We had the pleasure of hosting William Richter, Marketing Lead at SORAMITSU, for an informative AMA session where he answered the community’s questions about SORAMITSU’s plans for the decentralized future and the open source DEX that they are building on Klaytn. Listen to the AMA session below or read on for our recap!

Note: Some of the text have been edited for grammar and clarity.

Date & Time: April 13th at 4pm SGT / 5pm KST
Platform: Twitter Spaces
Speakers: 
William Richter from SORAMITSU
Host: Sofy, Community Manager at Klaytn Foundation


Introduction

Sofy: Happy Wednesday to all! Welcome once again to another AMA session with us. I am Sofy, community manager for Klaytn and it is indeed my pleasure to be your host for today’s session. Thank you so much everyone for taking time to be here.

Today’s session will be divided into 2 parts. We will begin with an introduction from William of SORAMITSU , followed by questions from the community that we have gathered. Without further ado, let’s welcome William!

Please do introduce yourself to the community and I am sure we would love to know more about SORAMITSU.

William: Hello! My name is William Richter and I am marketing lead in SORAMITSU. I have an MA in Media from the University of Amsterdam. My main areas of interest are metadata and privacy, and I got fully immersed in the blockchain industry at the end of 2020, I think around that time ETH was at about 600USD, so it definitely feels like it was a long time ago.

SORAMITSU is a global technology company delivering blockchain-based solutions for enterprises, universities, and governments. From the creation of domestic and cross-border payment systems, to the development of our own decentralized autonomous economy, our projects and use case studies represent the next-generation of fintech.

Questions

Q1
Sofy: Since its founding in 2016, SORAMITSU has devoted itself to the blockchain industry. Where did SORAMITSU originate from and how does the company’s work culture differ from others?

William: SORAMITSU’s origins can be traced back to the sky… In the words of our group founder and personal inspiration Dr. Makoto Takemiya, “In the same way that taking to the skies gave us insights about our physical world, blockchain technology can provide insights into our digital world.”

SORAMITSU seeks to harness the power of the next generation of blockchains to empower people, help with decision making, automation, and safe management of assets; because ultimately, our goal is to make the world a better place.

The culture we have at SORAMITSU as a company is very unique, we like to think BIG while at the same time remain grounded, as we are driven by results. The team is very diverse, we have 150 people split across 7 countries, so the mix of cultures and perspectives is great, however, collaboration with ethics and integrity is very important for us.

Q2
Sofy: What are some of the company’s core values and how do they relate to its mission of building a better world through decentralized technology?

William: That’s a great question! Our core values definitely go hand in hand with our mission: we value simplicity, clear communication, and being straightforward and honest with those we work with. When it comes to building a better world, it is important to own what you do, while being very customer focused. In the end, we are building toward creating a better world for everyone.

Q3
Sofy: Can you share a brief overview of SORAMITSU’s progress and what SORAMITSU plans to accomplish in 2022?

William: Definitely! We are working to make this Year of the Tiger one of the most productive yet! I can’t share many details, as you can imagine, but some of the highlights include:

Significant improvements to the Hyperledger Iroha DLT, support and improvements to Bakong, such as more convenient KYC for users, password recovery assistance and more surprises… We have some valuable initial findings in our ongoing CBDC research in Laos and Oceania, along with new infrastructure projects, including in the cross-border settlement space.

We are looking to have new joint ventures with public and private consortia, and this year we will also reach the next phase in development of the SORA DeFi ecosystem, and if that was not enough, our CEO Makoto Takemiya will be participating in this year’s Global Blockchain Business Council Blockchain Central panel in Davos, Switzerland, where he will talk about the future of money!

This is only a hint of the ongoing work for this year, and of course we can’t forget the collaboration with Klaytn, which we hope is only the start of a very long-term commitment!

Q4
Sofy: To learn more about SORAMITSU’s vibrant ecosystem, could you please share with the community about some of the partnerships SORAMITSU has formed that led them to where they are today?

William: Sure thing! Where to begin though? We have participated in plenty of great collaborations. If I had to list the most important ones, I would begin with the Hyperledger Foundation, which is part of the Linux Foundation. As the original developers of the Hyperledger Iroha DLT, we collaborated with the National Bank of Cambodia, where we developed a payment infrastructure named Bakong, which is the first of its kind. We also collaborated with the Japan International Cooperation Agency to lead a feasibility study on central bank digital currency in Laos. Finally, we are also collaborating with SORA, the decentralized economic system. Personally, I find this one quite interesting as it is quite a different environment to work with when you compare it to someone like the National Bank of Cambodia. Although, if the Klaytn community is interested, they can look at our 2021 Year in Review publication for more details on these and other collaborations.

Q5
Sofy: SORAMITSU has developed a digital currency for the 
National Bank of Cambodia, a closed-loop payment system for the University of Aizu in Japan, an identity verification system prototype for Bank Central Asia in Indonesia and finalists in the Monetary Authority of Singapore CBDC Challenge. SORAMITSU seems to be moving towards global expansion. What geographic expansion plans does SORAMITSU have in place?

William: We plan to take over the world! Just kidding… A lot of our work focuses on the Asian continent. With research and development ongoing in a lot of Asian countries that people in the west dismiss, or aren’t even aware exist. As a global company with Japanese origins, it makes sense to begin our work in the Asian region, as there are plenty of opportunities to improve the lives of people in the region, and, ideally, get rid of the notion that innovation is mostly happening in the global west.

Q6
Sofy: What made SORAMITSU decide to build on Klaytn and how will this benefit SORAMITSU?

William: We have a shared vision and goals to benefit people through blockchain-based decentralized technology, so we believe that both parties benefit from this collaboration. On our side, the benefits will come from working together to develop a better world for people, where blockchain technology will help foster innovation and inclusion.

Q7
Sofy: Both SORAMITSU and Klaytn share the vision of building decentralized systems and empowering participation and opportunity for all. Klaytn is excited to welcome SORAMITSU as a valuable strategic partner to build the first open-source decentralized exchange on our blockchain. What are your thoughts on this partnership?

William: Personally, I think it is a great partnership that benefits the entire Klaytn community. At SORAMITSU we work towards achieving decentralized and open source technologies that benefit all the people who use them. We are very excited to build a decentralized exchange architecture backbone for Klaytn that is cutting edge and future-proof.

This is only the beginning of the great things that a partnership with Klaytn will bring!

Q8
Sofy: What is SORAMITSU’s reason to create an open source DEX?

William: Concretely speaking, the reason would be to foster true decentralization, while providing a transparent and inclusive platform for users and developers alike, in addition to providing a further means to aggregate liquidity to the tokens in the Klaytn ecosystem.

Q9
Sofy: What are some of the exciting features of the DEX that will be built on Klaytn?

William:

We will also have cool analytics tools, ranging from dashboards and graph API to see your data better. More functionalities will be considered down the pipeline.

Q10
Sofy: Impermanent loss is the risk associated with providing liquidity to DEXs. What is SORAMITSU’s approach on how to manage this aspect or probably provide advances on how to lower impermanent loss?

William: A lot of the issues with impermanent loss comes from the fluctuation of tokens prices while providing liquidity. In this sense the best suggestion I can give to minimise the risks would be to provide liquidity to a stable token. It’s not a silver bullet, but it helps.

Q11
Sofy: How do you guys plan to drive liquidity into the DEX?

William: We are building the backbone infrastructure for the DEX, but will not be operating the DEX itself. With that said, I think there is a lot of untapped value in the Klaytn network and having a DEX that drives that value into building up the Klaytn economy will incentivize a lot of users to provide liquidity.

Q12
Sofy: How would SORAMITSU’s DEX attract institutional investment in DeFi?

William: I think the answer to this question is very similar to the previous one. We have no influence on the eventual operation of the DEX, but we hope that institutions can appreciate the value of decentralization, open-source technologies, and try to be part of these innovations. We are designing the DEX with creating value for the Klaytn ecosystem in mind, so institutions that are excited about contributing to Klaytn in the long term will likely want to take part in using the DEX and integrating it into their apps and dApps.

Q13
Sofy: Where can the community find a feature list of the upcoming DEX?

William: If anyone is interested in learning about the proposed features in detail, you can take a look at the accepted proposal for this project.

Q14
Sofy: In what ways are Fintech innovations, such as SORAMITSU, disrupting the payments industry?

William: Japan-based SORAMITSU rolled out a next-generation payment network that enables real-time payments online and via smartphones. The venture’s blockchain platform is faster, cheaper and addresses development issues such as when people are “unbanked.” In Cambodia, for example, 78 percent of the population over 15 years old do not have access to banking services. In six months, the platform enrolled thousands of real users.

SORAMITSU’s Project Bakong lets participating banks and customers transact directly and more efficiently through a platform that is monitored by Cambodia’s central bank. It’s the ultimate stamp of approval. The company is also rolling out mobile solutions that give Cambodia’s unbanked population access to payment services via smartphone.

Q15
Sofy: Do you think decentralized technology is a sustainable and most viable approach for the future of the blockchain industry?

William: I think it is the most sustainable and viable approach for the future of any industry to be completely honest.

Q16
Sofy: Do you have any final thoughts you’d like to share with our community?

William: I think we have pretty much covered everything in this session, but if you want to know more about SORAMITSU and the work we’re doing to make the world a better place through decentralized technologies, check out our website or follow us on Twitter or LinkedIn!


Many thanks to William Richter from SORAMITSU for taking time out of his busy schedule for our AMA! To find out more about Klaytn and join our growing global community, please follow these links below:

Website | Twitter | Discord | Telegram

We had the pleasure of hosting Colin Kim, Klaytn Core Development Team Leader, for an informative AMA session where he answered the community’s questions about Klaytn implementing support for Ethereum equivalence. Read on for our recap!

Note: Some of the text have been edited for grammar and clarity.

Date & Time: Mar 25th at 4pm SGT / 5pm KST
Platform: Telegram
Speaker: 
Colin Kim from Klaytn Foundation
Host: Sofy, Community Manager at Klaytn Foundation


Introduction

Sofy: A very good afternoon to everyone and Happy Friday! Welcome once again to another AMA session with us. I am Sofy, community manager for Klaytn and I will be your host for today’s session. Thank you so much everyone for taking time to be here.

Today’s session will be divided into 2 parts. We will begin with an introduction from Colin, followed by him answering commonly asked questions.Lastly, we will be opening up the floor to the community. Feel free to drop your questions for the last segment of the AMA.

Please kindly introduce yourself to the community and share with us about your place in the Klaytn network.

Colin: Hi, Sofy. Thanks for having me. I joined Klaytn in 2018. I worked in various layers like platform development, SDK development, API Service development a.k.a Klaytn API Service, and application development such as KrafterSpace. Now I’m leading Klaytn Core Development Team.

Questions

Q1
Sofy: How will Klaytn v1.8.0 supporting Ethereum APIs support the Klaytn 2.0 initiative that the team set out?

Colin: Klaytn 2.0 is basically for metaverse builders. For them to build applications easily on Klaytn, it would be good to utilize massive resources previously built on Ethereum. Since Klaytn is forked from Ethereum, it is possible to support Ethereum APIs. Then many open-source resources can be used on Klaytn. Since Klaytn has many good features for better UI/UX, applications can provide better UI/UX with the abundant resources on Ethereum.

Q2
Sofy: So what are the significant changes? Please summarize that. It’s far too lengthy!

Colin: Okay. Let me summarize:

  1. We will support London EVM.
  2. We will support eth namespace APIs.
  3. We will support new Ethereum transaction types.

Q3
Sofy: When can we use that?

Colin: For Baobab, it will be activated on March 24th. The block number is 86,513,895. The time will be around 12 PM.

For Cypress, it will be activated on March 31th. The block number is 86,816,005. The time will be around 12 PM.

After then, you can use truffle, hardhat, web3.js, ethers.js, etc. as it is.

If you want to experience this before the hardfork, you can use our test network. The URL can be found in this article.

Q4
Sofy: What about the gas price increase?

Colin: Good question. We are also thinking that this can make the community confused. We are trying hard to do our best for the community. Let me make this clear.

For Cypress

  1. The v1.8.0 hardfork will be in effect on March 31th, the block number would be 86,816,005.
  2. The gas price will increase on April 3rd, the block number would be 87,091,200.

Q5
Sofy: Can you share the links to all the related articles?

Colin: Sure. Here are all links related to this topic.

Q6
Sofy: What are some benefits of the new feature that users may look forward to?

Colin: The main benefit is that you can now use Ethereum tools such as Truffle, HardHat, Web3.js, Ethers.js, etc. You can also use the latest Solidity versions.

All features supported by Ethereum’s London EVM are also now supported on Klaytn. Ethereum’s London hard fork is the latest technological update to the Ethereum ecosystem with changes to the EVM.

In other words, every EVM feature will now be available on Klaytn core protocol as well, however it should be noted that there have been some changes made with regard to precompiled contract addresses in the process of supporting London EVM, for which Klaytn developers should take into account. You can read more about this here.

Q7
Sofy: Can you share with us the new transaction types on Klaytn that support Ethereum transaction types?

Colin: Actually, Klaytn has employed transaction types for extensibility. We present the account model and transaction model in ETH Devcon 5, 2019. Ethereum also found that they need to add more fields to the transaction, so they introduced transaction types. Mainly two reasons: access list and dynamic gas price a.k.a. EIP-1559. To support these new Ethereum transaction types, Klaytn also needs to add more transaction types. This is why new transaction types were introduced in Klaytn.

Ethereum’s transaction types AccessList and DynamicFee will be supported. In 2021, Ethereum introduced what is called the transaction types. But varied transaction types are something that Klaytn has had since the launch of its mainnet in 2019, so there was a compatibility issue with Ethereum’s new transaction types. Klaytn v1.8.0 includes fixes to resolve the inconsistencies between transaction types of Klaytn and Ethereum. You can read more about this here.

Q8
Sofy: What are some challenges that users may potentially face with the new features and how may they address or where should they seek help from?

Colin: This is a quite big change towards Ethereum equivalence, but there is not much difference especially for users using Klaytn. Check the above articles. Especially for developers, they need to take care of these three things:

  1. Potential out of gas error: gas cost mechanism is changed slightly. This can cause out of gas error if the fallback function does storage related operation.
  2. Precompiled contract address change: The problematic case is that a newly deployed contract does a delegate call to the old contract. And the old contract needs to perform the execution of the precompiled contracts that are moved to the other address range.
  3. Support new transaction types: Since Ethereum transaction types are newly added to Klaytn, SDKs support the transaction types. Services like KlaytnScope should also process the new transaction types.

Q9
Sofy: How can users streamline when generating and retrieving Ethereum-formatted transactions?

Colin: If they are Ethereum users, and they have their tools to generate Ethereum-formatted transactions, then they just send the transactions to Klaytn via eth_sendRawTransaction().

Q10
Sofy: Klaytn’s existing precompiled contract addresses have been mapped to new addresses in order not to overlap with the existing Ethereum assignments. What is the effect of the precompiled contract address changes?

Colin: We can separate this into two:

  1. Contracts deployed prior to the hard fork
  2. Contracts deployed after the hard fork.

The first ones use the old precompiled contract addresses, so they don’t need to be redeployed. It can be a problem if the first one is called via a delegate call from the second one because this call uses the context of the second one.

The second ones use the new precompiled contract addresses. In this case, it can be a problem if the second one is trying to call old precompiled addresses. In this case the source code needs to be updated to use new precompiled addresses. You can read more about this here.

Q11
Sofy: What are some changes that users have to look out for if they are using `eth` namespace APIs with Geth client and Ethereum development tools?

Colin: Klaytn supports eth namespace APIs, so developers using Ethereum based SDKs or tools now can easily migrate their existing projects to Klaytn. (e.g. You can replace the endpoint URL in the Ethereum tools to point to a Klaytn node.) You can read more about this here.

Q12
Sofy: When should users utilise the call method vs the delegate call method when deploying new contracts?

Colin: Please see the details in this article. To summarize this, please do not use delegatecall to the old contract from the new contract. This is the problematic case.

Q13
Sofy: Are there any tips you may give to our users?

Colin: I think one of the things that was not propagated well was that we also employed gas cost changes (EIP-1844), so SLOAD, SSTORE gas cost is changed. The problematic case here happens when the fallback function uses storage. Please take a look at our release notes to learn more.

Q14
Sofy: What is the progress on Klaytn’s product development? Is Klaytn on track with its roadmap?

Colin: I think yes. We are also planning to show the detailed tech roadmap that we want to achieve. Please stay tuned on Medium.

Q15
Sofy: What are some similarities and difference Klaytn has in comparison to Ethereum?

Colin: It’s a very good question. For similarity, we try to be similar as much as possible so that any applications running on Ethereum can be directly run on Klaytn.

For the differences, we can think of this as a UI/UX enhancement. We achieve 4000 TPS and 1-second block finality. This means you can make an application similar to a mobile application. The transaction is finalized in 2 or 3 seconds including transaction propagation time.

Also we’ve developed the account model and transaction model. With this, we can easily build a fee-delegation mechanism. Also we can improve security by making it possible to map multiple private keys to the account.

Q16
Sofy: Overall, what do you think is the greatest advantage for our community — dev, users etc., with the latest towards Ethereum equivalence?

Colin: As I discussed, we can embrace all Ethereum ecosystem tools and services very easily. We know that not many applications or services are onboard on Klaytn. By ourselves or with the Klaytn community, we can easily migrate or port applications first. Then we can build more on this.

By doing this, I think we can give better user experience even though the source code is exactly the same.

Many thanks to Colin Kim for taking time out of his busy schedule for our AMA! To find out more about Klaytn and join our growing global community, please follow these links below:

Website | Twitter | Discord | Telegram

We had the pleasure of hosting the team from Klapes for an informative AMA session where they answered the community’s questions about the Klapes project’s current and future activities. Listen to the AMA session below or read on for our recap!

Note: Some of the text have been edited for grammar and clarity.

Date & Time: Mar 16th at 6pm SGT / 7pm KST
Platform: Twitter Spaces
Speakers: 
Turner (COO), Garthos (Game Director), Judi (Project Manager), and Bex (Project Manager) from Klapes
Host: Sofy, Community Manager at Klaytn Foundation


Introduction

Sofy: A very good evening to everyone and Happy Wednesday! Welcome once again to another AMA session with us. I am Sofy, community manager for Klaytn and I will be your host for today’s session. Thank you so much everyone for taking time to be here. Especially the Klapes team. As they are located in a different timezone from most of us.

Today’s session will be divided into 2 parts. We will begin with an introduction from the Klapes team, followed by questions from the community that we have compiled. Feel free to drop your questions for the awesome Klapes team in Klape’s Discord.

Please introduce yourselves to the community, and I am sure those who are new would love to know more about Klapes.

Judi: Hi, Sofy! Thank you for having us and hosting this AMA — we really appreciate it. Today, from the Klapes team, we have: Turner — our COO. Garthos — our Game Designer. Bex — one of our project managers and me, the other project manager! We’ve been looking forward to answering some questions from the community and talking about Klapes Klubhouse and some future plans for the Klapes project and MMJP.

For those who are new, Klapes is an NFT project built on the Klaytn blockchain. The project was launched in December of last year and did very well during the original mint, selling out in less than 20 seconds. Afterwards, we became the first verified Klaytn collection on OpenSea. In January, we developed our second collection, Baby Klapes, giving holders one Baby Klape for each Klape they owned. Since then, we have been developing the Klapes DeFi game, Klapes Klubhouse, which we will be releasing Part 1 of on Friday!

The whitepaper is currently published on the Klapes website, but for those of you who haven’t had the chance to read through it yet, we will give you a quick run through.

Klapes Klubhouse is a DeFi staking game that allows holders of Klapes and Baby Klapes to stake their NFTs and earn rewards. By staking NFTs in Klubhouse holders can generate $KOCO and, in Part 2, holders can use that $KOCO to send their Baby Klapes treasure hunting in the Ruins of Gutan to find new and unique NFTs.

Questions

Q1
Sofy: What was the inspiration behind Klapes Klubhouse and what made you guys decide to create a DeFi staking game?

Garthos: We actually had several game concepts that we had come up with and one of those was based around Klubhouses that could potentially be bought and sold and have social rooms that could be built by the owners. However that initial design would have required a much longer development effort to implement and we felt had a higher risk of failure. There was just something that we all liked about the social interaction of the first Klubhouse design that we wanted to retain but also wanted to put more focus on the staking mechanics and coin generation for holders. The Klompster made the perfect “villain” for this concept which brought an element or risk vs reward that just felt right.

Q2
Sofy: Some blockchain gaming platforms need a deposit in order to play their games. So, does Klubhouse require a deposit in order to play it? If so, what is the minimum or initial deposit amount required?

Bex: There is no deposit required to participate in the Klubhouse. The only cost will be the gas fees for staking and unstaking the klapes and baby klapes that is very minimal.

Q3
Sofy: Klubhouse is a staking game. Is it also a play-to-earn game?

Turner: I would say yes. While there is a staking mechanic, your participation is what will allow you to earn $KOCO.

Q4
Sofy: Could you please describe $KOCO’s tokenomics?

Garthos: Klubhouses are the main faucette for earning $KOCO. Part 2 of the Klubhouse Game will be one of the major token spends as players will spend it to earn new monthly exclusive NFTs. That being said, we do have some other uses in mind that we will be sharing in the near future but we are not able to discuss just yet, but SOON!

Q5
Sofy: What is your marketing strategy that will help expand Klubhouse’s community and make Klubhouse popular?

Judi: A majority of our current marketing strategy has been put together by IndigoChild. It started with our partnership announcement and listings on Hashnet. We have also had banner ads on Coinness. There have been articles, and will be more articles, on sites like Coinreaders, Coinness, Bitman, Cobak and more. We also have PR planned for some of Korea’s largest KOL Telegram channels and another AMA that will be hosted by IndigoChild on Friday — right before the launch of Klapes Klubhouse.

Q6
Sofy: Could you please share with us Klapes’s long term goals?

Bex: Our long term goals with Klapes is to release Klapes Klubhouse and build up hype and demand for the project, re-launch Baby Klapes, and then expand and build upon the Klapes Universe hand-in-hand with the DAO’s decisions.

Q7
Sofy: How are the NFTs going to be like for Klubhouse? Is it just going to be Baby Klapes only or will there be new types of NFTs like weapons, new versions of Klapes?

Turner: Some of this is TBD and will likely be available for the DAO to help decide. The NFTs that are earned in Part 2 are not currently planned to have utility. If that were something the DAO would like to see, that would most likely be in a later Phase.

Q8
Sofy: Do you have a token burning plan to increase token value and attract more investors to invest?

Judi: At this point, we do not currently have any plans to burn tokens, specifically Baby Klapes. When Baby Klapes minting opens in the future, of course, the hope is that all of the Babies will quickly find homes. We may have to reassess in the future depending on the NFT market, initial sales of Baby Klapes, and some other factors that will need to be taken into consideration. We also want to keep in mind that there are some really great 1 of 1s still left in the collection!

Q9
Sofy: Asides from Klubhouse, are there any plans for more DeFi games in future?

Garthos: Yes, we have another game, Next Horizon, in the works that we have already shared a few details on.

Q10
Sofy: Is it possible to receive Klay with DeFi staking interest on Next Horizon DeFi?

Turner: We aim to have some Next Horizon resources listed on a Korean exchange (or DEX) so they can be exchanged for KLAY. Further details will be made public as development for Next Horizon continues.

Q11
Sofy: What’s going on with the Klapes global public relations plan?

Judi: We partnered with IndigoChild to support our marketing campaign for both Klapes Klubhouse and Baby Klapes, you may have already seen partnership announcements from them on social media! You will see more from them in the coming days and weeks.

Q12
Sofy: As the holders’ royalties are so minimal, I suggest Klapes to deliver more benefits to the public rather than just holders.

Bex: We aim to provide benefits to our holders as a priority. In order to play Klapes Klubhouse you need to be a Holder. On top of that, benefits for future projects also require you to be a Holder. We believe that people will see the benefits of holding with the release of Klubhouses and into our future, and that will be something the public will want to be a part of.

Q13
Sofy: Moderators are needed. Many components, such as responding queries, are too slow in comparison to comparable projects. Other projects require 1–2 weeks to get alerts or answers that are sent out in a single day. Is it possible that the lag is due to a process that requires Klaytn’s approval?

Judi: We do currently have a handful of moderators. We appreciate that it can take some time to respond to inquiries. Klaytn does not have an approval process over Klapes announcements. We provide updates frequently, the speed of which is dictated by what we have to share. We do not want to ping channels just to appear busy — we want to provide content that is worthy to the community.

Q14
Sofy: How long does it take from Klubhouse to Next Horizon DeFi?

Turner: We aim to have Phase 1 of Next Horizon available in Q2 of this year. After the launch of Phase 1 of Klubhouses, and prior to Phase 1 of Next Horizon, we will be working on Phase 2 (Treasure Hunting) for Klubhouses.

Q15
Sofy: Is there a difference in the mining amount of Klapes and Baby Klapes in Klubhouse?

Garthos: Only Baby Klapes can generate $KOCO in the harvesting Phase for the Klubhouse. The generated $Koco is distributed equally to all Klapes and Baby Klapes staked in that Klubhouse at the completion of the Harvesting Phase. Further explanation can be found in our whitepaper.

Q16
Sofy: What exactly can I do with the tokens mined by Klubhouse?

Bex: The tokens acquired through Phase 1 of Klubhouses can be spent in Phase 2 in order to go Treasure Hunting! We also have some other burn mechanisms in mind which we hope to share with you in the not too distant future.

Q17
Sofy: When will Discord holder verification and the translation bot be available? We want a definite date.

Judi: We have been informed that Klaytn is currently working with devs to create a holder verification bot. Once that is developed we will certainly look into it and implement it into our Discord. The translation bot is currently in testing, we are looking into the output it creates specifically, as it is not as reliable as Google Translate in its current form. It is something we will spend more time on once we have work completed on Klubhouses.

Q18
Sofy: Do you have any intention of showing partnerships with investors on the Klapes website? Most Korean NFT projects demonstrate this.

Bex: This is a great idea. We will discuss this with the engineering team to add a section that highlights Klapes partnerships and collaboration that Klapes is part of.

Q19
Sofy: Why do you decide to do a DAO which eventually leads to paying the gas fee anyway? One option would be just creating a discord holder authentication bot and do like DAO instead because it seems okay now but will be risky when the gas fee goes up.

Turner: This was mentioned previously in the Klapes discord, but there may have been some people that missed the announcement or are new members to the community. The Klapes team was made aware that Klaytn is currently working with a team to develop a verification system. We are currently not aware of a Discord bot that is able to take weighted votes into account. Once that system is established we would be interested in looking into implementing weighted DAO voting within the discord. Until weighted voting is possible with a discord bot, we plan to continue holding official DAO votes on the Klapes website.

Many thanks to the talented team from Klapes for taking time out of their busy schedules for our AMA! To find out more about Klaytn and join our growing global community, please follow these links below:

Website | Twitter | Discord | Telegram

We had the pleasure of hosting Dohyun Pak, CEO and Co-founder of BIFROST, for an informative AMA session where they answered the community’s questions about BIFROST’s milestones and future plans. Listen to the Korean AMA session recording through the Twitter Spaces link below or read on for our English recap!

Note: Some of the text have been edited for grammar and clarity.

Date & Time: Feb 25th at 1pm SGT / 2pm KST
Platform: Twitter Spaces
Speakers: 
Dohyun Pak, CEO and Co-founder of BIFROST
Host: Bina, Community Manager (Korean) at Klaytn Foundation


Introduction

Bina: Good afternoon and TGIF everyone! Thank you for joining us in this AMA session. I am Bina, the Korean Community Manager for Klaytn and I will be the host for today. We have with us a very special guest, the CEO and Co-founder of BIFROST, Dohyun Pak.

BIFROST, the world’s first blockchain middleware that enables multichain technology, has integrated with Klaytn, expanding the endless possibilities for developers through the diversity of blockchain protocols, customization of network promises scalability of a private blockchain, safety and decentralization of public blockchain. This partnership is indeed the combination of multichain technology and a friendly end-user experience.

Today’s session will be divided into two parts. We will begin with an introduction from Dohyun, followed by questions from the community that we have compiled. Going through the questions that we have gathered, our community is really eager to learn more about BIFROST milestones and future outlook.

Please kindly introduce yourself to the community.

Dohyun: Hello, everyone. I’m Dohyun Pak, the CEO and co-founder of BIFROST. Thank you all for joining.

Before we start this AMA, I want to thank everyone for understanding that this AMA will be held in Korean as a lot of our community members are Korean. An English recap will be posted on Medium.

I worked in the financial sector specializing in derivatives for over 10 years before I started BIFROST. I have a PhD in Financial Engineering and I founded this company, Pilab, back in 2016. Our co-founders CTO and COO are both Computer Science experts and we have started together with the hopes that blockchain technology will be able to change the world.

Bina: Thank you for the introduction. With your experiences and credentials, I am optimistic about BIFROST’s future outlook. Before jumping into the questions from the community, why don’t you share a little bit about BIFROST’s products?

As far as I know, there are 4 main products and could you explain a bit about each product for the audience?

We started to develop BIFROST in 2017 and finished v1 in 2019. The goal then was to enable DApps to freely connect to all blockchains with a multichain middleware platform. So this is slightly different from cross-chain. And back then, there were a lot of attempts to figure out the multichain solution, but of course, you needed to have money.

We were able to get funded from South Korean VCs when we first introduced BIFROST to the blockchain developers community from all around the world at DevCon in 2019. Afterwards, we built 4 more products and BiFi was the first to launch.

BiFi is a lending and borrowing protocol like Compound. We initially started with the Ethereum network just like Compound, but we realized that if we are able to connect to the Bitcoin network, the market cap can increase tremendously. In 2020, we have successfully launched BiFi that now supports multiple networks, most notable ones including Bitcoin and Klaytn.

BiFi X is a leveraged trading platform and this is getting more and more popular within the DeFi community.

We’re currently redesigning the interface of BiFi X. With this newer version, I’m confident that even people who don’t normally use DeFi can enjoy and have fun investing with it.

ChainRunner is another big and ambitious project of ours. The first version of ChainRunner is called ChainRunner Q, followed by the next version, ChainRunner M, which will be launched this year.

Simply, it’s the Open Banking of DeFi that connects all different kinds of DeFi like BiFi, Aave, Compound, Venus, or SushiSwap — enabling you to move assets in one single platform with a connected wallet, like Biport or MetaMask.

ChainRunner is a financial innovation for DeFi. We carried out the idea from popular Open Banking products in South Korea. It has mainly DeFi features right now, but it will soon be equipped with non-DeFi features such as NFT purchasing, minting, and smart contract security auditing.

At first, the concept of ChainRunner can be a bit complicated, but everyone who uses ChainRunner really enjoys using it. In the end, I believe that our mission to offer innovative financial products for everyone can be achieved with ChainRunner.

As with Biport, anyone may ask, how can anyone compete with MetaMask at this stage?

But as you may know, our overarching approach is “Multichain”. Currently, there is no multichain wallet that works perfectly in this space. To fully perform the multichain features that we envision, it needs to support not only tokens or DeFi, but NFT and products like marketplaces. This can be accomplished with Biport. And as a matter of fact, you can even transfer your MetaMask account to Biport so that you can use Biport as if it were your MetaMask.

We’re trying to create a “passport” that connects the whole blockchain ecosystem. And if you’re curious, that’s actually where the name Biport comes from — “BiFi Passport” shortened!

So these are the four main products that have been launched by BIFROST thus far. Please visit our YouTube channel if you want to learn more about our products.

Bina: Let’s move on to the questions from the community and very excited to hear your thoughts.

Questions

Q1
Bina: What are some of the greatest achievements BIFROST has experienced?

Dohyun: When we connected the Bitcoin network to BiFi and became the first to offer Bitcoin lending in DeFi, we experienced an unimaginable price surge of the BFC token. I think this was well due to a similar price surge of THOR, as many had expected that BIFROST could bring about a similar situation.

Indeed, it was very difficult to connect the native coin. Cryptographical proof work was needed for the connection and since the process did not involve “wrapping” of the coins, it was expensive. At the same time, we needed to ensure it was hack-proof at all times.

Our team went through a lot of difficulties investing a lot of our time and effort, but consistently pushed through the project. I’d say this is a proud achievement that others could not make of it.

Another achievement for us is marketing. As you may already know, the industry trend is continuously changing, and fast. In 2021, DeFi was very popular. Since 2021 till now, NFTs and the Metaverse are the next big thing. We have a vision that the 4 DeFi products of ours will connect the Metaverse, NFT, P2E, and DeFi all within BIFROST City and are well heading towards it.

Q2
Bina: Summoner is the first DApp running on BIFROST, are there any success stories?

Dohyun: Summoner is our first NFT-based P2E game which we hope can provide us with a solid foundation for us to take a leap in the metaverse space. We are working with a partner to develop the actual game.

We also aim to open up a new world of NFT marketplace. There are many active NFT marketplaces right now. I’m aware that Klaytn is creating its own NFT marketplace. Polkadot and Solana are making huge efforts, too. But if all of these marketplaces are not connected, users will find it difficult to play and collect.

As a multichain provider, we plan to connect all of the marketplaces, and Summoner is just the beginning. Through the Summoner NFT minting and staking platform, we want to be able to provide all the wants and needs of P2E gamers. Later, we would love to collaborate with Klaytn and connect to Klaytn’s NFT market. The integration of the marketplaces for our partners is the least we plan to achieve. Our ultimate goal is to offer a universal place where users can easily buy, sell, and enjoy the real value of NFTs.

Summoner game will be launched in March. In fact, we already have an active community on Discord and Twitter. We will be providing many different NFT-based games and products very soon.

Q3
Bina: How do you think Klaytn Foundation will benefit the BIFROST ecosystem?

Dohyun: I am eager to see the Klaytn Foundation advance. The success of the Korean networks can benefit all of us. The ecosystem on Klaytn is well-structured and we have joined to build an even better DeFi ecosystem for Klaytn by connecting Klaytn network to all of our products.

Klaytn will be able to experience all its ecosystems connected through BIFROST, especially as Klaytn network is cheap, fast, and highly scalable. If the Klaytn ecosystem scales rapidly, there are higher chances that our products are developed with more focus on Klaytn. We expect to build a long-term relationship with Klaytn along with our journey to NFT and the metaverse.

Q4
Bina: BIFROST started out as a middleware platform and is now transitioning to its own network. Could you elaborate on why and how BIFROST plans to achieve this?

Dohyun: When we announced that we will launch our own network, many questioned whether our focus had shifted, since we emphasized being the “middleware platform” in the past. Well, I’d like to call it an “expansion” rather than a “shift”.

Of course, connecting all of the different networks like Klaytn is interesting and innovative. But with our own network, we believe we can achieve even more scalability much faster. When we connect Klaytn to our network, DApps can be cheaper, faster and more scalable. Since we are also in the NFT marketplace business, we would need an NFT exchange platform in the form of DEX. To have features like swap, we thought that having our own network is essential.

The BIFROST network will be launched by the end of the second quarter. The city that we envisioned will be realized within the last half of 2022.

Q5
Bina: Will there be an android version of Biport wallet? If yes, when will the android version of Biport wallet be available?

Dohyun: Currently, Biport wallet is available as a Chrome extension and we are in development to launch the mobile app on both iOS and Android by Q2. Most of the development is done at this stage, but we are at the testing stage for the highest security while providing a seamless UI, which is why it will take some more time and will be launched by the end of the second quarter.

There may be slight changes but not major ones to the launch schedule.

Q6
Bina: BiFi is the first to launch Native BTC lending and offers DeFi services on Bitcoin, Ethereum, Binance Smart Chain (BSC), Avalanche and Klaytn networks. It seeks to create a decentralized financial infrastructure that connects all the capital markets — allowing capital to flow seamlessly. May you share with us more insights about BiFi?

Dohyun: Similar to Compound, BiFi initially started out on a single network, Ethereum, as a lending protocol, connecting to multiple networks one by one.

BiFi became a truly multichain DeFi when we successfully launched native Bitcoin lending by connecting the Ethereum and Bitcoin network directly for the first time in DeFi.

Although the DeFi community may seem big just within the crypto community, there are actually only about 3,000,000 active DeFi users around the world. And of course, a large amount of DeFi capital is dominated by whales, who hold large amounts of assets without moving or selling them often, especially in lending incumbents like Compound.

But I see this as optimistic as BiFi has a lot of room for growth. We will definitely need to entice and acquire more users, and we will achieve this by providing a user-friendly product for all. BiFi is the beginning of this

As we approach the coming boom in the metaverse, all of our products: BiFi X, ChainRunner, and Biport, along with our NFTs and the marketplace will come together to create one powerful decentralized financial infrastructure connecting all the capital markets. And BiFi will be the core of this.

Q7
Bina: What is the current focus of BIFROST and what are some of the future plans or future technology roadmap for BIFROST?

Dohyun: Our focus is: how to be profitable now and in the future.

On a business standpoint, BiFi is actually doing very well right now. But the goal is to think beyond this simple lending and borrowing protocol on a more strategical and financial viewpoint to build more practical and innovative products, like BiFi X or ChainRunner.

A less-profitable, but more visionary focus in our stated roadmap pertains to NFTs and the multichain NFT marketplace. Our ultimate goal is to offer a flexible marketplace platform where users are able to freely create, collect and trade NFTs on different blockchain networks, using Biport wallet.

As we all are all aware, Facebook’s recent name change to Meta shows that they’re going all in on the metaverse. When that metaverse soon comes, and I believe it will, BIFROST will be well-prepared to connect all the existing DeFi and marketplaces with our multichain solution.

Q8
Bina: Do you think the multichain approach is the future of the blockchain industry?

Dohyun: Vitalik Buterin had recently tweeted that multichain is the future. And this (multichain) is inevitable.

Bitcoin is the oldeset blockchain. The most trustworthy and secure, Ethereum. These first and original blockchains still reign and nobody can deny that.

However, the industry and technology moves fast. We often see new blockchains appear with better security or speed, all competing to be the very best.

But you can’t be the only game in town. The multichain world we envision is not “one chain wins all”. We need to be able to use them simultaneously, using the most suitable ones in different situations. And the technology that enables this is “multichain”. Our goal is to be able to connect all blockchains, even those that claim that they’re multichain like Cosmos.

Q9
Bina: As BIFROST progresses to be the leader of a multichain DeFi, how do you ensure that BIFROST does not compromise the core of the trinity — transparency, security and scalability?

Dohyun: With numerous hacks we are seeing in the DeFi space today, it is becoming more critical to focus on the security of our protocols. Our CTO is an expert in blockchain technologies and software security.

Frankly, however, we don’t like to say that we’re hack-proof as there is no 100%. To provide a high-security product, the team constantly needs to test its products to prevent hacks that did not happen just yet. This is why we always keep security at the forefront in developing our products and conduct thorough auditing from the best security firms. And I can proudly say that we haven’t had any security issues thus far.

We will continue to deliver the best security efforts and focus on building high trust for our users within the DeFi community.

Q10
Bina: Thank you for the insightful sharing, do you have any final thoughts you’d like to share with our community?

Dohyun: Our vision has been and will continue to be “changing the world with our technology”.

We want to prove the traditional world that blockchain technology can change the world. Many had once questioned blockchain and crypto, but now the world has accepted that it has the potential to be truly disruptive and it is on the verge of revolutionizing the world with its fast-growing ecosystem.

I also keep mentioning the metaverse because it continues to grow immensely and we will all become part of it one day. But o build this virtual infrastructure, blockchain technology is crucial. We will continue to compete with our powerful technology and ultimately become a South Korean technology leader within few years.

I want thank the Klaytn Foundation and our BIFROST community for the continued support and I hope we can continue to working towards developing a better world together.


Many thanks to Mr. Dohyun Pak from BIFROST for taking time out of his busy schedule for our AMA! To find out more about BIROST, please follow these links below:

Website | Medium | Discord | Telegram

We had the pleasure of hosting EZ Yi, our Head of Strategy, and Colin Kim, Klaytn Core Development Team Leader, for an informative AMA session where they answered the community’s questions about Klaytn’s plans to increase the gas price to combat arbitrage bots. Listen to the AMA session below or read on for our recap!

Note: Some of the text have been edited for grammar and clarity.

Date & Time: Feb 18th at 1pm SGT / 2pm KST
Platform: Twitter Spaces
Speakers:
EZ Yi and Colin Kim from Klaytn Foundation
Host: Sofy, Community Manager at Klaytn Foundation


Introduction

Sofy: Good afternoon and Happy Friday everyone! Hope everyone is all ready for the weekend. Welcome to another AMA session with us. I am Sofy, the Community Manager for Klaytn and I will be the host for today’s exciting session. Thank you all for being here today with us. Once again, let’s welcome EZ, and this time, we have Colin who will be joining in. Together, they will both discuss the recent talks about the gas price adjustment.

Please kindly introduce yourself to the community and share with us about your place in the Klaytn network.

EZ: Good afternoon! I am EZ, the Head of Strategy of Klaytn Foundation, covering Klaytn 2.0 implementation, new opportunities identification, and token economy innovation. The focus of today’s topic—the gas price adjustment—is within a broader context of token economy innovation. I know how important the gas price adjustment is for the entire community and I will try my best to answer your queries as clearly as possible.

Colin: Hi, thanks for having me. I have been working with Klaytn for three years. I was involved in developing various products such as the Klaytn core, Klaytn API service, and KlipDrops, which is an NFT marketplace for digital art. Currently I’m leading the Klaytn core development team to achieve Klaytn 2.0’s technical goals.

Sofy: Thank you for the introduction guys, and really looking forward to hearing more about your thoughts and Klaytn’s approach to the gas price adjustment. We will also be sharing the results of 2 surveys that were sent out recently to both our community and our Governance Council towards the end of our AMA. Let’s get on to our community questions then.

Questions

Q1
Sofy: What is the motivation for the gas price adjustment?

Colin: When the mainnet first launched, we aimed for our gas fees to be 10% of Ethereum’s. However, currently, it is about 10,000 times less than Ethereum’s due to various reasons. This worked fine when the Klaytn network was not that busy. But recently, we found many arbitrage transactions operating in an inefficient manner. Most of these transactions are actually doing nothing, but they are able to remain profitable because the transaction fee is relatively low.

We tried some technical approaches to reduce these transactions. Some of them are effective to some degree, but not that much. Since the main reason for this kind of transaction surge comes from low transaction fee, this gas price increase is inevitable to reduce the transaction surge.

Q2
Sofy: What happened exactly with the bots?

Colin: There are many bots on the Klaytn network. The problematic bots are mainly arbitrage bots trying to capitalize on the tiny rate differences between exchanges that happen when a user buys a token using another token. The arbitrageurs all submit transactions when this happens, but only the first arbitrageur whose transaction is executed first will succeed.

Unlike Ethereum, Klaytn does not have a fee-based transaction prioritization mechanism. Klaytn’s gas price is fixed, which is good for service providers because they do not need to think about dynamic transaction fees. But it’s not good for arbitrageurs because they don’t have a method to execute their transaction faster than the others. To compensate, they submit many transactions to increase the probability of success. This is why there are so many transactions flooding on the network.

And since Klaytn’s transaction fee is low, they can afford to submit many transactions and still remain profitable.

Q3
Sofy: Klaytn’s TPS is around 4,000, however the bots’ TPS appears to be around 2,000, as shown in Klaytnscope. Are bots really a problem or is Klaytn’s TPS not actually 4,000?

Colin: Like many other blockchains, Klaytn’s peak TPS is measured based on simple token transfer transactions. Because an arbitrage transaction is a more complicated transaction that executes several token transfers in a single transaction, we will not see a chain’s peak TPS when executing a large number of these transactions.

Bots are problematic because they fill up the processing capacity of a block, preventing other transactions from executing normally. If arbitrageurs take a large portion of the network capacity, it will not be good for the entire community.

Q4
Sofy: Are the bots evil? Aren’t they just one of the users of the Klaytn network?

Colin: I don’t think bots are evil. As you said, they are also Klaytn users. But it would be better to implement bots more efficiently. They are creating a large amount of inconvenience for other users in exchange for the tiny benefits of arbitrage trading. Since the Klaytn network is a common resource to be shared among all Klaytn users, it is not good to make such large number of meaningless transactions on the network. This is the problem we are facing, and we need to solve it.

Q5
Sofy: What has the Klaytn team done to tackle the bots problem?

Colin: First, we analyzed what was happening with the large number of transactions. We found some small number of contracts being used for arbitrage bots, and that most of the transactions are just reverted. Only 1% of the transactions submitted by bots succeed.

So we tried to throttle transactions based on the contract addresses. If many transactions are reverted on certain contract addresses, we can limit the transaction propagation of those transactions. It had some effect, but in turn some of the bots responded by changing their behavior to execute normally without reverting.

This made it impossible to differentiate between normal transactions and these kinds of bot transactions. So in this case, we were left with only two solutions, but neither were meaningful—fair scheduling and prioritization of transactions based on age. So we concluded that we need to increase the transaction fee to effectively reduce the number of bot transactions. If you are interested to learn more about this in detail, please check out our two of blog posts where we detail our analysis and conclusions:

Bot Transaction Analysis Report

Technical Solutions Against Transaction Surges

Q6
Sofy: Is the gas price adjustment the only option? Can we just identify who are the bots, make a blacklist and penalize them?

Colin: This can be another solution, but it has several problems. Firstly, identifying the bots isn’t that easy. If we use a threshold to identify bot transactions, it creates a chance that a normal service will hit the threshold and end up wrongly classified as a bot.

If we implement blacklisting, it can be misused to block a legitimate service’s success. In addition to this, blacklisting will not be effective because deploying a smart contract to change the address is so easy.

Q7
Sofy: Gas price adjustment can help solve spam transactions caused by a small number of users, but it is disadvantageous for the majority of ecosystem participants. Is there a solution for this?

EZ: I think it’s the other way around. Adjusting the gas price will give the bot traders a disadvantage as it will be harder for them to make a profit. On the other hand, the majority of ecosystem participants will enjoy a less congested network. In addition to that, the Klaytn team will come up with an enhanced gas fee policy and token economy plan to make up for the gas price adjustment. For example, we are exploring dynamic gas pricing and a gas burning mechanism. Under the dynamic pricing, gas fee becomes cheaper when the network is not congested.

Colin: I agree with that opinion, but it is kind of a conflict. If we keep the gas price at our current level, more spam or bot transactions will inevitably flood into our network, causing ecosystem participants and KLAY holders to suffer when their transactions are not processed well due to the spam transactions. That’s why we are also thinking about how we can give other advantages to ecosystem partners such as through a gas fee burning mechanism, incentive systems, and grant programs funded by the gas price adjustment. We are trying hard to offset the impact of the gas price adjustment for normal users.

Q8
Sofy: Instead of discussing the pros and cons of the decisions made by the Klaytn team, I think it would be better to discuss the direction with the developers participating in the GCs and KIR. Please comment on this.

Colin: We published several blog posts to communicate the gas price adjustment proposal, including a survey we conducted with our GC members as well as a second survey for the broader Klaytn community. We are trying to gather as much feedback as we can, so please feel free to share your thoughts through any channels you can access. We are open to hearing.

EZ: The Klaytn team didn’t make a decision, but a suggestion. We are in the process of building a consensus of the community through various communication channels.

Q9
Sofy: What is the rationale behind the Klaytn team’s proposal of 500 ston or 750 ston as potential gas price adjustment levels?

EZ: 500 ston is a level from which Arbitrageurs’ costs will outweigh their benefits if they maintain their current transaction volume even after the adjustment. Thus, we can call 500 ston a ‘threshold’ price level. Arbitrageurs could then try to reduce the transactions to a level where they can have a similar level of yield as before, which is 900%. In this case, the transaction volume could be reduced to less than 5%.

Although this is quite an impressive reduction of transactions, we went further to check the expected transaction volume with yield less than 900%. From our analysis, arbitrageurs still can enjoy about 60% yield, which is not that low, with transaction volume reduced to about 30%. Considering that it is likely that bot algorithms will evolve in the future to bring marginally higher yields, we think that taking a more proactive and prudent approach is the more desirable option by adjusting the gas price to one of the higher-level options.

If you wish to learn more about the analysis that led to these two gas price levels, please read our post here.

Q10
Sofy: Will DApps need to be modified for this gas price increase?

Colin: Unfortunately, yes. Klaytn employs a fixed gas price policy, so it only accepts transactions having a gas price of 25 ston. If we increase the gas price to, for example, 750 ston, then the Klaytn network will only accept transactions with a gas price of 750 ston. So DApps will need to be modified to set gas price to 750 instead of 25 ston. If you do not do this, the transaction cannot be submitted into the network. Also, the transaction pool will be flushed when the gas price change is effective on a node. More information on this will be published soon on our blog—stay tuned.

Q11
Sofy: When calling a smart contract function, who gets paid and how much does the caller pay?

Colin: In general, when you call a smart contact, you are using a network of computers. So you need to pay for their use. This is the basic concept of the transaction fee. The transaction fee is calculated based on how many instructions you executed on EVM. When an instruction is executed on EVM, the amount of gas used is added. The amount of gas is multiplied by the gas price, and the result is the transaction fee.

This transaction fee is normally charged to the transaction sender. But with the fee delegation feature implemented at the platform level on Klaytn, this transaction fee can instead be directly charged to the fee payer. This is one key difference between Klaytn and Ethereum. Ethereum also has a fee delegation mechanism on a smart contract, but it requires some special care when you implement it in your smart contract.

Q12
Sofy: What is difference between “gas” “gas price” and “fee”?

Colin: “Gas” is the value of how much a transaction uses the blockchain network resources. Every time you execute a smart contract it takes numerous EVM opcodes, and each opcode takes some determined gas. The value of the determined gas is defined in the platform source code. So “gas” is just a number that represents how much resource the transaction uses. “Gas” is then multiplied by the “gas price”to get the “gas fee”, which is the final value to be subtracted from the sender’s balance.

Q13
Sofy: Are GCs ok with the gas price adjustment?

EZ: Yes. There was a survey for GC members around early January. 12 entities responded and they supported the Klaytn Team’s active engagement for both technical measures and gas price adjustment. In regards to the approach, they preferred a permanent adjustment initially up to the threshold level. You can see the results of our GC survey here.

Q14
Sofy: How about the overall community?

EZ: They are also with the Klaytn team, based on our community survey results. Network availability is the factor that has the highest ratio of respondents who answered as important, followed by transaction speed, on-chain data integrity, and finally low gas fee.

It is interesting to see the gas fee ranked as the lowest. 60% of respondents also chose 750 ston as the more appropriate level of gas price compared to 500 ston.

Lastly, 76% of respondents preferred an immediate increase to a gradual one.

Q15
Sofy: When will the gas price adjustment and deflation take effect? It’s important to implement the burn mechanism for the increased tx fee transparently, to maintain and enhance the value of Klaytn.

EZ: We will start with the Baobab network first. The announcement will be on Feb 22nd and activation on Feb 28th. For the Cypress network, the announcement and activation will be in March and is subject to change depending on how the Baobab test turns out. The incremental gas fee from the gas price adjustment will be burned, and you will be able to check it through a publicly open channel.

Concerning deflation, I would regard the question as asking about ‘deflationary measures’ such as gas fee burn, etc. The Klaytn team is working hard to introduce the gas fee burning mechanism as early as possible. And just as how we are doing for gas price adjustment, the Klaytn team will share an initial idea with the community, gather feedback, and build consensus before execution. It won’t be long.


Many thanks to EZ Yi and Colin Kim for taking time out of their busy schedules for our AMA! To find out more about Klaytn and join our growing global community, please follow these links below:

Website | Twitter | Discord | Telegram


We had the pleasure of hosting EZ Yi, our Head of Strategy, for an informative AMA session where we answered the community’s questions about the recently-released Klaytn 2.0 Lightpaper and what it means for the Klaytn ecosystem. Listen to the AMA session below or read on for our recap!

Note: Some of the text have been edited for grammar and clarity.

Date & Time: Feb 11th at 1pm SGT / 2pm KST
Platform: Twitter Spaces
Speaker:
EZ Yi, Head of Strategy at Klaytn Foundation
Host: Sofy, Community Manager at Klaytn Foundation


Introduction

Sofy: A very good afternoon to everyone, and happy TGIF! Welcome once again to another AMA session with us. I am Sofy, Community Manager for Klaytn and I will be the host for today’s session. Thank you for taking time to be here and I am sure that most of you are looking forward to today’s session as our amazing guest speaker, EZ, will be sharing more details about Klaytn’s lightpaper. Unfortunately, Stefan, Klaytn’s Blockchain Gaming Lead is unable to join us today as he is not feeling too well. Get well soon, Stefan!

Today’s session will be divided into two parts. We will begin with an introduction from EZ, followed by questions from the community that we have compiled.

Without further ado, let’s welcome EZ!

EZ: Good afternoon everyone! I am EZ, and I’m in charge of strategy at Klaytn Foundation. Prior to joining the team, I founded an art business startup, and then I spent many years in the strategy consulting industry where I served various financial and technology clients globally.

As the Head of Strategy at Klaytn Foundation, my objective is to help Klaytn move to the next level, namely Klaytn 2.0, as well as identify market opportunities and innovate crypto economics so that Klaytn can be one of the top chains in the world. As one of the core members involved with the production of our recent Klaytn 2.0 lightpaper, I am greatly honored to have a chance to share with our community our amazing blueprint, which is a chain-rebuilding endeavor encompassing technology, governance, treasury, and so on.

Sofy:Thank you EZ! Wow, I learn something new about my colleagues everyday. Interesting to know that you have an entrepreneur streak in you, EZ. And we are honoured to have you working in the Klaytn team with us.

So, are you ready for some community questions, EZ? The community is super excited to sit in for today’s session!

Questions

Q1
Sofy: What was the inspiration to build Klaytn? What are some of the real-world issues/pain points that Klaytn seeks to address?

EZ: When Klaytn was launched around June 2019, I would call it the Klaytn 1.0 era, we aimed for mass adoption of blockchain, a goal that was naturally inherited from the DNA of Klaytn’s founder, Kakao, a successful Web2 giant backed by massive mass adoption of key services. Ever since, we’ve built a business-friendly development platform to help entrepreneurs and enterprises in various sectors build highly usable blockchain applications for a wide range of end-users regardless of their level of crypto-literacy.

Today, with Klaytn 2.0, we are embarking on a chain-rebuilding initiative with the aim of becoming the metaverse blockchain for all—as in the title of our lightpaper. We believe that the metaverse should be based on a scalable and interoperable public blockchain platform, that is governed by platform participants who are the creators and builders. As an EVM-equivalent layer 1 blockchain, Klaytn wants to be the trust layer of the metaverse that respects the participation and contributions of all communities, bringing them together in the new world and empowering them.

Q2
Sofy: Deflation will be much more helpful for ecosystem growth at this point. What are your thoughts on this?

EZ: Great question. From our perspective, KLAY’s main purpose is to be used in the right place and at the right time to make our ecosystem thrive. In terms of the right place, the Klaytn ecosystem has many areas that require cooperative development with partners and builders around the world. We have been identifying and funding such opportunities, and many exciting projects are on their way. In terms of the right time, as we gear up to implement our Klaytn 2.0 plan, the timing couldn’t be more perfect to invest in our ecosystem.

However, make no mistake that we are also very serious about enhancing KLAY value for our KLAY holders and ecosystem participants. We have been closely watching the circulation of KLAY so we can understand what measures would be effective for our community. Please be a bit more patient with us!

Q3
Sofy: Do you have any plans to stop inflation and apply deflation?

EZ: We are well aware of our community’s voices over the proper token economy plan. We have been working on every aspect of token economy, from a KLAY burning mechanism, adjustment of the minting plan, listing in more global exchanges, and so on. Once we have come up with the right plan, we will share it with the community.

Q4
Sofy: What is the most significant competitive advantage that you believe will propel Klaytn to the top of the market?

EZ: The next meta in the blockchain industry is, withouta doubt, the metaverse. Our goal is to become the metaverse blockchain of choice for builders, and our value proposition for metaverse builders gives us a very strong position in the race to become the top of the market.

Our value proposition is materialized in our one-stop offering, which includes an open source developer infrastructure package, our high performing mainnet, community co-building programs, and management and financial support, all of which address the needs of metaverse builders around the world.

Q5
Sofy: What makes Klaytn unique enough to be the go-to blockchain for metaverse building?

EZ: Firstly, the 1-second finality and fee delegation function make Klaytn unique and attractive for metaverse and gaming projects. Gaming projects need a platform where massive transactions can be processed quickly, and Klaytn delivers on this with our immediate and irreversible transaction finality. Gaming projects also need a continuous stream of new users onboarding their platform, which the fee delegation function will help greatly. New users who want to participate in gaming events do not have to go through the hassle obtaining tokens because the gaming project builder can pay on behalf of the users, which is a great advantage in providing a positive gaming user experience.

Secondly, we already have a set of good use cases. MIR4 is one of the major P2E games internationally, with over 1.3 million concurrent players in less than three months since its official release in 170 countries. Not to mention other cases such as Pocketful of Quarters, and so on.

Thirdly, many global gaming and entertainment companies and projects are already in talks with us for onboarding or integration with Klaytn. What this means is that Klaytn will soon have the most vibrant metaverse ecosystem. In addition to that, our one-stop offering for metaverse builders will get much more attractive as we continually calibrate it through real cases with our various partners.

Q6
Sofy: The Klaytn 2.0 light paper mentions Ethereum equivalence. What’s the implication of it?

EZ: From a practical viewpoint, it means that EVM-based DApps can be onboarded onto Klaytn without any modifications. There are currently more than 4,000 open-source developers working on Ethereum every month, out of a total number of 18,400 developers across all chains. Not many L1 chains, however, are compatible with Ethereum like Klaytn is.

This is an important competitive edge for Klaytn because Klaytn can leverage the vast pool of Ethereum developers for its ecosystem growth, by providing the right incentive for them such as our metaverse package, our massive $1 billion eco fund, and the like.

Then you may ask what the difference is between compatibility and equivalence. Simply put, equivalence is the highest degree of compatibility. From the Ethereum developers’ viewpoint, equivalence means you need minimal effort to onboard Klaytn with your DApp, whereas you may have to amend many lines of code to onboard other compatible chains.

Q7
Sofy: I can’t find Klaymore Stakehouse in the Klaytn 2.0 Litepaper. Is there any particular reason it’s missing?

EZ: Due to space limitations in the lightpaper, it was impossible for us to include every ecosystem participant. However, we are already preparing an update of the lightpaper with some minor adjustments, and we will also be building an interactive ecosystem list on our new Klaytn Foundation website that will showcase many more ecosystem participants.

Q8
Sofy: Solana and LINE are advancing to the retail payment market through Solana Pay and LINE Link respectively. Are you aware of that?

EZ: Yes, we are aware. Increasing the utility of our tokens is also one of the most important items on our agenda. Making the Klaytn ecosystem vibrant is the key to achieving this goal, and we are actively co-working with many project teams and companies on various topics, including retail payment. Even at this moment, numerous new projects are taking off in the ecosystem and we will work hard to keep the momentum and help interesting projects grow further.

Q9
Sofy: Do you have any plans to list KLAY in the global major exchanges?

EZ: Due to the confidential nature of the listing process, we are unable to reveal our upcoming or planned listings. What I can say is that just like other chains, we are actively working on KLAY listings.

Q10
Sofy: How are you going to attract more users to the ecosystem, which is the key driver to have more developers at play?

EZ: We do understand that to attract more developers, we need to have strong user base in the ecosystem. One of the key initiatives to achieve this ambition is to integrate with major projects in the global crypto space. There are various projects which are taking a multi-chain approach, so why not Klaytn? Another potential initiative is to support new open source projects with attractive value propositions for users. Open source is very important to Klaytn, and is one of the prerequisites for expanding our user base globally.

Q11
How is Klaytn governed? Will there be any changes in Klaytn 2.0?

EZ: We will continue to have a stable governance structure, but with more inclination towards decentralization. Most of Klaytn’s Governance Council (GC) members are currently established enterprises, but as we progress towards a more metaverse-centric world, the influence of non-traditional entities such as DAOs will continue to grow and we will bring them into Klaytn’s Governance Council.

A stake-based governance model will be introduced to enable governance participants who can gather more support from Klaytn communities to shape Klaytn in line with their preferences. The Gini Coefficient will also be discontinued soon, so that successful decentralized metaverse entities will have more influence in the Klaytn GC.

We believe that DAOs and builders will lead the scene in the future. In the longer term, Klaytn governance will become fully decentralized with its community of DAOs and builders. Ultimately, Klaytn will evolve into a DAO of DAOs, and a platform for DAOs to communicate the voices of Klaytn communities through on-chain mechanisms.

Q12
Sofy: Can you tell us more about the eco fund?

EZ: Klaytn’s eco fund is differentiated in its size and content. At a combined total of $1 billion, it is one of the largest in the blockchain industry, which shows our determination to grow the ecosystem.

The fund consists of various programs ranging from grants to investments and rewards. Like the grant and investment programs common in the industry, we provide subsidies to promising projects and investing in early-stage projects that would have a positive impact on Klaytn. What’s different from before is that we lowered the bar for approval and streamlined the process for our builders. We have also recently launched a reward program for the builders of smart contracts that contribute to the growth of on-chain activities on Klaytn.

Q13
Who are Ground X, Klaytn Pte. Ltd., Klaytn Foundation and Krust, and how are they different?

EZ: This is one of the frequently asked questions. It can be a little confusing, so I will try to make it as brief as possible. Firstly, Krust’s former name is Klaytn Pte. Ltd., and Krust is the one who created the Klaytn platform by placing an order of development with Ground X. In other words, Ground X developed the Klaytn platform for Krust (formerly Klaytn Pte. Ltd.). Ground X was previously responsible for Klaytn’s operation as well, but is now a ‘service studio’ for Klip, a custodial wallet; Klip Drops, a digital art and collectibles gallery; and more.

Eventually, we saw the need for an independent organization to focus on Klaytn’s growth, so Krust established the Klaytn Foundation — a non-profit entity devoted to the Klaytn network and its ecosystem. Currently, Krust is an incubator of the Klaytn platform until it can be independently run by the foundation. Krust is also an investment company focusing on global blockchain services.

In a nutshell, Krust and Klaytn Foundation are sharing responsibility for operating the Klaytn platform and invigorating its ecosystem.

Q14
Sofy: Who are in the Klaytn team?

EZ: We are a strong team that consist of blockchain OGs and the brightest minds from top-notch global blockchain companies, technology companies, financial services companies, and so forth, with strong back-up from Kakao advisors. The team is also globally stationed with key offices in Singapore, Seoul and Tokyo. As we are growing our ecosystem further and realizing our Klaytn 2.0 ambition, we are hiring more talents all around the world. Do contact us if you are interested!

Q15
Sofy: If you were to summarize Klaytn 2.0 in one word, what would it be?

EZ: The Metaverse Blockchain for All.


Many thanks to EZ Yi, our Head of Strategy, for taking time out of his busy schedule for our AMA! To find out more about Klaytn and join our growing global community, please follow these links below:

Website | Twitter | Discord | Telegram

We had the pleasure of hosting Neo Yiu, our very own Head of Technology Advocacy, for an informative AMA session where he answered the community’s questions about what lies ahead for Klaytn. Listen to the AMA session below or read on for our recap!

Note: Some of the text may have been edited for grammar and clarity.

Date & Time: Jan 28th at 1pm SGT / 2pm KST
Platform: Twitter Spaces
Speaker: 
Neo Yiu, Head of Technology Advocacy at Klaytn Foundation
Host: Sofy, Community Manager at Klaytn Foundation


Introduction

Sofy: A very good afternoon to everyone. Welcome to Klaytn’s AMA session. Thank you for taking time to be with us today. Today’s AMA will be slightly special as we invite one of our Klaytn’s staff to chat with us. I am sure the community is excited to hear about Klaytn’s progression and future roadmap. Today’s session will be broken down into 2 segments. We will kickstart with an introduction from our guest speaker followed by community questions that we have collated.

Now, let’s welcome Neo Yiu. Thank you Neo for taking the time out to join us here today.

Neo: Thanks for having me today. I am Neo Yiu, currently the Head of Technology Advocacy at Klaytn Foundation. I’m normally based in London, but I’m currently in Hong Kong for a few weeks and now I’m graced with the opportunity to join our amazing audience today in this AMA session.

I came from a software engineering background and have been developing various blockchain applications in different service sectors since 2015. Prior to joining Klatyn Foundation, I was a blockchain engineer and technical architect for several companies, with the likes of Rakuten, BCG Digital Ventures and De Beers Group to drive their own blockchain use cases. I also headed De Beers Group’s blockchain initiatives, one of which was the end-to-end blockchain-enabled diamond traceability platform for the industry. I was also the Director of Technology at Oxford Blockchain Society, where I spearheaded the R&D and technical community expansion for the society. I am also a researcher at the Department of Engineering at Cambridge for blockchain-related (mostly on application level) research projects and I’m currently serving as a technical advisor for several blockchain-related startups and organizations.

I am currently the Head of Technology Advocacy at Klaytn. My objective is to drive the open source development of our core and ecosystem development as well as opening up our technical communities further, leading the R&D effort of the Klaytn ecosystem development and offering technical advisory on core and ecosystem development of the Klaytn blockchain. I am excited about the plans for Klaytn 2.0 and believe that Klaytn has a lot of potential to be one of most interoperable and dominant blockchain ecosystems out there in the market and is definitely a high-growth one that could not miss… I am excited to meet our community and a pleasure to be here.

Sofy: Thank you so much for the kind introduction Neo, that’s a really interesting background. All of us from Klaytn know that besides your tremendous knowledge in tech, you have an awesome sense of humour too! Thanks for bringing so much joy with your wit ever since you joined us.

Questions

Q1
Sofy: What is the roadmap with key milestones on Klaytn to be the metaverse blockchain for all. What can we expect to see for 2022 (e.g., NFT, P2E , Land Sale or M&A)?

Neo: In 2022, we aim to become the go-to option for metaverse, gaming and creator economy use cases. These include AAA games, play-to-earn (P2E) games, non-fungible tokens (NFTs) and supporting DeFi services for metaverse businesses. To achieve that, we are focusing on pushing the agenda of Klaytn 2.0 initiatives as follows:

Following the announcement of Klaytn 2.0 initiative, we are also looking to support Ethereum equivalence and progress Klaytn to be more interoperable with the use cases and tools built around the Ethereum ecosystem.

Q2
Sofy: What makes Klaytn different from other blockchains?

Neo: In a more general perspective, unlike other L1/L2 blockchains, Klaytn is indeed a hybrid service-centric blockchain:

Interoperability between core chain and service chain is also enabled via bridging to achieve value transitions between the core chain and a cluster of service chains.

Klaytn is also differentiated with other blockchains in terms of industrial adoptions—the ecosystem has been adopted by about 200 partners (ranging from applications of DeFi, Gaming, Entertainment, Enterprise, Exchange, etc.) running on the Klaytn ecosystem, with over $2B in TVL (Total Value Locked). Klaytn is also one of the three blockchain ecosystems linked to OpenSea, hosting over 1,900 Klaytn-based NFT projects.

Q3
Sofy: Is Klaytn EVM compatible? What are the advantages over other L1 chains?

Neo: Klaytn’s core protocol started out as a git-forked project from Ethereum with a consensus algorithm of Proof-of-Authority. Though the core protocol of Klaytn has already progressed to IBFT as the consensus algorithm with its own special transaction and account model, the Klaytn Virtual Machine (KLVM) was built based on EVM and has enabled the support of Ethereum compatibility.

Alongside our own consensus algorithm, network architecture and customised procedures of block miner selections, 1-second block time, immediate finality, deterministic gas fee (with a fixed low gas price) and enhanced security with multi-signature feature enabled on protocol level based on our own transaction model.

With the advent of Klaytn 2.0, more advantages could be expected in the Klaytn ecosystem, including a highly scalable mainnet by leveraging our L2 service chain and canary networks of other ecosystems bridged with the mainnet, enhancements of token management tools and oracle functionality of the ecosystem, smart contract libraries and gateway for distributed file storage.

Q4
Sofy: Klaytn has the same address as eth (0x) meaning Klaytn runs on Ethereum Virtual Machine (EVM). Do you have any plan to develop your own unique smart-contract?

Neo: As we mentioned earlier, the Klaytn Virtual Machine (KLVM) was built based on the EVM, and the compatibility with EVM explains why there is such a similar address format even if the transaction and account models of Klaytn are different from that of Ethereum, as both have been looking to implement a generalised transaction ledger. Regarding our unique smart contracts, as a blockchain ecosystem, we do have our own set of token standards (e.g. KIP-7, KIP-17, KIP-37, etc.) for the use cases to have their own implementation built on the Klaytn ecosystem.

I think the question might be referring to “Do we have any plan to develop our own virtual machine?”, and the answer towards this, is that KLVM is a different virtual machine than the EVM, and with Klaytn 2.0 we are looking into supporting Ethereum equivalence to harness the interoperability between ecosystems to enhance the adoption of Klaytn ecosystem. However, given a certain level of interoperability with other ecosystems is guaranteed, we won’t reject any possibility for Klaytn to have more special features on KLVM or even a completely new language fordeveloping Klaytn’s smart contracts that could also interoperate in other blockchain ecosystems.

Q5
Sofy: Smart contracts are prone to bugs. How efficient and secure is your smart contract? Have you ever been audited through external parties, so we are sure that this project is safe and good for the future of investors?

Neo: Klaytn is a layer-1 blockchain ecosystem for different use cases, dApps, layer-2 side chains or any toolchain to build on top of, so we mainly supply smart contract standards and their basic implementations for different use cases to refer to when building on our ecosystem. These standards and implementations of the smart contracts have been static-analysed and externally audited with the partners of the Klaytn ecosystem.

For those who are developing their own smart contracts and deploying them to the Klaytn network, we offer vulnerability analysis and smart contract auditing services via some of our ecosystem partners. It is down to the developers if they would like to have their smart contracts audited and security analysed prior to the actual deployment for real-time operation.

Q6
Sofy: What is the biggest challenge for Klaytn in developing the metaverse?

Neo: Metaverse is a subset of web3.0, and is therefore a product of web3 components, such as smart contracts, the base blockchain network, and virtual experiences (via extended reality). As a layer-1 blockchain ecosystem, Klaytn is not building “a” metaverse—we are building a base blockchain for which many metaverse and gaming developers would consider as a go-to blockchain for them to build their use cases on.

The biggest challenge to our goal of becoming the metaverse blockchain for all, would likely be interoperability, for which we are looking to achieve with other blockchain ecosystems not only on the protocol level but also extending it to the toolchain level; and scalability, for which we are looking into not just on network processing, but also on how individual nodes handle transactions, and how the throughput of blockchain production and finalization can be improved to achieve the scalability required for metaverse and gaming use cases built on top of the Klaytn ecosystem.

Q7
Sofy: How is this project different from the other Metaverse projects that already exist?

Neo: As previously explained, Klaytn’s aim isn’t to build a metaverse or a single metaverse use case, our aim is to become a “metaverse blockchain” for every type of metaverse and gaming use case. When it comes to how a metaverse built on Klaytn’s ecosystem would differ from those built on others, I think it will boil down to what is made possible by the difference between Klaytn and our industry counterparts, such as our service-centric, hybrid architecture model that caters to the technical requirements of different use cases, 1-second block time, deterministic gas fee and many more as covered in the previous questions.

Q8
Sofy: How will the metaverse affect the global economy in the future?

Neo: First, the global economy in the future will in all likelihood be virtual-currency driven (including crypto and all individual CBDCs), as I would imagine there will be an open standard enforced by international organizations and local governmental organizations, and the settlement layers for every crypto-related and digital transaction will be based on the new fiat currency — CBDCs—as the settlement layer. More use cases and sales will be completed in the open metaverse, which will serve as a medium for the shopping experience and for transactions to take place. We will also be seeing more forms of transactions, namely:

Second, the rise of the metaverse has seen the utility of NFT being extended from merely a digital collectible to a digital object (with ownership) interacting with other digital objects or even fungible tokens in a metaverse environment. This will definitely create a gateway market for barter economy 2.0, which could be a creator economy driven and based on shared economy (via fractional ownership of any NFT).

Lastly, the global economy will definitely be more decentralized and distributed when the metaverse and the concept of an open metaverse becomes mainstream, as it would essentially imply the global economy will be more creator-economy and virtual-currency driven.

Q9
Sofy: Can you identify the components of the modern metaverse environments?

Neo: Absolutely. The components of a modern metaverse environment would include non-fungible tokens and fungible tokens as the commodities powering the development and adoptions of metaverse; the virtual experience, such as virtual events and any form of social interaction and gamification empowered by extended reality; the hardware wearables for extended reality; the cross-chain virtual avatar, and the digital objects (e.g digital marketplace, digital mall, digital car, digital wearables in the metaverses, etc.) which are powered by NFT and all based on the concept of itemization with ownership via tokenisation.

Q10
Sofy: How can Klaytn incorporate NFT into the metaverse?

Neo: As mentioned previously, the metaverse is a product of web3 components, including smart contracts minting and processing NFTs, and virtual experiences. Most of the existing metaverse use cases are powered by NFTs as digital objects interacting in the metaverse environment, and vice versa, adding an extension layer of utility to NFTs in the dynamic metaverse environment.

With the Klaytn 2.0 initiative, we will offer a game development infrastructure package for metaverse and game developers to include smart contract features to their development process. This will lower the barrier to develop and deploy their NFT smart contracts, utilizing our own smart contract standards and smart contract libraries specifically for metaverse development.

In my opinion, NFTs for the metaverse will be dealing with a dynamic set of metadata (on-chain and off-chain). That’s why Klaytn has been advocating dynamic NFT (with a major set of NFT standards for metaverse development coming up) as inevitable for any NFT-powered metaverse use case, more so as time-series NFTs might start kicking in (NFT transactions could be extended from permanent ownership to time-limit leasing).

Q11
Sofy: How do you think the metaverse will affect real life?

Neo: The metaverse has already affected real-life. We are starting to see more and more use cases built on top of virtual land, and we can already visualize the socializing experience via their dedicated multi-metaverse or cross-game avatars, as well as how institutions and high-street brands connect with their customers by becoming more virtual and interactive.

Q12
Sofy: How far can the metaverse go?

Neo: I don’t have a crystal ball with me so I don’t really know… jokes aside, in my opinion, it will all depend on whether there are still incentives for users to dive in the metaverse. As of today, I can see there are quite some incentives — MetaFi, Metaverse-integrated NFTs and a creator economy supporting different metaverse development projects.

Other than incentives, there are few more factors that could impose a major influence on how far the metaverse, or multi-metaverse, could go:

Q13
Sofy: What part of society or industry do you see being the on ramp for mainstream adoption of the Metaverse?

Neo: To me, it is all about whether there is an incentive for a specific society and industry to dive into the metaverse. The metaverse is powered and commoditised primarily by NFTs, so the market values of NFT projects in the market would provide enough incentives to the “hodlers” of the NFTs to adopt the metaverse.

For general users, the perks of being able to participate in more interactive social network services provides enough incentive for them to want to be part of the metaverse.

Regarding the industry, I think the mainstream adoption of metaverse and its application would mean a lot to the design and luxury industries which are hugely based on the creator economy in different blockchain ecosystems.

Q14
Sofy: What is your view on open vs closed metaverses?

Neo: This is a good one. Currently, most of the metaverse projects in the market are focused on their own use case, in a closed environment, with their dedicated smart contracts deployed to and their transactions recorded on one specific blockchain ecosystem (L1/L2). As the metaverse market is still at an early stage of its product cycle, it makes sense for these metaverse startups and projects to only focus on building their use case and environment as a starting point.

When there are more metaverse use cases and when individual ones start getting more mature with solid adoptions and active user pools, we will start to see the forming of consortiums or clusters based on strategic alliances, or extending their metaverse use cases on different L1s and L2s with the bridging layer implemented between the base blockchain ecosystem.

This in turn will lead to an open metaverse standard for the industry players to interoperate with each other for better user experience, which will then eventually see the advent of multi-metaverse where more adoptions and integrations with more potential use cases could be built.

However, there could be some sizeable metaverse use cases that would continue on their own, given the solid adoptions and user base they have already had, though they might be running with a risk of marginalization. Some might be building metaverse use cases for specific targeted audiences, similar to why industry subsets have been looking to run their own consortium blockchain instead of permissionless blockchains.

In short, I would be intrigued to see an open metaverse that could finally envision the idea of multi-metaverse, based on interoperable metaverse use cases.

Q15
Sofy: What programming language is best to learn to work for Klaytn?

Neo: I am thrilled to answer this one as this is specific and obviously from our communities who have been looking to be a part of the technical development of the Klaytn ecosystem. In short, I would suggest picking up Solidity for smart contract development, Golang for the core protocol development of Klaytn, JavaScript or TypeScript for building and maintaining the API libraries and interfaces, and Rust for developing the interoperability interface with different blockchain ecosystems and canary network infrastructure in the same blockchain industry.


Many thanks to Neo Yiu, our Head of Technology Advocacy for taking time out of his busy schedule for our AMA! To find out more about Klaytn and join our growing global community, please follow these links below:

Website | Twitter | Discord | Telegram

We had the pleasure of hosting Sona Lee from the Metaverse Alliance for an informative AMA session where we got to know more about them and their exciting Metathon event, a metaverse-centric hackathon supported by Klaytn and some of the biggest names in the crypto space. Listen to the AMA session below or read on for our recap!

Note: Some of the text may have been edited for grammar and clarity.

Date & Time: Dec. 30th at 1pm SGT / 2pm KST
Speaker: Sona Lee from Metaverse Alliance
Host: Sofy from Klaytn Foundation

Introduction

Sofy: A very good day and welcome to our second AMA session and the last one for the year before we ring in 2022 with a bang! My name is Sofy, community manager with Klaytn. I will be your AMA host for today. Thank you for taking time despite the fact that you guys might be caught up with holiday plans and all. Today, I am honoured to have lovely Sona from Metaverse Alliance as our AMA guest.

Sona, shall we start off with an introduction about yourself, Metaverse Alliance and the team behind Metaverse Alliance?

Sona: Hi everyone, I’m Sona, a core contributor at the Metaverse Alliance and Investment Manager at LD Capital. I was in marketing for four years before the metaverse caught my eye and I made the leap. Today, my focus is primarily on finding potential teams and projects that want to build in the metaverse.

We are a team of metaverse lovers and blockchain believers. We are on an adventure to explore the infinite possibilities of the metaverse, and we seek to bring all enthusiasts together. We want to support promising metaverse projects even if the idea is yet to fully take shape.

Sofy: Thank you for sharing about yourself and the Metaverse Alliance. Now that all of us have gotten to know a bit more about yourself, let’s get to the juicy bits, shall we?

Questions

Q1
Sofy: When and what got you into the crypto space in general?

Sona: Back in 2013, I was reading the newspaper after breakfast and there was a story about blockchain and Bitcoin. The article wrote about a mysterious person called Satoshi who created a new form of money using blockchain and cryptography. I did not pay attention at the time because I thought it was science fiction. It was only a few years later when I read Don Tapscott‘s Blockchain Revolution that I got deeply inspired and impressed by blockchain.

Q2
Sofy: What inspired you to focus on the metaverse?

Sona: We think the metaverse could be the future of the Internet, as the world is evolving towards decentralization. In the metaverse you enter a virtual world connecting all sorts of digital environments. Unlike VR which is currently mostly used for gaming, this virtual world can be used for practically anything — work, play, concerts, cinema trips, or just hanging out. The metaverse is a very imaginative track, and there are many things being built.

Q3
Sofy: What inspired you to build the Metaverse Alliance?

Sona: As metaverse lovers and blockchain believers, we wanted to explore the possibilities of the metaverse by bringing all the enthusiasts together and supporting promising metaverse projects. That’s why we built the metaverse alliance and launched the Metathon.

Q4
Sofy: Currently the Metaverse Alliance is in the midst of a hackathon, or rather, a Metathon. Can you briefly describe what the Metathon is?

Sona: The Methathon is an online metaverse hackathon for all metaverse enthusiasts around the world. And it’s bigger than just the Metaverse Alliance — we have partnerships with leading funds, top tier public chains, active DAOs, experienced crypto experts, and project founders that have already made their mark in the crypto space. We believe that the metaverse will create long-term value in the future for both real and virtual worlds.

Q5
Sofy: Can you please share with us more about the process and progress of this Metathon?

Sona: Sure, registration and submission for the Metathon runs from 1 December 2021 to 3 January 2022, with preliminary judging happening between 4 to 7 January 2022.

The finalists will be announced on 8 January 2022, and will need to prepare and submit their entries by 15 January 2022. Final judging will be from 16 to 20 January 2022, and winners will be announced on 21 January 2022.

Q6
Sofy: Who can sign up, what are the requirements and how does one sign up?

Sona: The Metathon is open to developers, entrepreneurs and teams from all over the world. All participants must be at least 18 years of age. Although participants can submit projects individually, they are encouraged to do so as a team of 3 to 5 members. To be officially eligible for the prize giveaway, all team members must provide their CVs as Metathon participants.

To sign up, you will need to submit your team members’ information, a project description and your project deck. If your team makes it to the finals, you will need to submit a Github Repo link, a project demo, and a 3-minute pitch video.

Q7
Sofy: Are there any themes for the Metathon?

Sona: There are five themes for the Metathon, all of which revolve around the challenges of building a viable metaverse ecosystem:

  1. Metaverse infrastructure: Decentralized identity, productive tooling and cross-chain transfer of NFT/FT assets, etc.
  2. GameFi: This includes any and all kinds of GameFi projects.
  3. DAO stack: The manual management of DAO assets is grossly inefficient and untransparent, and current DAO tools have relatively high barriers and are not user-friendly.
  4. SocialFi: This involves high-quality, on-chain content sharing.
  5. Financial NFT: The use of NFT specialties to generate more flexible financial products.

Q8
Sofy: Can you elaborate more on SocialFi?

Sona: SocialFi is a fusion of social, Web3 and finance that provides rewards and benefits to users by tokenizing social influence. Mass adoption has been a long-standing goal for the blockchain and crypto industry. With Facebook rebranding itself as Meta and working to build the world’s biggest social media metaverse, the company’s 3 billion users will soon be introduced to the crypto and blockchain space, placing SocialFi in the spotlight.

Q9
Sofy: Now onto the long awaited question: 
could you share with us a little more about the Prize Pool?

Sona: There is a total of $410,000 in the prize pool. The winners of each of the five themes will walk away with $25,000 each. The second and third runner up for each theme will also go home with $15,000 and $10,000 respectively.

In addition, there are six category-specific rewards: the most popular project will be rewarded with $10,000, and the projects that are the most creative, the most promising, have the best tech, the best design, and the best prospect will each receive $8,000.

There will also be sponsor grants worth $110,000, which will be awarded to projects that build on the respective sponsors’ blockchains. The grants are distributed as follows:

Q10
Sofy: Could you share with us how the judging mechanism works and its different stages?

Sona: There will be two rounds of judging. First, our judges will select the finalists based on whether the submissions have all the information required and whether the projects meet the challenges of the Metathon.

The finalists will then be judged based on the following criteria: Potential Impact, Functionality, Novelty, Mass Usability, Design, and Technical Complexity.

Many thanks to Sona from the Metaverse Alliance for taking time out of her busy schedule for our AMA! To find out more about the Metaverse Alliance and the Metathon, please follow these links below:

Website | Twitter | Medium | Discord | Telegram

We had the pleasure of hosting the ape-mazing Klapes team for a fun-filled AMA session where we got to know more about them and their exciting Klapes NFT project. Many questions were asked, answers were given, and laughs were had. Listen to the AMA session below or read on for our recap!

Note: Some of the text may have been edited for grammar and clarity.

Date & Time: December 9 at 9pm PST / December 10 at 2pm KST
Speakers: Boogy, Bex, Judi and Garthos from Klapes
Host: Sofy from Klaytn Foundation

Introduction

Sofy: Today, we have our very first AMA guests, making their mark on our Discord stage with their presence. It is indeed an honour to have the Klapes team with us today! We will break the ice with a round of introductions starting with the leader of the pack.

Justin, could you please share more about yourself and the story behind Darthboogy?

Boogy: Oh, goodness. Hi, I’m Justin, everyone calls me Boogy. So, I really like Star Wars. Most of my tattoos are Star Wars. And when I was younger, I did a little bit of breakdancing and my nickname was J Boogy, so it was like a nerdier transition to Darthboogy. That’s how I got it. And the dark side has cookies. They do.

I kinda gathered everybody, and we had a really good idea. I’m everybody’s biggest fan here, so I don’t know who left me in charge but we have a lot of fun here. It’s a good time at Marshmallow Jetpack and with the Klapes team. Most of our success will be because of the people that follow.

Sofy: Thank you Boogy for the intro. Next up, we have Garthos.

Garthos: Thank you, Sofy. I am the Game Director and resident dad joke aficionado at Marshmallow Jetpack. I have been in the gaming industry for over 15 years and have thoroughly enjoyed bridging the gap between NFTs and Gaming. It has been a pleasure working on this project and I look forward to seeing what kind of monkey business we can get into as the community grows.

Sofy: Thank you Garthos. Next up, we have the only rose among the thorns. Welcome on stage, Bex!

Bex: Thank you, Sofy! Hi everyone, I’m Bex. I’m a Project Manager at Marshmallow Jetpack and am having a lot of fun getting to know the Klapes community. Thank you so much for having us here today.

Sofy: Likewise, Bex. Next up, we have Judi. Fun fact: I actually thought Judi was a lady until we had an online meeting. Judi, the stage is yours!

Judi: Thanks, Sofy! I get that a lot because of my name. It actually started as a character name when I played World of Warcraft. I had a character that I named after Judi Dench, the actress, and the name sort of stuck. Thank you for hosting the AMA for the Klapes community and we’re glad to be able to answer some questions.

Questions

Q1
Sofy: Would any of you care to tell us a little bit more about Klapes and the inspiration behind it?

Boogy: We wanted to do a project on Klaytn, and apes are very hot in crypto so we came up with Klapes. That’s pretty much how it came about — it makes sense!

Q2
Sofy: How many members are there on the Klapes team?

Boogy: There are 10 active development team members working on Klapes, but there are a host of additional members from Marshmallow Jetpack and Klaytn supporting the project. As you mentioned, a majority of us are from North America and we have one member from the UK.

Q3
Sofy: What is the reason behind the team’s preference for the Klaytn chain over the Ethereum chain?

Boogy: We strongly believe in Klaytn as a blockchain, but are aware it isn’t as prevalent in the West. We decided to mint on Klaytn to bring it more attention from people on this side of the world.

Q4
Sofy: What is the concept behind the collection? Why the hanging apes?

Bex: The Klapes were conceptualized by our artist, Andrew Dorland. He wanted to create a friendly, expressive character and was inspired by Curious George and the children’s game “Barrel of Monkeys”.

Q5
Sofy: Will there be any P2E feature or utility for Klapes?

Garthos: Yes — the primary utility will be access to the DAO. We strongly want community involvement on the direction of the project so there’s a strong chance for further utility if the community decides so.

Q6
Sofy: How do people check if they’re on the presale list?

Judi: We will be releasing a list of wallets that have access to the presale a couple of days ahead of the presale itself. Additionally, leading up to the presale we will have an opportunity for a handful of community members to be added to the presale registration list.

Q7
Sofy: If presale will be guaranteed, should we mint it via FCFS?

Judi: Each sale window will be first come, first serve for those minting in both the pre-sale and public sale.

Q8
Sofy: Has the team considered the barrier of entry challenge to this going to the moon which generally has involved cross-border enthusiasts, or is the focus more on the Korean/Asian/European markets?

Boogy: We don’t see this as a barrier, but rather an advantage for us, because as the first NFT project supported by the Klaytn Foundation we believe we’re in a strong position to bridge the Eastern and Western markets on the Klaytn blockchain.

Q9
Sofy: Can you share more about the roadmap for Klapes and plans for its future?

Judi: We have some things lined up that are listed on our website, but the biggest and most exciting thing we can mention is a Klapes DAO. Once the Klapes collection is sold, we plan to establish a Klape DAO. With the DAO, the community will be able to give feedback regarding the future of Klapes.

Some possibilities that the DAO could have a voice in helping to decide are: will a coin be created, is there going to be a mining aspect, are there going to be games or a metaverse, etc.

We are led to believe, just from the presale registration alone, that the Klapes project will be sold out very quickly. We’re just focusing on releasing the DAO and bringing the community in on future decisions.

Since we are the first NFT project supported by the Klaytn Foundation, we really want to foster the Klaytn community, which is why the DAO is so important to us and our roadmap.

Q10
Sofy: Is there a list of rare attributes for the Klapes?

Garthos: There are 4 tiers of rarity for most of the traits, with the exception of eye color and expression. We do have ten 1/1s available in the main collection, and there is also a separate 1/1 Honorable Klapes collection that’s not part of the initial 5,000 that will be minted. After the minting goes live a rarity chart will be released.

Q11
Sofy: What does it mean to be the first NFT project to partner with Klaytn? Who might be your biggest competitor right now, and what are the unique features of Klapes that will allow it to stand out?

Bex: We don’t want to consider other projects in the space as competitors, but rather as collaborators as we want to foster Klaytn’s NFT growth.

One of the advantages is that we are the first NFT project backed by the Klaytn Foundation, which helps us in spearheading the NFT ecosystem on the Klaytn blockchain. One of the things that we really feel is important to that is the artwork, so huge props to our artist Andrew Dorland!

Q12
Sofy: You’ve released a few sneak peeks in the Klapes Discord. What are some of your favourite Klapes traits that you’re excited to see?

Klapes: The Lord of the Ring ones, the one with the Boba cup, the one with the onesie. And if you’re a cat fan, there is another trait that’s going to be a favorite. There’s also one with a Klaytn medallion, and one that’s Planet of the Apes with the Statue of Liberty — the Planet of the Klapes.

Some of my favorite things about the project were the backgrounds. I really enjoyed kind of seeing those develop and how they look in conjunction with the accessories on the Klapes. A lot of the backgrounds remind me of the end credits of The Mandalorian, where they paint out some of the scenes from the episodes.

Q13
Sofy: With the holidays coming up, do any of you have any exciting plans or travel coming up?

Bex: I’m originally from the East Coast. I live on the West Coast now, so I’ll be travelling all the way across the country to Maine for the holidays, hoping for a white Christmas.

Garthos: I’m doing the opposite, I’m having all of my family come up here to Southern California for the holidays.

Boogy: Hi Garthos, I’ll be in Delaware!

Sofy: So there you have it, our community members’ list of questions. And now we’ll move on to the live Q&A.

Live Q&A

Q1
Sofy: What is the main strength of Klapes compared to other projects?

Boogy: I think one of the biggest strengths is going to be our DAO, which is going to be our community.

Bex: Also, I think our art is amazing!

Garthos: One of the things that we really pride ourselves on is the communities that we have and how we develop those and the people that have joined our community have really been spectacular and we want to keep that growing and fostering that.

Bex: Communities are what make the projects.

Q2
Sofy: Are there any plans for the Klapes NFTs to be used in a game?

Garthos: That’s one of the things that we’ll use the DAO to decide. We’re going to let you as a community help make some of those decisions about what we do next.

Boogy: We really want to empower the community.

Bex: That’s what’s so exciting about a DAO — the community gets to decide what happens.

Boogy: It’s like the spirit of crypto. We all rise together, we’re all going to make it. And the perfect way to represent that is a DAO.

Q3
Sofy: If the Klapes NFTs are not sold out at launch, do you have any plans to burn it or keep them available?

Judi: We would probably keep it open, at least for a while, just in hopes of bringing more community members to the DAO. Anybody who wants to have their voice heard and contribute to the future of Klapes are welcome to be part of it.

Boogy: But the pre-sale slots filled up pretty quick and a majority of the people want three, and then there was another question asking if people would want to mint more in the public sale, and over 90% said yes. I don’t anticipate these Klapes lasting very long.

Garthos: If something like that happened, we would talk with the community. It’s not something we’re just going to make a decision on our own, but every indication we’ve seen so far has been that we expect these to go pretty fast.

Q4
Sofy: What’s the Westerners and Korean holders ratio?

Garthos: It’s going to kind of be really, really hard to speculate. But I’m going to guess 40% Western, 60% Korean.

Judi: What we’re trying to do is to bring more Western users onto the Klaytn blockchain.

Bex: I do have a lot of friends whose first NFT is going to be a Klape, which I think is going to be exciting.


Many thanks to the Klapes team for being such awesome guests and the community for your questions! To find out more about the Klapes NFT project, you can visit their website or catch them on DiscordKakaoTalk, and Twitter.