we hosted an amazing AMA with Despace on the 10th of September
And here we will put some of the best questions:
Q1. Can you introduce yourself to our community?
Hi everyone, my name is Micky Irons.
I’m the Chief Marketing Officer here at DeSapce Ecosystems as well as an acting director.
I have a background in developing global marketing strategies, brand strategy, PR/Media planning and business development among other things.
DeSpace was created by our visionary Evgeniy who came up with DeSpace, meaning Decentralized Space – an ecosystem of decentralized products united in one project.
He always liked the topic of space and really loved blockchain and cryptocurrency, and decided to combine these two directions and thus DeSpace was born! His idea is about simplifying the crypto space for the user and rewarding them for navigating all DeFi and NFT services from our single platform.
Q2. Can you briefly tell us what is DeSpace ?
DeSpace will be the most advanced decentralized finance (defi) and NFT navigation platform ever developed. It will solve the problem users currently experience with accessing and using multiple decentralized exchanges and other defi solutions by giving users a single interface from which to use multiple defi and NFT platforms. DeSpace is powered by DeChain which is a layer 2 blockchain solution compatible with multiple layer blockchain solutions powering the defi and NFT ecosystems.
Q3. Let’s now talk about the milestones you have achieved so far and about your upcoming plans?
We have successfully closed our fundraising and raised around 3.3M so we will be able to deliver our vision and products. DeSpace has already built some great partnerships in the space like Chainlink and Polygon among others. As we are in the early stages from a product side we are excited for our release of our NFT pad testnet this month. Our goal this year is to have a successful token launch, grow awareness of our platform, expand our community and reach then following our NFT pad testnet many more of our products will follow by end of the year like our own layer-2 blockchain solution DeChain.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
DeSpace was created by our visionary Evgeniy who came up with DeSpace, meaning Decentralized Space – an ecosystem of decentralized products united in one project.
He always liked the topic of space and really loved blockchain and cryptocurrency, and decided to combine these two directions and thus DeSpace was born! His idea is about simplifying the crypto space for the user and rewarding them for navigating all DeFi and NFT services from our single platform.
Q5. DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is DeSpace’s approach to the DeFi sector?
Decentralized finance has opened up a wide array of opportunities for all kinds of businesses. From blockchain-based startups to fintech conglomerates, everyone wants a piece of the giant (and growing) pie that is defi.
Defi is the face of blockchain technology for those who have yet to be introduced to it, and many applications are designed in this regard. However, while borrowing and lending are essential functions of any monetary system, these are far from the only applications of defi technology.
And here we will put best questions from our members and Despace fans:
Q1) DeSpace uses ZK-rollup to ensure anonymity. But to what extent can I keep my data completely private thanks to this technology implemented by DeSpace? Is ZK-rollup 100% invulnerable against external attacks? How does it differ from other platforms?
ZK-Rollups are one of the most discussed and interesting topics among the various Ethereum layer 2 scalability solutions. As mentioned above we are talking about a solution still under development but with a very interesting potential. The basic idea, as in all layer 2 solutions, is to increase scalability through the processing of transfers of large amounts of data to be computed (transactions) in a single transaction.
The DeChain and DeSpace ecosystem will use a zero-knowledge (ZK) roll-up and employ a hashing feature. Users’ private keys would not exist on the chain but would be necessary to sign transactions.
For cross-chain or multiple chain transactions, a user has to be a member of a layer-1 channel, and to participate in a channel, users have to provide a key which only they know.
This key would be different from the private key and will be either a seed phrase or a hexadecimal value. This would be used to verify against this channel. While the network isn’t aware of this key, using the ZK algorithm can verify that the user knows the secret key and is a member of that channel, providing the user with a high level of security.
Q2) Two of the features of DeSpace that caught me are the DeSwap and DeLend. So,can you explain more about this features? How does it works and what are the mechanism and structure of those features? How profittable is DeSwap and how to apply loan with DeLend?
DeSpace
This is a cross-chain and multi-chain DEX with AMM protocol that supports limit order feature, staking, margins, and futures for easy crypto to crypto trades built on DeChain.
As a multifunctional DEX, users will have the opportunity to earn through DeSwap via various means such as liquidity mining, LP staking, discounted fees, mining through proof of transaction when they execute limit order, supply liquidity to any of the trading pairs, trade on the futures and margin options
DeSwap is decentralized, unique, zero front-running, non-custodial and user-focused. In addition to the above, DeSpace’s DEX will have four basic functions and will also be interconnected to DeLend and other related DeSpace solutions. So to summarize this element, the DEX platform will have:
● A liquidity pool platform like Uniswap
● The ability to create limit order as seen on Julswap Dex
● Margin and futures trading
● Instant cross-chain/token swap, and
● Liquidity farming and staking programs, similar to that of JulSwap and PancakeSwap.
DeLend
The DeSpace lending product is known as DeLend and will be similar to MakerDAO with the release of a secured stable coin backed by DES coin and DeSpace technology.
It will also be possible for DeSpace users to access and offer liquidity to other existing lending platforms like Aave and Compound via DeSpace, and they will earn transaction fees when they execute transactions. As an interest-generating platform, DeLend protocol is an interest-generating loan platform with the release of its stable coins (dUSD, dEUR, dPound, etc) backed and secured by a basket of frozen assets including DES coin. DeLend was inspired by the MakerDAO model as they were one of the first DeFi protocols on the market and their model is time-tested and successful.
The DeSpace lending platform itself will be competitive and will accept collateral in DES coin and other popular cryptocurrencies and stable coins. Unlike the other lending platforms, the interest rate will be highly dynamic based on platform usage.
DeSpace’s lending Interest rate will stay at par with market rates when platform usage is very high (for example, when demand for a loan is at an all-time high), the interest rates for providing liquidity will be increased by 10% to 20% higher than the market
to encourage liquidity providers. But when loan demands are low, loan interest rates will be subsidized to encourage loan borrowers. Also, DeLend users will have the opportunity to earn DES coin for all the loan and liquidity transactions processed.
The goal is to make sure that the platform is liquid and active at all times. This way, the platform will always be active with demand and supply for loans.
In summary, all activities that happen on DeSpace will attract rewards to users in the form of mining and staking via the DeChain custom mining algorithm which is known as decentralized proof of transaction and proof of stake (DPoTS).
Q3) You’re building an NFT aggregater and you say users can use it to access NFT in any market. Can you describe your NFT aggregater and how it allows users to access multiple markets? Is the aggregate kit’s market reach limited to a particular blockchain network?
NFTs Aggregator Protocol
The main idea of DeSpace’s NFT platform is the ability for users to purchase/sell NFTs to one another in a decentralized manner. Users can also put their NFTs up for auction. The DeSpace NFT platform will also operate an NFT lottery platform that will allow users to win some NFTs based on certain platform events.
In a nutshell, the DeSpace NFT platform will be like the NFT platform Opensea but with lots of gamification, and with the ability for users to earn DES coin whenever they execute any NFT transactions on the platform.
As an NFT aggregator platform, users will also be able to access other NFT platforms like Decentraland, Opensea, and other related NFT platforms right on DeSpace’s NFT portal and when they execute transactions on those platforms using the interface, they will mine DES coin in the process.
The goal here is to help reduce user journey/story when trying to access multiple NFT platforms and also to save users on transaction costs and fees in the form of DES coin mining. DeSpace NFT holders will be able to stake DeSpace NFTs in exchange for DES coin. Stakers will earn some DES coin depending on the rareness and dollar value of the NFT being staked.
Q4) Currently, most investors only focus on price of token in short-term instead of the real value of project. Could you tell us the benefits of holding your token for long-term?
The DeSpace token (DES) is the native token for the DeSpace ecosystem and DeChain blockchain. The token serves multi-functional purposes ranging from utility use, governance, and the medium of payment for all transaction fees charged within the DeSpace ecosystem.
It is the governance and equity token of the DeSpace ecosystem. Users holding DES can participate in community proposals and decisions. DES coin is multi-chain compatible existing in various blockchains such as Ethereum, Binance Smartchain, Polkadot, and other programmable layer blockchains such as Casper, Flow, etc.
Q5) Partnerships are very important for any platform to build up from zero level to success. So does DeSpace have strong partners to support for withstanding against huge competition in crypto market?
Yes we have and will continue to form partnerships.
Our biggest partnership is with chainlink and secondly polygon.
As we are a multi chain platform we will have to reach out and build partnerships with all major blockchains
Q6) Which one of these aspects is important for GameFi?
- Increasing Token Price & Value
- Empowering Platform Development
- Building Community Trust
- Expanding Partnership Globally
They are all equally important to us
Q7) How can be we ensure that the your team consists of experienced and reliable people? Were you select them in adequate ways?
You can easily view us all on DeSpace, we are a fulling incorporated company.
Please check out the about us page on Despace.io
Q8) Do you have Whitepaper if yes please share it with us and secondly do you have plans for pre-sale? Where can we join it???
Please go to despace.io and view it.
Public sale will be on the 20th
Q9) Many new projects made a good impression at first but were suddenly abandoned. How will you manage the project and token to gain a place in the market and become a best token in the blockchain world?
We have a very long term vision, and the time and dedication that’s brought us this far will never fade I can assure you of that
Q10) What is the competitive advantage of your project? Can you point out the strengths of your project that other projects do not have to attract investors?
Please see the competitive analysis we ran. It’s awesome
And this was the end of our AMA with Despace.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- http://despace.io/
Medium :- https://despaceprotocol.medium.com/
Twitter :- https://twitter.com/DeSpaceDefi?s=09
Linked :- https://www.linkedin.com/company/despace-protocol
Github :- https://github.com/DeSpaceDeFi
Discord :- https://discord.gg/Fd8amChQj4