28 OCT | Ask Me Anything Transcript
Last Thursday, October 28th, we were holding an Ask Me Anything session with our CEO, Guanghua, on our official Telegram group for community members. That’s right. The guy at the top was taking questions on anything about future version and roadmap of ComingChat and ChainX from every person like you!
Based on the needs of users in the Internet era and the corresponding drawbacks of the Bitcoin network, ChainX and ComingChat both hold a strong willing to build BTC ecosystem and provide support billions of people around the world.
ChainX aims to maintain the ecological balance and development of bitcoin, and ComingChat’s mission is to enable a simple, secure, and private global payment system and financial infrastructure. ComingChat intends to build a metaverse of the entire ecosystem.
Here is the summary of AMA session.
1. What is XBTC?
XBTC has been running on ChainX network for a long time, and there are more than 2,000 XBTC on ChainX network at most. However, due to the multi-centralized custody trust problem, the number of XBTC users has decreased. We have been working to realize the custody of XBTC completely decentralized, so we have successively proposed XBTC solution 2.0, 3.0, 4.0 and other solutions. But the Taproot upgrade of BTC allows our XBTC 2.0, 3.0, 4.0 and other solutions to be integrated into one, combined with the Taproot hosting solution of small game hosting.
The specific plan can be viewed on: https://github.com/chainx-org/SherpaX-BTC. This solution can make XBTC custody decentralized like a POS consensus, because the threshold signature under Taproot can support hundreds of verifiers hosting together.
2. What is LBTC?
LBTC has been running on ChainX for a long time. There were nearly 20,000 LBTC on the earliest ChainX network. Later, it was considered that LBTC was not appliable on ChainX. Finally, LBTC was completely offline. But recently we are grinding the Lightning Network and find that LBTC can be applied on the ChainX network. The first application is to expand the Lightning Network.
The offline ledger model of Lightning Network makes the interaction between the two users troublesome, and there is also the problem of centralized single point of failure ledger. Putting the ledger model of the Lightning Network on the chain can realize the on-chain Lightning Network on ChainX. The resulting BTC is named LBTC, but at this time LBTC can only be used for payment. As for the second application, we can launch the Lightning Network version of the smart contract platform by improving the Lightning Network, inserting contracts such as EVM and the integration of the on-chain Lightning Network.
3. What is the connection between ChainX and ComingChat?
ChainX establishes a trusted and scalable BTC layer 2 network. Scalability can be achieved through custodial and non-custodial modes, so that BTC can be crossed onto other chains with a significant boost in transaction throughput and a substantial cut in transfer fees.
The ChainX network supports the deployment of smart contracts via virtual machines and execution environments such as WebAssembly(Wasm) and EVM, Therefore, through BTC layer 2 EVM contract platform, XBTC-based DApps become compatible with Ethereum’s solidity contract and Ethereum peripheral tools such as metamask.
ComingChat intends to build a metaverse of the entire ecosystem, and provide support to billions of people around the world. ComingChat’s mission is to enable a simple, secure, and private global payment system and financial infrastructure.
ComingChat is a ChainX-based social media platform, becoming an unequivocal traffic hub. It also supports $XBTC and LBTC payment on the ChainX Chain. ComingChat as the entrance to the smart contract platform of ChainX, brings the new concept of “Simple Payment+Global Privacy Communication”.
4. What is the future version and roadmap of ComingChat?
ComingChat is live for half a year with millions of users. It is deeply committed to build a metaverse of the entire ecosystem for billions of people around the world.
ComingChat will launch the first application upgrade based on the Taproot upgrade and will actually present the application-Threshold Wallet in November.
The impact of threshold wallets is profound. This year can be said to be the fastest year for the development of private currencies. Setting aside the soaring value of bitcoin, we focus on the practical application of bitcoin. Bitcoin has been recognized by more and more mainstreams, and its market value has grown with the market. As the market expands, the existence of multi-signature addresses will also grow and this is the opportunity ComingChat sees. The use of threshold wallets can make user assets more secure, and the organization’s multi-party collaborative privacy custody
business is more secure and convenient.
At present, decentralized applications such as Uniswap and MakerDAO are beginning to emerge, but users do not have a convenient and quick entrance to use these DApps. This is just like the Internet ten years ago. When using any application, users need to re-register an ID with their email address and mobile phone number. But now, you can use Google one-click authorization to log in to many applications.
ComingChat will also become the entrance to Web3.0. Each ComingChat user will have a unique decentralized digital ID-Coming ID (CID). You can use CID to easily log in to various decentralized applications with one click, instead of registering a set on each chain. The address and private key are just like using Google authorization to log in to the app.
ComingChat integrates the access of global digital identities and NFTs, enriches the social attributes of ComingChat through social elements, and integrates chat and social interaction. ComingChat is satisfied with the various applications of traditional social interaction and is an open source decentralized application making it the experience of traditional social software while ensuring user privacy.
At the same time, we are building a NFT trading platform to promote the trading and circulation of NFTs. The NFT creation platform on Ethereum follows a single contract to establish a set of NFTs, so that each NFT is a split NFT. Except for the head NFT, it ranks below The NFT contract and is basically out of circulation. ComingChat is more diversified in the design and planning of NFTs. At this stage, the unique identity card C-Card corresponds to NFT, and more elements will be added in the future, including C-Audio, C-Video, C-Media, etc., and it will even be displayed in the form of C-VR.
C-Card combines the design model of digital identity and card NFT, issuing 1–12 digits, close to 100 billion, which is enough to support the circulation of all NFT versions on the market. Following the rules of the same contract, our NFT is easy to reach a unified consensus and is more convenient for circulation.
5. What is the future version of BTC?
Our traditional financial system is such a high friction trading system. The remittance fee is not based on the cost of occupying the bank’s software and hardware resources, but is charged in proportion to the amount of the remittance.
By comparison, we will find that Bitcoin is a frictionless economy. The economic activity in the Bitcoin system is Bitcoin transfer payment. The payer and the payee conduct point-to-point transactions through the Bitcoin network, and pay a handling fee to the Bitcoin network. This fee is 100% paid to the miners, and the Bitcoin network does not conduct any additional commissions. So this fee is also called miner fee.
The realization of zero-friction economy is related to Bitcoin’s design philosophy of “no trust in people, only trust in cryptographic proofs”. Those who run business, talk about customers, and engage in relationships know that the cost and price required to build a little trust between people is too high. A great part of transaction friction lies in the fact that the business must be built on the basis of the model of trust between people. The zero-friction economy eliminates the requirements of business for trust between people, so that there is no need to establish trust. As long as the cryptographic certificate is presented, the transaction can be started immediately, and the transaction friction is greatly reduced.
A great part of transaction friction lies in the fact that the business must be built on the basis of the model of trust between people. The zero-friction economy eliminates the requirements of business for trust between people, so that there is no need to establish trust. As long as the cryptographic certificate is presented, the transaction can be started immediately, and the transaction friction is greatly reduced.
The zero-friction economy has obviously contributed to the liberation and liberation of everyone. Can eliminate a large number of oppression between people. Eliminate many crude and low-level cultures, such as the culture of persuading alcohol, the culture of sexual bribery, and various unspoken rules.
A frictionless economy will promote the openness of the system and the further disintegration of the organization.
According to the Coase theorem, the reason for organization is that the transaction friction is too large to complete the transaction through the open market. Therefore, it is necessary to form an organization to internalize the cost, so as to control the total cost through management and make things become economically significant feasible.
The zero-friction economy will make the reason for the formation of organizations no longer exist. There are no more leaders and managers of the organization, nor are there any more organized or managed. All people are liberated and become independent people. Everyone has become a manager of himself and his own economy, realizing what the master of management Peter Drucker said, “everyone is a manager”.
That was a new era of free union between free men and free men.
This new era, because of Bitcoin, because of the blockchain, is coming to us!
6. What is ComingChat development on Mini Chain (Demands and future plan)?
MiniX Chain is an open consortium chain based on the Substrate framework and adopting the aura + grandpa consensus. Finally, it will be derived into a Parachain of ChainX through the Spider cross-chain protocol. Aiming to solve the digital identity and data privacy issues of users around the world, the software that implements ComingChat’s CID is open source-designed to allow anyone to meet their needs based on this.
We can think of it as an open, interoperable identity system established by developers and organizations. With the popularization of smart phones and wireless data, more and more people enter the Internet era, and all users around the world will use CID to access the blockchain network. As an open consortium chain, MiniX Chain will support the launch of applications such as DID/NFT in accordance with the laws of various countries and under the premise of legal compliance. Coming will be the first use case to deploy its centralized digital identity and NFT applications to the MiniX consortium chain.
MiniX Chain will not issue tokens, but in order to prevent DDOS attacks on the chain, Mini Point will be issued, and Mini Point will be the only supported point system.
Mini Points will be accepted in many places, but will not be easy to obtain for those who want to own them. Users need to be confident of getting Mini Points because their value will remain more reliable over time and in order to achieve this goal, the ComingChat team uses sophisticated algorithms to control the total amount of Mini Point and the number of destroyed, so that it maintains value and liquidity.
ComingChat will continue to manage this function to maintain the value of Mini Point.
The MiniX Chain network supports the deployment of smart contracts in virtual machines and execution environments such as WebAssembly (Wasm) and EVM.
Ecological applications such as Ethereum, BSC, Polkadot, etc. can be migrated and deployed on the MiniX Chain network. Therefore, with MiniX Chain, the value of Bitcoin is not only reflected in its investment, but can achieve a richer application ecology than Ethereum. In the future, DAPPs that will be connected to GameFi, DeFi, NFT, social and other fields will be created and developed based on the Bitcoin ecosystem.
7. What problems does ComingChat solve for web3?
All kinds of social software popular on the Internet today can be regarded as a centralized software that controls social accounts and restricts account freedom. It aims to collect big data to promote certain ideas, support certain activities, and influence public relations.
Centralized social software solutions and media manipulation issues are catalysts for reassessing how we design social networks. This is just a symptom of the systemic nature of the user-as-product business model. In the Web2.0 era, users have a triangular relationship on the Internet, namely between users, social software owners and advertisers. The conveniences we enjoy at this stage are all based on self-data and this poses a threat to the legitimacy of our media.
For software owners or creators, their role is to attract and retain users to their platform. Their goal has always been to create a walled garden around the user-base and extract value from it. They rely on algorithms to keep users interacting with the platform, but not necessarily focusing on the interests of users.
- For software owners, the first priority is to extract value from users, and the second is to consider user needs and retain users. For example, in order for software owners to obtain better conversion rates for their products, they will use SEO and other functions to mobilize network content and other functions to promote users’ use or purchase behavior on the Internet.
- For advertisers, they can extract value from the network and ultimately help software owners maintain the platform. Through the data of platform users, the clues and routes of products or services used by users and data of potential users are provided to software owners to help them analyze and purchase targeted advertisements to achieve profitability.
- For users, it can be said that users have a very different perspective on the network. Usually, the purpose of users visiting these networks does not necessarily include a clear intention. In most cases, they just contact or share content with friends and relatives. Sadly, users have no control over the storage of their information on the back-end server, or the way the network develops.
ComingChat has its own brand-new ideas for the next generation of social networks, which we would like to call a social-economic network (Social-economic network). This model is designed so that all social information can be returned to users ensuring that software owners cannot extract your data and neither can advertisers get revenue from your data (not to mention that it is a sum of money that belongs to you).
ComingChat can truly decentralize the account system, allowing users to become the true masters of their own data, and no third party then controls your private information and assets.
ComingChat smoothes out all roles where no advertisers earn profit and no user privacy is exposed and even ComingChat does not play a software developer role.
ComingChat uses distributed servers, the numbers of which are in dozens or more, fundamentally avoiding the existence of centralization problems in the Web2.0 era.
When ComingChat readjusts the original roles of social software, the real benefits of users in social networks will be qualitatively changed, and the network in which users participate will naturally promote the establishment of a social economic network that benefits all users.
ComingChat proposes the new concept of “global payment + global privacy communication” for the entire industry for the first time. Whether it is payment or communication, ComingChat is centered on individuals/individual users, and connects people, assets, the world through the underlying logic technology of the blockchain.
Other information resources. A global currency payment transaction system that meets the needs of users for high-quality and convenient life, covering users’ global privacy and social behaviors, involving the separation of metaverse digital identities from the real world, multi-project scenarios, digital identity authorization access and other typical Web3.0 era scenarios.
8.What is the application of Mini points in ComingChat?
The total amount of Mini Point will be maintained at 1.25 times the total number of released CIDs, and its role will be used for:
- Gas fee of decentralized trade market/ DApp
- Fiat-to-mini point trade under legal regulations depending on regions
- Redeeming NFT
- Access to DApps in the future for in-game token spending
9. Why we need BTC layer 2 network?
As bitcoin is probably the most valuable asset right now with market cap near $1.188 Trillion and at this stage, Bitcoin is in a bull market, and more and more users are scrambling to use digital currency, which makes bitcoin's transaction fees soar again. The average fees for a transaction is around $4 which is not less and apart from that, it consumes a lot of time which cannot be ignored. The number of bitcoin transactions that can be added at any time is several orders of magnitude smaller than the commonly used Visa card.
As more and more users flock to bitcoin, ChainX developers anticipated that onchain transaction fees will rise as a result. ChainX in June 2017 established a trusted Bitcoin layer 2 network. This is a network on top of bitcoin network, with its unique crosschain technology it realizes the completely decentralized cross-chain of bitcoin, allowing the network to support more transactions and alleviating congestion.
In order to bring bitcoin, the most powerful consensus asset in the crypto world, through iterative updates of different schemes, the best solution for implementing bitcoin cross-chain at the emergence stage is to build BTC light nodes into ChainX, that is, to integrate BTC. All logic and code are written on the ChainX chain, so that the ChainX chain can participate in the BTC consensus. This is the solution with the highest degree of difficulty and the highest degree of decentralization. Users map BTC to the ChainX chain into XBTC. Compared with the original bitcoin network, the recent average bitcoin transaction fee on the chain may be $5, but the average cost of the bitcoin layer 2 network is only $0.0006. About one-eight thousandths of it, and transaction costs are negligible.
10. How does ChainX realize the cross-chain transfer of Bitcoin?
The first application is to expand the Lightning Network. The offline ledger model of Lightning Network makes the interaction troublesome between the two users, and there is also the problem of a centralized single point of failure ledger. Putting the ledger model of the Lightning Network on the chain can realize the on-chain Lightning Network on ChainX. The resulting BTC is named LBTC, but at this time LBTC can only be used for payment. As for the second application, we can launch the Lightning Network version of the smart contract platform by improving the Lightning Network, inserting contracts such as EVM, and integration of the on-chain Lightning Network.
In the next 3 months to half a year, ChainX will have a lot of functions to release. The custody model that supports Taproot upgrade will be launched in the next 2 months, the LBTC that supports the Lightning Network will be launched, and the contract platform that supports EVM will also be launched on ChainX. Many applications on ComingChat will also be launched on ChainX as well. After all, ComingChat will hold more than 10 million users in the next six months.
In terms of cross-chain asset transfer, we have two modes of custody and non-custody.
For the custody model, during the cross-chain recharge of bitcoins, we used Wasm technology to implement bitcoin light nodes for the first time on the ChainX chain, supporting POW verification of bitcoin block headers and complete transaction proof verification. In addition, the relay acts as a communication bridge for notification. Due to the trustless verification function of the light node, the relay can be detrusted.
When performing Bitcoin cross-chain withdrawals, because Bitcoin does not have Turing complete capabilities and cannot realize a complete light node on the chain, it can only be a compromise to adopt the witness model, which is completed by multiple trust nodes through multiple signatures on the chain to complete the destruction-unlocking process.
As for the non-custodial model, ChainX uses Bitcoin Lightning Network technology to realize cross-chain transfer of assets without custody.
11. How does ChainX enable inter-chain transfer of non-custodial assets through Bitcoin Lightning Network?
ChainX uses Bitcoin Lightning Network technology to realize cross-chain transfer of assets without custody. We know that the Lightning Network moves the asset transfer process off-chain through the state channel. By embedding the transaction conditions in the secure encrypted hash proof, the transaction can be transmitted through multiple channels in the network instead of escrowing the funds separately to any third party.
12. How does ChainX enable Bitcoin smart contract?
In terms of adding smart contract functions to Bitcoin, the ChainX network supports the deployment of smart contracts in virtual machines such as WebAssembly (Wasm) and EVM and execution environments. Therefore, with ChainX, Dapps based on XBTC and LBTC can use BTC’s two-layer EVM contract platform, compatible with Ethereum’s solidity contract, and compatible with Ethereum peripheral tools such as metamask as tools for the platform.
13. What is the community governance model of ChainX?
In order to promote the decentralized governance of the community, ChainX refers to Polkadot’s tricameral governance structure, including a referendum house, a board of directors, and a technical committee. In addition to the tri-campus system on the chain, the framework of community autonomy is improved by introducing the concepts of X-Association and the Treasury.
14. What is the future version and roadmap of ChainX?
It is expected that Bitcoin will undergo a Taproot upgrade on November 15th. By then, you will be able to experience the benefits of Taproot technology when you perform cross-chain transfers of Bitcoin on ChainX. It includes the reduction of transfer fees brought by the Schnorr signature algorithm, and The increase in transaction privacy brought about by the Taproot script structure.
The more long-term goal is: We are committed to further enriching the application ecosystem built on ChainX. We know that ChainX is built on the basis of Bitcoin. The richness of DAPP on ChainX will make the Bitcoin ecosystem gradually flourish. We expect Bitcoin to surpass Ethereum in terms of the diversity of smart contracts.
15. When everyone else is running towards selling users’ data and gaining profit why ComingChat doesn’t do that and how ComingChat is gaining profit from it?
Selling user data is indeed very profitable, but it is unethical. Our decentralized platform can also be profitable by returning data to users, because there is traffic, you can make a profit, which is not only convenient for users but you also can make your own money without breaking the law and morality. ComingChat will focus on user traffic, the virtual metaverse and do global payments and trade. ComingChat brings a new era of Web3.0, playing an important role as current Amazon and Facebook.
16. What is your strategy concerning the auctions on DOT and KSM?
The auctions of DOT and KSM are market-based markets. I rarely make decisions, but our goals and the community’s goals are the same.
Among them, we develop a coin, such as SherpaX. We will try to take the slot with the least cost. Whether there is a slot or not has little effect on ChainX, because ChainX is a BTC layer 2 network, although it uses the Substrate technology. It does not affect ComingChat, because ComingChat focuses on the 7 billion Internet users around the world, rather than focusing on a financial game.
17. How will you take part into the Polkadot auctions crowdloan?
We plan to get the auction slots with the least cost, because ChainX won’t get impacted with no slots. We focus on BTC’s Layer 2, and the 10 million users. ComingChat application is focusing on more. Our traffic is the top stream, currently we have 1.15 million holders, far more than Polkadot and Kusama holders.
18. How and where will KSX be traded?
There will be various DEX support, and will also support DEX on ComingChat.
19. Will you use your #KSM for Kusama crowdloan?
As the CEO of ChainX and Coming, I’m thinking about how to make the product and the market better instead of doing a financial game for a short time. The financial game is short-lived, and the value stepped one step at a time can be accumulated, and this accumulation can become an enterprise and project like Apple.
Not for the time being, We are continuously synchronizing with BTC development, BTC will upgrade Taproot in November, and we have a lot of work to do. To optimize ChainX better, we are compatible with EVM, and we are doing the development of XBTC that supports Taproot and the development of LBTC that supports non-custodial mode (on-chain Lightning Network smart contract platform).
20. If the failure occurs in the lightning network what’s the solution(in non-custodial mode)?
We must ensure that the transfer of BTC in the Lightning Network is consistent with the operation of our EVM contract on ChainX. This is the basic condition for us to be an on-chain Lightning Network contract platform. As for how we stay consistent, this is a complicated logic that our team is designing and developing. We will support BTC’s SECP256K1 and Taproot which is the foundation.
If you want help with creating an editorial whitepaper for ComingChat, reach out. We’d be happy to accept some advice and idea expression. Read our whitepaper and leave your feedback on TG https://t.me/buildcc . Qualifying feedbacks will be rewarded based on valuation. Rewards may range up to $4,000!
Whitepaper PDF file:
ComingChat Whitepaper Draft: http://chainx.link/BXJN
ChainX Whitepaper Draft: http://chainx.link/Zzrx