BSC Co-Host AMA: Poly Network, A Crucial Link of BSC Cross-Chain Ecology
On 30 March 2021, BSC held its co-host AMA: Poly Network, a crucial link of BSC cross-chain ecology. Poly Network joined this AMA together with Poly’s family members — — Seascape, Switcheo and SuperNova. Tan Yuan, CTO of Poly Network, attended the AMA，introduced the Poly Network project and answered questions to BSC community members.
The Following is the full transcript:
Jeff Zhang | BSC: AMA (Ask Me Anything) on our Telegram is live! Let’s talk about Poly Network, a crucial link of BSC cross-chain ecology. Together with Seascape, Switcheo, SuperNova. Do not panic! You are not banned, you will just be mute for the duration of the AMA on Binance Smart Chain official group. Reward: $300 for best questions!
The AMA will go like this:
Part 1:
- The chat will be closed and Binance Angels will ask questions to the participants today.
- Teams will answer the questions.
Part 2:
- Then we will open the chat for the community. And you will be able to ask your questions.
- Teams will answer the most interesting questions you’ll ask in the chat.
Introductions
Tan Yuan | Poly Network: I’m Tan Yuan, and come from Poly Network. I currently play various roles at Onchain, including chief system architect, tech lead, and CTO of Poly Network. I was one of the core developers at Ontology and have over four years of substantial experience working with blockchain systems and applications. I was also an integral part of the community developed Neo project. I hold command over the intricacies of virtual machines, layer 2, and cross-chain technology.
Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, consisting of leading blockchain platforms such as Neo and Ontology. Poly Network already integrates Bitcoin, Ethereum, Neo, Ontology, BSC, Elrond, Heco, Cosmos-SDK and Ziliqa, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Representing both a technical breakthrough and a milestone for blockchain adoption, Poly Network is well positioned to become the pillar of NGI and the smart economy of tomorrow.
Jack Yeu | Switcheo: I’m Jack, Chief Commercial Officer at Switcheo. Switcheo is a protocol and software development entity that builds ground-breaking decentralized applications and blockchain solutions. We bring scalable platforms that break blockchain barriers and design innovative solutions to solve real-world problems. Since its founding in 2018, Switcheo has launched multiple fully decentralized trading protocols such as Switcheo TradeHub, Demex, ZilSwap and the legacy Switcheo Exchange, with over USD 200M locked across its products.
David | Seascape: Hey everyone, I’m David, founder and creative director of the Seascape Network. I’ve been developing games now for nearly ten years, with a diverse background ranging from mobile games to AAA titles. Around 2015, I became heavily interested in the Bitcoin and Ethereum communities. Excited by the prospect of decentralization, and the potential impact this could have on gaming in the future, I partnered up with my long-time work partner, Nicky Li and got to work on trying to bring what we thought was missing to the industry. To date, we’ve been very fortunate, from the success of the flagship game BLOCKLORDS, to the launch of Crowns, and beyond. We’ve gotten the support from major players in the game, such as Binance, Dao Maker, LD Capital, and many more. And we’re very excited to take this dream all the way to the limit. We’re ready to change the future of cross-chain DeFi gaming with the Seascape network!
Seascape Network is a game platform designed around the Defi and NFT economies! By allowing users to collateralize and earn from in-game assets, The Seascape Network is creating an ecosystem where the user can profit just as much as the developer. The goal is to turn theory into practice, unleashing the true power of DeFi!
Kevin Wong | SuperNova: Hi everyone, I’m Kevin, the core member of SuperNova.Cash community. I have a lot of experience on dApp and DeFi. From 2018 to 2019, I am also associated to run many dApp projects in Ethereum, Neo, Ontology, IOST, GXChain and other blockchain communities. SuperNova.Cash is building an experimental algorithmic stablecoin metaverse, including Bigbang Universe (BSC), Pulsar Universe (OC), and Supernova Universe (Heco). All participants will experience the origin, expansion and stability of the universe, as well as the birth and evolution of many algorithmic stablecoin planets.
Jeff Zhang | BSC: Hello guys, I am Jeff from Binance Smart Chain team. It is excited to see this co-host AMA. Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible dApps.
Rafael | Binance Angel: Hello guys, I’m Rafael, Binance Angel on Binance Smart Chain. I’m very happy for be here.
Questions for each company
Rafael | Binance Angel: Now let’s start with questions for Poly Network.
Q1: What’s the mission and vision of Poly Network?
Tan Yuan | Poly Network: Poly Network’s vision is to facilitate seamless connectivity for the blockchain world. As an eco-friendly chain network open to new members, Poly Network is not building its own ecosystem. Its mission is to connect existing heterogeneous chains, to emphasize the advantages of each chain in the aspects of security, privacy, and efficiency, and maximize the value transfer potential and the application scope of blockchain.
Underscoring its commitment to integration and cooperation, Poly Network welcomes all interested parties to join in building an open-source and egalitarian cross-chain interoperability alliance and the foundation for Next-Generation Internet (NGI).
Q2: From a technical perspective compared to other cross-chain solutions, how does Poly Network stand out?
Tan Yuan | Poly Network: Cross-chain interoperability is a new technology that enables interaction between chains through cross-chain interoperability protocols working on top of the existing single blockchain architectures. As early as 2016, Vitalik Buterin proposed to divide cross-chain interoperability protocols into three types: notary schemes, sidechains/relays, and hash locking. At present, other popular solutions on the market are mainly based on the sidechain/relay model, which either undertakes cross-chain transfer of assets between homogeneous chains or uses sharding technology.
In comparison, Poly Network has already implemented cross-chain transfer of any information between heterogeneous chains, and therefore is not limited to sending assets. To implement cross-chain transfer of any information between heterogeneous chains, connect the existing blockchains (public, consortium and private chains), and achieve information consistency, the new cross-chain interoperability protocol Poly Network was born.
In the field of heterogeneous interoperability, Poly Network has accomplished three major breakthroughs:
1. Removed the technical roadblocks such as the large differences in consensus algorithms and underlying architectures between various blockchains, the lack of cross-chain information security guarantees, and the low execution speed of cross-chain transactions.
2. Enabled board members to access other heterogeneous chains quickly, conveniently and at low cost, and also supports application scenarios with transactional consistency requirements.
3. Connected currently isolated blockchain ecosystems to create an innovation model for the Next-Generation Internet (NGI).
Q3: How many projects are there on Poly Network now?
Tan Yuan | Poly Network: Since the mainnet launch on August 18, 2020, the cross-chain interoperability protocol Poly Network has enabled more than 50K cross-chain transactions and
cross-chain asset transfer of more than 3.5 billion U.S. dollars involving almost 20,000 addresses on different blockchains.
Poly Network now supports the cross-chain transfer of assets from Ethereum to BSC, Heco, Neo, Ontology, Elrond, Zilliqa and Cosmos-SDK with the one-click cross-chain tool Poly Bridge.
Poly Network itself does not charge any transfer fees, users only pay the network fees on each chain.
The protocol has already empowered the China’s Blockchain Service Network (BSN), Neo-based interoperable full-stack DeFi protocol Flamingo, multi-chain decentralized exchange Switcheo, credit-based cross-chain decentralized financial service platform Wing, cross-chain lending DeFi project FilDA, DeFi & NFT game integration platform Seascape, algorithmic stablecoin universe SuperNova, O3 Swap and many other decentralized applications by providing liquidity bridging services, thus realizing cross-chain circulation of crypto assets, and making the connectivity of the blockchain world possible.
Rafael | Binance Angel: Cross-chain is the future in the blockchain. Thanks. Now let’s speak with Switcheo!
Q1: How is Switcheo’s cross-chain derivatives DEX, Demex, different from the numerous other DEXs already in the space?
Jack Yeu | Switcheo: We’re the first DEX that simulates liquidity pools/AMMs with traditional order books, combining the best of both models onto one platform. We’re only really able to do this because our blockchain is entirely built for trading related transactions. So, this is an improvement from traditional swap model DEXes like Uniswap, Sushiswap etc.
Just like Balancer, we allow for pools of varying weights to be created. This allows for different LP strategies.
Our layer 2 DEX gives us the ability to support more advanced financial constructs such as futures, options, bonds, which typical layer 1 DEXs are not able to support.
We also offer 1 click transfer of tokens from layer 1 chains like Ethereum onto the layer 2 Switcheo TradeHub side chain through our work with Poly Network, and we’re interoperable with many blockchain ecosystems as Demex runs on Switcheo TradeHub which can bridge to participating blockchains with Poly Network and Cosmos IBC.
Q2: Switcheo recently announced its integration with BSC. What does that mean for BSC users and how are they able to benefit from this integration?
Jack Yeu | Switcheo: Great question, this integration provides a gateway for BSC users to other blockchains ecosystems through the Switcheo TradeHub protocol. Thanks to our partnership with Poly Network, Switcheo is already connected to blockchains such as Ethereum and Neo. Integration with Zilliqa and HECO is in our roadmap as well. As we’re also part of the Cosmos ecosystem, this will allow BSC users to cross-trade across all the participating protocols on Cosmos via Demex.
Demex is designed for trading derivatives, so we definitely hope to bring derivatives to the BSC ecosystem in two ways:
a) Our cross-margin feature means that ANY SORT of tokens should be able to be used for collateral when trading futures. This means that BNB, for example, may be used as collateral for BTC futures.
b) Users will be able to trade futures of BEP-20 tokens (like BNB) with up to 100x leverage.
Q3: How does Switcheo ensure security for its users on its platforms?
Jack Yeu | Switcheo: Security has always been our top priority — our trading protocol, Switcheo TradeHub was built specifically for trading and not intended to be used as a general-purpose public blockchain. As such, it does not have generic smart contract execution features and only allows for specific execution paths. Possible attack vectors are therefore minimized significantly.
Switcheo TradeHub uses the delegated Proof-of-Stake (dPOS) system built into Cosmos’ Tendermint Core as the underlying consensus mechanism, meaning that the protocol is run by a decentralized network of validator nodes.
Each validator node is responsible for securing the network by making sure that all other nodes also process trade transactions correctly. Holders of Switcheo’s native token, SWTH, can choose to stake their tokens with validators, entrusting these validators to act on behalf of them. Currently, over 1b SWTH is staked across our validators!
Rafael | Binance Angel: Wow! Security is very important on Dexes. Perfect! Now let’s speak with Seascape team!
Q1: What makes Seascape special?
David | Seascape: That’s a good question, Seascape approaches gamified DeFi from a few different angles.
Many projects out there claim to have the best blockchain game. However, in our experience, they tend to consist of devs who actually have little or no experience with the game industry. They know how to write NFT contracts but that’s often as far as that goes.
Our team is well-versed in how blockchain economies are built, and can make excellent games on top of those economies. We believe this focus on excellent quality and proper incentives to both our users and devs sets us apart from the competition and helps us to gain users, both from blockchain and traditional gaming.
Our first set of DeFi game modules are a perfect example of how we plan to combine the best of gaming with core crypto mechanics. Once gamers begin to realize the earning potential, they can potentially unlock from their time spent gaming, the possibilities are endless!
As we continue releasing more and more games designed around DeFi, we also will make the tools that make blockchain game development available to other game devs, which will open up even more opportunities for gamers and developers everywhere! Hope that answers the question.
Q2: How will Seascape revolutionize the role of NFTs in DeFi space?
David | Seascape: NFTs have been around for almost 4 years and as is well known — they haven’t really reached their potential yet. The main reason is that the focus has been too much on NFTs as collectibles, while that is only one of their many potential uses.
Collectibles are entirely speculative and still tend to be reproduced digitally by people other than the creators. After a few months people usually lose interest since they have no other uses.
In order for NFTs to really break through, two things need to happen. They need to have a real value attached to them, either in crypto-currency, or in the real world, and that value needs to be redeemable within the NFT itself. This is something we will explore a lot in the Seascape Network gaming ecosystem!
Q3: How can users start farming on BSC through Seascape right away?
David | Seascape: While we have engaged in a couple of external liquidity projects, such as BakerySwap and Pancakeswap, the number one way to mine right now on the Seascape Network is through our game Profit Circus on our website. Profit Circus is based entirely around LP mining.
We started on ETH but have now joined BSC for over a month and it’s been blowing up. We just ended season 1 of Profit Circus on BSC actually, which had over $6m staked and $1m dropped in pCWS rewards.
pCWS is the bridged version of CWS btw, which is available on BSC thanks to our friends at Poly Network!
This early success was followed up with our launch of NFT Brawl, which has seen incredible activity on BSC since its launch last week. We are following this up with our NFT Staking game, Staking Saloon, very shortly!
We will continue offering more and more ways for users to earn through our games, and with BSC we can also make that possible with very low fees!
Rafael | Binance Angel: Staking? This is simply amazing! Thanks. Now let’s speak with SuperNova team!
Q1: What is the difference between SuperNova.cash with AmpleForth(AMPL), Empty Set Dollar(ESD), Basis.Cash(BAC) and other algorithmic stable coins?
Kelvin Wong | SuperNova: We usually call AMPL, ESD, BAC as 1st to 3rd generation algorithmic stable coins. Their mechanism is evolving very rapidly. There are many differences between SuperNova and them.
Due to the performance of Basic.Cash, we found that SHARE was necessary for the algorithmic stable system, but not the bond.
Bonds increase the number of potential additional issuances, which does not effectively help the price return from below than 1 to 1. So SuperNova.cash uses SFUND and Share-Repurchase to accelerate the progress of price return.
SuperNova contains the algorithmic stablecoin lending platform to empower these planets. It will become the most important application scenario for algorithmic stablecoins.
Q2: How does Algorithmic Stablecoin Metaverse run?
Kelvin Wong | SuperNova: Well, I’ve always found the most innovative and fascinating aspect of Supernova projects is the metaverse.
First of all, the metaverse that Supernova builds will spread across multiple public chains, such as Supernova Universe on HECO, Big Bang on BSC, Pulsar on Okexchain, E Universe on Ethereum, and N Universe on Neo3. These algorithmic stablecoin assets will be unified by the realization of the cross-chain through Poly Network.
In a single universe, each algorithmic stablecoin is a planet, and the number of planets is determined by Share-DAO, so more assets will be brought into this multiverse.
For example, In Big Bang Universe sBNB anchors to the value of BNB. In Supernova Universe sHT anchors the value of HT; In Pulsar Universe sOKB anchors to the value of OKB, those assets will be used in different universes in the future.
Furthermore, sNEO, an algorithmic stablecoin that anchors to the value of NEO will also exist in all universes mentioned above and can be transferred cross-chain.
During the cross-chain, except for the gas fee needed to pay Poly Network, a cosmic tax based on the actual fluidity difference in the universe needed to be paid. The part of the tax will be donated to public chain developers, the rest will be used for Share-DAO governance rewards.
Q3: When will the Big Bang Universe launch on BSC?
Kelvin Wong | SuperNova: Our Big Bang Universe will launch on 24th April, 2021. At that time, you can experience the birth and evolution of a new universe, and get the experience of using algorithmic stable currency assets for deposit or loan and cross-chain asset conversion by Poly Network.
Rafael | Binance Angel: We now have a clear picture of Poly Network, Switcheo, Seascape and SuperNova. As one of organizers of this AMA, I also have several questions for BSC.
Q1: How does the BSC improve its interoperability making a vast ecosystem that can cater to a myriad of use cases?
Jeff Zhang | BSC: Binance Smart Chain’s vision is “Internet of values”. Not just Ethereum, all other public chains can be connected with Binance Smart Chain. The era of multi chains is coming.
BSC is a community driven blockchain. Lots of trustless bridges are building on the BSC now and at the same time we can see creativities of cross-chain/multi-chain dapps happen on Binance Smart Chain right now.
For example:
1. Pancake Bunny is going to release their ETH-BSC cross chain farming product. Users on ETH can farm BNB-CAKE pool directly without having address of BSC. Details can be found here
https://www.notion.so/3b2d1b81421b4cc898c986164c466840?v=eb05f6f704a04c029a3121daaa3e7271&p=62fbb28b898f4254ac9ff8e9f258962e
2. OpenOcean
OpenOcean uses Binance Bridge and Poly newtork as a bridge for cross-chains and cex liquidity. Users don’t need to do multiple transactions to find the best price. With OpenOcean, they can own the best price across different chains by the smart routers.
Also, we learn some use cases from Switcheo, Seascape and Supernova.
With strong cross-chain partners, users can stay on Binance Smart Chain and enjoy high yields and best price across different chains. Also, Binance Smart Chain will be included as a router or checkpoint of future cross-chain/multi-chain Dapps.
Q2: With assets from a number of different chains being used in the growing DeFi space, what is the next step in BSC’s cross-chain plan?
Jeff Zhang | BSC: Our strategy to the vision “The internet of values” is to work with different cross-chain infra providers like Poly Network，multichain.xyz，Shuttleflow.io ，Renprotocol，xdaichain，pNetwork，Curvegridinc to enable secure and high efficient cross-chain infra.
Currently, Binance Bridge has supported 69+ tokens across 20+ different public chains. Plus the support of third-party bridges, Binance Smart chain supports most categories of assets including NFT.
BSC projects can work with the above infra providers directly to build next generation cross-chain Dapps on Binance Smart Chain.
Here are some excellent questions and the answers:
Yilissa Hui: Due to the incompatibility of different formats, blockchains form isolated islands with their own users, dApps and assets, which makes it very difficult to move assets or data from one chain to another. So how does Poly Network solve this issue?
Tan Yuan | Poly Network: Poly Network solves this fundamental issue by creating an interoperability layer that connects several chains together in a decentralized manner. It provides a bridge that takes data or requests from one chain and passes it to another in the format the latter expects.
Rowena Heller: Could you explain a little about Poly Network and what makes it different from another project?
Tan Yuan | Poly Network: Poly Network wants to build the Layer1 aggregator now, and we want to connect all different existing blockchains, which can help the asset transfer between different chains much more easily and quickly.
Polkadot is also a cross-chain project, but to some extent it’s like the Layer1 blockchain such as Etheruem, what they want to do is to build a big Layer1 blockchain system.
Diana: What can I do to assist in the development of Seascape network? Do you have a way of involving Community members to participate actively in project apart from GOVERNANCE?
David | Seascape: The best way to support the Seascape Network is simple: 1. Play our games 2. Hold CWS and SCAPE NFTs 3. Use the poly bridge to transfer your CWS from ETH to BSC. If you followed our past news, you would know that we dropped over $1.5k of CWS to our previous NFT holders, and we have a lot of exciting future plans for that as well. In terms of governance, we plan to involve the community directly into how the network is run through CWS voting, but this will not happen until 2023, as we want the Seascape network to be perfect and fully decentralized before we hand over the reigns to our community!
Linda Elizabeth: As a blockchain project working in gaming industry, can Seascape Network tell us what are the key factors in your opinion to attract normal gamers from non-blockchain world to try and engage in games of blockchain world?
David | Seascape: The biggest problem in blockchain gaming right now is mainly that it is incredibly hard and scary to learn how it works. Our first goal with Seascape is to make that process easier not only for gamers, but also for game devs. The more tools we develop that make blockchain game development easier, the better we can unleash their ideas that in turn will attract more new users. To be a successful blockchain gaming platform, we must put most of our focus on A. making sure blockchain games work smoothly and B. making the onboarding process as seamless as possible for gamers and developers!
Dung Dung: Will SuperNova and/or Seascape work with TradeHub/Demex to launch an NFT marketplace?
Kelvin Wong | SuperNova: SuperNova.Cash is building an experimental algorithmic stablecoin metaverse, including Bigbang Universe(BSC), Pulsar Universe(OC), and Supernova Universe(Heco). All participants will experience the origin, expansion and stability of the universe, as well as the birth and evolution of many algorithmic stablecoin planets. We will work with Seacape or other projects for the new planet, which allows everyone farming in supernova.
J. Marin: Following progress on your roadmap, what are your next top priorities? Does the SuperNova team have enough building blocks (funds, community, etc.) to achieve those milestones?
Kelvin Wong | SuperNova: Yes. Our team have good relationships with Neo iost and etc. Our Chinese communities are also strong enough. In supernova we have SFUND in smart contract to make our develop in BAC.
Let’s contact
If your organization is interested in joining the Poly Network as a founding member, we invite you to visit our website and contact john.wang@poly.network.
For joint events and media requirements, we invite you to contact nana.zheng@poly.network.
Github: https://github.com/polynetwork
· Email: contact@poly.network
· Twitter: https://twitter.com/PolyNetwork2
· Medium: https://medium.com/@polynetwork
· Telegram: https://t.me/polynetworkgroup
