Thank you to NanoNews Community for participating in Ask Me Anything (AMA) with Vision Network on July 18, 2020. This guest star is Business Director Daniel Hallveig. If you can’t join AMA directly, don’t worry, here it is our 32nd AMA recap!
We are glad to meet here
Daniel Hallveig, Business Drector at Vision Network
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join Vision Network Project?
Hello everyone, my name is Daniel Hallveig, I am the business director of Vision Network. I got a masters in business and administration and worked in the finance industry for Iceland. Oh yes, I am from Iceland like most of our team members. We actually cofounded Vision Network as a team. We were a software development team prior to this project.
Q2: Can you briefly describe what is Vision Network? and what makes Vision Network different from other competitors?
If I wanted to simply what Vision Network is, I would say it’s a whole ecosystem in itself. It’s a governance model business that aims to deliver several much needed functions in the DeFI space.
I would say it’s two major functions we want to implement in the DeFI space:
- Create an interoperability bridge to connect most of the existing popular DeFi solution
- Create the Vision App that will be the platform to go to for DeFi solutions.
The difference with our competitors is that we’re not actually competing with the DeFI projects, but complimenting them with a solution that would help them as well achieve mainstream success.
Q3: What technology stands behind and What are its advantages?
This main technology behind our product is the Vision Bridge (our interoperability purpose mainnet) and the consensus behind it, the proof of vision.
The advantages are many, for instane:
- Possibility to bridge different DeFI projects
- Fast, secure transactions with low fees
Q4: What are the major milestones Vision Network achieved so far & what are in future pipeline?
Our project is recent, and thus we have so many milestones that are yet to be achieved. However, we can be proud that we have been doing business in the background, and we got some interesting things lined up for the near future. But for now, our main focus is to get the word out there, and decentralize as much as we can our eco system, to be able to fully transfer to a real governance model ( a DAO ).
Q5: what is your opinion about DeFi? and do you think this DeFi user will always go up every time?
We at Vision Network believe that the DeFi space is gaining hype as we speak. It’s seems to be that it’s the functional use case all of the crypto space has been waiting for, for years. This is it, this will be the deciding factor of commercial use.
We can only see it going up from here.
Q1: I see your Lightpaper, that vision network is very interested in COMP, AAVE, MKR and DMM. Can you explain What made them interested in Vision Network, and the benefits for their tokens?
We are interested in them because they are popular DeFI projects. We cited them as example, but we hope to work with as many projects as possible.
By being able to connect all these chains together, you provide more value to their collateral. Also, while facilitating access to their functions via our Vision Application, you give their ecosystem more users, and therefore more value.
More value to us, more value to them, winner winner chicken dinner.
Q2: Regarding private and public sale, do you already have a release date and a price for the tokens? Where will the sale be made?
Yes we do.
Private sale has already been done. We have recollected 50k dollars in FIAT from our private investors (0.0005$ VSN).
The public sale will happen on the 20th (this monday), and the tokens will be sold at a rate of 0.001$ VSN.
The sale will be made through our website. If you are interested in the sale, make sure to head over to our telegram group.
Q3: How does Vision Bridge connect DeFi platforms with different protocols? How do you solve the compatibility issue?
The technical details of our Vision Bridge requires quite a lecture, but for different chains we will approach it differently. For instance, for ETH based smart contracts, we will be using ETH VM to connect and interact with their smart contracts. For this to happen, we need to have a strong consensus that would cater to our needs. This is where Proof Of Vision comes in.
Q4: Vision Network introduces a new consensus called Proof of Vision “PoV”. Can you tell us more about it and what makes it unique compared to existing consensus mechanism?
Due to our conception of the Vision blockchain (no fees for vsn holders, non-stop swap between the best interests of the Defi projects) we need a lot of scalability and consequently low transaction costs.
We are currently working on this consensus, we are in discussions with a blockchain start-up (we cannot mention them but if you research you’ll know there aren’t many doing that) which allows, thanks to a combination of hardware and software improvement, great scalability and fees close to zero, (currently with 1 $ you can make thousands of tx), we will be able to interact with the Defi projects while keeping costs low and scalability high thanks to the use of ethVM via our consensus.
With this technology, and by making available a portion of our income, we will be able to ensure no-fees to users of our application who participate in the stacking program with their VSN’s.
The election of the nodes will be done in a similar way to what is generally called DPOS, the nodes which will have as mission to secure the network will be submitted to the votes, and the DAO (the people who stack the VSN) will be the determining factor of who will be a node or not.
Staking will be done on the principle of redistribution of part of our income according to the number of VSNs owned.
With strong interoperability favored by the use of the Vision Bridge, we expect a significant number of users which will ensure an interesting staking for any holder of VSN.
Having VSNs will not only gives weight to the operation of the DAO, to use Vision Bridge at no cost, but will also allow you to collect VSNs on a daily basis.
It also means that the more the Vision Network ecosystem is used, the higher the income.
Q5: You want to simplify DeFi Apps for real life users, but the majority of real life users don’t know what blockchain is all about. How will Vision Network bring the adoption and education on blockchain and consequently DeFi to these ones?
That’s exactly what our Vision App intends to do: simple usage.
After our Vision Bridge is released, we will be releasing our Vision App, which will be the platform these people will go to.
This application will offer all these complicated functions under a simplified banner:
- It will use fiat on ramping from our partners. Our Vision Bridge will allow for this ( from a technical point of view it’s going to be extremely complex operations and conversions, but for the user, it will just be a click on a button).
- It will provide different lending options depending on the best rates in the market.
And many more other functions.
As for the educational part, there will be no need for it , because it will be very intuitive to use and simple.
There are many cryptocurrency startups were established by talented teams, but they got problem in raising capital via token sales due to many factors as bear market. This lead their potential startups to fail. So how will $VSN break these barriers?
Regarding this issue, we were not affected by the bear market as our project started recently. We are doing good with our finances thanks to the private sale, which has landed us enough capital to whistand our operations.
Is there any tend to burn some tokens of supply in the future to stabilize the price? Do you intend to expand in the Middle East? Will the currency be included in more platforms soon?
We could eventually make buy back programs, but burning to us is not on our schedule. Regarding the Middle East, we would LOVE to, but we have no contacts there at the moment. We are certainly looking at that market, especially with what is going on. We have seen for example Lebanon completely lose faith in the banking system as its currency devalued. We believe our application can really change their lives, by decentralizing finance in itself.
Today, the biggest obstacle to crypto trading is regulations and legislation. So, how is your regulatory compliance? When there are many brokers, how do you seek to achieve global adoption?
Absolutely, regulations is a thing we take very seriously. As a matter of fact we are working with regulators as we speak, this is the reason why some of our private sale happened in FIAT. At the time being, regulations worldwide are not clear, it’s different for different countries. But we believe that there will be a unified regulation worldwide regarding crypto currencies, and this is going to happen pretty soon according to my sources, and we will adapt off course. Our main goal is commercial use.
All project’s coins have their main Utilities & real-life use! So, Can you tell us what are the main role of VSN in your ecosystem? Explain its Utilities & Real-Life usecases? and Why should i invest in VSN for long term?
The VSN coin is our governance coin. By holding and staking VSN, you get a lot of advantages:
- You get to vote for decisions in our eco system
- You gain access to dividends of our revenues based on the percentage you stake
We also believe that with our revenue based system, this will drive the interest in the VSN token pretty high making it scarce, and from a trading perspective it can only go up with demand.
What are your promotion or marketing strategy to attract new users in your platform?
My main focus as a business director is aggressive marketing. That being said, we are doing as much as we can to get recognition all over the world. We have a dedicated marketing budget that will help us engage youtubers, influencers and many more.
Why introduce a new consensus, “visual proof (PoV)”? What is the difference between pov and pos, pow?
Great question. POS is not scalable enough for our kind of application as we need a lot of transactions to happen for commercial use.
DPOS is just not decentralized enough for us. With Proof Of Vision, we can achieve both, with an added layer of security which is the hardware component, and an increased scalability by improving Verifications Per Seconds.
As a community-driven project, how can I contribute my place to your success? Do you have a global ambassador program or referral reward system? Is there any benefit to holding Vision Network tokens for a long time?
As it is a DAO based project, the community is everything. There will be also incentives for community based task in the near future to help us promote our eco system (like whitepaper translations, bug bounties etc.)
Defi is currently the most prominent topic in the crypto industry, is Vision Network afraid to face many competitors when there are many projects related to DeFi? What about Vision Network attracts users?
As I mentioned earlier, we are not a competitor to DeFI products. We are a complimentary solution, we will work with most of them. As a matter of fact, I am not aware of any competitor to what we do at the moment ( bridging and interoperability ).
This will be our first mover advantage, and will surely play to our side.
Southeast Asia is a very active market. Most exchanges are engaged in competitive activities here to attract users and grow, and VSN Network has seen the trend of Southeast Asia. Are you planning to develop and expand here?
Absolutlely, South East Asia is a market we are aiming for.
Thank you very much.
Please noted that distribution of AMA rewards will happen after our public sale on monday the 20th of July.
I wanted to thank your community for this wonderful AMA experience. And I know I couldn’t answer all questions, so if you are interested in the project, please visit our telegram and I’ll be available there with my colleagues to answer. Looking forward!
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Vision Network
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