On Saturday, May 1st, we had the pleasure to welcome to our Telegram chat:
Michael, The CTO for Vera Network.
We asked him questions about the development of Vera Network.
Q~ Thanks for joining us today. Please start off by introducing yourself to our community.
A~ I am a Software developer 17 years, building software for consumer and enterprise in finance, healthcare and supply chain, focused on blockchain for 5 years full time with multiple blockchain and cross industry. I led the blockchain development for the 4th largest custodian bank in the world. Excited about what we are doing with Vera, it’s one of the most promising projects I worked on.
Q~ What is Vera Network all about in detail, what problems inspired you to create Vera Network ?
A~ Vera is a universal infrastructure for NFT DeFi applications that empowers millions of businesses and billions of people. Vera will enable Lending, Leasing, Exchange of NFT assets across multiple blockchain. This will enable assets owner to get control back of their assets.
We have done extensive research in the space, and we did not file any one doing extensive DeFi for NFT, that is why we started Vera. We believe that all current real world fungiable assets will one day be fully decentralized with NFT representation.
Q~ Can you share with us the $Vera token’s utility and discuss its tokenomics?
A~ Vera token will be used to govern the Vera Network. Holders of the token will make decisions on the direction of the products and goverance of the network.
The token will also be used to collect fees for all the transactions like lending borrowing exchange and liquidity pools.
Xiaolin : The tokenomics have not been decided yet right ?
Mike : We are in the process of finalizing. We will share with your group when ready.
Q~ What stage on the Roadmap is the project at? And what should we look forward to in the coming months?
A~ We have released our PoC code under open source license. MVP development is already underway. In Q2 we will release the MVP demo. Q3, continue the protocol development and release more documentation for 3rd party and open source developers to build on top of our protocol. Q1 2022 we will start integration with other Defi protocols, and design more cross chain integration.
QUESTIONS FROM TWITTER
Q~ Vera Protocol back then was focused on building a decentralized oracle platform to power specific DeFi and Decentralized Commerce (DeComm) use cases, are you still going in that direction, cause I see you rebranded, what new changes have you made to your roadmap?
A~ Yes, we are still heavily invested in Oracles technology. To link real world assets to decentralized network Oracles are absolutely necessary. Both for physical assets like real estate and digital assets like equity. We have built strong network with Oracle providers and we will implement integration with them.
Q~ NFTs is of course a hot topic, But are NFTs not just for art. Do you think more real-world use cases will emerge for NFTs as time goes on, why should we take NFTS seriously?
A~ Art is only one use case, we are actively working on dozens other use cases like real estate, IP, gaming and more.
NFT is very important because it’s the only way to solve real world problem like representing. a physical asset like a car on decentralized network. This is not possible with any other technology.
Q~ How much does it cost to issue NFts of my assets on Vera Network ? Can these NFts only be traded within vera network or can they be traded in marketplaces such as Opensea?
A~ Great question. Cost will be minor compared to current ethereum cost, since we are building primarly on Polkadot network.
At the begining you will be able to trade assets in our network, but soon after we will build cross chain to enable both taking assets out to other networks including ethereum based open sea and back from other networks to Vera.
Q~ I understand you decided to build Vera Network on Polkadot instead of Ethereum because of the High transaction fees, but I believe there are other blockchains like Binance Smart Chain, Solana, Cosmos etc. that also offer cheaper transaction fees, so why do you think Polkadot is better than the array of options available?
A~ We are actually planning on build on all of these networks. We already have PoC on Solana, and actively research BSC. We don’t believe one network can solve all problems. We are building an ecosystem open for all major networks.
Q~ This AMA was sponsored by ChinaPolka and BMW Capital, what’s the relationship between Vera Network and this two, are they strategic partners, what’s their function in Vera Network?
A~ Yes, ChinaPolka is a strategic partner of Vera, they are adding big value to our network, they are connecting us with many other networks.
Xiaolin : BMW Capital is also a strategic partner?
Mike : Absolutetly, great people to work with. We are expanding our network with all top quality partners in the space.
QUESTIONS FROM TELEGRAM
Q~ DeFi has three sectors: DEX Synthetic asset and Lending. Which exactly is VERA focusing on? Do you have plans for others that you’re not focused on yet?
A~ We are doing all three, focused on NFT specifically.
Q~ What really MOTIVATED you to bring such a great PROJECT into existence?
A~ No one else is doing proper NFT DeFi cross chain.
Q~ Is your platform suitable for Crypto beginners? Or does it only appeal to professional users?
A~ Yes! one of our main objective is to bring non crypto users to a decentralized network. So we are building very user friendly platform!
Q~ Vera Network have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
A~ Yes, we are in the process of designing this. we think it’s important!
Q~ I’m a developer, and I’m interested in contributing to Vera Protocol alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?
A~ You can start reading our docs, we are in the process of designing many of these programs with generous reward. Please stay tuned!
It’s really nice having the Vera Network project in here!!!
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