Paralink Network x Im Community AMA Recap

🐋 TELEGRAM AMA: Im Community & Paralink Network 🐋
⏰ AMA Timing : 10 March 2021 I 09:00 AM UTC
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 50 USDT

Bà Tân | : Welcome everyone. Today Im Community will host AMA with Paralink Network.

Bà Tân | : Today our guest is: @janknezevic from Paralink Network

Bà Tân | : Please introduce yourself a bit: @janknezevic

Jan Knežević : I am Jan Knezevic and im the CEO of Paralink Network. My background is in business and economics- more specifically i worked as an auditor for KPMG , i was an actuary in a life insurance company and later on i transitioned into consulting blockchain projects with accounting and business development as well as conducting internal audits. Last year i was part of a team that acted like a data vendor for blockchain data, we collected pricing, on chain and sentiment data and created qualitative indicators for traders. I was also an active day and swing trader on the stock market trading stocks and stock options and later on transitioned into trading cryptocurrencies.

Bà Tân | : Thanks for the introduction

Bà Tân | : Today’s AMA will have 2 sessions

Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team Paralink Network

Sessions 2: The conversation will open to the community questions and the 5 best questions will be selected.

Bà Tân | : Rules to follow AMA : ⤵️

▫️ Join :

Telegram group Paralink Network (https://t.me/paralink_network) , Paralink Announcements Channel (https://t.me/paralinkannouncements) and IM Community (https://t.me/imcommunityitw) , Channel Im community (https://t.me/imcommunityit)

▫️Follow:

Twitter Paralink Network (https://twitter.com/ParalinkNetwork) and IM Community (https://twitter.com/IM_Communityitw)

Web & Community:

🌐 https://paralink.network

Bà Tân | : Start session 1 AMA

Bà Tân | : 5 questions for session 1

Bà Tân | : Question1. Could you introduce yourself and about Paralink Network? @janknezevic

Jan Knežević : Paralink is a multi chain oracle platform and we decided to build it on Polkadot.

First of all, the real-world data ingress is done by Paralink Nodes through our own Paralink Query Langauge-PQL. This allows one to query SQL databases, access web APIs, scrape websites as well as access state from other blockchains. Its a robust solution which is easily extendible to support custom data sources (actually right there is an issue with the existing solutions since the technical barrier to create a custom data source is high and takes forever). Besides the data, we have support for post-processing in a permissionless way via on-chain relayer quorums as well as reliable channeling of the computation results via PQL callbacks.

The next aspect of the project is the Paralink node and its query language. WIth it, you will be able to query APIs. databases but also parse JSON, XML and HTML, support multiple data sources, apply math functions, do type casting, aggregations and much more.

The last point which is extremely important to us is the On-chain security as well as the integrity of this data. This is a huge challenge and we think that so far it hasn’t been solved properly. So in Paralink, we have something called Relayer quorums which are self-organizing data repositories with reward token mechanics (as well as slashing offcourse) which aggregate and validate real world information. Our infrastructure is built with Substrate which means we get high throughput and economically feasible computing costs. Due to this technology stack, we can also relay computation results from Polkadot to other chains as well, but also monitor reliability via public reputation systems.

Ahrix : @janknezevic Please say “Done” when you have finished the question, thank you.

Jan Knežević : done

Bà Tân | : Question2. How is the Paralink Network project different from all other Defi projects? Why do people have to choose you?

Jan Knežević :

I’d like to show you a comparison table so you can have a clear picture about the advantages that we have over the current competitors. One of the biggest additions is the advanced queries and ETLs. We believe this will change the way people build dapps and think about data ingress into smart contracts.

Also, having cross-chain capabilities while maintaining on-chain validation and aggregation gives us the flexibility to do the kind of processing never possible before.

Bà Tân | : Question3. What are Paralink Network usage cases? Can you explain it?

Jan Knežević : The most important components are centered around the paralink token-PARA. So let me tell you more about it and its utility in this ecosystem.

First of all, its used to pay the transaction costs of the callbacks as well as for services provided by the relayer quorums.

Besides this, its also serves an important role for incentives -so it can be staked into the relayer quorums — and those get rewarded for providing useful work — also the other way around — slashed for misbehaviour.

Its also a governance token, so you can vote for collators on the parachain as well as calibrating other parameters through the ecosystem.

And lastly, you can use it to provide liquidity in PARA AMMs and earn more of them.

Bà Tân | : Question4. What are the utilities, governance and economics of the Paralink Network token?

Jan Knežević : Here are the tokenomics to expand on the token side.

https://blog.paralink.network/para-tokenomics/

I guess i already answered most of that before so i can expand a bit on the product side.

To satisfy all kinds of applications, Paralink offers 3 security models with different cost, convenience and security characteristics.

The Simple oracle is the most convenient and accessible. This is meant for use inside corporations for services that are not connected with financial instruments (logistics chains, Production chains, etc.)

The trusted oracle solution is similar to Chainlink and other trusted oracle solutions as it is dependant on the source of the trusted information to be perfect at all times. This has shown itself as a big liability especially with the recent coinbase api outage which unfairly liquidated defi assets holders.

The on chain consensus solution is unique to Paralink at this time and is the most secure solution available as it excludes the results that don’t match the average and variance thresholds and therefore protects asset holders that use the oracle for data ingress from unfair liquidation.

For more information about the pros and cons of each solution check here

https://docs.paralink.network/whitepaper/security.html

https://docs.paralink.network/whitepaper/consensus.html

https://docs.paralink.network/whitepaper/reputation.html

https://docs.paralink.network/developer-guide/paralink-oracle.html

https://docs.paralink.network/developer-guide/oracle-quorums.html

done

Bà Tân | : Question5. What is Paralink Network’s roadmap for 2021?

Jan Knežević : https://paralink.network/#timeline

Here is our roadmap. We are going for listing this month and will announce it in our social media. Afterwards we are going to launch on rococo testnet followed by Kusama and Polkadot afterwards when it becomes available.

done

Bà Tân | : End of session 1

Bà Tân | : We will move on to session 2

Sessions 2: The conversation will open to the community questions and the 5 best questions will be selected.

Bà Tân | : Those who have not joined the @paralink_network will not be invited to answer questions by guests. Please join the group.

Bà Tân | : @janknezevic Pick the 5 best questions and answer it for session 2.

Q1. Can you tell us the advantages of having GraphQL? Also can you give me the competitive oracle features that only you have?

Jan Knežević : Paralink offers support for GraphQL besides other functionalities. We are increasing functionalities based on community and customer requests. For more information about PQL which is the querying solution we offer check here.

https://docs.paralink.network/whitepaper/PQL.html

https://docs.paralink.network/developer-guide/paralink-query-language.html

The competitive advantages are shown in the answer from the first segment with a slide that shows it.

Q2. Knowing that the development on ETH would have been expensive and slow, do you think there are superior alternatives to Polkadot out there, for example BSC? What other benefits does Polkadot bring?

Jan Knežević : The problem with Ethereum are the gas fees which make an oracle solution unviable because of the costs. This is why we decided to build on Polkadot. At the same time we are chain agnostic and will integrate with all major blockchains and some we already built the integration for. BSC is a very viable alternative to ETH and we will announce something on this topic very soon:)

Q3. Recently there have been many projects that want to allow operations through multiple chains, but due to their difficulty, they end up not reaching their goals. Even though Paralink is still in development, how can you guarantee that this will not happen to you?

Jan Knežević : Paralink is an oracle service so we need to be able to integrate with all major blockchains. So far the integration have been built without issues it just takes a lot of development resources making it time consuming but necessary. For ethereum built defi projects we will use bridges to relay results starting with Darwinias polkadot to ethereum bridge. After Ethereum 2.0 launched we will be able to service ethereum projects directly.

Q4. A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?

Jan Knežević : We have partnered with Plasm, Reef, Edgeware, Darwinia, Konomi, Bondly and others. We are working on the integration with others and will announce them soon.

Q5. As a community driven project and me a developer am interested in contributing to the project, do you have such programs

Jan Knežević : We invite all developers to contribute and we have already onboarded a few that provided good code. Some full time others part time. If you are interested to contribute i can connect you with our devs.

https://docs.paralink.network/developer-guide/getting-started.html

https://explorer.paralink.network

For questions that have not been answered today, you can send them to @paralink_network for answers.

Bà Tân | : End of the session 2

🍀Jőhn L🍀 : perfect

Bà Tân | : Thanks for the useful information from @janknezevic

Jan Knežević : Thank you for having me!

Bà Tân | : Allright, i declare the Im Community AMA with Paralink Network has ended.

Thanks to @janknezevic | Paralink Network joined us and provided us with Paralink Network information, we hope that this knowledge makes us understand more about https://paralink.network

To the members, thank you for following this event to the end. winners will be announced soon.

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IM is a PR group — Marketing support for Airdrop, advertising, AMA, Services … in Vietnam Flag of Vietnam. — — — — — — — - TG: https://t.me/imcommunityitw

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IM is a PR group — Marketing support for Airdrop, advertising, AMA, Services … in Vietnam Flag of Vietnam. — — — — — — — - TG: https://t.me/imcommunityitw

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