Nakji Network AMA Summary Recap with Shin Chan Community
We held a live AMA with CEO/ Co-Founder, Allie and Co-Founder/ COO/ CSO, David from Nakji Network on 19th October 09:00 PM (UTC+8). Here’s the recap for those who missed it.
Mika | ShinChan: Before AMA start, can you introduce yourselves and the team background?
Allie: Hi, I’m Allie #001. I’m a Carnegie Mellon graduate with a BS in Electrical and Computer Engineering. Full-stack engineering from hardware (such as FPGAs and ASICs) to data infrastructure to frontend.
I learned about crypto in 2011 while working on embedded systems but entered more full-time in 2017 and have experience in big data architecture and infrastructure. I worked at a startup in 2015 that beat Palantir in offering real-time data intelligence.
David: I learned about crypto in 2011 while working on embedded systems but entered more full-time in 2017 and have experience in big data architecture and infrastructure. I worked at a startup in 2015 that beat Palantir in offering real-time data intelligence.
Mika | ShinChan: Do u have any upcoming news or events that the community need to keep an eye on?
Allie: Yes! We have a private beta program where we’ll be accepting more people soon!! David will share the link
Allie: Our announcements channel is at https://t.me/nakji_announcements, so definitely give a follow if you are interested!
Mika | ShinChan: a must to try, are u providing airdrop for beta testers?
David: we can’t reveal those details at this time but in crypto, anything is possible.
AMA Twitter Section Begins:
Q1: Recently, you announced that you closed you $8.8M raise? Can you please share us how did you achieved this great milestone, and what are your plans to be done in the future? Did you make partnership with other institution or projects to attain such a promising outcome?
David: Thanks for the congrats. We have some big things planned with the funds raised.
We have been expanding our team rapidly both locally and overseas.
We aren’t big on partnerships. We’ve been around crypto long enough that moreso than partnerships,
what matters the most of who’s using your platform and how often and lastly, how much they love it.
Rather than focus on “partnerships” our KPI goals will be assessed on those metrics above.
But mind that, we have been working with parties globally prior to even our raise and working with them to help build something needed by the industry.
Q2: You mention that the key problem facing the industry today is to enable dapps and end users to access chain data quickly and easily. What were the main shortcomings you saw that led you to create Nakji? What improvements is Nakji adding to solve this problem?
Allie: Last summer, both @davidinci and I were trying to get on-chain data to see a birds eye view of the whole industry. However, when we tried, we found that none of the existing providers could give us data Reliably, Fast, and Accurately
Nakji is designed to fix all of these problems using our team’s experience with big data infrastructure
David: We also ran a survey with other key opinion leaders in the space as well as developers to confirm our assessment and found out that many others had the same concerns.
So that’s when we decided we and our team was best equipped to build something that was not needed today but to meet the demand in the future.
Based on assumptions on the # of on chain tx we expect to happen in 2022, how fast those tx would be, and multichain web 3.0 landscape
Q3: I acknowledge that @nakjinetwork utilizes open platform API standards, making the system accessible to any investor or program technologist. Is the website only for individuals who have a technological background? How can a new investor or a new user of the site profit from it?
Allie: Nakji network is a decentralised platform that provides a place for many roles, including technical people as well as non-technical people
Those that work with data will find our platform very easy to use since we follow industry standards. Similarly, those that work on dapps will find our platform very easy to integrate with because we offer standard APIs.
David: Whether you’re an investor, tech junkie or a grandma, anyone will be able to play a role in the decentralized ecosystem we build.
Allie: One of our team priorities is to make it easy for everyone to be able to be involved.
Q4: Many projects have been attempted with inexperienced team members, with disappointing results. Could you tell me a bit more about the team and its background? Are they competent and skilled in their field?
David: Both of us have been in the space for quite some time. We’ve invested in projects, built tech for projects, etc.
We’ve seen the recipes that make or break a project.
We took lessons learned and incorporated that into our startup from day 1.
We try to focus on product first and foremost.
Allie: Regarding our engineering team — we’ve handselected each and every single one through a rigorous selection process
All in all, our team consists of people highly experienced in engineering, as well as people well versed in the crypto industry
Q5: It seems that #NAKJI distributes Web 3.0 digital assets seamlessly for data consumers and data producers. Where do you see Web 3.0 in the years to come? and how will #NAKJI change the landscape of the cryptocurrency space in the years to come?
David: When we see Web 3.0, we see a mult-chain world where there will be more than 1 L1 used, sidechains L2 for different L1, bridges everywhere and also, enterprise also playing a role in Web 3.0.
With this thesis, Nakji aims to be the data player for Web 3.0 everything. dAPP, Protocols, Enterprise, End-user,e tc.
Telegram Live AMA Begins:
Q6: Can you tell us more about the squad and their history? Are they knowledgeable and competent in their field?
David: The founders have been in the industry longer than most people. As for our team engineers, we have strategically selected back-end engineers since we are a back-end infrastructure product.
Q7: What are the main issues with existing Data Stores & why is Off-chain Storage is needed for Blockchain?
Allie: The problem is that it’s slow to get data from on-chain. Blockchain nodes typically only care about the latest data as they are interested in validating new transactions. They aren’t rewarded for old data so why even offer it? Our network accelerates grabbing the latest as well as historical data.
Q8: It caught my attention that as NFTs continue to expand their potential, they will require a more efficient transfer of data, but will Nakji really only focus on NFT assets? or will that really be its greatest use?
David: NFT is one of several verticals we spend special attention to. That is why Animoca is one of our key investors. Connect the dots? :)
Q9: Currently, In which part of the World, Nakji is Focusing?
It this Project only for Technological people?
How can Any Investors look for this Project?
Allie: Nakji is focusing on connecting data from all across the globe.
Q10: What are the roles of DEX / DeFi of NAKJI? How do I get access?
Data availability and speed will be important for the adoption of blockchain towards Web 3.0. Users face dApps such as DeFi Pro
David: DEX/DeFI is another vertical key to us. All dAPPS require on-chain data to process transactions. The faster they can get the data and the more data they can ingest, the more interesting things front-end developers can do.
Q11: Partnership is one of the key elements for every project so can you name some of Nakji partners? What are the benefits that Nakji gets when cooperating with them?
David: We have a long list of active participants that we will reveal slowly in the future when the time is right.
Q12: You point out that “Imagine if the complexities of blockchain data were packaged according to your needs”, but could you really explain a little more about it? Will they have the complexity based on the needs?
Allie: For example, if you need Trade data from all the dexes on all the chains, you can do that in only a few queries to get all that data in an easy to understand format.
Similarly, if you need OpenSea NFT data, you can query it easily and see the result data clearly
Q13: Important Q.🙏🙏🙏
Most investors now think only of profit but ignore long-term benefits. So you can give them some reasons why they should buy and hold your tokens in the long run?
David: When we started this startup, we did not just have 2021 in mind but 2022, 2023, 2024, 2025 and so on. As the industry innovates, we plan to stay ahead of the curve and build for the future and position ourselves so that dAPPs and other participants can rely on us for the on-chain data.
Q14: I noticed that both your website and your Medium blog do not give detailed information about your native token, so could you tell us a little about it? what will your token be? what will its distribution be? and its usefulness throughout the ecosystem?
David: Good question. Tokeneconomics have not yet been shared. They will be shared when timing makes sense.
Q15: NAKJI is a data transporter that connects on-chain and off-chain counterparts in real time, allowing blockchain and traditional web infrastructures to communicate in real time. What kind of on-chain and off-chain data will the NAKji Network connect? What are the unique qualities of the NAKji Network that allow it to operate as a bridge between blockchain and traditional web infrastructures? What kinds of blockchain and traditional web infrastructures does this functionality connect, and how essential is it?
Allie: Nakji supports multi chains, so that it’s simple to query a standard API from a standard web infrastructure and retrieve data generated by smart contracts on those chains.
Q16: Can you give me and the other 3 best features to persuade other investors to invest in your project in the long run?
My question .🙇♂️..
How strong is your team? Many projects start with a good impression and then abandon the project?🙇♂️🧙♂️
David: our early investors invested in us for three reasons 1) founders background 2) startups vision in solving a key industry problem 3) ability to execute.
Q17: Nakji is on track to become a key contributor to Web3 data indexing. Can you tell us about the strategies you’ll utilize to reach this goal?
David: Build what people want.
Q18: How will Nakji Allow projects to build in Decentralized web?
& Why do You think its important?
Allie: While decentralized websites can already query data from blockchain nodes directly, it is slow and sometimes impractical unless they build their own data infrastructure. Nakji allows these projects to forego hiring an infrastructure team by plugging into us and being able to go live much quicker.
Q19: Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
David: We have best practice in mind. Which means signing services with registred, insured custodians and running periodic vulnerability scans.
Q20: Do you agree that many more companies will start to use blockchain in the future and will be needing data to provide dashboards for internal use as well as for their customers? If yes, how well prepared is Nakji for this?
Allie: Yes — agreed completely. That is one of our primary use cases 🙂
Q21: Can you list some of the features with which you are most confident about your platform? How can you advertise your project worldwide and make it popular???
David: Our engineers live in different parts of the world. We set out to be global on day 1 and it starts from our team.
Q22: 🟡 When transferring index data from traditional markets. I would like to know how your project would handle the security of these transfers? Does NAKJI provide its own security system or does it partner with other servers?
Allie: The decentralised system verifies data as it passes through the network!
Q23: It is year 2021 but there are still many people don’t know anything about defi so how can Nakji Network convince these people to get into crypto world?
David: Data is gold. Data is key. Data is truth. Once the data is revealed real-time, there can be no question about what is happening not just in DeFI but Web 3.0
Q24: ☘️ Can you give me more details about “Quantitative funds”? How would these funds help users to maximize their returns in a safe way? And how can I become a participant or holder of the quantitative funds?
Allie: By providing quant funds with faster, better data, they can react faster to changing conditions. We do not help them make trading decisions — we just allow them to make their decisions earlier and using more data.
Q25: ❤️In Korean, nakji is the word for “octopus.” So, please explain why you chose the name NAKJI for your project.
❤️Animoca Brands was one of Nakji’s partners. Could you tell us more about their partnership? What are the long-term benefits of this collaboration for both projects?
Allie: Nakji means Octopus in Korean. We are super fascinated with the octopus species for its neural network and thus, feel the octopus is a good representation of what Nakji network aims to achieve.
Q26: How exactly are you planing to make awareness and make more people hear the Nakji Network project and reach more investors?
David: There’s many different ways but will focus to continue participating in AMA, podcasts, and run hackathons in the near future.
Q27: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
David: Good question. Our key user is actually dAPPs but all users are will be consuming the data by derivative in one fashion or another. We have been interviewing dAPPs since last fall and continue to speak with them to understand their painpoints.
Q28: 😻😻😻NFT demand is seeing a significant impact in the digital age and access to datasets has become essential in the NFT metadatabase. How does Nakji work on NFT metadata?
Allie: Nakji works with NFT metadata as well as it does for all other data on blockchain! Individual NFTs, NFT collections, NFT marketplaces will all be supported
Q29: Where can I buy your tokens now? What are your current contracts, and how can I buy them and what are the benefits? What could be the price of your token, sir?
David: Details will be shared soon. Please follow our twitter @nakjinetwork to be the first to find out.
Q30: Can I expect NFT to improve further in the future ?? Which model do you think will improve this improvement sir ??
David: most definitely. nft unlocks its true value when it enters the metaverse. where do you think the metaverse will get their on-chain data from ? :)
Q31: 🐳Many traditional companies, such as IBM, are moving in this direction. What distinguishes NAKJI from these traditional companies?
Allie: Decentralisation is a distinguisher. Just ask how many community members would join to help a centralized project, vs a community driven open one :D
Q32: You select the project name is Nakji Network because what do what? What do you eNakji Networkpect when naming this project?
David: nakji means octopus in korean. we are fascinated with this species for its neural network, much like how we see the future of data networks evolving into
Q33: do you not intend to migrate to another network?if you are migrating network then which network will you choose?
David: we’d like to integrate with all networks. we believe in a web 3.0 world that is multi-chain and thus, will support it.
Q34: Does NAKJI have programs for the community? like the Ambassador program or the Bug Bounty program?
Allie: We have a pilot/beta program that is open for applications. This is mostly geared towards data consumers and data producers, however others are able to apply as well.
Q35: What is the most important thing about Project Nakji Network right now? What do you do when the project has problems or when you can’t attract users?
David: the way we make decisions is by asking ourselves, what benefits nakji network the most, not its team, not its individual investors but nakji network. once we start with that, decision maker becomes easier and clearer.
Q36: Why do you think that there is need for On chain real Time data?
& Why will it increase in future?
Allie: We believe the future will be more decentralised and on-chain. With the exponential growth of on-chain financial services, more and more people will require real-time data in order to make decisions for their finances. For example, for an on-chain swap or loan, nobody wants an out-of-date price quote!
Q37: As we know Many traditional companies like IBM are moving in this direction, so How is NAKJI different from this traditional company?
David: we believe in the future web 3.0 world, the decentralized platform will always have more data than the private entity. this answer takes me 30 minute to explain why i think so but we can table this one for another session.
Q38: In Blockchain field, what is the main issues that are there with Data handling,
How is Nakji solving it?
David: today the biggest problems with on-chain data is 1) amount of data 2) speed 3) availability — three metrics we solve for
Q39: Why do you think that there is need for On chain real Time data?
& Why will it increase in future?
David: the first use case was p2p, its a simple tx that doesn’t have to have to be real-time. next was defi, kind of like p2p but another dimension of lending and collateral. real-time would be great but can still manage with a bit of delay. on-chain gaming … this is where on-chain real-time becomes uber important. no one wants to play a blockchain game that isn’t on the blockchain or is slow.
Q40: The Nakji team promises that it will lower the barriers for projects to enter this ecosystem, but can you really tell us more about that? What obstacles do you currently repeat and how do you plan to reduce them?
Allie: Nakji reduces the need for other projects to build out their own data infrastructure and hiring their own infrastructure teams. Dapp projects can focus on building for their core business, their dapp, rather than spending time and effort on something we already offer
Q41: Do you agree that many more companies will start to use blockchain in the future and will be needing data to provide dashboards for internal use as well as for their customers? If yes, how well prepared is Nakji for this?
David: We’ve been planning for this since 2020 and continue to have discussions with different types of players in the space, both small and big.
Q42: What is the area that Nakji Network focuses on and prioritizes in the industry at the moment? Does the Nakji team have a shortage of time and resources? Do you have a priority or work for sectors where the demand and need for real-time data on the chain is the highest?
David: We focus on where the biggest needs for fast on-chain data is needed and also make educated guesses where it might be next eg. onchain gaming.