🏅RECAP AMA EPID COMMUNITY x PARALINK

#EPID is Hosting an AMA with #Paralink #Network.

🕖AMA Timing : 1st March 11 AM UTC | 6 PM (GMT +7)
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 50 #USDT

➡️Segment 1: Project Introduction

Q1: Can you give a brief introduction of what Paralink Network is? What is it aiming to do, and what it intends to solve in this industry?

A:
Paralink Network is a multi chain oracle platform and we decided to build it on Polkadot.
First of all, the real-world data ingress is done by Paralink Nodes through our own Paralink Query Langauge-PQL. This allows one to query SQL databases, access web APIs, scrape websites as well as access state from other blockchains. Its a robust solution which is easily extendible to support custom data sources (actually right there is an issue with the existing solutions since the technical barrier to create a custom data source is high and takes forever). Besides the data, we have support for post-processing in a permissionless way via on-chain relayer quorums as well as reliable channeling of the computation results via PQL callbacks.
The next aspect of the project is the Paralink node and its query language. WIth it, you will be able to query APIs. databases but also parse JSON, XML and HTML, support multiple data sources, apply math functions, do type casting, aggregations and much more.
The last point which is extremely important to us is the On-chain security as well as the integrity of this data. This is a huge challenge and we think that so far it hasn’t been solved properly. So in Paralink, we have something called Relayer quorums which are self-organizing data repositories with reward token mechanics (as well as slashing offcourse) which aggregate and validate real world information. Our infrastructure is built with Substrate which means we get high throughput and economically feasible computing costs. Due to this technology stack, we can also relay computation results from Polkadot to other chains as well, but also monitor reliability via public reputation systems.

Q2: Can you share some of your background and experience? How did you know and get involved in cryptocurrency? What made you decide to found Paralink Network?

A:
I mentioned my background in my intro already. Regarding how we started Paralink Network. We decided to build it in q2 of 2020 after looking at other oracle solutions and seeing that the technology stack they are built on isn’t sufficient for providing a stable and resilient service. That is why we decided to build on polkadot to achieve higher throughput and add sufficiently expressive ETL systems and an advanced querying language which we felt were lacking in the current solutions.

Q3: Currently, there are many scam projects that cause investors to lose. So, Why we should choose and trust Paralink Network?

A:
We are always working to be as transparent as possible. We have open sourced our node as well as also launched developer testnet with developer instructions. We invite anyone interested in contributing as we have already onboarded developers this way when they provided good code.

https://docs.paralink.network/whitepaper/summary.html
https://docs.paralink.network/developer-guide/getting-started.html
https://github.com/paralink-network

Q4: Can you tell me more and everyone here about Paralink Network ecosystem?

A:
Paralink Network is a chain agnostic project so we are working to integrate with all Polkadot, Ethereum as well as other major blockchains. We have already partnered with Plasm, Edgeware, Darwinia, Reef, Bondly and others. We will offer them a oracle service and we are determined to become the go to oracle platform for all projects.

Our role is providing a stable and resilient service in this ecosystem.

Q5: What is a mission of project?

A:
We are building the easiest to use, most functional, and most secure oracle platform. The ease of use is achieved by making querying accessible to everyone-we are building a drag and drop UI so even non developers will be able to use it. PQL is the most functional querying solution at the moment. Our on chain consensus solution is the most secure and resilient solution in the ecosystem.
For more information check our documentation.

https://docs.paralink.network/whitepaper/paralink-node.html
https://docs.paralink.network/whitepaper/PQL.html
https://docs.paralink.network/whitepaper/security.html
https://docs.paralink.network/whitepaper/consensus.html

➡️Segment 2: Free asking

Q1: @Tinhs2k19
$PARA holders, can stake to get governance rights and the main responsibility will be the manager of the QUORUM RELAYER, what does the QUORUM RELAYER mean and how much APY is given when we bet $PARA how long will it take to bet?

A:
Relayer quorums are self-organizing groups of Paralink Node operators, who’s job is to service the data requests. Relayer quorums earn fees for providing the service and can be penalized — have their revenue and or stake slashed — via Reputation system.
APY will be around 20% at the start and with increasing demand it will trend down to 15%.

Q2: @Notme268
If I talk about Oracle Chainlink is the King. Also Besides Chainlink there are so many Oracles platform. So tell me that why should we choose Paralink? What are the advantages you have over your competitors?

A:
I’d like to show you a comparison table so you can have a clear picture about the advantages that we have over the current competitors. One of the biggest additions is the advanced queries and ETLs. We believe this will change the way people build dapps and think about data ingress into smart contracts.
Also, having cross-chain capabilities while maintaining on-chain validation and aggregation gives us the flexibility to do the kind of processing never possible before.

Q3: @Notme279
Why you decided to build on Polkadot? Don’t you think that ETH 2.0 Will solve all the exist problem and deliver much better than Polkadot?

A:
We have decided on Polkadot as we feel that its full functionalities will be available much earlier than ETH 2.0. If the latter will offer a more suitable technology stack for the oracle problem, we will switch to it but we will definitely see this at least 1 year in advance so there is no worry from our side. We have great solidity devs that will manage to continue development on ethereum 2.0. That said we are always going to be a chain agnostic project focusing on the best solutions available to us.

Q4: @Notme279
How does $PARA increase the value, liquidity and utility of tokens? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term?

A:
PARA is mostly used for B2B services between projects. With increasing demand for Paralink Network oracle services the price of the token will increase. Holders of para can pay the transaction costs of the callbacks as well as for services provided by the relayer quorums.
Besides this, its also serves an important role for incentives -so it can be staked into the relayer quorums — and those get rewarded for providing useful work — also the other way around — slashed for misbehaviour.
Its also a governance token, so you can vote for collators on the parachain as well as calibrating other parameters through the ecosystem.
And lastly, you can use it to provide liquidity in PARA AMMs and earn more of them.
The project needs to atract partnerships for the use of its token and holders of PARA can speculate on the market share it will capture/

Q5: @Nusrat84
As an individual user, what ways can I contribute to project growth? Do you have an ambassador program and what are its benefits?

A:
We are preparing an ambasador program and we will anounce it in the following weeks. If you are interested to learn more about the project or to follow announcements regularly please check here:

https://docs.paralink.network/
https://docs.paralink.network/whitepaper/summary.html
https://docs.paralink.network/developer-guide/getting-started.html
https://github.com/paralink-network
https://blog.paralink.network/
https://t.me/paralink_network
https://t.me/paralinkannouncements
https://twitter.com/paralinknetwork?lang=en

Thank you for the support and enthusiastic participation of the community!
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