OFFSHIFT AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with OFFSHIFT.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what OFFSHIFT is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with OFFSHIFT :👉
BILLY | Decentralized Club:
Q1. Can you please introduce yourself and also tell us a bit about Offshift? @johnnyxft
JohnnyXFT:
Hi, I’m Johnny, co-founder and project lead at Offshift.
Offshift is a protocol built on Ethereum that enables private, stable-value storage pegged to an asset of the user’s choice. Our native utility token, XFT, can be shifted into zkAssets, which are private zkERC20 tokens. zkAssets can be stored, staked, and exchanged privately.
BILLY | Decentralized Club:
Okay 👌. Short and apt introduction!let’s dive in more !
Q2. What are some of the key features of Offshift and how is it something entirely new or an enhancement to an existing solution?
JohnnyXFT:
Our public>private bridge is a key feature and hasn’t been done before, and as far as I know we’ll be the first dual-sided public/private protocol built entirely on a permissionless chain.
BILLY | Decentralized Club:
So can you talk a bit more about public private bridge ?
JohnnyXFT:
sure
Basically the bridge is constructed with smart contracts. When a user sends XFT to be shifted into, say, zkUSD, the XFT contract interacts with the zkUSD contract, and using Chainlink oracles to peg price, burns the XFT the user is shifting, and in its place mints an equuivalent value in zkUSD tokens
then the same happens the other way
when a user wants to shift zkUSD back into XFT
the contracts burn the zkUSD
and mint an equivalent value in XFT
BILLY | Decentralized Club:
Got it. So as the number of swap increases on both sides it keeps reducing the supply on both side
JohnnyXFT:
right, yes
BILLY | Decentralized Club:
Okay great ,
Q3. How does the tokenomics developed by the Offshift team helps investors in gaining profits long term? @johnnyxft
JohnnyXFT:
The tokenomics are designed to incentivise entry into the ecosystem. As XFT are shifted into zkAssets, the tradable supply of XFT decreases and tilts supply/demand towards demand.
we anticipate a large portion of supply staying on the private side
to be staked and earn rewards, to be spent eventually with merchants, etc
all this decreases the circulating supply of XFT
BILLY | Decentralized Club:
And in turn bumps up the price benefitting token holders !! 🔥
JohnnyXFT:
right, markets, in principle, reflect reduced demand by increasing price
BILLY | Decentralized Club:
Yes ,and your tokenomics to reduce supply is great 👍
Q4. Finally, what does Offshift plans to achieve by the end of this year?
JohnnyXFT:
By the end of the year we’ll have phase three of the testnet, the final phase, up and running. You’ll be able to shift from erc20 to zkerc20 and back on Ethereum’s Rinkey testnet.
🐧Community ask Questions by Twitter ✔️
JohnnyXFT:
1) @Alicewonder1202
zkAssets are the first cryptographically private stablecoins on Ethereum. What are the main benefits of being private above all the already existent stablecoins built on Ethereum?
A) As far as I know there aren’t any other private stablecoins on ethereum at the moment. Our zkUSD will be the first private ethereum dollar you can use for exchange, or to stake and recieve staking reards in zkUSD.
2) @IPSAmitGoyal
Will you allow XFT holders to vote on which additional zkAssets should be available to mint.
A) Yes. After zkUSD, zkBTC, zkETH and zkXAU are live on minnet, XFT holders will be able to vote on which zkAssets are created next.
3) @maharanigis
Ethereum Network is being hot topic this several months for the gas fees issue and startly abandoned by some new project. Why did Offshift still use ethereum network for $XFT rather than BSC that be the solution for this issue?
A) As many great blockchain platforms as there are, Ethereum is still, by far, the one with the most real use. The Ethereum network effect is second to none, and for a project looking for actual use, it’s the only choice right now. Gas fees can be an issue, but we’re working on some pretty interesting solutions to that, which you’ll hear more anbout a little down the road.
4) @Kvindvr
Can you describe about governance model of Offshift scosystem? Who is in charge of governing the system, what is needed to be eligible for being authorized?
A) XFT holders govern the system, and as mentioned, will have the right to determine the next zkAssets created
5) @davidliefi
A lot of DeFi users use mobile phones. What device will Offshift available on? Are you planning to release Offshift platform on Android and IOS?
A) Offshift will be available in some form on both Androids and iPhones. In fact, if you have the Metamask app installed on either, you can already use our testnet
✍️ Telegram live Questions answered by OFFSHIFT ✔
Jahidul islam:
As we know, every successful project has some behind the scenes story, what is the story behind $XFT’s success? What was it’s vision when $XFT first came as an idea?
JohnnyXFT:
Paul, George and I have known each other for several years now. We met through crypto and got along bc all three of us are passionate about privacy. It’s the foundational human right that all the others are built upon. As the Ethereum network effect began to grow, we had the vision of creating a private currency on ETH. Privacy coins have somewhat limited usability, people are unfamiliar with the wallets, etc. We set out to build something on eth that people could actually use and feel comfortable/confident.
JohnnyXFT:
Offshift is the result of several years of development between us
George Raven | XFT Dev Lead:
Ok so to answer in bulk to many questions on our vision, goal, core business: our idea Is that you should be able to preserve your wealth privately (not transact privately) so we offer syntetic tokens pegged to many assets: you got Say about 19k$ in xft, you want to store your wealth privately but don’t feel comfortable with holding xft or eth long term so what you do Is swap for 1 zkbtc. In this way you have your wealth stored privately on the eth chain but pegged to btc price. So now btc goes to 25k$, you switch back to xft and come back to the public eth network and get 25$ worth of xft back
With prices derived from oracle queries (chainlink)
JohnnyXFT:
Right. What we’ve built can be used both to transact privately (eventually as merchants are signed on down the road), but more so — can be used to privately store wealth
and earn returns by staking
Alice:
🔥🔥Did tou achieve successfully the item from your roadmap for Q3 2021 Token Distribution & DEX Listing? Where can I buy XFT? above all the already existent stablecoins built on Ethereum?
JohnnyXFT:
Of course I have to like this one, the more XFT holders the stronger the ecosystem. Currently the best place to buy XFT is on Uniswap — https://info.uniswap.org/token/0xabe580e7ee158da464b51ee1a83ac0289622e6be
Alikaa Azzahra:
I have read on your website that #OFFShift specializes in connecting the public and private side of the crypto ecosystem, how does #OFFShift build a two-way bridge that connects the public and private of the ecosystem?
George Raven | XFT Dev Lead:
We achieve cryptographically secure offshore storage through implementation of non interactive zero knowledge proofs (zks) and link oracles which guarantee fairness.
Did you all tried our testnet? It’s live already and you can have a look at how It all works. It’s very user friendly and It works very well (with metamask, on rinkeby)
Guide for our testnet btw -
https://offshift.medium.com/offshift-testnet-guide-phase-two-7607c628026d
FälTû:
I am a professional vulnerability finder on the web, do you think Your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?
George Raven | XFT Dev Lead:
I offered many times a bounty from my personal stack bc i have around 500iq
No one managed to compromise it for now but yeah we are very bounty-oriented
Waybe Suricata “Chiliz Alliance”:
Why symbol xft
JohnnyXFT:
The X comes from ISO 4217, a standard for “supranational” currencies, ie- ones that aren’t specific to a certain country. Same reason the ticker for bitcoin futures is XBT, monero is XMR, etc. The -FT come from the phoenetic ending of “offshift”