COINWEB x IM community AMA RECAP
🐋TELEGRAM AMA: Im Community & COINWEB 🐋
⏰ AMA Timing : 10 April 2022 l 03:00 PM UTC
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100 USDT
➡️ The reward pool for the best 5 questions from Telegram is $50($10 Each) 💸
➡️ The reward pool for the best 5 questions from Twitter is $50 ($10 Each) 💸
Bà Tân | : Welcome everyone. Today Im Community will host AMA with COINWEB.
Bà Tân | : Today our guest is: @kvinger & @alexanderkjeldaas & @tgbkk from COINWEB.
Ahrix : Welcome @kvinger & @alexanderkjeldaas & @tgbkk to the IM community.
Bà Tân | : Before the first, please introduce yourself a little bit: @kvinger & @alexanderkjeldaas & @tgbkk ���
Knut : I am Knut Arne Vinger, I am the CTO of Coinweb. I have a background in technology and have been working with digital currencies since the late 1990s. I studied informatics at the University of Oslo focusing on hardware and evolutionary algorithms. I later moved on to telecoms where I started to work with Toby. My first look at cryptocurrencies was when e-gold went down in 2009. I have been working full time with crypto since 2017
Alexander Kjeldaas : Hi, I’m Alexander and I’m the lead architect at Coinweb. My background is in tech. Search technology, video, Linux kernel crypto, ex googler.
Toby Gilbert : I’m Toby Gilbert, CEO of Coinweb. I’ve been working in the telecommunication space for 15 years where I built, ran and exited 3 companies successfully. I’ve been involved in blockchain technology since 2017 when Knut took the time to educated me on the space and I effectively got hooked!
Bà Tân | : Thanks for the intro from the COINWEB team.
Bà Tân | : Today’s AMA will have 3 session
Session 1: Project Introduction
Session 2: Question From Twitter (https://mobile.twitter.com/IM_Communityitw/status/1512354187157590022) (will choose 5 question)
Session 3: Free Asking (will choose 5 question)
Bà Tân | : Start session 1 AMA.
Bà Tân | : Q1.Can you briefly describe what is COINWEB ? We would like to know more about it and how it works.
Toby Gilbert : Over to Knut!
Toby Gilbert : And Alexander!
Bà Tân | : Hi @anroos ���
Knut : Coinweb is really about taking blockchain technology and adoption to the next level. We do this by removing bottlenecks that are currently limiting the usage and adoption of blockchains as well as making sure that projects built on top of Coinweb will be future proofed. Coinweb is a truly unique project in the space from a technology perspective. We also have a very aggressive go-to-market strategy, onboarding large traditional businesses.
Alexander Kjeldaas : Some would classify Coinweb as a layer 0 and a layer 2 in the same project. It is a way to communicate between chains, but also to run smart contracts faster and cheaper.
Knut : Coinweb works on top of existing blockchains, allowing them to be treated more as if they are one blockchain.
Ahrix : Please say “Done” when you have finished the question, thank you.���
Knut : Done
Bà Tân | : Q2.What are the outstanding features of the COINWEB project compared to other projects?
Alexander Kjeldaas : Main thing on the tech side is the combination of interoperability and computational scalability in the same project.
But it is also the experience of the team. People are investing in the team I think.
Knut : Coinweb has a unique approach to interoperability between blockchains as well as solving computational and transaction bottlenecks. In contrast to other platforms and interoperability projects, Coinweb does not depend on a central coordinating blockchain. This means that Coinweb allows unlimited horizontal scaling across any and all blockchains, which we believe is necessary to support the true vision of large scale decentralization of tradtional infrastructure
Alexander Kjeldaas : Transactions between coinweb layer 2 on different blockchains is consistent. That’s unique.
Knut : Coinweb is completely blockchain agnostic and operates under the consensus of the underlying chains. This gives superior security properties and efficiancy compared to other interoperability solutions
Knut : Done
Bà Tân | : Q3.What role does the $CWEB token play in your ecosystem? What are the benefits of long-term holding?
Alexander Kjeldaas : This is a FAQ so i think Knut can dump something…
Knut : The CWEB token is a unique blockchain agnostic token that can live inside any blockchain. CWEB is the fuel that drives the Coinweb protocol which can unify all blockchains.
The utility of CWEB is:
Payment for gas fees in the Coinweb execution layer.
Payment for transaction fees in underlying chains so that users of interoperability functions do not have to keep balances in different L1 chains or wait for fee payments to confirm with transaction broadcasting brokers.
Provide liquidity and security to expedite cross-chain operations.
Pay brokers for data query proofs enabling light clients to prove state across different chains.
State changes at the Coinweb layer happen atomically with state changes on an underlying chain, and while Coinweb can see the L1 state, the reverse is not true (it is true when viewing L2 as a rollup, but there is still a delay). Mirroring L1 tokens at the L2 layer through staking is expected to be useful and this might require significant capital. The CWEB token is the apex token for such staking.
Payment of incubator fees for Coinweb incubated projects
Alexander Kjeldaas : In short cweb drives the platform
Knut : I can also add that any Coinweb issued token can live inside any blockchain.
Bà Tân | : Q4.Can team please update some Coinweb latest news or Coinweb major events to attract more users ?
Toby Gilbert : Yes absolutely.
On the 30th Dec we listed on a number of exchanges (now on 8) and since then we’ve announced a big business partnership to tokenise property, we’ve expanded the blockchains we are connected to to include the ethereum family of chains in addition to Bitcoin derived chains, we’ve obtained a European license to enable fiat on and off ramping aimed at our wallet and projects being built on top of the platform and announced our staking program to commence on the last Friday of April.
Behind the scenes we’re building some super exciting projects on top of the platform in parallel to building the core — yet to be announced.
Expanding the team significantly on a weekly basis +++
Looking forward to release news weekly from now.
Bà Tân | : Q5.What is the development roadmap of the COINWEB project at present and in the future?
Alexander Kjeldaas : We have a tokenization platform to enable Coinweb issued tokens to live on multiple chains. This will be available also in the wallet so you can issue vanity or real tokens and move them across chains. Then we have the wallet with the ability to buy tokens using credit card and bank transfer. We have several crypto licenses now, the latest from Lithuania to cover EU.
Further we will integrate multiple blockchains, also non-ethereum and non-bitcoin derived ones.
At the same time we will build teams and help companies building on the platform.
There is also more development related to the core, including a better proof system, parallel WebAssembly and exposing more features from underlying blockchains.
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2.
Bà Tân | : Session 2: Question From Twitter (https://mobile.twitter.com/IM_Communityitw/status/1512354187157590022) (will choose 5 question)
Bà Tân | : Question1. @MouseJason2r
Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships and what everybody stands to gain from these partnerships?
Toby Gilbert : Sure
We’ve already got two DeFi projects built on top of Coinweb. They boast a combined 140,000 unique customers that we support. In addition to this we’ve closed deals with a number of projects including some household names that have millions of users whom we are building for. All the projects we work with to date are building in a permissioned state. As soon as we launch main net (beginning of next year), developers will be able to build directly on Coinweb via a SDK.
Knut : Coinweb is in a quite unique position for many partnerships that involves large traditional businesses. This is because Coinweb allows them to reduce the platform risk associated with choosing to work on top of a specific blockchain or platform. With Coinweb they can work on top of multiple different blockchains at the same time and also add new blockchains as they become popular or in other ways useful. Al this without losing the properties that makes blockchains valuable in the first place. Currently this is only possible with Coinweb.
Bà Tân | : Question2. @SilasFarrer
Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?
Toby Gilbert : Our team consists of many people that have built and shipped product for mass adoption as well as running the necessary operations. This combined with solid traditional business experience and an extensive network gives the project the best chance possible to succeed.
Part of my job is to ensure we turn some exceptionally smart concepts into commercial reality. I can assure you we’re not going to be a science project!!!!
Bà Tân | : Question3. @Lidiamga
Coinweb uses a layer2-style solution to build another layer, connecting the original various chains. The data is mapped to its own layer, and various on-chain transactions are monitored at the same time, but this new layer uses CWEB as a node, how to ensure its own security?
Alexander Kjeldaas : I think it’s the combination of business and technology in the same company. Developing the tech and then driving businesses to adopt it.
Knut : The continued success of any project depends on the ability to deliver on multiple fronts. From the tech side, Coinweb is providing the market with something that is truly unique that is necessary for the adoption of the technology to move forward. On the business side, we are working hand in hand with large companies to help them use blockchain technology to achive competitive advantages. We are also working hard to educate the market and the community on what makes Coinweb unique and necessary
Alexander Kjeldaas : Coinweb security is similar to rollups security. Coinweb itself is deterministic so even with no nodes at all, the Coinweb layer is defined and can be computed.
So we borrow the security from layer 1
The crucial difference is that Coinweb nodes are there so your phone does not need to do the computations. They are not there to create consensus.
Knut : Coinweb requires only 1 honest node to be secure. This is different from most other systems that require more than 50% or 2/3 of the nodes to be honest
That’s the difference between layer 1 which is not deterministic and Coinweb which is deterministic on top.
Bà Tân | : Question4. @NguyenThKhHuyen
Kindly discuss how Coinweb provides an expanded solution space’ and reduced platform risks for high dApps. Which technology does Coinweb utilize and how is the performance compared to other systems based on key interoperability and computation functionality.
Alexander Kjeldaas : The platform risk is reduced by having the ability to move the dapp to mainly use Blockchain A to use Blockchain B. For example not get stuck using Ethereum if the fees are to high.
Coinweb uses WebAssembly and a validation method called refereed delegation of computation between nodes and light clients
Also the ability to be interpretable with things that happen at layer 1 is very practical as few dapps live in isolation. This is why Ethereum is so popular
But reaching outside Ethereum is even better
Knut : Coinweb allows DApps to be built on top of many different unrelated blockchains. These blockchains will have different properties and their unique limitations on solutions that can be built on top of them. Since Coinweb allows these to be used together in a unifying manner, the total solution space increases. This also gives reduced platform risk, since the DApps no longer have to depend on a single blockchain or platform. We use a new way of proving information between blockchains to achive this. This also enables other synergic properties that further increase the solution space of DApps
Coinwebs blockchain agnostic properties opens up for unlimited horizontal scaling, which of course is a significant advantage compared to other systems
Bà Tân | : Question5.@GideonFergus
What are the attractive features in your project? What is the vision and goals in your project that you want to achieve in 2022 and beyond?
Alexander Kjeldaas : I think we should be the dominant cross chain computation layer. That’s it for me.
There is a lot of specifics on the road to getting there on our roadmap at coinweb.io
I’m not afraid at absorbing new features when possible. It’s not a static project
Knut : The most attractive features with Coinweb is that it is capabable of solving key bottlenecks that have been limiting blockchain adoption until now. Full scale adoption of decentralized infrastructure will not be possible without a protocol lke Coinweb. Our goal is to become the dominant general purpose DApp platform of the future
This year; cross-chain tokenisation platform, wallet, parallel execution of smart contracts, unifying the developer space, connecting to many more chains. For the future mass adoption and furthermore Alexander summarises it perfectly above in one sentence…
Alexander Kjeldaas : And a general purpose dapp platform will be cross chain as there are fundamental trade offs at the availability layer that can’t disappear.
Bà Tân | : Congratulations to the winners of session 2.
Bà Tân | : End of session 2
Bà Tân | : We’ll move on to session 3
Bà Tân | : Session 3: Free Asking (will choose 5 question)
Bà Tân | : Don’t forget to join the group https://t.me/coinweb
Bà Tân | : Group will unmute now so everyone can ask questions.
Bà Tân | : Thanks for the questions from the community.
Bà Tân | : @kvinger & @alexanderkjeldaas & @tgbkk Please choose the best 5 questions and answer it for session 3, Thank you.
Q1. Crypto’s key selling point is decentralisation. Is this maintained or mitigated by Coinweb given apps are built on top of the platform?
Knut : To maintain the properties of decentralisation will become more and more important in the future. Unlike other cross-chain projects, Coinweb allows cross-chain interoperability without losing the value giving properties of decentralization
Q2. Blockchain technology and smart contracts are very common in the cryptocurrency market. Does COINWEB have additional tools with which it can guarantee it’s participants the full recovery of what is owed?
Alexander Kjeldaas : Yes the cross chain consistent transactions
Q3. Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
Alexander Kjeldaas : Yes we see this and we’re introducing staking for long term holders
Q4. Many projects gets abandoned due to low fund and weak experienced team , what are the strengths and weakness of your project?
Alexander Kjeldaas : That we didn’t abandon it in 2017
Q5. Community support is one of the biggest aspects of a project?s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?
Knut : We are focusing on providing real information and true innovation. There are so many projects that make unfounded promises and give misleading information. We believe that doing this differently we will attract the right kind of community. And of course we also leverage of the communities of the underlying chains we connect and partners that we onboard to the platform
Bà Tân | : Thanks for the useful information from @kvinger & @alexanderkjeldaas & @tgbkk
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @coinweb for answers.
Bà Tân | : IM Community, if you would like to know more about COINWEB ! here are some useful links for you:
Official Website: https://coinweb.io
Bà Tân | : Allright, I declare the Im Community AMA with COINWEB has ended.
Thanks to @kvinger & @alexanderkjeldaas & @tgbkk | COINWEB joined us and provided us with COINWEB information, we hope that this knowledge makes us understand more about https://coinweb.io (https://coinweb.io/)
To the members, thank you for following this event to the end. winners will be announced soon.