Trustbase held an AMA with Hotbit on the 10th of March at 8 :00 UTC Telegram group.Here is the full record ,enjoy:
Hotbit AMA Host — Cyrus (I will never PM you for any funds)
What can TrustBase provide for developers? @Ankie_Q
Ankie, [10.03.21 16:06]
Trustbase is the only WASM smart contract chain in the Polkadot ecosystem that provides blockchain-free development tools to traditional developers. All blockchain builders, including traditional developers, are TrustBase’s most valued partners. In our developer ecosystem, Subscript technical community in China has been finished the “Polkadot developer traning camp” with “golden Hackthon” in Jinse and Huobi Global Polkadot ecologic funds. The first phase of the course we received more than 800 applications. More than 400 people continue to study that is more than the number of people attending developer events each month. In order to support more developers to join our developer training camp, first we offer free lessons to all users who sign up at the early stage, and all trainees have the opportunity to obtain Subscript NFT interest tokens, and later holders can get Trustbase mining benefits.
Second, we have cooperation with Hackthon institutions. After all developers complete the course, students can into the stage of accompany with Hackton products in 2021 from March to May. For the projects developed based on the substrate framework and the script smart contract language, we have obtained the technical guidance of Script Camp and the ecological incentive bonus for high-quality projects, as well as support awards. In this stage, we cooperate with Hackthon and more than 10 Polkadot Eco-Capital companies, over 50 developer teams, 5 judges and technical mentors. We have started to recruit and sign up all over the world, and there will be a lot of opportunities for outstanding developers in this activity.
Hotbit AMA Host — Cyrus (I will never PM you for any funds)
What is your expansion plan?@Ankie_Q
Ankie, [10.03.21 16:09]
The development blueprint of TrustBase is roughly divided into four steps:
1.Increase investment in Polkadot Developer Training Camp and Golden Hackthon, enrich developer training courses, popularize subscript Hackthon to traditional developer circles, and become the market brand of smart contract development courses.
2.Enrich the function realization of Trustbase CC2 test network. CC2 test network will support more functions and cooperate with the early trainees in Polkadot developer training camp.
3. Participate in the first batch of Kusama slot auction, and recruit trustbase verification nodes. Through the lossless pledge of dot and KSM to become the first batch of verification nodes of TrustBase, we have designed a complete economic model and governance model for the verification nodes, so that the verification nodes can get rich returns from the TrustBase blockchain network and the bidding process.
4. After the completion of the above three answers, we will participate in the Polkadot parallel chain slot auction to become an isomorphic parallel chain of Polkadot ecology and share Boca’s cross chain ecology with developers.
Hotbit AMA Host — Cyrus (I will never PM you for any funds)
What is TrustBase’s function in the Polkadot ecosystem? @Ankie_Q
Ankie, [10.03.21 16:12]
We are the ferryman of Polkadot ecosystem.
You know! The core of Polkadot created by Mr. Gavin wood is a relay chain. In the future, it will link a lot of parachains to build the foundation of Web 3.0. This is great, but it wants to build Polkadot from an open field into a huge The complex of buildings will be a long-term process. In this process, we need a large number of developers to participate together, but the number of developers is far from enough.
Polkadot needs more builders!
Therefore, we created the Subscript language. Subscript language is the underlying language developed by TrustBase parachain. Simply put, Subscript allows ordinary web developers to quickly participate in the deployment of Polkadot’s native smart contracts. Compared to other Blockchain languages, such as rust, ink! , Subscript can directly interact with JavaScript and is easy to integrate with Dapp. Developers no longer need to understand the technical problems of the Blockchain such as Merkel number, block status, and P2P. Join the Blockchain development work with a very low learning threshold.
The significance of Subscript to Polkadot is far-reaching. With the enrichment of Polkadot’s ecology in the future, Polkadot will have a lot of demands for the underlying tools. Subscript realizes the backward compatibility with Polkadot and can quickly meet Polkadot’s development requirements.
Hotbit AMA Host — Cyrus (I will never PM you for any funds)
What benefit for investor if they hold your Token for a long time? @Ankie_Q
Ankie, [10.03.21 16:15]
For investors, long-term holding and using tbe token for nomination, voting and other non-destructive pledge behaviors can obtain rich network rewards. After the main network is online, TBE, as the core pledge object of various high-quality DeFi protocols, will generate new liquidity and commercial value.
Hotbit AMA Host — Cyrus (I will never PM you for any funds)
What are the ways for trustbase to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships? @Ankie_Q
Ankie, [10.03.21 16:18]
The first way for TrustBase to generate revenue in the long run is high-quality developers.
The quality Dapp that they developed will created brand awareness and will increased customer engagement.
The second way is the unique Subscript developers’ tool. It makes it much more easier for any developer to use the substrate development framework, bringing together developers from a wide range of disciplines to create new value for society by combining existing businesses with blockchain.
This is the focus of the Trustbase team and the Foundation, and we are committed to a long-term commitment to the “Web3 Developer Eco” to bring true Web3 web components to the Polkadot Ecosystem.
As for our business partners, we have more than 20 organizations participating, which can be seen on the Trustbase Twitter
Hotbit AMA Host — Cyrus (I will never PM you for any funds)
A big problem for a lot of Defi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold and not just farm and dump? @Ankie_Q
Ankie, [10.03.21 16:22]
The premise of this question is that you think DeFi≈Farming.
Trustbase has a longer term view of DEFI. We know that the reason why DEFI has been popular in the past two years is mainly due to the inflow from farming.
But in fact, the current DeFi brings liquidity value but also brings bubbles, some real big direction, such as big data, Internet of Things, VR and artificial intelligence and other mainstream industries have not yet organically combined with DeFi, to form a “decentralized supply chain finance”. Polkadot Ecology has several programs that have recognized this and are trying it, including Trustbase (which we call DeFi 2.0 ).
We would like to see this kind of more macro, comprehensive, constructive DeFi in Polkadot Country, which will be the area of greatest social impact in the future. When this “DeFi 2.0” is better integrated with the real world, the yield of Farming and the price of tokens will return to a healthy track.
Hotbit AMA Host — Cyrus (I will never PM you for any funds)
Kindly explain more about TrustBase Tokenomics, Release Schedule and UTILITY, is it inflationary or deflationary? @Ankie_Q
Ankie, [10.03.21 16:27]
Trustbase issues 1 billion TBEs, 50% of which are mining bonuses. The Block time is 6 seconds, and 3.8 TBEs per block. Being a Trustbase verification node can take part in Staking and get Staking rewards.
20% of the TBE is used for private sale related marketing programs, and 10% of the TBE is allocated to the Treasury for long-term development of the developer ecosystem and community governance. The Subscript technical team holds 15% of the TBE and locked for three years.
For the utility of TBE tokens, there are Staking bonus projects, node elections, nominee validation, weight proof, on-chain governance, DApp calls, Gas fuels, and the core collateral of the Trustbase Defi ecology. you can learn details on the whitepaper.
Trustbase will develop a quarterly TBE destruction plan through the destruction proposal initiated by the Heads of State Council to further enhance the scarcity of TBE and make TBE deflationary.
Hotbit AMA Host — Cyrus (I will never PM you for any funds), [10.03.21 16:31]
Now, let’s proceed to the next session public Q&A, @Ankie_Q will help to answer.
Ankie, [10.03.21 16:36]
[In reply to forhad mp “Please tell us about your staking bonus？” ]
You can participate in our verification node during KSM slot auction. the APY reaches 88%-133%
Ankie, [10.03.21 16:37]
[In reply to W P DeFi, Staking and Yield Farming are hot topics right now in our Crypto Space, My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?]
To be honest, Uniswap was dormant for three years before becoming famous in the crypto world, which gave the TrustBase team a lot of strength. We have ambitious goals and unique market positioning just like Uniswap. We believe that as long as our Subscript language is valuable enough, it will succeed sooner or later. In fact, the TrustBase community is developing at a very desirable rate. More and more Polkadot developers and traditional developers have joined our developer community, and our influence in Github, Twitter, Telegram, including China, is accelerating. In particular, the “Polkadot Developer Training Camp” event we hosted in China received hundreds of developers’ registrations in the first phase. We will hold this type of event for a long time and expand the scope to the world.
Ankie, [10.03.21 16:39]
[In reply to Holder Girl “How safe and secure is TrustBase from malicious attacks from hackers ?”]
Many people don’t know that the root cause of the frequent occurrence of hacking in the DeFi ecosystem of Ethereum is that the underlying language of Solidity is too flexible. It allows smart contracts to “set logic on top of one logic”. As a result, even the developers themselves don’t know where bugs will appear under the layers of logic nesting. This is the root cause of the frequent DeFi security vulnerabilities in Ethereum. In contrast, Polkadot’s Substrate framework and TrustBase’s Subscript language both abandoned this flexibility in pursuit of more security. Subscript follows the proven Typescript grammar, has strict type and static grammar checks, and comes with a smart contract debugger based on the SourceMap mechanism, which reduces the security vulnerabilities of smart contracts from the bottom. In addition, TrustBase has law enforcement nodes. Once a node is found to be malicious, it will take maintenance actions as soon as possible. Finally, the TrustBase chain benefits from the security module of the Substrate framework, which can be upgraded without forks, which greatly reduces the possibility of 51 attacks and rollback attacks.
Ankie, [10.03.21 16:43]
[In reply to Jessic Eden “How was the idea to create this project born? It is very interesting. What do you want to prove? What are your expectations?”]
TrustBase was born from NEEDS.
Although Polkadot is the golden track in the Web3.0 era, Substrate’s native smart contracts
use a Rust-based ink! Language. The language has a large learning difficulty curve, and the
ink! contract currently lacks tools to support the development of DApp. There are basically
no tools or applications that are easy to use and can safely migrate existing EVM-based
applications to the WASM-based Substrate Blockchain. The high threshold of Polkadot
Blockchain development makes it difficult for a large group of traditional developers to
enter.
To help traditional Web developers and Java engineers participate in the construction of the
Polkadot ecosystem without barriers. TrustBase has independently developed Subscript, a
lightweight WASM smart contract language. To meet the needs of traditional developers to
break through industry barriers and develop Blockchain development business, and to
promote the realization of the vision of Web3.0.
Ankie, [10.03.21 16:48]
[In reply to Alex Xandle, 10.03.21 16:35
“Governance is one of the topics most paid attention by the communities, how does TRUSTBASE plan to exploit this topic?”]
The design purpose of the TrustBase governance model is to keep the security of the project and the collaboration of the participants consistent with the development direction of TrustBase through the value-added of the token. On the one hand, it ensures that participants obtain corresponding benefits by participating in the ecological development of TrustBase. On the other hand, participants can maintain the stability and security of the TrustBase network through the consistent design of economic goals. While pursuing their own interests, all participants also contribute to TrustBase’s ecological network.
Actually,TrustBase has set Verification Node、Nominator、Law Enforcement Node to construct TrustBase governance structure.
Ankie, [10.03.21 16:52]
[In reply to Ms Crypto“No one can achieve anything valuable on its own, please tell us about your current and future partnerships that will lead you to success in this highly cramped crypto space?”]
TrustBase has ideally completed the first round of market financing plan and completed a million-dollar Financing.There are more and more partnerships being connected to us .
Ankie, [10.03.21 16:56]
[In reply to Alpha Q“Can you give me 3 reasons why users and investors should hold $TBE in the long-term? What are the benefits your project brings??”]
TrustBase will redefine Web3 developers and will bring an incremental market based on traditional developers to the Polkadot ecosystem. In 2020, TrustBase conducted a survey of traditional developers and found that 31% of them are optimistic about the combination of big data and blockchain, 28% are optimistic about the combination of IoT and blockchain, and 13% are optimistic about the combination of artificial intelligence and districts. The combination of block chains and so on. This is the real general direction of the blockchain, and it is what Polkadot is really committed to achieving. These things are still blank. To achieve this combination, either blockchain developers should study big data, Internet of Things and other fields, or traditional developers in these fields should learn blockchain development. In fact, the latter is more feasible, and this is exactly what TrustBase can provide for the Polkadot ecology.
When traditional developers are irreplaceable in the Polkadot ecology, TBE will become irreplaceable.
Ankie, [10.03.21 17:03]
[In reply to Block Chain Stake, “I want to have a long term investment with TrustBase project, but I’m in doubts right now, how can TrustBase convince and assure me this project is safe and profitable?”]
We will recruit verification nodes from investors around the world. The non-destructive pledge of DOT or KSM will be the first verification node of TrustBase, and will receive block rewards and a large number of TBE Tokens. Regardless of whether TrustBase wins the auction or not, the participants’ assets will be returned losslessly.
Ankie, [10.03.21 17:09]
[In reply to Quabon HUKL]
This is a good question. TrustBase is a Polkadot parachain based on the Substrate framework that independently develops the Subscript smart contract language and supports multiple tool plug-ins and smart contract applications. As an infrastructure project in the Polkadot ecosystem, TrustBase has been supported by the Web3 Foundation Grant.
TrustBase is committed to providing traditional developers with a more lightweight language that can easily deploy Polkadot native smart contracts. Assist developers to participate in the construction of Polkadot’s ecology without barriers, forming a powerful multi-dwelling ecosystem Polkadot — TrustBase Parachain — Smart Contract.
Simply put, if Polkadot wants to establish a closer connection with the real society, then more developers need to understand Polkadot, understand the Substrate framework, and have the ability to participate in chain reform development. As a Polkadot developer tool, Subscript allows any developer to easily use the sharp weapon of the Substrate framework to accelerate the implementation of Web3.0.
Ankie, [10.03.21 17:14]
[In reply to @ Puspo：”Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?”]
In the construction of TrustBase community autonomy, the mainstay is TrustBase’s verification nodes and community volunteers. The members of the TrustBase Board of Trustees choose among all community members who are capable, strong, energetic, and responsible. Mainly responsible for the implementation of TrustBase DAO governance, proposals, voting and other community work. Therefore, the validator of TrustBase is also a candidate for the council. The members of the board of directors will be voted in the referendum (the referendum mechanism for board members also uses the time lock weight mechanism to avoid election bribery). Further participate in development decision-making and governance. Share the dividends of TrustBase ecological development together.The National Assembly is one of TrustBase’s three on-chain governance institutions. The members of the National Assembly are composed of all nominees on the TrustBase chain. The National Assembly’s participation in the governance process mainly includes three stages: the proposal stage, the voting stage and the vote counting stage.
1) Proposal Stage
There are two ways for participants to make proposals. Public proposals and opposition proposals to proposals already resolved by the TrustBase Council;
2) Voting Stage
First, the members of the TrustBase board of directors vote. Participants can choose to agree or disagree, and those who do not participate in voting are considered abstentions. The members of the board who have not participated in the voting multiple times will be replaced. If members of the National Assembly disagree with certain members of the decision-making level, they can re-election by launching an opposition proposal;
3) Counting Stage
In the counting stage, there are three ways to determine the voting result:When the voting rate is high, a majority pass method is adopted, that is a simple comparison of votes. If there are more votes in favor than against, the proposal is passed.
Positive voter turnout bias, that is when the turnout rate is low, it must be passed by an absolute majority.Negative voter turnout bias, that is when the turnout rate is low, it must be rejected by an absolute majority.
At the same time, in order to encourage the National Assembly to actively participate in community building, the National Assembly will set voting reward weights when voting. The more members of the parliament participate in the referendum proposal, the corresponding vote reward weight will increase. According to the participation rate of members of the National Assembly in the referendum, the weight of rewards for election and voting increases by 1% every month. Participants who vote for the proposal will receive voting rewards. When the number of participants reaches the minimum threshold, all members participating in the voting will be divided into voting rewards according to the voting reward weight.
