The AMA session was held with representatives of the CORE MultiChain engineering team. This Session was held on Saturday, January 22, 2022, at 17:30 EST in the official Telegram group (@coremultichaingroup).
Note: Some sentences have been slightly edited for readability purposes.
The Start of the AMA Session
John:
- Mr. David Levy, CORE MultiChain R & D Team Leader,
I began game development in high school and studied computer science.
I ended up working on operating systems for ten years. I have worked on several privacy-focused and cryptocurrency initiatives.
I’ve been working on MultiChain Concepts since 2017 and started working with the CORE Team in 2019.
David Levy:
- Hi, How is everyone?
It’s a pleasure to be with you here today.
John:
- David, I’m going to ask you the first question.
Questions are raised in this group and on our Twitter account.
- Is it possible for you to share an updated project timeline with the mainnet?
David Levy:
- Thanks. I expect it will happen by the end of the year. However, this is crypto, and timetables frequently slide. Nonetheless, the CORE Multichain team is powerful in the crypto space, and if anyone can deliver, it’s them.
John:
- How much impact will the foundation and the team have on CORE’s governance (due to token holding), and how will it release any control it may have over time?
David Levy:
- The foundation is thought to dissipate over time. A Treasury DAO managed by token holders should have ultimate authority alongside validation rewards.
User (@arzbab):
- This is a personal question. You have just installed your Telegram account. Did you not have it before, or is there a particular reason?
David Levy:
- Yes, this account was created explicitly as a business account to communicate with the CORE community.
John:
- Thanks, David.
What does Web 3.0 mean to you?
Short and clear, please.
I need to mention that these questions were brought to us here in this group and our live chat section.
David Levy:
- The decentralized serverless web lets users have control over their data, privacy, funds, and hence their online freedom in a trust-less manner.
John:
- Any project can go wrong, What problems with CORE MultiChain potentially cause it to fail?
David Levy:
- Since the attack surface is so vast and a new phenomenon, I’d suppose it’d be via a cross-chain messaging attack.
John:
- Can you provide further information about the CORE Committee’s composition (number, terms, etc.) and the expected committee members at launch?
David Levy:
- This is subject to change. However, for the time being, there will be eight members who will rotate out once a month and will be subject to approval voting. So, to re-enter, they must beat the accumulation of others outside of the committee who CMCX holders have voted for. The first committee comprises the top eight candidates chosen by token holders’ first-round vote via CORE DAO.
John:
- What do you believe is the greatest distinguishing feature of CORE MultiChain (many cryptocurrencies have a “twist” that distinguishes them? (Monero/Dash introduced anonymity, while Ethereum introduced smart contracts). CORE has many unique features, but what do you believe is its strongest differentiator?
David Levy:
- A privacy-first approach, cross-chain messaging that delivers genuine interoperability, and on-chain enforced governance.
John:
- Who are CORE’s Apeirogon’s intended users?
Should we refer to CORE Multichain and Apeirogon as separate products or single entities?
David Levy:
- As a result, Apeirogon and CORE are distinct. Apeirogon is a development framework, while CORE MultiChain is the network on which those Dapps are deployed. PolyChains will be the significant components-these can be apps or other chains that want to be deployed on CORE MultiChain and communicate with other chains.
John:
- Which parts of the test net have been completed thus far?
David Levy:
- We have completed the foundations of the “Déjà vu” TestNet, including consensus mechanisms and a decentralized clock. We are testing the TPS successfully, reaching 55k in the Origo layer.
John:
- When will we be able to access the GitHub code?
David Levy:
- Well, at the moment, our code is mainly private since we are using new algorithms and approaches. The code is only available privately to the limited number of invited developers. The code will be available publicly on GitHub after the test net’s launch.
John:
- And following your reply, how can we, as community members and investors, track the progress of developers and programmers in the form of a project plan?
David Levy:
- We will launch a new section called “Growth and Transparency,” where you can track the project’s progress in real-time.
John:
- It sounds awesome.
When are you going to list CMCX on Gate.io or Kucoin?
David Levy:
- We are currently negotiating with several well-known exchanges, including Bittrex, FTX, Gate, Huobi, Kucoin, OKX, and necessary documents have been submitted for listing purposes. Kindly keep in mind that the listing process for these exchanges will be over within the next few months. However, these exchange listings will be done one by one to maintain our dynamic market. The first exchange will be announced in a matter of days.
John:
- Why should CORE users trust that it will tackle one of the top three problems they wish to solve? Can you assist me in comprehending the network effect or other competitive barriers?
David Levy:
- CORE MultiChain is constructed with best-of-breed technologies, including WASM, Rust, quick transaction finality, cross-chain messaging, and parallelized security. But the most important thing it does is adopt a different approach to architecture in which an application may be its own chain and make design decisions from the ground up for its users and use case.
John:
- Our valuable community members,
This is the first AMA session with a technical team member. We’ll keep doing this event more and more, using different platforms as well.
- How will CORE MultiChain empower people in developing countries?
David Levy:
- With the Play-to-Earn option, this mission can be achieved. Using the CORE Gravity platform, using the P2E option, people in developing countries can benefit from this feature.
John:
- When will we be able to stake using your website?
David Levy:
- CORES’ On-Chain staking feature is at its final testing and launch stages. This option will be available on the official website within the next couple of weeks.
User (@s_perman):
- What’s the update on the Certik audit?
David Levy:
- Our Certik Audit is complete and already published on the Certik Website.
https://www.certik.com/projects/coremultichain
John:
- Who is the founder? Or, to put it another way, what organization or team is driving this project?
David Levy:
- Different teams are working on the CORE Multichain Project worldwide, including teams in China, Russia, Estonia, and the US. It is a decentralized autonomous organization without any central authority and based on the holders’ decisions, a totally novel idea. It’s much different from the other 17,500 cryptos in the market. In other words, you are the founders of CORE MultiChain, and your votes will run it. We avoid Venture Capitals, big tech, or even a team of developers to control the CORE network. It’s our main aim to create the first fully decentralized and real autonomous blockchain. I guess you know how other cryptos, including Solana, are controlled by VCs, big tech, or governments.
John:
- Please explain your marketing strategies.
David Levy:
- I’m in charge of R & D, and the marketing strategy is out of my reach.
User:
- Given the team’s dominance in supplying this token, why has the price dropped so much?
David Levy:
- It’s mainly because of the current crypto market conditions and traders’ panic selling. The market is red ;)
U. (@thepoet05):
- How do CORE’s vision and final product compare to other leading projects developing multichain or interoperability, such as Cosmos, Polkadot, and Icon? In terms of similarities and differences in approaches to achieving interoperability,
David Levy:
- A privacy-first approach, cross-chain messaging that delivers genuine interoperability, and on-chain enforced governance.
John:
- Binance is currently having some regulatory issues in some of the jurisdictions they trade-in. How will CORE MultiChain be affected by any future legislation introduced around the cryptocurrency market?
David Levy:
- In the case of Binance, they are a centralized exchange platform trying to make their way into different jurisdictions. On the other hand, CORE is a fully decentralized and community-driven project, paving the way to prevent similar issues from blocking the decentralized projects’ way.
User:
- When will the project team be officially announced? What is the team’s history, and what projects have they collaborated on?
David Levy:
- This is subject to change. However, for the time being, there will be eight members who will rotate out once a month and will be subject to approval voting. So, to re-enter, they must beat the accumulation of others outside of the committee who CMCX holders have voted for. The first committee comprises the top eight candidates chosen by token holders’ first-round vote via CORE DAO. The current team members are from other well-known projects already in the market but went to the centralization paradigm, These developers opted to contribute to the absolute privacy-enabled blockchain. Most of them prefer to remain anonymous until we launch DAO. (You know, the Privacy Enabled Blockchain regulations are restrictive, and the governments and big tech are against freedom of information. So being anonymous for the team is a safety measure we have to protect the project’s future from possible interventions.
John:
- Tell us about the recent hackathon delay. Do you have a new schedule?
David Levy:
- Due to the COVID-related restrictions, travel bans, and other issues, the hackathons required a physical gathering of developers and programmers that couldn’t be completed at the planned time. However, we have scheduled this event for the first quarter of 2022. We will announce the details as soon as the event date is confirmed.
John:
- Is there a plan in place for burning tokens?
David Levy:
- Yes. CMCX is a deflationary token. The DAO is the only entity authorized to burn the CMCX tokens. CMCX holders can vote for the tokens in the DAO, whether they should be burnt or not.
John:
- Tell us more about parallel transactions.
David Levy:
- For the time being, we’re still in the early stages of this new technology paradigm, and there’s a lot that needs to be done to offer that scaling. Parallel transactions are critical because they provide the most comprehensive method for blockchain scaling. Sharding alone will not provide the necessary performance and power. Sharding is essential for parallelization and horizontal scaling, but vertical integration takes it further. We can get the best performance out of the overall system by optimizing across all layers of the overall system design. We go deeper than just the consensus layer into the networking and systems layers, which is why we call it “true sharding.” True sharding is a method of conceptualizing the design of our blockchain. What truly matters is how well our blockchain performs in essential parameters such as TPS, time to finality, cost per transaction, storage cost, and security. And we are confident in CORE’s ability to deliver.
User:
- What items have been completed from the roadmap unit now?
David Levy:
- Most of the Q4 2021 tasks were community and holder-related, such as CCIP and R & R&D voting, technical committee voting events, and hackathon. However, we recognize that the CORE community is still small and that it will take more time to be strong enough to manage the DAO. We provided an update on the CCIP and Hackathon events, rescheduled for Q1 2022. IEO has completed 12 exchanges, and POC was ready even before the end of Q4 2021. Instead of community-related tasks, our team focused on new products and ecosystem growth for NFTs and community education (CORE Academy), aiming to attract more CMCX holders by educating and expanding our community (CORE Academy wasn’t on the initial road map). We also moved on-chain staking to Q1 2022 due to high community demand.
User (Leon Sanchez Alvarez):
- When will you enable holders to enter the DAO for voting, and which platform are you planning on using to manage it? Discord?
David Levy:
- It will be entirely on-chain, and only CMCX holders will be able to vote. It will be on the BEP-20 and TRC-20 blockchains and, consequently, on the CORE blockchain. There is a page with comprehensive details on the main website. A DAO will be launched if we reach a minimum of 15k BEP-20 CMCX holders.
John:
- We appreciate your time.
I have two more questions.
David Levy:
- Thanks, please go ahead.
John:
- Is this the team’s first time launching a cryptocurrency project?
David Levy:
- That’s a great question, but I think I answered it when talking about the team. We were involved in developing most of the significant blockchains in the current industry, including bitcoin, from its inception. We choose to build a better version of all legacy blockchains that is immune to the failures and limits that we have all experienced. We feel that the crypto sector is controlled not by people but by big tech, VCS, and governments and that user privacy is in jeopardy, and no one cares. This is diametrically opposed to Satoshi’s vision of decentralization and privacy (We are members of the Fight For the Future Movement.) Please read their website and the core paper about our mission and who we are.
John:
- Can you tell us more about how the CORE Transaction Privacy Protection Layer (TPPL) works?
David Levy:
- CORE’s Transaction Privacy Protection Layer (TPPL) is an additional layer of privacy and security added to CORE’s blockchain transactions. This feature conceals transaction details, so the origin and destination of the transaction are unknown. However, this capability is not limited to transactions and can also be utilized on smart contracts and other blockchains.
John:
- Thanks, David. This was my last question.
It’s been longer than 2 hours since we had this productive AMA session.
David Levy:
- Thank you so much. See you soon.
John:
- I appreciate David.
I want to thank all our community members for their contributions.
David Levy:
- Together we grow!
END OF AMA SESSION
AMA Disclaimer
According to relevant regulations, certain remarks in this AMA session include “forward-looking information.” In some situations, forward-looking statements can be characterized by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “seek,” “believe,” “potential,” “continue,” “is/are likely to” or the negative of such terms, or other similar expressions. Forward-looking statements are offered to help users understand CORE MultiChain’s assumptions and opinions about the future, including forward-looking comments about CORE MultiChain’s intended operating model. The suggested operating model solely addresses CORE MultiChain’s objectives and is not a forecast, projection, or prediction of future operating results. Forward-looking statements are not assurances of future performance and should not be relied on unduly. Forward-looking statements are based on assumptions and analysis made by CORE MultiChain based on its experience and assessment of historical trends, current conditions, and expected future events, as well as other factors it believes are appropriate.
These forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual future results, performance, or achievements of funds, cryptocurrencies, or CORE MultiChain to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to:
(a) changes in political, social, economic, and cryptocurrency market conditions, as well as the regulatory environment in the jurisdictions where the CORE MultiChain conducts its businesses and operations;
(b) the risk that CORE MultiChain will be unable to execute or implement its business strategies and plans;
© changes in fiat currency and cryptocurrency exchange rates;
(d) changes in CORE MultiChain’s anticipated growth strategies and expected internal growth;
(e) changes in CORE MultiChain’s future capital needs and the availability of financing and capital to fund such needs;
(f) war or acts of terrorism;
(g) occurrences of catastrophic events, natural disasters, and acts of God that affect the Core MultiChain’s businesses and operations;
(h) other factors beyond CORE MultiChain’s control; and any risks and uncertainties associated with CORE MultiChain.
Although the CORE MultiChain team believes that the forward-looking statements contained herein are based on reasonable assumptions, such statements may prove to be wrong, as actual results and future events may differ considerably from those expected in such statements. Except as required by applicable legislation, the Company assumes no duty to update forward-looking statements if circumstances or the Company’s estimates or beliefs change.
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