We held a live AMA with DotOracle Co-Founder & CEO, Nguyen Bui on 17th September 09:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Serene: Before AMA start, can you introduce yourselves and the team background?
Nguyen Bui: I am Nguyen Bui, Co-Founder and CEO of DotOracle.Network, a project of our HC Labs. . I was ex-CMO at Tomochain, and I worked with Coin98 friends before building HC Labs, along with HC Capital, the largest and most active crypto community in Vietnam.
Our team includes experienced developers with 4–5 years experience in smartcontract coding, and blockchain front ends. Two of them are ex-TomoChain devs. Also we have strong communities and VCs backing us.
My education background, I have an MBA in NTU Singapore, and had 15 years experiences in tech marketing, bd and finance.
Serene: Any latest/ update news about DotOracle you would like to share with our community?
Nguyen Bui: Yeah, as you all may know, we will have DTO token sales on Sushi MISO launchpad on Oct 4th. For technical updates, we had developed an oracles testnet with cheaper gas cost than Chainlink.
AMA Twitter Section Begins:
Q1. Could you tell us where you got the idea to create DotOracle? What would be the differences between using an Oracle network like yours vs. the other Oracle services that can work with multiple networks? Would it be more efficient? more secure? more scalable?
Nguyen Bui: We saw the promising futures of Polkadot of connecting multichains. Our tech team did some research and found out we could build a decentralized oracles network with gas cost cheaper than other oracles projects like Chainlink. Our decentralized network will be multichain with decentralized liquidity. It will have betweetn 50 to 100 validators, so it wil be more scalable, more secure and efficient.
Q2. Will DotOracle simply seek to connect the real world with the Polkadot network? Or in addition to this DotOracle will also develop its own Blockchain where most of the decentralized oracles can be executed?
Nguyen Bui: First we will build on Moonbeam, the smartcontract parachain on Polkadot now in testnet phrase. We believe that Moonbeam will be huge on Polkadot Ecosystem and we would like levarage on their smartcontract to build the decentralized oracle network.
Then we will build the DotOracle Blockchain
It will be The first EVM-compatible blockchain with programmable oracles for reading off-chain data from inside of smart contracts
Q3. Will DotOracle’s fast and low-cost Oracle and Bridge solutions be used only for the Polkadot Ecosystem? Is your goal to support other ecosystems?
Nguyen Bui: It will be used for both Polkadot Ecosystem and other chains, we also built a decentrlized liquidity bridge for that. For our low-cost Oracle, you could check this tweet.
Q4. Since the Oracle DoT Network is a decentralized Network without a chain, is it possible for us to achieve fast network confirmation? How does the Byzanite Fault Tolerance distributed consensus protocol along with Elliptic Curve contribute to the mechanism?
Nguyen Bui: We use a quick multi-party computation protocol for computing ECDSA signature for transactions that provide data to oracle contract. The multiparty computation can be done within 1–2 seconds
Also we are building an oraclized blockchain that can provide the ability to obtain external data from inside of smart contracts to provide tamper proof data to any chain. Check our documentation at https://docs.dotoracle.network/ for understanding how DoT Oracle chain works.
Q5. Can you say the long-term vision of DotOracle and will you have an ambition that you have that you want to share?
Nguyen Bui: We build this project to because we believe in the Polkadot Ecosystem, and we think that Defi on Polkadot need a better Oracles data, with more decentralized, more scalable, more secure and low cost. Security is very imporant to defi and Oracles need to be fast, secure to avoid the exploit attack
We have good backers supporting us in connecting with many other projects for partnership, we will announce many more partnership to grow our ecosystem soon.
Telegram Live AMA Begins:
Q6. Everyone knows there were many of the projects has done rug pulls and take money of the people. Could you explain us why DotOracle will not and never do this?
Nguyen Bui: Ok DotOracle is project of HC Labs, we are public and very strong tech, community in Vietnam. Everyone know us here. And We are here for long term. We also build other projects too.
Q7. DotOracle and Talken have reached a strategic partnership. as I read Talken is a seamlessly operable multi-chain NFT Suite, where K-pop stars, artists, and influencers can print, auction, store and trade NFT. will DotOracle expand its operations in Korea with this partnership? what about other countries in Asia?
Nguyen Bui: Yes for sure, we also partner with Contentos, and more projects will come to partner with us, because they saw the benefit of our data oracles.
Talken token: TALK is listed on Huobi, a solid project. and Contentos is backed by Binance Labs.
Q8. You didn’t mention any about audit, Have you been audited? Please share to us what are your plans about your smart contract’s security. How will you deal with hackers and attackers?
Nguyen Bui: One of our Advisors, Rasikh is CEO at The Arcardia Group, the elite auditing firm, who audit many defi projects. We surely will have auditing partners and auditing report soon
Q9. I noticed that Kieran Warwick from ILLUVIUM project is one of your advisor. Does that means you have strategic partnership with ILLUVIUM? Kindly tell us how will ILLUVIUM contribute to the development of DotOracle?
Nguyen Bui: Yeah, Illuvium is one or our backer. Illuvium has strong network with other projects, VCs, along with backers of Synthetix. They help us alot.
Q10. You said that in order to become a DotOracle node validator, a user must deposit a $DTO token into the DotOracle smart contract. My question is, what is the minimum amount of $DTO tokens to bet? And will the Validator node lose all tokens if it violates the protocol?
Nguyen Bui: We will update our rules in our docs https://docs.dotoracle.network/
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