Vera Network Summary Recap with Shin Chan Community
We held a live AMA with Founder of Vera Network, Denis Lam on 16th June 11:30 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Jack | ShinChan: Before the ama start, can you introduce yourself and the team background?
Denis Lam: My name is Denis and I am the Founder of Vera.
I began coding at age 6 and launched my first start up gig at age 14. I have a background in Engineering from University of California, Berkeley and I am a serial entrepreneur and full-stack product engineer. I have 10+ years cross-functional experience working with startups, Fortune enterprises, and venture capital funds. I am passionate about working with firestarters to democratize access to products/services and disrupt the status quo such as what Vera aims to do.
Jack | ShinChan: Do you have any News about Vera Network would like to share with us?
Denis Lam: Yes!
1) Dont miss our launchpad the first week of July. Details will be posted soon on all our social channels.
2) We are launching a bounty campaign today to give out Vera tokens later today but you guys get to access it now:
AMA Twitter Section Begin:
Q1: I read that you’ve said before that one of your main objectives is to bring non crypto users to a decentralized network. Can you tell us more about this? How are you planning on doing so? How user-friendly will Vera Network be then?
Denis Lam: Vera is building the essential framework for NFTs enabling developers to create powerful and scalable decentralized applications on any blockchain including Polkadot, Solana, Polygon, BSC, and everything else.
Proven, Battle-tested, Audited — Vera Network allows developers to quickly and securely deploy smart contracts reducing technical debt, financial debt, and complexity. Vera’s open-source framework allows for teams to focus on solving actual problems.
The Framework enables developers to mint, lend, lease, pool, trade, and exchange NFTs with a frontend implementation and full cross-chain support. Developers have the software pallet to paint their business canvas.
“Vera has already invented the wheel, brakes and steering. Go invent the car.”
Vera will be similar to: Unity (gaming engine) or Wordpress for NFTs or OpenZepplin with a token.
NFTs represent a user’s ownership of a real world asset or object. By making it easier for NFT DeFi applications be developed, Vera makes it easier to bring non crypto users to NFT DeFi.
Vera is building tools for developers, not end users. The tools will be as developer friendly as possible!
Q2: It is very logical that the VERA project prefers PolkaDOT over the ETH network. However, it is not possible for a network to solve all problems. So, are you planning to use networks like Solana and BSC as well?
Denis Lam: Our project kicked off with Polkadot because a large foundation representing them gave us a grant to expand our existing work on Github. However, we are chain agnostic and have plans to support Solana and Polygon, as well as other platforms in the near future.
Q3: Will the universal infrastructure provided by Vera Protocol for NFT DeFi applications only benefit the creators and designers of NFT collectibles? Or could it benefit both the creators and dealers of these collectibles?
Denis Lam: Vera will benefit both creators, designers, and dealers of all NFTs by giving them more DeFi platforms to transact and do business with their NFTs.
Q4: How will Vera Protocol, NFT wallet, lending and rental applications differ from other alternatives in the industry? Also, what other products do you plan to create in the DeFi and NFT space?
Denis Lam: Vera is building the infrastructure so developers can easily build NFT DeFi apps and components for apps such as wallet, lending and rental apps. How the developer wants such apps different from whats available in the marketplace will depend on the developer but since the “pipes” are already built by Vera they can focus more on differentiation, product market fit and goto market strategy.
“Vera has already invented the wheel, brakes and steering. Go invent the car.”
Q5: What is the technology infrastructure developed by the Vera network against possible censorship or manipulation risks, and how successful is this system in preventing cyber risks?
Denis Lam: Vera is aiming for fully decentralized trustless platform that will be fully censorship and manipulation reliant. By nature, distributed smart contract are extremely difficult to censor. To sensor such a network one have to compromise all participating nodes. To prevent cyber risk our smart contracts will be full audited, and will under go extensive testing, and bug bounties.
Telegram Live AMA Begin:
Q6: DeFi is stands for decentralized finance, that refers to the digital assets and financial smart contracts, and DApps built on blockchain that allows strangers to do financial transactions without needing to trust a centralized intermediary such as a bank. But Many DeFi smart contract use cases requires data that is not yet on the blockchain. How Vera Protocol addressing this issues and planning to solve it?
Denis Lam: Vera plans to work with existing decentralized oracle solutions such as Chainlink and have plans to work with our backers and clients to build NFT-centric oracle solutions for specific NFT asset-classes.
Q7: VERA is a Universal infrastructure for NFT DeFi applications that empowers billions of people, the problem is there are already many projects like yours. So, do you have a new and unique product or feature that makes you more attractive than other projects?
Denis Lam: First, our project won a grant from a big foundation representing the Polkadot ecosystem after reviewing our code on Github. If we did not have unique and high quality code, we would not have won the grant. This means our project is building something unique and different than others at least in the Polkadot ecosystem.
Second, NFTs are still far from mainstream adoption — which creates a lot more opportunity for projects.
Third, we are not building another NFT app or marketplace. There are not any projects we know that are building a Wordpress for NFT or Unity gaming engine for NFTs. Most NFT projects are marketplaces, unproven new NFT standards or protocols -we have no idea if real businesses will adopt. NFTs require real business adoption or else they have no value. Vera is the first platform to build something we 100% certain others will use.
Q8: We all know that Polkadot is better and faster than Ethereum. But besides Polkadot do you have plan to integrate with more blockchain such as BSC?
Denis Lam: Solana and Polygon are on our radar and others like BSC further down the line.
Q9: ⚠️ It caught my attention that on your website says that you aim to “Reinvent the global economy”. Can you give us more details about this? What plans do you have to reach this goal? How will Vera Network as a NFT platform be able to do that?
⚠️ I saw that you have the option on your website for people to join your testnet, but when I tried to I couldn’t do anything, so, how is it possible for us to try your testnet? Are there any requirements in order to do so?
Denis Lam: We believe NFTs will be the future for a Web 3 global economy. Unlike fungible assets (i.e. cryptos like Bitcoin) where mainstream must be educated and convinced to trust the value in them, NFTs represent existing real world assets or objects where mainstream already understand the value and utility of. In other words, NFTs is simply the next gen digital rights management system for these things (i.e. track who owns what) — and that is the ultimate bridge to bring the real world of digital and nondigital consumer goods worth trillions of dollars into the crypto world. That’s an exciting future…
By building the core framework for NFTs, we are the gateway to this NFT world
Vera is open sourced and decentralized. Lets build this so no centralized Big Tech will claim they are the trusted gateway to NFTs.
We reinvent the global economy this way by ensuring free, open, and trustless access to it by people of all race, gender, sexuality, or creed.
P.S. Our testnet is built on Polkadot and requires the Polkadot.js chrome extension to work (its like Metamask for Polkadot). https://polkadot.js.org/extension/
Q10: 📌How does the loan system on your platform work? Is it the same as existing platforms? Can you tell me the picture?
📌Lots of existing decentralized Oracle projects have too many problems. What solutions does Vera provide to the problem of decentralized oracles?
Denis Lam:
Q11: 1.- What is the functional product, today, and in use in VERA? Will you implement more products in the future?
2.- VERA is based on the open source Polkadot protocol, why did you choose Polkadot? In the future, do you plan to add more networks to your platform?
Denis Lam: We have released our PoC code under open source license, and MVP development is already underway. We have completed a PoC web app demo in Q2. Q3, continue the protocol development and release more documentation for 3rd party and open source developers to build on top of our protocol. Q1 2022 we will start integration with other Defi protocols, and design more cross chain integration.
Polkadot was chosen since their foundation was an early supporter of our project and gave us a grant after reviewing our Github code. We have plans to support Solana, Polygon and other chains in the near future.
Q12: How are partnerships developing in VERA, how important are they to the infrastructure, how many partners do they currently have, what benefits do they provide to each other and how long will their partnerships last?
Denis Lam: Currently Vera is backed by many strategic partners in the NFT and broader blockchain world including Animoca Brands, OKEX Blockdream Ventures, AU21 Capital, GBV, DFG Capital, Spark Digital Capital, Morningstar Ventures, Momentum 6, Shima Capital, Gate.io, Lotus Capital, SL2 Capital, ROK Capital, Kryptos Research, and Moonwhale Ventures.
Q13: 📌 What are the reasons that motivate the VERA team to create a new project on DeFI and WEB 3.0?
As VERA, what problems will you provide solutions to which previous projects failed to solve or were not aware of?
Denis Lam: Vera’s founders have decades of real-world experience in the technology and blockchain industries. Our engineering team built blockchain projects for the 4th largest custodian bank in the world with $14 trillion in assets, KodakONE image licensing blockchain, and many other world class clients..
When we were looking at the market, we saw many high value digital and physical assets with their value locked and can’t be used. We looked at solutions to enable us to unlock this value, and we did not find any. These kinds of solutions simply don’t exist. There is no tool to properly link physical assets with digital representation with proper providence information. and there is no platform that allows you to properly use NFT as collateral. So we started Vera to solve all these problems. And in the early days, talking with multiple big institutions and small businesses we found huge interest in the idea.
When NFT became really popular 2021, we think it is about time NFTs can be used to help with making sure things people own can be represented on chain so that ownership is verifiable.
In Latin “vera” means “true” or “truthful.” Vera aims to protect our “true” universal human right to property ownership using technology.
Q14: IF THE BEAR MARKET COMES will your token PROBABLY DUMP? Do you have any plan to prepared for this bear market? How will you handle the panic sell ?
Denis Lam: NFTs represent real world assets that have value regardless of a crypto bear market. Therefore, we can continue to have developer and user adoption of Vera enabled apps!
Q15: 🟢 One of the goals of Vera Network is to deliver to developers templates and tools for rapid creation of NFT DeFi applications But what advantages would a developer get from using Vera for these purposes? Would it save money and time? It would have guaranteed scalability and security?
Denis Lam: We believe NFTs are still at their infancy and while theres a lot of speculation ($70 million for pixel art anyone?), true sustainable adoption will only occur when NFTs are accepted by users or businesses of one or more real world asset classes. This means a lot of experimentation and trial and error needs to occur by more projects and developers.
We are not really too focused on minting an object because every other project and marketplace can let you mint objects. And there is no shortage on marketplaces nor is minting hard to achieve from a technology standpoint.
What the market today lacks are the tools to help a developer or founder (that doesnt know how to code) build their own marketplace faster, cheaper, and easier that supports more than just buy/sell NFTs. Things like decentralized lending, leasing, and liquidity financial transactions…
Vera will be the “Unity” gaming engine or “Wordpress” of NFTs.
Proven, Battle-tested, Audited — Vera Network allows developers to quickly and securely deploy smart contracts reducing technical debt, financial debt, and complexity. Vera’s open-source framework allows for teams to focus on solving actual problems.
The Framework enables developers to mint, lend, lease, pool, trade, and exchange NFTs with a frontend implementation and full cross-chain support. Developers have the software pallet to paint their business canvas.
“Vera has already invented the wheel, brakes and steering. Go invent the car.”
- End -
