Recap: AMA with Rocky | Avalabs team on Avaxholic Avalanche community
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Avaxholic: Hi Rocky, Can you introduce about you and Avalabs team?
Rocky | Ava Labs: Of course. I first want to thank Jacob and the team at Avaxholic for hosting me. It’s truly an honor to see the great work you’ve done to further the Avalanche ecosystem.
Rocky | Ava Labs: I’m Rocky — Marketing Coordinator at Ava Labs. I’m mainly a behind the scenes guy planning/coordinating events, marketing support, and general community building efforts. My job is a lot of fun!
Avaxholic: Rocky is a really energy guy and always helping Avaxholic. Let’s go the part that everyone is waiting for I have been collecting questions from google form since 4 days ago and i will start with the question number 1.
Avaxholic: 1. So many projects have rug pull from the other ecosystem like BSC, ETH, SPL, etc… What is your point of view about projects building in the Avalanche Ecosystem. How Avalanche protects users and traders?
Rocky | Ava Labs: So let me first start off by saying: Users of any platform must always do your own research (DYOR). With that, you bring up a very important point. Rug pulls can technically happen on any permissionless chain and Avalanche is no exception. However, there are a few things that help. For starters, I always recommend users to look into a project to see if it’s had any audits done by top tier auditors. This is usually a good sign that the project cares about its users funds and the security of the smart contracts. Next, there are 3rd party entities that look into projects and see if there are any blatant vulnerabilities (rug pulls, smart contract errors, etc.) In the Avalanche ecosystem, there is a project called RugDoc that does just that. https://rugdoc.io/ Good luck out there!
Avaxholic: Nice, I’m sure this answer is really helpful for any investors joining Avalanche Ecosystem. They had mention about this a lot in the docs that i collected. Let’s go to the 2nd question that everyone is really care about.
Avaxholic: 2. Does Avalabs team KYC projects before letting them build on Avalanche?
Rocky | Ava Labs: The Ava Labs team does KYC projects that elect to do Co-marketing. We do our best to do due diligence and make sure the project is legit with solid backing before proceeding with any co-marketing efforts. However, that being said Ava Labs will never officially endorse or “partner” with any project due to the nature of Avalanche being open source and permissionless so any project can start building anonymously on the chain. So as with everything in crypto please DYOR.
It’s good to have developer friends in the ecosystem that can look into the smart contracts of different projects you want to use before jumping in.
Avaxholic: Perfect, i think this is a quality answer! Let’s move to the 3rd one.
Avaxholic: 3. Avalanche is growing so fast and Avax is global, but are there any markets that Ava Labs is specifically focusing on?
Rocky | Ava Labs: That is true, Avalanche is borderless and has no home or headquarters. It lives on the internet. That being said, Ava Labs’ job is to ensure that the Avalanche platform is known in the world of developers, DeFi farmers, enterprises, etc. So our focus is where those parties are. That being said, I think there’s something to be said for using Avalanche as a payments platform as well. So I think anywhere where there is a large population of unbanked or underbanked people, Avalanche could really help them transact. Look into what’s happening in El Salvador, I think Avalanche could make a really strong case for being the de facto payment network in a place like that. We naturally have a strong presence in the U.S. but we certainly have vibrant communities in many countries like: Turkey, Vietnam, China, etc. Avalanche has community managers in almost 20 countries allowing the platform to get truly worldwide exposure. No matter where you live and no matter who you are, you can start building and using Avalanche’s many benefits and features.
Avaxholic: nice answer. So it’s gonna be for everyone as long as you have internet to connect tho. Here is the 4th question.
Rocky | Ava Labs: Yep exactly
Avaxholic: 4. Is there any reward for who can find bugs in Avalanche. How Avalanche protects users from hacking their assets?
Rocky | Ava Labs: Great question! Yes, Ava Labs does in fact have a bug bounty program that is running on Hackenproof: https://hackenproof.com/avalanche
Hackers can report bugs within the Avalanche protocol and other various Avalanche assets and get rewarded for exposing these vulnerabilities. As I’ve said before, Avalanche is permissionless and open-source. So always DYOR and proceed with caution no matter what you are doing.
From a protocol level, Avalanche is validated by over 1,000 nodes and is highly decentralized. The safety threshold is extremely high, which means that in order for an attacker to gain control of the network they would need to take control of 80%+ of the validation power. Compare this with other protocols where an attacker sometimes can take control with as little ast 33% or 51% of the validation power. The more you know 🙂
Avaxholic: Nice so any coder or programmer in this group is looking for a chance to get this reward. You guys know where to look at. Let move to the question number 5
Avaxholic: 5th NFT marketplace in Avalanche Ecosystem haven’t made any big moves yet compare to the other category.Can you show us some NFT projects in our Ecosystem? And what is vision of NFT in the future?
Rocky | Ava Labs: Yeah, we have quite a few NFT projects within the Avalanche ecosystem. Because our C-Chain is running on the EVM, the platform fully supports ERC 721, which is the defacto NFT architecture from Ethereum.
Our latest NFT launch being Topps NFT’s, which are digital sport collectible NFT’s created by Topps and built on Avalanche. You can check them out here: https://toppsnfts.com/
You can also view more NFT projects at: https://www.avax-projects.com/
As far as general NFT marketplaces go on Avalanche there is: Snowflake Market, CryptoNeed, Unifty, Kalao, and NFT Stars to name a few.
Support your indy artists using these marketplaces, they someday could be the next Punks. 😉
Avaxholic: Toppsnfts is really trendy right now i think who havent had a chance to look at it. You guys can check it out today after the AMA. Here is the 6th question.
Avaxholic: 6. Does the Avalabs team support projects on Marketing, Development, etc…?
Rocky | Ava Labs: Yes absolutely, Ava Labs exists for just this, to support and grow the Avalanche ecosystem. Ava Labs has many avenues to help ecosystem projects build, develop, and market their solution. For starters, projects building on Avalanche can receive grants, marketing and development assistance, and users within the Avalanche community.
Our grants program, called Avalanche-X (https://www.avax.network/avalanche-x) is robust and looking to help fund projects that leverage Avalanche in unique ways. Our co-marketing program can help market your project to the Avalanche ecosystem via blog posts, Twitter announcements, AMA’s and other events. Finally, the dedicated Avalanche community of users is always looking to try and use the latest and greatest dapps on Avalanche. 🚀
Avaxholic: niceeee, so anyone in here knows how to code and can build projects. Please come to this opportunity to get support from Avalabs. If everything is qualified. Avalabs can help your project grow really fast.
Rocky | Ava Labs: Yep, just look at BENQI, 0–1B TVL in a matter of only a few days!
Avaxholic: yeah, thats like a trigger for whole Ecosystem, here is question number 7.
Avaxholic: 7. We haven’t seen a lot of GameFi on Avalanche Eco. Does Avalabs team have plan to push it on our ecosystem?
Rocky | Ava Labs: Yes, with the explosion of GameFi in the recent months, like Axie Infinity, we’ve seen an uptick in demand for more games built on Avalanche. In fact, just this morning we have a project called Yay Games that decided they are going to build on Avalanche. I’m excited to see development of GameFi on Avalanche as it incorporates the thrill of a game, with the novelty of NFT’s at the speed of Avalanche.
Being a gamer myself, I can’t wait for blockbuster games to start incorporating NFT’s and other blockchain related items in their game that I can make, collect, and transfer between my favorite games. https://medium.com/avalancheavax/yay-games-brings-decentralized-gaming-to-avalanche-rush-program-98827a7e28c8
Avaxholic: Yeah, there is a lot of space to build games on avalanche comparing to the other chain. Most of games are growing on BSC and ETH. I hope in the future $AVAX can do it better.
Avaxholic: This number 8th question is really helpful for anyone trading on DEX right now.
Avaxholic: 8. Can you explain what is the difference between USDT.e and USDT on Avax. Why the spreading is huge now, around 10–20%?
Rocky | Avalabs: Very important question! USDT is the legacy token version from the previous Avalanche-Ethereum bridge (AEB). Now with the new Avalanche bridge (AB) in place, assets from multiple ecosystems will start to make their way to the Avalanche ecosystem.
In the name of composability, the .e nomenclature stands for that asset is from Ethereum (USDT.e). In the future you might see other suffix’s on various tokens on Avalanche. To read more about this, please reference this article: https://support.avax.network/en/articles/5521061-i-see-multiple-versions-of-an-asset-on-project-one-has-e-at-the-end-of-its-name-and-the-other-doesn-t-what-s-that-about
Avaxholic: Nice answer, Everyone please take a look at the article. Cause Avalanche Ecosystem is moving stable to usdt.e and you guys should skin in the game right now to understand it.
Avaxholic: 9. What makes Avalanche Difference from the other chain?
Rocky | Avalabs: Many things! Starting with the novel consensus engine called Avalanche Consensus. It allows for ultra-high throughput with sub-second finality and solid stability guarantees.
There is also a high degree of decentralization of the platform as there are more than 1,000 validators within the network. Outside of that, the platform allows for many programming languages to be used. Solidity being the most popular but also allowing for others like WASM, etc. Avalanche also has a dedicated and diverse community that is unmatched in the crypto ecosystem.
Other things I recommend you look into that set Avalanche apart from the rest are: subnets, multiple VM’s, fully EVM compatible, pruning, etc. 🤓
Avaxholic: nice answer I think it’s really helpful for new investor look at Avalanche Eco right now. Especially invest in the main layer 1 $AVAX. this is the last question for the AMA today.
Avaxholic: 10. Is there any fund that projects can reach in Avalanche Ecosystem if they want to raise fund?
Rocky | Avalabs: Yes there is! In fact, there are several avenues available, first being incubators like Avalaunch (https://avalaunch.app/).
Next, there are specific Avalanche investors that look to provide seed funding for Avalanche dapps specifically. I’d recommend you poke around on Twitter to find them. 😄
Finally, Like I mentioned earlier, we have a grant program where there is several open grants that projects can apply for if they meet the category requirements: https://www.avax.network/avalanche-x/open.
Outside of that, we are always evaluating new projects with unique use cases that have never been seen in crypto before. I’d encourage you to apply for a general grant in that case: https://www.avax.network/avalanche-x/general. There are many ideas in the pipeline that will help facilitate the next chapter of growth for the Avalanche ecosystem.
Avaxholic: Thank you for spending time with us today to go through all those questions. I bet the AMAs today is really helpful and everyone having the answer that they need. We’re really appreciate you keep everyone updated whenever Avalanche getting new updates. I will try my best to make more AMAs with avalabs to make sure everyone get educated and success in investing path. We’re really appreciated for you time today.
Rocky | Avalabs: Thanks for having me. I appreciate everyone’s attention. I also want to thank the Avalanche ecosystem projects and users. Without you, Avalanche would be nothing. Thank you 😃