On 22 January, ShinChan Community hosted a live AMA with Jazear Brooks, the CEO of Sifchain to talk about how Sifchain can solve today’s blockchain issue. If you missed the AMA, here’s the recap.
Intro
Jazear: Hi everyone, I am very grateful to be here. I’m Jazear from the Sifchain team. We try to keep it focused on the team as opposed to individual members, but it’s no secret that a lot of our credibility lies with the fact that we have so many members from the Thorchain team, including its early architect. This gives us a lot of credibility and experience with cross-chain software and AMM token design.
I was not just involved in early architecture on Thorchain but helped with development on Cosmos’s official Ethereum <> Cosmos bridge for the Interchain Foundation and the Polkadot <> Ethereum bridge for Web 3 so we are experts in cross-chain transactions.
Beyond that, our team has a lot of experience with other crypto projects including a YC-backed crypto startup and multiple crypto exchanges.
Purely on the development side, we have over a dozen engineers, most of whom have prior blockchain experience on other major chains. They’re supported by strong business development and marketing experience over many major famous cryptocurrency projects by our operations team.
Sifchain is the Omni-chain decentralized exchange (DEX), unlocking liquidity from otherwise siloed chains to free people from egregious fees and inefficient trades. Sifchain will target 20–25 blockchains (such as Ethereum and Stellar) for cross-chain integration. It will also simplify the process of blockchain integration, lowering the development process for the open-source community so that additional cross-chain integrations will be cost minimized in terms of money and developer resources.
Sifchain’s goal is for new blockchains to consider cross-chain integration as essential as a wallet or block explorer. Liquidity from all cryptocurrencies can then be accessed on-chain, allowing the coordinated deployment of capital from all cryptocurrencies by DAOs.
Elson: Thank You Jazear! We are also curious about what’s the idea behind creating Sifchain?
Jazear: We actually came up with it as a way to monetize a lot of work to be done around creating peg zones for the Cosmos network. It has been around for quite some time as an idea but it was really tough to monetize our development on it beyond just grants until we came up with the Sifchain idea.
Of course, it helped a lot but we had so much familiarity with Thorchain already
AMA begins
Q1: What are the differences between SifDAO, SifCore, and SifChain? Could you please elaborate on these?
SifDAO is a DAO that will one day manage all of Sifchain. Sifcore is the current core team managing Sifchain
Q2: Why did $Sifchain choose the Ethereum blockchain instead of any other extensible blockchain like Binance Chain, Tron, etc? Do you have a plan to launch Sifchain's own mainnet?
Yeah, we chose it because Ethereum has the most assets in terms of market cap. We do plan to launch our own mainnet.
Q3: Sifchain is implementing a Hybrid Orderbook and CLP can you explain what components make up your hybrid order book and why this is important to Sifchain?
Yeah, a hybrid order book and liquidity pool model allows you to place limit orders that are executed against the liquidity pool so that traders can use order books and limit orders without wasting the liquidity that is available from liquidity providers in our AMM.
It’s important because traders often think about placing their trades in terms of limit orders, not just making a swap at whatever the current AMM price is.
Q4: Sifchain will support Cross-chain transactions for 20–25 of the top blockchains. Will there be a developed wallet for Sifchain so we can have one wallet for all blockchains?
Yeah for sure, we will be working with the X chain while at the library for this. https://github.com/xchainjs/xchainjs-lib
Q5: On decentralized exchanges, users can add liquidity to liquidity pools and earn a portion of the transaction fees. But “ Sifchain allows users to add liquidity asymmetrically?” What do you mean by “Asymmetrically”? How is it different from the normal liquidity pool?
Asymmetric liquidity pooling is explained more here https://medium.com/sifchain-finance/sifchain-technical-introduction-advantages-of-an-asymmetric-liquidity-pool-93bedae3986c
Q6: Every project has some behind the scenes story, So what is the story behind Sifchain? Where has this name come from?
Q7: On your website you mention that Sifchain will be able to “process more transactions per second than Ethereum, making it 100 times more efficient than today’s leading DEX”. Impressive! What technology or strategy have you implemented to achieve this?
All chains build on the Cosmos SDK are 100x more efficient than Ethereum chains
Q8: I could see that Sifcore is very keen on the development of SifDao and a transition of government power over the protocol to DAO. Can you give more detail on how the DAO will operate?
We think we will start with a social mining program from Daomaker and then extend to some of the more ambitious functions as mentioned here https://medium.com/sifchain-finance/sifchain-and-the-dao-of-cryptocurrencies-62bb97dffd89
Q9: How SIFCHAIN compared to many yield farms offering a very high APY on Liquidity staking, and why would investors choose it over other yield farming opportunities?
We offer a lot of APY, check out the details here https://medium.com/sifchain-finance/uses-for-rowan-the-polyvalent-token-for-omni-chain-decentralized-exchange-dex-3207e7f70f02
Q10: Crypto people say that the next boom will on NFT after the Defi, Do you agree with this? Can you share some ideas about NFT?
Look at these pictures of Sif, we just have to have NFTs for her
Q11: How Rowan is provided to validators and Rowan is which type of governance token?
Rowan is provided to validators through validator income check out the details here https://medium.com/sifchain-finance/uses-for-rowan-the-polyvalent-token-for-omni-chain-decentralized-exchange-dex-3207e7f70f02
We have not yet specified all of the mechanisms by which will be used as a governance token but it is sufficient to say users can vote on whatever they choose for changes to the protocol.
Q12: In the bad situation of the Covid-19 epidemic, every industry was heavily affected. Does it affect the growth of your project team and its ?
Covid was a really rough time for everyone in the world and our hearts go out to all of its victims both the direct ones who got Covid and the indirect victims who have had issues as a result.
That said it was probably good for us because it just kept us inside the building. Crypto conferences are fun but sitting in front of a computer for 12 hours a day is way more efficient in terms of actually getting things built.
Q13: What are the requirements and benefits of becoming a validator on the Sifchain Network? Who can decide who should run validator nodes?
Check out the requirements here. So long as you are one of the top 100 stakers you can be a validator https://medium.com/sifchain-finance/validator-in-a-box-plug-and-play-passive-income-generator-47f4d26e428e
Q14: The first time I came across the term Omni-chain, I had Google it to try to understand it, but it wasn’t totally clear. Can you explain it to us and mention its application within SifChain?
“Omni” is just a fancy term meaning “all” because our goal is to connect all blockchains :-)
Q15: Asides from participating in DAO, are there other benefits accrued from holding eRowan? How do I get passive income from holding?
You should check out the other uses here https://medium.com/sifchain-finance/uses-for-rowan-the-polyvalent-token-for-omni-chain-decentralized-exchange-dex-3207e7f70f02
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