NEST-Protocol x Im Community AMA Recap
🐋 TELEGRAM AMA: Im Community & Nest-Protocol 🐋
⏰ AMA Timing : 16 June 2021 l 10:00 AM UTC l 17:00 GMT+7
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100 USDT
Bà Tân | : Welcome @Heathersyt from Nest-Protocol
Bà Tân | : Welcome everyone. Today Im Community will host AMA with Nest-Protocol.
Bà Tân | : Today our guest is: @Heathersyt from Nest-Protocol.
⁽⁽ଘSabrinaଓ⁾⁾ : Hello, every one! My pleasure to be here for AMA with IM Community.
⁽⁽ଘSabrinaଓ⁾⁾ : I am the NEST Community Manager that help with partnership development.
Bà Tân | : Please introduce yourself a bit: @Heathersyt
⁽⁽ଘSabrinaଓ⁾⁾ : I am the NEST Community Manager that help with partnership development.
Bà Tân | : Thanks for the introduction.
Bà Tân | : Rules to follow AMA : ⤵️
▫️ Join : Telegram group Nest-Protocol (https://t.me/nest_chat) , Nest Protocol Việt Nam (https://t.me/NestProtocolVN)🇻🇳 (https://t.me/NestProtocolVN) and IM Community (https://t.me/imcommunityitw) , Channel Im community
(https://t.me/imcommunityit)▫️Follow: Twitter NEST Protocol (https://twitter.com/nest_protocol) and IM Community (https://twitter.com/IM_Communityitw)
Web & Community:
🌐https://nestprotocol.org/
Bà Tân | : Those who haven’t joined @nest_chat @NestProtocolVN group will not be eligible for AMA rewards, make sure you did.
Bà Tân | : Start session 1 AMA @Heathersyt
Bà Tân | : Q1. First, please briefly introduce the NEST Protocol project?
⁽⁽ଘSabrinaଓ⁾⁾ : NEST Protocol is a collateralized lending product at the very beginning. Due to the lack of price mechanism and the oracles are commercially not in line with the decentralized nature of blockchain, NEST Protocol has developed a decentralized price oracle network in v2.0.
After more than one year of practice and research, we have gradually updated and adjusted various parameters and data of NEST system based on the essence of blockchain and now NEST Protocol v3.5 could become the underlying price protocol of all DeFi applications which is the only one that generates price information flow in a decentralized way on the Etherum network. The upcoming v3.6 will officially enter DAO governance and become a true non-cooperative gaming system.
Bà Tân | : Q2. What’s the motivation for starting this project NEST Protocol?
⁽⁽ଘSabrinaଓ⁾⁾ : The total market cap of cryptocurrencies has now exceeded $2 trillion, the total market cap of DeFi tokens has exceeded $100 billion, and the total market cap of all prophecy machine projects in the market is less than $30 billion.
In the overall market environment, the “killer” oracle that can truly meet the market demand in all aspects have not yet appeared, and the oracle market is still in the blue ocean with a broad development space. The main problem is the centralized node operation model, which is the same as the DPoS consensus mechanism of public chains. The security will be inevitably challenged when the number of nodes is not large enough. A more perfect prophecy machine, a completely decentralized oracle is needed to promote the large-scale application of blockchain technology and the development of ecological prosperity.
Bà Tân | : Q3. What role does the $NEST token play in the ecosystem of NEST Protocol? What benefits will users who hold the $NEST Token get?
⁽⁽ଘSabrinaଓ⁾⁾ : Before v3.6, NEST Token holders can receive weekly dividends of ETH fee in the NEST system, and the more NEST you hold, the higher the percentage of dividends.
NEST v3.6 has replaced dividends with repurchase which will keep all quotation fee inside the NEST ecosystem. All proceeds will be used to empower NEST Token in the system, curbing system value spillover
Based on NEST v3.6, CoFiX 2.0 will become the asset management protocol in NEST ecosystem. NEST holders could provide NEST/ETH liquidity to earn interests just like Uniswap. Besides, users can hold NEST Tokens to participate in community voting and mortgage in Parasset (another synthetic asset protocol in NEST-ecosystem) as well as more application scenarios in the future.
Bà Tân | : Q4. In the upcoming 3rd and 4th quarter of 2021, what is the NEST Protocol project focusing on developing?
⁽⁽ଘSabrinaଓ⁾⁾ : So far, only BTC is really out of the circle and if ETH or DeFi wants to go out of the circle, they must find the right position and real demand which is the long-term proposition of NEST Protocol.
To establish an on-chain economy, the price mechanism of the non-cooperative game is the core element. Therefore, NEST Protocol’s key development goal this year is to develop more financial products based on price information flow with the vision of becoming the underlying price protocol of the Ethereum on-chain economy.
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2
Bà Tân | : Sessions 2: We will pick 5 Best Question from our members on Our Tweet.
Bà Tân | : Q1. @ngothan53
⁽⁽ଘSabrinaଓ⁾⁾ : Can you list the salient features of NEST Protocol v3.6 that set it apart from its competitors?
the summary is as follows：
1, Price data with accuracy, sensitivity, defensibility.
2, The ability to validate price data directly and the validators can be any third party with no threshold.
3, NEST oracle network system is highly distributed where anyone can become a quote miner to participate in quote mining, free to enter or exit.
4. NEST Protocol is non-cooperative gaming in the production process while output quote voucher tokens for all kinds of ERC20 assets in a decentralized manner, just like ETH can issue any ERC20 tokens.
5、The price information flow output by NEST Protocol can derive a series of risk-calculable financial products through the single point price data, average weighted data, volatility data on-chain.
6, NEST Protocol is a non-cooperative gaming system, the underlying price protocol of Ethereum and an ecosystem rather than a single DeFi financial product.
Bà Tân | : Q2. @khung_xiu
What ist’NestProtocol sologan? Is that the focus for the next three years or so?
⁽⁽ଘSabrinaଓ⁾⁾ : “On-chain Non-cooperative Game Economic System”
BTC achieves data anti-tamper (transfer) through non-cooperative game, ETH achieves logic anti-tamper（smart contract）through non-cooperative game, NEST achieves exchange rate anti-tamper（price information flow） through non-cooperative game.
The blockchain world can be copied in the next second. It is difficult to survive long in this world. Projects have to develop and create extreme scarcity to survive in the monotonically increasing world of Ethereum. Analyzing the nature of blockchain, only a real non-cooperative gaming system can survive long. This is our long-term focus.
Bà Tân | : Q3. @Crypto00507782:
“2021 is an exciting year about the crypto world, what were your achievements this year?
⁽⁽ଘSabrinaଓ⁾⁾ : There are several big events in the NEST ecosystem this year:
1. NEST Protocol v3.6 which launched in April will remove developer’s permissions and officially enter the DAO governance.
2. The launch of CoFiX 2.0, an Auto-Market-Maker protocol based on NEST Protocol.
3. Parasset, providing lending, native assets exchange and insurance pool for the on-chain world.
4. Perpetual contract protocol Fort based on NEST Protocol are under development.
5. Thinking, designing and developing NEST Protocol to better solve the GAS consumption and mining randomness problem while proposing to GitHub.
6. Develop and study more cases of financial products based on NEST Protocol price information flow.
Bà Tân | : Q4. @Sathicrypto:
The gas fee on Ethereum blockchain is crazy high. Why did you decided to build your NEST Protocol project on ETH? Any plan to incorporate with other Blockchainchain such as BSC?
⁽⁽ଘSabrinaଓ⁾⁾ : At present, NEST still keeps building our own ecosystem on Ethereum layer1 which is the underlying architecture maintained by a large amount of arithmetic accumulation after years of testing and has the best security. The purpose of NEST Protocol is to always put security first which is also the core element of finance. If other solutions improve, the possibility of migration will not be excluded which requires DAO governance and community voting.
Now, migration to BSC is under preparation and will launch soon!
Bà Tân | : Q5. @HTh24720028
What should I do to help NEST Protocol grow and become more popular?
⁽⁽ଘSabrinaଓ⁾⁾ : 1、Ordinary investors: secondary market purchase and hold coins, receive weekly system revenue, and hold for a long time waiting for the ecological prosperity to rise.
2、Technical investors: Develop mining scripts, become quote miners, provide price facts for the blockchain, and deposit the mined QP Token into the revenue contract to receive weekly revenue or secondary market trading cycle mining.
3、BTC/ETH/traditional funds Large investors: can choose to buy in the secondary market the same as category 1, but also can choose to absorb technical talents to develop scripts mining or become a verifier in the NEST ecology for error price arbitrage and maintain the security of the prophecy machine network system. (The prerequisite is to understand the underlying logic of the NEST oracle because becoming a validator is very professional)
4、ERC20 project: build its own oracle track in NEST Protocol, promote the community quotation, enhance the quotation density to within 25 blocks for downstream DeFi protocol calls, and make its own token into an asset that can provide financial services.
5、Financial Product Architect: design financial products about DeFi downstream, such as: DEX, lending, stable coins, options, insurance, etc based on the NEST oracle idea and supported by the theory of finance and game theory
(Class 4 and Class 5 can be formed to cooperate, or form proposals on GitHub and post in the NESTFANS forum, the NEST Core development team is always active on GitHub and will provide advice and technical support when they see the proposals)
6、Smart contract developers: Develop various downstream financial products based on NEST oracle
7、Encourage NEST-hold enthusiasts to build their own communities, forums, KOL, media, etc. to expand the influence of NEST.
8. Encourage NEST-hold enthusiasts with a certain level of knowledge to share on Twitter.
⁽⁽ଘSabrinaଓ⁾⁾ : More about NEST Protocol:
NEST Twitter：https://twitter.com/nest_protocol
NEST Medium：https://nest-protocol-82041.medium.com/
NEST Telegram：https://t.me/nest_chat
NEST Website：https://nestprotocol.org/
NEST DAPP Website：https://nestdapp.io/
NEST DAPP for Android Download Address：https://nestdapp.io/download/nest.html
Bà Tân | : End of session 2
Bà Tân | : We’ll move on to session 3
Bà Tân | : Sessions 3: The conversation will open to the community questions and the best questions will be selected.
⁽⁽ଘSabrinaଓ⁾⁾ :
Bà Tân | : Rules to follow AMA : ⤵️
▫️ Join : Telegram group Nest-Protocol (https://t.me/nest_chat) , Nest Protocol Việt Nam (https://t.me/NestProtocolVN)🇻🇳 (https://t.me/NestProtocolVN) and IM Community (https://t.me/imcommunityitw) , Channel Im community
(https://t.me/imcommunityit)▫️Follow: Twitter NEST Protocol (https://twitter.com/nest_protocol) and IM Community (https://twitter.com/IM_Communityitw)
Web & Community:
🌐https://nestprotocol.org/
Bà Tân | : Those who haven’t joined @nest_chat @NestProtocolVN group will not be eligible for AMA rewards, make sure you did.
Bà Tân | : Thanks for the questions from the community.
Bà Tân | : @Heathersyt Pick the 5 best questions and answer it for session 3.
Q1. Can you share your fundraising situation and how your private and public offering tokens are distributed? And what are the plans for the next IEO? What should we prepare if we want to participate?
⁽⁽ଘSabrinaଓ⁾⁾ : NEST itself is distributed by mining but another NEST eco-system project Parasset I mentioned above is going to IDO, you can pay attention to the timeline on Twitter
Q2. In the most projects especially defi those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining Your Project ?
⁽⁽ଘSabrinaଓ⁾⁾ : The blockchain world can be copied in the next second. It is difficult to survive long in this world. Projects have to develop and create extreme scarcity to survive in the monotonically increasing world of Ethereum. Analyzing the nature of blockchain, only a real non-cooperative gaming system can survive long.
Q3. Which country will you focus on to enter the market? Korean, China, or Vietnam?
⁽⁽ଘSabrinaଓ⁾⁾ : South-East Asia
Q4. Most investors just want to enjoy the monthly growth of their money, so what are the highlights of the project to attract investors to join you?
⁽⁽ଘSabrinaଓ⁾⁾ : The highlight of NEST v3.6 is entering true DAO governance. It is a very complex and deep issue about which one or two sentences specifically is not enough to explain. Moreover, there is no better design of DAO governance mechanism which has been polished for a long time in the whole DeFi or even blockchain industry.
Currently, most DeFi projects have semi-decentralized governance with developers holding the rights and using multi-signature for so-called community governance. This is not a sustainable model and relies heavily on teams or individuals and is dangerous for a decentralized non-cooperative gaming system.
NEST DAO governance will remove developer’s privileges and all holders will be able to participate in voting with modifications passing 51% of the votes to be implemented. Once 51% votes are reached, the modifications will be implemented immediately without anyone’s signature. At present, almost no project dares to take this step which has to be broken. Of course, if you want to modify the protocol, you have to propose it in Github and write the code for the modification before the matched implement. The modifications also need to be promoted in the community, or it is difficult to reach 51% votes.
In addition to the DAO governance, we are also removing the dividend altogether and locking the value firmly within the system for NEST Token capture so that the value will no longer spillover. We’ve also modified the quote size and fees, etc.
Q5. I read this on your website “The NEST Protocol is the most secure oracle to build your next breakthrough DeFi creations”
How true is this statement?
⁽⁽ଘSabrinaଓ⁾⁾ : The NEST oracle solves the problem of price on-chain through a decentralized incentive solution, that is, the price predictor.
The core of Nest Oracle: Quote mining (incentive), verification cycle, price chain, beta coefficient.
Thank you all
🍀Jőhn L🍀 : One more
Bà Tân | : Thanks for the useful information from @Heathersyt
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @nest_chat for answers.
Bà Tân | : Allright, I declare the Im Community AMA with Nest-Protocol has ended.
Thanks to @Heathersyt | Nest-Protocol joined us and provided us with Nest-Protocol information, we hope that this knowledge makes us understand more about https://nestprotocol.org/
To the members, thank you for following this event to the end. winners will be announced soon.
🍀Jőhn L🍀 : Perfect
🍀Jőhn L🍀 : Thank for your time @Heathersyt
Bà Tân | : Today’s AMA winners please PM @quocnguyen1234 to provide reward information. Thanks everyone .
