Answering Questions from the Community (Nov 2022)

The crypto space has experienced another month of turmoil. Even so, we have managed to keep our own pace. More news about the JPY stablecoin offering, exchange listing, overseas expansion… Here, we invite Anbang to give us details.

1. In the last AMA, you mentioned that Trias will participate in the Japanese stablecoin offering, can you provide more details?

Our team in Japan has worked with a few local partners to jointly got granted the license to issue stablecoins. So, it is not whether us to be chosen for the issuance, but we are qualified to do the offering. But we still need to examine carefully at what stage will Tusima satisfy various technical criteria. This is why we are working hard on both Tusima itself and the Triathon for measuring its capability. We are also working with our joint labs at Oxford and Peking University to explore more technical solutions for Tusima. We will continue to focus our technical and academic efforts on improving the Tusima testnet, and along with the Triathon’s ITO process, we hope to get more participation and support from the community.

Meanwhile, issuing stablecoins does not only require technical support, but also cooperation with many resource providers, including financial institutions, banks and application scenario providers, and we are currently integrating resources from different parties. RonnyCrypt0 mentioned a recent consortium joined by NTT Docomo, Japan’s largest mobile operator and Astar Network which is a multichain smart contract platform. What I’m happy to share is that our Japanese team is participating as one of the key players in this consortium. We are still in more talks about the details of the partnership, and I believe we will have more to share by the end of January.

Regarding previously mentioned partnerships with other big Japanese companies, we still can’t announce who they are, before they have officially announced the projects themselves. But what I can tell is that we will be working with them mainly on STO and token-based supply chain finance, which will be the other two killer applications on the Tusima network in addition to stablecoins. In addition to technical support, these two applications also require a lot of non-technical resources, which is one of the things we are currently working on. In addition, some of our potential partners have been dealing with emergencies recently due to the impact of FTX and its related events, and this has had some impact on our cooperation advancement, but we will accelerate the cooperation after they have dealt with the emergency situation.

In addition to Japan, I do see many opportunities in other countries, such as the UAE. During my stay in Oxford, I had met friends in the crypto industry from Dubai and some of their government officials to discuss potential opportunities, including providing decentralized financial services based on privacy public chains. But for now, our focus is to implement Tusima in Japan, and if the whole process goes well, we will start to replicate the successful experience we have accumulated to Dubai, probably in the second half of next year. Continuous talks and discussions will certainly keep on, and I myself am also planning a visit to Dubai.

2. The recent FTX incident has caused many users to worry about the safety of assets deposited on the exchange, and some users in our community are concerned that Trias is currently only listed on one exchange, what is your response to this?

This is a very tricky issue indeed. A short answer: we will wait until this wave of fears and uncertainty to pass to further land on other exchanges. It’s possible that more exchanges will be affected in the coming months, so new recent listings may incur more risks than do us good; and through tight communications with KuCoin, we have understood that they have been in a very healthy and safe state so far.

I also understand that the cross-chain bridge’s opaqueness has caused some concerns. But as I explained in previous AMAs, exposing the internal data and status of an exchange’s IT infrastructure for a listed project is not a common practice. We have done another round of tech analysis and have come to acknowledge the technical difficulties in achieving the wished transparency, given the very limited capabilities provided by the exchanges’ APIs. So, our strategy remains the same: to focus on accelerating the swap-and-burn processes, so that TRIAS tokens will be swapped or migrated to each eco projects’ testnets/mainnets step-by-step.

A few tasks that we have been working hard on so far: firstly to push forward the development of our eco projects’ testnets, implementing and releasing more functionalities to achieve their token’s utilities; secondly, to start the token exchange from TRIAS to our eco tokens on DEXs to allow more users to change their TRIAS to eco tokens they support, and to use them and get benefits from different eco chains; and thirdly to accelerate the listings for the eco tokens (after the FTX’s outrage has passed), so that TRIAS can be swapped to our eco tokens and traded on other exchanges.

The DEXs will serve as very critical infrastructure for our users to gradually swap TRIAS to eco tokens, or the other way around when they find more interest in other eco tokens or would wish to simply keep TRIAS instead. Different eco-projects will have different paces in delivering, and their token prices will also have ups and downs. So, we believe the DEXs will help to buffer demands and supplies among TRIAS and eco tokens for the period until the final maturation of all eco projects.

After a few rounds of swapping and listings, when we observe the decrease in TRIAS liquidity and increase in eco tokens’, which means the demands for TRIAS to act as a swapping medium has become trivial, we will start the burning mechanisms. This may also take rounds. Afterwards, the remaining still-in-circulation TRIAS will be mapped to the running testnets/mainnets of our eco projects for their purposes as staking-minting, gas fee or governance. This certainly requires an update to TRIAS’s token economics, and we have been working on it already.

3. When do you expect eco projects to switch to the Trias network?

According to the current schedule, our focus in 2023 will be to use Triathon’s ITO mechanism to continuously improve Tusima’s privacy-preserving transaction network, and at the same time, enriching Triathon’s core platform and its ITO mechanism. It is foreseeable that by the end of 2023, both Triathon and Tusima will be running on top of their respective independent networks, which are powered by Trias Layer ‘-1’ technology. This also indicates that GEON and TSM will be running in their own networks respectively at that time, along with part of mapped TRIAS tokens for their utilities in running the Layer ‘-1’.

In addition, we will also officially launch Leviatom’s testnet next year. As I mentioned in the last AMA, Leviatom network will further enhance the Tusima network with its off-chain complex computations solutions, because as Tusima continues to grow, more high-performance complex privacy computations will be generated to run off the chain, which will require Leviatom’s support. Afterwards, Behemotum, Octavius and Divina will be launched one after another, which will also enrich the Trias ecosystem from different aspects.

As I explained previously, TRIAS’s swap-and-burn process will accompany the launching and maturing of each eco project until they can work together to serve the full functionalities of our final Trias mainnet. In this way, we don’t need to wait for everything to get ready to play with the eco-chains or get benefits from the eco-tokens.

The first project to start the DEX-swapping is Triathon.

4. Question regarding the eco projects roadmap

We made the current roadmaps of our eco projects in the second half of last year. It is apparent that the global market situations, the pandemic control measures and crypto related restrictions in China were all very different from this year’s. The crypto industry is a more rapidly changing industry than the traditional web 2.0 industry, and black swan events occur more frequently. In this case, roadmap adjustment is inevitable. Even for Ethereum, its PoS network switch was delayed for more than 3 years.

In my opinion, the capability for adjusting paces rapidly according to the outer situations and the capability to resist outbreaks of risks are crucial to a Web 3 project. We have seen lots of great projects fall in this year already, making tremendous damage to the holders and the space. From this perspective, we are fortunate to have the support from Octa behind us, so that we do not have to worry too much about the impact of token prices, no matter how the external market is, our project can survive. This is the core difference between us and other projects.

But this doesn’t mean that we will run eye-folded in the rapidly changing environment. As for the update of the roadmap of each project, we will take a review at the end of the year and release new roadmaps. Moreover, since the industry is changing more rapidly than before, we will consider quarterly updates to the roadmaps afterwards.

5. Can you give us any updates about the new overseas team?

We are building independent overseas teams for several eco projects and taking a gradual transition from technical teams in China. But this month, our transition process has been affected to some extent by the FTX incident as well as the upcoming Christmas holidays. I believe in the next Q1, the core members of Triathon, Tusima and Ethanim will be in place, by then, we will introduce the team members to everyone, and they will deeply engage in communications with the community.

6. Even some TRIAS holders are not aware of Trias eco projects, how can we solve this problem?

We will release the rebranding website at the end of the year as planned, and on the new website we will also explain in detail where the eco-projects fit into the larger Trias ecosystem and how they fit together so that by then you will have a clearer idea of how the eco-projects relate to Trias.

I’ve noticed there are worries about the private chat between project leaders and community members. I will continue to follow this issue, and welcome to give us feedback in the community.

Read Trias AMA since July 2022

Answering Questions from the Community | by Trias | Jul, 2022 | Medium

Answering Questions from the Community | by Trias | Aug, 2022 | Medium

Answering Questions from the Community (Sept 2022) | by Trias

Answering Questions from the Community (Oct 2022))

Attached are 15 highly voted questions from the community. Questions 8, 9 and 10 were answered last month. Click here to see the answer. And the rest have been answered in specific questions above:

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