PlatON Network AMA Recap (7th August, 2020)

🔷 PlatON Network AMA Recap🔷

We organized AMA successfully with PlatON Network team on 7th of August, 2020 in our telegram community group .

Thank you to Kai Yu for answering all the questions & for choosing Crypto Bharat for AMA. We look forward to collaborating more with you in the future.

Questions were submitted in our announcement tweet andquestions were also asked on telegram by our community members. A quiz session was also held as part of AMA.

Following is the transcript/recap of the AMA.

PlatON Network AMA Recap (7th August, 2020)

Beetle:

You’re not banned! Group is muted 🔇 for AMA.

Good evening everyone, to the best Indian Crypto Community Crypto Bharat!

Before we start AMA session I would like to introduce my group those who joined recently for AMA Session.

In our group we have full of crypto enthusiast traders and we also have some Indian Stock market traders and Forex trader too so our group covers all fans to talk freely and share their views and Ideas on Market.

Our website (www.mycryptobharat.com)

Show Begins Now!

We have @KaiYu_PlatON from PlatON Network for AMA. Welcome Sir!

Kai Yu:

Good evening, everybody.

Beetle:

Good Evening!

Kai Yu:

It’s my honor to participate in this event

I’m ready now. Let’s go😄

Beetle:

So Let’s start with introduction first.

Can you introduce yourself to the community? What’s your position in PlatON team? Your work experience?

Harshad Wagh:

We are glad to have you @KaiYu_PlatON

Kai Yu:

I’m Kai Yu, Head of PlatON Community. Previous to join PlatON in 2018, I’ve been devoted myself to the publishing and operation of game for two decades.

PlatON aims at serving as the infrastructure for privacy-preserving computation network and distributed economies. After years of researches and development, we’ve already been a top player in the global privacy-preserving computation field, and an infrastructure supporting massive data asset transaction with our years of experience in Finance, High-tech, AI, etc.

Regarding privacy-preserving computation, we focus on providing the solutions for the industries that have strong demands on data sharing and collaboration computing.

Data is the new-generation production factor, and privacy-preserving computation will definitely be the core of infrastructure of the whole digital era in the near future.

Blockchain, born to be a financial infrastructure, aims at facilitating the circulation of data assets. It is a super clearing house for cross-ID, cross-account, cross-institute and cross-industry, and a revolutionary governance model.

PlatON will keep devoting itself to the core technologies and economic model of blockchain, and diving into the core applications for the super infrastructure based on privacy AI.

Finished. Thanks a lot.

Beetle:

That’s Really Impressive! 🔥

Can you share the strengths of PlatON that make PlatON stand out?

Harshad Wagh:

Soild point you have put there!

Kai Yu:

I think our biggest strength is that we have a team with solid background in both academics and technologies. With years of experience in both finance and blockchain areas, we are bullish about the value and future of blockchain, and we are capable of making blockchain the infrastructure for the whole digital world in the near future.

Dr. Feng Xiao, PlatON Founder and Wanxiang Blockchain Chairman & Founder, is an advocate and the godfather in the Chinese blockchain industry, and also an early investor of Ethereum.

Mr. Lilin Sun, Founder and CEO of PlatON, is a pioneer in Chinse Fin-tech field and also an advocate & sponsor of computational complexity theory such as ZKP, MPC, HE, algorithm game theory, etc.

Mr. Xinjun Liang, PlatON Chief Advisor and Fosun Group Co-founder, is an economic leader in China.

Over the past four years, we keep investing on cryptography and have achievements on the leading technologies and engineering of cryptography.

Harshad Wagh:

That’s an impressive list of academicians knowledgeable people over there. Glad that PlatON has backing of such reknowned people.

Kai Yu:

Thus, our core strengths are:

1.Finance: solid background and resources;

2.Engineering: strong software engineering system and implementation capabilities;

3.Development of Privacy AI: investment on the development and business practice of privacy AI for over 4 years;

4.Business: rich experience in business operation and marketing collaboration

Beetle:

Indeed!

Kai Yu:

Finished. Thanks a lot.

Harshad Wagh:

Wow great pillars of strength of this project

Beetle:

Yeah!

Can you share the achievements and main milestones of PlatON?

Kai Yu:

Currently, we are close to the final stage of main net development, and focus on the drill and optimization of our new test net launched on Feb.20, 2020. Our validators and community members all get involved in different events and tests to deeply get familiar with PlatON’s economic, governance mechanism and technologies, and have helped find out the vulnerabilities and issues at the same time. Security and stability are the top priorities for our main net.

Plus, we launched world’s first privacy AI framework that helps developers easily deeply get involved in Tensorflow and privacy-preserving computation, and helps build the next generation data bank service. We are working on forming collaborations with commercial banks and insurance institutes.

Furthermore, after our Grants program was announced in early 2020, we’ve funded around 10 promising projects in privacy-preserving computation and blockchain fields to complete PlatON ecosystem.

Finished. Thanks a lot.

Junkie Virus:

Yes, security is one thing that users can’t compromise

Harshad Wagh:

World’s first AI for privacy-preserving computation, such an importatn feature to have. People would flock to use this.

Beetle:

🚀🚀

Harshad Wagh:

Absolutely, and now that many things are done online one has to be cautious of one’s privacy and security.

Beetle:

Let’s talk about some latest developments in PlatON.

Can you share the latest developments and further plans of PlatON?

Kai Yu:

Performance, security and stability are the top priorities for the announcement of our main net. Since the launch of our new Baleyworld test, we’ve gone through all kinds of function tests, exception tests, security tests, governance drills, and stress tests under the testing environment that simulated and reproduced all risks and issues that would occur on the main net.

The overall performance, according to the test reports, is satisfying. Even when dealing with complicated smart contracts, the TPS can reach 2000 or so.

In addtion, according to the report of new round of security audit finished by SlowMist, we’ve ensured the absolute security of PlatON network with high-quality code.

For us, the prime targets are to announce our main net in Q3, 2020, and enhance our community. Just stay tuned for further updates.

Finished. Thanks a lot.

Beetle:

Wow! Many things are scheduled. Luck ahead!

Harshad Wagh:

Yes and so exciting feature rich list they got.

Beetle:

How do you think about Blockchain and it’s development trends?

@KaiYu_PlatON

Kai Yu:

Frankly, due to the limits of development and businesses, blockchain is still in its early stage and hasn’t fulfilled itself in pushing the development of the whole industry.

Beetle:

Since you’re veteran, your opinion matters 👍☺️

Kai Yu:

Went through the ups and downs over the past decade, the real goal of blockchain is to build the public infrastructure for the whole digital world and globalization. It is born to solve the consistency problem and improve the efficiency of payment and settlement, and reduce the risks of errors and frauds to the great extent.

However, blockchain can’t be applied for the complete transfer of the whole financial industry, but the whole digital era as the support for massive transaction services and circulation.

Thus, the final target of blockchain is to realize the circulation of data assets around the globe, and serve as the super clearing house for cross-ID, cross-account, cross-institute and cross-industry.

Finished. Thanks a lot.

Beetle:

This ends the Introductory round. Thank you Kai for your precise answers. Community must have learned a lot from it.

Now @Tiger7 Will take over to handle the twitter round.

Harshad Wagh:

Thanks @Beetle

@KaiYu_PlatON What a great disapora of knowledge display that was above.

I am so excited to ask twitter questions:

Here it goes:

1.Transforming the internet, as we already know it, is a big challenge. Do you think PlatON will be able to meet this challenge? How do you plan to do it?

— — from @Ale_Urich

Kai Yu:

OK. A good question.

The last-generation Internet is built based on the collection and realization of user data. As more and more laws and regulation regarding privacy protection conducted, there should be new technology solutions for the development of Internet industry.

PlatON is meant to maximize the value of data and turn it into cash on top of following compliance and law strictly. Through privacy-preserving computation, data assets could be priced, traded, and paid & settled by leveraging blockchain, bringing a new era to the Internet for the upcoming whole digital world.

First of all, we aim at facilitating the development and iteration of blokchain, including the smart system, and the use cases of privacy-preserving computation in different industries. With the power combination of blockchain and privacy-preseving computation, a global-oriented data trading platform that follows the related laws and regulations strictly will be built for better flow of data.

Finished. Thanks a lot.

Harshad Wagh:

Awesome to know more about this. very impresive tech you have built!

The second one is here:

2. What are the rules for designing an economic model for PlatON and its strengths compared to other PoS-based public blockchains? — — — from @nguyen1093

Kai Yu:

1. Compared to the high energy consumption of PoW, PoS is a better solution as the market share of PoW can’t increase infinitely due to the energy limit. The consensus algorithm of PlatON is PPoS (PlatON PoS);

2. PPoS can reduce the consensus cost. By applying the off-chain identity, credit mechanism and programmed mechanism, and the randomness brought by VRF to reduce the degree of dependency, PPoS can restraint the bribery and collusion well;

3. PPoS can strengthen the coupling relationship between economy activities taken place on PlatON and PlatON supports, namely, the coupling relationship between data market and the computing power market, providing support for the value of token;

4. PPoS can restrain the expansion of PPoS mining pool.

Finished. Thanks a lot.

Harshad Wagh:

Great you answered the questions perfectly

Anothero ne from twitter:

3. With the recent economic downtrend that affected the entire crypto space, what really makes PlatON appealing to the new user? What can you say to a new investor that would convince them to use and hold PlatON? — — — from @Artistskyler07

Kai Yu:

Strictly speaking, PlatON is not just a blockchain project. Blockchain is just a part of PlatON’s architect. PlatON aims at serving as the next-generation infrastructure for the pricing of data circulation, which is the basic of our daily life.

Be it user or investor, what they recognized is not only blockchain, but also the solution that integrates “computation factory”, “service marketplace”, “super clearing house” and “privacy-preserving computation” that PlatON provides.

The solution will make PlatON the next-generation high-performing, scalable, and privacy protection enabled decentralized cloud computing service network.

Finished. Thanks a lot.

Harshad Wagh:

Awesome features!

The 4th one from twitter:

4. In your website, there is a section for monthly reports, and that hasn’t been updated since April, what progress and updates are the most relevant since then when would we expect the reports of may and june? — — — from @Rosanela08

Kai Yu:

We’ve finished an overall upgrade of our official website, and we are still working on completing the content.

We deliver the bi-weekly reports to share the project progress, news, and updates on our community and ecosystem projects. You can check further details from our official Medium:

https://medium.com/@PlatON_Network.

Finished. Thanks a lot.

Harshad Wagh:

That’s nice to keep a track of.

The last one from twitter:

5. Could you tell us how is the experience to run a PlatON node? What are the main benefits? can everybody get one? — — — from @MaxiVV05

Kai Yu:

According to PlatON economic model, validators will enjoy the benefits as follows:

1. Block production reward: 50% bonus pool will be distributed to the validators who produce blocks;

2. Staking reward: the rest 50% bonus pool will be distributed for staking. All validators will enjoy the staking reward in each settlement interval;

3. Transaction service fees: validators who are responsible for producing blocks will get all the transaction service fees taken place in the blocks they produced;

4. Potential profits for being a Super Agent: we are preparing other applications, and validators could be the Super Agent of these new applications and share the profits from that.

PlatON’s bonus pool comes from the yearly additional issuing, and allowance from LatticeX Foundation by mean of locked-position in the first 10 years after the launch of PlatON main net. By doing so, the validator profits are ensured.

Besides, LatticeX Foundation has sponsored 7 validators for the stability of PlatON network, and the profits from the 7 validators will come into the bonus pool for rewarding all PlatON validators.

Finished. Thanks a lot.

Harshad Wagh:

Nice incentives and perfect platform to earn profits from. Thanks a lot @KaiYu_PlatON for precise and techie answers!!

Here marks the end of twitter round

Let’s make this AMA even more exciting, so are you ready guys to slowdown everyone’s phone from flooding the questions. Please throw your question with rules in mind.

So I would like to invite all our community members to participate in this community round.

I am Unmuting the group now,

Let’s go………..

(Group was unmuted for accepting questions from our community members. Our members submitted 190 questions for PlatON Team to answer. Wow!)

Beetle:

That’s a lot of questions 🔥🔥🔥

You’re not banned! Group is muted 🔇 for AMA.

Over to you @KaiYu_PlatON. Take your time to answer the best ones.

Kai Yu:

OK. Let me read and reply.

Beetle:

Sure.

tom:

What is the structure of PlatON, is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

Kai Yu:

PlatON is a decentralized and open-sourced project, all PlatON supporters can contribute on the development of PlatON and get benefits as return.

We insist that decision-making right belongs to the stakeholders, and rights belong to human. However, the referendum is based on the cost, turnout, expertise, governance efficiency, etc. Thus, referendum shall be the governance method for major disagreements rather than a common governance mechanism.

In PlatON PPoS, the way we have candidate validators is just like a selection, and the interests of validators are closely bound up with the development of public blockchain ecosystem. Thus, validators should be responsible for more governance and have more governance rights. That’s why we apply the combination of pure democracy and indirect democracy in PlatON’s governance. The candidate validators vote for governance to the great extent, namely, indirect democracy, while community vote for the governance when there is a significant disagreement, namely, pure democracy.

Harshad Wagh:

PlatON certainly is Intelligently designed and implemented project !!!

Beetle:

Indeed today we have a great project in the house.

Harshad Wagh:

🔥🔥🔥

Emi 💌:

What role does the community play in the PlatON ecosystem? How important is the community to you? Community is vital for the development of blockchain projects.

Kai Yu:

A well-developed blockchain project usually has a good community system with all kinds of community members who joined just now, and are bullish about the future of the project and want to contribute on the development of community. All of them enhance the community, and should get benefits as return. This kind of benefits will strengthens the relationship between project itself and communities.

Sen:

PlatON Network need a long-term committed developers to affront any issue, but to gain this privilege, you need incentivize fair enough these users, so my Question is: what do you offer to the committed developers of PlatON Network?

Kai Yu:

Our Grants program announced in early 2020 provides fund for the developers and teams who facilitate PlatON ecosystem. For more details, please check: https://latticex.foundation/grants.

Additionally, we will have different events for developers, including bug bounty and hackathon, etc, and will share it to you guys once there are further updates.

Okoko:

I am interested in contributing to the PLATON project, tell me about your ambassador plan to recruit the ones who want to enhance and complete

PlatON_Network

ecosystem. What are my requirements and benefits

Kai Yu:

What comes first is that ambassadors should recognize our vision, and wish to contribute on the development of PlatON. It would better if you are flexible on work time, and have connections on communities.We will provide LAT to the ambassador in return.

Please feel free to contact us if you are interested in being an ambassador.

Santi Nurbaya:

Can (PLATON) meet all the features & needs of the financial ecosystem? Can it offer Speed, Security, strong infrastructure, innovative ecosystem, stable use & traditional bank solutions together? Can (PLATON) be the chief architect of the financial ecosystem?

Kai Yu:

Yes, to solve the bottlenecks in traditional financial industry, blockchain should achieve: 1. 7*24 non-stop transactions worldwide; 2. keep the consistence and interconnection between transaction accounts, and 3: the integration of payment and settlement. We believe blockchain is born to be the financial infrastructure, and we are the only one to recognize that deeply. Plus, we stands out with our solid research and technology achievements. Thus, we believe, with the powerful combination of blockchain and privacy-preserving computation, we will be the mainstream financial infrastructure for the upcoming globalization.

Hi guys, a big thank you to you all. Due to the time limit, we can’t answer all questions, thus, we choose the flagship questions regarding PlatON. No worries, we will surely have ensuing events, let’s reserve the questions to the next event. Thanks!

Beetle:

Thank you for your time. It was a pleasure to have you with us.

Junkie Virus:

Thanks for joining us tonight

Kai Yu:

The activity is great. I hope to come back again next time.

Junkie Virus:

We are really amazed by your skills in Tech and marketing

Kai Yu:

My typing speed is a bit slow. Please forgive me.

Harshad Wagh:

Thank you and special thanks to PlatON for chosing Crypto Bharat for the AMA.

Beetle:

Now we’ll move the last round which very exciting. Team will ask you 5 questions one by one and the first one to answer it will be chosen as the winner. Total 5 winners for 5 questions. Fastest fingers will grab the reward!!

I welcome @beatrixchen For hosting this quiz 😊

Beatrix:

Hi guys, Beatrix from PlatON

Harshad Wagh:

Wow a surprize quiz for the members and mroe cahnces to win prizes !!!

Beatrix:

Next, I will ask 5 questions regarding PlatON. Are you ready?

Harshad Wagh:

We are happy to welcome you for conducting quiz for our members!

Beatrix:

1. What’s the consensus mechanism of PlatON?

Beetle:

Unmuting in…

3

2

1

Tukang Short:

CBFT + VRF + PPOS

Beatrix:

Congrats👏

Rahul Contractwala:

Welcome to CB, Beatrix. It’s a pleasure to have you here :)

Beatrix:

Awesome

Beetle:

Congratulations 🎊

Beatrix:

2. What’s the first prime target market of PlatON?

Beetle:

Unmuting in…

3

2

1

Tukang Short:

South East Asia

Beatrix:

Congrats 👏

Beetle:

🎊

Beatrix:

The same winner, you are amazing!

3. When is PlatON main net expected to be launched?

Beetle:

Unmuting in…

3

2

1

Nwanne Benteke:

Q3 2020

Beatrix:

Congrats👏

Beetle:

Woo-hoo

Beatrix:

4. What are the key technologies of PlatON?

Beetle:

Unmuting in…

3

2

1

Lil tough one 😉

Beatrix:

Seems it’s a hard question for you guys, haha

Nwanne Benteke:

Privacy preserving

Verifiable Computation

Distributed Economies

Beetle:

Do we got the correct answer? @beatrixchen

Beatrix:

OK, it’s close. Congrats👏

5. Who are the founders of PlatON?

James:

sun lillin

Beatrix:

Congrats👏

You are right

Beetle:

Congratulations to all 5 winners. Thank you for making this AMA so amazing.

Special thanks to @KaiYu_PlatON @beatrixchen for making this so exciting.

Harshad Wagh:

Thanks a lot @beatrixchen and @Beetle for conducting this round so smoothly and in interesting way

I am sure viewers and members have enjoyed this AMA greatly

Beatrix:

We are so honored here to share and enjoy this wonderful event with you all.

Thanks very much for your support

Kai Yu:

Thank you all very much

Beatrix:

Congrats to the winners

See you next time

Harshad Wagh:

SUch a knowledgeable playful sessions we had this evening.

Beatrix:

And welcome to join PlatON😁

Harshad Wagh:

Thanks PlatON team And the Crypto Bharat admin and members alike for the constant support and fruitful discussions in the group!!!

Beetle:

Unmuting Chat.

Emi 💌:

Thank you so much for this great AMA 😁

James:

Perfect and very good AMA thanks a lot Crypto Bharat And PlatON

Thank you so much 🙂

Feedback and comments are always welcome 😊

Compiled by- twitter.com/KalpeshEm for the Crypto Bharat Community.

Follow Crypto_Bharat on Twitter.

This article is reproduced from https://medium.com/crypto-bharat/platon-network-ama-recap-7th-august-2020-7bcde5a1b46

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