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Nov 24, 2020

14 min

12

12

14 min

AMA Report: Band Protocol’s Community

Band AMA cover

On October 26th, we had an AMA session with Band Protocol, a secure, scalable cross-chain decentralized oracle that aims to connect smart contracts to external data and APIs, in their Telegram Chat.

Our CEO Konstantin Gladych and Kevin Jilu, Business Development, and Growth Side at Band Protocol were present in the discussion with the Band Protocol community.

Here are the essential points of the AMA session:

Please welcome Konstantin (K), Kevin (KJ), and the questions from the Band telegram chat members (Q).


About Atomic Wallet & Features

Q: Atomic is a decentralized software wallet. Can you tell us what the advantages of the software wallets are, and particularly about Atomic Wallet?

K: Atomic is a non-custodial wallet. Your private keys are encrypted and never leave your local device. This means only you fully control your assets. Atomic app is connected to various blockchain nodes. We don’t store any of your data on our servers, except anonymous logs. All the information about your funds is stored on the blockchain. Atomic is mostly an interface to show your data from blockchain and sign transactions. Even if Atomic app will shut down, you can have access to your funds with 12 words or private keys on any other wallet app. This is called a decentralized wallet. It’s the main difference between Banks or custodial exchanges! Your keys – your crypto! Honestly, I think not so many people still understand the difference between custodial and non-custodial apps. Exchanges own your money, like banks. But decentralized wallets not.

Q: What are the specifics of the BAND staking in Atomic Wallet?

K: We provide non-custodial staking in Atomic for various assets. Band is one of the most popular. The great option you can choose a validator on your own to support network decentralization. Don’t give much power to one entity! and still fully control your assets with private keys.

KJ: For the Band community, you can rest assured that Atomic Wallet provides a secure and familiar interface for many crypto holders to store and stake BAND. This is critical in ensuring that our community is not required to cross-manage multiple wallets which can easily be forgotten or difficult to track.

As you all may already know, by staking BAND on behalf of a validator, you are directly contributing to the sourcing of reliable oracle data for integration partners to consume in return for 1) block rewards and 2) a portion of the data request fees. 

Atomic makes this a simple process, supporting staking where you can safely store your favorite tokens non-custodially including BAND! 

K: Need to mention, as a wallet provider, we charge nothing for staking. rewards are coming from validators directly to you, except their own commission.

Q: Have there been any plans on expanding partnership with Band Protocol?

KJ: We continue to work closely with Atomic Wallet with network upgrades and expanding the partnership to include oracle integration isn’t a stretch. 

We can’t share details or specifics but rest assured that if there is a use-case or application that requires oracles, Band Protocol is here to support Atomic Wallet all the way.

K: Sure, we work closely with the Band team. Recently supported network upgrade. And plan to support any new updates in the future.  Maybe will add various specific features, provided by the band chain. can’t say yet. however, It’s a long-term partnership. we are happy with it!

Q: How do you think what will happen to crypto staking in 1-2 years?

K: Basically we are at the beginning of POS technology. People expect rewards for holding their crypto. However POS is more than just passive income. It’s a great compromise between security and blockchain performance. All staking participants bring a huge impact on the network. I think later we will see decentralized governance or something like this.

KJ: Proof of Work (POW) is known to require large amounts of energy, and requiring miners needing to sell their coins into cash. Proof of Stake (PoS) revamps this by giving mining/voting power based on the percentage of coins held or delegated to a validator. For the simple reason of cost efficiency, I expect many upcoming networks and existing PoW chains to adopt or migrate to PoS.

Atomic Wallet will be playing a key role in allowing users of all backgrounds to access and delegate on the existing and next generation of PoS chains.

K: Crypto started with Mining to secure network. Now we see migration to proof of stake to scale any blockchain-based apps. usage is rapidly growing! POW networks can’t scale much, as we recently saw extremely high Ethereum fees 😁

Q: What are Atomic wallet plans for the rest of this year?

K: We already achieved over 500K downloads from all over the world. Will continue to grow our user base. Educate new users in crypto. Add new trending assets and expand partnerships. Planning to add more options to stake earn crypto. Connection to decentralized exchanges. And hopefully, release a branded Visa debit card later this year! We are a decentralized bank in your pocket. Our motto is to make crypto accessible to everyone!

Q: Investor confidence in a project is a tangible product of the project, its achievements, a good team, a strong partner. how does BAND & AWC bring together all of the above forces? and How do you make users believe that BAND & AWC is a high-quality, long-term project?

K: Band has a strong utility. Most of the Crypto projects need decentralized oracles. On the other hand – Atomic is a basic app – bank in your pocket. That’s why we see the strong demand for both projects from the market. Only projects with Utility and long term vision will survive in crypto for years.

Q: Will BAND staking and AWC staking stay somewhat consistent over time or will the return slow down as the supply slows down? 

K: It depends on the project mostly. Can’t say for Band, but for our own AWC token, we have limited supply with a distribution plan. Rewards can be reduced in years to grow up token value as well. Currently, yearly rewards for AWC are up to 23% yearly.

KJ: BAND inflation rewards from staking change dynamically based on the staking ratio at a certain point in time, that is the supply staked against the total supply. If there is a lower amount of BAND staked in the network, the inflation reward would increase towards an upper bound of 20% to incentivize more people to stake and secure the network. Vice versa for a higher amount of BAND staked on the network, decreasing towards a minimum of 7%.

The inflation rate currently approximately ~13% currently.

Q: How can you ensure the security of users to store BAND tokens in Atomic Wallet? Is there a warranty given to the user?

K: Great question! Atomic is built on top of common open source libraries. The team has over 5 years of experience in the crypto market. The wallet code is regularly audited. I’m also a public person, it’s clear for everyone. And again, we store nothing on our servers. with your private keys, you can get access to your funds anywhere else.

Q: As we know that the Atomic Wallet has a Native Coin, which is AWC, will AWC have plans to integrate with Cross-Chain Oracles BandProtocol?

K: Our AWC token is currently based on two blockchains – Ethereum and the Binance chain 50/50%. The last one is based on cosmos/tendermint technology, similar to Band. So, technically this cooperation is possible. however, we should understand the use case first.

Q: I saw that in the Atomic Wallet mobile application it turns out that it can be a Staking Band with a fairly large annual yield of 17% yearly yield.  My question is, that 17% is staking user revenue.  Then what are the benefits for the staking provider (Atomic Wallet)?

K: We charge nothing for staking, right. However, this brings us more users in general. Communities spread the word about Atomic. However, for some new assets, we also run our own staking nodes! to support decentralization and make some profit from staking finally, as a service provider.

Q: Are you planning to promote your project, AtomicWallet, in countries/regions where English is not good? Do you have a local community for them to better understand your project?

K: Currently we have the app only in English, however, localization and education are planned for the most popular languages.

Q: When are atomic swaps going to become the primary way of exchanging one crypto to another? What do you think is going to happen to services like ChangeNOW – do you think there will still be a place for them in the crypto world?

K: We use this partner for crypto swaps. There are plenty of them on the market. we can switch to another one if needed.

Q: Atomic Wallet claims to be “DeFi Access”. The reality is that recently there are scam projects related to DeFi. ATOMIC has a plan to protect us from malicious protocols?

K: Defi is mostly hype. But I already see some working business models on the market. so we plan to add the most popular DEFI services in the Atomic native interface.

Q: How does Atomic Wallet listing work, which asset will be available on Atomic Wallet, and which will not?

K: We regularly add new assets in Atomic. It depends on various factors – technology, community, number of holders and blockchain activity, trading volume, etc.. for tokens in the default list, we have community voting with AWC. 

Q: What tools does AtomicWallet have to compete with famous wallets such as TrustWallet or Exodus? Do you have an interest rate for savings?

K: Easier interface, more options, better support hopefully! Competition always drives us to make better products for you!

Q: What are AWC tokens used for? How can AWC token holders benefit?

K: Our AWC token has different use cases: Staking with up to 23% APY, Cashback rewards, voting for new assets, and more. We have over 7000 stalking holders. You can find all the needed info here.

We were glad to be hosted by Band Protocol in their telegram group. Thanks to the team and all the members of the session!

Be always aware of our next AMAs and other projects with Atomic Wallet on TwitterTelegramFacebook, and Reddit, and see you soon.

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