Interview with the CEO of Agalta Protocol: Explain the project structure, application scenarios and mining methods in detail
On June 12th, 2021, Louis Liao, the CEO of Agalta Protocol, shared an AMA in the telegram group of the A&Q Community, attracting more than 1,500 people online at the same time watch and participate. Louis answered the questions of the community members in detail and communicated cordially in the community.
The following is the AMA text collation.
Host:We A&Q Community Team welcome louis In the A&Q Community Group, glad you can join ~Can you introduce yourself To our community?
Louis:Hello everyone! Thanks for asking!I am the CEO of Agalta project from Canada.
Host: Firstly,Let’s briefly introduce the Agalta Protocol ?
Louis: Agalta Protocol is a high-speed, safe, and credible decentralized cross-chain protocol. It is the first layer-2 expansion protocol that supports Ethereum. It can efficiently solve the two core problems of Ethereum congestion and high gas fees. It is expanded through side chains. Technology expands the scale of the Internet to existing and future blockchains, helping developers to quickly build D-apps and carry out large-scale commercial applications.
Decentralized network: an efficient, secure, and credible decentralized side chain network, the first batch of layer-2 expansion protocols that support Ethereum with scalability and robustness advantages, TPS up to 150,000/sec.
Host: What is the advantages of Agalta compared with other Layer2 related projects?
Louis: Cross-chain anchoring: Agalta Protocol provides a two-way anchored Aga-adapter (adapter) for ETH and other ERC-20 tokens to transfer them to the Agalta chain and provide an EVM-compatible execution environment for DeFi applications.
Host: Which platforms has Agalta cooperated with presently?
Louis: At present, we are in active contact with the official Ethereum Foundation and strive to get the official Grant to help developers build Dapp applications quickly and carry out large-scale commercial applications. On the one hand, a number of head projects based on BSC and HECO are also actively being negotiated. On the other hand, Aves Lair Accelerator, LSC, JD capital, 1001 Capital, Newdex, ZY Capital, DefiBox, FF Capital, DaoStarter, etc. have participated in investment and cooperation.
Host: What is the current stage of Agalta?
Louis: At present, our test network has been launched and has been running smoothly for nearly a week. More than 30,000 users have participated in the test network airdrop activities and testing work.
Friends who are interested in participating in the test can click our official website to find the entrance to participate in the test.
Now there are also a number of leading institutions from the United States, Southeast Asia, and Japan that will soon disclose their strategic investments in Agalta Protocol.
Host: What are the plans for the Agalta ecology in the later period? What are the cross chain plans for project on ETH or other chains?
Louis: In the future, Agalta Protocol will continue to focus on the construction of the public chain Layer-2 cross-chain DeFi ecosystem, launch a multi-chain cross-chain research and development plan, and gradually open up BSC (Binance Smart Chain), HECO (Huobi ECO Chain), Polkadot and OEC (OK Chain).Such as the Layer-2 high-speed cross-chain network of multiple public chains, gradually opening up the enterprise development toolkit, supporting DeFi projects and products on the One-click Fork Ethereum and becoming the cornerstone of the global public chain DeFi ecology.
Host: There are some relatively new economic model design by of Agalta, could you clarify the concept of each node for us? And how can communities, developers and miners join the decentralized ecology of Agalta respectively?
Louis: Sure.We set up the following nodes (Node identity background)
1.Tube node (cross-chain node):
The project party needs to pledge the tokens, then call the SDK&API, and the transaction will charge a fee.
2.King node (endorsement node):
The endorsement node is a POS mechanism with a 3-year pledge period (similar to a filecoin notary).
3.Queen node (consensus node):
There will be benefits if there are packaged blocks, and the consensus node is a real mining machine.
Use voting PoS mechanism to vote for nodes.
A full node is also called a spare node. It packs blocks, and then airdrops to the Full node.
By the way,The Full node takes the form of a “cloud virtual machine” for online staking and running of the node.That’s all.
The next part is questions from community members.More than 200 members asked questions about Agalta.And Louis will pick up 5 questions to answer.
THỊNH LÊ: Can you list 1–3 killer features of your project that makes it ahead of its competitors? And how can you take advantage of these ?
High TPS MORE THAN 14K, so far none of them could do that, only us
Cross chain function, it is amazing which you guys could transfer all you want from different main chains.
Different nodes which allow different people join this incredible project.
MOhameD:Token burning is beneficial to any project because it can control the number of tokens in circulation and provide investors with greater incentives. Does your great project have a plan for token burning?
Louis:Yes we do. When someone transfer their tokens from different chains, they need to burn the tokens which means pay the fees. Or different projects running on our layer2, they’re also need to burn the tokens.
Neil: The main goal of this AMA to convince community to join your project and hold your token.
Please tell me 3 reason why I as investor should invest in this project and hold for long term?
Louis:First of all, there are not so many layer2 projects could compete with our project in high TPS which more than 14k. So far as we know, the fastest one is 20k TPS.Second, none of them has done cross chain function from so many main chains. We are already done and right now it’s on testing stage.Thirdly, we develop different nodes from different level users, so that we could achieve decentralized system for better safety and fair play.
Issac Brown:What is the most ambitious goal of your project? What is the main vision that your project wants to achieve in the market cap market? I would appreciate it if you could share with us upcoming updates?What is the most ambitious goal of your project? What is the main vision that your project wants to achieve in the market cap market? I would appreciate it if you could share with us upcoming updates?
Louis:Our goal is build up the highway system for Decentralize Finance world to allow people from different countries could run their projects better and easier.
Issac Brown: COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?
Louis:Honestly, COVID 19 did affected our project a little bit but not so much, because we are working as decentralized in different countries. So far we are still following our road map. And we will keep following our road map as well as we did.
Five questions done, I wish you guys are satisfied with my answers. Thanks for being here all of you guys.
HOST: Thank you for answering some questions from members louisly And for all members who still have questions, please send them directly to the Agalta group .That’s today’s AMA segment, before we close the AMA, is there anything you want to say ,Louis ?
Louis:It’s my pleasure to be here with you guys. Thanks again.