AMA | Parami x A2DAO, August 16th
Jack|A2DAO We are starting AMA with the Parami project team Today we are talking to Ethan. Community Director.
Ethan|Parami Hi Jack, hi everyone! Thanks for having me here. I am Ethan from Parami Protocol. in charge of community growth. I am here to answer any questions you have for Parami.
Part 1: Introduction
Jack|A2DAO Great! Thank you for joining us today! As I can see from the number of questions prepared by the community people are very interested in your project. Before we start with questions from the community, let me ask you a couple of pretty common questions about your project. If it is your first time to hear Parami, Parami Protocol is the next-generation advertising paradigm, aspiring to solve problems like privacy, user-motivation, advertising ROI traditional advertising players are having. We have some time to explore your website but it is always great to hear info about the project from the first hands. As stated on the website of the project, Parami is building AD3 for WEB3. Could you please clarify this statement a bit? What is AD3 and what is the difference between it and regular ads?
Ethan|Parami We are empowered by blockchain and the decentralization of the Web 3.0 era, to realize a model of decentralized ranking and fair rewarding within the system.
Jack|A2DAO Could you explain a bit how decentralization can help AD3 to solve problems like privacy, user motivation, and advertising ROI? Maybe you can give us an example to show this?
Ethan|Parami Sure. We believe the traffic is and should not be aggregated into one place like it is now. In the Web 3.0 era, the traffic will be decentralized to individuals, and fans surround opinion leaders. Let me give a using case for how advertising is done by Parami Protocol. Let’s say, Ethan is experienced and somehow influential on cat raising, and I get to run my community of cat fans. Jack, a merchant of cat foods will have to bid for my advertising spot. After he does, his ad budget goes accordingly into my fans’ wallet by a ranking algorithm behind the scene.
Jack|A2DAO That makes sense! Thanks for the clarification! The second question that always interests investors in any project is the following: Do you see any competitors in your field right now? And in what area do you see your advantage over them?
Ethan|Parami Yes, we certainly have competitors. Brave, an attention-rewarding browser; Litentry, a DID solution; Rally, a social coin platform; RabbitHole, a user-motivating solution. the list can go on. While these are brilliant solutions in their separate fields, Parami Protocol is an intact system that integrates DID for privacy-preserving, social NFT for influence capitalization, and user-motivating. I believe Parami Protocol gains its advantage as an all-in-one solution for digital advertising. Compared to Brave, we are one step closer to users, we are integrated into IM apps instead of an independent browser.
Jack|A2DAO Got it. Thanks for the detailed answer! 🙏
Part 2: Community Questions
Jack|A2DAO So now we can start with questions from the community. Question 1 [The first question is from @Sayuri1] With NFT being on the hype lately I couldn’t help but notice that Parami advertises support for the NFTs. In your medium article, you say that Parami completed the development of the NFT Pallet module and added it to the main net. Could you please tell us in more detail about the NFT support? What use cases will NFT have on the Parami platform? How can users and advertisers benefit, do they need to hold specific NFT to get discounts or fee benefits from the advertising campaigns? Could you explain social NFT in more detail a bit?
Ethan|Parami Yea, NFT has been a heated topic in the crypto world. We, from the very beginning, have a place for NFT. In the user scenario, influencers will create his/her own NFT for the advertising spot. With the support of NFT pallet, community members will be able to collectively decide what kind of advertisement to take and not to. This is realized by a mechanism of “NFT shards”. Users holding “NFT shards” are recognized as members under a specific influencer, and get two parts of rewards: one is direct rewards from an advertising campaign paid by advertisers, the other is the overall value raise of an NFT brought by the growth of the influencer.
Jack|A2DAO Sound very interesting and promising (especially for influencers). Question 2 [Good question from @Tptp90] What interests me most is your AD3 IM wallet; could you tell us more about its capabilities? What products and services are provided to PARAMI supporters, and how does the AD3 IM wallet work in conjunction with the PARAMI Protocol? Just curious, why is your token ticker — $AD3 so different from the name of your project, PARAMI?
Ethan|Parami Glad you noticed one of our killer features. @Toto90 The IM wallet is the “light” wallet that you can access in Instant Message apps like Telegram, no download or installation is required. You can check your balance, send and receive tokens, swap social coins and $AD3 tokens within the IM app. This is an integral part of the Parami Protocol. In a life period of an advertising campaign, many transactions can happen, and you can readily read the record of a transaction within the wallet. For the name question, $AD3 stands for the next-generation advertising paradigm AD 3.0 in the Web 3.0, a user-centric, budget-efficient, and privacy-preserving system for a new era. Also, the idea of “DID” is included in “D”.
Jack|A2DAO Now I understand this better. Thanks a lot! Question 3 [Next question from @yesthen] How do you plan to work with advertisers? Will anyone be able to advertise in Parami or only big companies?
Ethan|Parami Surprising but it’s true, we do not work with advertisers. Instead, we provide an accessible interface (a web app) that anyone can pay and advertise. It is permissionless (the ideology of Web 3.0 is decentralization). We do not allow or disallow people to use Parami Protocol.
Jack|A2DAO True spirit of crypto 🙂 Question 4 [Interesting question from @Capcosmos] Parami uses a Zero-Knowledge-Proof algorithm that makes user data encrypted but at the same time you said your protocol can monitor users on-chain behavioral token or social activities which you use to build a Decentralized Identity (DID) to obtain a Personal Crypto Advertising Preference (PCAP), used to provide user-centric ads. What areas of on-chain activity can Parami track?
Ethan|Parami It is a question of quality. We use the ZKP algorithm, yes; we use on-chain behaviours, yes. Let me explain with the cat example. Once a cat fan clicks on a cat food advertisement and gets rewards, it means he/she receives a transaction from an advertiser. So the advertiser leaves a ranking on the user’s preference of “Cat Food”. Next time, users will get higher rewards if he/she consumed attention on “Cat Food” relevant ads because it is encrypted and stored on the blockchain. No one, including Parami Team, can access and know all users’ preferences. We use ZKP to ask a yes/no question, “Are you interested in Cat Food?”, yes, you get higher rewards, no, you get few or no rewards. This is efficient both for users and advertisers. Plus, there is an influencer to filter the ads.
Jack|A2DAO Thank you for the brilliant example! There are so many questions, but unfortunately, we are running out of time, so let’s take a look at the last question. Question 5 [Last question from @Glenn786] This era is moving from WEB 2.0 to WEB 3.0. In the meantime, the structure of web services has been very passive. It was just to search and share information. As a result, unnecessary information and time were consumed. However, as it develops to 3.0, the web itself shows various aspects. I think Parami is what we need to show the scalability of 3.0 easily and quickly. What is the direction that Parami is pursuing to expand Web 3.0?
Ethan|Parami Parami is a trailblazer in the advertising field in the Web 3.0 context. The way Parami Team sees it, Web 3.0 is all about Decentralization. As mentioned above, the Parami Protocol is permissionless, everyone can use it as he/she desires. Also, it’s a community-based system, meaning that members all contribute to self-governance. With such Web 3.0 spirit applied in a traditionally profitable business — advertising, we believe Parami will make an impactful innovation in the advertising, returning the value to users themselves, spreading the ideology into everyone’s daily life, expand the Web 3.0 community into everyone’s daily life.
Jack|A2DAO Great plans! 👍 Let’s build Web3 together! 🙂 Thank you very much for the detailed answers to questions from our community. It was informative! We wish you and your project all the best and will be glad to see your project on our launchpad 🙂 June June Thanks to the teams. It was a bit complicated for me but interesting 😁
Jack|A2DAO Thanks a lot for the great AMA again, Ethan! 🙏
About Parami Protocol:
Parami Protocol proposed an AD 3.0 paradigm for Web 3.0, to establish a user-centric tokenized advertising economy. AD3.0 is the accelerator of Web3.0, fueled by the Decentralized Identity (DID) and Zero-Knowledge Proof (ZKP) technology stack. It aims at giving the rights and profits, which have been long exploited by Web2.0 service providers, back to the users. As a parachain built on Substrate, Parami protocol provides tokenized ads service for other parachains in Polkadot/Kusama through relay chains.
More about Parami Protocol: