Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Dolla on September 26, 2020. This guest star Dolla Builders. If you were unable to join the live AMA, no worries, here comes our 71th AMA recap!
We are glad to meet here:
Andres Holmes , CEO-Founder Dolla
Nicolas Henin, CTO
Jorge Boero, VP of Adoption
Gary Kirsten, Marketing Manager
For taking your time out from busy schedule for the AMA!
Introduction Session
Q1: Can you introduce yourself to the community? What is your background and how did you join Dolla ?
About the company : Dolla Currency, also known as DLA is the world’s first payment focused cryptocurrency that gives its owners the benefits of speed, security, finality and high throughput plus a large user base with many options globally on where to spend DLA. We fight for social inclusion and we long to achieve a fully DeFi system. We believe in the power of Dolla to bring a new economy to all that need them.
About Andreas Holmes our CEO & Founder
Experienced Web entrepreneur, Web and software creator, who is a creative and innovative thinker with expertise in business creation, business promotion, operations and expansion.
Strategic and long term thinker with proven ability to create long term investments and businesses. Experience includes: SEO Expert | Software Architect | Software Designer | Platform Creator. Business Creator and Development, Corporate Management. Andreas has 5 years experience in the cryptocurrency industry. He is interested in Blockchain Privacy, Quantum Proof Signatures and Consensus Solutions. He also has extensive experience with Supervising Staff, Business Management, Marketing, Risk Assessment, Team Building Business Strategy and Entrepreneurship. He has Sold a previous web platform business for 7 figures.
About myself 🙂 I’m the CTO of Dolla and a software engineer with 15 years of experience working with well funded startups, I’m specialized in distributed systems architecture/ streaming and functional programming. (some technical words : CQRS/SEDA architecture, Functional Reactive Programming, Haskell…). Basically the techniques required for building Blockchain systems 🙂. I have been also working previously in a variety of environments (Web, Mobile and Backend) and a variety of technological stacks (Ada95, PHP, Java , C#, Ruby, Objective-C, Swift, Scala and finally Haskell.)
About myself – Jorge Boero – VP of Business Development
Graduated as an Organizational Manager from the Comenius University in Bratislava, Slovakia, with a mention on conflict resolution and diplomacy. Has 16 years experience as a manager and 5 years experience inside the FINTECH sector with extensive knowledge in fundraising strategies and public relations. Participate in the creation of numerous global fintech events. Strong networking aptitudes with an ease to express and communicate the services and solutions provided by DOLLA to all potential merchant clients as well as future investors and traders. Occupied several CEO and COO positions along his career, with 39 years old he has a great deal of C-level experience.
Q2: Can you briefly describe what is Dolla ?
Dolla is an emerging cryptocurrency that has been under creation and development since 2016, we have a research first philosophy which has meant we have spent lots of time researching and identifying the best path to take to build the best cryptocurrency for payments.. Dolla aims to solve the problems that current cryptocurrencies face in becoming a globally adopted payment solution, these problems are predominantly based around speed, throughput and transaction cost. Bitcoin for example has been proven to only handle a very small amount of transactions per second, between 3-6, with payments taking about an hour to 1.5 hours to finalise. These figures are clearly not scalable for Bitcoin to ever be used as a payment solution on a global level. Dolla on the other hand has a throughput of 10,000 transactions per second, an exciting development in the crypto world with their transaction confirmation time being only 4-5 seconds. These are the kind of features we look for in a global payment solution and Dolla appears to be able to deliver. We have launched as a stellar based token so we can work on adoption and partnerships while we continue our blockchain development. We are now starting our adoption and Ambassador campaigns as we know how important real world use is, this is our current priority. As we want to develop a great community that helps grow and maintain the use of DLA.
The Dolla blockchain is developed using high-assurance methodologies. The reference implementation is written in the Haskell programming language, focusing on correctness and auditability. In contrast to many other permissioned cryptocurrencies, Dolla is decentralised and not controlled by a single company or individual. Dolla is designed as a consortium fork-free blockchain with a linear history, which enables it to deliver high throughput, low latency and immediate finality. A majority quorum of consensus members agrees on each block to be appended to the blockchain in a lockstep fashion and a Dolla block is not committed until the majority quorum has decided to include it. Once it is committed, the block and the transactions within it are irreversible. Thus Dolla provides immediate finality.
likewise- we are here to help everyone understand about Dolla and our goal of global financial inclusion.
Q3: What companies/projects do you see as competitors, and how does Dolla stand out compared to them?
Dash is a competitor by its being a strongly promoted crypto for payments, but Dash has not been doing so well over the last year , their speed and throughput are not what are needed in a cryptocurrency focused on being a payment solution and the community knows this which is why we are now getting previous people who worked for and promoted Dash coming to us.
Even Bitcoin is a competitor as that was the first cryptocurrency used for payments, but the use of Bitcoin for this purpose is not practical, about a week ago i did a bitcoin transaction and it took 1.5 hours to complete – this is totally not in the realm of anything needed for a payment solution.
Q4. What is the use-case of the Dolla Token?
DLA is the native token of the Dolla ecosystem. Dolla is Cryptocurrency built for payments. DLA is accepting the challenge of addressing all the weaknesses in the current payment methods while allowing integration on a wide array of devices and operating systems.
Dolla Understands the importance of real world use of DLA and of making sure there are strong forces working together to increase the value and use of Dolla, Dolla is focused on increasing the uses of Dolla , we are developing a Ambassador program where people are incentivized to spread the use of Dolla including signing up businesses and getting more users and investors of Dolla, this will help increase the value. Plus we are working on partnerships with larger platforms such as BMP, BMP has chosen us as an exclusive ingame token. We are also targeting specific industries where there is a need for cheaper fees and payment solutions such as the Legal US and Canadian Cannabis industries that need payment methods, live streaming, gambling, small and large online businesses etc. Once our custom blockchain is live we will be approaching existing crypto projects which have launched as a token as offering them to switch to Dolla and launch a token on our blockchain, we anticipate a good rate of projects to switch and will be working with them to help their projects succeed.
We are also focusing on directly contacting all businesses that currently accept crypto and getting them to accept DLA as a payment option.
Q5. What are the major milestones Dolla achieved so far & what are in future pipeline?
We have had great success this year, We have launched as a token and have built up a strong fantastic community plus we have expanded our team of talented successful individuals and have strong representation in LATAM, Caribbean and Africa and are working on ASIA and Eastern Europe.
We are working on bringing our custom blockchain to market and are expecting q2-q3 2021 as well as Dollaypay and our Bank to Bank system allowing banks or credit unions to send and receive money internationally.
On the adoption side we are building and implementing our ambassador program and will be working on expanding the reach of this program continuously. We will also be working with partners on integration and building apps allowing businesses to use and adopt Dolla as a payment method, we will be working strongly on making sure businesses have what they need – that is both offline and online business, to be able to accept DLA as a payment method, Then we are also working on making sure there are users and holders of DLA so they can pay for goods and services using DLA.
Twitter segment
Q1. Can you briefly explain the revised Democratic Byzantine Fault Tolerance (ABDFT) consensus? How does it work? Why did you decide to use it instead of PoW, PoS, PoH and other consensus?
In order to reach consensus amongst validating network nodes, Dolla uses a modified version of the Democratic Byzantine Fault Tolerant (DBFT) consensus algorithm as applicable to consortium blockchains, called the ADBFT (amended− DBFT). The ADBFT consensus algorithm is best-suited to Dolla’s aim of becoming a globally adopted payment platform because it is lightweight, deterministic, and fork free.
In contrast, other blockchain consensus algorithms which require several confirmations before a transaction is said to be final, Dolla’s deterministic ADBFT algorithm allows for low transaction latency which results in transactions that are final almost instantly. This will enable Dolla users to send and receive payments in real-time. Furthermore, those payments will be permanently registered in the Dolla Blockchain, which unlike other blockchains is immutable and fork free. These qualities make the Dolla platform a significantly faster, cheaper, and more secure option for global commercial and non−commercial payment applications.
Q2. Why did you choose STELLAR Network for the initial launch? How profitable is this and why didn’t you choose ETH? Also, do you plan on developing your mainnet or will you stay with Stellar?
We have decided to accelerate our initial launch on the Stellar network so that we can work on adoption and partnerships, to ensure better adoption in every possible way. We have chosen the stellar platform over Ethereum, as it has much faster transaction times than Ethereum which allows us to focus on business adoption, and it is of course cheaper too. Our own blockchain is still under development and we have completed Alpha tesnet and are approaching Beta on this December 2020. Once the private chain is ready we will migrate to it.
Q3. How does Dolla Platform provide the platform features, security aspects, and long-term benefits of the $DLA token on the market today across all investors?
Dolla is being built with a research first philosophy where we find the best and most secure option including engineering language choice. The choice of Haskell has meant more secure coding as haskell finds coding errors at compile time reducing risk of crashes and hacks.
For Dolla to function as the leading payment currency we need the best security and attack mitigation which we are working towards.
The idea behind Dolla market supply is to restrict the tokens in the market so the released tokens do not have a negative effect on the DLA price, based on the responsable yearly injections of tokens at the market. We are also working hard on real world uses for Dolla and think investors will get real growth as Dolla is not just a token for investors but for businesses to use and accept, all this will have a positive long term effect on the DLA price and makes Dolla a good choice for a long term hold. We think our community deserves to have safety and security while using or storing Dolla, knowing that the price of Dolla in the market will be well administered for the community’s benefit. Our people are the priority, their wellbeing is our responsibility.
We also will have a well thought out exchange listing strategy so that we are covered by top exchanges in diverse geographic regions as we want all users and holders of Dolla to have easy on and off ramps which will help real world use and adoption. Besides listing on Chainx where our IEO is currently running we are also listing on a great exchange called BIKI – about 5-6 weeks after the current IEO ends Dolla will be available on there. We are working on all angles to make sure Dolla Succeeds.
Q5. How does Dolla Platform provide the platform features, security aspects, and long-term benefits of the $DLA token on the market today across all investors?
The platform will get a fixed fee rate for each transaction performed + owner of nodes will put money in the system initially + IEOs + there are other fees from atms, Dollaypay etc that will come in in the future.
Live AMA
Q1.The average latency of a Dolla transaction is only 4-5 seconds. How is this possible for a very quick transaction? What technology being used to help Dolla bring a fast transaction? If transaction is fast, so transaction fee is higher too?
It’s very difficult to reach such Latencies…. The software design needs to be sharp as hell,modular and simple and the devOps behind rock solid… We are using an advanced technological stack (Haskell), with advanced software engineering techniques (CQRS/SEDA/Functional Programing and Streaming)… we are aiming to get low transaction fees as well, optimisation of machines on the cloud is part of the key… Normally with volume we can lower the price of fees 🙂
Q2.Users who use your staking platform need to verify kyc?
Yes, it’s a legal obligation 🙂
Q3.In marketing, the objective is to make Dolla known, what are the most outstanding qualities to achieve it? and what makes it different from the others?
Dolla is deploying the most complete ambassador program in three continents at the same time. Our people first philosophy is taking us into a new level of social driven marketing. We are a very social inclusive crypto currency and we fight for global adoption.
Q4.What is your main focus?
from a technological point of view, we are focusing on performance at the moment while adding the features for a minimum viable product
Q5.As a community driven project, how can I contribute my quota to your success? Do you have a Global ambassadorial Program or Referral Reward System? Do I get any benefits from holding $DLA token in the long term?
Yes, Our ambassador program is like no other, due to the fact that does not only works as a referral comission based project but we have made out of it a carreer opportunity. I would like to invite you all to follow us in facebook and linked in as well as telegram. ON the 30th of september at 7pm EST we will be having a major conference introducing the Ambassador program and its benefits and rewards. You are all invited
Q6.Considering the transaction cost so low, what are the ways in which $ DOLLA generates profit / income to maintain your project and what is its income model? How can it benefit both the investor and your project?
we are expecting high volumes of transactions and will be relying on funding at the beginning… Those fees will be shared among our investors who possesed a node in the comsortium, we have also an ambasssador program coming…
Q7.You organized a very useful AMA session and received lots of questions related to utilities and technology, visions of the future, …
So now I want to ask you what would you like to receive from the community?
thank you
It is not what the community can do for us. It is all about what we can do for the community. Our main reasson to exist is to bring a truly DeFi system to all. An alternative, efficient fast and secure method of payment. We know that our people first policies will take us far.
Looks like we have reached the limit. Thanks for attending and finding out more about Dolla, to participate in our IEO please visit
IEO announcement: https://chainx.kr/chainvest-detail/1849
Register on ChainX: https://chainx.kr/signup
Details on how to attend the IEO : https://medium.com/@dollacurrency/dolla-dla-ieo-on-chainx-41caed68c277
Dolla Telegram: https://t.me/dolla_ico (24/7 customer support)
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Dolla Ico
Join the following social media Dolla :
🗣️Group :
https://t.me/dolla_ico
🗣️Chanel :
https://t.me/Dollacurrency
🗣Twitter :
https://twitter.com/dollacurrency
🗣Website :
https://dolla.org/
🗣 Reddit :
https://www.reddit.com/r/Dolla
🗣 Medium :
https://www.medium.com/Dollacurrency
🗣 Instagram :
https://www.instagram.com/dollacrypto/
🗣 Linkedin :
https://www.linkedin.com/company/dollaorg
Join our Telegram group and you can talk directly with other Communities and enjoy some of the events that we created for Nano Gang, We are always here to support the current adoption of cryptocurrency in Indonesia
