Kriptobi, one of the most active groups in Turkey on cryptocurrencies, hosted founder and CEO Michael Holdmann, CTO David Beberman ve Marketing Manager Jay Moore from the Prasaga project on 29th of November, 2020. In the first phase of our event, the Prasaga project was introduced to our community members with group managers’ questions and our guest's answers. In the second phase, 3 questions collected via Twitter were asked to our guests, and in the third phase, the ‘live Q&A’ section was completed. In the second and third stages, our community members, whose questions were answered, were rewarded with a gift worth 20$ at the time of reward distributing. If you also want to participate in future AMA events and win while being informed, you can join the Kriptobi community.
Question 1. Could you give brief information about what Prasaga is? What does he aim to do and solve in this sector?
Prasaga is a New Native Chain and a New Coin Project, we are hoping to meet Developers, Miners, and new Token Holders. We hope many from Kriptobi will join us.
We’ve designed the next evolution of blockchain architecture. A blockchain that actually achieves the promise that all blockchains have aspired to. One that provides the highest level of resistance against attacks. One that rewards its ecosystem of contributors. And, one that, perhaps most importantly, scales in throughput as more resources are added to the network, providing the maximum possible increases in speed.
The DataGrid Blockchain catalyzed by our eXtensible Blockchain Object Model (XBOM) an Object-Oriented Blockchain™️ (OOB™️) builds a ledger that puts the coding, execution, and settlement of all asset transactions directly onto the blockchain — delivering an evolved approach to Smart Contracts that provides an increased speed of development, higher quality, and future-proofed development infrastructure.
The Product suite of Prasaga creates an underlying global foundation for all transactions financial and other while protecting individual sovereignty and ownership/access of all assets and states.
Question 2. What are the main features of Prasaga that make it different from the other projects?
The main features are the underlying technology approach to scale, security, decentralization. Our move away from Smart Contracts to Smart Assets and their state being in YOUR own individual accounts on the blockchain and elimination of the need for custodians or intermediaries during final settlement between two parties.
Question 3. About the $DGT token, can you tell us about its total supply, availability, and where we can buy it?
The DGT is a mined token. It is not designed with a fixed total supply. The intent is to offer 1.36B in presale, 2B in the LBP, and depending on spot price up to 21B in a 12-month dutch auction liquidity pool campaign, followed by mining on the DGB mainnet. Availability is pre-sale, please join our Discord server for more information.
Question 4. What's your strategy to make $DGT token more valuable and what's your plan to maintain token price and supply?
$DGT supply is based on circulating currency which utilizes the equation of exchange (MV=PY). The DGT is intended to be a stabilized currency as a global reserve currency for the exchange of value/assets on the blockchain.
Question 5. Finally, can you give us some information about your roadmap and how Prasaga has progressed so far? What awaits us in the future?
A little history on the project
Started Nov. 2017
* Integrate blockchain into IoT message bus
* Commercial WP release March 2018
* Token pre-sale- 850k through May 2018
* Token purchasers asked us to solve blockchain scale
* Research, design finished in Jan. 2019- 200+ of pages, 100,000 word notes documents of all major chains and projects scaling, consensus, economics (monetary supply, tokenomics)
* Wrote design of tech, submitted 4 patent pends
Looked at Smart Contracts
* April 2019 realized it was not possible to scale through sharding with the current Smart Contact approach (everyone realizes this now, but too late)
* 2 patent pend. XBOM™️ and XSOA™️
* Design a First-Class Object Model, Decentralized GlobalOS and Object-Oriented Blockchain™️ (OOB™️)
* State resides with account objects, we can move accounts and all individual account state from parallel chain to parallel chain.
* Launched XBOM MVP on HyperLedger
* We will be focused on developing our testnet going to the mainnet.
* Completing our Private Presale
* Launching our DeFi pools in a 12-month dutch auction and executing our incentive programs
* Launching our DataGrid Collaborative and local Labs in key regions.
After this answer, the first phase of our AMA event was completed. And immediately after that, questions sent via Twitter will be answered. And the second phase has begun.
Twitter Question 1
Smart devices/contracts are prone to bugs, and Vulnerable to Viruses and even recently some big DeFi projects have fallen victim to exploitation and consuming user funds and losses. How efficient and secure are Prasage devices and smart contracts? (from @bimasuryaatmaj1)
These are two different problems. For Smart Devices, we equate this to IoT/Smart City devices (i.e. Traffic lights, thermostats, manufacturing producing lines, etc.) for that we have IP to ensure the trustworthiness of the device hardware/software, transport of the data and the backend control system and available in our Whitepaper on the overall ecosystem. For our DeFi liquidity pools campaign, we will be using audited, trusted platform smart contracts Balancer, Uniswap, etc.
Twitter Question 2
Could you please give details of the development stages of $Prasaga's XBOM model? Where do you use it? What's the difference between other concepts? (from @seydasubasimsi)
The Prasaga XBOM is implemented as an early Proof-of-Concept as a test network on Hyperledger Fabric (HLF). It is implemented in GO Lang on HLF because HLF was first implemented in GO.
However, for general implementation, XBOM will support multiple programming languages and transparent integration via inheritance between classes implemented in different programming languages. A significant difference between XBOM and the more recognized smart contract approach is that inheritance of code takes place on-chain. That is the ancestor inheritance reference for a class is explicitly an on-chain reference we term a “Ledger Object ID” (LOID). All interactions between objects, whether metaclasses, classes or ordinary objects is via message passing using these globally unique LOIDs.
Twitter Question 3
Looking back at the whole year of 2020, what is your best achievement you are most proud of? What are the key points that Prasaga must achieve next year in 2021? Why did you choose it? (from @AhmetSalihDuma1)
It has been an interesting year surviving Covid-19 and getting major progress on our technology. We are very proud of our MVP of XBOM on HyperLedger and having our international patents publish and more submitted. We of course need to complete our fundraising, but more importantly, will be our next steps on testnet and getting all our core teams moving forward on our technology. Launching the DataGrid Collaborative to give our community a clear way to engage will also be essential.
Through our DataGrid Collaborative, we have a global vision and we are engaging with key partners in every region, not just for token promotion, but authentic community development with token holders, miners, and especially developers on our blockchain.
As regions like Vietnam, Philippines, Korea, Turkey, UAE/Dubai, Crypto Valley Switzerland, and as others emerge we will create DataGrid Collaborative Labs and work with the local members to create vibrant communities. We are looking for community members that want to assist us in building our presence in all regions. The local exchanges will come as we roll out our full DeFi pool strategies, we see the pivotal role that exchanges have played in the past evolving and will engage as the community benefits.
After that answer, our event’s 2nd phase was terminated and the ‘live Q&A’ section started. 7 questions answered by our guest within minutes were shaped as follows.
Live Question 1. Can please you provide more details about atomic cross-chain communication? It must be very interesting!
I believe you are referring to the DGB internal cross-chain communications, or what we call "leader-to-leader" communications. This is a modified RAFT BFT protocol, that simulates a collision domain like an Ethernet LAN channel to avoid needing to designate a leader for the communications (as would be expected for RAFT or similar BFT). In so doing, one DGB parallel chain can send to another DGB parallel chain atomically. This is critical in eliminating the need for a central "beacon" type chain to manage the parallel chains. In turn, by eliminating a central beacon type chain, we avoid the problem of "altruistic" nodes that would be needed to run the beacon chain.
Live Question 2. I am an investor, can you tell us, how much profit will I get if I BUY and HOLD $DGT tokens within a certain time? And what is the token used for?
We can only tell you what our models look like. Internally based on our monetary approach we see between 120x and 144x returns before we move from a deflationary to an inflationary approach this is over 8-10 years.
These models do not factor in any external influences, like speculation and large adoptions fueling our large scale adoption, only core DApps using us for business and consumer transactions.
We see what other projects like IOTA, Stellar, and EOS have been able to make and we believe with the gains in performance, the ease of development, and the stabilizing of our currency we will eclipse these projects in their ROI to investors.
Live Question 3. The vast majority of crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to the crypto industry that will bring greater abundance to the industry?
I like this question and is one of the main motivators behind our project and economic model.
This is our 3rd year in the project, our initial $DGT pre-sale of 850k in spring 2018 was raised for the Research and design of scalable permissionless blockchain and creating a Global Reserve Currency based on the economic productivity of the DataGrid Blockchain (DGB). We have now applied for 6 patents, w/more coming.
Prasaga is not looking to be a store of value there are plenty of those in the crypto world today, we look to do the exact opposite. $DGT supply is based on circulating currency which utilizes the equation of exchange (MV=PY). The DGT is intended to be a stabilized currency as a global reserve currency for the exchange of value/assets on the blockchain.
This will ensure long term sustainability we need to build an economy that uses the DGT for the exchange of any type of asset not just speculating.
Live Question 4. Will Prasaga executes an interoperable cross-chain network? Will it hold access to Dapps? If ETH has ERC20, what type of token will those be in Prasaga Chain?
The approach of using an object-oriented model with unique global references for all objects, including classes and metaclasses. enables a generalization of the concept of tokens to that of assets. Another way of thinking of this is "smart tokens", that is assets or tokens that have methods (code) associated with them. As such, the code "travels" with the asset objects from account to account. Prasaga inherently implements cross-chain communications between its parallel chains - however at this time, we are not designing cross-chain communications with other chains (i.e. Bitcoin, Ethereum, etc.). It is likely that the community will develop such solutions in the future.
Live Question 5. At this point, do you think you need exchanges as a Binance to keep growing? Or is it better to forget those things and focus on other activities?
This is a great question. We've spent a good deal of time in discussions with exchanges and before DeFi they were absolutely critical for both discovery and liquidity of your tokens. While the role centralized exchanges (CEXs) are playing in liquidity post-DeFi is no longer a gating factor, justifying their very expensive listing fees, they still remain a way to get visibility. Our current belief is we'll be able to make the more equitable partnerships that best serve our project and our token holders after we have launched our DeFi pools.
Live Question 6. All project's coins have their main utilities & real-life use! So, can you tell us what the main role of your coin is in your ecosystem? Explain its utilities & real-Life use cases, please. And why should I invest in your coin for the long term?
The DGT is a native currency to the DGB. In particular, the design explicitly used the DGT for transaction execution similar in concept to Ethereum GAS. All mining rewards are in DGT. As the objective of being a global reserve currency, it is intended to be used to price assets on the DGB for exchange of value (e.g. purchase and sale of assets). Using a "zero inflation" economic model, the DGT is further expected to accrue in value compared to other reserve currencies over time (e.g. the $USD and EUR).
Live Question 7. The IoT + Blockchain market seems to be led by IOTEX and IOTA. My question is how do PRASAGA intend to break into this oligopoly or cartel?
We have been involved in the IoT since it was first conceptualized in early 2k. We have sat on standards bodies writing the international open standards for a data model, remote access, and gateway to the cloud. We integrate a high-performance message bus with blockchain, IoT data can NEVER go on a blockchain.
Our standing as experts in the field, the 1,000's of relationship/partnerships we have through the standards bodies, and the fact that we are not proprietary (IOTex) and have the ability to include all asset on-chain as objects with an integrated currency and scalable design will make us the infrastructure of choice.
We are not trying to sell a piece of proprietary hardware (IOTA and IOTEX) we are hardware and software agnostic that enables anything to talk to anything regardless of programming language, data model, protocol, platform, or provider.
After this answer, we came to the end of the 3rd stage and the whole event. We thank Mr. Holdmann, Mr. Beberman, and Mr. Moore for not breaking our kind offer and for joining our community.
Don't forget to follow us on Twitter to become instantly aware of other activities in the Kriptobi community…