RECAP AMA IDCRYPTO X ARES PROTOCOL

Speaker : Zamir Way ( COO of Ares Protocol)
Date : Friday, March 26th, 2021
THERE IS 3 SESSION FOR AMA

  1. INTRODUCTION
  2. QUESTION FROM TWTITTER
  3. FREE ASKING

SESSION 1 ( INTRODUCTION )

IDCRYPTO:
Hello Zamir Way, welcome to our community, we are glad to be with you here.

Zamir Way:
Thank you, I am also delighted to be here on your great community.

IDCRYPTO:
Please introduce yourself and tell how you started a crypto business to the idcrypto community !?

Zamir Way:
I am Zamir the COO of Ares Protocol. I worked several years as a software engineer and Webdeveloper. I specialized in AI and Big Data analytics. I came into the blockchain space in 2017 and since then I have done extensive research in different protocols and projects until we founded Ares Protocol.

IDCRYPTO:
Thank you for introducing yourself to us, interesting background.
Next, can you introduce about Ares Protocol to the IDCrypto community?

Zamir Way:
Ares Protocol is the first oracle that implements data verification on the blockchain. It connects the Polkadot network and its parachains to the real world by providing price feeds and other real world data with lower costs and more reliability and security and low latency.

IDCRYPTO:
Thank you.
Next one, Can you share with the community what Ares Protocol has been doing since its launch?

Zamir Way:
Of course.
We are very proud that we received a Web3 grant in November of last year. We completed the implementation of our core oracle module in the beginning of February, which was also our first milestone that we agreed with the Web3 Foundation for the grant. Another great achievement is that we successfully build many local communities among them a Vietnamese, Turkish, Chinese, Bangladeshi, Sri Lanka, Indonesian and African communities. But many are in the pipeline and will follow. Another achievement are our great partnerships with Crust Network, Bandot and Trustbase. These are also just a few, there are already more to be announced soon.
Also we just recently successfully conducted our big airdrop event with over 25k participants.
Today we will announce our meme contest. The first price will be a whitelist spot in our IDO. So I welcome you all to participate and join us.

IDCRYPTO:
Great.
I think that’s enough for the introductory session, I hope our community can find out about Ares Protocol.

SESSION 2 ( QUESTION FROM TWTITTER )

IDCRYPTO:
Question 1
Can you list the outstanding features of Ares that you think are the strengths that will help Ares succeed? In the future, will the Ares token be developed with more utilities?
From: @mohit_10_

Zamir Way:
excellent question.
The competitive advantage of Ares Protocol is that it implements node randomness which means that the aggregator node responsible for delivering the data to the network is chosen randomly. This increases its decentralization and security.
Another advantage of Ares Protocol is that it has its own chain that is based on the Substrate stack. Thus the verification of the data is conducted on the chain which makes it more scalable and ensures low latency.
And last but not least: Ares Protocol implements a unique challenger model where each node that is not chosen as an aggregator node can work as a challenger node. Challenger nodes control the aggregators by verifying their data and opening a dispute if they detect suspicious data.

IDCRYPTO:
Question 2
In the Ares Economic Model, Treasury funds come from a part of the transaction fee, the punishment of malicious nodes, and inflation caused by pledges. Can you explain who has the right / opportunity to get the Treasury Fund?
From: @KosakiOnoderaHD

Zamir Way:
Ares token holders have the right to govern over the treasury funds. Users who suffered losses because of malicious data can initiate a proposal to get compensated by the treasury. Ares token holders can then vote on the proposal, they can decide whether to refund that person.

IDCRYPTO:
Thank you for the very detailed answer.

SESSION 3 ( FREE ASKING )


Georgh Riva:
What do you think about the market in Asia?
Will you reach wider Indonesians ??

Zamir Way:
ok, to answer this shortly: The Asian market is a top priority to us, most of our local communities are Asian. Recently we created also our Indonesian community. I invite all our Indonesian friends to join this community. All our announcements will be translated into Indonesian language.

Alice:
What is the role of the Ares token in the ecosystem, what is it relationship with the oracle and its users, is it considered just an utility/reward token or does it give governance power to its holders?

Zamir Way:
The ares token has several utilities. Token holders can delegate their tokens to get staking rewards. If they have some basic technical skills and hold a minimum amount of tokens, they can even run an aggregator node themselfes to receive more rewards.
The token is also used as the means of payment for the oracle service. So data demanders have to buy ARES tokens to pay for Ares’ service.
And of course token holders have the right to vote on proposals and even initiate their own proposals. They can or example vote about the network fees, or about the funds in the treasury, how to spend them.

Lanaya | SPR :
For right now, do you think you need exchanges like a binance to keep growing? Or is it better to forget those things and focus on other activities & focused on roadmap?

Zamir Way:
At the moment exchange listings are not a top priority to us. We will have to prepare our IDO and also build more local communities. Also shortterm the launch of our testnet is more important. But after those things we are ready for exchange listings.

Liyer:
Do you have a solution to overcome scaling and the threat of centralization? what do you use for your Defi chain ??

Zamir Way:
Yes, our solution to prevent centralization is choosing aggregator nodes randomly with VRF. Also we use multiple data sources for aggregation to prevent a single point of failure. In regards to scalability: We use a combination of off-chain workers and Babe consensys algorithm which makes Ares Protocol very scalable.

MORE DETAIL ABOUT ARES PROTOCOL

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