AMA log (18 October 2019)


  • Global Moderator

    Facebook event screenshot published on CoinMarketCal


    Weekly AMA with Zine Laabidine Rezig, CEO, founder, software architect and lead developer of 3DCoin / Project Districts, held on Friday 18 October 2019.

    This is a weekly AMA, so every week, every Friday, except for exceptional cases that will be communicated in advance, or unexpected events, an AMA will take place in our official international/english Telegram group.

    📋 Do not hesitate to participate in the next Friday's AMA, we are waiting for you! 📌
    👉 Telegram group: https://t.me/Project_Districts 🗨 👥


    Please note: Some questions and answers have been selected and partly reworked and listed in different order or grouped by topic for editorial reasons and in general for better readability and usability, in short, an editorial cut is given but without distorting the meaning and the content.
    Some questions are transversal to the various main topics so they have been grouped under a topic that has been considered suitable but could also be read in reference to other topics.
    However, the entire original AMA can be viewed in full, starting from the following message in the official Telegram group:
    https://t.me/Project_Districts/62584


    This AMA event has also been added to CoinMarketCal, Coindar, CoinsCalendar cryptocurrency calendars:
    https://coinmarketcal.com/en/event/3dcoin-weekly-ama-26791
    https://coindar.org/en/event/3dcoin-3dc-ama-on-telegram-24364
    https://coinscalendar.com/event/3dcoin-3dc-ama-on-telegram

    In addition, this AMA was also a "trending" event 📈 on CoinMarketCal during the hours it was held! That is the most voted event for several hours, a result achieved thanks to the support of our fantastic 3DCommunity and of which we are particularly proud!

    https://twitter.com/michele_3dc_it/status/1185203685586018304

    Trending event on CoinMarketCal


    Another peculiarity of this AMA was that during the previous days the users of the Telegram group were given the opportunity to post their questions in advance, so a list of 10 questions was prepared to be answered at the beginning of the AMA. Then of course further questions were asked live during the AMA.
    The list of 10 questions collected is available at this direct link in our Telegram group:
    https://t.me/Project_Districts/62586

    🔵 Brief overview of the topics of this AMA 🔵

    A very intense AMA, with a large participation of users, even from time zones that are not easy for AMA, because our users do not want to miss our events! An AMA full of technical details but also of juicy anticipations. For the technical part, we discussed a lot about Proof Of Sync, the 3DCoin first industry consensus protocol "full masternodes only" which has been active now for over 6 months, further details were provided about its operation and safety against attacks. We naturally discussed about characteristics and requirements that will enable us to keep the actual masternodes activated with the 1k 3DC collateral even after the upcoming 800k block in which we will migrate to the "unlockable" or "temporary" 25k 3DC collateral and will be the long-awaited Primenodes are also activated. Also another absolute innovation conceived by 3DCoin team that is the announced and future possibility of "tokenization" and "transferability" of a masternode ownership via "smart script" in the 3DCoin wallet was a very important topic of discussion. Even the new lightwallet build from the scratch that will be released and will replace the classic "QT core wallet" and also the innovative "smart scripts" have been central topics of this AMA. Many other technical details have been provided, there has been talk of a kind of DEX for the exchange of digital assets, including other coins, which can be integrated in the future in the wallet, there was talk of multichain access and IoT applications that can be managed through the 3DC network and many other things.
    From the point of view of marketing and partnerships some interesting previews were provided during the impromptu chat during the AMA but some of these are not reported here in the log as they are not strictly related to the AMA questions and answers or because these are previews awaiting official announcements, so for now we leave them to the informality of a chat in the group. If you are curious about this then you are invited to re-read the entire AMA you find in the Telegram group starting from the Telegram link above.

    We like to remember this AMA with a comment from one of our historic users and big 3DC supporter, our friend @mickbit that despite the unfavorable time zone for the time of the event wanted to take part in the event, whom we are honored to quote:

    Interoperability - another big label to add to 3DC, right beside "instant transactions", largest masternode network, 51% attack proof, eco-friendly, VR/AR, smart scripts, ...man, what an absolute beast of a crypto - nothin else has this much.

    Also the first question reported below in this log about the "motivation" of the team is a question by Mickbit, it was not the first question of the AMA but in the re-elaboration of this log (as explained in the initial notes) we take the freedom and the pleasure to put it at the beginning also to thank Mickbit for his presence. We are honored by the participation of all our users, all our 3DCoiners, old and new, even the many who read and do not write, but if a friend of ours points his alarm at 3 am to follow one of our events then we cannot fail to show him all our gratitude! But as you will see also the answer of our @Zain that expresses all its appreciation for the community deserves to be the opening of this log!


    🔷 AMA's Questions and answers 🔷


    🔹 Development and project general questions and updates / Marketing and project management related questions / Listings and partnerships questions🔹

    Question:
    How is the team going? And what keeps you guys motivated?

    Answer:
    The answer is easy, is you guys, the best crypto community I ever knew.

    Question:
    Does the team have plans for bug bounty programs or 3rd party auditors?

    Answer:
    We are planning to use a 3rd party code auditors, beta testing and everything. But first, we will rewrite the core code in "Go" to make it easier for developers to join.
    (Note: "Go" or "Golang" is a well known programming language designed at and supported by Google)

    Question:
    That's huge amount of work, right? So, after the block 800k what will be next milestone, what should we expect in terms of development?

    Answer:
    We will update the core in block 800k, another 2 updates will follow every 2 weeks for the smart script and primes, we choose to divide the update for an easy transition. After that we will release the new wallet for desktop/mobile

    Question:
    Is there any news about new exchange?

    Answer:
    The listing application still in review, if there is any update, we will let know.

    Question:
    Regarding promotion more than exchanges: If listing on major exchange won't happen, what options/strategies are you considering? What do you think about listing on new wave of dexes as a strategy of increasing awareness/visability (Binance Dex, ViteX, upcoming Wanchain, OneLedger, etc.)? Do you think it worth it (creating gateways, paying small, but still, fees... etc)?

    Answer:
    I think the best way to increase awareness is by participating in events, connecting with people in the industry. We already got invited to The North American Bitcoin Conference in 2020.

    Question:
    Does the team itself believe in the success of the project? Does the team buy coins when their price drops to increase their stake?

    Answer:
    Yes, of course, we do, the team buys coins from time to time, we will keep pushing until 3DC is listed in the top exchanges. And most of the team has many active masternodes.

    Question:
    Does the project have any support from the UAE government? Are you looking for some government approach? Are there any legal issues that the project needs to overcome to be able to deploy an exchange in the country?
    (Note: The question is based on the fact that the 3DC / Districts team as known is based in the United Arab Emirates, moreover the exchange mentioned in the question is not the main goal of the project but as it will be understood also in the questions and answers of this AMA it concerns only of an accessory function related to the exchange of digital assets, for example tokens that represent the ownerhip of the nodes, inside the wallet as a sort of DEX, for further details about the future exchange function see the other answers.)

    Answer:
    We are trying to get support from some government entities in the near future. The UAE known for supporting the blockchain technology but still there is no way to deploy a crypto exchange in the UAE, we hope this will change in the future.

    🔸 🔸 🔸 🔸 🔸 🔸

    🔹Districts Virtual World / DVS / Dapps / Virtual Reality related questions🔹

    Question:
    Is the Districts Visual Studio completly drag and drop (no programming required)?

    Answer:
    The DVS system is a complete dapp scripting system based on the concept of using a visual script interface to create objects, loops, functions. Is an open-source tool, contributors can create new baseline systems that can be used by dapps designers.

    Question:
    Regarding Districts - can you describe some of the services and functions of Districts, and how 3DC will be utilized within it?

    Answer:
    3DC will be used as the main currency on Districts, from the dapps fees to the built-in exchange for tokens and objects. Thanks to the smart script that enable autopay micro-payments for dapps users.

    🔸 🔸 🔸 🔸 🔸 🔸

    🔹 Masternodes / Primenodes / Pulsenodes related questions🔹

    Question:
    As far as I understood any masternode that is live on block 800k can be shut down after and then brought up again without any collateral?

    Answer:
    The new stake system checks if the node who already spent his collateral has received a payment in the last 50k blocks (about 35 days) otherwise the node has to use new collateral to start again and as already known the 1k 3DC collateral will be consider it as invalid after the 800k.

    Question:
    What will happen to masternodes with locked 1k 3DC if they have not yet managed to get 2 rewards between 700k and 800k blocks as required by known requirements? For example, I launched a masternode only yesterday, and in any case, I no longer manage to get two rewards before the block 800k.

    Answer:
    The 1k collateral will be invalid, in this case you need to make a new transaction of 25k 3DC.

    Question:
    Tokens issued after the 800k block (one for each masternode) how will they be traded, OTC or via exchange?
    (Note: The question concerns the announced "tokenization" of the ownership of the nodes and their transferability)

    Answer:
    The masternode "token" (the token that represents the "ownership" of a node) will be generated using the new wallet, the wallet that supports smart-scripts, users can use SS_Trade to exchange these tokens directly from the wallet.

    Question:
    Can you elaborate further on this token functionality for the new wallet that is smart script capable? Essentially does this make 3DC an interoperability coin, or is it better to consider the improvements as an "inbuilt exchange"?

    Answer:
    This is the word I was looking for: interoperability coin. 3DC will be a bridge for other coins to transact in a secure environment.

    Question:
    How long will we have to convert Masternodes to Primenodes after the fork? As I understand it, there will be a lot of competition between the Primes. And the Primes that will win will have the best hardware. Maybe small supporters can't compete. What advantage will a common supporter have in creating new Primenodes? Are there any escape plans for these supporters?

    Answer:
    The advantage you will have as an early Primenode owner is the reward, of course, the payments for the Primenodes will start at 820k block but after a few months, the reward will decrease because the Primes will get all the rewards from each dapp in the network.

    Question:
    Primenodes is a new mining?

    Answer:
    Nothing to do with mining, at first they handle transactions, but after a few updates, the Primenodes will only manage the dapps, and act as DNS for it.

    Question:
    All the 3DCoin Masternodes will be upgraded nonetheless to Pulsenodes/Primenodes after the mining (masternode mining) phase ends?

    Answer:
    Masternodes still have a job to do, even if the reward is decreasing.
    (Note: In the 3DCoin blockchain where there are no miners or stakers but only masternodes, being our "Proof Of Sync" a first industry "full masternodes only" consensus, the masternodes also receive transaction fees as well as block rewards. With regard to the block reward decreasing, there is no classic halving in 3DC, ie a 50% reduction in the block reward, but a quarter reduction, ie an annual reduction of the block reward of 25% and the first reduction was that of 2019 which is already occurred one year after the genesis block.)

    Question:
    What if I upgrade my Masternode to a Primenode but it doesnt get elected, does it just go into a waiting list until another Prime gets offline for some reason? Or does it act as a masternode in the meantime?

    Answer:
    Is the opposite, you can create Primenodes as many as you want, the limit is for Masternodes only.

    🔸 🔸 🔸 🔸 🔸 🔸

    🔹 Proof Of Sync protocol, Smart Scripts and other technical stuff questions🔹

    Question:
    For those new to 3DCoin and Project Districts. What inspired the change from "Proof of Work" (traditional mining) to 3DCoin's unique "Proof of Sync", and can you tell us a little about what makes it different?

    Answer:
    Proof of Sync was created by 3DC team to solve many common problems in the blockchain technology like scalability and the validation speed without sacrificing the security.
    The transactions in the POW are confirmed in blocks that were accepted by everyone in the network, but using the 3DCoin "Proof of Sync" consensus protocol, each transaction is validated separately, every node relay it to others have to proof the origin by collecting signatures of the previous nodes.
    The complete system will be introduced in the next few patches.

    Question:
    How secure is or will the protocol be against 51% and/or Sybil attacks? What if a large early adopter (eg 2-3k nodes on the net right now or an entity collaborating with a maturity of the nodes) try to take over the network?

    Answer:
    They can't, 3DC node doesn't follow the longest chain without proof of the ranked masternodes payments, these ranked nodes are calculated locally, so you can't trick the node to follow a new longest chain blindly as it happens in other coins. "Proof of Sync" is still new, but it solves many known problems especially the security.

    Question:
    Then how is the defense organized?

    Answer:
    The node is defending himself by trusting no one on the network.

    Question:
    What retargeting algo is used?

    Answer:
    Is part of 3DCoin "Proof of Sync" protocol, we will add a cool name to it, the retarget algorithm searches for ranked and active nodes to create blocks, in case of a large number of nodes goes offline, he reverses the search by selecting nodes that already mined blocks in the last hour, is still experimental, it will be upgraded over time.

    Question:
    How will the smartscript (eg transfering MN ownership to another user) be executeable - within the qt wallet or linux shell?

    Answer:
    We will drop the support for the current qt wallet soon, we are working on a new wallet that supports the smart-scripts transactions, objects (NFT) like dapps, nodes ownerships, etc.

    Question:
    What could be the benefit of such an "exchange" integrated in the 3DCoin wallet like the "exchange" described in the answer related to the "tokens" that will represent 3DC masternodes ownership??

    Answer:
    It works like any DEX, enable you to trade any assets eg BTC/ETH directly from the 3DCoin wallet.

    Question:
    Will the new 3DCoin wallet have the possibility to exchange other cryptocurrencies like an exchange? We can expect support for other coins in the next 3DC lightwallet?

    Answer:
    Yes, using the Smart-script SS_trade you can exchange any assets in the 3DCoin blockchain.

    Question:
    What tech are you thinking of in terms of interoperability and other chains? Will it be kind of wrapped ETH, BTC with gateway or built in light wallets or something else?

    Answer:
    The new wallet will use 3DC private key for BTC and other chains, and the most important is the SS_API which will give other chains access to IoT application through 3DC network.

    Question:
    So with multichain access to IoT applications via 3DC network, could this potentially be a foundation for XR/AR (mixed/augmented reality) extensions of Districts?

    Answer:
    Yes, everything we add to 3DC eventually will be used in Districts, 3DC is made for Districts in the first place.

    🔷 🔷 🔷 🔷 🔷 🔷 🔷 🔷 🔷 🔷 🔷 🔷


    📋 Do not hesitate to participate in the next Friday's AMA, we are waiting for you! 📌
    👉 Official international english speaking Telegram chat group: https://t.me/Project_Districts 🗨 👥

    ✔ You can stay updated 🔔 on 3DCoin / Project Districts events through our usual contact channels (e.g. Telegram, Discord, and Twitter as well) and now also via the 3DCoin page on CoinMarketCal.com cryptocalendar 📎 and via the 3DCoin page on Coindar.org cryptocalendar 📎 (generally we try to add our AMAs and events in these two calendars whose staff are very quick to validate the new events, so even if you might not always find our events in these two sites keep an eye on these two excellent crypto calendars anyway)
    👉 https://coinmarketcal.com/en/coin/3dcoin 📌
    👉 https://coindar.org/en/coin/3dcoin 📌

    Furthermore we usually inform about our upcoming events also on our 3DCoin Facebook page and in our topic on BitcoinTalk.org Forum and also on other cryptocalendars in which we can create events from time to time such as CoinsCalendar and of course we also inform of events here in our official 3DCTalk forum so as you can see you have many ways to stay up to date. Choose the one you prefer and keep in touch with 3DCoin Project Districts!



  • fantastic AMA and fantastic project! congratulations👍