Like announced in our previous blog post we have conducted another AMA. We have received a lot of questions and you can find the answers below. Questions revolve around different topics, like business, integrations, tokenomics, marketing, staking, listings and team. Thank you to all our community members for questions and continuous support! Now to the AMA 👇
Do we have any customers using Paralink, and how many?
Paralink has 22 established partnerships. Some of them are testing the Paralink Node for their data ingress needs, but others are behind their development schedule, or took some time off during the summer. Paralink is open source, and anyone can visit our Github and start testing and using our Paralink Node. Here are some useful links for developers:
We also have some individual developers that are testing out our Paralink Node and if you would like to join and give us feedback, please reach out to us.
Do you still expect to get a parachain by the end of 2021?
We can not give any information regarding the parachain slot as Polkadot has not confirmed the final dates yet. As soon as we get confirmation from Polkadot about the further development of parachains, we will post an update to the community.
What is missing for the token to be at a usage level?
First, we would like to secure a parachain slot on Polkadot. If this will not happen in the foreseeable future, we will focus on other low-cost and scalable blockchains that allow for the use of smart contracts. For that purpose we already support ethereum and Binance Smart Chan (BSC), Polygon support is close to completion and we will also plan to support Cardano.
About partnerships, is there any more in-depth information that can be said?
We are working on establishing new partnerships, but the summer proved to difficult time as many projects took some development time off or are not ready yet to use the oracle solution. Negative price action of the entire market also affected the industry. All existing partnerships are already announced on our blog here: https://blog.paralink.network/
Is the existing timeline on the current website still accurate with regard to Paralink’s stated goals on the timeline for Q3 and Q4 of this year?
The current timeline on the website is outdated, and a new timeline will become available when a new website launches in the following weeks. Like mentioned before, our main goals still depend a lot on the development of Polkadot so we have to adapt our operations weekly.
What is your backup plan if you couldn’t get a Parachain on Polkadot?
We will focus on other low-cost and scalable blockchains like Binance Smart Chain (BSC), Polygon, Cardano, etc. We are also closely following the development of ethereum transition to Proof-of-Stake (PoS) and Ethereum 2.0 is also a viable technology stack for on-chain consensus.
Is there live 'testing' on the Kusama network ongoing or planned?
No, because the Kusama network does not support Cross-chain Message Passing (XCMP) protocol which is the main advantage of using Polkadot in the first place. Once they introduce the working XCMP protocol we will update the community.
What is Paralink's differential for others?
Paralink is an open-source project which allows anyone to use it and modify it. Sourcing the data is done by Paralink Nodes through Paralink Query Language (PQL). PQL allows one to query SQL databases, access web API's, scrape websites as well as access state from other blockchains.
IPFS is used to immutably store the job definition and provide an addressable content hash. The hash is only 32 bytes long, which is significantly shorter than the job definition itself, making it suitable for request signalling on resource constrained chains such as Ethereum. This means that developers save resources by using less costly oracle solution.
To read more about PQL we suggest the following reading:
What do you think is the next fundamental step that the project must reach?
The next fundamental step is the widespread adoption of Paralink Node and getting listed on top-tier exchanges.
If you are unable to win a slot in the parachain auction on Kusama, will the project be able to continue development?
In your opinion, what is the key feature that makes Paralink better than its quintessential competitor, Chainlink?
Paralink is cheaper (lower cost of data ingress) for developers to use and easier to use due to PQL (Paralink Query Language). It is also more flexible because it is open source and everyone can modify it. If we want to achieve true decentralization, the use of multiple oracles will have to become an industry standard. If everyone will rely only on one oracle it can become a single point of failure.
When you release more information on the amount of tokens needed to maintain a validator node?
At this point in time we can not give a final answer to this question. We should have more information about that in the future.
As investors, we want to make sure we are investing in legitimate projects. Most projects have milestones and performance targets as well as progress updates. Will PARA implement something that allows investors to view the progress of certain milestones? Will there be a more detailed roadmap to show progress and upcoming milestones?
You can expect more detailed milestones and roadmap later this year with the new website. As mentioned earlier, our plans are tied to the development of Polkadot ecosystem of parachains.
When can we expect PARA to provide the plans on how to secure parachains? And what is PARA doing to create a working relationship with KSM and DOT?
Same as before, we will provide more information on securing our own parachain, when Polkadot will deliver new updates.
Transparency and proof are very important in the crypto space and in business. The Graph ($GRT) is one of the most recent and notable competitors to LINK, they currently have subgraphs that show data analytics and the activity of their native token. Will PARA have something similar that shows the use and the activity of the PARA tokens? How can we as investors/potential investors see how the transactions take place and how the queries process the transaction from partners?
We already have a beta version of the explorer for our testnet here: https://explorer.paralink.network/
We also plan to have a full featured explorer for on-chain transactions in the future. The main explorer will be able to show node activity and other tx info.
The auction process for a parachain on Polkadot needs a lot of money. Some cryptos reserve a part of the tokens to finance such a cost. Do you expect to do the same? How will you finance this auction process?
We were already approached by large auction staking providers but everything got delayed because parachain ecosystem is not ready yet. Moving forward we will announce updates about the auction process once we reach that stage.
Can we have an ELI5 explanation of the use Paralink Network use case?
To understand the Paralink Network use case, please read this blog post first: https://blog.paralink.network/paralink-network-data-ingress-overview/
For example, we want to create a smart contract for logistics supply chain service. Our goods must be stored in a temperature-controlled environment where temperature must not exceed 10°C. If the temperature exceeds 10°C, the carrier must pay the penalty for every minute when the temperature is higher than specified.
If we want to create an automated penalty system with a smart contract, the rule could be as follows (on a high level):
“Check the temperature every minute, and IF the temperature exceeds 10°C, THEN send $X from this address to that address.”
The temperature, in this case, is a piece of off-chain information that is not stored on the blockchain. Our smart contract is useless if we can’t acquire data about the temperature in the container. This is where an oracle solution comes into practice, and Paralink can be used for such use cases.
How was the Launch of a parachain on Rococo testnet since I haven't seen your project at https://polkadot.js.org/
We have not launched any Parachain on the Rococo testnet as it lacks the XCMP protocol. Without XCMP protocol the interoparabiltiy is lost.
Why is the circulating supply still not updated on Coingecko and Coinmarketcap?
We are in contact with Coingecko and the CMC team, but they are very slow in responding to our requests. Hopefully, we will be able to update the circulating supply soon.
What’s the currently available supply of Para in the market?
Currently, there are:
- 73,038,995 PARA tokens on Binance Smart Chain (BEP-20)
- 71,709,088 PARA tokens on Ethereum (ERC-20)
In total: 144,748,083 PARA tokens in circulation.
We still have a 10M ERC-20 token burn coming soon.
You've talked a few times about offering tokens to private investors. At what price do these investors buy, and what criterion for selling?
- Seed sale was at $0.012 (66,666,666 tokens) with one year vesting period.
- Strategic sale was at $0.016 (62,500,000 tokens) with one year vesting period.
- Private sale was at $0.020 (50,000,000 tokens) with one year vesting period.
- Public sale was at $0.045 (6,666,666 tokens) with no lockup.
Everyone can buy PARA on gate.io: https://www.gate.io/trade/para_usdt
and DEXes; Uniswap (ERC-20) and PancakeSwap (BEP-20)
Can PARA also provide clear information of token unlock dates?
- 1st batch was unlocked at IDO, May 24, 2021.
- 2nd batch is scheduled for Aug 24, 2021.
- 3rd batch is scheduled for Nov 24, 2021.
- 4th batch is scheduled for Feb 24, 2022.
- 5th batch is scheduled for May 24, 2022.
How is PARA involved / taking action for reaching out to more developers?
Paralink was recently added to official ethereum documentation here: https://ethereum.org/en/developers/docs/oracles/
We are also working on adding Paralink to other blockchain documentation so that developers will know that Paralink is available. We also plan to work with some YouTubers that focus on the development aspects of the smart contract field. Once a new website is up, it will deliver a better lead generation process and onboarding experience for smart contract developers.
What is PARA's current business plan for adoption?
We are developing a new website that should be out in a few weeks. It will be more developer oriented with more examples and easier onboarding experience. We are working on BD side, talking with other projects and teams for a possible partnership for their data ingress needs. We are using our own industry connections, and we are always looking for collaborations and introductions.
Can you provide some news about PARA staking?
We know that staking is a very hot topic in our community. On-chain consensus where staking comes in play is connected to Polkadot development. Like mentioned above, if the Polkadot ecosystem will not become operational in the foreseeable future, we will aim to establish an on-chain consensus on Ethereum 2.0, Binance Smart Chain (BSC), Polygon, Cardano, etc.
Validators will be responsible for validating transactions (and data requests) and stake PARA tokens in the process. If the validated results will turn out to be valid, validator will get rewarded with more PARA tokens from a reward pool. If validated results will turn out to be invalid, the validators staked tokens will get slashed. More detailed information will be provided once we get closer to Polkadot parachain release.
Your roadmap says staking is available in Q3. When exactly?
Depends solely on the Polkadot development which we are monitoring closely. We will update the community as soon as we get more information.
Will staking be based on the Ouroborus protocol?
We will reveal this information at the later date.
Don’t you think Paralink has very little communication with outside ? Very little marketing ?
We are focusing on reaching smart contract developers. In the crypto space it is very crucial to find good projects that are building something real and valuable. We believe we have developed a great solution for smart contract devs that will greatly accelerate the data ingress development. So our marketing is currently very B2B oriented, we want good partnerships without any virtue signalling that a lot of other projects are doing. There is also a very little understanding in our community about Paralink and we try to create content that will help everyone understand our value proposition. You can expect more helpful content in the future. This will also help in our marketing efforts in the future, so that influencers and YouTubers will actually understand what they are talking about.
When will Paralink going to list on top exchanges?
We are trying to secure new listings on more exchanges, but we are only focused on top-tier exchanges. Due to increasing regulatory pressures, negotiations are very long at the moment, especially for very young projects like Paralink. It might take longer to get listed on new exchanges. Lower-tier exchanges are not a priority right now as they can not offer a good trading environment with enough liquidity on the trading pair.
I'm very curious about that the team’s lack of communication with the public, and how can you secure a parachain on Polkadot without the support of the public.
The team is communicating regularly, there are only some fudsters that try to give such an impression in our chat. We read all your comments and feedback. We are focused on conversions with developers. Paralink is a B2B project and as such requires business development and establishing new partnerships.
Jan Knežević is still the CEO or has he left the project?
Yes, Jan Knežević is still the CEO of Paralink Network and is focused on business development, operations, and hiring.
We have received some more questions but they were either about the token price which we can not comment on, or the questions were very similar to the ones that were answered here. Once again thank you to everyone who has sent us questions, and hopefully we have resolved some misconceptions that were around before.
Follow Paralink on social media to not miss important announcements.
Telegram Announcements: https://t.me/paralinkannouncements
Paralink Documentation: https://docs.paralink.network/
Email: [email protected]