XP.Network AMA Summary Recap with Shin Chan Community
We held a live AMA with CEO & Co-Founder, Nir Blumberger and CTO, Dima Brook from XP.Network on 8th May 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
JH | Shin Chan: Good Evening everyone, Let’s Welcome Nir Blumberger, CEO & Co-Founder and CTO, Dima Brook, CTO from XP.Network for joining the ama today🥳🥳🥳
Before the ama start, please Introduce yourselves and XP.Network to our community.
Dima | XP.Network: XP.NETWORK is a team of about 25 crypto geeks building the biggest NFT / SFT bridge in the world. We started back in 2020. We already connected 28 chains and more are coming soon.
We specialize in Non-Fungible tokens and nobody does it as professionally as us
We support 21 EVM and 7 Non-EVM chains. We don’t only connect blockchains, we connect people, projects, ecosystems and build a global market of NFTs from islands separated by different protocols.
Nir Blumberger is the CEO and I am the CTO of the project.
JH | Shin Chan: Thank you for the introduction 💯💯🚀🚀
XP Network x 𝕊ecret Network 🤝🤝🤝
🌉 Bridge: bridge.xp.network
XP Network announce new mainnet integration with 𝕊ecret Network and Secret NFTs are going multichain.
▶️ More Info: https://twitter.com/xpnetwork_/status/1654936945556856832?s=20
and we can see XP Network announce new mainnet integration with 𝕊ecret Network
Dima | XP.Network: Yes, NEAR too
JH | Shin Chan: 🔥 all the major blockchain had been integrated
Dima | XP.Network: Yeah, but it is only the start. We want to connect everyone with everyone to give equal chances to the big & small.
JH | Shin Chan: 🔥 great, i ama sure xp.network can do it !
other than that, do you have any news or update from XP.Network would like to share with us?
Dima | XP.Network: Well, we’re currently on the v3.0 of the bridge. In each iteration we improve the security, and UX.
JH | Shin Chan: great, security is very important for the retailer :) looking forward to the v3.0
Dima | XP.Network: Our v1.0 was pretty much what other bridges have to offer. v2.0 became many times cheaper and more secure. We introduced FROST protocol for the bridge oracle-validators.
In v3.0 we introduced auto whitelisting & auto collection contract deployment on the destination chains. So now all the NFTs in the supported chains will arrive to their designated contracts and the marketplaces will view them as a collection.
For example, our competitors still bridge NFTs to one default contract mixing NFTs from games and collectibles, sports cards and pieces of art…
Our solution is equipped with a widget that can be embedded in 10–20 minutes in any frontend and enable NFT bridging from a game, metaverse or just someone’s UI: https://widget.xp.network/?widget=true&wsettings=true&wid=create
widget.xp.network (https://widget.xp.network/?widget=true&wsettings=true&wid=create)
Another took is XPJS library with stands for XP.NETWORK JavaScript library: https://www.npmjs.com/package/xp.network
It allows embedding the bridge in any front or backend, like the code of the game or a Marketplace in a matter of several hours.
npm (https://www.npmjs.com/package/xp.network)
Telegram Live AMA Begins:
Q1: I Saw that $XPNET is the native token of XP.network , So May You Please
List Some Unique Qualities of $XPNET , How I Can Earn $XPNET and Is STAKING AVAILABLE ?
Dima | XP.Network: We had a staking round on Finance, but all the 50M reward quota for that round was quickly taken. We’re now building a staking program on Algorand & even built a FT bridge between BSC & Algorand for our token. Watch our announcements not to miss its start.
Q2: How do you envision the future development of NFT bridges, and how might they impact the broader NFT and blockchain space?
Dima | XP.Network: We think that the current NFT application is far from its true capabilities of instant property registration tool. Once more people understand the true power of NFTs, the bridges will be as needed as cargo ships which deliver goods between the counties. We hope to still be THE NFT Bridge at that time.
Q3: How do NFT bridges handle the differences in token standards (e.g., ERC-721 vs. ERC-1155) across various blockchain networks?
Dima | XP.Network: Good question)) Some protocols don’t have an analog of ERC1155, so we begin with bridging only ERC721, then we make SFT bridging possible too, but they arrive as NFTs with unique numbers. Then we work with the community and either find a solution how to update their current NFT standard, or collaboratively implement a new SFT standard that can naturally accept ERC1155-like tokens.
Q4: You also Know that In Market lot of NFTS ARE there But Mostly These NFTs have Not a Real Use Cases , So there is No Point of Holding it , So Is XP NETWORK NFT has a Really Good Use Cases , If Yes please tell me about it and ?
Nir | XP.Network: During the launch of XP.NETWORK staking on October 18th, 2021, we also released XP NFT collection.
Every user who initiated a staking period, received an NFT as a reward
This NFT is was used as the key to the staking rewards
New staking batch — announced a new batch of XPNETs available to stake along with a brand new NFT collection as a complimentary reward!
Stay tuned for the updated new batch of staking release
Q5: How does XP NETWORK ensure the preservation of asset ownership and provenance during cross-chain transfers?
Dima | XP.Network: We do not preserve ownership, we implemented the cross-chain ownership transfer)) The NFT receiver can be incompatible with the elliptic curve cryptography of the sender, so the sender’s account cannot exist on the destination protocol. So, we make sure the designated receiver gets their NFT.
Q6: What is the role of SC built by the Elrond team in the development of the XP Network Cross-chain NFT transfer technology? Can you tell us about the cost of using your latest technology which is the NFT BRIDGE? I understand that this is an innovative technology in NFT but I am sure it must have some associated cost. Is this technology affordable or it comes at a high price?
Dima | XP.Network: Elrond team did not build anything special for us. Maybe, you mean to say, that in Elrond they have ESDT for FTs, NFTs & SFTs that we support? Well, we love Elrond (now MetaversX). They were the first blockchain we bridged.
Regarding the costs, the sender pays the transaction fees on the departure & destination chains in the native coins of the departure chain. Ex.: if you’re sending from Ethereal to Finance, you will cover all the costs in ETH.
Besides, the TX fees on both sides, we charge a small slippage of 5–10% of the transaction fees.
Q7: Today NFTs and Gaming Is Booming 🔥 in the Crypto Market, So What are
Your Plans and Building own GAME AND NFTs , So Is Your Team is Working in this Direction to Launch its Own NFTs ?
Dima | XP.Network: Both are possible)) Watch our announcements closely!
Q8: Do you have tutorial videos so we can get to know your project more or do you have a YouTube channel or something? can you share it with us?
Nir | XP.Network: Of course!
We are uploading new videos on a weekly basis, whether its tutorial videos, AMA recordings, and general updates
Our YouTube Channel can be found here:
Q9: What is XP NETWORK’s approach to handle potential congestion or network issues during high-demand periods?
Dima | XP.Network: We suggest the users to activate aggressive gas fees for their transactions to be included in the nearest blocks, rather than waiting for inclusion for hours.
Q10: How do you maintain security and attacks from the crypto market? Are you checking your security regularly?
Dima | XP.Network: Sure, we are very security focused and if you ever read our documentation or watched our video tutorials, you could not miss them:
https://docs.xp.network/docs/Multibridge3.0/BridgeSecurity
https://docs.xp.network/docs/Multibridge3.0/Multilayer_security
and many more
docs.xp.network (https://docs.xp.network/docs/Multibridge3.0/BridgeSecurity/)
Q11: Many FAKE Users Can also PRINT FAKE NFTs , So May I know How XP NETWORK Will Deal with this and How You Ensure that Only Real NFTs get Printed on XP NETWORK ?
Dima | XP.Network: At the moment, only whitelisted contract can be bridged. So fake contracts are not allowed in the bridge not to trick the users on the other side and convince them to buy fake expensive NFTs. If we have time in the future, we might work out a tool for NFT verification, if the market has a need for that.
Q12: SECURITY is the Primary thing for investors and Users, So have you build a Strong Security System For your platform, If Yes please tell me Some of your Security Measures ?
Dima | XP.Network: Here’s more security information: https://docs.xp.network/docs/Whitepaper2.0/bridge-security
docs.xp.network (https://docs.xp.network/docs/Whitepaper2.0/bridge-security/)
Q13: I’ve read that with XP Network we can easily create our NFTs and test each of the blockchains and launch them on a specific block. So, is this process easy enough for users of all levels and can we try different blockchains to be sure of their benefits?
Dima | XP.Network: After v3.0 introduction you don’t need to deploy a contract on the chain of destination, the bridge does it for you automatically. So, yes, it became easier & faster, especially, if you want to bridge to a protocol, you are not very familiar with, where you cannot write a smart contract yourself, like NEAR or Tezos…
Q14: We see that NFT platforms aim to influence Artists, Photographers and Celebrities. Can you explain what XP Network will offer these components of NFT World and how it will attract them into its ecosystem?
Dima | XP.Network: With our bridge NFT collection teams or artists or celebs do not need to be intimidated by the size of the community of a single chain. They can create huge collections and whatever is not sold on a single chain can be bridged and sold there without any development or reading the docs about the NFT standards of other chains. Our tools are for everyone, seasoned developers and no-coding photographers and artists. We hope to be useful for everyone!
Q15: I Noticed that These Days You have Planned and Organised AMAs In Top Crypto Community, So May I know What is the Main Reason to Conduct Many AMAs and Currently What is Focus, Which Product are You Building ?
Dima | XP.Network: We want people to know about our bridge and educate them about the opportunities it brings to them. There’s no effort required from the users to use the bridge. Just view your NFTs, select the ones you want to send and transfer them. If there’s a good product, but nobody knows about it… who will use it? This is why we work on spreading the word…
Q16: I read that secret NFT is the newest suite to integrate with your bridge. So can you tell us more details about this secret NFT? Also, can you tell us the costs associated with using your confidential NFT technology?
Dima | XP.Network: Secret NFTs have two parts in them: the public & the secret one. This explains the name of the chain. The secret part is only visible to those having the view key of the collection generated by the current NFT owner. According to the agreement with Secret Network we only bridge the public part of the tokens and to view the private part the users have to return the NFTs back to Secret. This way we guarantee security of the private information.
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