Captain — Founder of Dipper network
Let us talk about Dipper Network.
Q1: Compound has ignited the market since May. What do you think is the reason why DeFi is so hot?
Captain: My answer is simple. The best landing scenario for blockchain is finance. We sort out the industry’s 10-year development, which can be roughly divided into three stages. The first is the birth of Bitcoin: an innovative non-sovereign currency; The second is the wave of ICO: solving financing problems; the third is DeFi, which expands from basic currency to financial services. We can see that it basically revolves around financial innovation. In the course of thousands of years of human history, this field is the most closed, so the potential released will be very huge.
Q2: You said that DeFi is the essence of blockchain. So how do you view the current market and what changes will it have?
Captain: We have seen that the top10 has an upstart, that is Link, which many people call DeFi projects, but I think it is a basic tool, a necessary tool, just like a text editing tool, no matter what the system needs. This is just the beginning. Next, the Top 10 will be reshuffled. At least half of the projects will be replaced by some well-known or unknown DeFi protocols. BTC is now more of a symbol of the era. I think the biggest highlight this year may be the withdrawal of BTC from the throne.
Q3: Apart from DeFi’s own halo, what other project advantages does Dipper Network have?
Captain: We chose to start from the underlying public chain to the application layer protocol. Our public chain adopts the Tendermint consensus algorithm and secure random number scheme to provide up to TPS10000; secondly, we adopt a variety of cross-chain schemes: Cosmos’ IBC, bridge to Polkadot and Practical two-way anchoring solutions provide unlimited liquidity; third, a comprehensive basic financial agreement, providing synthetic assets, DEX, stablecoins, and derivatives transactions, forming a closed economic loop; fourth, comprehensive risk management, The platform will establish a security pool to deal with the black swan event; a safe economic model, we associate DIP with memory, and combined with the staking mechanism, it can make the ecosystem and the platform better coordinated development and improve the security of the system.
Q4: You mentioned cross-chain technology, how does Dipper Network think about and position the cross-chain solution?
Captain: There are two star projects on the market:
1) Cosmos, its cross-chain solution has two modes: one is a homogeneous network, which uses the IBC protocol, and the other is a heterogeneous network, which uses a two-way anchoring solution, and each zone has only a single service in its ecosystem. Each is responsible for their own security, and the overall security is decentralized.
2) Polkadot, which has reached a final consensus in the relay chain, focuses on strong consistency and interoperability, which reduces the overall performance of the network, and it also needs to establish a standard communication protocol for cross-parachain transactions.
Combining the advantages of the two, in order to improve the scalability, security and diversity of the public chain, we adopted the following design: First, Dipper Network supports the IBC protocol; second, supports smart contracts, reduces external dependencies, and becomes a trusted Hub ; Finally, through technology such as transfer bridge and two-way anchoring, open up public chains such as Polkadot and Ethereum, and provide Layer 2 expansion plan to improve the performance of the platform.
Q5: Please introduce Dipper Network’s token economic model, how to ensure the positive development of DIP value?
Captain: The token economic model is particularly critical in the design of the public chain. DIP is the native token of the system. In the Dipper network, it has the following five basic functions:
1) The trading medium, as the transaction fee;
2) Stored value assets, used to preserve value;
3) Proof of rights and interests, participate in the governance of the network;
4) System resources, mapping storage space;
5) Security mechanism, pledge to maintain system security;
Based on the above-mentioned functions, we conduct an analysis, and you can use it as a reference: first, the total amount of DIP tokens is constant, and 35% of the total amount is used for mining; secondly, the staking mechanism is adopted. When the platform is operating stably, There will be more than 66% of Tokens in a pledge state; third, DIP and memory mapping mechanism, users need to pay the time cost of storage, the application and platform on the chain can better coordinate the development; fourth, provide a complete basic financial protocol , DIP is used in a large number of scenarios, such as as a fee or collateral; fifth, by providing financial services for the entire network through cross-chain, the assets that can be processed on the platform have increased by several orders of magnitude, further improving the value of Dipper Network. I firmly believe that when Dipper network solves real problems, it will be recognized by the market and users.
Q6: You specifically mentioned the relationship between tokens and storage. Would you like to tell us in detail?
Captain: At present, mainstream blockchain platforms are facing the problem of storage explosion, and the rate of block growth is very fast. There are many reasons for this. One is the lack of effective ways to restrict the use of storage. For example, users only need to deposit one and pay one to stay in the house. The problem that this leads to is the imbalance between the value development of the platform and the ecosystem on the chain. We assume that the value of the platform and the chain is 1:1. When you attack the underlying platform, you can get the value of the ecology on the chain. When the value of the platform increases by 5 times and the value on the chain increases by 15 times, in this case, you only need to increase the attack cost by 5 times to get 15 times the benefits, and the relative cost of the attack is reduced.
Dipper network maps DIP to the storage space of the network, and users need to pledge DIP to use storage. This part of the pledged DIP will not be able to enjoy the benefits of platform Staking, which is equivalent to users paying time costs for using storage. This design will make the application and the platform better correlate, which can improve the security of the platform and coordinate the development organically.
Q7: Does Dipper Network’s basic financial protocol have any advantages compared with other DeFi-related competing products?
Captain: We need to examine this issue from several dimensions, such as platform selection, degree of decentralization, user experience, diversity, and security. First, our underlying platform is based on cross-chain technology, providing high-throughput services, many types of assets that can be processed, and fast execution of transactions; secondly, we do our best to achieve the decentralization of basic financial protocols, so that users can deeply Participate in governance and make greater improvements in the diversity of services, such as DIPBank, where the selection of collateral, interest rate models, and the start and stop of the fund pool are all left to the community or currency holders to manage; In terms of service, it has a current and regular model, which is reflected in the fluctuation of interest rates to meet more needs; finally, the basic financial agreement and the underlying platform share security, the governance of the agreement is platform-level, and the platform will provide risk funds Pool buffer unexpected events.
Q8: Is Dipper Network prepared for the network effects of on-chain applications?
Captain: In my impression, I have always remembered a sentence: “A person or a node has no value. Only by joining the network will he have value. The more he can connect, the greater his value.” — Gavin Wood. Dipper network uses a variety of cross-chain solutions to connect to all values and achieve interoperability. In our economic model, the imbalance between public chain and application development has been taken into consideration. For example, in 2018, the value of the Ethereum chain increased explosively, but Ethereum did not have a corresponding increase, which shows that Ethereum cannot capture it well. Its ecological value on the chain. We solve this problem through storage mapping and staking mechanisms, so that the two can develop more effectively in coordination. Dippernetwork itself is a network without boundaries. The stronger the application on the chain, the stronger the DIP. Finally, we hope to amplify this network effect together with everyone and excellent developers.
Q9: Dipper Network has a grand vision. Could you please tell us what is its development blueprint? What are the highlights in future planning worth looking forward to?
Captain: We divide the work of Dipper Network into five stages:
In the first stage, Dipper Network test network is online;
In the second stage, Dipper Network officially launched online;
In the third stage, DIPBank, DIPDEX, etc. went online;
The fourth stage, customized IBC protocol and heterogeneous network cross-chain solution;
The fifth stage is to build a complete basic financial agreement
The first phase of work has been achieved, and the next step is to launch the official website. For ecological development, the following two aspects will be milestones:
The first is the basic financial agreement. The first product echelon is DIPSYN, DIPDEX or DIPBank, which provides standard interfaces, shares the governance mechanism and security of the underlying platform, and completes the initial ecological internal economic closed loop.
The second is the deployment of cross-chain solutions. The time node is about Q2 next year. Through multiple cross-chain solutions, it will be connected to Cosmos, Polkadot, Ethereum and other blockchains to provide unlimited liquidity and solve the problem of value islands.
Q10: Finally, there are issues that everyone may be concerned about. How long do you think the popularity of DeFi will last?
Captain: Judging from the development of the past few years, whether it is Bitcoin, ICO, or DeFi, it is all carried out around financial innovation. So from this perspective, blockchain technology is essentially the most suitable for finance. Existing economics, whether it is the Keynesian school or the classicist school, after two hundred years of practice, still cannot avoid periodic economic crises. Satoshi Nakamoto has taken a new step, but there is still a long way to go. In the ideal society of the future, whether currency is needed or not, whether finance is needed or not, has not yet been determined. As long as that day has not come, then open finance will always be a major issue for mankind, and its popularity will continue, maybe 100 years, maybe 1,000 year.