A couple days ago, Nutbox and DeFiRacoon hosted an AMA to introduce Nutbox platform. DeFiRacoon is a Korean investor community for everything related to DeFi, NFT, IDO, Blockchain.

I am actively watching Nutbox projects and have written a post about my participation of testing Nutbox's Polkadot/Kusama Crowdloan. I believe the development team is passionate, and their projects have potential. Therefore, I joined their community and help spread the word.

One thing I like this project is their goal to bridge multiple block chains. They have so far connect STEEM, TRON, Polkadot/Kusama; and plan on BSC, ETH 2.0, Near, etc.. Khala Network has partnered with Nutbox's Polkadot/Kusama Crowloan platform to win over their parachain slot auction.

So for the con, my biggest pet peeve is the current value of their native token, $PNUT. Its value is fairly low and it sits on TRON (one of these concerns was answered in this AMA).

I'd like to share the entire Q&A from their AMA so that readers here can see this project more in detail, and decide whether it is a good project for youself.

Without further ado, here's the script.

Wenfen Wang

Hello there, I'm Wenfeng Wang, CTO of Nutbox, also I'm a fullstack blockchain developer, member of many popular projects like Bitcoin Gold and Phala Network. It's glad to see you guys.

Racoons

Ok, once again welcome, glad to have you with us today! We like to start off with an elevator-pitch for the people that >haven’t yet heard of Nutbox – Tell us what #Nutbox is and what are you guys trying to showcase?

Wenfen Wang

Nutbox is a one-stop cross-chain staking economy and DAO platform, as well as a diversified project combining "Social+ DeFi".With the help of the Crowd-staking protocol, DApp protocol, and DAO governance protocol provided by Nutbox, the community can create its own community staking module and DAO platform just like creating trading pairs on Uniswap.

And, At the same time, Nutbox contains content, NFT, and other components that the community can easily deploy to their own DAO. The road map of Nutbox can be divided into three development phases, namely Peanut (Nutbox v1), Walnut (Nutbox v2), Donut (Nutbox v3) respectively, and we are going to launch Nutbox Walnut testnet in a month.

Racoons

Why do you call it "Social +DeFi"? Will the users actively participate in its development.

Wenfen Wang

We think everthing is based on content, and every community need to build their own public content so that their user >can fully participate in the community. DeFi is a good infrastructure that can power the community. Compare the >traditional social media, social + DeFi would bring more value.

Racoons

What is the difference between Nutbox Peanut and Nutbox Walnut?

Wenfen Wang

Nutbox Peanut is a cross-chain asset staking platform based on Tron and Steem. On Peanut, users can exchange STEEM and SBD in the Steem network into TRC20 assets TSTEEM, TSBD, and TSP. At the same time, they can also use methods such as delegating SP, depositing TSP, or depositing liquidity certificates from Justswap for staking and liquidity mining to obtain PNUT rewards. On Nutbox Peanut, apart from the staking module, it also has its own blog system and DAO governance module.

And Nutbox Walnut, What Nutbox Walnut want to do is to allow any individual or community can create a decentralized cross-chain staking economy like Nutbox Peanut. On Nutbox Walnut, users can create a cross-chain staking economy of their own community as easily as creating a trading pair on Uniswap. And Different from Nutbox Peanut the architecture of Nutbox Walnut is more scalable. It is mainly composed of three modules: Crowd-Staking protocol, Dapp protocol, and DAO Governance protocol, and is associated with other assets on the chain through the Nutbox Bridge contract. On Nutbox Walnut, users can stake their assets from Polkadot, Ethereum 2.0, and other PoS chains.

Racoons

We know that Nutbox Walnut has launched its slot auction module to support Polkadot and Kusama crowd loan >contributions. What is the advantage of the module compared to other competitors?

Wenfen Wang

Nutbox Slot Auction mainly has the following advantages:

• No.1, Nutbox Slot Auction is a fully decentralized tool for slot auction. When users deposit their KSM/DOT to contribute for parachain projects through Nutbox Slot Auction, the user’s assets will not be transferred through any intermediate >account but directly locked into the Kusama/Polkadot official crowdloan fund. Compared to the official web page: https://polkadot.js.app, our product is easier to use.
• No.2, Nutbox Slot Auction is designed for the community. Any project or community can create its own cards and have its own subpages. It can directly serve as an independent contribution page for its own community.
• No.3, On Nutbox Slot Auction, users can browser their contribution history and the balance of their staking rewards.
• No.4, The user who contributes parachain on Nutbox Slot Auction will not only obtain the contribution rewards of the project but also have the opportunity to get PNUT rewards.

Racoons

Partners play an important role for the marketing as well as development of the project. Do you have any strategic >partnerships that are backing your project?

Wenfen Wang

Yeah, OK. The partnerships are divided into 3 parts.

• First is the investment institution. Recently we just finished our seed round of equity financing, which led by Waterdrip capital.
• Second is the Parachain project. Our new product Nutbox Slot Auction has collaborated with many popular Polkadot projects, such as Astar(Plasm), Phala, Crust, Bifrost, Darwinia, etc..
• Third is the community part. We definitely cooperated with Polkadot Southwest Community in depth, also they >participated in the Parachain slot auction as well. And we also have our own community in STEEM, that is called Peanut. And we are going to link more communities once the Walnut(Nutboxv2) launch in the next quarter this year.

Racoons

Can you tell us a bit about the collaborations? What value do they add? What’s the initiative behind it? Do you plan more partnerships in the future?

Wenfen Wang

Of course, the root reason that we have many collaborations is that our position (i.e. Social + Defi) in the whole industry is so unique, just like we mentioned before. Also our product have great improvements on technology and our team has been working on the industry for really long time. And here are some technical improvements as following:

• No1. we provide staking factory contract that allow everyone can build their own staking economy(Just like creating trade pair on Uniswap)
• No2. Our bridge can transfer the asset of other's Proof of Stake chain to Nutbox Walnut network, so that people can create cross-chain asset staking or just do cross-chain swap
• No3, that we have the Proof of Burn based content system(which is the core functionality of STEEM network) that can help community build their own social media on blockchain.

And in the future, more communities from different chains would take advantages of our product

Racoons

We know that Nutbox Peanut actually is Nutbox v1, could you please introduce the PNUT token in the Peanut network >in a nutshell? And why is Nutbox Peanut deployed on Tron?

Wenfen Wang

Yeah, PNUT is the native token of Nutbox Peanut. It uses a half-decayed block generation model like Bitcoin. There is no >upper limit on the issuance, but there is a repurchase and burn mechanism; initially each block generates 20 PNUTs, >which are halved almost in every 10 million blocks, and The current mint speed is 10 PNUTs per block. The detail of >issuing method can be found in our Peanut whitepaper. By the way, the inflation rate of PNUT will be halved in the >October of this year. The reason why Nutbox Peanut is built on >Tron is that the Tron network has lower transaction >fees. PNUTs can be traded on Justswap in below address.

https://justswap.org/#/scan/detail/trx/TPZddNpQJHu8UtKPY1PYDBv2J5p5QpJ6XW

Racoons

Why is it deployed in TRON?

Wenfen Wang

Nutbox Peanut was deployed on Tron in October last year. At that time, due to the popularity of DeFi, the transaction fee on Ethereum was as high as dozens of US dollars. We thought it was unacceptable for ordinary users. At that time, >other alternative blockchains with lower fees such as BSC are not developed well enough to deploy our project, so we chose to deploy Nutbox Peanut to Tron.

Racoons

Could you tell us what is the token distribution plan of Nutbox Walnut?

Wenfen Wang

Ok, let's say our token distribution contains three parts:

• 55% of NUTs will be used to support the launch of ecological projects and the initial liquidity incentive, and they will be used to promote the launch of various communities on Nutbox, liquidity and staking rewards, and the development of ecosystems such as Staking + DeFi;
• 35% will be used for DAO fund, team interest, and institutional fundraising, of which 10% is used for DAO fund; 10% are used for team allocation; 15% are used for institutional fundraising;
• 10% will be used for the auction and validator rewards after Nutbox Donut becomes the Polkadot parachain in the future.

Racoons

Is the cross-chain bridge in the Walnut phase centralized or decentralized? Can you briefly describe its working >mechanism?

Wenfen Wang

There are two situations here.

First, when Foreignchain supports smart contracts, the cross-chain bridge in the Walnut phase is a completely decentralized cross-chain bridge solution.

Second, if Foreignchain does not support smart contracts, such as Steem and Hive, the cross-chain bridge in the Walnut phase is a relatively centralized solution. Assuming that Foreignchain supports smart contracts, the Nutbox Walnut cross-chain bridge mainly includes 3 main components as following:

Foreignchain bridge contract, this part of the contract realizes the processing of assets from Homechain；

Homechain bridge contract, this part of the contract realizes the processing of assets from Foreignchain；

Nutbox Relayer, responsible for monitoring the transaction data on the Source chain, and synchronizing the specified transaction data to the Dest chain in the form of Proposal. Nutbox will open up Relayer's operating permissions in the future, that is, any organization that has passed Nutbox's audit can run Nutbox Relayer and contribute to Nutbox's Walnut network.

For example, when a user stakes KSM for a parachain on Kusama, Nutbox Relayer will capture the user's staking information and parse the metadata implanted by the Nutbox client side from the corresponding transaction. Metadata will be used to construct the Proposal. All Relayers will vote on the Proposal change. When the vote reaches the set >threshold, the Proposal status will be marked as 'Passed' and the Proposal will be executed. Here, the user's Crowdloan contribution will be updated in the corresponding staking pool. After successful execution, the status of Proposal is marked as 'Executed', and the period of Proposal ends.

Racoons

And lastly, can you tell us a bit more about late 2021? Nutbox's slogan is "Link community to Web3.0", please describe what the community can do with Nutbox in the future?

Wenfen Wang

In the Walnut phase, Nutbox will realize the large-scale creation of Staking DApp to help the community launch DAO. In the Donut phase, Nutbox’s mission is to expand the scope of application of the DAO operating system, without the need >for code, manuals, and unlimited creation of any kind of application-type DAO

In the Donut phase, Nutbox is a cross-chain blockchain network built on Substrate with content and staking as the core.

Nutbox, which exists in the form of a chain, can not only provide content and staking modules for other chains, but also allow DAO to easily create various DApps and organize services for its organization through Nutbox's modular components.

In the future, the community can create its own decentralized content community, decentralized cross-chain staking module and DAO governance module through Nutbox. At the same time, DApp developers can use Nutbox's contract platform to develop content-based, staking-based DeFi applications.