Dear, Community,

Welcome to the recap on our recent AMA with “Kira Network” held on t.me/decentralized_club Telegram group . We appreciate everyone’s support who participated in the event . Some really good and thoughtful questions were asked. For those who missed our AMA or just want a read, this blog post is for you :)

✔️Introduction with Kira Network :👉

BILLY:
Q1. Can you guys please introduce yourself and also tell us a bit about Kira Network ?

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
Hello everyone, my name is Mateusz, the CTO at Kira Core. I am an electronics engineer, joined the crypto world in 2011 or more precisely GPU mining movement. Before starting Kira project I worked for Barclays Bank as R&D developer, as lead infra engineer for US based Settle Finance and cryptocurrency exchange in Switzerland called Bity.

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
Hi everyone again, my name is Milana Valmont. I was born in Moscow but grew up in LA. I have a corporate finance background from NYC. I joined the crypto ecosystem first as an investor and in early 2017 I joined Binance exchange as a community volunteer. Later on I’ve worked as a project manager for Adcoin protocol and Sentinel protocol. In 2018 I went to Tel Aviv and joined Knoks platform as head of strategy, and by mid 2019 I dedicated my full attention to Kira as CEO :)

Kira is a new decentralized network that we are creating to enable any asset within interchain ecosystem to benefit from the access to the market without loosing out on the staking rewards

BILLY:
So can I say working for Binance pushed you more towards crypto? 😏

That’s really great. So you are one of those old timers of crypto!

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
I was already deep into crypto back then but binance was a nice stepping stone in terms of learning how to organize a community

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
Yeah I am one of those guys that remembers bitcoins trading at $20

BILLY:
Ahh if only we could go back in time

Ah I see..

Q2. Tell us a bit about ‘Powering DeFi with Liquid Staking’ ?

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
Kira uses new approach to powering DeFi apps — utilizing liquidity of assets at stake through mechanism of staking derivatives. This means that instead of locking up your money to use a DeFi platform — whether it is exchange, stablecoin or lending system — you can maintain exposure to staking rewards and liquidity at the same time. SO you can use KIRA and other DeFi’s at the same time. Also there are no limitations regarding asset type that you can use with Kira.

BILLY:
So if I stake my asset I can earn rewards without it getting locked up. Can you elaborate a bit how I maintain the liquidity

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
That is done through mechanism called staking derivatives.

When you stake your KEX, BTC, DOT, ATOM or other token you receive a transferable staking derivative token 1:1 that represents the token at stake. That new asset lets call it sKEX, sBTC, sDOT etc is then transferable, tradable or even stakeable on leverage

BILLY:
Ah now I got it. That’s a cool concept

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
Yes :)

BILLY:
Q3. Tell us a bit briefly about IX Protocol, MBPoS and IDO.

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
Interchain Exchange Protocol (IXP) is the a sharded orderbook module that can support uncapped number of trading pairs, its a first application in our DeFi stack to generate fee rewards for stakeholders of any asset type.

Multi Bonded Proof of Stake (MBPoS) is a new consensus that we created, which allows to stake multiple assets such as cryptos, digital fiat, stablecoins and NFTs, rather than one native asset like other PoS networks, while natively supporting staking derivatives issuance. MBPoS in combination with IXP creates an positive feedback loop as shown below

And IDO, which we are actually rebranding to the IVO is a novel crowdfunding tool that we’ve created for projects to raise funds. It works by investors staking their assets to one of our validators and relieving the token as a reward. They can pull out their delegations at any time if they see project not delivering. That way they maintain liquidity and custody over their valuable assets.

BILLY:
Regarding IVO. You mean private investors doesn’t have their tokens locked up?

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
They are not private, anyone can delegate tokens to “interchain-mine” new tokens. Once MBPoS is live you will have ability to maintain full liquidity while you stake and use any currency type. MBPoS and IVO are complementary mechanisms.

BILLY:
Yes i got it. What I mean to ask is in current ICO format we send funds and get tokens in return. But if the project fails our money tanks and also our tokens are Locked up as per the project’s unlock rules. How does IVO helps in this case

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
With IVO you stake trustlessly to the validators you trust. No one holds custody over your coins and you do not spend them at all. The IVO project gets money directly form the network fees and block rewards — instead of taking it from you.

BILLY:
Okay got it. so in layman words it is like a trusted middle man

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
No middle-mean, its like mining but “interchain-mining” e.g. you stake DOT but instead of getting more DOT’s you get a new token lets say XYZ. The project XYZ gets commission fees and you get their token.

BILLY:
Yes yes got it 😊. got the idea

Thanks

Q4. Finally , in the short term what are you guys planning to achieve by end of year?

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
Right now we are focusing on the public testnet release which we anticipate to come within 2–3 months. We are targeting the end of Q4 for the mainnet and will be launching in a similar fashion to polkadot: PoA with sudo -> Governance -> MBPoS -> removing sudo -> IXP -> sharding -> on-chain contracting -> self sustaining network

🐧Community ask Questions by Twitter ✔️

BILLY:
Twitter Question No 1:
AirLion
@Trung34566

what are the ways that kira_core generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
Kira has a positive feedback loop built into it:

The more stake ➡️
The more security and liquidity ➡️
The more trading activity ➡️
The more rewards from network fees ➡️
The more incentives to stake more assets ➡️ Go to step 1

We have our own native staking token that we call KEX — it acts as reserve currency in terms of which staking of all other assets is valued. KEX is the most efficient way of claiming revenue from our network operations in form of block and fee rewards. Owning KEX also enables you to become part of the validator and governance set to take part in decision making processes, such as defining inflation or interest rates.

BILLY:
Twitter Question No 2 :
Sanmao
@BeastSanmao

Kira’s technology is powered by The Multi-Bonded Proof of Stake (MBPoS) Can you briefly introduce and elaborate on this Consensus? what are the advantages so you use it?

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
MBPoS is our native consensus on Kira. The advantages is that it allows users to generate revenues from staking both cryptocurrencies, stablecoins, NFT’s and real-world assets such as digital fiat and commodities.

MBPoS increases the network security with every new token at stake and does not create honeypots like other PoS solutions in the ecosystem.

BILLY:
Twitter Question No 3:
Ricardo
@Pamoato

Many exchanges promise a completely decentralized trading experience but the way they end up working is centralized, is Kira FULLY decentralized? Also, is KYC mandatory for deposit / withdrawal transactions? Thank you!

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
Kira Governance handles decentralization process — which has to be balanced out economically, there can’t be too little validators (bc that would decrease the fault tolerance of the chain) as well as too many (because they ned to sustain themselves from block and fee rewards).

Thanks to hub-spoke architecture Kira can be more legal compliant then your typical PoS chains where all validators are forced to execute all the blockchain application related logic. With Kira, validators have the option to choose, to execute specific types of the blockchain application logic or not. Thanks to this mechanism all our network operators can remain legal compliant within their jurisdiction.

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
Kira has hub-spoke architecture similar to Cosmos. There is no upper limit how many validators can there be on the hub (settlement layer) — where coins are staked. But as I mentioned gov needs to balance it out economically.

If you have 10'000 validators on day 1 and it costs $1k/month to run it is means that your network must produce $10M worth of rewards every month to sustain them — which would then land on the market and decrease the value of your native asset that could then cause a death spiral. So there must be a golden mean

BILLY:
Twitter Question No 4:
Rohit kumar
@philicrohit

Can you explain more about Multi-Asset Staking using Kira Protocol and what mechanism has Kira Protocol put in place to prevent malicious behaviour of network operators?

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
Multi-asset staking means that you can stake any digital asset by sending them to Kira Network. This is possible trustlessly over interchain protocols that we are integrating such as Cosmos IBC and Polkadot XCMP

Kira has gov-permissioned validator set, this means you have to be part of the community to become a validator and not just a token holder. The voting power is equal among all validators, so accumulating or stealing coins can’t compromise the network. Same goes for multi-asset staking, even if some network suddenly started printing unlimited number of their tokens — that can’t compromise our network because voting power is not correlated to the amount of tokens you have.

BILLY:
Twitter Question No 5:
Hunter Crypto
@HunterCrypto5

Nowaday the NFT’s market is quite few. As you mention NFT’s on http://interchain.exchange, will Kira Network provide NFT’s market on the exchange? If yes, How the mechanism of NFT’s transaction on the exchange?

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
There will be 3 mechanism for using NFT’s with Kira outside of staking and earning rewards from them
1. OTC
2. Highest-bid auction for highly valuable NFT’s
3. Buckets for creating a single fungible asset out of multiple NFT’s with similar use and value — that can then be traded as any other asset

✍️ Telegram live Questions answered by Kira Network ✔️

Limits~Arya EC ajh:
PolkaDefi is expected to dominate the second half of the year. As one of the non-custodial wallet that strives to continously deliver innovations, what benefits and innovation does KIRA NETWORK bring to the Polkadot ecosystem?

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
We are integrating with all networks that support interchain protocols, Cosmos and Polkadot are the the most suited ones for the trustless token transfers. Kira will provide trustless and permissionless market access for all tokens and their derivatives in the entire interchain ecosystem.

Диего | Diego | ディエゴ:
Can you list 1–3 killer features of Kira Core that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

Community is the key to the success of projects, so besides organizing AMAs, what strategy does Rocket Protocol have to reach out and exploit new investors?

@milanavalmont @asmodat

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
1. Stake any asset (crypto, digital fiat, stablecoins and NFTs) and earn revenue and trade.
2. Use KIRA and other DeFis at the same time to utilize 100% of your liquidity with Kira’s staking derivatives
3. The more assets are at stake the more secure and liquid Kira becomes, which is the opposite of other PoS projects

Nadia:
What is meant by IDO Crowdfunding ? Is it similar to ICO & IEO or it’s Different? If same, then what are the advantages of IDO over current IEO/ICO System?

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
Initial Validator Offering (old IDO now IVO) is similar to lockdrops — but actually generates revenue to the projects that launch them on Kira. Main advantage is that investors do not spend their tokens and with MBPoS you can take part in multiple IDO’s at the same time using the same asset. It’s like lockdrop on steroids

asaskun cryptofun:
Currently, there are many projects under development, There are 4 core issues prevalent in crypto and blockchain: Excessive Volatility, Security, Scalability and Interoperability. what make KIRA can survive? How do KIRA plan to overcome these issues?

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
With Kira when you stake your assets you maintain your full liquidity, Kira doesnt limit the potential of your capital, like other Defi platforms or PoS networks. In case of huge volatility you no longer have to unbond your tokens, you simply trade one type of staked assets for another and continue your yield farming. Security wise Kira increases its security with more assets at stake and there are no limitations regarding how much can be at stake. Which means there are no longer issues with honeys. Scalability wise we use hub spoke architecture just like Cosmos, execution happens on the zones, so blockchain application is fully sharded. Interoperability wise we use IBC and XCMP from cosmos and polka to trustessly transfer assets

Rembrandt Lucky:
🔔 Why did you choose the Multi-Bonded Proof of Stake (MBPoS) consensus? What are the advantages compared to PoW, PoA, etc..

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
We created MBPoS specifically to resolve most common issues that PoS has in the interchain environment that is — security leaks, death spiral and lack of value at stake.

Mike:
What are the advantage for Validators at #KIRA & What are the requirements to become a validator of #KIRA ?

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
Validators in Kira will earn 50% of network fees — fixed rate to ensure they can operate regardless of market conditions and network does not fall into death spiral. Becoming a validator allows you to charge commission from other people staking their coins to your node. Requirements are 4 cores, 8GB ram, 512 GB SSD, high speed net

YAK:
What is the uniqueness of Kira Network project that cannot be found in other project that´s been released so far ?

Asmodat | KIRA Staking | WON’T PM YOU FIRST:
Any other PoS decreases its own security the more tokens you deposit to it — with Kira it is reverse because any asset that is deposited can be staked. Kira also uses utilitarian approach to consensus and economy rather then plutocratic like 99% of all other PoS — btw. thats the reason why Kira is called Kira : ) — its a network that uses “greater good approach”

Jeetu sir:
Q. What is the most ambitious goal of the #KIRA ? I would appreciate it if you could share with us any upcoming updates? What should the community look for?

Milana Valmont | Kira Core | WON’T PM YOU FIRST:
Our ambitious goals are connected to the NFT space. Thanks to our native consensus MBPoS you can stake any assets and earn revenue. We want to partner with NFT projects that can fascinate such products, for example — tokenized real estate, gaming products, luxury and art goods. So eventually you would be able to stake these assets and earn revenue using Kira.
We will make an annoncement regarding our public round in a week or so. And just keep up to date with our test net which is planned to launch within 2–3 months and our main net at the end of Q4

✔️Thanks to all of our Community Fans✔️

Have a Great Day

Edited by : 🌿DK✍️

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