 😳

Cryptodiffer Community

On your website I read that they mention a lot that scalability will never be a problem or "bottleneck", but could you really explain to us how this scale of friction can be an aspect that limits the scalability of projects so much?

Adam Simmons

Stability is a bit problem. Radix has our own consensus system, Cerberus, which uses massive shard space to achieve unlimited scalability (2^256 shards). That is more shards than grains of sand on earth :D What is really special though is Cerberus has atomic composability between shards, which is essential for DeFi. If you want to read more about Composability and why it matters, check this: https://www.radixdlt.com/post/what-is-defi-composability-and-why-does-it-matter

Cryptodiffer Community

In your Website I found that we can earn 36% per year just by Securing the REDIX network . Can you tell us How can I help in Securing the Network and earning as well ?

Adam Simmons

It's easy!

Download the Radix desktop wallet, get some XRD, and then stake to a validator. You then earn a share of the 300m annual XRD emissions for securing the network :)

Cryptodiffer Community

You point out that you have a shared mission for 100 million DeFi users, but why do you really make that number so high? Is that the maximum number of users that use DeFi? or are they the ones they want to achieve?

Adam Simmons

100m DeFi users is just the start!

Our mission at Radix is to provide all the tools builders need to obsolete traditional finance.

People often don't really just how small DeFi today is and how HUGE it will be. DeFi today is about $100bn TVL. Global finance is over $360T. We are only 0.02% of finance, and Radix is making sure the other $359.98Tn of finance can come to DeFi on Radix

Cryptodiffer Community

Currently the Decentralized finance application are build on on layer 1 protocols that are not fit for purpose. This leads to congestion, hacks, and user and developer frustration. How Will RADIX solves all the problems . Are you planning to shift to Layer 2 Protocols ?

Adam Simmons

Fantastic question. We don't think there hsould be Layer 2 protocols. Radix is a layer 1 protocol that can manage all the scalability itself thanks to Radix unique Cerberus consensus.

Layer 2 networks are OK now, but they break core things in DeFi like composability. This means DeFi will not work on Layer 2 long term, and will never work for mainstream.

Radix is the ONLY layer-1 network where ALL of global finance can live, forever!

Cryptodiffer Community

Could you please tell us From where Can I buy the XRD and eXRD tokens and what are the key utilities of both tokens i.e XRD and eXRD in the REDIX Ecosystem ?

Adam Simmons

You can see all the places to buy tokens here: https://www.radixdlt.com/#token

Cryptodiffer Community

How does self-incentivization work for a developer community and how can it be sustained in the long term?

Adam Simmons

That is where Radix developer Royalties comes in.

If you make something GREAT for the Radix DeFi ecosystem, then you should be able to add a royalty each time it is used.

This aligns the incentives for builders to make things that are USEFUL. Not just things that get grants.

If you are the first builder to make a useful part of Radix, you can earn money every single time it is used. Forever.

Imagine if you were the first person to build a way to swap tokens on Radix 😎

Cryptodiffer Community

- I am very interested in the names Radix, Olympia, Alexandria and Babylon. Can you tell us a little bit about what these names mean to you? Why did you choose them?

Adam Simmons

All our releases are named after great cities/monuments of history the world. We named it this way as each help build the modern world we all live in, and Radix is building the future world that all finance will live in. Forever!

Radix is not just looking at getting the $100Bn of DeFi today on our network... that is tiny. We are building to get the $360 TRILLION global finance system onto Radix. Because we can make finance better for everyone and make TradFi obsolete. 🤩

Cryptodiffer Community

What is project Radix's mission? end year 2021 you have an item to complete it or not?

Adam Simmons

The next big milestone is Alexandria. And it's all about builders!

We are going to make DeFi develoeprs 10X more productive. That means we will are making it so Radix can have 10X more dApps, 10X faster than anywhere else. Plus, those dApps will be 10X better.

Alexandria is where all DeFi developers will be able to see how the future of Finance will be built, and they can get started using our Scrypto programming language.

Building DeFi using Scrypto is SO much better. Imagine going scratching pictures on a stone wall to using a MacBook to write an essay. It's that much better.

Cryptodiffer Community

I understand that the most fundamental unit of the Radix stack is the Radix Node. What is the Radix Node all about? What are the components of the Radix Node? What relationship does the Radix Node have with the Radix Engine?

Adam Simmons

The Radix Node software is the core consensus software.

Validator Nodes running the software are eligible to have XRD staked to them (and by staking you can earn some of the 300m XRD annual rewards!).

The nodes with the most XRD staked take part in consensus on Radix.

We have over 100 nodes running all over the world already, with over 950m XRD staked to them (about 46% of supply). And that was just in a month. Radix holders are that confident in the future of finance moving to Radix!

Cryptodiffer Community

Can we say Radix token captures value even though its a utility token or can you just brief me on the expected uses of the token within the system?

What is the Cerberus scale posibility?

@Adam_XRD

Adam Simmons

The Radix Token XRD, can be used to pay Tx fees (which are all burnt 🔥), to stake (and earn a share of 300m annual rewards), and to transact with. As a layer 1 protocol, other tokens can be made too, but everyone will need XRD to use the network.

Cerberus has unlimited scalability. More nodes = MOAR SCALE! 🚀

Cryptodiffer Community

Hi Adam !!
How does Radix compare to Solana? Radix and Solana I think they are fairly comparable chains in their own area. I personally don't think one is better than the other. I wonder if there is a critical use case that Radix and Solana can't do or vice versa?

Adam Simmons

We love Solana, they are doing some really cool things.

Where Radix is unique is that we have unlimited linear stability. That means more nodes = more scalability. We achieve this by having 2^256 shards, which is a LOT. Those shards can also all talk to eachother so maintain atomic cross-shard composability, this is unique to Radix.

Soloana has 65k TPS, which is great. So it is about 4000x faster than Ethereum.

Radix has unlimited TPS, and already shown in the past 1.4m TPS. That is about 93,000x faster than Ethereum.

Why do we think DeFi needs so much scalability? Because today DeFi is just 0.02% of the $360Tn global finance system. We all know DeFi is the future, so we need to be able to scale for ALL finance to be on Radix.

Cryptodiffer Community

I want to buy your token, what is the requirement? What exchange is your token on now, why did you choose that exchange?

Adam Simmons

You can find all the places to buy here: https://www.radixdlt.com/#token

Cryptodiffer Community

You mention that Radix is a place where DeFi can thrive, but could you really explain to us what DeFi really needs to be able to "thrive" that you will only find in Radix?

Adam Simmons

I can! Because Radix is the only place DeFi will Thrive.

Rembmer, DeFi today is only 0.02% the size of global finance. It can get 5000x bigger MINIMUM. To do this, it needs a place where:

Builders can quickly and securely make dApps - this competition and thriving ecosystem will out innovate tradfi.

It needs to be secure - nobody wants to risk losing all their money from hacks and exploits

It needs to be able to scale to millions of TPS to handle the $360T++ of money in traditional finance.

Radix is the ONLY place that this can happen, because we:

Make developers 10x more productive - meaning more dapps, more DeFi, and more TVL

Make DeFi 100x more secure - meaning you don;t have to worry about losing all your money in a hack.

And most importantly, - when people come to the Radix ecosystem as it is growing, scale will never be a problem as Radix is over 1000x more scalable than any other DLT.

Cryptodiffer Community

In which country is your community mainly, how did they help with your project? Do you have any other outreach orientations?

Adam Simmons

We have a fantastic community. We recently hit over 75k followers on Twitter: https://twitter.com/RadixDLT

Our community is strong, with holders being here for years because they know Radix is the only place DeFi can thrive.

Come and join us, and help us make TradFi obsolete by making DeFi better for EVERYONE.
I only have time for 1 more question, so let me search for a good one!

Cryptodiffer Community

🔥 Hello Adam 🔥

Hundreds of projects have popped up lately that are just to market tokens and are of no use to crypto, and I think the crypto dump is going to fill up.
Therefore, my question will be in a somewhat more general sense.

❓ What are the values that distinguish Radix from this garbage and make it one of the indispensable projects of crypto? What contributions will you make to the Blockchain and DeFI ecosystem that others do not?

Thank you and Good luck 🙏

Adam Simmons

We have a simple rule at Radix. Radix is DeFi done right.

This is key to us. We have been researching and building since 2013, and we all know that DeFi is the future of finance. Therefore, we are building the only place where ALL of the $360T++ global finance system can live in DeFi.

To do this, we need to make a place where developers can make amazing dApps for DeFi, which is why we have Scrypto, our purpose built DeFi language.

We need to make sure people feel secure, so they can move all their money, banking, investments and other finance to Radix. That is why we are making sure DeFi on Radix is 100X more secure.

And lastly, to get everyone in the world onto Radix, it needs to be able to scale to millions of TPS. That is why we have made Cerberus. The only decentralized ledger technology that has unlimited scalability, and atomic composability.

We are doing these things right, because Radix will be the place everyone will be using their money, assets, and finance. That means it needs to be done right.

By doing it right, together with Radix users and developer ecosystems, we can make a better, faster, more efficient global financial system for the world. That will make everyones lives better. Yours, mine, our childrens, and grand childrens.

Together, we can obsolete TradFi, so everyone can benefit from DeFi on Radix ❤️
That is all I have time for today, thank you so much for all your questions.

If you would like to learn more, check out our website: https://radixdlt.com

Our final token unlock is on Wednesday, and hope many of you will join the future of finance soon!