AMa with Despace

On the 13th of September, 2021 at 08:00 UTC, Decentralized Club had the honor of hosting Andrew Fennell, Business Development Manager from DeSpace Protocol for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.

The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
 
If you missed this event and would like to know what DeSpace Protocol is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.

Segment 1 - Introduction

[May]
Hello, 大家好, नमस्ते, Selamat!

My name is May and I'll be hosting the AMA with DeSpace.

Today, we have with us a guest from the DeSpace Team.

[Andrew]
Hello, @MsMayMay thank you for having me, Hello everyone 👋

[May]
You're welcome to the Decentralized Club and it's an honor to have you here.

Could you quickly tell us more about yourself and your job description at DeSpace?

[Andrew]
😁 sure

Hey everyone, my name is Andrew Fennell.
I’m the Business Development Manager here at DeSpace Protocol, as well as our leader of the community managers. Hope you are all doing well and looking forward to learning more about DeSpace!

My background is in sales and business development and I come to DeSpace with an array of skill sets in sales methodologies, relationship building, team training, account management, branding, and marketing. I found the love for cryptocurrency in 2016 and have been helping several projects since the latest being vital to the successful launch of Mochi.Market and now bringing my expertise to DeSpace.

[May]
👏🏼👏🏼👏🏼

Such a detailed and impressive bio.

[Andrew]
thanks, May 🙂

[May]
You're welcome! 😊

Let's jump right into the main session, shall we?

[Andrew]
sounds great 👌

[May]
Okay!

Q1. Can you tell us about DeSpace and the goals that led to the creation?

[Andrew]
DeSpace is a DeFI & NFT Ecosystem. We are bringing the much-needed solution of aggregation to the Crypto world. All your DeFi and NFT services in one easy-to-use interface. Users will be incentivized by earning DES coins when completing transactions while you aggregate across multiple crypto platforms. With our cross-chain capabilities, users will be able to trade assets across many different blockchains allowing them to utilize only one platform as opposed to multiple. There are many more features to discuss so I strongly recommend your community reading our SpacePaper to divulge more details.

i goal that led to creation was seeing the segregation of blockchains, dapps, NFTs, etc and wanting them to all be integrated into one simple easy to use interface

[May]
This is great! 👏🏼

Q2. What innovative solution is DeSpace bringing to topple its competitors with similar offerings?

[Andrew]
The main features that distinguish DeSpace from its competitors are having our blockchain and being able to aggregate with any DeFi service, Dapp, Blockchain, and NFT platform. We are simplifying the space for the user and rewarding them in the form of $DES at the same time just for using our platform.

There are competitors to each of our product streams, but no project does what we aim to do, it can easily be seen if you check out our one-pager.

https://t.me/decentralized_club/602218

[Andrew]
All these services are in one platform, which is why we call the one-stop-shop for DeFi and NFTs

[May]
I see why too 😁

[Andrew]
haha yes, we offer a lot and can take some time to grasp what we are aiming to achieve here

[May]
Hopefully, this interview will shed a lot of light on what DeSpace has to offer!

[Andrew]
I hope so too 🙂

[May]
Q3. Can you tell us about your NFT and DeFi Aggregators?

[Andrew]
yes definitely

As an NFT aggregator platform, users will also be able to access other NFT platforms like Opensea, Decentraland, rarible, etc right on DeSpace’s NFT portal, and when they execute transactions on those platforms using the interface, they will mine DES coins in the process. The goal here is to help reduce the user journey when trying to access multiple NFT platforms and also to save users on transaction costs and fees in the form of DES coin mining.

DeSpace’s DeFi aggregator platform will operate similarly to the NFT aggregator in terms of DEX and liquidity protocol aggregation. Here, DeSpace will unify as many DEXes and LPs as possible to simplify the user journey while allowing users to earn DES coins when they either trade or provide liquidity to the DeSpace DEX, or any of the aggregated DEXs and LP’s.

In a nutshell, DeSpace’s DeFi and NFT aggregator will unify DeFi and NFT protocols into one website to make it easier for users to navigate the world of DeFi and NFT protocols while they mine DES coins as compensation for the time and fees spent while navigating and interacting with DeFi and NFTs.

[May]
Very good!

I'm interested in this next question.

Q4. Could you briefly talk about $DES and its utilities?

[Andrew]
That's great 🙂 and I will be happy to explain about our native token DES.

[May]
https://t.me/decentralized_club/602234

[Andrew]
$DES will be used for incentivizing AMM providers on DeSwap. Mining rewards for those users completing transactions on our platform, or on a 3rd party service via our platform. Staking rewards for those HODLERS that wish to hold our beloved token to earn passive income. Our token will be able to be used to buy NFTs on our marketplace and used for loans on DeLend. On the tokenomics side of things, our max supply is 100,000,000 DES, with an initial market cap on the launch of only $647K! An initial circulating supply of 2,415,417 DES.

[May]
So many incentives! That's great!

[Andrew]
yes I think it is important to have incentives and use cases for a project token

creates holders and naturally increases the price over time

[May]
I agree.

Are you running any giveaways or airdrops as a marketing strategy?

[Andrew]
we ran an airdrop previously as part of a marketing campaign

[May]
That's great!

[Andrew]
yes it did gain a lot of traction as it was hosted on coinmarketcap

[May]
Whoa! That's a huge feat!

Congratulations 🥳

[Andrew]
our team is well connected 😉

[May]
Aha! 😉

Last question for this segment.

Q5. What major news should we still look forward to from DeSpace by the end of the year?

[Andrew]
a lot is happening from now until the end of the year

Currently, we are expecting our testnet launch of our NFT PAD this month, so it is an exciting time with a lot of interest from our partner projects, as we will be hosting limited edition NFT collections for auction. We have built some great partnerships to date in our early stages with the likes of Polygon, MantraDAO, SpiderDAO, A2DAO, and many others and some that shall be revealed shortly 😉 for the rest of 2021 we have our upcoming token launch on the 20th and 21st of Septembers across multiple launchpads DuckStarter, Pools, and A2DAO. We will have more products to launch following our NFTpad by the end of the year 🔥🔥

[May]
Great news!

Can't wait for these products to be up and running!

[Andrew]
same here 👌

[May]
Let's take some questions from our Twitter community!

Ready?

[Andrew]
great idea, let's do it 👍

[May]
Okay!

Segment 2 - Twitter Questions

[May]
Q1. How does DeSpace plan on stabilizing the up growth as been Being the most comprehensive DeFi aggregator, also allows users to interact with several DeFi protocols from a single web interface, and mine DES coin when executing each DeFi and NEFT transaction?

Twitter Username: @AbayomiNathani2

[Andrew]
great question

Through the adoption of our platform, we will see increased revenue that can be used for DES coin buybacks to help stabilize the price growth. Along with DES staking and DES loans that will encourage holders to keep their DES tokens to earn passive income. These combined with our ever-growing ecosystem partners and marketing campaigns will see DES coin be one of the best investments in the future.

[May]
Q2. One of the main features that distinguish Despace from its competitors is having its DECHAIN ​​blockchain. What are the most distinctive characteristics of the Blockchain Dechain? What benefits does it offer? How is it different from blockchains like BSC or Ethereum?

Twitter Username: @jogamboa08

[Andrew]
Our blockchain DeChain will be incredibly fast as we are leveraging the best tech solutions in the industry. We will be as fast as the likes of Polygon, possibly faster. Being a layer-2 blockchain we will be compatible with any other blockchain so that we can host all our users' favorite DeFi and NFT products on our website. Our blockchain DeChain comprises DPoTS, which is a unique algorithm that matches the combination of Decentralized Proof of Transaction (this first layer of the algorithm allows anyone who executes valid transactions on the blockchain to mine DES) and Delegated Proof of Stake (here, those who hold and stake Des coin serves as the second layer algorithm that validates transactions being executed and forged at the DPoT layer, and in return, the stakers earn DES coins for their effort).

Our algorithm is unique in the sense that it ensures decentralization, secure transactions, and an excellent incentivization system that accommodates everyone.

Unlike other known blockchains where only those who can afford to mine can mine. DeChain affords users the luxury of mining DES just by executing transactions via it, and those who can afford to stake to earn will also do so.

The above makes it a win-win situation for everyone within the Dechain ecosystem.

[May]
Q3. DeSpace is a protocol that is closely linked with NFT's. Observing the boom they have had lately, I want you to explain to me how OpenSea provides resources to DeSpace in the field of NFT's? How do you take advantage of this association?

Twitter Username: @AdrianAZG10

[Andrew]
OpenSea will provide resources via our NFT aggregator platform, where users can access NFTs hosted on OpenSea as well as any other NFT marketplace, by accessing OpenSea via our platform the user will earn DES coin while completing transactions and buying/selling NFTs on OpenSea, this counteracts the fees associated with OpenSea and makes the process less costly for the user than if they bought and sold directly on OpenSea, so you can see that is just one advantage of many from using our platform.

[May]
Absolutely love how detailed your answers are!

[Andrew]
haha thanks, sorry if it is a bit much info to take in

[May]
No, it's just perfect!

[Andrew]
great 🙂

let's do it, just a reminder to members that they need to join our community to be able to participate in the live questions, I will be checking too 😉

[May]
Sure! Before we take the next set of questions, I'd like to ask the community to please follow:

https://t.me/despacegroup

[Andrew]
thanks, May 🙂

[May]
You're welcome!

Segment 3 - Website Questions

[May]
Q1. DeSpace Aims to be the one-stop Platform for all Defi Products. Offering products such as;
1. DeFI and NFT aggregator Protocol
2. DeLend(lending product)
3. DeSwap (Multichain and Cross-Chain Dex ) and
4. DeChain Digital wallet

Can you briefly talk about each of these products? Which of them are you currently focused on developing right now? How do you plan to manage their future development? Thanks

Telegram Username: @Odion13

[Andrew]
ok this one will be a big answer lol so be prepared

[May]
*buckles seat belt*

[Andrew]
all of our products have begun construction, our NFT pad testnet is expected this month, with the rest to follow according to our roadmap, a simple breakdown of each product is as follows;

NFT and DeFi aggregators
- Trade NFTs from major marketplaces and access a range of DeFi services, all from a single interface
- Cross-chain interoperability makes it easier to find where your investment will work best
- No additional fees and DeSpace transaction rewards mean you earn every time you use DeSpace aggregators

NFTPad
- Mint, mine and win DeSpace NFTs in a gamified system
- Trade on DeSpace’s auction site and earn greater transaction rewards
- Unlock extra rewards by staking DeSpace NFTs, or combine them to unlock greater rarity items

DeSwap
- Trade on DeSpace’s own decentralized exchange, with low fees and fast settlements
- Take control of your trades thanks to DeSpace’s cross-chain compatibility – users can swap on any supported chain
- Staking and LP rewards give competitive yields, and LPs for other exchanges can farm on DeSpace

DeLend
- Take advantage of the full power of DeFi with DeLend, our decentralized lending platform
- Stake DES or other supporting collateral to receive stablecoins
- Dynamic interest rates encourage lending when demand is high, and encourage borrowing when demand is low

DeChain
- The beating heart of DeSpace, DeChain is our cross-chain Layer-2 solution.
- DeChain combines Delegated Proof of Stake and Decentralized Proof of Transaction (DPoTS) consensus methods to provide security, speed, and high throughputs, as well as rewards for every transaction

[May]
A minute for the community to digest

[Andrew]
or 10 😂

[May]
😂

That should do it.

Q2. Despace’s native token is $ DES will be used to incentivize AMM providers in DESWAP. But what will be the real utility of the $ DES token within the Despace ecosystem? What are the characteristics of the $ DES token?

Telegram Username: @Lestmarisv13

[Andrew]
to repeat earliest questions, along with incentivizing AMM providers on DeSwap. DES will be used for mining rewards for those users completing transactions on our platform, or on a 3rd party service via our platform. Staking rewards for those HODLERS that wish to hold our beloved token to earn passive income. Our token will be able to be used to buy NFTs on our marketplace and used for loans on DeLend.

our DES token will launch on BSC, ETH, and MATIC, and will be tradeable to start on pancakeswap following our IDO on the 20th and 21st

[May]
It's good you reiterated 😁

Looking forward to this one!

[Andrew]
same here 🙂

I think pancakeswap is a good place to start with the low fees

[May]
I agree!

Last website question.

Q3. As we know, Two of the most critical issues facing the NFTs industry are 1. NFTs are illiquid and difficult to sell to diffused markets, and 2. Most NFTs lose value over time as they lack any real utility. Are you aware of these problems and how Despace intends to...

Telegram Username: @Any20001

[Andrew]
let's go

Great points and DeSpace is well aware of the issues that NFT buyers/sellers face. A few ways DeSpace aims to combat the illiquidity of NFTs is by part of the overall value system being created at DeSpace Protocol, the DeSpace NFT platform takes NFTs that otherwise exist in isolated platforms on different chains and aggregates them into a single, user-friendly marketplace. This means that users no longer have to scour multiple platforms looking for the NFT they want as they can find the most popular marketplaces aggregated on DeSpace.

DeSpace’s own NFTs will hold value long-term as they provide extra utility in addition to being collectible. Thanks to integrations like Chain Links VRF, users will be able to farm, stake, purchase, and win DeSpace NFTs of varying rarity that can augment their DeFi experience in different ways. This extra utility means that the NFTs will have actual value instead of being speculatively priced, as a result of being able to mine DeSpace Protocol tokens.

[May]
👏🏼👏🏼👏🏼

Are you now ready to take questions from our live audience?

[Andrew]
yes, I am, last chance to join our community for your question to be valid of winning guys 😁

[May]
Yessssssss!

In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

Please pick four original questions to answer.

Try to ignore generic, vague, and copy-paste questions 😊

[Andrew]
yes if they are generic and not DeSpace related,⁷ I will not answer them 🙂

[May]
Yes! Thank you 😎

[Andrew]
👌

---Chat was then opened for the live community to send in their questions---

Segment 4 - Live Questions

[Temitope Awoyinka]
Please can you give a detailed explanation about DESPACE unique blockchain algorithm:

- DECENTRALIZED PROOF OF TRANSACTION
- DECENTRALIZED PROOF OF STAKE

What are their functions, how do they affect DeSpace owners and their users positively?

[Andrew]
.DPoTS is a unique algorithm that matches the combination of Decentralized Proof of Transaction (this first layer of the algorithm allows anyone who executes valid transactions on the blockchain to mine DES) and Delegated Proof of Stake (here, those who hold and stake Des coin serves as the second layer algorithm that validates transactions being executed and forged at the DPoT layer, and in return, the stakers earn DES coins for their effort).

Our algorithm is unique in the sense that it ensures decentralization, secure transactions, and an excellent incentivization system that accommodates everyone.

Unlike other known blockchains where only those who can afford to mine can mine. DeChain affords users the luxury of mining DES just by executing transactions via it, and those who can afford to stake to earn will also do so.

The above makes it a win-win situation for everyone within the Dechain ecosystem.

[Jean Pierre Hernandez]
Why DeSpace decided to build on the DeChain Blockchain, that is, what criteria did they take into account to reach the decision to trust this little-known Blockchain and not the most well-known and implemented as #BSC?

[Andrew]
De-Chain is little known because we are building it. DeChain is our own blockchain layer 2 solutions, custom-built for our purpose so that we can achieve full interoperability between any blockchain

this also means our token is the native token of the blockchain we use and not dependent on ETH, BSC, etc

as we all know the congestion that can occur with ETH

[May]
2️⃣ more questions.

[Lin Lin]
How do you keep your platform safe for users, and is your platform protected from hackers? And how do you manage if there's an attack on your platform, including the personal data of your platform's users? Is DeSpace ready for this?

[Andrew]
We take the security of our project seriously and this is one of the reasons we are currently being audited and this is also why we have a dual algorithm to secure our blockchain. DPoTS is a unique algorithm that matches the combination of Decentralized Proof of Transaction (this first layer of the algorithm allows anyone who executes valid transactions on the blockchain to mine DES) and Delegated Proof of Stake (here, those who hold and stake Des coin serves as the second layer algorithm that validates transactions being executed and forged at the DPoT layer, and in return, the stakers earn DES coins for their effort).

Our algorithm is unique in the sense that it ensures decentralization, secure transactions, and an excellent incentivization system that accommodates everyone.

The DeChain and DeSpace ecosystem will use a zero-knowledge (ZK) roll-up and employ a hashing feature. Users' private keys would not exist on the chain but would be necessary to sign transactions. For cross-chain or multiple chain transactions, a user has to be a member of a layer-1 channel and to participate in a channel, users have to provide a key, which only they know. This key would be different from the private key and will be either a seed phrase or a hexadecimal value. This would be used to verify against this channel. While the network isn’t aware of this key, using the ZK algorithm can verify that the user knows the secret key and is a member of that channel providing the user with a high level of security.

[J Mags]
Being a DeFi aggregator means having a good Oracle service for its platform. What Oracle price-feeding product does DeSpace use? Will you be using third-party products in implementing Oracle in your platform? In the future, will you create your version of the Oracle price feed?

[Andrew]
We have partnered with Chainlink for our Oracle service, but we will eventually have our own Oracle aggregator as well, By integrating Chainlink’s industry-leading decentralized oracle network, we will have access to a tamper-proof and auditable source of randomness needed for our innovative NFT platform. Ultimately this will create a more exciting, transparent, and fraud-proof user experience, as users can earn NFTs of varying rarity and with different functions in a fun, gamified way.

[May]
Aaaaaaand it's a wrap! 🎉

Thank you Mr. Fennel for your time with us today!

[Andrew]
anytime May, thank you for having me

and thank you, everyone, for their questions

and being DeSpace related 🙂

[May]
Any final remarks for our community?

[Andrew]
feel free to jump over to our community to ask any questions you have left and if I did not get to answer them

I will leave you with our IDO video so you all don't forget the date 😁

[May]
Thank you!

Please share your social media links as well.

[Andrew]
of course

one moment

https://t.me/decentralized_club/602395

[Andrew]
https://despace.io/ - Website
➡️ https://t.me/despaceofficial - Telegram ANN
➡️ https://t.me/despacegroup - Telegram Community
➡️ https://twitter.com/DeSpaceDefi - Twitter
➡️ https://despaceprotocol.medium.com - Medium
➡️ https://github.com/DeSpaceDeFi - Github
➡️ https://discord.com/invite/Fd8amChQj4 - Discord
➡️ https://www.linkedin.com/company/despace-protocol/ - LinkedIn

[May]
Thank you!

Our warm regards to the rest of the team!

Until next time, have a great day!

[Andrew]
thanks may

same to you and your team and community

all the best

🙂

[May]
Thank you too!

The AMA with DeSpace is now over.

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