BLUZELLE AMA WITH PAVEL BAINS ON BLUZELLE STAKING ECONOMICS
Today August 11th 2020 , Pavel Bains (CEO of Bluzelle) connected with the community in the Bluzelle telegram group to answer all questions relating to #staking on #BluzelleNet. Following the postponing of the Mainnet launch due to the Cosmos chain upgrade, questions have arised concerning the Mainnet launch, Staking economics and the plans for the project.
It was to be in two parts. First was an interview session with Darshan. Then the next session was for community members to ask their individual questions.
Pavel gave insightful and satisfying answers to the questions and even shared his thoughts on the current DeFi boom.
Below are the questions and answers of the interview session by Darshan.
Darshan:
Hello Pavel, glad to have you in this AMA session. Hope you’re doing well?
Pavel Bains:
Doing great.
Darshan :
Good to know!
So let’s start with our First Question!
A lot of community members were happy by looking at the project development but then they know about the delay in soft-mainnet, could you tell us what is the main reason?
Pavel Bains :
As most people are aware, we built our blockchain (BluzelleNet) with Tendermint (by Cosmos). Because we are using the latest version, they wanted to make sure everything is secure. So they asked us to take a bit of extra time as they were updating some things on their end.
We want to make sure we test it well beforehand.
I think most of the crypto community are good with this as we aren’t the only ones who had to push mainnet because of these reasons.
Darshan :
Thanks for the detailed explanation.
Q2. How would staking in Bluzelle be like? When would the Bluzelle community members be able to stake their BLZ?
Pavel Bains :
We will have our staking dashboard up. Its the same one we used during our testnet with some revisions. Community members will be able to go there and create their BluzelleNet wallet then choose to stake with one of the validators.
We’re also talking to other wallets to support Bluzelle so people can stake right through there.
We’ll put out a guide too.
Also, people need to keep in mind this is a soft-mainnet launch. Some things could change in terms of functions between phase and phase 2. Thats why we are breaking it up so there is a smooth transition.
Planning to give dates in the next 48 hours.
Darshan :
Interesting, most of our community members were eagerly waiting to hear this. Thank you!
Q3. What are the major milestones Bluzelle has achieved in the past 2 quarters of 2020 and what can our community members expect in the near future?
Pavel Bains :
The biggest would be:
- Launch of our Incentivized Testnet in April. That was accompanied by the Swarm of Duty Campaign.
— Reaching over 200 validators for our uptime competition. That showed high demand for our network.
— Reaching a large number of projects for our bounties.
The above gave us great confidence at the end of June. It helped us form our plans for the rest of the year. Where to spend our energy and how to build up the community support.
Going forward we have focused on four things:
— Successfully launching the mainnet in its phases
— Launching the defi/data product
— User adoption in terms of partners, use cases and developers
— wider adoption and use of $BLZ
Darshan :
Impressive, I’m excited to see DeFi Data Product, when would it launch? Can you give us ETA for our community members?
Pavel Bains :
Sometime between Mainnet Phase 1 and Phase 2. 😉
Darshan :
Awesome 😊
Q4. Why a database like Bluzelle is needed in the Crypto space? Do you think that large institutions would ever switch to decentralize databases like Bluzelle
Pavel Bains :
Crypto needs a Bluzelle for a few reasons:
1. Dapps currently are using centralized tech as the majority of their stack. This defeats the purpose.
2. Bluzelle gives great privacy and availability than others.
3. As more users come on board to Defi platforms and regulations, they will need to manage data in a certain way that blockchains can’t. NoSQL type databases like Bluzelle are best to deliver that. Bluzelle is the only decentralized DB ready for these products.
Large institutions will adopt Bluzelle. I just don’t think its’ right now. They will see the crypto space growing and products being secure. That will give them confidence to use our tech. It will be battle tested.
Any product saying that large instiutions will use them right now are very un-realistic.
Darshan :
100% agree with your last point
Q5 Recent partnership news with HedgeTrade, Matic & Elrond were really great. Can we expect more such partnerships in the near future?
Pavel Bains :
Yes those are just the start. We have many more in the works and many inquiries being made.
Darshan :
Good to know!
Last question : Can Bluzelle database work with Oracle solutions? What are your thoughts about the DeFi boom?
Pavel Bains :
Defi show that the first crypto use case is still the best use case. Make money
I think Defi is great as it shows strong usage and innovation. That will bring more products to the market, meaning more customers for Bluzelle. 😃
Bluzelle can definately works with oracle solutions. The defi product we are working on is highly related to it.
Darshan :
Haha true that
I’m opening the floor for Community Questions.
The group was then opened for community members to ask their questions.
Community Member 1 :
Everyone is talking about Bluzelle staking now. Can you please explain why you came up with this? How many tokens has been allocated for Bluzelle staking and what are the rewards?
Pavel Bains :
We wanted a system that will encourage people to come in early but also won’t let whales who come late to do better than the early people. So we designed it in a way to encourage participation with all.
We’ve allocated 10% of the token supply over 4 years.
Year 1: 20M
Year 2: 15M
Year 3: 10M
Year 4: 5M
The rewards will range for people depending on when they come in. More people that join, more rewards distributed to everyone.
Community Member 2 :
Are there staking platform options to choose from? If there are, what are these platforms?
Pavel Bains :
For Phase 1, we’ll focus on Bluzelle’s own staking dashboard. We are currently engaging with other wallets and platforms.
Community Member 3 :
Q. Staking over ethereum through own wallet is being costly day by day due to network congestion and high fees of ethereum transactions so if anything possible for pool staking which can help more to even earn high rewards?
Pavel Bains :
Great question. We’ve noticed this and are working on a solution that will allow for pool staking. We will release this in the next two weeks. 😁
Community Member 4 :
Hie Sir @pavelbains When Can we Expect the Exchange STAKING.
Pavel Bains :
Between Phase 1 and Phase 2.
Community Member 5 :
When BNT to BLZ token swap?
Pavel Bains :
We won’t have a full swap yet. We are going to operate on a two token system (ERC 20 and Bluzelle Native) for a certain period. One being we have certain things planned for ethereum and want to make best of both worlds for token holders.
Community Member 6 :
When can we able to see Bluzelle Messenger in process ? Are there any specific functions compared to other messenger apps ?
Pavel Bains :
We are currently going through the testing of it and working on refinements. The basic functions will be same as all apps. The decentralized aspect will make it stronger. Plus we can add future crypto related features to it.
Community Member 7 :
Security, Interoperability and Scalability are very important factors for any Blockchain Project.
What solution does the Bluzelle project have on these problems ?
Pavel Bains :
Interoperability — we are working with Cosmos. This makes us widely available to all blockchains.
Security — decentralized database powered by validators that ensure only the owner can change the data
Scalability — having thousands of nodes as our network makes it available everywhere and fast.
Community Member 8 :
What do you see as the biggest technical hurdle for 2020 ?
Pavel Bains :
Getting the mainnet launched and having an easy way for ERC 20 tokens to be bridged to Bluzelle and then available to Cosmos ecosystem.
Community Member 9 :
Can anybody on same network look at the data stored on their machine?
Pavel Bains :
No. The data is not available to the person running the machine/node.
Community Member 10 :
How much BLZ the validator needs to stake at least
Pavel Bains :
Just 1. But that may not give them much power or rewards or people wanting to delegate.
AFTER ANSWERING ALL QUESTIONS SUFFICIENTLY, PAVEL BAINS ALLOWED FOR ANOTHER ROUND OF QUESTIONS.
Community Member 1 :
Hi Pavel, really great work from you and your team, keep it up.
Q: You mentioned earlier that you are working / partnering wit a top 25 crypto project. Can you elaborate more on that? When will you announce more info about that?
Pavel Bains :
We cannot give any more details at this time. But will announce in the next 2–3 weeks.
Community Member 2 :
Hello Pavel
Many blockchains have their exchange apps
When should we expect Bluzelle’s own.
Also when is the softnet now fixed?
Pavel Bains :
We can update on Mainnet tomorrow.
Don’t understand the exchange apps question.
Community Member 3 :
Will we be able to stake $BLZ on platforms like atomic wallet
Pavel Bains :
We are in talks with wallets to support Bluzelle. :)
Community Member 4 :
when does staking start… this week? Next week? or has it been postponed?
Pavel Bains :
Targeting this week.
Community Member 5 :
50 million is just an extra reward, the developer paid BLZ.
Pavel Bains :
50 Million is over 4 years. It’s part of the token supply we had set aside for this.
Better to look at 20M the first year, which is 4% of the total supply.
Community Member 6 :
Hi Pavel. I would love to know what exact DeFi solutions Bluzelle would be offering.???
Pavel Bains :
If we said it, we’d let the cat out of the bag. We want to announce it with a full description.
Community Member 7 :
Hi Pavel,I will like to know if we can stake on binance also I will like to know if BLZ plans to list on Korean exchanges
Pavel Bains :
We are speaking with all the exchanges that support Bluzelle to make staking available so their users have easy accessibility.
THAT WAS THE END OF THE SECOND ROUND OF QUESTIONS.
Yingyao Xie :
Ok thanks for this Pavel. Really great session. Before we close off the AMA, do you have any final comments that would be good for the community?
Pavel Bains :
Yes.
The next month will be very exciting as more announcements will come. As you saw, today we announced the USD stablecoin pairs with Binance.
The online support and community building from everyone has been outstanding. We are definately getting the BLZ word around. Especially with Filecoin being released soon, we are in a good position to be a complementary product to them.
Though this was a focused AMA for this hour. As you know, I jump on TG throughout the day to answer questions or give more info.
I think next time I want to answer these in video format. Make it different. 😁
And that was the end of the AMA session. Great news and updates from the CEO himself on Bluzelle.
Learn more about Bluzelle :
WEBSITE : https://bluzelle.com/
BLOG : https://blog.bluzelle.com/@Bluzelle
DEVELOPERS : https://docs.bluzelle.com/developers/
TWITTER : https://twitter.com/BluzelleHQ
