AMA Recap - Metaverse DNA & Roseon Wallet (11/06/2020)

On June 11^th, 2020 Crypto Checker had the opportunity to welcome DNA and Roseon Wallet to continue the AMA series with top projects. The AMA was co-sponsored by ViewFin to discuss the DeFi that has been a hot topic recently. Joining with the group were two representatives from DNA and Roseon Wallet, Mr. Remi and Ms. Sharon. The two guests were taking turns answering questions from community and shed light on some of the Defi aspects of the project.   

Part 1: Introduction

Cham Cham: DeFi is a term that has been mentioned a lot along with the token economy, especially from early 2019 until now. Many people think that DeFi is a blockchain based lending service such as NEXO, ETHLend, Cred ... but not really. DeFi is much bigger and broader than that. What is DeFi? DeFi stands for Decentralized Finance. So what is decentralized finance specifically? What characteristics and advantages are it? Together we will explore these topics tonight.....

Shin: Ms. Sharon, can you talk a little bit about yourself? Like your experience, or hobbies?

Sharon: Hello everyone, thanks for inviting me to share my and Roseon's stories with you!

I have been working in the industry since 2017. Before starting my journey in the blockchain and crypto field, I was working in the gaming industry as Project Manager. I remember it was 2015 when I first heard the word “Bitcoin” when I was doing my master program in Europe. One of my professors was a big Bitcoin enthusiastic. I got hooked by the concept of decentralization and peer-to-peer networking. That’s when I started to invest in Bitcoin and two years later, I decided to officially get myself involved in the industry and make my own contributions to what I believe will make the whole industry and ecosystem a better, healthier and more sustainable place.

During the early days when I trade Bitcoin quite frequently, I realized that I was not that good at trading. It’s def much better for me to hodl for a while instead of trading frequently. So finding the best crypto wallet became important. After looking around all the wallets available in the market, the team decided to make a much better and safer wallet that will enable more features as well as empower more people.

Shin: Thank you Ms. Sharon for such a detailed introduction. Now we are moving to our second honor Guest, Mr. Remi, can you have a brief introduction?

Remi: Hi everyone, glad to be here with Crypto Checker and Ms. Sharon. My name is Remy and I am the business development manager for SE ASIA. Thanks to join us today for the AMA. I have been involved in blockchain and cryptocurrencies since 2015 as an early investor.  I have been Rekt many time, the weird thing it always when I am doing AMA

I started my career in blockchain end of 2016. I built communities and introduced some interesting projects to Asia and Vietnam market during the boom of ICO and new cryptocurrency projects back in 2017. Then I worked for Infinity Blockchain Labs and Asia Blockchain Review, we organized events around asia in collaboration with established projects. Few months ago, Allan Tran offering opportunity to work with Metawverse DNA to build a vibrant ecosystem in SE Asia and Vietnam.

Part 2: Questions from the community

Question 1: “Could you share with us short introduction about your wallet and explain how the wallet would support the adoption of the DeFi application in the blockchain?”

Sharon: Sure, thank you.

Roseon Wallet is a lifestyle wallet that simplifies crypto banking. We designed this product to be 1. easy to use; 2. safe to store all your assets; 3. more female-friendly. We aim to be a one-stop platform for everything related to digital assets.

In the traditional financial system custodian, it is a specialized institution responsible for safeguarding a firm’s or individual’s financial assets and is not engaged in commercial or consumer/retail banking. In DeFi you and only you are a custodian of your own funds and assets. We are also looking into supporting more DeFi Dapps in our Dapp store ecosystem, our dev team is also developing lending&borrowing features which will be coming up soon. Please follow us and stay tuned.

Question 2: “Mr. Remi, What is the relation between DeFi and blockchain?”

Remi: Decentralized finance often called DeFi or open finan refers to the economic paradigm shift enabled by decentralized technologies, particularly blockchain networks. From peer-to-peer payment systems to automated loans to USD-pegged stablecoins, DeFi has emerged as one of the most active sectors in the blockchain space, with a range of use cases for developers, individuals, and institutions.

It’s much like our normal financial system, but then managed without big centralized institutions. Decentralized finance is possible because of blockchain technology. For finance to become decentralized it must make use of a blockchain. Currently, most of DeFi applications are being built on the Ethereum blockchain.For instance, lending, saving, borrowing is all possible on the Ethereum blockchain.

Defi is one of the hot topic for Blockchain, I have seen many projects work on DeFi application. There are many technology innovations but still have a long road ahead

Question 3: “Landing and borrowing will be available on Roseon Wallet soon. When can we start using this DeFi function?”

Sharon: This function is currently under development, our tech team is working very hard to design and develop this feature. We want to give our users a smooth and flawless user experience, we don’t want to rush to push out any un-ready products or features. Hopefully this function will be available in the near future. We will let everyone know about it once this feature is released. Other than this function, other functions are ready for users to experience.

Shin: Question 4: “Mr. Remi, How will the cross chain Defi  work on DNA blockchain?”

Remi: Good question , i will try to answer simple term for no tech-savvy.

Metaverse DNA is using  Oracles that will provide banks, institutions and enterprises with multitude of tools and use cases for decentralized finance. Using pubic blockchain innovation will lead to enhanced efficiency, cost savings, improved security and wider adoption, fast transactions and interoperability, Metaverse DNA will allow powerful DeFi application.

A cross-chain enables trading tokens across different blockchains without using an intermediary party ( for an exchange service) in the process. we partner with Roseon Wallet to enable the token swap in the decentralized ecosystem.

Token swap that Kyber Network are using we can consider it's cross chain DeFi application. You don't need intermediary to exchange Asset A to Asset B.

Question 5: “Sharon, Is there any reward mechanism for holding token in Roseon Wallet to generate passive income?”

Sharon: Yes, there definitely is. Roseon Wallet supports some token staking already. We also offer BTC and Ethereum fixed investment plans with an annualized interest rate of up to 10%. We welcome people to store and hodl in our wallet and get passive income that way. We will also support more token staking very soon.

Remi: Wow 10% pretty good than the bank . In Europe saving account its around 0.25% ?.

Question 6: “Mr. Remi, what is the benefits of DeFi?”

Remi: Decentralized finance leverages three key principles of the blockchain to unlock liquidity and growth opportunities, increase financial security and transparency, support an integrated and standardized economic system.

Traditional finance relies on institutions such as banks to act as intermediaries, and courts to provide arbitration. DeFi applications do not need any intermediaries or arbitrators. The code specifies the resolution of every possible dispute, and the users maintain control over their funds at all times. This reduces the costs associated with providing and using these products and allows for a more frictionless financial system. As these new financial services are deployed on top of blockchains, single points of failure are eliminated.

The data is recorded on the blockchain and spread across thousands of nodes, making censorship or the potential shutdown of a service a complicated undertaking. Another significant advantage of such an open ecosystem is the ease of access for individuals who otherwise wouldn’t have access to any financial services. Since the traditional financial system relies on the intermediaries making a profit, their services are typically absent from locations with low-income communities and low residential area.

Public blockchain is the perfect tool to use DeFi , sound to me blockchain is also build for DeFi application because of it's decentralize nature.

Question 7: “Sharon,  Is DeFi really that popular, how multiple-currencies wallet could contribute to the ecosystem?”

Sharon: Thanks for your question.

Bitcoin and Ethereum are the original DeFi applications. Probably the most popular ones, and then there’s “stablecoin” Dai is a bitcoin-like digital token that aims to be a global currency untouchable by central banks. The goal of DeFi is to reconstruct the banking system for the whole world in this open, permissionless way.

I am not sure if DeFi will completely replace our current banking system, but I believe DeFi has the potential to disrupt the traditional financial sector to some extent. Defi applications have been a bit difficult to use, especially for people who don’t know much about blockchain at all, for you to use DeFi Dapps, you need to have basic knowledge about blockchain and cryptocurrencies. That’s what Roseon is trying to solve as well, we want to support more DeFi Dapps, and make them much more accessible for our users.

Question 8: "What Are the Use Cases for Decentralized Finance and how Metaverse DNA will contribute to the DeFi ecosystem ?"

Remi: Yes true, DeFi needs to be simplified. It's like the internet, you don't need to know how it works to use it ?

Metaverse DNA will be at the cutting edge of Digital Finance, bringing real intrinsic value to the enterprise and retail users who need the security of the blockchain with high transaction speeds. Blockchain technology has recently been adopted and adapted for use by the commercial real estate industry.

Metaverse DNA  technology can potentially transform real estate operations such as property transactions like purchase, sale, financing, leasing, and management transactions. The DNA blockchain could store that information secure and at a very low cost.

Metaverse Avatar works similarly as Know Your Customer. Similar to the process of verifying the identities of customers and counterparties (Metaverse Avatar), blockchain-based DeFi solutions now enable businesses to easily monitor, analyze, and verify transaction details to prevent fraud and meet regulatory requirements.   

DNA Staking. Our staking-as-a-service platform helps qualified Super Nodes to earn rewards and participate in dna chain governance.

Shin: Thank you Remi.

Remi: We collected a few questions from an online form, we had some good questions from the Vietnamese community. @victbt our Vietnamese speaker will answer those questions.

Shin: Welcome to the AMA, Tri.

Tri: Hello. Thank you very much @shin909 and @chamchamchi for giving DNA representatives and Roseon the opportunity to introduce more information about their projects.

Shin: These are the 3 questions that have been chosen by our guests.

1/ Is Metaverse DNA planning to create DeFi Dapp for its project? A DeFi Dapp running on Metaverse DNA for example.

2/ Which audience will be the end users of Metaverse DNA and what will they use the DNA token for?

3/ It's been a long time since I remembered DNA running on ERC20, but then running on its own platform. So, what are the achievements of the mainnet up to now and what benefits does it have compare the old ERC20 platform?

Tri: Thanks for your questions.

1/ Definitely yes, because decentralized applications are an integral part of Metaverse DNA's complete ecosystem, accessible in one place. This year is the year of DEFI and DNA project that won't be out of the game.

2/ Metaverse DNA aims at general users because they are the majority of the crypto market. DNA has built a 200,000-member community across China, Canada and the United States and will expand to many more countries soon. If you own DNA Token, you will have many benefits, no matter how small or big: If you own more than 10,000,000 DNA or more, you can participate in the DNA candidate nomination process. Supernode. If there is less, don't worry you can participate in staking, voting for DNA and many exciting features promising to be launched in the near future.

3/ The most significant changes can be mentioned are the speed and transaction fees. Recently, transaction fees on the ERC 20 platform are very expensive, you can check here: https://ethgasstation.info/. To send 1 ETH transaction you will lose from $ 0.17 or more (sending tokens may be more expensive). For a transaction that sends DNA, it is very cheap, for example, this transaction:

https://explorer.mvs.org/tx/66062774544fbeb1c1148fa36b9152aac676a275f0bf3c841ff761c099b1d17a.

The fee is only 0.001 ETP. 1 ETP currently has a price of about $ 0.11, so you can see that this transaction costs very little.

Shin: Thank you Tri.

Part 3: Live Q/A

Q1: What is the relationship between DNA and Reason Wallet? How does this relationship benefit both?

Sharon: Roseon and DNA are strategic partners, we are a wallet for multi-cryptocurrencies, we will work with many more projects, tokens and coins in the near future

Q2: What is your stragety to marketing and for Mass Adoption ? How do you evaluate the support from community?

Remi: We had great support form different Communities, our technology meds Communities because we are DPoS Consensus. Super nodes are playing important role on the blockchain governance . The community lead the way and we build for the community

Q3: What is the best challenge of this project?

Remi: There are many challenges, we try to solved 5 key components:

1) Scalability (Performance)

2) Security

3) Interoperability (cross chain)

4) Oracle integration from real world data

5) Identity ( Avatar)

Q4: DeFi faces the problem of unforseen asset liquidation due to volatility. How can $DNA  solve this problem?

Remi: We can't control the speculation, we are here to build tools for user to use our consensus to build DApps or DEX

Q5: There are many types of stablecoins like USDT, BUSD, USDC, PAX, DAI, ... In your opinion, which stablecoins are worth using? Why? #Thankyou

Remi: It's only my opinion but I like using DAI and USDT. Tether has big market cap, even if there are many issues related to tether . I believe that usdt will dominate stablecoin world for a while.

Q6: What are the achievements that MetaverseDNA has achieved in recent years? What plans for development in the near future?

Remi: We have 3 important features that are coming in the future :

1) Decentralized exchange

2) Mainnet Launch

3) Virtual Machine and Smart Contract

DNA is still new project, we had great achievements such as Supernova update , Pillar of creation, DNA testnet.

We also listed DNA to global exchanges such as Okex , Bittrex , Bibox... Our team are working hard to list to more exchanges and bring more liquidity to the market.

Information:

? DNA Vietnam Telegram: https://t.me/dnavn

? DNA Vietnam Facebook: https://www.facebook.com/MVSDNAVN/

? Roseon Facebook: https://www.facebook.com/Roseonwallet/

? ViewFin: https://www.facebook.com/ViewFinVN

? Crypto Checker Telegram: https://t.me/cryptocheckervn

? Kiem tien theo trend: https://bitly.com.vn/14CXg

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