Sperax AMA Recap

Sperax AMA Recap

CryptoDiffer team

Hello, everyone!

We are glad to meet here 

Frida Cai (Sperax Global Strategic Partner) @FridaCai_Sperax

Joe Yu (Sperax Senior Researcher) @yuzhou87

Senior Researcher at Sperax, Joe Yu

Hi everyone!

Thank you for having us

Sperax Global Strategic Partner, Frida Cai

Hi guys!

Glad to be here

CryptoDiffer team

Q1: Can you introduce yourself and Sperax to our community ?

Senior Researcher at Sperax, Joe Yu

Hi guys, I am Joe, currently studying in UCLA for Mathematics of Computation (mathematical side of computer science) and pursuing a Philosophy minor. I have been working as research assistant for Prof. Rafail Ostrovsky for cryptography and theoretical computer science. I contributed significantly in the design of the Sperax BDLS protocol under the supervision of world leading cryptographer Professor Yongge Wang. I currently work as a researcher for UCLA and Sperax.

Sperax Global Strategic Partner, Frida Cai

Hi, my name is Frida Cai. I am the Global Strategic Partner at Sperax. 

I hold a bachelor degree in Foreign Affairs and a history minor from University of Virginia. 

I am a fresh graduate from Columbia University Graduate School of Journalism with a Master of Science degree in Data Journalism. 

With extensive experience in reporting the latest technology trends in Asia, I was mesmerized by the potential of crypto and blockchain industries and has been devoting my career into the space ever since.

Funded by the internationally-renowned blockchain venture capitals like Outlier Ventures, Sperax is a new-generation financial public blockchain. Founded at Menlo Park in Silicon Valley, California in 2018, Sperax team now spreads across the U.S., Singapore and China.

After analyzing all current blockchain consensus protocols, Sperax proposes a new-generation consensus — BDLS consensus protocol. In contrast to its predecessors, BDLS consensus is designed under the most realistic network model, “partially asynchronous network model.” This unique approach of design provides BDLS consensus a whole new level of security that other consensus protocols cannot reach. Besides, by significantly reducing communication cost, BDLS also has enhanced consensus efficiency while maintaining its security. In short, Sperax’s BDLS consensus provides a scalable infrastructure that is truly secure.

Besides infrastructure, Sperax also provides a unique economic design. Sperax adds a special layer of financial services within the public blockchain stack through a native stablecoin and decentralized financial service providers. We believe that blockchain technology is the key to decentralisation and will shift the way how people interact with one another and how money flows; we want to leverage on the powerful technology to drive further adoption, to enable more possibilities for builders and to improve lives.

CryptoDiffer team

Let`s now talk about the milestones you have achieved and about your upcoming plans?

Sperax Global Strategic Partner, Frida Cai

As for the milestones, I am gonna present them in a visual way:

Forgive the typo in the 2020 milestones. We raised $4.7 at the Aug 14 public sale, not 5M, It is always good to be honest and accurate, I figure.

As for the upcoming plan at Q4 in 2020,

Product side, we will launch:
– Testnet: EVM compatible virtual machine for developers
– SPA wallet: for users to use SPA related services, participate in governance process and earn token rewards
– sCOIN: working with financial nodes in the network to first issue sCOIN first on Ethereum, compatible with Sperax mainnet

Marketing side:
– We will launch officially n Uniswap
– We will announce an official exchange listing
– We will launch a Developer engagement program
– We will form partnerships with universities.

 

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

How is Sperax BDLS superior to consensus protocols like HotStuff? Tendermint? PBFT? How does BDLS address security and 51% attacks?

Sperax Global Strategic Partner, Frida Cai

The Internet is an open network which is better modelled by what we call a partially synchronous network model. A partially synchronous network is one which alternates between a synchronous network and an asynchronous one with an unknown transition time called Global Stabilization Time (GST). We analysed many widely deployed BFT protocols for blockchains and to our best knowledge, all of them could go to deadlock before GST and then remain deadlock forever (even after synchrony). 

In contrast, Sperax BDLS protocol is designed exactly based on a partially synchronous network model. In other words, our protocol is based on a more realistic model of our internet. So our protocol can provide a more secure method of consensus. 

Also, our protocol doesn’t make the strong assumption of the existence of reliable communication channels for each node pair in the network. Thus, we take the possibility of DoS attack in a partially synchronous network into account.

Cryptodiffer Community

Why did you choose the Embedded Sperax BDLS consensus protocol and what are its advantages over other existing consensus protocols?

Sperax Global Strategic Partner, Frida Cai

As a new generation BFT consensus protocol, BDLS has 2 major advantages.

1. Security. 

Our Internet is an open network which is best modelled by what we call a partially synchronous network model. Previous BFT consensus are designed based on a simpler model, synchronous network model. Although it is more intuitive and easier to design blockchain consensus protocols in the synchronous network model, designs under this model can oversee some significant security vulnerabilities since this simple model cannot reflect the reality of our internet. 

In contrast, Sperax BDLS chooses the more complex and more realistic model when designing and takes into account all potential security vulnerabilities.

2. Efficiency. 

The most common angle to measure efficiency is “scalability.” However, there is another important angle from which to evaluate the efficiency of any blockchain system — communication complexity. 

Most current BFT consensus blockchains need O(n^2) communication complexity. Since it is a “square,” it requires plenty of efforts to accomplish the communication task before reaching consensus. Even the fastest current BFT consensus needs O(7n) communication complexity, which means multiplying 7 to the input task. 

By comparison, BDLS consensus only needs O(4n). This means that BDLS nearly has double the speed of the current fastest BFT consensus in terms of communication complexity.

Cryptodiffer Community

Sperax aims to make decentralized financial services accessible to all global citizens. That includes people who have no idea about crypto nor blockchain, how easy would be for them to use Sperax?

Sperax Global Strategic Partner, Frida Cai

Despite numerous blockchain efforts, there is still a lack of mainstream adoption due to a number of reasons. One of them is lack of ease of use. We believe the best blockchain applications are the ones that do not require users to interact with the blockchain itself. 

I cannot give a numeric rubric about how easy it would be educate people, who is not in the crypto space, to adopt Sperax ecosystem.

But it is our mission to connect a crypto-based decentralized economy with real world finance. Our solution includes a native stablecoin, sCOIN to facilitate the adoption of non-crypto users, sCOIN, the first of its kind in the public blockchain ecosystem, support multiple currencies.

Cryptodiffer Community

What do you think about the possibility of creating new use cases in DeFi space for existing real world assets by using crypto technology?

Sperax Global Strategic Partner, Frida Cai

DeFi is definitely a very hot topic right now. I mean both capital-wise and project-wise. We saw the Total locked value in DeFi has skyrocketed from only 1B in June to 6.5B a few days ago. Also, we saw many both innovative and  exciting projects like Compound, Balancer, Syntentix and recently Aave.

However, DeFi now has a big problem. It is generally just not ready for mass adoption. Specifically there are three reasons: high frictions, slow speed, and lack of regulation. These three pain points are what we try to solve by our Sperax solution. 

Facing this problem, we bring our solution: Sperax public blockchain with BDLS consensus and a new financial design. By BDLS, we provide a better infrastructure that can significantly reduce friction and enhance speed. By the new financial design, we invite regulators to participate in our ecosystem.

Cryptodiffer Community

What is the Main Usecase oF SPA & sCoin in the Ecosystem?

Can You talk about its  Advantages?

Sperax Global Strategic Partner, Frida Cai

Sperax ecosystem issues two tokens: SPA as the network token on BDLS and sCOIN the native stablecoin. Sperax is the first decentralised system with a native stablecoin.

1. Sperax’s regular SPA tokens will be distributed through private sales, public sales, marketing, ecosystem, reserve, team & advisor and partner. SPA is not only free to be transacted on Sperax blockchain, but could also be used to customize DeFi services on blockchain by third parties. This category of SPA has a fixed supply of five billion.

The second type of SPA tokens are the partnership token built by Sperax foundation. These tokens, with a fixed one billion supply, will be distributed to the partners of the network, such as financial service providers, payment gateways, enterprise clients and academic institutions. However, the tokens will not be transferrable or tradable.

2. Here are some of the use cases of our two tokens: 

1. Xiaomi Financial Virtual Bank with full licenses authorized by Hong Kong Monetary Authority Proposed Sperax stablecoin to use the fiat gateway and accept cash equivalent and support cross-border transactions based on the stable coin network and offer more competitive rates

2. A Sand Hill Road based Venture Capital: Tokenization of its emerging crypto-focus fund; Integrate its mobile gaming portfolio companies on Sperax networks

3. A costume martial-arts TV series, The Untamed, with 8 billion views on Netflix and WeTV : Tokenization of its worldwide fan meet-ups and concerts tickets; Tokenization of celebrity merch’s online marketing place

Cryptodiffer Community

There are three common core issues in technology today: scalability, security and 

interoperability, speed and privacy. So, how will Sperax solve these problems?

Sperax Global Strategic Partner, Frida Cai

For security, as our answer for BDLS has explained, our BDLS consensus protocol is designed in the most realistic network model so the security of blockchain is greatly improved. 

For scalability, I prefer a more general term — performance or efficiency. Since the main goal here is for us to improve the processing speed in blockchain. 

Our BDLS protocol has significantly improved processing speed or efficiency by enhancing communication complexity of our consensus.

The last one is interoperability. I guess here you mean how our Sperax blockchain can be interoperable with real world finance. We connect our blockchain ecosystem with the traditional financial world by our unique design of financial layer. It consists of our native stablecoin sCOIN and a group of authorized financial institutions. We believe that our unique financial layer can truly integrate the new blockchain world with the traditional world.

Cryptodiffer Community

Last month Sperax distributed 4.7% of total SPA token supply to over 3000 participant, who jointly purchased $4.7M worth of 235M tokens through Sperax’s first global public sale. Could you tell us how the proceeds from the token sale would be spent/allocated?

Sperax Global Strategic Partner, Frida Cai

We appreciate all investors who participated in our first global public sale. It was very painstaking to complete the whole process ourselves, but we did it. Due to the overwhelming traffic, our website even encountered two network crashes. 

To answer your question, the fund will be solely allocated to recruitment and ecosystem building. As you may know, our team is severely short-handed right now so we are aggressively recruiting. If you would like to join, please DM me your resume! 

Second agenda would be ecosystem building, which is out ultimate goal. We partnership with universities and other tier-1 projects, and launch developer grant programs so our ecosystem could be sustainable and solid.

Cryptodiffer Community

You claim that after partnering with Chainlink, you can finally bring real-world data into the Sperax ecosystem and connect to traditional non-blockchain systems. How would you do that?

Sperax Global Strategic Partner, Frida Cai

By integrating Chainlink, we can finally bring real-world data into the Sperax ecosystem and connect to traditional non-blockchain systems. This allows our developers to create smart contracts connected to off-chain data feeds, APIs, traditional payment infrastructure, and more, which greatly expands the number of use cases we can build solutions through DeFi and other large markets.

Within our DeFi ecosystem, Chainlink oracles will aggregate market information from a variety of high quality data sources to serve as reference prices for assets such as cryptocurrencies, fiat currencies, commodities, indices, and more. DeFi applications can then use those price feeds as the basis for making automated decisions like how big a loan a user can take on, whether or not to liquidate someone’s collateral, and whether or not a payment actually occurred off-chain.

This integration will enable Sperax to leverage Chainlink’s decentralised oracle network to bring real-world data to any smart contract running on the Sperax network, and ultimately steer users and developers towards better financial decisions and more passive incomes through highly accessible and reliable financial products.

Cryptodiffer Community

How important is the community to the Sperax?  and how can we collaborate or help Sperax for the development of the project?

Sperax Global Strategic Partner, Frida Cai

We’re always looking to foster healthy community discussion surrounding the benefits that Sperax presents to the PoS community, as well as the larger blockchain ecosystem. At present, the Sperax project has established R&D teams in both U,S, and China, carrying out collaborative development, researching key technologies, and simulating and testing key modules. After the pandemic, we will host meet-ups internationally, so please keep an eye out for a future one that might be near you!

Cryptodiffer Community

You had AMA here recently, what’s the purpose of this new AMA? 

Can you kindly share the tokeneconomics with us? Also, is there any plan for $SPA token burn or token buyback?

Sperax Global Strategic Partner, Frida Cai

ha! Thank you for asking. In fact, we have a major testnet update to share.

In a nutshell, we have made great progress in the implementation of Sperax blockchain (testnet is part of the whole implementation plan). Since BDLS consensus is THE MOST important part of Sperax blockchain, we first work on it. We finished all the codes and comments three months ago. There are over 5000 lines of codes. Dude, believe me, it is such a relief when we finish it. 

Then we worked on the rest of the system. This was easy.

And after this, we have been working on integrating BDLS into the framework.

So basically, first BDLS, then the rest of the framework, and we started integrating them together three months ago. We thought it might be as easy as the second implementation task. But it proves to be a bit more difficult. But it is not too difficult that we have to give up the project. 

Yes. We made it. We already finished all integration codes right now. 

The current task is many many many many local testings first and then again many many many testings on our testnet. Also, this is the reason why we need a testnet btw. 

Lastly, I think many here are most interested in when testnet will be launched. We are now locally testing for two economic parameters that cannot be easily changed after launch. So we built an econ model and are currently locally testing for them. After we figure these two parameters out, we will launch our testnet.

Sperax Global Strategic Partner, Frida Cai

And this is all questions we are gonna take today. We have to run for a call to discuss a potential partnership with a major project. Stay tuned!

Again, thank you for having us.

Cryptodiffer TEAM

Thank you for your time!

Great answers!

Thank you everyone who took part today!

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