October has witnessed many significant moments of Trias. Tusima Network started its public testing and has attracted over 30,000 participants so far. Last week, Tusima and Triathon announced the ITO cooperation, and a series of close cooperation will follow. Also, Dr. Ruan’s overseas trip continues and he brings us exciting news this time.
1 How is your overseas business trip?
I was basically in Japan for the whole month of October and did a lot of substantial promotion with our Japanese team. The good news is that our Japanese team has already got the Japanese stablecoin license with our key partners in Japan (we still can’t disclose more information about them yet due to the NDA), and we will use TRIAS to deeply support the stablecoin issuance and operation for the next step.
Specifically, we will use the Tusima Network, hosted on Trias’s layer ‘-1’,as the infrastructure to support the Yen Stablecoin. Our goal is not just to issue the Yen Stablecoin, but to migrate traditional Japanese financial services to the public chain one by one in the future through Tusima’s privacy-preserving transaction technology. In addition to the stablecoin project, Tusima Network is also planned to host the previously mentioned STO(Security Token Offering) and asset securitization-based supply chain finance, as well as the implementation of many businesses in digital banking. During the implementation of these projects, Trias will provide the underlying technical support for Tusima. Our Japanese team will continue to work on this effort, and I will devote major efforts to it in the coming year. We have been working with partners in the UK, Singapore and Japan to move forward and depending on all factors, we are not yet able to announce a detailed timeline, as this work requires tremendous collaborations among many more partners from outside of the technology world. But the next goal of our team will be to ensure that Tusima can support these key projects.
On September 30, Tusima testnet started the public testing, and we received positive and enthusiastic responses from the community, so far, registered users have reached 30,000+ and over 24,000+ addresses have participated. This week, Tusima and Triathon have officially announced the ITO cooperation, and a series of close cooperation will follow. Through ITO, on the one hand, we want to verify, develop and attract more participants to join the construction and improvement of Tusima. Tusima Network may also become the world’s first privacy-preserving public chain developed in a test-driven manner. Since it is going to host very critical and unprecedented application scenarios in the future. So we need a lot of efforts to ensure that the underlying technology is safe and secure and to build Tusima into a high-performance privacy network.
I also hope that the community will pay more attention to the process and activities of Tusima ITO, and we also hope that the researchers, developers and testers involved in Tusima can participate in the construction of the network and get Tusima token while participating. At the same time, this is also the original purpose of establishing Triathon, of providing users with a basis to judge the implementation of a project’s core technology through test-driven launching, so as to make wise investment decisions and reduce risks. So the ITO can promote the implementation of Tusima on the one hand, and help improve Triathon’s ITO mechanism on the other. This will be the main work we will promote in Q4 this year and Q1 next year.
Based on the industry environment for a full year in 2022 and the stricter regulatory environment in China, as well as the impact of the COVID rules, we are currently downsizing our team which is to ensure our long-term sustainable and healthy growth. And I have been actively expanding our team overseas since September, and the good news is that we have already assembled a sizeable team in Japan. Meanwhile, the UK has also gathered many core members to join. In addition, we have also established close cooperation with Oxford, Imperial College, as well as Peking University and Tsinghua University in China, who are all contributing to our research efforts.
We are currently phasing down our total team size to less than 100 people. As we push with our overseas partners, we will also expand the team according to the market situation next year. Next, we will gradually reduce our reliance on the Chinese development team. I’ve been working on this transition since last month, and by the end of next year, our main team will switch to the UK, Japan and Singapore.
The team transition process was not easy and we took some risk of project delays. However, we believe that when we complete these team transitions, it will be a very important boost to the entire Trias ecosystem. We believe that in a decentralized world, it is important to leverage decentralized teams around the world to avoid the risks associated with a single region.
On the other hand, in order to prepare for the global development model, we will gradually open up the code repository of GitHub, including Trias and several existing eco-projects. Triathon will be the first project. Its CORE platform has completed the initial development, and we will be finishing up the existing code for Triathon within this quarter. We are also preparing the open source version of Trias Layer ‘-1’ network, and hope to open source it at the end of this year or next year Q1. This will enable coordination with overseas teams to ensure steady progress of the project and we hope to attract more global developers and expand the community. Moreover, with the operation of Tusima ITO, its source code will be gradually opened up as more global developers and researchers participate.
Through these two months of overseas travel, I have seen more opportunities overseas to expand commercial applications, as well as teams for research, development and commercial implementation, and I will spend the majority of my time overseas in the coming years to drive these things until the mainnet is fully launched.
2 Which stage will Trias mainnet come to by the end of this year?
While we are currently focusing on developing eco-projects, each of them is a key component of the Trias ecosystem. The mainnet V4 at the end of this year will be Tusima and Triathon supported by Layer ‘-1’.
As Tusima grows, it will be able to be compatible with traditional public chain dApps, and at that time, the performance of our Layer ‘-1’ network will really show up. In addition, as Tusima advances with ITO in Triathon, the testing and auditing functions of Triathon will be tested and improved, and we hope to prepare for ITO of more new projects in the future, including our own projects, through Tusima ITO. With Triathon and Tusima fully developed, our mainnet will also enter a new phase of development. In a word, the main shape of mainnet v4 in 2022 will be Tuisma and Triathon both empowered by Layer ‘-1’.
Apart from supporting Triathon and Tusima this year, Layer ‘-1’ will have many updates. It will also support Leviatom and Behemotum, and we will finish a more detailed design of these two projects by the end of this year. Once finished, we will update the news to our community. Next year, our goal is to make Leviatom and Behemotum, Triahton and Tusima together to form the next-gen mainnet (v5）. By then, Trias’ mainnet will be able to support not only traditional public chain applications, but also more project releases in a test-driven way, and through the integration of resources from Leviatom and Behemotum, the existing key web components and technologies from the Web 2.0 space can be transplanted to the Layer ‘-1’. Eventually, EVM-compatible applications running on Tusima can seamlessly call more Web 2.0 components from Leviatom and Behemotum to achieve the off-chain scalability of the whole public chain ecology. I believe this is also a very critical issue facing the industry now, and we expect to achieve a very good result next year.
As for the question will Trias run on its HCGraph-TEE algorithm in its own network, the answer is yes.
The core idea of our Layer ‘-1’ is the TEE-based consensus technique of trusted computing, which evaluates the trustworthiness of the nodes and thus reduces the minimum number of nodes that need to be involved for reaching a consensus, and this approach has been proven to have very good performance in theory. In fact, we did a live demo of Trias-enhanced Ethereum in Singapore in 2019, which had an excellent result. We have accumulated many privacy-enhanced solutions based on Trias privacy technology.
At present, one of the problems of the whole public chain is the lack of high-performance privacy computing, and the other is the problem of scaling the complex computing on the chain, so that the whole public chain can call the existing web 2.0 services in a safe and reliable way. I believe that the solution to these two problems will be more decisive than simply to achieving increased TPS in limited scenarios, so that our main goal is also based on the above two aspects. And we will also let crypto space see the advancement of our technology through the landing and continuous development of Triathon, Tusima, Leviatom and Behemotum. At that time we will also launch more hackathons, through Triahton, so that all projects solving similar problems can be tested on Triathon, which also allows users and investors to clearly see the differences in the performance of different projects, through the spaceship NFT-driven fuzzy-testing machine, each user can participate to discover the performance characteristics of the project and find the investment decision basis.
For the main token of Trias to do network switching, due to the characteristics of the Layer ‘-1’, traditional public chain applications cannot run directly on it, so we need to build the infrastructure that can support these applications first and build the Layer 1 based on Trias, so when several eco-projects are in operation, their underlying network — the Layer ‘-1’ will be considered truly operational, and we will do network switching for the main token of Trias at that time.
At present, we hope that Tusima and Triathon will expand the support for application layer dApps through the cooperation of ITO and accelerate the support for specific applications, depending on the actual promotion of Tusima and the commercialization of the above mentioned stable coin, STO, supply chain finance and digital banking projects.
3 When will TRIAS staking start?
According to Trias’ economic model and cooperation with eco-projects, the next plan is to open the mechanism of staking TRIAS and generating these eco-project tokens when the eco-project tokens enter normal operation.
The essential reason why it is possible to generate project tokens by staking TRIAS is that all these eco-projects have to make use of the Trias underlying network, and staking is actually a kind of mining behavior on the Trias underlying network.
This mechanism is applicable to the 7 major eco-projects of Trias, but the specific opening time will be determined by the development of each eco-project.
In addition, one of the main roles of TRIAS is bootstrapping, the cold start of eco-projects, which is carried out by staking TRIAS to reward operations when the eco-project is first released.
Layer ‘-1’ is the underlying technical network, and TRIAS will participate in the generation process of eco-project tokens and will also serve as a governance token for the entire ecosystem.
4 Question regarding the Trias website upgrading
The eco-projects are all constitutional parts of the Trias project, and while developing the eco-projects is developing the Trias mainnet. In addition to Layer ‘-1’, we need a lot of Layer 1 infrastructure to support the mainnet. Since this year we have been concentrating on problems that each eco-project has to deal with the mainnet separately. So the weekly reports of Trias are currently listing the progress of the eco-projects separately.
Here, I would also like to emphasize again that all eco-projects are part of Trias, unlike the other ecology projects on the other public chain, where each project is just new dApps running on the public chain. The development of each eco-project is inseparable from the Trias technology, and the token of each eco-project is the extension of the Trias token, which will be closely bound together.
We will also initiate Leviatom and Behemotum by the end of the year, as the eco-projects Triathon, Ethanim and Tusima are being implemented, and we are actively doing research beyond the existing 7 eco-projects. We will upgrade the official website of Trias, and the new website will be available to everyone by the end of the year. By then we will also update more about the new eco-projects and the content beyond the 7 projects.
5 Regarding the current market situation, will it bother you if the TRIAS price continues to drop?
From the current secondary market situation, TRIAS price is at a low point, which is also due to the impact of market conditions caused by multiple reasons, but more fortunately we have a good commercial cycle to generate revenue, and a good management team to dynamically adjust to changes, so Trias in my opinion still has a good state of development, as shown by the fact that we have harvested a lot of core technology recognition and application scenarios for implementation.
Looking back at the development of BTC and ETH, their token prices had ups and downs, which is normal, what really drives their success is the implementation of their utilities. Trias aims to become the Internet-scale decentralized cloud computing infrastructure, which in my opinion has a breakthrough significance. In the future, we hope the entire Web 2.0 space’s complex applications now running on clouds like AWS or Azure can also run on the Trias mainnet, when these are implemented, the value of Trias token will be incalculable.
The process is bound to be long and hard, and as we look back on the development of BTC for more than ten years, its token price has also undergone tremendous changes, and only when some of its application scenarios are widely used will BTC itself take a huge leap forward. At present, although we have experienced several years of development, we are still in the early days for our vision, but we still hope that early supporters will continue to support us and more people will know our ambitious mission.
Some people may take advantage of the current low price to buy TRIAS in large quantities, but I am not worried that this will affect the whole ecosystem. Looking back on the development process of BTC, when many people think that BTC has reached an end of value, they will buy in large quantities, which will cause the token price to rise, and then more people will rush to buy it. I am also optimistic and confident that TRIAS is just going through the same period as the BTC at its $1 value, but when Trias mainnet is fully operational that is when it can host all the applications of Web2.0, the value of token will be inevitably much higher.
6 Can you tell us some reference cases from the technology that is being used in China?
Due to the COVID rules and domestic regulatory environment, our business in China has also been affected. However, given our core technology development and the deep cooperation with some senior research experts from Peking University and Tsinghua University, we have formed a good influence in the domestic blockchain industry as well as in academia. I believe some of you have seen that our privacy computing technology has just recently been certified by Huawei. And as far as I know, we are among one of only 5 companies in the world to pass through their tests and verification to have received such certification, and our performance is excellent. In addition, we have received many awards for application implementation in China, including the People’s Bank of China’s Science and Technology Progress Innovation Award, which is unprecedented in China for a small-scale company like Octa Innovations.
In addition, we have undertaken several national blockchain infrastructure projects in China. These projects are related to the financial sector and corporate credit sector, and we have also undertaken several national key infrastructure projects in the ESG (Environmental, social, and corporate governance) sector. All this information will be released in English on the website of Octa.
7 Question regarding the revenue and business to business model.
We had tried the economic model of landing domestic commercially implemented projects overseas in 2020 and using overseas revenue for buyback. But later we found that this economic model could not be executed well before our public mainnet matured, so from last year, with the incubation of eco-projects, the economic model of Trias shifted to using TRIAS to support eco-projects. So the future economic model will also shift to generate new project token through TRIAS staking. Trias will also be used as gas fees in the current economic model.
In addition, one of our eco-projects, the Octavius, targets at enabling commercial applications to be better transplanted on the public chain. As you can guess from the name, Octavius is the overseas version of Octa. Currently, Octavius has achieved a great breakthrough in its core technology. We have proposed a service called decentralized FaaS (Function-as-a-Service) to implement the counterpart of cloud-native in the blockchain world, that is, the chain-native, and we have started to try it in many domestic application scenarios. We hope Octavius can meet with you in the first half of next year.
8 Where do you see Trias in 5 years?
In 5 years' time, in my vision, we will not only fully implement our fully-functioning mainnet, setting up the industry standards for various technologies composing our cloud-native idea, but also implement a full-stack privacy-preserving decentralized finance service infrastructure for everyone and in every scenario.
The digitization of global physical assets and the more efficient circulation of digital assets will greatly reduce transaction costs and trust-building costs, which will make more transactions possible and thus create more wealth. And globalized public chain financial infrastructure is very critical, but DeFi does not yet have the technical maturity to move traditional financial infrastructure to a decentralized network, where there are two important issues to be addressed.
1. Privacy. Imagine that in the future most of everyone’s assets are on the public chain, people will definitely have more concerns: will my transactions be maliciously analyzed, or will my privacy be exposed, etc. If the privacy issue is not solved, it will be difficult for public chain financial services to achieve a wide range of applications. And it is the privacy issue that Tusima focuses on, and we have already started the implementation in Japan.
2. Complex financial services involve complex computational logic and big data analysis, which requires public chains to be able to support traditional web2.0 infrastructure. Our goal is to make the web2.0 financial infrastructure run in a decentralized environment in an auditable and traceable way. To achieve this goal, the interaction between the complex applications under the chain and the dApp on the chain will be very critical.
In this case, we will have Leviatom to solve the problems of establishing effective trust among complex Web 2.0 offchian with the dApps on-chain; Behemotum to solve the application scenario of enforcing complex analysis of on-chain big data under the premise of protecting data privacy, while establishing effective trust to on-chain dApps; Octavius to solve the problem of integrating the capabilities and programming models of Tusima, Leviatom and Behemotum, and presenting unified programming interfaces for building a fully-functioned and so much more vibrant Web 3.0 application ecosystem.
9 Question regarding the communication with the community.
We are also concerned about this phenomenon and are working very hard to address it. Previously, CC also gave me feedback on the problems that the community is facing now. We also spent a lot of effort researching and communicating with the community.
Through our understanding of the recent community situation, we found that the current situation is due to the efforts of some enthusiastic community supporters who are trying to help bring more traffic to the community. We are grateful for their efforts on the one hand, and we have also communicated with many KOLs in depth to reach a better way for expanding our community. Next, we will adopt more ways in addition to the existing interaction. We also welcome more Trias supporters to find out the problems and work with us to solve them.
Read Trias AMA since July 2022
Answering Questions from the Community | by Trias | Jul, 2022 | Medium
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Answering Questions from the Community (Sept 2022) | by Trias
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