We recently did an AMA With Ares Protocol on 8th March 2021 at 02.00 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…
Zamir: Ares Protocol is the first decentralized oracle that implements on-chain verification for the Polkadot ecosystem.
Our team consists mainly of highly skilled Devs with years of experience in Software Engineering, Big Data Analytics, Embedded Systems Desing, and of course Blockchain Development.
Wolf: Great 👍… For our members who are not already familiar with the project, can you give us a very high-level overview of what #AresProtocol is and what competitive edge it brings to the Crypto Universe?
Zamir: Ares Protocol is the first decentralized oracle protocol build on the Polkadot/Substrate stack. It connects Polkadots on-chain world with the real world by providing secure and reliable real-world data points to the Polkadot parachains. It is more decentral and more scalable than current oracle solutions on the market.
Wolf: Awesome 👌🆒️🙌… How do holders of the Ares Protocol Token benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?
Zamir: Token Holders can nominate aggregators who are responsible for collecting real-time data and providing it to the chain. Token holders then take a share of the rewards that their nominated aggregator receives from his service. So token holders are incentivized to hold their tokens for staking rewards.
Another benefit for them is that they can initiate proposals and also participate in on-chain governance similar to the Polkadot governance system.
Wolf: Great 👍… Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Zamir: We can proudly say that to date we met almost all our goals in our roadmap. We hope we can continue with this pace 😁.
Wolf: Awesome 👌🆒️🙌👌🆒️
Zamir: There were definitely some difficulties and unexpected issues for example we were overwhelmed by the number of private sale requests 😅.
Wolf: I know still we are on the waiting list from your side, lmao
Zamir: But I think every project that starts in a bull cycle has experienced this.
Wolf: What was your inspiration throughout the journey of AresProtocol? How has the artistic and creative vision of Ares Protocol changed throughout its development?
Zamir: Our aim was and still is to make Ares Protocol to Polkadot that what Chainlink is to Ethereum. This inspiration has not changed at all and we are working relentlessly to achieve that goal.
Wolf: Let's start picking Twitter questions.
Now Twitter Question & Answer Session Began
Q1. Why does Ares protocol build on the Polkadot ecosystem? What makes the Polkadot blockchain is perfect for the Ares protocol ecosystem?
Zamir: Polkadot solves the gas fee and scalability problems of Ethereum. That is exactly why we chose to build on Polkadot. Polkadots ecosystem of parachains will need many infrastructure solutions. One of the most important infrastructures for a blockchain network is oracles. Ares Protocol wants to close this gap within the Polkadot network.
Q2. Ares Protocol description says that is a cross-chained Oracle, so how many blockchains are able to be deployed and used?
Zamir: Ares Protocol can provide real-world data to all parachains of the dot ecosystem through XCMP. Apart from that Ares Protocol is also compatible with Ethereum. Other Blockchains can be added in the future, but our focus lies on the Polkadot parachains.
Q3. Defi is very interesting and is starting to be in great demand,
Can you share $ARES opinion on Defi? What steps are already being taken towards the future progress of $ARES?
Zamir: Ares as an oracle is a core piece of infrastructure in the Polkadot Defi space. Ares can provide Data to all kinds of Defi applications like AMMs, Synthetic assets, and more. We have finished already our core oracle module in February which can provide real-time price feeds to Defi applications.
Q4. What are the major milestones achieved so far & what is in the future pipeline?
Zamir: We received a grant from the Web3 foundation which we are very proud of. Also as mentioned we implemented the core module of our oracle model a few weeks ago.
Now we are in preparation for our token listing which will happen this month. Also, the launch of our testnet is very close. For our amazing community, we have planned a massive Airdrop event where we will Airdrop a ton of Ares token to randomly chosen community members.
This is the link to our community channel: https://t.me/Aresprotocols
Q5. Node operators play a fundamental role within Ares Protocol. What are the requirements for a user to become a node operator within your platform? What benefits does a user have for exercising this role in your system?
Zamir: Excellent question 👌. A node operator has to have some knowledge of cloud services, some Linux skills, and knowledge about maintenance. The technical hurdles are not that big. The most important requirement is that he has to hold a certain number of Ares Tokens.
We want to set the threshold of Ares Tokens to hold to be run an aggregator node not very high so that more people can run a node. If the node operator provides valid data to the protocol it receives a part of the reward fees that the applications and other chains pay to the protocol.
Now The Telegram Question & Answer Session Began
Q6. Smart contracts are prone to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audited it through any of the parties?
Zamir: Once our testnet is live we will definitely audit our network by specialized third parties. Besides the audit, we have a “built-in insurance” in our protocol. A small portion of all fees in the network goes to the Treasury. The funds from the treasury are used to compensate users who lose funds because of malicious data.
Q7. Can members of the AresProtocol ecosystem get ARES tokens participating in the AresProtocol programs? What does your member incentive system include?
Zamir: Ares Protocol incentivizes token holders to stake their tokens by nominating aggregators. In return, they get Ares tokens as a reward from the reward fees of the aggregator. Also, we have reserved a good portion of the total allocation for the parachain auction. We incentivize people to vote for Ares Protocol during the slot auction by giving them Ares Token rewards in return.
Q8. How will AresProtocol solve the scaling problem? And what can AresProtocol offer to overcome the threat of centralization? What AresProtocol Defi uses chains?
Zamir: Ares Protocol solves the problem of decentralization in two ways: 1. Through Verifiable Random Functions, it chooses the aggregators randomly. They cannot be predicted so this attack vector for a potential adversary is insignificantly small. 2. Ares Protocol uses distributed and multiple data sources to prevent a single point of failure.
Q9. In which regions of the world is your project succeeding? I know of Africa, can you tell us how has your experience been in those countries?
Zamir: We are in the process of building communities in most regions of the world. We will have local communities and translation of our material in many languages.
Q10. How do you think about the Asia market? Does your team have any plan to approach INDONESIA which the potential market in crypto, there have many great teams and investors who want to work and earn money from crypto?
Zamir: Indonesia is definitely a market we are strongly interested in 👌😁.