KuChain/Kratos AMA with Pool-X Full Transcript

Dear KuChain Community,

Time: September 17, 2020, 19:00–21:13 (UTC+8)

KuCoin hosted an AMA (Ask-Me-Anything) with Kratos and Pool-X in the KuCoin Exchange Telegram Group, discussing the Pool-X BurningDrop World Debut supporting Kratos Genesis Token Distribution.

KuChain broadcasted this AMA in the KuChain Official English Community.

This is the full transcript for you.

Guests:

Lou Yu — KuChain Operation Lead

Mia Zhou — Pool-X Operation Lead

Kratos Genesis

Kratos is the advanced version of KuChain, which is unaudited and more adventurous. Kratos provides developers with a real incentivised network environment to test KuChain network and deployments in advance. It is not only a testnet. Its independent economic incentives and trading ecosystem will not disappear due to the launch of the mainnet. Kratos will exist as an independent Zone in the COSMOS ecosystem in the future.

KTSt is Kratos Betanet Events’ test token. It duplicates KTS’s token logic, where holders are able to directly experience the same economic model and governance mechanism of the actual Kratos network. Meanwhile, KTS is the system token of Kratos. Holding KTS allows you to participate in Kratos governance to obtain KTS revenue and pay KTS network transaction fees. The total amount of KTS distribution is 100,000,000, which will 100% be distributed fairly through the Pool-X platform in the form of LockDrop.

Pool-X BurningDrop World Debut, Supporting Kratos Genesis Token Distribution

Pool-X has launched BurningDrop to provide services for Kratos Genesis token (KTSt) Distribution. From 20:00:00 on September 16, 2020 to 20:00:00 on September 24, 2020 (UTC+8), users can get KTSt via BurningDrop and improve their computing power by burning POL.

KTSt holders can vote through the test nodes of the Kratos beta network on Pool-X to participate in its governance. For more information, please stay tuned with the latest news from Pool-X.

You can visit any of the following pages to participate in the genesis distribution of KTSt on Kratos testnet:

Kratos Betanet Events: https://kratos.network/kratos/events

KuCoin 3rd Anniversary: https://land.kucoin.com/newfortunestars

Introduction of Kratos:

As KuChain’s testnet, Kratos shares the same technology and business logic and resources with KuChain. Based on the market’s real demands for high performance, low cost, information security and business flexibility, Kratos is a laboratory that encourages the verification of innovative technologies and concepts for decentralized financial services. The system token KTS is used as the fuel on chain, and the carrier to guarantee the rights and interests of the proposing, voting, validating and other governance activities on chain. Kratos beta test token KTSt will fully follow the logic of Kratos official token KTS and will not set any form of team reserve.

Kratos Website: https://kratos.network/kratos

Pool-X Website: https://pool-x.io

Q&A with Pool-X Operation Lead Mia Zhou

Q: With the dramatic boom of LockDrop mining, what’s the reason for offering BurningDrop on Pool-X? What’s the advantage of BurningDrop?

Mia: One phenomenon in the crypto industry is that each chain only supports token distribution within its own ecosystem, like TRON only supports the distribution of TRC-20 tokens. Yet, blockchain projects shouldn’t act like lonely wolves as all users deserve to obtain multi-chain assets, and participate in blockchain development equally. It is on this background that we launched BurningDrop to converge funds and issue tokens equitably.

Any project that wants to distribute initial tokens without fundraising can proceed via BurningDrop, as BurningDrop supports them in adopting multiple chains/assets for customer acquisition.

Q: Many users are confused about the rules of BurningDrop, could you please explain it simply?

Mia: As required by the Kratos project, there are 2 rounds of staking in this BurningDrop which are KCS staking and BTC/ETH/ATOM staking.

To briefly put it, there are 2 phases and 4 steps.

1st phase is Staking period

2nd phase is POL Burning

2 phases combined, that’s the whole procedure for BurningDrop

4 steps are also clear

1-Choose your interested coin and proceed Staking

2-Acquire KTSt computing power/hashrate

3-Enter 2nd phase: choose to burn POL for accelerating

4-With POL burned, it will accelerate the computing power/hashrate mentioned in Step 2

Eventually on September 25, 2020, KTSt will be distributed to users accordingly!

Q: Why did you choose KTSt as the first BurningDrop project on Pool-X?

Mia: For Pool-X, Kratos is the most fitting project with the idea of BurningDrop. The BurningDrop of KTS supports 4 coins and 8 staking programs. Token distributions are available on 3 chains (BTC, ETH, ATOM). With the advantages of fast deployment, flexible adjustment, and freedom of space and time, BurningDrop allows users to participate in multi-chain assets and attract quality customers for both parties.

When we brought out the BurningDrop proposal, we had reached cooperation with 3 projects already. We are honored to have Kratos as our first partner of this new product.

Q: What kind of benefits will BurningDrop bring to POL?

Mia: Since POL is also released via mining, all the holders of the circulating POL are the early participants of this project, and so they are true believers and supporters. BurningDrop has enriched the ecosystem of Pool-X and provided POL holders with new application scenarios.

The concept of Burning is to use POL as fuel in order to ensure all users participate in the KCS staking round equitably. Afterwards, we will burn all the POL used as fuel and publish the addresses.

We cannot estimate how much POL will be used as fuel for this BurningDrop. Nevertheless, it’s an obvious positive signal. As I just said, we are planning to issue 3 more projects via BurningDrop very soon, and will keep supporting quality projects. POL will play a more and more important role in the Pool-X ecosystem.

Q: After BurningDrop, what are the next steps for Pool-X development?

Mia: With the launch of BurningDrop, it also means the beginning of the degradation of centralization.

As stated in our Kratos announcement, the governance voting interface will be online on Pool-X and KTSt holders can participate in the governance mechanism of public testing. The governance voting function will provide service to all non-mainnet projects, enabling users to participate in project governance in advance and feel the justice of decentralization.

After basic adjustment of product operation, Pool-X will gradually transfer the governance rights to the community and we will begin to build governance nodes, inviting the community together to perfect the product and node mechanism of Pool-X.

Q&A with KuChain Operation Lead Lou Yu

Q: Why did you choose Pool-X as the platform to distribute the Karatos Genesis test token (KTSt)?

Lou: Mia has shared some perspectives when talking about BurningDrop. Pool-X can help any project like Kratos issue initial tokens without fundraising.

As we know, KCS will become the native token of KuChain. Kratos’ role is to show what KCS can do on KuChain through the demonstration of KTS on Kratos.

Actually, we evaluated almost all the token distribution models on the market, and then found that Pool-X is making a new product called BurningDrop, which we think is quite interesting.

Because the distribution of POL, if we recall, is done via LockDrop. For people who believe in decentralization, this is a very democratic way to go about it. I think that current holders of circulating POL are very important to a public chain project like KuChain because people who don’t believe in blockchain and decentralization would not do anything like this. So I think believers in POL are a group with an experimentalist mind, sense of justice, and understanding of the community and on-chain governance.

Mia tells me that Pool-X is going to start moving toward decentralization. And then BurningDrop not only needs time to complete, but also needs the holders of POL to burn their own circulating POL. I feel this is way more experimental and just than LockDrop, so I think Pool-X is really walking toward its destination.

Kratos’ token distribution is also trying to attract this kind of user to form this kind of community. We would like to work with these users to build a Kratos genesis community. On this basis, let KTSt be distributed in the most decentralized way, leaving Kratos entirely to the community.

Q: Why did Kratos choose 4 public chains, namely KCS, BTC, ETH and ATOM for token distribution?

Lou: Still connected to the just mentioned KTSt distribution justice, Kratos gives itself to the community, and has no any form of team reserve. We completely take Kratos as a blockchain pioneer experimental factory, and so it needs a specific group of people and the best blockchain users. So we chose KCS,BTC, ETH, ATOM users for the KTSt drop.

In this distribution mechanism for KTSt, Kratos actually interacted with 4 different chains: KCS and ETH are on Ethereum, ATOM is on Cosmos, BTC is on Bitcoin, and KTSt is on Kratos.

Again, KCS is the future system token of KuChain. As I mentioned earlier, KTS can show KCS holders on Kratos what they can do following the KCS when migration to KuChain in the future, so KCS users must be the users who need to care about KTS the most.

ATOM is Cosmos, and the underlying technology shared between KuChain/Kratos is based on Cosmos-SDK. As a member of the Cosmos ecosystem, KuChain/Kratos is willing to complement Cosmos’ ecosystem especially the application layer. Because Cosmos itself is more biased towards the development and construction of the bottom layer, KuChain/Kratos will try to develop the application layer of the Cosmos ecosystem. Cosmos IBC can also expand the demand for KuChain/Kratos as a decentralized financial public chain. So KuChain/Kratos is related to the Cosmos ecosystem and needs feedback from ATOM users.

BTC and ETH are even easier to understand: BTC users are the most native and real users of the blockchain industry, while ETH users already understand smart contracts, on-chain activities, and are a group of users who need better services. Kratos wants to attract these users, so Pool-X helped us to set BruningDrop with 4 different tokens in 8 different products.

Kratos focuses on the most directly related KCS users, and is willing to let more users who believe in decentralization directly obtain KTSt. As such, Kratos chose to include ATOM, BTC and ETH users for KTSt distribution.

Q: Why did Kratos choose BurningDrop instead of LockDrop or other forms for distribution?

Lou: Where LockDrop is a leap from Airdrop, as a public chain, we hope to further find better users. We believe that users who hold POL are already very high-quality users. Therefore, we believe that the distribution of POL in the past has cross-age significance. Almost all people who hold circulating POL are the most true believers, supporters and earliest participants of on-chain financial activities.

BurningDrop adds the burning cost of POL to the time cost. At the same time, POL cost is not given to the project, but burned. As a public chain, you can get a group of people who hold fundamental assets and hold tokens such as POL with a sense of experiment and justice.

Q: Will KTSt swap/exchange to KTS in the future? What do you think would be a reasonable price for KTS?

Lou: I think the word swap is not accurate. Let me maybe briefly explain the relation between KTSt and KTS.

In Kratos Betanet Events — Phase II, KTSt is operating in accordance with KTS’s token logic, and this Betanet Events — Phase II is a test for the Kratos economic model and governance mechanism. In other words, KTSt is on-chain gas and a carrier to protect the rights and interests of governance activities such as proposing, voting, and validating on-chain.

We will announce the specific schedule for the Betanet events in the coming weeks. Before that, the KTSt everyone obtained can be directly used for voting governance. Vote your KTSt to Kratos’ test nodes (after the KTSt BurningDrop, we will gradually announce these nodes).

After the betanet test starts, everyone can experience the beta version of Kratos. You can experience the governance activities such as on-chain proposing, voting, and validating as I just mentioned. Through the above activities, everyone can obtain the benefits brought by the PoS consensus mechanism.

It is equivalent to being a member of the genesis community of the Kratos network, just like Adam and Eve in the Garden of Eden.

Based on its characteristics and philosophy, Kratos will be completely governed by the community who will determine all its direction and development. Of course, this does not mean that we have no plans for the development of Kratos.

Our planning path will be public for all participants to argue, question, put forward opinions and even overturn. In other words, the Kratos beta network will demonstrate all operations of the entire community experience.

If everyone thinks that the economic model and governance mechanism we originally set is OK, and everyone is willing to see such mechanisms on the official Kratos, then everyone can make proposals in the community, initiate on-chain voting, and make the Kratos beta network become the Kratos official network.

When this happens, KTSt will also become the real KTS token with the network update.

I just explained the question of “swap/exchange”, so it’s not “exchange” but a kind of “conversion/transition”.

At present, everyone may be most concerned about the price of KTS. On the landing page of Kratos Genesis on Pool-X platform, we have mentioned that we do not recommend trading. After all, it is a test token, and it has more important uses than trading.

As a public chain, again, it is an ecosystem governed by the community. The price is determined by the market.

Kratos/KuChain listens and follows the community’s voice and decisions. To develop and build the chain’s ecosystem, give more solid ground to support the community’s demands, and fulfill the community’s common goal.

Q: When will the mainnet of Kratos be launched and will KTS be listed on the KuCoin market?

Lou: As mentioned earlier, Kratos completely gives itself to its community. Following the Kratos Betanet Events — Phase II, the official live date for Kratos will be decided by the community, who are the KTSt holders.

Will KTS be listed on the KuCoin market? It’s your call, KTSt holders!

In the case that KTSt holders consider that the chain is poorly developed, or there are problems with economic mode, or the governance mechanism lacks on logic, as members of the Kratos Genesis community, you guys have full rights to decide whether we need to rebuild Kratos, or whether KTS should be listed on KuCoin, or anywhere.

At that time, as the KIT (Kratos Iteration Team), we will support such decisions technically. By all means, we will guarantee community rights through technical approaches.

Free-Ask

Q: Thank you for this great ama. I think we’ve learned a lot more of the KTSt future, what I’m still wondering is how will the distribution work for KTSt? Will this be unlocked overtime or all at once?

Lou: The distribution of KTSt will be done all at once on September 25, 2020!

Q: What’s your 3 more projects and next plan for growing POL?

Mia: Kratos, Velo and Combo!

Q: in Phase II, I have read that there are three steps to join which are charging, Matching Players, and Launching. Please explain to me what these steps are and Why Was Kratos Genesis Chosen?

Lou: So charging is the KTSt distribution, Matching players is for nodes and wallets to join the Kratos beta network, and Launching is when the Betanet Events Phase II officially begins.

Q: Can you tell a feature or features that you like best about #Kratos so that it can compare with other competitors?

Lou: We have developed a LSP (Liquidity sharing protocol), which is a module on-chain that applications can call on to share liquidity with other applications on chain.

Q: There are so many coins in the market, how will it differ from them? What are your plans for POL to take it to a higher level?

Mia: POL is different from many other coins at the very beginning, as there is no team reserve. The POL was released by LockDrop at the first stage, and currently the POL is also released via mining.

Q: Do you accept donations to try to develop the Kratos project?

Lou: Yes we do, we actually have a special entry on Kratos’ official page https://kratos.network/kratos/donation

Q: Hi @LouKuChain, Why does Kratos have to make a KTS token instead of just using KCS? Isn’t it better to expand the use case of KCS on KuChain?

Lou: Because basically, the relation between Kratos and KuChain is like Kusama and Polkadot. Kratos will continue to operate even with KuChain going live.

And yes you are right, KTS and KCS communities will be very much shared. Yet the communities’ choices for the networks’ development could be very different in the future.

Q: Hi there @Miazhou

Recently, many blockchain projects got hacked So my question is, How does Pool-X guarantee the safety of user funds if PoolX was hacked? What has PoolX prepared about it?

Mia: BurningDrop has passed strict security tests, and the built-in risk control system can detect and intercept potentially dangerous operations in real time.

Q: This question is for @Miazhou, why should I burn tokens/coins that already have a price to exchange unknown tokens that don’t have a price?

Mia: Burning POL is just a choice for users. We just set the rules to ensure that the participants are believers and not speculators, especially for the initial distribution of the token.

Q: DeFi has been a very popular movement in crypto, so does Kratos have any plans to integrate this into your ecosystem?

Lou: Yes, Kratos and KuChain are built to serve decentralized financial services. This is not limited to DeFi as we call it now. More info will be shared soon with our white paper release, so please stay tuned.

Community

KuChain emphasizes the core value of community first, aiming at a prosperous ecosystem jointly contributed, and the path of which will be collectively decided by the whole community. Come and join us at:

GitHub: https://github.com/KuChainNetwork

Discord: https://discordapp.com/invite/2tWtHDm

English Telegram: https://t.me/KuChainOfficialEnglishCommunity

Chinese Telegram: https://t.me/KuChainOfficialChineseCommunity

Reddit: https://www.reddit.com/user/kuchainofficial

Facebook: https://www.facebook.com/KuChainOfficial

Twitter: https://twitter.com/KuChainOfficial