Blockswap Network — CommunityNet AMA with CEO and COO — Matt Shams & Scott Trowbridge
BlockSwap Network is building a Sustainable Saving Market on PoS (Proof-of-Stake) chains.
BlockSwap Network makes the benefits of staking accessible to everyone as a stable yield source through fixed income products, incentivizing existing staking operators and PoS token-holders by insulating everyday users from dealing with crypto asset volatility and its staking process’s complexities.
According to the latest news release — BlockSwap Network has received a private investment of $2.5m from a stellar group of strategic investors included NGC Ventures, Digital Finance Group: DFG, Wave Financial, Algorand EU Accelerator, ZeePrime Capital, 4th Revolution Capital, and several more leading venture funds and angel investors who have an aligned interest in PoS chain prosperity.
BlockSwap is part of the Algorand EU Accelerator
https://algorand.foundation/news/accelerator-europe
🐋Blockswap Network is currently focused on launching ETH2 CommunityNet through a protocol market fit exercise which is going live in the coming weeks, followed by BSN Mainnet Launch.
🐋The CommunityNet shall launch a unique token incentive scheme, bootstrapping the genesis community.
🧩During this phase, users will be available to use the CommunityNet token for accessing all demo products and accrue incentives for their participation.
🧩Furthermore, community-oriented incentives will propagate the protocol and its products to a wider audience.
🧩Also, during this time, anyone can use BSN products by holding the CommunityNet token, they can stake it for an LP share or governance-related incentives.
🥇Blockswap Network is bringing Fixed Income products to Defi. The flagship product will enable Universal Basic Savings using PoS assets, providing a financial fallback for everyday users.
🥇Blockswap Network will enable anyone to trustlessly earn a high yield on USD $aver accounts for their native currency, directly from PoS staked asset inflation rewards.
🔑There is not any Blockswap Network token available yet. Specific details on the token sales and their dynamics will be given in further time.
On 31st of March, Blockswap Network core Team — CEO Matt Shams and COO Scott Trowbridge were guests of Coin98 Wallet and had a great AMA. We prepared a summary of this AMA session for You, I hope You enjoy it.
AMA Admin Questions:
Phuong Thao: For users who might not know about BlockSwap yet, Could you briefly introduce yourselves and BlockSwap?
Blockswap COO — Scott Trowbridge: Myself Scott — Prev Director of Global Business Development at Wanchain Foundation and later Build and lead WeWork Blockchain incubator. Now COO and Commercial Lead of BlockSwap Network.
Blockswap CEO — Matt Shams: I am coming from Blockchain architect who specialized in cross-chain, PoS architecture also headed the multi-chain asset tracking network DSCAN and Social money platform Woolah before Blockswap.
Blockswap COO — Scott Trowbridge: BlockSwap — Focused on bringing fixed income products to PoS chains and sustainable savings products.
Blockswap CEO — Matt Shams: We at Blockswap believe the mainstream adoption for Defi will be thru solving real-world problems of everyday users. The best way to do that is to ensure they have a safer and easier place to preserve and grow their wealth on-chain.
We do this in two ways, providing a non-speculative saving market-based PoS (Proof-of-Stake) native yield while providing the user onboarding very easy and cost-efficient manner.
This is the crux behind Open Saver — as it is named it is Open for everyone and inclusive in terms of 100% permissionless.
Blockswap COO — Scott Trowbridge: Open Saver: is a Universal Basic Savings backed by a PoS bond market that guarantees a USD saver account with around a 5–7% interest from staked ETH2/Algo inflation rewards and later we shall be integrating other PoS chains (DOT, ADA planned)
Blockswap CEO — Matt Shams: Every Saver Account is completely collateralized with staked PoS assets and be available on-chain. There is no uncertainty around lending and borrowing, demand exists in the current Defi.
Phuong Thao: Amazing! Blockswap has grown very well since launch, could you please share with us your priorities in the short term?
Blockswap COO — Scott Trowbridge: Great question!
- April — CommuntiyNet for ETH2 + Algorand
- April — Balancer LBP + Uniswap for CommunityNet Token Launch
- Then Launching Open Saver — Universal Basic Savings Account Scheme for ETH/ALGO.
- Next Chains (DOT, ADA)
Blockswap CEO — Matt Shams: In the next 3rd quarter we are focused on bringing the top Four PoS assets: ETH2, ALGO, DOT, and ADA to propel the Open Saver market. These assets alone will give a ~200 billion dollar base for onboarding users.
Blockswap COO — Scott Trowbridge: Would you like more information on the CommunityNet?.
Phuong Thao: Sure, I would love to know!
Blockswap COO — Scott Trowbridge: We are launching our ETH2 CommunityNet through a protocol market fit exercise which is going live in April. The CommunityNet shall launch a unique token incentive scheme bootstrapping our genesis community. ~250,000,000 tokens will be distributed through an incentivized CommunityNet phase across 5 months.
For full details of the CommunityNet and Token here also:
https://blog.blockswap.network/incentivized-communitynet-with-fair-token-launch-66f8925d81d9.
Blockswap CEO — Matt Shams: The CommunityNet is purposed to have a large decentralized userbase, so during this phase, we will be enabling multiple windows for users to get our tokens participating with products beta net, etc.
Blockswap COO — Scott Trowbridge: The CommunityNet is through an interactive, gamified experience on Telegram and later Discord.
AMA Pre Selected Questions:
Phuong Thao: Okay, let’s move to part 2, Pre-selected question from our community. The first question is from @ImAlice21: — There are a lot of massive yield farming even 1,000%, and it seems that people love that. What kind of customer is your target? I mean, who will love a fixed rate?
Blockswap CEO — Matt Shams: Defi is currently an echo-chamber few thousand users, and driven by less than a hundred whales in terms of Yield. Defi yield advertised is very misleading and only exists for few days. Open Saver is more focused on onboarding mainstream users Defi + Real-world. It states OpenSaver which means open for everyone globally to interact and save their wealth on-chain for any period.
Fixed Income Instruments are the backbone of any market, which could serve a large user base with sufficient economic guarantees.
That’s what Saver is after, we would like to give a proper platform for everyday users to benefit from predictable savings.
Blockswap COO — Scott Trowbridge: It’s really interesting to look at the market. Defi TVL (Total Value Locked) has grown by over +40x in the past 12 months and we have seen a flux of different tokens incentivizing short-term, super high rate yields.
However, until now no one has been able to offer a long-term, fixed-rate, and sustainable savings product. This where we are trying to focus. Sustainable, stable yield source. Individuals and institutions can park billions if not trillions on dollars using PoS chains.
Phuong Thao: Okay, next question from @Longdang214: Can you explain OpenSaver’s mechanism? How can it stay always at 7% APY?
Blockswap CEO — Matt Shams: OpenSaver is new architecture from the ground up for a sustainable saving market for the mainstream. Every asset in the OpenSaver ecosystem will have a fixed native yield.
In this case, SaverUSD has 7% which comes from a Bonded PoS Asset collateral backing that deposit. The market has an opportunity to bond SaverUSD deposit with PoS Asset keeping 150% ratio and go long on Pos asset value getting a Balanced Exposure. OpenServer smart contract will make sure the assets are maintained and well with collateralization ratio.
Phuong Thao: Thank You. Tokenmetric, as well as tokenomics, haven't been available so far. Is that in your plan? — question from @vyubuy99.
Blockswap COO — Scott Trowbridge: 10% circulating supply for the next 12months (CommunityNet Tokens). Fully diluted tokens released over the next 5 years.
Blockswap CEO — Matt Shams: Emission of BSN is deflationary based on its circulating supply staking and CommunityNet tokens are the circulating supply for the network in the next 8–12 months.
Phuong Thao: It’s great to know! What are the dominant technologies of blockswap better than other similar platforms and how to solve problems like price slippage, impermanent loss when providing liquidity in blockswap AMMs? — question asked by @DTMMO.
Blockswap CEO — Matt Shams: Blockswap is fully on-chain with no oracle dependency, and its collaterals are base L1 assets with native yield with tamper-proof data. It's almost improbable to manipulate Blockswap saver markets with arbitrage that we see in Defi today. Funds are SAFU bcoz it is secured by the chain itself
Blockswap COO — Scott Trowbridge: We are publishing a series of articles explaining our Automated Asset Market Maker (AAM) later as well.
The last question for this part then we move to the most anticipated part: Live Q&A
Blockswap COO — Scott Trowbridge: CommunityNet is to drive a better alignment between users and our product's intended functional utility. We want to enable users to test our products in a safe environment and allow us to improve on the UI.
Users shall also learn how our AMM coordination layer works. We reward users through CommuntiyNet token for their participation. At the same time, we build a foundational user base for the Mainnet going live in 6 months.
CommunityNet Token is redeemable 1:1 with Mainnet token.
Live Q&A Questions:
@doanlam — Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Blockswap CEO — Matt Shams: It came from the great swap, absolute right to exit for everyone to have freedom. since everything in blockchain happens inside a block… it becomes Blockswap.
@faomra — I want to have a long-term investment with this project, but I’m doubting right now, how can Blockswap convince and assure me this project is safe and profitable?
Blockswap COO — Scott Trowbridge: Auditing and formal verification shall be completed before Miannet. This is a major priority.
@KaoVaer — Apparently, many blockchain projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is BLOCKSWAP solving, and what solutions are you provide?
Blockswap COO — Scott Trowbridge: We are focused on long-term, fixed-rate, and sustainable savings products. The CommunityNet tokens are for incentive rewards for participation which shall start accruing fees when Mainnet launches with OpenSaver. We are using PoS and staking as the mechanism to trustlessly redistribute wealth and believe this is a great problem to be solved.
@dannypows — Defi is an important topic in the blockchain space right now, can your share their opinions on Defi? Do you think that Defi will disrupt the existing financial system or do you think we can live in a balance where both systems can work cohesively?
Blockswap CEO — Matt Shams: Yep, totally. Right now Defi is mostly an echo chamber. but in the 2–5 yrs it becomes a go-to settlement network for all financial players to offer their product. like how we have social media platforms become the platform for all kinds of activities.
@isachettinger — Marketing is a central element for every project so that everyone knows the potential that a project can bring is vital to achieving the goals set. What is your strategy to attract new users and Investors to BLockSwap and keep them long-term?
Blockswap COO — Scott Trowbridge: Marketing in general: We came out of stealth only 1 month ago. Now our CommunityNet is ready to be introduced. Our community is growing. We believe as a company that action speaks louder than words and want our products to do the talking 🙂
We have a growing community in Asia, Vietnam, and the West. We are working with great, funds and advisors including Republic Crypto.
Phuong Thao: Thanks a lot for your time with us today. On behalf of Coin98 Wallet, I wish BlockSwap success and go to the moon soon.
Once again, Thanks for your enthusiasm with the Coin98 Wallet community. The AMA is over.
Blockswap CEO — Matt Shams: Thanks guys for hosting us!
Blockswap COO — Scott Trowbridge: Thanks Phuong Thao and everyone for joining and great questions!
Blockswap Network Media and Social Channels:
Website: https://www.blockswap.network
Twitter: https://twitter.com/Blockswap_team
Medium: https://blog.blockswap.network/
Announcements: https://t.me/bsn_hq
Telegram: https://t.me/bsnchat
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