Infinito x Zilliqa AMA Recap

On September 9th, 2019, Infinito had a great Youtube AMA with our technology partner, Zilliqa. Our CEO, Junya Yamamoto, and Business Director, Fedor Bushlanov sat down with Amrit Kumar, the President and Chief Scientific Officer of Zilliqa to discuss everything blockchain and our projects’ values with the community.

We received so many great questions from fans about our technical development, vision, and thoughts on blockchain’s future growth. At the end of the AMA, two best questions were chosen to win 100 USD in INFT each. Congratulations to @shinichiconan214 and @kth2983!

After 12th September, the lucky draw winner will be announced via our community channels, so don’t forget to join our Telegram now to find out: https://t.me/infinitowallet

Thank you so much for supporting our AMA. Now please enjoy the recap!

View the full AMA via Youtube here:

https://www.youtube.com/watch?v=OZij4WSn4NI

Questions submitted via the Google Form:

Q1: What are some milestones Infinito is looking forward to? What will be the largest challenges in the future and how do you plan to address them?

Yamamoto:

For this year, we are targeting the following milestones:

• Improve user experience and increase active usage for ecosystem products.
• Provide more highly-demanded services for users (DEX, instant & customizable payment using InfinitoPAY, lending, and more).
• Implement the staking feature of INFT token.

We believe that general crypto user experience is still unsatisfactory and we plan to address this issue by working intensively with high-profile blockchain partners and tech providers to:

• Integrate more useful native features inside the wallet app for crypto users.
• Enable many ways to make crypto payment to DApps for InfinitoPAY using smart contracts

Q2: Can you share with us your preparation for the mass adoption of Zilliqa in the future?

Amrit: Since the launch of our mainnet and smart contracts earlier this year, Zilliqa has been open for business and committed to driving cross-industry adoption of our blockchain. There are a few target verticals that we are focused on — including media and entertainment, advertising and payments.

Gaming is an important vertical because of the high demand and fun element which attracts users to it. Blockchain can play a key role in serving the rapidly changing needs of the gaming industry and its consumers. Security Tokens (STOs), which extends the general ICO model to cover securities as well, is another priority area for us.

We also see tremendous potential to contribute to the advertising industry, which has a lot of middlemen creating issues of cost and process efficiency. To support this next phase of growth, Zilliqa is working with blockchain solutions provider Aqilliz. We will act as their exclusive tech infrastructure provider, and in turn, they will help us mobilize our offerings and scale up to offer industrial-grade technology to enterprises.

Q3: Does Infinito Wallet support chain conversion between tokens on the wallet? How many users does Infinito Wallet plan to have in 2020?

Yamamoto: For the first question, yes. In the next version updates, we will introduce Native Exchange feature on Infinito Wallet & users can instantly swap any coins and tokens easily.

Regarding users, right now Infinito Wallet is serving 70,000 monthly active users but the team is aiming for 150,000 users in 2020. To accomplish this, we are working to make the wallet more than just a means to hold crypto, by integrating natively useful finance features that every crypto user loves: trading, staking, fiat gateway, and more!

Q4: There are 3 core issues prevalent in crypto and blockchain: Security, Interoperability, and Scalability. How does Zilliqa plan to overcome these issues?

Amrit: Zilliqa is mindful of the common issues in crypto so we’ve developed a robust infrastructure that seeks to address them with viable and cost-efficient solutions:

• Security: Our secure-by-design smart contract language built from scratch that serves as the answer to some of the major security issues in blockchain. It is amenable to formal verification, allowing developers to leverage mathematical proofs to ensure their code is provably correct at the language level. This offers measurable benefits for enterprise use cases involving high-value transactions (examples are fintech, digital advertising and marketing, payments)

In fact, I’m excited to share that just last week, Scilla was peer-reviewed and accepted at one of the most prestigious programming languages conferences, OOPSLA 2019.

• Sharding: Zilliqa was designed as the first blockchain to address the issue of scalability using the principles of sharding based on research undertaken at NUS by some of the co-founders. Over time, this has become one of our major value propositions. Based on our initial tests on the testnet, Zilliqa is capable of achieving over 2,828 transactions per second.
• Interoperability: As a decentralized platform, Zilliqa provides an alternative solution to legacy web applications. Many applications that we see today across industries such as payments, peer-to-peer finance, gaming, exchange of digital assets, supply chain, advertising, among others can interact with Zilliqa in an easy manner

We are also studying the benefits of our infrastructure for applications such as security token offerings, gaming, domain registry service and payment reconciliation in the case of advertising via projects like HGX, Krypton, Unstoppable domains, and Project Proton.

Q5: As a high-performance and multi-platform wallet, what is the limit to which infinito can be pushed and is there a breaking point in the volume of transactions it can take at a time, considering speed, accuracy, and precision?

Fedor: All of these depend on the blockchain networks. Overall, Infinito builds strong full nodes that are hosted on renowned services such as Linode & AWS and are frequently audited to ensure stable and speedy connection/transaction broadcasting to blockchains for the best user experience.

Q6: What are you focusing on to drive the growth and adoption of Zilliqa? How do you help people understand sharding as a great solution for blockchain space and scale? Amrit: Zilliqa focuses on driving mainstream growth and adoption across industries. Presently, our focus industries include Media and Entertainment, Financial Services, Gaming and Digital Advertising. We want more people to better understand the blockchain world (and the terminology that comes along with it), and join the growing community.

Our team has several marketing and communication efforts underway to drive education and awareness.

• Blockchain A-Z: We are hosting a series of blockchain workshops conducted with leading universities to educate and inform those who wish to learn about building on our blockchain using Scilla.
• Academic conferences
• Meet-ups: Our new Developer Evangelist plans to host several meet-ups across crypto hot-spots to ensure that developers who wish to build on Zilliqa are incentivised, encouraged and supported with the right resources, tools and knowledge
• Technical updates and educational blog articles

Q7: What is Infinito’s strategy to dominate the market? How do you plan to attract investors and traders successfully?

Yamamoto: We will dominate through making our Infinito ecosystem undeniably the best place for anyone to make use of blockchain & crypto, whether through trading, using decentralized services, or building DApps. Such high-demand decentralized services are to be natively integrated inside Infinito products so that people can use them in the easiest and most convenient manner. With INFT’s incentive model to reward active usage, we can effectively motivate people to use blockchain products to further grow our ecosystem as well as advancing the mass adoption of blockchain.

To attract investors and traders, we offer and continually develop a strong blockchain product ecosystem with valuable built-in features and services not found elsewhere — with a focus on decentralized finance and games. This distinguishes our project from the rest and give it a healthy and constant growth.

Q8: How does Zilliqa facilitate the cooperation and collaborative development within the community. If someone had an idea that would work well on ZIL, how can we get support?

Amrit: In 2018, we launched the 5-million-USD Zilliqa Ecosystem Grant Programme to encourage wider participation in the development of tools, libraries and DApps on our platform. Beyond funding, selected individuals and teams are also able to receive technical advice and support from the Zilliqa team. To date, we’ve announced three waves of grant awardees consisting of 46 individuals and teams, out of a pool of 135 applications. Grant applicants come from all over the world and are represented by 17 nationalities, resulting in a diversity of candidates and projects.

Recently, we also announced an extension to the Innovation track of our grant programme. Called ZILHive, this incubation programme is organized in collaboration with global blockchain incubator, LongHash. Five selected teams will have the opportunity to work closely with the Zilliqa team for technical tutorship as well as receive mentorship from LongHash’s global network of experts and industry leaders from the traditional finance, business, and legal space. They will also be awarded with non-dilutive grant funding of US$20,000 upon completion of the three-month incubation programme. We have received over 50 applications, and will be announcing the winners in October.

We also organize Developer Calls to help, discuss, and get feedback from the global community members on various topics. Looking ahead, the days and times of these calls will vary to serve members from all different time zones. We’ve found the feedback from this platform to be very valuable. In a survey conducted during the first call — we found that Discord is a much more popular tool than Gitter. We’ve taken this feedback seriously, and have migrated our technical conversations to Discord.

For those who have an idea to build on ZIL but have further questions, please reach out to hanwen@zilliqa.com or gareth@zilliqa.com

Q9: What are the ways for Infinito project to generate revenue in the long run? Fedor: Infinito revenue comes from:

1. Commission sharing with integrated services and DApps inside Infinito Ecosystem

2. Business licenses sales to enterprises, e.g. white-label wallet solution

3. Our company revenue supports Infinito Token price, thus benefiting Token investors

Q10: How did Zilliqa overcome the speed of transactions of the old Blockchain generation?

Amrit: For the previous generations of blockchain like Bitcoin or Ethereum, the whole network is made up of thousands of individual fullnodes that take time to process your transaction. Although this ensures security, it is also quite redundant. Through sharding technology where we divide the network into smaller “shards” that process their own batches of transactions in parallel to one another, Zilliqa can serve a high volume of users while preserving the core decentralized design of blockchain.

Q11: What are the short and long term advantages for token holders? Does Infinito have any reward structure for active members?

Fedor: INFT provides holders with many benefits from staking, discounted payment for any services in our partner ecosystem, to community voting and reward programs.

And not only users but developers community can also earn rewards for their contributions via Infinito DApps Startup Incubation Program. This is where we will find DApps that our community chooses as valuable. Smart developers can build their own business with us, and get funds.

We encourage people to use INFT as the currency of payment to enjoy more valuable discounts from the transactions made to ecosystem DApps.

Q12: What are the requirements to become a block-producer for Mainnet?

Amrit: Zilliqa basically employs Proof-of-Work, so you can mine ZIL in a same way as ETH, as well as any blockchain that use Ethash in parallel. So to become a block producer for Zilliqa network, you just need to have the hardware to mine ZIL.

Q13: Can you share with us the schedule for the staking function? What is your strategy to keep users from leaving Infinito for other competitors?

Yamamoto: We aim to implement the first version of the staking function in Q4 2019, which will be for earning rewards and accessing premium ecosystem services. To keep users hooked on Infinito Ecosystem, we are also working on enabling staking services for other Coins from our integrated partners.

Q14: What problems did you face when trying to implement your product in working businesses? Is it hard to explain to usual non-crypto people what is Infinito Wallet and the advantages of using it?

Fedor: It’s definitely not easy to explain the benefits of blockchain and cryptocurrencies to a non-crypto user. This is why we instead opt to demonstrate the valuable services that are built using blockchain and ensure that they can be effectively utilized by people without in-depth knowledge about decentralized tech.

Questions Submitted via Youtube Live chat:

Q15: How does Zilliqa’s solution differ from other scalability solutions?

Amrit: There are several possible solutions right now to solve the scalability issue in blockchain. For example, increasing the block size, which sadly is subject to limitations since you cannot infinitely scale the size of a block. Other notable solutions such as processing transactions off-chain or side chains or having several entities managing block creation unfortunately sacrifices the benefits of decentralized tech such as security and transparency for speed. Zilliqa’s solution stands out in that we’re not only the first blockchain to utilize sharding but we also ensure that every transaction made is verified by at least 600 nodes in only 2–3 minutes.

Q16: What are some of Zilliqa’s biggest strengths and weaknesses? How would you plan to improve in the future?

Amrit: For Zilliqa’s strengths, definitely it’s being the first blockchain to implement sharding technology and having a secure-by-design smart contract. I’d say one of the biggest challenges for us right now is around adoption and approaching the massively diverse developer community with numerous programming languages. For this, I’m confident that our smart contract programming language Scilla can serve as a great alternative to Solidity for blockchain developers.

Q17: Right now InfinitoPAY doesn’t have too many features and it is also a DApp which doesn’t provide as good UX. How do you plan to improve this in the future?

Fedor: We decided to first made public InfinitoPAY as a DApp to bring the payment values it offers to users as early as possible. By the end of this year, we will start the process of native implementing the payment features of InfinitoPAY into Infinito ecosystem products. These features include instant payment to DApps, subscription payments, and more.

Q18: What do you think about the DeFi use cases and applications, especially in the ASEAN region?

Amrit: ASEAN is a key market where there are a significant number of unbanked people. Therefore, it is important to enable them access to decentralized finance services such as remittance, stablecoins, microfinance, loans, etc. DeFi could provide more options to the unbanked.

Yamamoto: From Infinito’s point of view as we’re based the Southeast Asian region, Singapore specifically, we provide the user interface to blockchain services, including DeFi. Of course, each market has different regulations and preferences in terms of user experience, so we work to understand the insights of each market to fulfill their needs.

Q18: How can blockchain games compete with the already massive industry of mainstream gaming?

Amrit: Definitely for now it will be quite difficult, especially if you want to push all transactions onto the chain and to compete with the games that millions of people are already enjoying. The kind of games that can benefit from blockchain, specifically non-fungible tokens, are those where you want to provide liquidity for in-game assets. It will be hard to apply blockchain to games that require low latency as it will negatively impact the overall experience, unless we utilize off-chain/side chains.

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We would like to sincerely thank everyone who participated in the AMA. Both Infinito & Zilliqa appreciate all of the questions submitted and your big support for both projects. We hope that you will find our answers helpful and keep supporting our AMA series! Subscribe to Infinito’s Youtube channel to never miss any AMAs.

https://www.youtube.com/channel/UCc8s67KYZ1AHZRUqJLLFc0g/

About Zilliqa

Zilliqa is a high-throughput public blockchain platform that aims to make decentralized blockchains the building block of future enterprises and applications. Developed through academic research and helmed by a team of experienced scientists, engineers, venture creators and leaders in the financial services, Zilliqa addresses limitations in scalability and security, enabling real-world usability across a variety of industries, including finance, digital advertising, and gaming. In 2019, Zilliqa became the first public blockchain platform to be built on sharded architecture, with smart contracts written in the platform’s secure-by-design programming language, Scilla.

For more information, visit www.zilliqa.com.

About Infinito

Infinito aims to create a perfect blockchain experience for users, applications, and developers through its product Ecosystem which includes Infinito Wallet, Infinito App Square, Infinito Blockchain Platform, and InfinitoPAY.

A professional team of 50 experts behind Infinito Wallet, Infinito Blockchain Platform, and Infinito business blockchain solutions — with intensive experience in blockchain technology including technical developers and researchers, business and marketing executives, designers, quality control engineers, and customer service officers. Registered in 80 Robinson Road, #08–01, Singapore 068898, registration number 201900666E.

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