Transcript of the Double-A Chain 4.18 AMA event on Telegram.
Host
Hello everyone, I am the host, Tim. Welcome to our ask me anything event. Today we will chat with our old friend Charles, partner of Double-A Chain, about the recent chain migration and the latest project updates.
I want to ask Charles to say hello to everyone and briefly introduce himself.
Charles
Hello everyone, I am Charles, and I am a partner of Double-A Chain. It is a great pleasure to meet you again. Thank you for your continued attention and support to Double-A Chain.
Host
We all know that Double-A Chain was launched in 2017 and is a seasoned project. But on the other hand, Double-A Chain has recently been upgraded through chain swap, and it can be said to be a brand new public chain. What’s new in the new Double-A Chain now? Can you tell us about it?
Charles
Okie-Dokie. Since our project launch in 2017, Double-A Chain has been in the crypto industry for five years. Through the chain swap, new growth has begun, a new milestone has been established, and a new Double-A Chain ecological construction journey has begun.
Double-A Chain is no longer just a single underlying public chain. Still, it expands into a multi-dimensional ecology, including Double-A Chain public chain, support for oracles, and asset cross-chain. Provide developers with one-stop blockchain solutions and meet the needs of ordinary users for multi-chain asset circulation.
In Metaverse and web3, we position ourselves as innovators and service providers. We will serve users and let them enjoy a more affordable and efficient trading experience. The original NFT trading mining model in our ecology will keep the market in a state of continuous high-frequency trading, improve the liquidity of NFT, and make the Metaverse more Active and colorful. Double-A Chain appeared in front of everyone with a new look, bringing a new image to the encryption market, the Metaverse, and the web3.
Host
One of the most significant changes in this chain swap is that we will use new coins to exchange old coins held by users. The issuance volume has been expanded, and there will be a certain amount of additional issuance every year. What is the purpose of this? What impact will it have on Double-A Chain in the future?
Charles
The reason for expanding the number of new AAC issuances and the additional issuance mechanism is based on the following considerations:
First of all, it is to increase the circulation value of AAC. As the currency of the Double-A Chain ecological market, AAC will be used as a clearing and settlement tool to pay Double-A Chain’s future Metaverse, Web3.0, Gamefi, and other scene applications and circulation markets. Suppose the total amount remains unchanged or deflated with the continuous expansion of the Double-A Chain ecosystem. In that case, the circulation scenarios of AAC will continue to expand, and the demand for AAC will continue to grow, which will lead to an increase in the price of AAC. Although the value has increased for investors, the circulation rate will decrease, which is not conducive to the long-term development of the ecology. Just like BTC, due to the deflation mechanism and strong appreciation expectations, it has long deviated from the purpose of currency circulation at the beginning of Satoshi Nakamoto’s design. It has become a pure store of value. ETH, on the other hand, although there is additional issuance, the circulation application scenarios are enormous, making today’s diversified blockchain ecology.
Secondly, expanding the circulation and making the unit value of AAC more refined will benefit more usage scenarios, allowing more people to hold AAC and experience the Double-A Chain blockchain ecosystem.
Furthermore, the upgraded Double-A Chain will implement node election and community governance. Staking AAC can become a validation node of the Double-A Chain network, and nodes can participate in the governance of Double-A Chain by initiating proposals. The circulation of the new AAC will be more conducive to community governance, and the other new AAC will be rewarded to the validation nodes as a prize pool.
Of course, we do not rule out the possibility of introducing a redemption or burning mechanism in the future, which will be determined according to ecological and market demands.
Host
Some people think that mainstream public chains have already met market demand. Do you believe there is still a chance for new public chains like Double-A chain?
Charles
It is too early to say that the public chain structure has been settled, and there are still opportunities for new public chains.
First of all, whether they are public chain users or crypto asset investors, the first batch of users will always be brave explorers, professional investors, or enthusiasts. In contrast, the second and third batches of users are ordinary users.
Second, new public chains like Double-A Chain have a better user experience. For example, one of the core points of competition between new public chains and L2 for users is the entrance. For now, the cost and experience of interacting with L2 are not as reasonable as that of new public chains. New public chains can support more efficient bridging and reduce user interaction costs.
Finally, Double-A Chain can migrate some high-quality protocols and developers by sharing security with Ethereum. On the other hand, it can provide developers and users with a higher-performance experience than Ethereum and create DAPPs with more creativity and a better experience.
To sum up, there are still many opportunities for new public chains, and the community needs to give more patience to wait for our development.
Host
Indeed, many facts have proved that there are still many opportunities for the new public chain. For example, after the concept of Metaverse became popular, public chains got new development. How might this change the public chain ecosystem? Under the current public chain structure, how does the upgraded Double-A Chain plan its development strategy?
Charles
The new opportunity that the Metaverse brings to the development of public chains is that the Metaverse is best built on public chains. At the heart of the Metaverse is community consensus. The establishment of consensus must be a public network, and a private network cannot generate large-scale consensus. Therefore, which one to choose as the public chain network will arise. The requirements for the public chain here are whether it supports global users, how fast the network is, and whether the transaction cost is low enough. The upgraded Double-A Chain network is high-speed, and the gas fee is almost zero, supporting global user access.
There may be more than one Metaverse in the future, and based on this, there may be multiple global metaverse public chains coexisting. There may also be multiple global, regional, or industry-wide metaverses. The ecological development of the public chain will show the characteristics of diversification and decentralization.
In addition, the entire public chain ecosystem is still under construction. Although there are many public chains in the market, some of which have good performance, most still have much work to do in expansion and user experience. Most of the current public chains have not yet built a bridge that can seamlessly communicate with users in the Metaverse and are not user-friendly enough to be convenient for users to use. Double-A-Chain is a good choice for current Metaverse application development or ecological construction.
In terms of development strategy, Double-A Chain first focuses on solving the problems in most public chains, such as high gas fees, slow transaction speed, etc. At the same time, it continues to attract global developers to develop more innovative and user-friendly dapps. Help users to understand the Metaverse, web3. For example, we will rely on NFT, gamefi, DEX, and other applications that have been launched and will be launched soon to provide users with diversified blockchain services such as investment, trading, and entertainment.
Host
Speaking of NFTs, some people say that the development of NFTs “exceeds” the development of new public chains. What do you think about this? In addition, is there any recent progress in iNFTspace, the first NFT application in the Double-A Chain ecosystem that you mentioned last time?
Charles
I don’t think the development of NFTs “surpassed” the development of new public chains. Still, the explosion of NFTs and GameFi allowed everyone to see the vastness of blockchain beyond open finance. Therefore, whether it is layer2 or other new public chains, the performance in the past few months has dramatically surpassed other sectors in the market.
Whether it is NFT or GameFi, they have opened the ceiling of the blockchain, especially the public chain, allowing everyone to see a vast world of blockchain beyond DeFi. After everyone sees the application of blockchain other than decentralized finance, they think there will be more demands and transactions on the chain, so the public chain needs to be expanded, which is an excellent opportunity for the new public chain.
Therefore, NFT is helpful for the development of many new public chains. It not only focuses on a single public chain but has become a competitive arena for many new public chains, especially the Double-A Chain. We already have the first on-chain NFT platform, iNFTspace. iNFTspace is the world’s first DAO-based digital artwork (NFT) trading platform. With the continuous development of technology, optimization of the economic model, and community growth, iNFTspace has innovatively launched a DAO-based community development and transaction mining model. It can achieve better NFT liquidity and community contribution and help more artists and enthusiasts to join the NFT universe with lower thresholds.
At present, iNFTspace has established a wealth of community channels and promotion resources, which can better help NFT creators realize artistic value. iNFTspace has cooperated with many global artists, including contemporary artist FFAN (representative work: Welcome to Mars), member of the Russian Artists Association ANNA KAZMINA (representative work: In the Garden mixed techniques), Peruvian 3D visual artist Adams, etc. At present, iNFTspace supports the display of NFTs and supports diversified transaction methods, including NFT sales and auctions.
iNFTspace is the entrance for users to enter the Metaverse. NFT is the foundation of the Metaverse. The images and props in the Metaverse may be carried in the form of NFTs. iNFTspace is the first choice for users to enter the Metaverse by acquiring NFTs.
Host
In addition to NFT, you also mentioned that Double-A-Chain would deploy web3 game applications in the future. Can you tell us about the latest progress?
Charles
Absolutely.
We are planning a web3 game platform that will redefine mobile games in the blockchain era. This platform will focus on blockchain web games. I think that compared to the current complex blockchain games, blockchain web games will be easier to lead the trend and attract more traffic, funds, and users in traditional fields. After all, if We can lower we can attract the threshold of chain games and players outside the circle, the power of traditional game players is impressive, and this is a rare opportunity for blockchain games.
Therefore, the goal of our web3 game platform is to lower the threshold of chain games, increase the playability of games, and finally reach the general public.
The product is currently in early development. When it goes into internal testing, we will open up a whitelist for every early supporter of Double-A-Chain, like everyone here today.
Host
Double-A-Chain is deploying DEX applications through bridge technology to achieve cross-chain circulation. Can you tell us about this?
Charles
Our bridge and DEX are in steady evolution in terms of asset cross-chain. AAC’s bridge to ETH, BSC, POLYGON, and HECO has been running on the testnet and will be connected to the mainnet soon. Through our DEX, AAC can be freely circulated and exchanged on mainstream chains such as Ethereum, BSC, polygon, and HECO. We will support the cross-chain circulation of other assets in the future.
An efficient and straightforward DEX will become indispensable for building a Defi ecosystem in the Double-A-Chain. We hope to provide a better cross-chain experience for hundreds of thousands of DeFi users. Therefore, the DEX we deployed is a fast, low-cost, low-risk cross-chain aggregation protocol. It supports multi-token cross-chain, and its mission is to allow users to enjoy the lowest transaction fees/slippage, the fastest speed, and the largest number of tokens while completing cross-chain transactions.
We hope that every encrypted asset will use our DEX as a Web 3-driven cross-chain center in the future. Utilize our DEX’s high security, high transaction speed, and low-cost features to cross-assets freely between different public chains. This can effectively break through cross-chain barriers and reduce the frictional cost of cross-chain transactions for users. In the future, it will develop into an ecological network that can simultaneously support DeFi industries such as Lending, AMM, Vault & NFT, and maximize the depth and breadth of DeFi.
Host
Security is also an important part. How does Double-A Chain do in this regard?
Charles
In January 2022, the code of the Double-A Chain mainnet has passed the security audit of KNOWNSEC Blockchain Lab, and the mainnet will be officially launched in March. It has been running smoothly since its launch. The Double-A Chain technical team has completed all bug fixes and the mainnet version upgrade, which also builds a safety net for swap and the stable operation of the mainnet.
Host
What is the future layout of the Double-A Chain ecosystem?
Charles
The exchange of currency on the Double-A Chain mainnet has opened a new journey for the ecological construction of the Double-A Chain. According to the roadmap, Double-A Chain will successively carry out node elections, web3 game platform construction, iNFTspace transaction mining, etc., to further promote the implementation of Double-A Chain’s ecological value. In this regard, Double-A Chain has also designed an incentive mechanism, and Double-A Chain nodes, developers, and ecological users will all receive substantial benefits.
In addition, Double-A Chain will also continue to promote its layout in the DeFi field, and Double-A Chain will develop into an ecological network that can simultaneously support Lending, AMM, staking, and other DeFi industries.
Host
Finally, please share your recent views on the cryptocurrency market and some expectations for the future of Double-A Chain.
Charles
Since 2022, the public chain has once again taken the lead. In the future, all valuable data should run to the blockchain, so the future application market and prospects of the blockchain are infinitely broad. The current competitive landscape of the underlying public chain is not only not coming to an end, but new competitors may emerge with the development of technology in the future.
With the official launch of Double-A Chain, the curtain of ecological expansion has gradually opened. Double-A Chain will continue to maintain its original intention, lay a solid technical foundation, build a Double-A Chain ecological building, and constantly explore more possibilities in the industry, becoming the most important development engine and imagination space for the encryption industry.
Host
Thank you very much, Charles, for your detailed answer, and thanks to all the community members who participated.
Due to time restrictions, today’s AMA ends here.
Thank you all, and I’ll see you all next time.
