Recap | DeCredit x Parami AMA,Oct 12th

🔹Segment 1: Guests Introduction (audience will be muted)

Dorian Wu:

Good evening everyone! This is Dorian WU from Parami Protocol.

Before co-founding Parami, I was the senior architect of DCEP (Digital Currency Electronic Payment), working for the People’s Bank of China. Earlier, I was taking the responsibility of core architect & technical leader of TRON before DCEP project.

From those jobs, I have gained much practical experience in consensus mechanism, privacy computation, cross-chain mechanism, etc. I hold a bachelor’s and a master’s degree in Software Engineering. After receiving my master’s from University of Chinese Academy of Sciences, I became a blockchain enthusiast and active investor since 2013.

My early purchase of Bitcoin and relevant study in academia inspired me to solve problems in a novel way. Now I am all in blockchain, co-founding Parami to dive into the crypto world on tech side with my amazing teammates.

🔹Segment 2: Q&A with DeCredit Host (audience will be muted)

Gabriel

You could conclude answering a question with the word done

Q2. What is the main idea behind the conception of the project?

Dorian Wu

Parami Protocol, in essence, is to build AD3.0 for Web 3.0.

The motivation of Parami is quite simple. I hate it when I receive messages from strangers that specify my personal information. I hate it when Amazon push barbecue toolkit when my conversation with family mentions a backyard barbecue. We are tired of the face that tech giants tag our preference and push relevant promotion information from every corner of your life.

So we would design such a mechanism that we add the advertising budget to a community’s common good — an NFT, so the community contributors will all get reward for our attention, users privacy and data remain untouched. Later when the community grows bigger, members will also share the growing profit.

Gabriel

Thanks for the awesome explanation

Gabriel

Q3. How did you choose the name of the project?

Gabriel

Cos it amazes me personally actually. Haha

Dorian Wu

indeed that’s an interesting question

Dorian Wu

The word “Parami” in Sanskrit, commonly translated as “perfection”, refers to Buddhist ideals.

Gabriel

Can’t agree less myself. 🤗

Dorian Wu

Parami means the virtues one needs to cultivate himself/herself to cross over the flood of suffering, get reborn, reach safely the further shore.

Like the idea of “perfection”, Parami Protocol aims at establishing a universal model for future advertising, to bring a rebirth of the decentralized identity and personal data economy.

Gabriel

Q4. Could you explain a bit how decentralization can help AD3 to solve problems like privacy, user motivation, and advertising ROI?

Dorian Wu

Definitely. In the current web2 era, people receive information or socialize at few monopolies platforms like Twitter, Facebook, which raise concerns like privacy breach, information cocoons. We believe traffic aggregation in the web3 era does not work that way.

In the Web 3.0 era, the traffic will be decentralized to individuals, and fans surrounding opinion leaders. Advertisers will reach out to opinion leaders for a targeted audience instead of massive dissemination.

Let me give a using case for how advertising is done within Parami Protocol. Let’s say, Dorian is an expert in coffee making, and I get to run my community of coffee fans and become influential day by day.

Jack, a merchant of coffee machines, will have to bid for my advertising spot. After he does, his ad budget goes accordingly into my fans’ wallet by a ranking algorithm behind the scene. The technical mechanism is more complicated but I won’t bother you with it

In this way, no one has to know user’s information except for he/she interest shows by the community he/she is in. Users like to trade attention for advertisers’ reward. And advertisers get promotional content delivered to highly targeted audience. Everyone is happy in the end.

Gabriel

I love the illustrations you gave explaining the last question. Thanks

Q5: Why would anyone be impressed about Parami?

Dorian Wu

huh, a deep question

Parami is a web3 challenger and innovator to the web2 advertising marketers

think about how Google and Facebook build their business and you will get an idea of what Parami is going to change and how great the market we are talk about. Parami, in essence, is the futuristic decentralized and autonomous attention marketplace.

We believe ideas like DECENTRALIZATION that one should have the sovereignty and right to profit over their own data, and AUTONOMY that people should govern their common goods and work for collective benefit.

As long as you identify yourself with these two ideas, you will get to appreciate how wonderful Parami will be in the coming Web3 era

Gabriel

Awesome! The last question would be the last I ask of you Dorian.

At this point, I will like to bring in some good questions that came in from Twitter prior to the start of the AMA.

Are you up for it ? @DorianWuAD3

Dorian Wu

yes, have them come

Gabriel

We got the the first question about mechanism from @PKragak

Could you please clarify what pain points you are trying to solve with the AD 3.0 proposal? How exactly do you manage to make this system user-centric and at the same time increase advertisers revenue? Thank you

Dorian Wu

AD3.0 is a native advertising system featuring Web 3.0 ideas. It mainly solves the following three problems:

1. How to establish a user-centric advertising system

2. How to gather the traffic on Web3.0

3. How to improve the ROI of digital advertising

Recall the previous coffee example above, users are all the time at the center because they are the supplier in an attention marketplace, key opinion leaders work for a healthy audience to sustain as a traffic node on web 3.0. Digital advertising will be filtered to specific audience and rewards will be issued according to every user’s preference, as a scoring system is at play for different categories of advertising.

Gabriel

We got this 2nd question on competition from @powerplant999

His questions are in 2 parts

1)Will this project integrate NFTs?

2)In what way is this project different from other similar projects that involve social credit such as Mobifi?

Dorian Wu

Yes, I like the questions to mention NFT

Dorian Wu

In our model, we empower KOL to mint their social NFTs, and their fans can buy shards to show loyalty and HODL for a share of their growth.

Advertisers will trade advertising budget for a spot in the social NFT

Regarding competitors, there are many doing great as social coin platforms and attention match-makers,

Fractal. We are better regarding use scenarios. We can be plug-in to IM Apps. And Zero Know Proof is our advantage as well.

BAT. They build Brave the browser. We want to better leverage existing traffic pool.

Rally. (at the application layer) We are cross-platform and cross-chain. We aggregate various IM App social identities.

I am not sure if MobiFi is relevant here because it is a Dapp of mobility and transportation

Gabriel

The 3rd question from Twitter has a lot to do with the benefits of holding your project native token

@sky82581343

Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold this token/coin in the long term??

Dorian Wu

For Parami token $AD3, there is a simple logic to HODL $AD3 in the long term: we are going to take over advertising business to web3, yes, the overall advertising business. We have a better offer to KOLs, we have a cheaper yet decent solution for advertisers, we have a cozy and profitable community (or communities) for users, and we keep advancing and expanding.

Gabriel

The 4th question has a lot to do with security.

@SejanHosean1

Currently, the problem of hacking is not new to projects or a new ecosystem, so what has your group done to prepare for the upcoming attacks of hackers?

Dorian Wu

We usually develop features module by module, and perform inter-group review before an internal integration. And we organize and participate friendly hackathon within groups for security purpose. What’s more, we will look for professional code AUDIT service providers like Certik and ConsenSys before the liquid swap module goes live.

Gabriel

And one final question from Twitter, before we receive some from our TG audience

This one got to do with Cross-chain update

@BIRENDR05909154

Your future roadmap shows integrations with many chains, which is amazing, but what is coming up in your roadmap in the more immediate future? Do you have any upcoming news that will excite our community?

Dorian Wu

We have integrated the two-way communication solution for both ETH and BTC chains into Parami network, and will continue to do so in the near future, well, we are actually talking about 2021 Q4.

There are several announcements that excite you guys as we are also excited about.

In the 2021 Q4, Parami Protocol will do

- Initial DAO Offering

- Community Premium Membership

- Parami Liquid Swap launch

- Parami Wallet launch

- Parami Testnet Dāna update

- Cross-chain support with ETH, SOL and more

So join our telegram and follow twitter (link later) to stay tuned, you don’t want to miss the gem out #FOMO

Parami Twitter:

https://twitter.com/paramiprotocol

Parami Telegram:

https://t.me/ParamiProtocolEN

🔹Segment 3: Community Live Question

Gabriel

Thanks for the patience and the professionalism applied answering all

of the questions inquired of since start

Now we go take some from TG’s end. While we unmute the community to receive some questions, you could take that time for a quick stretch.

Over to you @DorianWuAD3 to pick just about 5 from the many sent and answer

Q:1Elizabeth
A lot of community members have anticipated the launch of parami. When do you see that happening?

Dorian Wu

[In reply to Elizabeth]

Parami devs are sparing no efforts to fashion the Parami Wallet, we show the preview of the new web wallet. Good news is that Parami Liquid Mining is integrated there too. Once the internal review and third-party audit is over, Parami will launch in the 2021 Q4. The first milestone will be late Oct and later first version of Wallet app.

Q:2、8Mi_Yile | Rick Astley
What is your strongest advantage that you think will make your team leading the market? and In contrast, what is your weakness? How do you plan to overcome it?

Dorian Wu

[In reply to 8Mi_Yile | Rick Astley]

One thing that we are very proud is that Parami is a self-sufficient model that users, advertisers, and influencers will all benefit from the new model.

We do have shortcoming in the marketing light. We might fall victim to a late start in the social field to make our name. Well, our marketing team will move quickly with joint effort from dev team to make a good and influential product

Q:3、Elsa Choate
Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users towards your project? Is there any upcoming partnership that will brings non-crypto user and real-use case?

Dorian Wu

[In reply to Elsa Choate]

The Parami Wallet and the later community system is designed for everyday use in the first place. Non-crypto users will not feel at loss using Parami dapp.

For partnerships, we have several partners that bridge the crypto and real-world, DeCredit for one, they bring the off-chain credit ranking together with the DeFi loaning products, from which we believer Parami will learn a lot.

Q4:4、Ánh Ngọc ShibaNovaDEXYou mention on your tokenomics that the staking feature concerning your AD3 token will be used for node and “personhood verification”, can you explain more about this verification? How do you identify and give value to your users through the staking model and what revenues can the users get from this process? #AskParami ️️ #AskParami

Dorian Wu

[In reply to Ánh Ngọc ShibaNovaDEX]

Concerning the verification, it is all about making sure that you are a real person instead of a random bot. Parami asks users to bind their public social app accounts and on-chain address for verification.

We will talk about staking more once the liquid mining is online. Parami Protocol has this idea of “engage to earn”, like “play to earn”, users get reward for engaging in a social DAO and benefit even more for loyalty to the DAO

Q:5、Join Fellow
Is my personal data safe in this project? Is your project’s data security technology completely safe for the customer?

Dorian Wu

[In reply to Join Fellow]

Your personal data is absolutely safe with us in the sense that we, Parami Team, cannot bulk access or manipulate your data because they are encrypted and stored on the chain. For the advertising purpose, we adopt a ZKP algorithm, that is, we ask “yes-or-no” questions instead of asking for specific personal information. In a nutshell, your data are safe on the blockchain and no superuser or backdoor is there.

Dorian Wu

In the end, please allow me to post Parami links for those who want to know more about Parami Protocol

Parami Official Website:

https://parami.io/

Parami Twitter:

https://twitter.com/paramiprotocol

Parami Telegram:

https://t.me/ParamiProtocolEN

Parami Discord

https://discord.gg/bxFuekgvYJ

Parami Medium:

https://paramiprotocol.medium.com

Parami Github:

https://github.com/parami-protocol

Parami Russian community(new!)

https://t.me/ParamiProtocolRU

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store