Kira Network AMA
Hi everyone, welcome back to another article this is going to be a recap of Kira Networks's AMA which was hosted in our telegram channel just yesterday. Firstly I would just like to say a huge thank you to everyone who showed up for the event it was a lovely turn out and the questions asked we're great. Also a massive shoutout to the Kira Network team for taking the time out of their busy day to come and answer some of our community questions.
For those who missed today's AMA, we wanted to cover the questions and answers in an article so that you could recap what happened and what specifically was talked about!
Q) Shall we just jump straight into things! Can we just get a brief overview of what Kira is and what you guys are currently building?
A) Kira is a new decentralized network that enables any asset from the interchain ecosystem to benefit from the market access without missing out on the staking rewards
Q) Amazing, Out of personal interest what type of assets would we find in an interchain ecosystem? Do you have an example use-case 🙂
A) You will have the ability to stake any asset type - cryptos, digital fiat, stable coins and NFTs. For example, you would transfer btc through the peg zone to the Kira Network where you would stake your btc to earn rewards
Q) Wow amazing, thanks for that! Could i ask, how long has Kira been in development? Could you tell us a little bit about the idea behind the project and how it was started?
A) We started development around 6 months ago and with full-time dev team around 3 months. The idea was fully conceptualized and speck'ed over a year ago and started because we wanted to provide market access to any asset in the interchain ecosystem.
we had to solve many obstacles to make this possible and over time we arrived at what Kira is today - a network capable to self evolve and sustain its security and economy
Q) What makes Kira unique in the crypto market and, any competitors that are currently offering something similar?
A) Kira is a first project in crypto that will enable staking of any digital asset for the purpose of securing PoS consensus, we brought that idea even further to enable the use of all that value at stake to power DeFi app's deployed on top.
With all other solutions staking happens on the chain of origin while projects in question stake your coins for you and charge you commission to later issue a transferable staking derivative - Kira does not do that, because staking happens directly on Kira Network to increase our network security and we won’t charge you a cent for that - you are the one getting paid and in full control of your funds and to whom you stake them.
Q) How does Liquid staking work? Also, how does a Mulit-bonded proof of stake work?
A) Liquid staking works in a way - when you stake your btc or any other asset you have, you will receive a transferable derivative representing this asset that you just staked, as long as you can prove that you own the derivative - you will be able to claim the reward. The derivative is transferable tradable and even stackable if needed. In regards to MBPoS - it works in a way that instead of having just one currency to secure the network you have the basket of currencies securing it, that you can stake and earn revenue on.
Q) So moving onto something a lot of people are currently talking about, Does Kira have a token? What is its utility and how does it benefit holders?
A) yes Kira has a native token called KEX. Staking KEX will be the most efficient way to claim block and fee rewards. Of course, you can stake any other asset as I've mentioned but staking KEX will give you the most rewards :)
In order to participate in the governance and the validator set, you will need to also have some amount of KEX. So KEX acts as a reserve currency in terms of which staking all other assets is valued. Thanks to this governance can ensure that staking KEX is not only the most profitable in comparison to other tokens but also attracts other token holders and increases network activity.
Q) ooooh super exciting! It's great to see projects have real use-cases for tokens and not just an additional feature to produce income! What currently is the method of obtaining KEX, have you finished your private sale? Is there a public sale coming and when can people start looking at buying KEX?
A) We have finished our private round a few weeks ago, and we are currently preparing for the public round, which we reduced to $400k, and the round should take place very soon, we will also make an announcement on how the whitelist will be structured, so just keep up to date on our telegram channel basically.
Q) Could you explain what is an IDO or an Initial Validator Offering?
A) Yes, so the IVOs work in a way that instead of spending your money you would stake them to any validator of your choosing to mine new tokens
This means that with Kira's MBPoS consensus people will be able to stake digital fiat or other tokens for example to fundraise new projects and initiatives, whether it's crypto or not, profit or non-profit.
Q) If you could fast forward 1 year, where would Kira be in terms of development and how would have it impacted the space?
A) 1 year from now we should finally see interchain ecosystem go beyond capacity and throughput we have seen so far in crypto space, Kira is part of that web3/interchain ecosystem, sitting right in the middle to provide market access to the vast numbers of legacy coins and thousands of new tokens within. Because MBPoS has no limitation in regards to scaling out security and TVL we have chance to see the numbers grow in the rapid pace as the network effect of growing liquidity and value at stake kicks in.