The first community AMA of Team Saturn was held in our telegram chat group on February 10th 2019.
Thank you to everyone who joined in, and a special thanks for everybody who contributed to the discussion. Shout-out to Patrik K, Kawin, GMSaltarelli, tolgn1907, Benz Rif, Ratindra and Ma Na!
We had a lot of fun and it was very interesting to hear your thoughts. If you missed this one do not worry, I am sure that we will schedule another AMA to happen in March. We know our community is pretty global, so if you have a suggestion for a different time slot for the next session please let us know. Though if you have any urgent queries and can't wait, please do come and ask us in our forum.
I have put together a summary of our AMA below, or if you prefer to read through the complete transcript it has been published also.
Summary of the AMA:
Is anyone on the Saturn team familiar with Zizek? Or any other contemporary philosophers you are following?
Never heard this name. I don't think that any of us are "following" anybody when it comes to thinking. Independent thought is key. Although I do agree that there is value in reading what other people have to say but not in a sense that you adopt their thinking. Only in a sense that you can understand their position, where they are coming from, and you can, if needed, establish a dialogue on equal terms with them.
When is our next DEX planned for, which blockchain & how are we doing on cross-chain protocol?
As far as new blockchains go, we believe that it is best to perfect our current offering before we expand. We do develop with multi-chain in mind, so expansion should be 95% marketing and only 5% dev work and as far as cross-chain trading goes, we've stated all along that while it is possible to set up atomic swaps today, in reality, it will be a failed product that nobody can use. We are both on the lookout for new, more user friendly ways to let traders get exposure to assets on other chains, as well as bootstrapping on-chain token liquidity for user-friendly cross-chain swaps.
Innovation on cross-chain atomic swapping will most definitely be arriving in unexpected ways from unexpected places. Any projects you see out there that are worthy of note?
The most interesting projects in this space that I am looking at are:
• MakerDAO and DAI - DAI is a synthetic token that receives a USD/ETH price feed and generates a USD stablecoin. It is possible to replace this with ETH/ETC or BTC/ETH feed and create crypto-denominated stablecoins.
• PeaceBridge - Although now that the developers were bought out by Kyber I seriously doubt how this solution will work.
• Metronome - A cross-chain currency. Using MET as a base pair on DEXs can help traders transfer value between chains.
You published an article about Atomic Arbitrage, can you explain about this project and if it is developing?
Great question, glad you found that blog post interesting.
The idea behind atomic arbitrage is very simple. Normal arbitrage is two trades that need to be executed in a predetermined order. The time difference between these two trades creates slippage - somebody might take that second order and you end up holding the bag.
Atomic arbitrage uses the fact that inside a smart contract you can execute both trades within the same block, ensuring that there are no transactions in between.
Any DEX can benefit from atomic arbitrage. My forecast is that atomic arbitrage will be very popular within the next 2-3 years and users will be able to choose almost any DEX they like based on user experience and get access to same liquidity and same prices. It will be a more of Uber vs Lyft story (you don't care which app you use as long as you get to where you want fast and cheap) rather than Facebook vs MySpace (people left myspace and it became a desert island).
And the development of atomic arbitrage on your part at what point is it, when we could use it, we will have to wait 2-3 years?
I think it will be faster than 2-3 years, I'd say I see it happening this year on our platform. As far as when could we use it? I believe it is a fairly advanced feature for professional quant traders - you will need to run trading bots for that with all the problems that it entails: securing against DDOS, securing private keys, managing 24/7 server. The good news is that every user of the platform will benefit from pro traders using this feature, because it brings volume to the exchange (and fees for SATURN token holders). And helps price discovery, so whenever casual traders want to buy or sell a coin they will be able to do it at the best price.
This is how stock exchanges and binance or coinbase operate themselves, our plan is to bring the same user experience to decentralized exchanges. If anything, DEXs should be even easier to use than centralized exchanges, and if you just follow our project, or compare Saturn to ForkDelta, you can clearly see that new technologies emerge roughly every 6 months and they make dApps much easier to use.
What do you think of the Quant project, from a conceptual standpoint? In case not familiar, Quant Overledger is seeking to build an “OS” that operates on top of all blockchains, coins, etc. so that it may be blockchain agnostic and interoperable through the development of mApps (multi-chain dApps).
Never heard, your short description sounds pretty useless to me. As in, saying all the right things, and describes a real market need but I doubt they will be able to succeed in this venture. If you look at operating system market today you will see that the vast majority of business world runs on Linux / BSD, which is $0 upfront and $0 monthly. If a crypto multi chain dapp OS will emerge it will only be popular if it lets dapp developers capture 100% of the value they generate, and the middleware layer should be free. Tokenizing the OS makes no sense to me.
What did you want to do to gain more acquaintance? Clearly a product is measured in terms of its quality and quantity and will also make waves accordingly, but in terms of advertising, a lot has to be done, do you have any specific plans?
Specific plans for the moment are outlined in our Q1 goals blog post. We are working towards internationalization and improving our on-boarding for new users.
We find at the moment, a lot of new users who turn up on our exchange can find themselves asking more questions about what is going on & how to use our platform than quickly finding the answers they need. So this needs to be reactified, because without it being solved it is not really possible to run a marketing campaign with success. If we spend money to bring in a lot of traffic for example, but new users are simply confused & close our website then it will not help us grow. And in terms of more exciting developing we are working on finishing up Saturn's API to allow write and not just read, to allow developers to create trading bots that interact with our exchange.
Once we have finished everything outlined in our Q1 blog post, for example implementing categories for our userbase. Are you a trader? Investor? Developer? A business? It will be much easier for us to run marketing campaigns in Q2 and measure their success, if we started to do this now, we would not be able to tell if they brought us any ROI. And we have no wish to waste any of our investor's money.
Question towards liquidity: Which are the most traded tokens on other exchanges and why are them not listed/tradable in Saturn?
Not really sure what the most traded token on other exchanges is these days, probably BNB? Or a stablecoin token? But you can list any token on Saturn! Our exchange features self-listing which is automated and there is no censorship so we are not stopping anything. The only problem is when a developer has created a "broken" token contract then it may not work.
In regards to why people do not trade these tokens on Saturn, I believe the answer to that is lack of marketing funding and network effects. Users mostly don't want to learn anything new once their existing problem is solved. All these tokens are tradable and listable, we just need more capital to appear in the order books. Some of the community incentivization programs we are working on should help with this, stay tuned.
How is trade mining going as a measure to increase liquidity? Is it enough to incentivize market-making?
Trade mining & token holder dividends are both things that compound. At this point the numbers aren't amazing enough to sway public opinion. At some point they will grow to numbers that spark interest. Eventually there will be a FOMO if price-per-token is less than the amount of dividends you can get from holding the token.
At this moment though trade mining is primarily used as a form of "fair" token distribution scheme. One of our goals is decentralization of ownership. The more invested people care about Saturn and hold Saturn tokens the better for the whole network, and trade mining just seemed like a good way to tackle this problem for now.
Are there some planned or upcoming partnerships? Maybe Ethos Wallet support for ETC tokens?
We are still chasing down some interesting price aggregator websites for our exchange which should help some of our ETC developers with promoting their tokens, such as Coingecko or CoinMarketCap. Ethos? They do support ETC but not sure about their requirements for listing tokens. We will happily reach out to them and find out.
If anything comes up we will definitely announce it! And we are always open to talking or reaching out to people, if you know someone or think something can be interesting for Saturn Network feel free to put us in touch.
Future is bright!