Achain Talks EP02

Hello everyone, my name is Cui Meng and I am the founder of Achain. Last month, I participated in a conversation with the Achain community in which I answered many of your questions. I reach out now with updates on the issues and questions raised in last month’s AMA.

Q1: On node distribution.

Cui:

In June, I suggested that we would soon introduce a node distribution plan to be implemented in October. We will shortly both announce the rules for node registration and launch the node distribution process. All who meet the node-requirements that we will specify are welcome to apply. Let me broadly discuss the node distribution process, which we will refine over time. First, interested candidates or communities will submit applications which will then be reviewed. Those that are accepted will be submitted for public vote. Applicants with the highest votes will then, in a second step, become node partners. In a subsequent, dynamic process, node partners will be continuously evaluated. Node partners who perform well will gain in rankings while those who do not will fall and, after a certain threshold, be eliminated and replaced. The constant monitoring of node performance will ensure the optimal performance of the decentralized system. I should add that in our selection process, we will take into account the geographic distribution of nodes across regions and countries. In other words, in addition to the English-speaking and Korean communities, we will open up to many other regions like Southeast Asia, Latin America, etc. Where selection will be primarily dictated by voting, we will strive nonetheless to encourage the even geographical distribution of nodes.

Q2: On the Achain Foundation address and accounts.

Cui:

In line with our core values of openness, transparency, and responsibility to the community, starting from this month, the Achain Foundation will publicize our monthly expenditures. Spending reports will be released together with our monthly report, which will be published on Achain’s WeChat public account and on other social media channels. Our three core foundation addresses, comprised of two large-amount addresses and one daily address, will be available on our upcoming monthly report. Every transaction may be tracked, and we will do our best to explain our expenditures.

Q3: On the developer contest/hackathon.

Cui:

Our current plans remain the same: after we complete node distribution, we will hold a global developer contest to expand the influence of the Achain ecosystem and to grow the number of developers and developer teams working on our platform.

Q4: On browser add-on function of token address ranking.

Cui:

Following a request from the community, we announced the top 100 token addresses a few weeks ago, and we have also added a ranking function to browser. Here is a link for those interested in the top 100 ACT holders:

https://browser.achain.com/rank.html#/

Q5: On my Weibo and Achain updates.

Cui:

In our last conversation, I was asked to be more active on Weibo. As of now, I will regularly post to Weibo, where I will share both Achain related updates and my general thoughts on the industry.

Q6: On cross-chain technologies.

Cui:

In our last conversation, many asked questions about cross-chain technology. Cross-chain functionality is a new field of inquiry that is a hot topic. We have discussed it at length and are researching the latest technical solutions, which we hope to further develop with our own ideas. All Achain cross-chain features will be based on the VEP value exchange protocol, and we plan to implement in three stages. The first stage will be to realize value exchange in the Achain ecosystem. In the second stage, we will enable value exchange beyond the ecosystem, with Bitcoin, Ethereum, and EOS for example. The third stage will be to enable cross-chain data exchange. The first two stages focus on cross-chain value exchange, while the third stage is obviously much broader.

In the first phase, we will rely on hosting accounts, multi-signature message mechanisms, and relay chains. Put simply, an intermediary or third-party chain will complete the information protocols for cross-chain. We will implement this functionality as soon as possible to support value-exchange through the Achain ecosystem.

The second phase will support, as I suggested, value swaps beyond the Achain ecosystem. This will entail developing a service layer that will ensure that various address systems and transaction APIs can complete the range of required mapping relations and logics. In this phase we will improve the codebase of the first phase by updating the message notices, message triggers, and event trigger logics.

In the third phase, we will support cross-chain data exchange. We will build on the achievements of the second phase by adding storage structures both to store the big data of hash results and to realize data interaction through cross-chain, hash exchange functionality. The third stage is in a design or concept phase, and we will update with a more detailed upgrade plan when it is ready.

Q7: On the SMC team.

Cui:

I have spoken with the Simons Chain (SMC) team since our last conversation. My impression is that they are hardworking, and I am impressed by the SMC team’s plans. I now have a much more positive impression of what they are doing than I did before.

Q8: On the slow updates of progress on GitHub.

Cui:

I addressed the GitHub issues in an open letter. So that all might better understand the situation, we have posted further details on the Achain public account on WeChat. Here is a link for those who are interested. Note that the total number of submissions in the main repository is 1,351.

https://mp.weixin.qq.com/s/np7PA1n6GuejQ8npQmChLQ

That is all for the core issues here. Free feel to ask more questions.

Open Q&A:

Q: A number of trading platforms like Bter.com have launched in China, but Achain has yet to list with them. Is this because it is easier to list on other countries’ platforms? Is it because of a lack of money or technology?

Cui:

We have launched on influential platforms in the Eastern Hemisphere, like OKex, Huobi, and we have also launched on world-renowned large platforms, as well as on small and medium-sized international platforms. There is no actual benefit to our community if we launch on second-rate platforms like Bter.com, so our choice not to list with them is deliberate.

I understand where this question is coming from. But this is how the industry looks right now. The overall market was much stronger last year. Through both the boom and the current bear market, the Achain team has been working tirelessly. As the market warms, our efforts to pivot to a global reach, to build the international Achain community, and to invest in emerging markets in Latin America, India, Southeast Asia, and Indonesia will all pay off.

Q: Other projects implement lock-up policies to control liquidity. Is this Achain’s aim as well? Why did Achain implement a lock-up program?

Cui:

The lock-up plan is motivated by both practical goals and historical reasons. A lock-up policy can help stabilize volatile trading markets. Also, I wanted distribute tokens among all holders. But now that we seem to be receiving many questions about it, we will discuss whether or not to adjust or upgrade the loyalty reward program. Please remember that the loyalty program is completely voluntary. We invite all those with concerns to contact us, and if necessary, we will reevaluate the program.

Q: Do you plan to announce the Achain Foundation’s investment projects, its holdings, and its members?

Cui:

Let me clarify. The Achain Foundation’s accounts are open to the public. We do not directly invest in any project. Our investment arm is called ACapital, which has a reserve of 10 million ACTs. Investments made by ACapital serve three purposes: to earn money, to contribute to the Achain ecosystem, and to invest in the blockchain industry in ways that help us learn about market trends. At year’s end, ACapital will report on investments it has made, and on the benefits accrued to the Achain Foundation.

Q: According to the Consensus Standard report on blockchains, the investment grade of ACT is “C.” Why has there been no official response?

Cui:

Firstly, I very much approve of such initiatives to analyze investment opportunities in blockchain, since reports like that of Consensus Standard offer insights into blockchain projects themselves. Such efforts to evaluate the industry should remain independent, and we do not therefore consider ourselves in a position to file a dispute. I do believe, however, that our path going forward might be perfected. While we have always disclosed information about our operations and technology, we did not always do it very well, and many ratings agencies may consequently not have obtained important or complete data for their analysis. This is to say that there may have been misunderstandings. For instance, agencies may not have been able to retrieve information about the core members of the team or the Foundation addresses. We are making great efforts to communicate more clearly with the public. We will also contact rating agencies to offer them the information they need for their impartial evaluation.

Cui:

I have just received indication via QQ informing me that our conversation seems to have pushed the token price up. Let me be clear that my role here is not to drive up the token price, but to communicate our ambitions, to seek feedback, and to respond to questions.

Q: Have you settled on the cross-chain technology plan?

Cui:

I have received many questions about cross-chain technologies. For us, it is a promising direction for development that we set very early on in our growth. On November 11 of last year, we proposed a three-stage roadmap that sets cross-chain technology as the goal of the third stage. I discussed this in detail earlier today. Let me say that we don’t yet know how cross-chain functionality will shape the industry. When Ethereum launched in 2012, we didn’t think it would disrupt blockchain, and I didn’t invest in it at the time. But Ethereum did fundamentally transform the field, and my hope is that Achain will play a similar role in terms of cross-chain technologies. We strive to work at the cutting edge of growing and rapidly evolving technologies, and we believe that we can quantitatively and qualitatively change the blockchain world.

In the field of blockchain, the spirit of sharing and cooperation is a must. On this basis, we will continue to innovate by researching novel methodologies, and to collaboratively create Achain’s cross-chain technology solutions. We hope to be a major player in cross-chain technology.

Cui:

Today’s discussion must now come to an end. Please note that we will strengthen our efforts to communicate with you. We have worked hard to make Achain what it is today, and we seek to create additional value for the entire community. We welcome your questions and feedback, all of which help us evaluate our performance.

Before closing, let me list some keywords that summarize today’s conversation, and that can guide our next Q&A session. The first keyword is “cross-chain,” the second is “node,” and the third is “lock-up.” We can structure our next update and discussion in terms of these three keywords.

 

Thank you.

 

 

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