We organized an Live AMA Session in our community with STP Network on March 17, 2022. Here is the complete transcript of the AMA —
Richard: Hey everybody!
Beetle: Hello all! Today we have Richard From STP Team for a live AMA session with us! Welcome to CB :)
Richard: Great to be here
Beetle: Lets start with a quick introduction of yours.
Q. Please introduce yourself
Richard: Ok perfect. Before crypto, I worked in private equity, focusing on early-stage investments in the digital, tech and sports space. I graduated from Columbia University and joined the crypto industry full time in 2017. I became a co-founder of STP Network in 2019 and have been a core contributor to the project ever since.
Q. Please tell us about your evolvement with STP Network. What sparked the idea to start this wonderful project?
Richard: Since last year we saw the big potential on the rising of DAO. However, the DAO ecosystem currently lacks infrastructures now. There still remains the following gaps and inefficiencies in the current marketplace for both users and projects & organizations:
-Governance activities such as DAO setup, voting and delegation can be unnecessarily expensive to perform
-Low engagement, participation and incentives outside of voting for DAOs
-Various governance use-cases are inefficient with current transaction times on the main chain
-Updates to governance scalability should not be at the expense of main chain decentralization or security
So we at STP decided to develop Verse Network, a Layer 2 chain for DAOs. Verse will allow DAOs to expand their activities beyond voting while incentivizing participation and engagement at low cost. DAOs will be able to integrate with Verse and tailor their governance structure to fit their specific needs and community.
Beetle: In past few years we have seen tremendous growth in DAOs and we definitely need more efficient fast and reliable infrastructure. Glad to know that STP is already doing great in this field ⚡️
Q. Team behind a project is the foundation of a successful project, Please tell us about your team. Where are you based and how many members are working behind this project?
Richard: The Verse Network core contributors are composed of the existing STP team that launched in 2019. The team has over 4 years of experience in the blockchain industry. We are a decentralized team and based across the US, Korea and also China.
Q. You’ve launched your product, The Verse Network, What is it and how it helps in solving the underlying issues in this area?
Richard: Verse is a Layer 2 sidechain optimized for DAOs. Its an all-encompassing platform for any network, community and organization to decentralize decision-making effectively and for developers to seamlessly launch decentralized applications
Currently, governance activities in DAOs have limited functionality beyond voting and lack additional participation activities and features. Those on existing platforms like Ethereum still struggle to expand user adoption, incentive and increase participation, and fall short of educating and converting market potential.
Beetle: I see it going to be a great solution to the existing issues with ETH and other chains :)
Q. Talking about the features of Verse Network, I saw one interesting mention in your white-paper that Verse Network is resistant to front running which has been a major problem with ETH network. Could you please tell us more about this?
Richard: Yes, Verse Network is co-developed by the Meter Foundation and has similar properties including front running resistance. With the underlying high performance infrastructure design, Meter charges a minimum gas price instead of ranking transaction by gas price. Transactions are ordered by the time the network receives them and will automatically expire if they are not processed in 720 seconds.
Beetle: Im sure everyone had faced this Front Running issue on ETH 😄 Good to see Verse is going to to tackle this
Q. You’ve one Verse Network Dapp Test-net Round 2 running, Could you please tell our members about it? Who can participate and what are the rewards for the participants?
Richard: For sure, we launched the beta version of two dapps recently in terms of Framework and Clique. Both Framework and Clique will be built on top of Verse’s high performing Layer 2 chain, and will reap the benefits of its improved scaling ability and throughput.
In order to provide a user-friendly DAO platform, we welcome all of the community members to preview the technology and help us with this testing phase. Verse Network dApp testnet round 2 public campaign is ongoing right now. It’s open for public, so if you are interested in, can test it via https://daoframe.com/#/create
Richard: Since user feedback is critical for the Verse team to continue improving our DApps, we are incentivizing our new public users to share their experience creating a DAO on Verse! Rewards include:
1000 USDT Reward: 10 Top DAOs selected by the STP team
500 USDT Reward: 10 Useful submissions on our feedback form
100 USDT Reward: 10 Valuable Twitter posts– mentioning @STP_Network
For more campaign information: https://mirror.xyz/0xB9d761AF53845D1F3C68f99c38f4dB6fcCfB66A1/InOxCLHFJefLarLPQBfaw7gGxwzlKWI5MK-ih7wz3RY
About Framework& Clique:
Framework is a DAO infrastructure platform. It allows users to: create and manage DAOs based on preset or customizable templates, set token properties for your DAO, cross-chain governance, DAO token issuance, and cross-DAO interactions.
Clique enhances member participation and engagement in DAOs through a single platform for everything DAO related whether it be voting, proposals, social posts, analytics, token management, etc. Features include: an aggregated dashboard to manage and track all followed DAOs, browsing featured proposals or events, participating in proposals and social interaction through discussion forums, and tracking your DAO’s governance and social activities across all members.
Beetle: 💫💫 Perfect
Now we’ll move forward to next segment
Richard: Okay great
Beetle: We picked some questions form the twitter post, here comes the first question…
Q. What is the difference of STP Network compared to projects that are considered as rivals of STP Network such as Ravencoin (RVN), Own (CHX), Lition (LIT)? Why should users choose STP Network over such projects?
Richard: Like I mentioned before, Verse is a Layer 2 chain optimized for DAOs. Its an all-encompassing platform for any network, community and organization to decentralize decision-making effectively and for developers to seamlessly launch decentralized applications. Verse will allow DAOs to expand their activities beyond voting while incentivizing participation and engagement at low cost. DAOs will be able to integrate with Verse and tailor their governance structure to fit their specific needs and community.
Q. What are the top priorities for your project this year? and what plan will you do for the development of this project? What is the main vision and goal of your project and who are your targeted customers?
Richard: 1) Continue to develop Framework, Clique and various new DAO tools and infrastructure for the Verse Ecosystem
2) Launch Dapp developer kit on Verse Network to support customized and advanced DAOs
3) Continue to expand our ecosystem, integrate with other DAOS and projects to enhance user experience
The targeted customers are all DAOs and projects that want to utilize efficient governance
Q. What will be the role of $STPT in Verse Ecosystem? What’ll be the use-cases? What benefits do a holder gets?
Richard: STPT is the gas token of the Verse Network. It will serve as the main native token for the Verse Network. Token holders that help validate the network will get rewards from the fees from network transactions.
Beetle: Here comes the last question of this segment…
Q. Collaboration and partnerships are one of the cornerstones to making every project more widespread. Can you tell us about #STPNetworks current partners, plans for partnerships?
Richard: The initial launch of Verse will be supported by the 15,000 STPT token holders along with key infrastructure like Chainlink, Gnosis Safe and the Graph along with token projects and DAOs that represent over $5B in value. There are over 100+ DAOs participating on testnet and Verse will launch with several investment DAOs, social/membership DAOs, project DAOs and gaming DAOs. It will also have a full suite of both native DAO tooling like Framework and Clique and also existing DAO tooling on EVM compatible chains.
Beetle: We have Live Round to start now, are you ready?
Richard: yup ready!
Beetle: Alright, I’ll open chat for few minutes to collect question from our members.
Chat was unmuted to collect questions from our community. Following questions were answered by Richard -
Q. What is the most ambitious goal of your project? Could share with us any Upcoming Updates?
Our goal is to be the layer 2 chain for DAOs. DAOs represent over $10B in value currently and have much more room for growth. Verse will allow DAOs to expand their activities beyond voting while incentivizing participation and engagement at low cost. DAOs will be able to integrate with Verse and tailor their governance structure to fit their specific needs and community. We currently have over 100+ DAOs on our testnet and will have way more by the time mainnet launches so stay tuned!
Q. How did you get the community involved in developing the project? and how do you build a strong community to grow globally?
The community is essential to any project. From STP, we have 15,000 widely distributed token holders which is already a strong community to build from. Additionally we are working with several DAOs to help combine their communities into ours. We are 100% focused on building a global vibrant community for Verse Network.
Q. According to the roadmap, what is your most important next priority?
The most important next priority is launching our mainnet. We anticipate a mainnet launch between Q2 and Q3 . We are currently in the midst of testnet and have had great participation with over 100+ DAOs.
Q. Smart contracts are prone to failure, and many projects fall victim to it, costing user funds and discrediting projects. How reliable and secure are your smart contracts? Did you test it with either party?
The Meter Foundation is helping co-develop the technology behind Verse Network. Meter’s development team has extensive experience working with similar technology at companies such as Google, Cisco and Huawei. Also, we will have our smart contracts audited by reputable firms in the industry
Q. How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
If you wanna know more about us, can find here:
Website : https://verse.one/#/
Telegram annoucement: https://t.me/STPOfficialAnnouncements
Beetle: Thanks Richard for answering these question so promptly 🤝 Thanks for your valuable time! We learned a lot about Verse Network 😎👌
Richard: of course!
Beetle: We hope to see Verse becoming mainstream and grow astronomically ❤️
Richard: Thank you!