RiveX AMA Recap — 19/11/19
We recently held an AMA over on our official telegram channel https://t.me/RiveXOfficial where the top 50 questions were rewarded. Here is a recap for those who may have missed the AMA.
Q: What is the importance of developers and the community in the RiveX ecosystem and how easy and convenient it is to connect and apply RiveX technology in the existing enterprise infrastructure?
A: The community is an extremely important part of a project just like developers are too. Without developers, nothing gets built. Without a community, a project is just an idea. We value our community highly and aim to engage as much as we can. Stay tuned for our upcoming community quest!
Q: RiveX primarily focuses on Blockchain as a Service and Enterprise Solutions. So, what is the need for a Hybrid Chain since Enterprises would want to keep their data private and confidential from its competitors and hackers?
A: RiveX primarily focuses on Blockchain as a Service and Enterprise Solutions. So, what is the need for a Hybrid Chain since Enterprises would want to keep their data private and confidential from its competitors and hackers? Like what I always pitch enterprise would benefit from the integration of blockchain technology i.e. the use of smart contract to automate certain of their process or task as it will reduces cost and resources expecially from talent end as one will be able to use this headcount on serving better purpose. I do agree on your statement however the integration of blockchain technology in a hybrid chain model will enable them to achieve their usual practise while benefit from task/process simplification. Take for example a supply chain type of bussiness nature, you can send purchase order and invoices between each other while still have the option to preserve the integrity of internal documents using hybrid chain model.
Q: ”STAKING” is prevalent in crypto. Do you have a plan about that?
A: We do have a staking program
Q: What is RivenX’s Tokens, How does it apply in the RivenX ecosystem?
A: There are many utilities for RVX token, take a look
Q: How Rivex is going to compete with these projects IPFS, FileCoin, Sia, Storj & Swarm and what rivex is doing differntly to turn users and developers towards Rivex?
A: Please take a look at our competitor analysis below
Q: I see you have an upcoming Dex being built on wanchain, what benefits are their building on wanchain vs a traditional ethereum dex?
A: Since WRDEX is being built on wanchain, it takes advantage of the higher TPS and interoperability with Ethereum and Bitcoin. Users will be able to trade with WBTC and WETH (These are WRC20 proxy tokens, in other words, WRC20 representations of Ethereum and Bitcoin on the Wanchain blockchain).
Q: Why did you choose to use “WEth, WBTC” instead of ETH ,BTC on WRDex?
A: Weth and Wbtc are actually the WRC20 proxy tokens on wanchain. This means these tokens can be traded and then eth and BTC can be redeemed afterwards. This is important because of TPS, Wanchains TPS is currently 1000+ which will make for a much faster dex.
Q: As we know EROX is a Main Product of Rivex & this app has many features in it but The main problem that Can user face in this application is iys Complex interface. Don’t you think this? How you guys have thought to this problem?
A: We will ensure that EROX is as user-friendly as possible. This is super important for adoption. Having a complex UI/UX will steer users away from using our product. Take a look at our recently released preview of xOffice and let us know your thoughts! https://medium.com/@Liam_wan/erox-featuring-xoffice-1090223356f5
Q: Rivex is mainly focus on offering solution for enterprise as of now, meaning that Rivex’s market share of customer will be significantly narrowed down, how does Rivex deal with this issue and be able to scale your business model to more types of end-users?
A: Actually, our EROX solution will be available for all users not just enterprises. EROX is our decentralized enterprise super app, offering decentralized storage, xOffice, xBNS, and xSign. Here is a detailed article on EROX: https://medium.com/@RiveXOfficial/erox-the-enterprise-super-solution-explained-c5c776c0e6c0
Q: I am a follower of Wanchain and I noticed recently Rivex is mentioned a lot about Wanchain in there articles and many things, so I would like to understand what is the relationship between Wanchain and Rivex. Participating Or any personal relationship? 😋
A: RiveX is building on Wanchain. The WRDex is a collaboration between Wanchain and RiveX a couple of Wanchain team members are also part of the RiveX team so talent is shared across the two projects.
Q: How you will bring the AML(Anti money laundering) to build more secure and compliance and as DEX is a decentralized exchange so how this AML can be applied because DEX does not hold customers’ funds, positions, or information, and only serves as a matching and routing layer for trade orders. In whitepaper also i didn’t find anything related to AML
A: Technically KYC/AML does not apply to DEX as WRDEX is not a custodian as we are merely a decentralized exchange.
Q: Current running DEX have so many limitations and lack in usability, how WRDEX will solve this feature?
A: Yes that is very true. But WRDEX: — crosschain DEX - decentralized borrowing/lending - decentralized leverage trading - gamifications
Q: Adoption is one of the most important factor that all sustainable blockchain projects should focus to be more attractive in the invertors eyes. Can you tell me what #RiveX has done and planning to do to achieve Adoption in the reality, real use cases,our real society? #RiveXAMA
A: RiveX is a layer-2 on Wanchain and we are able to integrate traditional applications via our SDK. It is merely plug and play for them. Currently we have a loyalty points project building on us but it has got nothing to do with crypto but more like an enterprise solutions. #RealUseCase
Q: I read your White paper that quite good & you mentioned that you using Hybrid Chain System in Rivex project. it’s quite impressive.. can you guys explain little bit more about this what are some Advantages of Hybrid Chain System that make different & unique from other Chain system ?
A: Hybrid chain consists of Wanchain and Lanchain. RiveX is a layer2 on Wanchain where we integrate both public chain and private chains to scale. How is it different? I wouldn’t say we are the Best as you are comparing between apple and orange OR chicken or egg comes first
Q: 1 — RiveX created EROX first as BaaS, What’s the vision of RiveX with BaaS & In which business ecosystems RiveX is planned to implement BaaS and how it will improve the businesses and conversation? I really appreciate the xOffice, xBNS & xSign.
A: Blockchain as a Service is the future of Software as a Service. Just think of us as the future SAP / Oracle etc on a Blockchain level
Q: Defi companies are growing at a rapid pace, but they’re actually smaller than traditional financial institutions. In order for Defy to become a global trend, it must eventually acquire consumers within the traditional financial industry. Traditional financial consumers, however, have poor technical understanding and want psychological stability through government guarantees such as deposit insurance. After all, what does RiveX think about long-term competitors as traditional financial institutions, and what long-term strategies do they have to embrace traditional financial consumers?
A: Competing with traditional finance has never come across our mind. We are not here to repair finance or rebuild finance. We are here to at least work together by integrating those parties who are interested to do so.
Q: In your whitepaper, I have a red color about “Administration for future protocol upgrades.” Talking about “upgrading” may have some problems or glitches in your system. That may affect its security and usability. How can you ensure users manage / protect their data / money if this happens?
A: If you ever noticed why telegram always asks you to update? Upgrading is not breaking something but solving something. It brings more benefits than harm. Why does your iPhone or Android phone always keep updating? To improve things.
Q: Rivex Cross-Chain Decentralize Exchange will be an impressive product of Rivex. However, Binance Dex will support ERC-20 token soon, Ferrum will also have a Dex with interoperable assets supporting, Troytrade also supports cross-chain feature. Do you feel pressure from these and have a plan to be out standing compared to them?
A: Yes we have our very own strategy. There are actually a lot of offline communities in the world where they are out of reach from Binance and the others.
Q: What are your Strategic Plan to attract more developers to build their DApps on $RiveX OR by using $RiveX?
A: We have set aside some ecosystem fund to encourage them to build on us as we have already reached our hardcap =) besides that we have our very own SDK tools for them to use
Q: Because most investors simply focus on the price of the token in the short term, not the real value of the project. What will RiveX do to investors in token #RVX in the long term?
A: We can't do much. We have rolled out products even before we list. Action speaks louder than words
Q: How you will take the adoptation to the global level what are your plans for that And why the global people consider rivex as theirs problem solution as they have many other choices, means how your are different from others in the market?
A: We are a layer- 2 solutions on Wanchain, like how Matic (a layer2) is on Binance Chain. We can’t force them to use RiveX. Its like iOS vs Android.
Q: Does RiveX have any community program to raise more awareness about your project?
A: Yes. Our Quest programme will be announced in one to two weeks!
Q: How can developers & technical people contribute to your project and how do you make plan to get them involved?
A: We will have an open developer community in either Q1 2020 or Q2 2020. We have a closed group of community developers now at the moment.
Q: Hello! You create lots of AMA programs to build your community. But I wonder if you’re on the right track because I think your media is still very little interested in the amount of money you spend, is this worth it and Are you satisfied with what you do?
A: AMA is just for the online community. You don't know how many offline roadshows we have undergone in South East Asia that gained so much traction that VCs and institutional investors bought up our private sales allocation. Demand is more than Supply for RVX now.
Q: RiveX Tokens are also Based on Wanchain WRC20 standards ! Whats the reason behind choosing Wanchain Blockchain rather than any other Blockchain ?
A: Wanchain is a proven interoperability with reliable private chains. Hence we want to be a part of their ecosystem.
Q: Security is top priority, 51% attacks happen frequently and even to the most known blockchains, can you tell us how does your Hybrid chain prevents such attacks?
A: Security has been mentioned multiple times I think even on other amas we did which is one of the major factors when we are designing our technical architecture. For one hybrid chain consist of both public and private chain and as per our target audience which is enterprises, we strive to be the bridge that connects traditional businesses to the decentralized space. Via this method, it will enable more party to start hosting a node which benefits their business as well as it will form an ecosystem where everyone can leverage between each other minimizing the 51% attacks mention frequently in blockchain space.
Q: How Rivex will be able to enhance the utility of Wanchain? Please Tell me its Benefits ?
A: RiveX is a layer-2 solution build on Wanchain, it means we are scaling Wanchain public blockchain and as per many known, Layer-2 solution is to enable mainstream adoption of blockchain technology via off-chain and on-chain methodology. Many of the products we have in plan will utilize Wanchain public blockchain as well which will provide more volume on it. Via us, we are positive more solutions or dapps will start developing on Wanchain as well.
Q: Recently you attended the Blockshow event , as a RiveX fan what were the positives from there?
A: Blockshow was a great and productive event. We talked with a lot of projects and people that have a high impact on blockchain space. Even if you check our party flyer you can see that we didn’t just invite random people, but we’re focusing on those with which we can partner in the future.
Q: You organized a lot of Ama and received lots of questions about the technology and benefits that Rivex brings. So now I want to ask what you want to receive from the community? What will Rivex do to build a thriving community that truly cares and supports the project for the long term, not just for a temporary profit?
A: Thank you for following us closely and I believe you already have a glimpse of what RiveX is building and providing. From the community end, we definitely hope that once our product is roll out, everyone will start using them, become our early adopters and provide honest feedback/review so we can improve it. Beside that, we are developing a solution that can co-exist with centralize solution out in the market and we hope our community will show support by being our walking advertisers as well, pitching the solution to their family and friends as everyone earns rewards by contributing being a user or as a service provider via our model.
Q: I am confuse that Rivex is building on Wanchain private chain (Lanchain) but Wanchain is a Layer-1 solution while Rivex is a Layer-2 solution. Could you help me clear this?
A: We are actually scaling the public blockchain side via off-chain and on-chain methodology. We are also introducing a hybrid-chain model to foster the adoption rate via enterprise solution and that is where the utilization of Lanchain technology comes in. Even with the private chain model, it still inherited most of the Wanchain public blockchain capability.
Q: What significant developments did RiveX had during 2019?
A: Well if we are looking at a project as a whole then we have a long list.
To date we have:
- attended multiple offline events - started building our Telegram community via AMAs - developed RiveX native wallet - started working on EROX - signed partnerships that can’t be disclosed - secured funds
Q: I read about Rivex project deeply and I found all are positive and good. But my question is what is behind Rivex that maintains its accuracy and ensures the whole system is working as per requirement? Is there any centralized server to check whether everything is working fine?
A: As of now I will not be able to provide a definite reply to this but know that our architecture design info will be included on the technical paper that we will be releasing once it is done. We will also be releasing an alpha version of the solution while inviting our community to test it and provide feedback to us. We will also be planning rewards on this. Your question has become feedback for us that we might be providing tools to verify the integrity of the solution as well so thank you for that.
Q: Currently, Centralized Cloud storage are also secure and insured by respective Service Provider.. Which additional security features are included inRiveX Platform ?
A: I agree with this to a certain point that is why we mention we would like to co-exist with the current provider on the market as well. However, we are providing another solution where the user will have the opportunity to ensure that no one entity is holding on to their data thus there will be no single point of failure in the sense like your data is being misused. Another factor is by entrusting all your data to a single provider which is the case now in this industry may cause complete downtime should regulatory body come clamping should suddenly a certain content may have violated some terms.
Q: To attract more customers/enterprises who are familiars with traditional/centralized products, especially big ones like Microsoft Office Suite, GoDaddy, Hostinger, etc.. to use xOffice, xBNS and other features of EROX- a product by RiveX under the BaaS model. What will your team do?
A: Our core solution is base on a hybrid chain model and we define ourselves as a layer 2 solution with the sole purpose of scaling public blockchain via on-chain and off-chain methodology to foster adoption rate via enterprise solution. That is the reason why EroX first features are tools like word, spreadsheet and presentation where an employee of a company can utilize these solutions to perform their daily tasks. Besides that, we also have our own native wallet solution integrated with blockchain name service features where it will not only be used to transfer token but also data. Another feature will be the xSign feature which works exactly like DocuSign where the company can shy away from the manual process of using ink to sign their document. Besides the hash will be stored on blockchain which is immutable. The streaming feature will also assist Bussiness nature that requires this function. That is how we plan to foster adoption rate
Q: Which countries are the main markets that Rivex is focusing now for high level marketing?
A: At the moment RiveX is mostly focusing on SEA region. But we don’t see any issues with expansion to other regions.
Q: 1- xBNS seems amazing but the concept is shortening the wallet address is already in LINO Network ecosystem, then what’s the uniqueness in xBNS? Can you explain more about EROX products?
A: I believe most are name services unique to just a single chain. We are developing one that is able to identify chain that Wanchain has crosschained with which includes BTC and ETH network and the upcoming EOS chain. This feature will be provided via our own native wallet which will be integrated into EroX as well. Via this not only you can transfer token which many enterprises are not interested with but one can also transfer data or content using blockchain technology.
Q: Given RIVEX, the real value is created when we have developers building on top of it. Right now if we look at ethereum, Defi protocols and user faced Dapps are adding more value to eth every single day
Do we have developers building DeFi protocols and Dapps on RIVEX Platform?
A: I have seen the passion of those developers who are building on ethereum and I understand that if adoption rate is low, nothing will take off. However, we are positive with the direction we are heading due to the fact we have good bridges that is why we are pitching what we envision RiveX can provide. Another fact is that Wanchain has cross-chain capability which enables dapps to build on ethereum chain able to migrate or build simultaneously on our solution as well. We also hope that the current community will be early adopters and choose to build on our solution or platform.
Q: As the website say a person on the Bitcoin network can send data to the RiveX network and you can easily recognize and interact with it. If that person wants to incognito so nobody can know him, what can RiveX help him with that?
A: That is where the privacy capability of Wanchain comes in. This is also one of the reasons why we choose to build on Wanchain beside the cross-chain capability. The solution will be developed based on monero like ring signature. Basically the actual signers which in this case is the owner of the data will be signing it however there will be non-signers details added in as well which created the ring.
Q: In your website and white paper, I have seen a quite lot about Hybrid Chain System ? Can you please elaborate and explain about Hybrid Chain System and how it is efficient than other chain systems.
A: As per the words its actually a combination of both public and private blockchain. The layer-2 solution itself will enable mass adoption, however, in my opinion, to truly bridge traditional businesses to adopt blockchain technology, there still must be a certain expect where privacy be adopted as well and co-exist between each other.
Q: Why RiveX choose Lanchain as a part of project, Why you combined Lanchain with EROS?
A: Our pitch is all about enterprise solution and accelerating the adoption rate on this sector that is why Lanchain actually provides a value that could possibly be the key to this. If you follow this space closely, you would have known that many projects mention off-chain however this that we will still not sacrifice the nature of what blockchain is all about which is decentralized and security. It is just how it is being design to enable higher rate of adoption.
Q: The Rivex platform is able to work with a combination of consensus such as Pow, PoS and PoA in dynamics and stable coordination, How rivex is capable to manage such consensus at the same time?
A: We are in the midst of designing this. There is some correction here as well as our consensus mechanism is base on proof of stake, proof of storage and proof of bandwidth. The reason why all of this are being used as we need to ensure the stability of the platform from a user perspective and also ensure our service provider is capable of providing that stability to our platform. We will be inviting our community and loyal supporter to test it with us once its release so we can collect as much data as possible to fine-tune the whole structure.
Q: What was your idea when starting with RIVEX rather than another name and what was your motivation to start with that ???
A: Alex is my high school mate and he brought me into this scene. He even told me that there was a Community Manager job offering in Wanchain two years ago. I grew, learned, promoted and met a lot of people in this industry since then ever since i joined Wanchain. We then realized that there are a lot can be done with RiveX, a layer2 on Wanchain. This is where RiveX is born.
Q: Partnerships and community are the keys for success of projects, Wanchain is first partner of Rivex, so in future (Q1.2020) could you tell me how will Rivex expand partnerships and which market Rivex will focus in?
A: We are very confident in South East Asia and in fact we are talking to a few listed companies here. Please stay tuned for more announcement in regards to investors and partners in weeks to come =)
Q: What is the main reason that you guys think that the enterprise economy should be moved to decentralized & What are the advantages and disadvantages, which is we need consider.
A: In my opinion, I think not all of the process or task need to be moved as it does not make sense for some to add a layer of blockchain technology on it however there are some processes which will benefit them in terms of cost or resources.
Q: Why RiveX choose POC as the consensus mechanism, which is not so popular in the industry.Do you think it will be good enough to attract Nodes to join your network?
A: Reason is that we are rewarding storage nodes that contributing to the storage of data and we have research that it is crucial to our development. As we are rewarding I believe we can attract users to be our nodes.
Q: RiveX is launching series of awesome products like EROX, WRDeX, Stratox, Twin strike etc. Will you ever develop an App or platform to integrate all this wings of your ecosystem for easy access by RiveX users. If not, why not?
A: Definitely we will, stay tuned for the product release. We need to fine-tune and optimize so users will have the same experience like in desktop. Nowadays people can’t live without their mobile phone that is why having our product integrated into apps are important.
Q: What is WRC-20 advatanges over ERC-20 or TRC-10 in terms of interoperability, security and especially user-friendly that make Rivex choose it as a basis for your token development?
A: I would say they have live production cross-chain capability with the network that they disclose. With ETH chain cross, we can expect ERC standard dapps able to build or utilize our solution as well. However bear in mind this does not mean we are in competition with them. We very much would like all chain to be able to communicate with each other rather than compete which does not bring any benefit to the space.
Q: As reading from your commercial TWIN-STRIKE works quite the same way as margin trading, however, some margin exchanges are usually manipulated by its owner leading to flash-crash and investors got liquidated. So where are you going to get price data from to make this feature as clarity as possible for your investors or you will develop your own orderbook?
A: It is actually a structured product or maybe one will call it binary product where it cannot be 1 (ceiling) or 0 (floor). We will be pulling data from either an aggregator or exchange when our token has been listed. It will be a contract base where we can’t really manipulate those data. We will have no control over exchanges. Even on the upcoming DEX launch, it is decentralized where we can’t manipulate as well.
Q: In 2.3 section of WP 4th point is sbout data redundancy. My question here is- What is the stored data gets corrupted due to any reason or what if the data which is stored on that system is powered off. How will user get his/her data in need? What are the mechanisms have Rivex developed to counter that?
A: The whole point of data redundancy is so that when one source is down, there is another source with the exact same data store. We are implementing load balance type of centralize idea on this part here and we ensure that each region has at least 2 nodes storing the same data. We will also fine-tune when we roll out the alpha version and base on data we collected we will be replanning again how many datasets is needed to ensure that user always gets to retrieve their data.
Q: If customers ask for a business case/ROI for implementing blockchain what are common aspects that you address to showcase the true value of the RiveX solution?
A: I always tell them not all process will benefit with an additional layer of blockchain however there are some process which will definitely help in the sense of cost reduction and resources reduction. Besides that with public chain many businesses will benefit from the leverage provided i.e. advertising field, your content will be able to be distributed to everyone.