Transcript of MATRIX AMA on APEX
Did you miss the AMA with APEX and LemoChain held on September 11, 2021? Check out the full transcript below!
Hi Matrix Community, today is a special day as we are hosting the first AMA on an ecosystem project, named APEX.
APEX (AI-Powered Exchange) is a decentralized protocol based on Matrix’s AI technology, supporting the minting and cross-chain exchange of multiple algorithmic stablecoins. By integrating AI with algorithmic stablecoins, APEX will create scalable decentralized stablecoins suited for the specific needs of different countries and regions, and support the free exchange among all types of stablecoins.
For more details, you can visit our recent blog post
The rundown of this AMA is rather straightforward. We have gathered quite a number of questions from the community, and picked some to be answered by our guests: Akon, Chief Operating Officer of APEX, and Sadoy, Community Manager of LemoChain. I have one request that we try not to distract from the topic and distract the speech of the guests.
Without further ado, let us give an applause to the guests.
Hi Akon and Sadoy, can you introduce yourselves, please?
Hi guys, how are you doing?
I’m Akon, serving as the COO of Apex. I’m in charge of the project’s strategy as well as the external business collaborations.
Let me introduce myself, my name is Sadoy and I am the community manager of LemoChain. It’s a great pleasure to join this AMA in this big Matrix AI Network Community. I hope I will be able to address all the queries associated to Lemo and its new ventures with relevant, crisp and to the point answers.
Hi Akon and Sadoy, welcome.
We will begin by asking some questions gathered from our community. We hope these will shed some light on this new and exciting project!
First question from Elk:
APEX claims to be somewhat based on Matrix AI technology. Please elaborate in what way the Matrix mainnet is being used? In what way does APEX bring value to MAN coin holders?
APEX provides a cross-chain transaction route “hub” to meet users’ exchange on different algorithm stable currencies and different blockchain platforms. The transaction principle is that when the user initiates a transaction request, it predicts the opportunity to obtain their real-time prices in the liquidity pool on the chain where the two transaction objects are located, and then hand them over to the AI exchange protocol of Matrix. The protocol accountant is responsible for aggregating multiple liquidity sources on the chain to find the best price and transaction path for the user. After that, the user’s transaction is successful, and the target stable assets on the target chain are obtained by spending the stable assets on the original chain. In this intelligent transaction process, MAN needs to be used to pay relevant fees.
Thanks, sounds great!
Move on to the second question from Amazir:
APEX will use Matrix AI, so it will also use $MAN? Like on MANAS with credit cards?
Yup, you can find more details in the previous answer.
Also, in the future APEX is going to provide users with quantitative stable currency trading strategies based on AI.
These are supposed to use the algorithm and computing power on Matrix.
MAN needs to be used to pay, which will surely bring more value to MAN.
Amazir has a further question:
When will APEX be finished and delivered? I think that is a question from all of the community members.
The first version should be available in two weeks, and we are going to continue to develop and update.
That sounds very exciting to me!
I understand it takes some time to perfect it, and it is good to know we shall see something in 2 weeks.
Here’s another question we received from the community:
Hüseyin Cesur and Capcosmos asked the same question, so I combined them into one and welcome both guests to answer:
While delays and freezes are experienced even in the largest exchanges, is there a possibility of delay or freezing in the system of APEX, and if so, what is the percentage? What are the chances of getting hacked? Will it be able to keep up with stablecoins simultaneously? Most importantly, do you have a second plan if you fail? How will you handle LemoChain platform if something unexpected happens in the future, such as a hack that leaves your platform with some of your users’ personal information? Is your platform prepared for a circumstance like this?
Lemo is the world’s first DPoVP based blockchain. DPoVP is an upgraded version of DPoS. The basis of the DPoVP consensus mechanism combines the advantages of BFT’s fast consensus and the DPoS’s throughput capability.
Proof of stake is more energy efficient, because it removes the high-powered computing from the consensus algorithm. The PoS mechanism will have the advantage of not being able to carry out force attacks like a 51% attack. So it will become much more fast, secure, highly scalable and eco-friendly.
Bugs are an inevitable hurdle for any project and regular optimization is key to the long-term success of any organization. The complete decentralized distribution and optimizable aspect of LemoChain will make it help to turn around from any adverse situation.
Definitely, the application layer of LemoChain provides fast verifying speeds and an anti-forgery process for DApps. Lemo, from its core blockchain code to its upper application interface will coherently safeguard user privacy across all aspects of data exchange within its ecosystem. This will ensure sole ownership of data from the original holder, with no access available to any third party. All code related to the data privacy and user protection will be open source entirely to accept consistent community feedback. Additionally, Lemo will organize regular code audits to ensure the entire mechanism can withstand any malicious attacks.
Basically, I can’t give you an accurate percentage at present, but we have a mechanism to ensure the safety of users’ assets and their rights and interests.
Hacker attacks are everywhere. We plan to test and audit as comprehensively as possible to ensure the security of the contract.
At the same time, we also carry out some bug bounty activities to let users help us find problems and update the version immediately.
Next question from SunSun77:
Can you tell us some of the latest achievements made by APEX and LemoChain, and can you describe in detail the current development efforts, such as market expansion plans, expected applications and the new upcoming program of events?
We had the Lemo mining pool where users had the ability to mine coins such as $CHIA, $BZZ, $BTC, $ETH and $FIL. All its products have been sold out and profit from it has been utilized to buy back Lemo from Gate.io.
The Babylon mechanism is the framework for the mainnet. Lemo Babylon on BSC has been deployed. Users will be able to buy Lemo Nodes and can earn great passive income. Lemo had its testnet running for about more than 2–3 years. Lemo’s mainnet will be repositioned using Babylon Node. People can grab a Super Node, Alliance Node or simple Lemo node on the basis of the number of Lemo ERC20 tokens being staked and the rank of the mining hashrate. Users can purchase a node for great passive income. The estimated daily return rate is 2%.
273 million ERC20 Lemo tokens have been burnt and the same amount of BEP20 $LEG (Gamefi bridge token) is created and will be available on the Babylon Contract. Currently, we are docking game labs and game development teams. There’s a collaboration to create a wallet with a game browser, and Steam Game store is on the cards.
APEX is an AI-powered exchange and will offer algorithmic stablecoins on different blockchains. After our mainnet is ready, they will use our blockchain. LemoChain will be offering the Indian rupee based algorithmic stable coin. So, it’s a win-win situation for both projects.
So the Lemo token will be existing in different chains such as on Ethereum, BSC and its own LemoChain after releasing its mainnet, and the total supply will be 1.6 billion. The Lemo mainnet token needs to be pledged if a user wants to release its DApp on LemoChain.
In the future, we will work on video streaming and the cloud data storage sphere.
We have basically completed all the smart contract developments of the first version.
At present, we are conducting intensive testing and adjusting some concrete rules.
We believe the first version can be launched soon as planned. Thanks.
Question from Anonymous:
Why is it good for the Indian market? Sadoy, you are Indian. Perhaps we can start with you.
My favorite question…
I am Indian. And I know how crypto is growing in my country. Recently the Central Bank has given the green light to trade in crypto. The Supreme Court of India also supported it. Many crypto exchanges have been established in India during the last couple of years. The country is spending lots of money on digitalization and developing technologies, such as blockchain. APEX and LemoChain will be offering an Indian rupee based algorithmic stablecoin. As India is bringing a tech revolution and finding a good alternative for fiat currency for smooth and fast transactions, I think the rupee stablecoin will be a game changer and will be hugely accepted in the country.
The Lemo Foundation might form an OTC exchange in India too. If that happens, it will be huge for both Lemo and Matrix AI Network.
A win-win situation for both Lemo and Matrix AI Network!!!!
This is a good question since India is a huge market in the crypto area and there is no algorithmic stablecoin based on INR, so in our view this is a great opportunity for us.
And we think the algorithmic INR stablecoin will provide more convenience to users in India for cryptocurrency trading.
Yes, India is a huge and great country. I think to start with the Indian market is a great strategy.
Question from Algojali:
Does LemoChain have any project plans for combining NFT with DeFi? If so, could you please describe how your project plans to support NFT development?
The Lemo foundation might enter into video streaming and cloud data storage metaverse with ventures and partnerships. It’s a plan for the future, so please wait for more clarification.
It’s secret and I don’t want to become a spoilsport by revealing it now! C’mon…
Decentralized systems are unreliable and slow. How does LemoChain aim to build a more trusted and feasible ecosystem? And do you have any workarounds for the gas issue for scaring away new people? Are you planning to add any changing implementations on your roadmap?
This is a good and relevant question.
The basis of the DPoVP consensus mechanism combines the advantages of BFT’s fast consensus and the DPoS’s throughput capability. So it will become much more fast, secured, highly scalable and eco-friendly.
Regarding the gas fee, that’s the exact problem the Babylon mechanism is going to solve. The gas price is not an issue on LemoChain because the Babylon contract will charge the miners fees to cover the transaction network cost. Yes, we are planning a lot of things.
We’ll update the community step by step.
Sercan has a question:
Lemo Coin provides data on on-chain technologies for the decentralized NFT ecosystem. Can it be used in collaboration with Matrix Manart in this context? Will there be cross-chain trade and transfer?
LemoChain is open to collaborate with Matrix AI regarding their Manart project. Let’s see what happens in the future.
Right, we wish the data would be used in the training on MATRIX, and we will build a cross-chain between Matrix and Lemo.
It would be great if this happens!
We are committed to building a brand-new blockchain data transmission ecosystem, Lemo, as a universal internet data value transmission protocol for future decentralized applications, digitizing and tokenizing data values, and promoting blockchain technology so it is applied to real-life business scenarios. We are aiming to build a new data circulation system, based on LemoChain, which will become the universal online data transfer protocol. This is how LemoChain will connect blockchain technology with the real world.
What does this partnership mean for MAN coin?
I think I can answer this question.
APEX will bring more usage requirements to MAN and more financial usage scenarios for MAN. At the same time, it will also attract more AI scientists in the financial field to provide algorithms in the future.
Sercan is a good listener, he has a further question:
About the Matrix and Lemo partnership: Will there be Lemo exchanges with direct Matrix? Or will there be an exchange over the APEX?
I think APEX will provide this function in the future.
Since it is already 56 minutes: how would you describe in one sentence your feeling before we finish this AMA?
APEX is an AI-powered exchange and it will offer algorithmic stablecoins on different blockchains. After our mainnet is ready they will use our blockchain. LemoChain will be offering an Indian rupee based algorithmic stablecoin.
It was a much needed AMA for our new and exciting plans and ventures!!!
Let‘s keep tight with the Matrix community.
See the AI+exchange!
That marks the end of our AMA.
Thanks to everyone who attended the AMA.