On November 3, 2021, Jessie Chua, the CMO of X Protocol, visited the INSIGHT community to participate in the AMA event, introduced in detail and answered questions from community members. The following is the text of this AMA.
AMA Highlights
Snow: Hello everyone, I am snow, the host of this AMA
Snow: We are very pleased to invite Jessie Chua, the CMO of X Protocol, to share with you
Snow: Please briefly introduce yourself and the X Protocol team.
Jessie Chua: Hello everyone! I am Jessie from X Protocol. I have been working in the banking and fintech industries and joined X Protocol this summer as CMO.
In the X protocol team, two-thirds of the partners are developers. The remaining partners are in operations and marketing.
Snow: How would you introduce it to users who are new to the X Protocol project?
Jessie Chua: X Protocol is the first metaverse + application portal on Polkadot and Solana. It integrates source games and land economic models, and provides low-cost metaverse access methods for DApps on heterogeneous chains. And we can share the user base of X Protocol, which also enriches the ecology of X-Metaverse.
X Protocol is built with the RUST language and has the functions of cross-chain bridge, privacy calculation and data analysis. It provides a decentralized, secure and fast bridging solution. Initially deployed on Polkadot, the preparations for deployment on public chains such as Solana, Polygon, ETH, and BSC have been completed.
Snow: Why did you choose to develop X Protocol in the Polkadot ecosystem, and what is the opportunity to choose to develop this project? Were you inspired by other projects?
Jessie Chua: The Polkadot ecosystem has enough market enthusiasm and a solid underlying structure. Based on Polkadot, the product will support the participation of cross-chain assets, gather the resources and energy of each chain, promote the participation of more users, and become an independent parallel chain in the future. We believe that Polkadot has enough potential in the future.
Metaverse is an immersive virtual world close to reality, and also a future open network world. This approach that straddles the physical and digital worlds is a natural fit for blockchain technology. Since digital objects, content and intellectual property can flow in the metaverse, blockchain technology can not only be used for user data, but also allow users and companies to create content and goods, which in turn allow them to flourish. More importantly, blockchain technology can also create a fully operational economic system in the metaverse that is connected to the real world.
Therefore, we decided to build a metaverse based on blockchain technology, which is X Protocol Metaverse.
Snow: Compared with other metaverse projects, what do you think are the characteristics of X Protocol? And what is the biggest competitive advantage?
Jessie Chua: Technical advantages: It is the 10th team in the world to complete all milestone development tasks, and also the second team in the world to complete all milestone tasks at one time; in the past 3 months, an average of 800 lines of code have been updated every day; The high-resolution high-quality interactive scene was completed in 3 weeks; and the official grant of Solana and Polygon has been obtained; in order to deal with the problem that the audit agency cannot audit the RUST code, the team took the initiative to launch an SRC attack invitational contest with a prize of 500,000 US dollars worldwide , which lasted one month, the project's cross-chain bridge core and other business cores have not been found by the white hats.
l Operational advantages: Every infrastructure in the metaverse can be used as an independent DAPP, and the prediction market has started public testing since the European Cup. At present, the total number of X Protocol community members exceeds 70K, and community exchanges are active and positive.
l Mode advantages: Compared with other pioneering metaverse worlds, X-Protocol first makes DAPPs, and then puts DAPPs with user bases into the metaverse as infrastructure, so X-Metaverse is born with more resources than other metaverses active users; at the same time, X-Metaverse also supports other public chain DAPPs to join through interface migration, and both ecology and users can snowball.
Snow: How do you see the current market situation and the role of your project, the Metaverse and its NFT development? Can you tell us about the latest project progress of X Protocol?
Jessie Chua: Recently, Metaverse has become very popular because it is an immersive virtual world where people can enjoy themselves. I don't think this is limited to some circles, because we know that some traditional technology companies such as facebook are also trying to build metaverse products. Therefore, it is a foreseeable fact that the metaverse track has become popular. For the mainstream market, as long as the product is user-friendly, it will be easy for people to get started, especially in NFT. NFT connects art and data, and expresses digital technology through beauty, so that digital technology can gain wider attention, which is definitely a good thing for the entire market. The metaverse is the best way to display and implement NFT at present and even in the future, and its potential is self-evident. Currently, the team is working hard on the development of X-Metaverse. We are also working on deploying the platform to other chains such as Polygon and Solana.
Snow: Please introduce the economic model of $POT?
Jessie Chua: $POT will be used as the sole governance token of X Protocol and X Metaverse. For example, a user can use $POT to become a governance node.
Ecosystem development: 15% of total circulation; used for marketing, partnerships and exchange listings. Unlock linearly within 3 years, once every three months.
Team and Advisors: 10% of the total issuance. Locked for 6 months after TGE, then unlocked linearly over 3 years, once a month.
Liquidity pool: 20% of the total circulation, used for liquidity funds of Uniswap and other exchanges, unlocked linearly within three years.
Mining pool: 35% of the total circulation. Used for network incentives after the mainnet launch.
Financing: 20% of total circulation. Unlocked according to investment terms.
Snow: From the perspective of X Protocol development, what do you hope to see from the X Protocol ecology/community?
Jessie Chua: Due to portability and scalability, Dapp will be able to connect to X-Universe without any pressure. Therefore, X Protocol will gradually attract the attention of leading products in different tracks, and develop corresponding versions for X Protocol, and finally build an ecosystem comparable to reality and a complete virtual world. This is what we expect, and it is also the trend.
Snow: Looking into the future, how do you see the development of NFT and Metaverse? What is the future development plan of X Protocol?
Jessie Chua: In the future, as the ecosystem matures, our ultimate vision is to build a complete metaverse. The Metaverse is the source and ultimate solution to the internet's problems.
X Protocol establishes the protocol layer through the two-way token bridge of the relay chain based on the Web3.0 concept, the new encryption technology MMR, the optimistic reporting system and the simple payment verification of SPV.
We are integrating X Predict Market into our Metaverse scene. Create an immersive physical feeling through 2.5D page interaction and X social platform. In terms of DeFi, we are developing X Predict Market2.0, and users can truly realize prediction profits by participating in predictive mining.
Community Q&A:
Q1: Hello, guest. I would like to know more about X Predict Market. What are the core highlights of this product? As a decentralized cross-chain prediction platform, what are its advantages over other prediction platform projects?
Jessie Chua: X Predict Market is a decentralized cross-chain prediction platform. The new Fixed Product Market Maker (FPMM) conducts automated market making. Users can obtain governance token POT rewards by creating predictions, participating in predictions, making successful predictions, and providing liquidity. Users can obtain governance node qualifications by investing in shares, and participate in community governance voting and other important activities.
Q2: @JessieChuaXProtocol Everyone is saying that the metaverse will explode and rise, but I think the metaverse is still in a very early stage. To judge whether a project has competitive potential should be supported by its technology and development plan. How does x protocol work on this? Being unique on the track, how to attract users to use your product?
Jessie Chua: Among the Polkadot and Solana public chain metaverse tracks, we are currently the one with the most mature technology, the most active community, and the richest ecological content.
Protocol layer: cross-chain data analysis + cross-chain bridge with original mechanism + privacy calculation.
Application layer: Build the X-Metaverse metaverse game scene, and develop DAPPs such as the prediction market, cross-chain NFT market, and cross-chain machine gun pool as the infrastructure of the metaverse. Each DAPP has a domain name that can be experienced individually.
And through the model of selling plots, the third-party DAPP can be migrated to the Metaverse field at low cost and high efficiency, and also enrich the application ecology of X-Metaverse.
Q3: Will projects in the Metaverse be hacked? How would you respond if such an incident occurred?
Jessie Chua: In order to deal with the problem that the audit agency cannot audit the RUST code, the team took the initiative to launch an SRC attack invitational contest with a prize of 500,000 US dollars worldwide. It lasted for one month, and the cross-chain bridge core and other business cores of the project were not whitewashed. Cap to find any holes.
Safety is there for all to see.
Q4: Many Metaverse projects have not been launched yet. What do you think of allies or competitors?
Jessie Chua: If other projects want to learn from X Protocol, they must find an unoccupied application track to be a seed user, and then start the Metaverse. There is a time threshold. According to the current market situation, it takes at least 1 month for DAPPP to start from 0 to 1 with the most experienced and resourceful team. At this time, X-Protocol has already gained a large market share.
X-Protocol is not only the entrance of traffic, but also the entrance of technology migration. The first to grab a large number of applications to settle in, the latecomers will have nowhere to go.
Q5: Regarding the seventh X Protocol ecological/community question, I would like to ask, what is the current X Protocol ecological layout and community development, and what strategic partners do you currently have?
Jessie Chua: Currently, XProtocol has partnerships with projects such as CrustNetwork, Parami, and FLyECO. At the same time, users can also get first-hand market news through our official social media, and participate in our regular reward activities: https://twitter.com/X_Protocol_
🗣 【Follow X Protocol】
- X Protocol official website: https://x-protocol.com/
- X Protocol official Twitter: https://twitter.com/X_Protocol_
- X Protocol Medium:https://medium.com/x-predict-market
- X Protocol official telegram:https://t.me/XPredictMarket
