At 2:00 PM UTC on July 12, 2021, VBC hosted the AMA show with PolkaCipher project, whose representative for this AMA is Mr. Tim Rainer – CEO of the project.
Brief introduction of the guest and PolkaCipher
I am Tim Rainer, the CEO of PolkaCipher. I have been in the Blockchain space since late 2015 and took an involved approach in 2016 as a business and financial advisor with a few startups.
I have continued to evolve my work and life around the Blockchain industry and continue to look for ways to provide complete use cases to consumers and businesses alike.
PolkaCipher is a cross-chain privacy-preserving project on the Polkadot ecosystem. Our primary aim is to expand the applications of NFTs & DeFi and its use case in business settings and also increase the reach of Web3 applications in the blockchain economy via seamless integration to our project, privately.
We intend to bridge the gap between off-chain internet economy and on-chain blockchain decentralized application, using PolkaCipher that relies on verified vendors to provide accurate and trusted data.
PolkaCipher, when ready, will be fully community-owned and decentralized.
I like the solutions PolkaCipher provides to users that are NFT loans, DEX private swaps called CipherDex that appear on your roadmap, and a digital locker secured by NFT … Can you explain how these three solutions work, and how users can collect NFT loans?
NFT loans will work like any collateralized assets in the market that will be up for lending and the lender can decide the value and interest rate for the collateral.
Once approved by NFT holder, a swap will happen that will hold the NFT in our lending vault and assets from the lender’s wallet will be transferred to NFT holder’s wallet.
The NFT holder will have x amount of days before the lending period is over which will be pre-decided before the deal to return the funds with interest and collect back the NFT staked.
If the NFT holder fails to repay before the decided time, NFT locked in our vaults will be auto-transferred to the lender, thus completing the transaction.
More details on inner-workings will be out with the product.
CipherDEX as you mention is a decentralized DEX where users or businesses can mint NFTs, make private transactions and use it as a gateway to trade NFTs in general.
Businesses and users will be provided with options to make trades, private, semi-private or public based on the need of the time.
Digital vaults secured by NFTs are vaults where you can store your data on secure cloud locations but can be only accessed by the NFT holder. These NFTs can be transferred to someone else or other chains, hence transferring the ownership of the vault without moving the data.
I saw PolkaCipher will have a Reward & Penalties System, can you tell us more about them? Who can get rewards and what do users have to do to get them? On the other hand, what actions merit a penalty? When users have penalties, what things they won’t be able to do on PolkaCipher?
The rewards and penalty system is for the data providers and data collectors.
If you wish to bring off-chain data to on-chain you can request that data from our vendors for a cost and our vendors will ensure that the requester gets real-time clean and untampered data on-chain.
For this, the data provider will be rewarded and rewards will be paid by the data requester.
If at any point data requester finds that data is not correct, they can raise claims for it and if proven, the data provider will be penalized.
More details on rewards and penalties will be out with the product.
The first PolkaCipher is built on BSC and then after why do you choose Polkadot to build on? Do you have plans to integrate on multi-chain?
The token is being launched on BSC for trading.
The tech will be deployed on ETH chain at first and then moved to Polkadot once we acquire the node.
While tokens are being launched on BSC, PolkaCipher is a token agnostic platform, meaning any token or NFT from any chain can be used on our solutions and can be used to make transactions or use financial products that are being listed on PolkaCiphers marketplace.
I read that the platform has as one of its security methods something called a Polkacipher Identity (pID) which is a unique ID assigned to each user. Tell us more about this ID and how does this system ID work? Is this pID required for every product and feature in the PolkaCipher platform? Also, Speaking of security methods, what other measures does the platform have to protect its users?
pID will ensure that we have a registry on-chain of all types of users, be it the general public or businesses. It will help us identify them and allow us to build custom solutions for that pID if necessary. It will also help us track better…
First and foremost we can ensure that our products are secure in terms of code and will be thoroughly audited by the top security experts and beta testers which will include security experts and other users.
In terms of privacy, it depends on what type of solution is being implemented, if enterprise level, our security team will work in-line with the company to ensure top-tier security for the data privacy which should be in-line with the enterprise.
To add, pID will also work as a global registry of NFTs which is very necessary in private transactions.
PolkaCipher will have the IDO for $CPHR on Trustpad next week, so can you tell us what are the most key things you would like our community to know and feel attractive? Why did you choose Trustpad for your token sale?
The IDO is a big moment for us to show the communities who we are.
We purposely held off for better market conditions and through great discussion with the team at Trustpad, we agreed to pen a date for the 20th of July when analysts predict better market conditions.
We want PolkaCipher to be on the edge of traders’ tongues and be ready for the next step in the NFT industry evolution.
The IDO will allow us to progress to exchanges and power the PolkaCipher community forward in many ways. And to add top features of PolkaCipher are NFT cross-chain bridge, financial products for NFT and Private transactions of NFTs.
We are confident of the entire offerings of PolkaCipher as most projects have promised to launch some part of our offerings a few months back, we are ready. That brings us to “first-movers” in the industry in terms of NFT bridge, NFT staking and NFT privacy.
At present many NFT marketplaces have one or two simple features: minting and the transaction of NFT via bidding.
Our CipherDEX is unique in nature as it will bring out a host of solutions to the NFT marketplace ecosystem, which is privacy enabled NFT transfers, native transaction platform for whitelisted solutions to businesses, NFT vaults, financial products on NFT and other features. You can read more about our features here polkaCipher.com
Inner workings of CipherDex are being finalised as it is being built, wait for us to announce documentation near the launch of the CipherDEX for more detailed information 😊
So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing on right now?
Well, first we are focused on launching the alpha of CipherDex and Truss. These are the priorities of PolkaCipher and our team are well ahead on the development of said platforms.
This will open up utility and benefits to users and holders alike.
Audit is important for both trust and security? Have you done any audit of your project?
Our smart contracts are audited by the Peckshield for token launch. As for product audit, its yet to be done.
We are witness of more than 100 daily BSC projects. Alot of traffic is here. Investors are confused which we need to invest. So, tell us how your project is different and unique from others?
We are the only cross-chain implementing oracle network focused on privacy enabling functionality on open and permissionless blockchains which is essential and a must for global adoption of users and companies. We can help push the 1% even further. 😉
PolkaCipher truly has gone one step further for the current NFT use case. Learn more on docs.polkacipher.com
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
That is a great question.
Far too many projects get trapped in revenue or operational problems before they are able to release anything.
We are all set in both terms.
As for tech, we have some of great people working with us in building this. Keep an eye out for our first product near the IDO dates, that should help answer many of your questions and build trust in the team and our future.
What is the competitive advantage your project has that you feel most confident about?
Cross-chain NFT bridge, NFT privacy, NFT staking are some of the products that are publicised by many projects but yet to show face in the market, we intend to be the first one. 😊
How did you convinced us community that PolkaCipher is a long lasting project? where did PolkaCipher received their fund for development?
We have some of the best VCs and backers in the industry. Our funding closed within hours for seed and private.
We accepted and partnered with only the best and the ones that could help us push the boundaries.
Are you a global project? Can anybody use your services from anywhere? Can PolkaCipher project be useful for non-crypto people?
Indeed it can. We would consider all businesses to take the initiative and progress to a web 3.0 solution that we offer. Tailored to their company as a SAAS.
What are your ideas to become more visible on the market? To much more people could notice your existence?
We intend to release smooth and easy to use products. We, at PolkaCipher believe that if products solve problems of the market and are easy to use, users onboard easily and with little effort.
Apart from tech we have lots of marketing gigs planned for upcoming months 😃
Does your great project have a plan for token burning?Token burning is beneficial to any project because it can control the number of tokens in circulation and provide investors with greater incentives.
No, we dont have token burning mechanisms.
We have a way to ensure our tokens gets distributed to users rather going to the pit.
Users will need CPHR tokens for in order to do cross chain transactions.
They do not need to pay for the transactions with CPHR but will need to hold it to enable transactions.
I’d highly recommend visiting our community and following us on socials to learn more and get updates
🕸 Website: https://polkacipher.com/
💬 Telegram: https://t.me/polkacipher
🗞 Telegram News & Announcements: https://t.me/PolkaCipherAnn
📖 Medium: https://polkacipher.medium.com/
🐦 Twitter: https://twitter.com/polkacipher
🔏 LinkedIn: https://www.linkedin.com/company/polkacipher/about/
📎 Litepaper: https://docsend.com/view/5szkd45drwvpmtif
📚 GitBook: https://docs.polkacipher.com/