2020NEXT | Dialogue with KIRA Network: a financial hub interconnected by Wanchain

Mateusz: I am an electronic engineer. I started working in the encryption field at the end of 2011. In the past 3 years, I have participated in the chain Working in the space/web3 ecosystem field, worked as an R&D developer at Barclays Bank, then as a chief infra engineer at Settle Finance in the US, and then as a product manager at Bity, an encrypted trading platform in Switzerland. Shortly thereafter, I founded KIRA with Milana.

Milana: Mateusz and I Always be a member of the inter-chain ecosystem.

We share a vision that there will not be a single masterchain network that can scale infinitely and provide All the features you could possibly imagine. In the long run we will have 1000's of projects connected to each other just like in the real world we see 1000's of small companies on the internet offering their services instead of a single site like Amazon offering their services in one location , which is a very rational idea. "

We want users to use 100% of assets with as little risk as possible , don't worry about liquidation caused by market fluctuations, we don't want users' property to be idle.

Hope KIRA can be connected to the real world economy, not just a crypto project, KIRA should Part of the real world, backed by real-world assets, not artificial tokens. We use real-world assets in the context of decentralized applications in the crypto space. We also wanted to find a way for Kira to bring in capital from outside the crypto ecosystem.

So we came up with an idea to make cryptocurrencies pledged to induce capital flows and utilize real world Assets, such as NFT, guarantee the security of network operators. KIRA is designed for hosting trustless financial applications where nothing is more important than security. That's why we came up with an idea to secure our network with multiple assets, no longer just originating from the crypto ecosystem, and integrate the cross-chain concept into our ecosystem to ensure fault tolerance.

Our vision has always been to develop a network that is self-sustainable and self-evolving, fully Operated and controlled by the community, so as to avoid crypto whales or the small circle of rich people.

Moderator: We know that KIRA chose Cosmos SDK as the underlying development tool, why did it choose Cosmos SDK instead of Substrate?

Milana: We are also actually building our own completely independent network. Cosmos, Polkadot, and KIRA can all be considered "hubs" that facilitate access and hosting of P2P services. The difference is that instead of focusing more on the financial aspect of cross-chain communication, KIRA focuses more on the actual security layer and attracting capital inflows through the economic power managed by our network's governance system.

We chose to integrate Cosmos IBC between Polkadot Cross-Chain Messaging (XCMP) and a custom Ethereum bridge agreement to show as much as possible the inevitable future of Web 3.0 and its client development.

Moderator: Will MBPoS, as KIRA's consensus algorithm, support all valuable assets in the future? After covering all encrypted assets, which type of asset will be next?

Milana: After all crypto assets, real world assets are next. KIRA plans to use tokenized real estate to secure the network. Example: You own a house in Shanghai, you go to a digital distribution company, and the company signs an agreement with you to transfer the ownership of the asset into the form of tokens, any qualified investor who holds such assets will automatically become a owner of this building.

Buildings can represent fungible assets, meaning a Assets can be distributed among many people, and of course it can also be irreplaceable and cannot be divided. NFTs on KIRA can also be fungible, meaning owners can split them into fractions so people can trade, borrow, game, etc. The owner of a fungible asset has the ability to repurchase the asset at net asset value. It is also the case that a fungible asset is a collection of other fungible assets, in a recursive manner, meaning that the NFT representing the building might also be composed of NFTs representing buildings, and those buildings could be represented by NFTs representing rooms ,etc. As long as the person holding the tokenized asset is a qualified investor, he will have full ownership of the asset within the full scope of local laws.

NFT interest in tokenized real estate assets. Your building is now represented by a token, for example, you can deposit that token via the IBC protocol, then request from governance to whitelist that token for staking, and governance will then A potential increase in activity to assess the value of an asset to the network as users are interested in trading or using those liquid forms of holding tokens, as KIRA supports holding derivatives.

Moderator: KIRA’s IXP has the potential to become Uniswap in a multi-chain world, can you share with you about IXP The advantages?

MATEUSZ : We created the IXP to demonstrate how the KIRA network can be used to host decentralized financial applications and leverage liquid assets to generate network activity. Users can stake and trade directly on IXP. These parachains are secured by the main relay chain (KIRA hub), where users can deposit and hold assets, and all deposited and held assets can be traded and transferred thanks to staking derivatives. IXP is also accessible via the IBC protocol, which means other projects can use it in their application stacks as well. IXP will also demonstrate how blockchain applications are legally compliant. Validating nodes can choose whether to execute certain applications (such as those that facilitate transactions), thereby maintaining legal compatibility within their respective jurisdictions. Also, by using a dID validator for a specific trading zone (parachain) such as an STO trading zone, it will be able to accept transactions from KYC accounts without requiring users to reveal their identities. Unlike in Ethereum 2.0, all validators are forced to enforce any type of logic deployed on-chain.

The main advantages of IXP are:

1. Ability to parallelize exchange operations through sharding of blockchain applications, which means multiple order books and AMMs can process multiple business.

2. Trustless market access: This means that one can list any asset without delay in a way that is censorship resistant, can Censorship of downtime or any party controlling which tokens can be traded. At the same time, allow all network operators to remain legally compliant through the use of dID and allow them to choose whether they want to be part of any particular trading area.

3. Programmatic access allows other blockchain applications to interact with IXP through IBC, which means that many networks can benefit and use the application without any interaction through the user interface, which allows KIRA Be part of other web blockchain application stacks.

Moderator: How is the economic model of KIRA’s native token KEX designed? What are the uses of tokens for KEX holders?

Milana: The economy uses a positive feedback loop to attract users and increase TVL, it starts with users depositing their tokens, as the governance of the network attracts users to stake. This leads to increased security due to the increased TVL. KIRA Consensus (MBPoS) further guarantees the liquidity of all staked tokens introduced to network activity, increasing the fee income generated by dApps deployed on KIRA, such as our interchain swap protocol. Growing fees reward revenue, which in turn incentivizes users to stake more tokens, and the cycle repeats.

KIRA Token (KEX) acts somewhat as a reserve currency for the staked token value. KEX is the most efficient way to generate income from our network operations through block rewards and fee rewards. Owning KEX also enables users to become validators and part of governance to participate in decision-making processes such as defining inflation or interest rates.

Moderator: We know that KIRA has just started the Phase 0 testnet, can you please share with us the testnet Condition?

MATEUSZ: We recently updated the content of the Phase 0 testnet on Medium. What participants will be testing is shallow compatibility between different operating systems. Only then will they transition to interacting with the blockchain application so they will be invested in it and we will use all the information the community provides to improve it. This will allow us to launch the testnet, which is the open public testnet. Governance will continue to provide a possible warm-up time for people to connect their devices to each other and start producing blocks together. So, it's a form of decentralization, and we're going to try to use that network as much as possible. So at some point, when people can no longer disconnect from the network or feel that the interaction is smooth enough, it will require me to continue to transition to the next stage.

Moderator: When will the mainnet be launched? How will it be different from the testnet?

MATEUSZ:Yes, just like all the functions to be tested in the test are part of the mainnet, it is impossible to say that there will be big changes when the mainnet is launched. Of course, the mainnet and testnet will basically roll out the same standards and settings. It will first start with a small PoA governance model, and then gradually enrich the content until the network can fully achieve self-sustainable development. This is the process of the so-called large network, and there will be multiple stages in the launch of the main network. And some features will be added later, I think it can become the second stage of the testnet later. Every time we want to upgrade, we pass the test first, and then we apply to the DAO. Maybe we'll launch something in the summer.

Moderator: What kind of partnership is KIRA Network looking for? Who are your current partners? Can you share with you the future development plan of KIRA?

Milana: We have cooperation or connection with Orion, Mantra DAO, Swingby, Math Wallet and many other projects. You can see them in the partners section of our website Kira.network.

Wallets and browsers, DAOs (can hold tokens to manage their funds, and from staking with KIRA profit), asset issuers (issue assets directly on KIRA or interconnect with KIRA so that their stable currency can be collateralized). We have a partnership with Orion where Orion can benefit from the ability to stake any asset to the crypto market. We have also established a relationship with Math Wallet, Math Wallet will provide more options for entering the KIRA ecosystem, and Swingby will help us connect to other networks outside the interconnected ecosystem. We are also working with Blockparty, which is an NFT project, KIRA has added pledgeability to their assets, and users can stake.

We also launched a cross-chain ecological alliance led by us, KIRA and other projects work together to make P2P applications The inclusive interconnection between programs and networks does not depend on the main chain solution, does not require censorship, and does not require additional costs. (We need funds to build it, but once completed it will be free for all to use). Other projects will join the consortium because they want to be able to interoperate with each other without the cost and without the need to implement the standards of competing solutions. Interconnection with other projects will give them access to a larger user base and capital, as well as other applications that can be part of their own development stack.

Other projects are joining the alliance because they want to connect to each other for free and don't need to implement competing solutions standard. Interconnecting with other projects will give them access to a larger user base and funding, as well as other applications that can be used as part of their own development stack.