AMA | Parami x DuckDAO, July 26th
Pep|DuckDAO
Welcome everyone to another DuckDAO AMA.
We are joined today by the team from Parami.
On behalf of the DuckDAO community, I’d like to welcome you to our channel :)
Pep|DuckDAO
@DorianWuAD3
DorianWU|Parami
Hi, everyone in the DuckDAO community, this is Dorian WU, co-founder and tech lead of Parami.
Pep|DuckDAO
Hey there Dorian….really happy to have you here.
DorianWU|Parami
Thank you for having me here. The honor is mine
Part 1: Introduction
Pep|DuckDAO
Can we start with an introduction? What is your background/experience both in the traditional and crypto spaces?
Can you also talk about some key team members who are not here with us today for this AMA?
DorianWU|Parami
Sure. I am Dorian WU of Parami Protocol. Before co-founding Parami, I was the senior architect of DCEP (Digital Currency Electronic Payment), working for the People’s Bank of China. Before that, I was taking the responsibility of core architect & technical leader of TRON.
I have gained much practical experience in consensus mechanism, privacy computation, cross-chain mechanism, etc.
I hold a bachelor’s and a master’s degree in Software Engineering. After receiving my master’s from the University of Chinese Academy of Sciences, I have become a blockchain enthusiast and active investor since 2013.
Pep|DuckDAO
wow, great background. You’re a true crypto OG
DorianWU|Parami
Regarding the team, we have this senior full-stack developer Mono WANG, a well-respected OG in the Rust community with several independent experiences in projects like Tron and Ledger; Also, we have Edison, specializing in ZKP algorithm, MPC, and all about cryptology with a strong commitment
Pep|DuckDAO
Fantastic. Strong teams with crypto experience are what help make projects successful.
DorianWU|Parami
Now we are all in blockchain, building Parami to explore more in the crypto world on the tech side within this amazing team.
Pep|DuckDAO
Ok, can we start with a basic broad understanding of what Parami is about?
Pep|DuckDAO
Just a basic description for our members who may not be familiar.
DorianWU|Parami
Parami Protocol, in short, is to build AD3.0 for Web 3.0. We change the game of digital advertising into a new form that protects user’s privacy, enhances advertisers’ ROI, and awards true influencers.
Pep|DuckDAO
Sounds Solid! Ok now let's get into some questions from our community
Part 2: Community Questions
Question 1
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? If users’ crypto or social data are encrypted using the ZKP algorithm, how then are you able to track their behaviors which you use in building a PCAP profile that is needed to deliver user-targeted ads?
DorianWU|Parami
We have such an intricate design that advertisers get a one-time answer, and users get a long-term preference (encrypted).
I’ll make it simple by using an example. Dorian, I, as a fan of milk, influence people’s decision of buying milk. Let’s say Jack wants to promote his milk, so he pays tokens and puts the ad on a public noticeboard (figuratively). I would then take the link to my community and members get rewarding tokens. Members love milk, Jack advertised his milk, happy for all.
Notice, members get reward means they get transaction of “milk”, so next time they will get more reward for any “milk” related campaign. Many of these transactions add up to the PCAP of a member
Pep|DuckDAO
Interesting….so you Dorian would be the influencer helping to promote Jack’s milk product
Pep|DuckDAO
$DORIAN
Pep|DuckDAO
wow…..cool to have a token named after you!
DorianWU|Parami
Even better, actually, every influencer can have their name minted on tokens!
DorianWU|Parami
$PEP
Pep|DuckDAO
I’m on it, Dorian!
DorianWU|Parami
$PEP
DorianWU|Parami
Very cool concept
Question 2
How are users’ data usable when they are encrypted and are invisible? And in what way will a user benefit if his data is permissionless used this way?
DorianWU|Parami
Ok, guess I have to mention ZKP. By using ZKP, we turn a what/how much question that might be annoying into a comfortable yes/no question.
You might be annoyed, say, a landlord asks how much you make monthly, but ZKP turns it into a “Do you make over 3000 dollars monthly?”, if yes, I can rent the house to you.
Such an algorithm can spare users from privacy breaches, because the advertiser only asks the minimum question, like “Do you like milk”?
Pep|DuckDAO
That’s a good approach. It satisfies the need to know information without having to give specifics.
DorianWU|Parami
Also, users’ data are stored in different places, absolutely no one, or any backdoor, can access them once.
Pep|DuckDAO
That’s reassuring. Especially with all the cybercrime lately….privacy is key to success.
Question 3
Ads are usually the most annoying things for users when using Social Media, so does $AD3 have anything interesting to improve the Ads attractions for users compared to the traditional low attraction Ads?
And how do you prevent the bad, scam, malicious Ads on your platforms to protect users?
DorianWU|Parami
I always get excited when asked the right question! Plz thank the one posing this question for me
Pep|DuckDAO
They will be rewarded 😉
DorianWU|Parami
We, Parami Protocol, do nothing to improve ads attractions, the influencers do.
Pep|DuckDAO
$DORIAN $DORIAN $DORIAN $DORIAN
Pep|DuckDAO
ok, so influencers will be even more incentivized to create better content because it helps their coin grow in price.
DorianWU|Parami
You get the point!
Pep|DuckDAO
Does this also solve the “no scam ads” issue?
DorianWU|Parami
Actually, I didn’t see it in your response…yes it does
DorianWU|Parami
No reasonable influencer will want scam ads in his/her community, it only hurts his/her long-term interest.
Pep|DuckDAO
Understood and that makes complete sense
Question 4
According to your website, under AD Oracle, the decentralized oracle is designed for collecting data from conventional Internet, and it is built as part of Substrate Off-chain Worker(OCW) and particularly works and Ad verification that charges with low fee and has a fast response. In this feature, how do you assure that your project is efficient, effective, and safe than other competing projects in the industry?
DorianWU|Parami
Competitors are doing excellent jobs in separate fields, like DID solution, privacy computation, inter-chain bridge. We are, in a sense, an all-in-one system for advertising, which brings up two sides. On one hand, we do not have a similar rival in this segmented field; on the other hand, we will look for the necessary partnership in technical terms.
DorianWU|Parami
I believe the flow of value makes sense to you, that’s also how we convince investors of the effectiveness in the first place.
Pep|DuckDAO
That seems efficient. Leverage what’s working and partner with them.
Question 5
Do you have an Ambassador or Affiliate program for local influencers? If so, how can we participate?
DorianWU|Parami
Yes, we are looking for ones that share the vision of AD3.0 in Web 3.0. Refer to this link to participate
https://link.medium.com/9s59ICp5cib
Question
Wow, those costumes are very impressive. Best Dressed Ambassador’s in the industry
DorianWU|Parami
LOL, thanks for the compliment. To tell a secret, we dub it the “walk-in wardrobe campaign” within the team.
Pep|DuckDAO
Nice! I like it
Pep|DuckDAO
Can you explain the use case for the $AD3 token?
DorianWU|Parami
Ok, there are 6 use cases for $AD3 token. I’ll illustrate 3 with that milk example.
Dorian, that old influencer of the milk community, issued $DORIAN token for my community members. That old advertiser Jack wants to buy my influence and promote his milk.
For a starter, Jack buys some $AD3, he exchanges $AD3 into $DORIAN (the Synthesizing). He bids the ad opportunity in my community among others (the Bidding). After he succeeds, he has to pay a certain of $DORIAN to reward members (the Settlement)
Pep|DuckDAO
when Jack exchanges the $AD3 token for $DORIAN, does he sell his $AD3, or is it a 1 to 1 exchange?
DorianWU|Parami
It is supposed to be a settled ratio in the beginning, though not necessarily 1 to 1. After it is offered to members, the price going up or down totally depends on the community
DorianWU|Parami
Along the process, there will be operation fee paid in $AD3 (Paying).
As many Dorian-like influencers hold $AD3, they can lock their $AD3 (Staking) for a proportional saying in how Parami community will go (Governance)
Pep|DuckDAO
Ahh ok.
Pep|DuckDAO
How would you attract non-crypto users to use? Will the concept be easy enough for the mainstream to utilize?
DorianWU|Parami
We design Parami Protocol in such a way that you do not need any crypto knowledge or experience to use.
If you like milk, Dorian likes milk, join Dorian’s community. If you like Dorian so much that you want to grow with him, buy some $DORIAN. That’s how it works. Same logic as you buying an album of your favorite singer, only that this time you can make money because you share a holding in the singer’s growth.
In fact, every user will have a built-in wallet with his/her social account like Telegram. He/She gives and takes in a straightforward interface on the cell phone.
Pep|DuckDAO
Sounds easy enough.
Question 6
What are some of the major high-level goals you would like us to know about your roadmap? Anything specific that we should be paying attention to?
DorianWU|Parami
We will soon launch MainNet śīla, and finish mobile wallet in WeChat and Telegram by the end of this quarter. The next thing we will add is NFT support for our creative influencers, at the same time we will make sure the toolkit for DAO governance is ready, all the way to cross-chain support.
We are fully committed to Parami, and faithful that a new world of advertising will come.
Pep|DuckDAO
Exciting times ahead!
Part 3: Live Questions
Pep|DuckDAO
we’re running late on time but if you can take 1 question from the community I will unmute the chat and let some questions flow in
I will mute the chat again and let you respond
Currently, the number of Defi projects is growing steadily, and each project is similar to the other. Among these projects which innovate will survive. What are the features of your project that you trust most to be a long-lasting project?
Questions…
DorianWU|Parami
There are many critical questions, I’ll take this one because it fits the timing perfectly
DorianWU|Parami
How will Parami Project provide “CONFIDENCE” to investors?
First of all, investors, including you present as potential investors, have to (or will have to) think this thing through before make such a major decision. You have to consider, does Parami make sense to you? Even as a Parami team member, I have to ponder before I actually get my hands on it.
Users get rewards for their attention, so it makes sense to users,
Advertisers get a better solution for advertising, so it makes sense to advertisers,
Influencers monetize their influence, so it makes sense to influencers.
so it makes sense to me, so it makes sense to investors.
That’s probably why we have never heard of withdrawal in the bearish market earlier.
Pep|DuckDAO
Very thoughtful response
Pep|DuckDAO
Perfect. Please feel free to post any other links you‘d like for our community
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:
Website | Telegram | (New!)Russian community | Twitter | Medium | Github | Discord
