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Huobi Turkey Telegram Team held an AMA (Ask Me Anything) event with ARPA Chain's Founder and CGO Mr.Yemu. The questions addressed to Mr.Yemu about ARPA and the answers received are as follows:
Question 1: You’ve announced partnerships with Chainlink yesterday and with Elrond today. Do those partnerships have real usages? Is there any other partnership agreements will be announced?
Mr.Yemu: Great question! We have partnered up with some of the largest companies in China including Sinochem (a fortune 50 company) to implement ARPA’s multiparty computation. For blockchain projects like Elrond, we are enabling privacy functions on their blockchain. We will use Chainlink’s oracle to provide real-world data to our computation network. We are exploring DeFi and will launch something VERY EXCITING later this year. And we have partnered with another conglomerate in China, announcement coming up soon. Please stay tuned!
Question 2: DeFi will be a decentralized banking system in the future and there are lots of projects related to DeFi now. Does ARPA have any projects related to this field? Do you have any plans like being a part of this?
Mr.Yemu: We are exploring DeFi and will launch something VERY EXCITING later this year. We are building a lending protocol that will revolutionize the current centralized financial lending model. This will be a very interesting application in the whole ARPA ecosystem, and will give ARPA token more use cases. We will announce more details in Q4 this year.
Question 3: Depending on the size of the data in your the network, what is your current level of scaling solutions?
Mr.Yemu: We have launched our pre-alpha version of mainnet. ARPA mainnet mining pool is designed to lower the threshold for users to participate in pre-alpha mainnet multi-party computation. By staking no less than 50,000 ARPA to the designated mining pool, users can participate in multi-party computations. With each computation task completed successfully, users will receive mainnet mining reward. Currently our mainnet has successfully completed over 40,000 computations with very high success rate. We have done 100-party stress testing and have seen really excellent results.
Question 4: Where should we put ARPA among the scope of AI based applications?
With the help of ARPA’s privacy-preserving computation, AI companies will have more comprehensive datasets to train their AI models, making them more powerful than ever.
Mr.Yemu: For example, credit card companies will have better prediction for a customer’s default rate when they combine data from car dealerships, supermarkets, hospitals and payrolls. These data providers will not have to worry about leaking their data, thanks to secure multiparty computation.
Question 5: What have you done till today and what will you do in the future in order to courage people for becoming part of ARPA and building a successful community?
Mr.Yemu: We are a very technical team with global focus. We value our community a lot. We are listed on most of the major exchanges in the world: Huobi Global, Binance, KuCoin, Gate.io, Bithumb (largest in Korea) and many more. We are planning on more major exchange listings this year -- stay tuned! Below is ARPA community progress thus far:
- Weibo(Chinese Twitter): 50,000+ followers,100+ daily discussions, 54,000+ daily impressions
- Twitter: 16.9k followers
- WeChat(Chinese): 120 directly-managed WeChat groups, totaling 40,000+ people
- Telegram ARPA Official Community (English): 15,700 members
- We have 10 language groups in total. Besides Chinese and English, other language groups are Thai (300), Indonesian(1,000+), Russian(4,000+), Vietnamese (1000+), Filipino (900+), Turkey (300+)and Korean (3,000+), Sri Lanka and Africa, Totaling 9,500+ members
Question 6: What does ARPA mean? Why did you choose name for your project?
Mr.Yemu: ARPA means barley in Turkish, but ARPA's name was derived from ARPA "Advanced Research Project Agency", which gave birth to the world's first internet. We are building the world's first data sharing platform Paying tribute to ARPA.
Question 7: Why did you choose “The Dawn of Privacy is Here” as a slogan?
Mr.Yemu: Privacy is important to each one of us. Data privacy is getting more important as more data are being produced very second. We aim to protect data privacy and want to bring real data privacy to this world.
Question 8: What are the gaining methods of ARPA and what is your economic model? How would ARPA be beneficial for both investor and your project?
Mr.Yemu: We charge installation fee and monthly maintainance fee, and in the future will charge data usage fee. We have monthly token buyback and burn mechanism, decreasing the token supply. So far we have bought back and burnt 100 mil ARPA token, worth more than $1.3mil. We are launching a DeFi lending protocol, similar to Aave and Compound, but with more interesting incentive plans which will enrich ARPA token's use case. Please stay tuned!
Question 9: ARPA just burned, 10.000.000 token which is a really important issue for all of your followers. Is there any other token burn activition in the future? What is your burning plan?
Mr.Yemu: We do monthly token burn of 10mil ARPA tokens. So far we have bought back and burnt 100mil ARPA, which worth more than $1.3mil We are confident about ARPA token and will continue to buyback and burn more ARPA, decreasing the total supply.
Question 10: Can you tell us about your project’s mainnet release process?
Mr.Yemu: ARPA mainnet mining pool is designed to lower the threshold for users to participate in pre-alpha mainnet multi-party computation. By staking no less than 50,000 ARPA to the designated mining pool, users can participate in multi-party computations. With each computation task completed successfully, users will receive mainnet mining reward. Currently our mainnet has successfully completed over 40,000 computations with very high success rate. We have done 100-party stress testing and have seen really excellent results. Currently the staking reward is between 15%-25%. We are also doing staking with Huobi pool. Please try it out!
Huobi Turkey Team: Thanks a lot for your sincere attitude and answering our questions :) Do you have any finishing lines for our community?
Mr.Yemu: Thank you very much for your support and hospitality! Let’s stay strong, stay positive and I wish to meet every one of you soon in person!