AMA with 7 o’clock
On August 2nd, the DeFi 7 o’clock community ushered in the 143rd guest: Ahmed Ebrahim, CEO of ADAMoracle,
Sharing topic: ADAMoracle opens the oracle 3.0 era, “wide area node quotation” has become a new trend
The following is a record of sharing content:
Host: Hello Mr Ebrahim, its nice to meet you here today. Could you please introduce yourself? So that our users can get to know you.
Ahmed Ebrahim: Hello everyone, I am Ahmed Ebrahim, the Co-founder and CEO of ADAMoracle. I have got my MBA degree in international finance and investment. In 2018, I was awarded by the China Development Bank. I have successfully invested in multiple blockchain projects and still holds various encrypted assets.
Personally, I am very optimistic about the oracle. In 2020, I devoted myself to the research of the oracle for a long time, focusing on creating a new generation of oracle 3.0 product. Thank you.
Host: Thank you so much! I think then we return to the topic. How do you assess the development status of ADAMoracle at this stage? What dilemma is it currently facing? How will it develop in the future?
Ahmed Ebrahim: Firstly, we need to understand the feature of oracle in the blockchain industry. The blockchain itself is a closed ecosystem. It cannot connect to the outside world to obtain information, such as weather prediction, stock prices, and other data based on the external world, which limits the expansion of blockchain applications. The oracle is the solution to this problem. It is responsible for connecting the blockchain with the real world, transmitting off-chain data to the chain, and providing basic data information for the development of ecosystem applications on the chain.
At present, the main problems in the field of oracles are opaque and inaccurate transmission of information, difficult to expand and poor resistance to attacks. Improving security and decentralization is the long-term development direction of the oracle field.
Host: After your introduction, I have roughly understood the logic of the oracle, and it is indeed an indispensable tool in blockchain and DeFi. What kind of project do you think ADAMoracle is? What is the potential value of it?
Ahmed Ebrahim: An oracle is a product with a very wide range of application scenarios. Basically, organizations that need data services demands an oracle. At present, many large companies have their own oracles, such as Amazon, Tencent, Alibaba, etc. They prefer to use their own research and development of centralized oracles, which is also a consideration for the trust problem of oracles. But not every organization has the strength and funds to develop its own oracle. As the first decentralized oracle that supports wide-area node quotation, ADAMoracle can satisfy a large number of data and information under the premise of ensuring the accuracy and credibility of data. Data requirements of institutions and smart contract developers. Our vision is not only focused in the blockchain, but all companies that have a large demand for data and information.
Host: You just mentioned the “wide area node”. This description is very novel. Could you please introduce how this works? What are its advantages?
Ahmed Ebrahim: The wide-area node mechanism is the oracle 3.0 system solution pioneered by ADAMoracle Labs, which enables the oracle architecture to realize unbounded network computing. Its core function can connect thousands of diversified servers as price feed nodes for quotation, effectively constructing a safe and expandable oracle quotation system, which can not only ensure the accuracy of data transmission, but also better guarantee the decentralized and usable performance of the oracle network.
In order to create a wide-area node system, ADAMoracle has lower threshold for participation and use of oracles. Any enterprise or individual that has a certain basic server equipment, and a certain technical operation and maintenance capability, can start a node to complete a Docker image can join ADAMoracle.
Host: Now that we are talking about ADAM token rewards, I would like to ask a question that users are very concerned about, what is the economic model of the ADAMoracle oracle, and what role does ADAM play in the oracle ecosystem?
Ahmed Ebrahim: ADAM is ADAMoracle’s contribution reward token to participants. It is the value core of the ecosystem. Its value comes from the value contribution of ecosystem members. The total amount of ADAM issued is 100 million. The specific ADAM share allocation can refer to the following picture
[Node mining] 60% of mining output, 60 million ADAMs are used for node mining rewards.
[Liquidity mining] 9%, 9 million. Used for liquidity mining and pledge mining.
[Early Financing] 16%, 16 million. There are three rounds: seed round, private sale round, and public sale round.
[Reward for community contributors] 5%, 5 million.
[Reserved by the team] 5%, 5 million.
[Community/Market Operation] 5%, 5 million.
ADAMoracle oracle builds a node-centered and community-based decentralized governance ecosystem. In order to increase the loyalty of the node and optimize the operating efficiency of the oracle to the greatest extent, ADAMoracle will reward most of the ADAM to the node. In the ADAMoracle ecosystem, project parties and investment institutions play a leading role as early participants. With the development of the ADAMoracle, nodes and communities will become the core of the project.
Host: It can be seen that the ADAMoracle project really attaches great importance to nodes. 60% of the output of ADAM comes from node mining. I would like to ask, how are the specific node mining rewards distributed?
Ahmed Ebrahim: Node mining is an incentive mechanism provided by ADAMoracle Labs for nodes participating in the construction of the oracle ecosystem. The node mining rewards the “node contribution ability” based on the storage space provided by each node and the actual storage power and distribute tokens accordingly.
The mining output of 60 million ADAM will be carried out in phases. The total rewards for the first phase will be 12 million ADAM. The total mining rewards for each subsequent phase will decrease by 20%. When 12 million ADAM are used up, it will enter the second phase. The total amount of rewards in the second phase is reduced by 20% compared with the first phase, which is 9.6 million; the rule will be continued in the later period until all 60 million ADAM are dug out.
Participating in node mining needs to calculate node storage space, and 30 ADAMs must be pledge for each terabyte storage power. Because the total amount of rewards in each period is different, the specific share of the mining rewards that the node can obtain can be derived according to the reward algorithm. If the annualized mining income of each period is set to be a constant Y, the amount of pledge per T is P, the current amount of mortgage space of the node: Z (unit T), and the current daily reward is R. Then R = YPZ/365.
25% of the node rewards will be released on the first day, and the remaining 75% will be liner released within 180 days.
It is worth mentioning that the mining rewards of each period are equally divided according to the proportion of the full load space, and the storage power contribution of each node is the proportion of the storage space to the full load space. The full load space of node mining in the first phase is less than 100 petabyte , and the annualized income of ADAMoracle node mining is officially set as high as 400%.
Host: The node mining reward rate is so high, is the threshold for becoming a node also high? Apart from becoming a node, are there any way for investors to obtain ADAM rewards?
Ahmed Ebrahim: ADAMoracle aims to create a network of oracles that “everyone can be a data porter”, which greatly narrow the barriers to participation and use of oracles. Any individual or enterprise that has certain basic server equipment, has certain technical operation and maintenance capabilities, can start a node to complete a Docker image, can become an ADAMoracle node after pledge and get the reward of ADAM token.
In addition, the ADAMoracle oracle provides other participation options for investors.
First, liquidity mining, this item occupies 9% of the total ADAM share, which is 9 million ADAM. After the project is officially launched, ADAM will open pledge and liquidity mining, and any investor can participate in mining to obtain ADAM.
Second, participate in ADAMoracle ecosystem governance or participate in ADAMoracle activities to obtain ADAM rewards.
Third, the ADAMoracle will start IDO activities soon, any user can participate, and the specific time needs to wait for the official announcement.
Fourth, after the token ADAM is officially launched, investors can participate in transactions on the trading market.
Host: There is also strong competition in the oracle field. What advantages do you think ADAMoracle has to survive in the industry?
Ahmed: Our advantages are as below:
The ADAMoracle team is currently developing the core products of the oracle, developing and improving the oracle node mining mechanism, that includes the mining program implanted on the server side, block browsers, and designing storage power DAPP products (currently DAPP is almost ready to launch)
At the same time, ADAMoracle will realize cross-chain connection of ETH, Polygon, Polkadot, BSC and other public chains, open up theentire chain ecosystem, and realize the borderless transmission of data and information.
ADAMoracle is a community-centric project. 60% of the ADAM share belongs to node mining output, investment institutions and project founding teams only occupy a relatively low proportion. This economic model makes ADAM more active, just like Bitcoin, with tenacious vitality.
ADAMoracle focuses on the building of communities, and has successfully built a multi-platform community, including Telegram, Twitter, etc., with an overall community of more than 100,000+ users; in addition, ADAMoracle has received strategic investment from dozens of institutions, as well as hundreds of media and a large number of media. Traffic support from external communities.
There is no lack of competition in any field. ADAMoracle seeks long-term and stable development, based on the DeFi ecosystem, focusing on the transmission and mining of data information value, and providing accurate and complete oracle overall solutions for all data demanders.
Host: The ADAMoracle token has not yet been launched. What is the official plan? Is there any progress or plan for the current project?
ADAMoracle oracle is a product that can run on multiple chains. ADAMoracle will technically realize cross-chain in public chain networks such as the Ethereum ETH network, Polkadot, Polygon and BSC smart chain. Then, the specific chain on which ADAMoracle will be launched and deployed for the first time in the future needs to be announced according to the development pace and market conditions.
At present, the ADAMoracle oracle is in the preparatory period, and is currently undergoing technical improvement and market expansion.
Technically, the ADAMoracle project is developing and improving the oracle node mining mechanism; developing a mining program implanted on the server side; developing a block explorer, statistical ADAM output, etc.; developing a node computing power product DAPP.
In the market, the ADAMoracl project is vigorously looking for ecological partners. At present, it has reached cooperation with many projects and institutions. The total computing power of nodes joining the ADAMoracle oracle ecosystem has reached 100P; overseas core community users 22,000+, China, Vietnam, Spain, Japan The community has a total of 10,000+ users. For other developments, you can follow the official account of the ADAMoracle oracle, and we will continue to announce the latest developments.