Merkle Network with Sandeep Rajput and Alex

| October 20, 2021 | 0 Comments

Brief Information

Merkle Network is a layer zero interoperability protocol that enables multiple blockchains to communicate with each other. Just as oracles have successfully connected blockchains with the outside data, Merkle network’s interoperable oracles connects blockchains by allowing the flow of information between the chains.

Introduction AMA

Pat: We’re about to start, AMARoomers 💪🏼 AMA now is with Merkle Network! Joining us here today are their Co-Founder, @Samdev_MERKLE and Co-founder, @alexcupra 🎊

Sandeep: Thanks for having us here. We are excited to meet The AMA Room community.

Alex: Hi everyone. Thanks for inviting us here for the AMA.

Pat: We’re excited to have you guys here! Please introduce yourself, your background and share an interesting story how you got into crypto.

Alex: I am Alex, co-founder and Chief Product Officer of Merkle Network.

I have extensive experience in working in the blockchain space.

I started my blockchain journey as a lead developer for an exchange. Also, I have built some interesting products in this space including gaming metaverse, and I also worked with over 50 projects for their custom price feed bots which are still in use by AMPL, Trutswap to name a few.

Sandeep: I am Sandeep, co-founder and CEO of Merkle Network. I have worked as a lead developer in many blockchain projects before I decided to join Alex and start our own project. I worked in various domains including Edtech, Gaming and NFT.

Pat: Nice! Can you share what Merkle Network is all about?

Sandeep: Merkle Network is building a layer zero interoperability protocol that opens up communication between blockchains and opens doors for cross-chain applications. Merkle Network’s main functionality is to connect multiple blockchains and bridge the gap between the decentralised ecosystem flourishing in these blockchains. With the growth of all the blockchains, the ecosystem is now fragmented. And there has been no way for applications on 1 blockchains to interact with application on another blockchains. This is just limiting the adoption of the blockchains.

Pat: Awesome! How did you come up with the tech and how long?

Sandeep: Another thing that I would like to add to this is that there is a fragmentation of assets as well. And sending assets from one chain to another is still highly centralized. When blockchains can communicate with each other then a lot of possibilities open up.

The idea behind Merkle Network came last year when we were looking to switch to Layer 2 for Metaverse we were working on. The lack of a decentralized protocol which can enable applications to operate cross chain was felt and we knew that this issue is only going to be more pressing once people realise the need for interoperability with all the emergence of many new blockchains. We are looking to enable every decentralised application to tap into the cross chain features without compromising on decentralization or security.

Alex: So, it’s been a year since we started working on this problem and we actively started development early this year.

Pat: What great features are waiting for your users?

Alex: The key feature of Merkle Network is cross chain data and asset transfer.
Now with that being possible a ton of use cases can be built by anyone using Merkle Network. All the projects you see these days who are working on cross chain applications will be able to use Merkle Network.

Pat: Can you share what the utilities of $MERKLE are?

Sandeep: Merkle Network uses $MERKLE token to fuel the decentralized protocol. The use cases of the tokens include:
🔹Operate decentralized Validator Network
🔹Gas Fees for cross-chain transfers ⛽️
🔹Staking
🔹Token Burns 🔥
🔹Token Listing
🔹Governance ✅

Pat: When is it launching?

Alex: The protocol has already been tested and we are working for the testnet launch which is coming next month

Pat: Nice!! How big is the team right now?

Sandeep: We are currently a team of 12 people
3 blockchain developers and devops
2 front end developers
1 UI/UX designer
2 marketing team
4 community managers
and we are currently onboarding more people in our development, marketing team and business development team.

Alex: We are rapidly growing and anyone who wants to be a part of our team and work with us can reach out to us. We are always hiring.

Pat: Nice! Let’s now proceed to the community questions. Are you ready?

Community AMA

Q: ✍️What protocol does Merkle use for cross-chain interoperability? How high is the security level?

✍️Can you explain in detail what this protocol consists of? Is this a model similar to the PUSH notifications that some platforms use to prevent users from losing investment?

Sandeep: We have developed our own protocol which will be used by other applications and products built by Merkle Network.
You can check out our whitepaper which has detailed information about how it works and the security feqatures we have incorporated to make the protocol secure,
https://merkle.network/files/whitepaper_v1_0.pdf

Q: I see that Security of Merkle Network lies in the hand of Validators who are saddled with the responsibility of securing the network for decentralized assets and data transfers. So how are these Validators incentivize to encourage them to act honestly?

Sandeep: There are multiple validation consensus mechanisms we have in place to add extra security.

Alex: There are incentives and penalties in place which promote validators to be truthful. In addition to that we are working with many reputed and reliable players in the crypto space to join as validators in our ecosystem.

Q: In the field of interoperability major problems exists i.e.

– Large differences in consensus algorithm + underlying architecture between 2 blockchain
– Lack of cross-chain information security
– transaction execution time
– transaction cost/fee

How Merkle’s Network deal them?

Alex: The validators nodes are designed to take care of the intricacies of the underlying blockchains.

Q: Do you plan an additional IDO for those who missed this one or is still analysing the project?

Alex: You need to wait to hear about our upcoming plans. There’s something amazing cooking up at our end.

Q: The most important consideration in DeFi is Security, Followed closely by User Experience and Product. Would you be kind to reveal your plans for innovation, implementation and deployment to achieve unparalleled security architecture, top notch user experience, and innovative product on Merkle Network ?

Alex: The protocol is designed keeping in mind the security needs of the blockchain applications that will be built using the protocol.
In addition to being highly secure, Merkle Network is also very developer friendly and designed to be user friendly as well. Adding interoperability will not come at the cost of user experience. In fact this will be much more user friendly than other solutions proposed in the market.

Q: On Merkle Network, what are you doing differently to ensure that Merkle would not cease to operate just like Ethverse did? Also, how were $ETVH token holders compensated after the dissolution of Ethverse?

Sandeep: Merkle Network is a standalone project which does not depend on any third parties to operate. In fact this is going to a base layer for many projects that can be built on Merkle Network.

Q: In the field of interoperability major problems exist i.e. large differences in consensus algorithm + underlying architecture between 2 blockchain. How does Merkel’s Network deal with them?

Alex: Check out our whitepaper to read how we are solving all these problems
https://merkle.network/files/whitepaper_v1_0.pdf

Q: The team has been developing Merkle Network since the beginning of this year and have so far built a community that understands the vision and how Merkle Network is going to be a game changer in the blockchain space. So what are the exciting things planned for early adopters and what opportunities are there for early supporters?

Alex: Early adopters will have an advantage of tapping into all the features we are developing here at Merkle Network.

Q: Would you be having single staking programs and multiple pair staking? What pools will be made available for staking? How attractive is your APY% on staking? How flexible is it? Educate us on your staking program?

Sandeep: We will update about staking when we are close to launching our consensus.

Q: When you talk about 1:1 ETHV Token swap, what do you mean? Is ETHV going to be the standard for tokens on the MERKLE NETWORK? Kindly give us an example of how this works.

Alex: We pivoted from Ethverse to Merkle Network and the token holders are getting an option to swap to MERKLE tokens.

Q: When you talk about 1:1 ETHV Token swap, what do you mean? Is ETHV going to be the standard for tokens on the MERKLE NETWORK? Kindly give us an example of how this works.

Alex: We made a pivot to Merkle Network and there is an option for the token holders to swap to MERKLE tokens.

Q: I observed that Oracle projects that are dominant in the market are just restricted to price feed. What improvement would theMerkle Network offer on this?

Alex: Oracle projects have become another name for price feeds but this not Merkle Network is.

Oracles are just a component of Merkle Network which is used for data transfer. This data can be anything – state of a contract, data, asset lockup information etc.

There is also a protocol that runs on top of oracles which enable applications to be built using Merkle Network. Merkle Network is all about interoperability which has oracles as one of the components.

Closing Remarks

Pat: Alright! We can wrap up guys 🙂 Please invite the community to your groups and socials. 🙂

Alex: Please join our community to know more about Merkle Network and we will answer if you have any further questions

Group – https://t.me/merkleNetwork
Announcement – https://t.me/merkleNetwork_announcement
Twitter – https://twitter.com/merkleNetwork

You can also visit our website merkle.network
Or check out our whitepaper – https://merkle.network/files/whitepaper_v1_0.pdf

Pat: Awesome!! Thank guys so much for being here today. Best of luck to Team Merkle!

Sandeep: Thank you very much

Alex: It’s been great being here and meeting your community. Thanks for all the support. Don’t forget to join our community to keep up to date with our launch and our upcoming releases.

Sarah Abraham

Writer

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