Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Crypto Volentix on October 08, 2020. This guest star Nemr Hallak , System Architect Volentix . If you were unable to join the live AMA, no worries, here comes our 76th AMA recap!
We are glad to meet here:
Nemr Hallak , System Architect Volentix
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 Volentix ?
Hi my name is Nemr Hallak, I’m System Architect and co-founder of Volentix.
I started trading Forex in 1999, crypto in 2013 and after suffering losses due to hacks or negligence by central exchanges like cryptcy and some other famous exchanges of the time, I knew that there was a need to have a system for decentralized exchange and we have been working towards that goal ever since.
Volentix is the result of a big effort that started in Montreal Canada and has since grown to a global effort by people from around the world.
Q2: Can you briefly describe what is Volentix ? and what makes Volentix different from other competitors?
Volentix is a Network, the goal of this network is to allow for the decentralized operation of an inter-operable, blockchain agnostic exchange.
To support the growth of the exchange and its adoption, Volentix focused primarily on building a multi currency wallet manager and incentives contracts like staking and Defi integration in Verto.
the difference is that we see the entire industry as a collaborative effort, not a competitive one and we aim to integrate with all good projects and protocols
we can elaborate on this if you like
so as you know the growing pains of the industry are mostly those of liquidity and adoption of the multiple chains
as a collaborative DEX, vDex will aggregate liquidity pools and orderbooks from multiple exchanges, and allow access to multiple chains from a single interface called the Verto Wallet
so you can trade eos tokens with ethereum tokens and bitcoin with Tezos etcetera
all from within the same 1 wallet
we can share some video previews for your community exclusively if you would like
as you can see Verto can do anything, however it will also allow users to use external wallets to cater to those who have funds somewhere else already and doesn’t force you to send your tokens to any central exchange at any time
we are aiming to release Verto 0.9.3 before end of year
Q3: What is the use-case of the Volentix token?
VTX can be staked, allowing the holder to participate in the network by Voting for nodes and proposals or becoming a node or a proposal maker.
VTX generates subsidies when staked and can generate daily subsidies by voting or running a node.
Nodes can chose to run multiple subsidized services and receive the subsidies daily.
Also, every time a transaction is made in Verto or vDex, the fees collected are used to place market orders for VTX creating a constant buy pressure on VTX
here is a Quick stake video
we are making everything as easy as possible straight from inside Vertoall you have to do is decide how much you want to stake, how long you want to stake for, and Voilathere will be a minimum stake requirement of 10,000 VTX
Q4. What are the major milestones Volentix achieved so far & what are in future pipeline?
So far the contracts for the Volentix ecosystem have all been laid out and tested to operate independently and collaboratively. see Github under volentix contractsWe have launched beta versions of Verto, vDex, and other experimental applications like venue and Vespucci.in the near future we will be adding support for Polkadot and other select chains inside verto to make staking other assets and participating in governance of other chains easier for the crypto communitythe main focus will be on aggregating exchanges like uniswap, honeyswap and aggregators like 1inch and coinswitch all inside the Exchange section of Vertothe mechanism of chosing the best routs for your selected swaps will be handled by the vDex LCR Least Cost Routing mechanismthis ensures the lowest cost for any particular tradelookout for our new website in a couple of weeks which will explain all this
Twitter Session
Q1. About Verto, which is the wallet owned by Volentix. What tools does Verto wallet have to compete with famous wallets such as Trust Wallet or Atomic Wallet? Do you have an interest rate for savings?
So as mentioned earlier we see ourselves as a collaborative force not a competitive one. Verto allows users to manage their keys easily and gain access to chain tools from multiple chains. It also allows users to specify where they want to send or receive their funds, this includes support for other wallets like Metamask for now, but any address can be specified. Our goal is to make the crypto experience as pleasant and easy as possible and you can see that from the design.
Q2. VTX Proof of Credit consensus mechanism secures the VTX network by combining Delegated Proof of Stake with an added credit rating feature. How does this credit rating feature work and how does it deters malicious actors from harming your eco-system?
the consensus is based on Delegated proof of stake, however the voting power comes from the amount of VTX staked by any voter. This encourages users whom are serious about governance to stake more VTX in order to gain more voting power, however there is also a minimum number of voters required to approve proposals and to rank Nodes so the masses have a voice
Q3. To generate a token, its easy, but to make its valuable, can be difficult. Beside building strong community, what else can Volentix do to make $VTX token more valuable?For a wallet, I think It’s not neccesary to have a native token. As a wallet platform, Why Volentix need a native token? Did you think the token price will impact to the user rate?
The token has very little to do with the wallet, as explained earlier VTX has many use cases, most important of those is the Voting and staking. Staking is required to participate. Stakers can elect Nodes and approve or disapprove proposals to the Network. VTX is also used to subsidise the Network infrastructure, meaning to pay Nodes so that they provide essential services like Oracles and transaction signing. It would be impossible to have a multichain DEX and a Node network without a native token. Can you imagine Bitcoin having no block rewards?
as the network gains utility and more transactions happen on the Network, the fees collected will be used to automatically buy VTX at market price from any orderbook or liquidity pool that is available at that time. This means there will be a constant demand for VTX
Q4. How does the mechanism of change of Circulation Supply according to Liquidity work? Which factorial does Circulation Supply of $VTX depend on ? Could you tell me more about the decentralized ”add” and ”remove” Liquidity Token Sale process?
VTX can be generated in only 2 ways
- By running a node and providing infrastructure to the Network, participating in daily voting for Nodes and/or proposals
- By submitting proposals to the Network for approval by congruent voting by stakers, and by Staking
allow me to elaborate on each of the 2 options
1.Nodes get paid for providing resource and processing transactions
2.Proposals are funded by a public treasury whenever enough favorable votes are obtained
to become a node or to propose or Vote for proposals, users must stake VTX which also pays the stakers for the period of the staking
there are 2 pools dedicated for this purpose:
1.800 Million VTX in vdexmainpool dedicated to subsidise Nodes and Node Services
2.455 Million VTX in volentixtrez the Public treasury dedicated to fund Staking and Proposals
the Total MAX supply of VTX will be 2.1 Billion
of which only about 300 Million is in circulation right now and 1,6 Billion are locked up and can only be accessed by 1 of the 2 ways mentioned above
Q5. For a wallet, I think It’s not neccesary to have a native token. As a wallet platform, Why Volentix need a native token? Did you think the token price will impact to the user rate?
The wallet is only a part of the ecosystem, Volentix is much more than a wallet platform. We already answered the question above explaining all the reasons VTX is necessary for subsidizing the Node network which is a Docker network that allows for cross chain exchange of assets. To recap, VTX is used to incentivise people to run Nodes, thereby creating a decentralized network that Verto and vDex can rely on for price feeds and bridges between chains. VTX is used primarily for this purpose but also to generate fees by selling the collected currencies from each side of a swap and selling them for VTX on the open market. Volentix is also a DAO and VTX, once staked can be used to vote for Nodes and proposals
VTX is essentially a staking, governance and exchange tokenall in 1
Live AMA
Q1. VXT holders will be having the right to vote on VOLENTIX Governance system. So, WHAT ARE THE REQUIREMENTS TO PARTICIPATE IN THE VOTING PROCESS? And what is the minimum amount of VXT Token required for voting?
stake 10,000 VTX and you can vote for Nodes and proposals. No other requirements
Q2.Is Volentix currently only focused on the current market? Or is Volentix focused on getting customers, users and partnerships? How do your marketing strategy and promotion techniques expand the Volentix community?
we are building partnerships with Banks, and payment providers to support on and off ramps for Fiat.
Q3. Crypto projects were closed in many countries due to improper regulation and licenses. How does your project solve these problems?
Volentix is open source and free. anyone anywhere can connect and use the applications. It is the responsibility of individuals to comply with their local laws and regulations and we strive to make that very clear and to remain within the letter of the law
Q4.Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
In my introduction I made a brief reference to my personal experience which started this whole thing. I was a trader who was exposed to multiple failures of centralized exchanges and I lost my funds when they got hacked or they shut down. So we decided to build a DEX with a non custodial wallet
Q5. Protecting users/member data and privacy has become a problem that many companies/projects must face in their development.
So can you explain a bit about your project Security?
Volentix doesn’t ask for any user data. you always have custody of your own assets and you never need to KYC or send tokens to any centralized exchange. Verto allows you to manage your own keys, it is a non-custodial wallet. when you use Verto, all services inside Verto can be used directly, no middlemen, no email, no name, no personal info whatsoever is required. you own your coins and your data.
Q6.Most people learned about the name #Volentix relatively recently. What are the biggest obstacles to mass adaptation of this solution (product)?
As you know there are new projects coming out everyday. We have been focused on building the tools and the user friendly interfaces to use them. We hope to gain awareness and mass adoption once we start to tell the world about these great products and we will only do that once everything is ready. Untill then we believe this is a unique opportunity for early supporters to join a team dedicated to the advancement of peer to peer free trade
Q7.What are some of the difficulties you encountered during the development of $Volentix ? How many products have been built on your platform?
so our platform is designed to support vDex which is at the heart of Volentix. it is not designed to be used for building other products on. The difficulty was to chose the right technologies and put them together in a harmonious architecture that also allows us to change them if any better new tech becomes available. we are building a framework that uses the best tech for the job in each micro service
Q8.What innovations does Volentix offer at DEFI? What DEFI features will be available after the launch of the Volentix main chain?
Cross chain DeFi, meaning Verto allows you to use DeFi services on ethereum using any token from any chain. you don’t need to have ETH to participate you can start with Bitcoin or Stellar or EOS it doesn’t matter what you have, with Volentix you can do it all
Q9.Why and How can I invest in volentix?
you can buy VTX from newdex.io or wait till Verto 0.9.3 is out to buy VTX using any of 300+ tokens. why? because we are building tools that enhance the use of cryptocurrencies in general and our goal is to provide value to the crypto community where it matters most
Q10.Your project looks good but it confuses me that there are so many other Blockchain project. What should I pay attention in Your project to give it the importance it deserves? What are your planning to achieve with your project?
Verto makes it easy to keep up with multiple chains and multiple coins and DeFi from different websites all in 1 place. its not easy to keep track of all the different services out there and thats what we want to help simplify in Verto. vDex aggregates multiple exchanges to bring you the best of all worlds so you dont have to surf endlessly looking for them. there are many other reasins like we have been here for 3 years and have delivered according to the roadmap so you have a dedicated team that delivers
Thank you everyone youve been a great audience, we look forward to more questions on Volentix Telegram
💻Social Media volentix
✅Telegram:
https://t.me/Volentix
✅Telegram Indonesia:
https://t.me/volentixindonesia
✅Telegram announcements:
http://t.me/volentix_announcements
✅Twitter:
https://twitter.com/volentix
✅Medium:
https://medium.com/@volentixlabs
✅Linkedin:
https://www.linkedin.com/company/volentix-labs/
✅ Discord:
https://discord.gg/xDwczRk
✅Youtube:
https://www.youtube.com/channel/UCGjUbCE-kht1gK6y5neD1cQ
✅Website:
https://www.volentix.io
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