AMA RECAP | NEST & KCC
KCC hosted an AMA（Ask-Me-Anything）session with NEST Branding Director：Sabrina. The main topic was integrating on KCC & Quote Mining, but we also answered other questions for the community. If you missed the AMA, you may check the full transcript here.
Venue: KCC Official English Community
Time: 2 PM April 19th, 2022 (UTC)
Host: Akshaj — Indian Ambassador of KCC
Guest: Sabrina — Branding Director of NEST Protocol
Hello everyone. Firstly, I would like to introduce myself. This is Akshaj. I am one of the ambassadors of KCC from India, and I will be your host for today’s AMA.
Hope so everyone can actively participate in and grab a lot of knowledge about the project
Hi, everyone, thanks for having me here😘
First and foremost, thank you all for coming. Today we have a very special guest @Sabrinasyt, a representative from the NEST Foundation.
For those who don’t know, NEST Foundation is this year’s proud sponsor of the Unicorn Contest. So I’m looking forward to today’s AMA session with much anticipation. Let’s get started!
Our topic today will be around NEST Oracle integration with KCC, I can’t wait to hear Sabrina on this topic!
Hi Sabrina, can you please give us a brief introduction about yourself and NEST Protocol?
Before graduation, I saw the grand vision of crypto which brought me into this fascinating area. As the deeper insights during my career in Huobi, I began to explore various blockchains with different architectures as well as the respective applications built on them.
NEST Oracle is built natively on Ethereum as infrastructure and EVM is the future, so I try to accelerate our multi-chain deployment. That’s why I push the collaboration between NEST and KCC, the latest milestone in our development.
That’s indeed a great introduction. I must say your vision since childhood has definitely helped you achieve a lot of milestones.
So my next question is…
What sparked the idea for the NEST Protocol?
It was created out of a desire to use a decentralized incentive method to solve the problems experienced in the prediction market.As a result, we created a method that offers pricing data generated directly on the blockchain, thereby addressing the industry’s dilemma, which was a lack of price data on the blockchain.
NEST oracle adopts the market game theory to synchronize the off-chain market price information onto the chain through miners’ quotations.NEST mining mechanism aims to incentivize quotation miners, making it a logically closed-loop distributed quotation system with the breaking features of collateral quotation, arbitrage verification, price chain, beta coefficients, and other modules.
NEST Protocol was launched in 2018.12 and has evolved to the current version NEST v4.3, in which the cost of quote mining is greatly reduced.
That’s a very unique and amazing idea I must say
How does the quote-mining mechanism work? How to become a NEST miner?
Mainly 2 steps for the reference:
1. Create oracle channels
Everyone can create a new quote channel and configure the economic model for that channel. Each channel can make bulk quotes for any token. The process includes:
1) Open the quotation channel and set the quotation parameters
2) Put tokens in contract for mining (amount should be consistent with the setting)
Everyone can quote in existing channels. The process includes:
1) Collateral 100K NEST Tokens and put bilateral assets in contract with any asset type and quantity
2) Waiting for the validation period
3) Retrieve the collateral and bilateral assets
Each miner shares the mining reward of the quotation equally. This is the quotation channel which has been created: https://channel.nestprotocol.org/
2.Order taking for validation
Everyone can validate the quotation in the validation period by taking order, which will correct the wrong price deviating from the marketing price for arbitrage
1) In the case of a basic quotation size of 2000 USDT, the validator’s transaction size is at least X * 2000 USDT (X is an integer)
2) New quotations initiated by validators have no quotation fee, not involved in token mining. The quotation size is double of the validated quotation.
3) New quotations initiated by validators also need to go through a validation period before being valid.
4) Everyone can become a validator with no vetting required.
Thanks for such a detailed answer, let us give 2 minutes for the community to read in then we will move forward.It sounds like NEST is essential to DeFi projects!
We can also know that there are many oracle projects in the market currently,
Sabrina, what do you think is the competitive advantage of NEST oracle compared to others?
NEST oracle ensures that prices are accurate, timely, and extremely costly to attack by providing direct validation of prices.
At the same time, the solution is distributed, i.e. there is no risk of centralization. To summarize, the following 5 points:
1) Accuracy of the price: it can truly reflect the market price
2) Price sensitivity: fast enough to respond to market prices
3) Price is resistant to attack: the cost of distorting or influencing the real price is very high
4) Direct price validation: the validator is any third party, and no review or threshold is required
5) The quotation system is distributed: no review or threshold is required, and entry or exit is free
Our most confident advantage is that NEST Protocol is a non-cooperative gaming system like BTC and ETH in the production process based on which it can generate price information flow.
BTC achieves data anti-tamper (transfer) through a non-cooperative game,
ETH achieves logic anti-tamper（smart contract）through a non-cooperative game,
NEST achieves exchange rate anti-tamper（price information flow） through a non-cooperative game.
Wow, thank you! I see the potential of NEST Protocol!
Why did you want to integrate with KCC?
As is commonly known, KCC is a pathfinder in the crypto space.
It’s impressive that they were able to achieve faster transaction confirmation speeds, higher transaction performance, and lower transaction fees by introducing the Proof of Staked Authority (PoSA) consensus mechanism, reducing the block confirmation period to 3 seconds to improve the chain’s processing power and performance.
Furthermore, KCC is interoperable with smart contracts, resulting in exceptionally minimal project migration costs. It will improve the user experience by decreasing the entry barrier for decentralized projects like ours to launch and develop, while also giving community users a more convenient, faster, and less expensive blockchain experience.
That’s really cool I must say
What kind of support do you offer in the Unicorn contest?
We provide rewards, consultation, and integration support to the developers at the contest.We intend to give not only financial assistance but also technical assistance, particularly in the area of integration services for KCC-based mainnet launches.
Our oracle suite tools will be available to every participant. They include but are not limited to:
• NEST/ETH/BTC Price feeds that are authentic, timely, secure, and stable, are created directly on KCC and can be read by DeFi projects
• NEST quote-mining system, which would allow participants to operate as a price provider and subsequently get tokens from the mining pool; in this scenario, the price provider also acts as a miner, hence the term “quote-mining.”
We are quite thrilled about it since integrating the capabilities of nest oracle into such a valuable crypto platform as KCC, would be an honor
Thanks, now let’s move to the last question of the first segment
Any details of special awards that you will be giving away?
As part of the KCC Unicorn Contest, we’ve put aside a few special awards for excellent Unicorns who will use any of the NEST oracle suites in their projects
• $4,000 — Excellent Oracle Use-case
Awards will be distributed according to the proportion of NEST oracle calling counts (until the end of the competition), which could be validated on chain.
• $3,000 — Top Oracle miners
3 projects or individuals who open new oracle channels or participate in quote-mining will be distributed $1,000 each.
• $3,000 — Most innovative projects
3 most innovative projects will be distributed $1,000 each, whether in DeFi, NFT, GameFi, SocialFi, Metaverse, or Web3
Thank you so much for taking the time to respond to my questions.
We have finished the first part, now let’s move on to the next one
I will unmute the group for 30 seconds for the community to ask their questions.
Please note that bot questions will not be entertained, if we get many bot questions, we will select the questions from active community members
Remember to add #NestProtocolKCCAMA and mention @Sabrinasyt in your question so that we can distinguish the bots.
Alright unmuting the group in 5 seconds
Lots of questions
Thank you everyone for your wonderful questions, now let’s give our guests some time to pick the best 5 questions
You mentioned NEST token. Could you please explain NEST tokenomics?
NEST has 10 billion Tokens in total with no private sale and no pre-mining. All the NEST Token are mined by quotation
1. Mining pool: 85% of the total volume for NEST miners
204 $NEST released by each block, release decay 20% every 2.4 million blocks (about 1 year) and stop decay when 40 each block
It will enter the asset circulation mining in DAO after 10 billion mined, which needs the community voting
2. NEST NODE mining pool: 15% of the total volume for 1500 NEST NODES(NN)
38.4 $NEST released by each block
3. About 2.86 billion NEST Token have been mined, DAO has locked up 692 million NEST Token, 22 million NEST Token have been burned, and 2.15 billion NEST Token are actually circulating in the market
$NEST has become deflationary, as more dapp integrations, there will be further deflation.
What’s more, $NEST has been listed on many tier1-tier2 global exchanges and become the listing candidate of Coinbase in Q2
NEST token looks really promising. Aside from quote mining, where can we take the use of NEST token
- Stake $NEST and bilateral assets for quote mining
Quotation of any token needs to stake NEST
- Stake LP generated by NEST/ETH for mining in CoFiX
- Stake $NEST to mint pETH or pUSD in Parasset
pETH or pUSD can be 1:1 swapped with ETH or USDT (ASET can be mined)
- Deposit $NEST to earn interest & stake $NEST for lending in ForTube
- Voting: $NEST holders can be involved in governance
51% of votes are required to approve the proposals (1 NEST = 1 vote)
- Giveaway: Distribute $NEST as airdrops in marketing campaign
- Shopping: Purchase items from Amazon, eBay, Walmart, Etsy with the payment of NEST
Any about your upcoming plans? What are the visions and goals of your project that you want to achieve in 2022 and beyond?
Multi-chain deployment: expand 3–5 chains
Mining: adopt autonomous mining model and realize random mining function
Application: take part in hackathon activities and integrate 20–100 applications
Cooperation: increase the DeFi integration, including 3–10 mainstream DeFi projects
Community size increased to 500K-1M
Add 30%-50% holders
Add 3–5 tier2 exchanges and 1–2 tier1 exchange
Global meetings in the United States, Europe, Japan, Korea, etc.
NEST locking activities which will entrust exchanges to lock-in positions
Launch NEST GRANT to promote downstream development and incubation
Launch NEST Eco-fund, which will invest in NEST ecosystem
Launch NEST Research, which will release on top media
Accelerate NEST to enter the mainstream DeFi pool
Strengthen collaborations between NEST and ecological projects
Accelerate NEST DAO governance and set up periodic DAO conference system
Accelerate the governance and cooperation with major public chains
Apart from the ETH to KCC Integration, is there anything else you hope to achieve from this partnership?
We are delighted about this collaboration with KCC as we consider it a chance to make a difference, give back, and assist young crypto developers.
Seeing as the Unicorn Contest strives to completely tap into high-quality, on-chain initiatives, offering efficient middleware to these aspiring developers is a good way of service to the crypto community.
Where can I buy your tokens right now & what is your current contract?
1.Huobi Global https://www.huobi.com/
5.CoinW : https://www.coinw.com/
11.Hoo : https://hoo.com/
12.Jubi : https://www.jbex.com/
13.Dcoin : https://dcoin.co/
NEST Token address:
Thank you for those wonderful answers. We wish you the best of luck with your project
Do you have any links that we can share so that folks can stay up to date on your project?
Thank you for the hosting today!
Thank you. End of today’s AMA. Looking forward to more cooperation with nest protocol in the future!!
Thank you everyone for participating actively, I will soon announce the list of winners
I will unmute the group now