Axentro AMA Recap Together with Kingsley Hendrickse — CEO and Krystelle Galano — CMO
On February 6, 2021, Cryptochain Philippines Conducted an Ask-Me-Anything-Session Together our Guest’s Kingsley Hendrickse — CEO and Krystelle Galano — CMO with regards to what challenges Axentro are trying to solve, contribution to the space, Usecases, Initial Exchange Offering, Projects Lastest news and updates. Lets start the Recap!
The AMA Session had 3 Segments:
- Introduction / Questions from The CryptoChainPh Team
- Questions from Twitter
- Live AMA
Segment 1: Introduction / Questions from The CryptoChainPh Team
Ok. Our Ama will be divided to three segments. First segment will be the introduction. I'm gonna ask you a series of questions. Shall we start now? I'll proceed to the first question.
Kindly introduce yourself. When was the first time you hooked up into crypto? And what motivates you into this project and the inspiration for the name "Axentro"?
Great question thanks
So hello everyone - my name is Kingsley Hendrickse and I'm the founder of Axentro Blockchain Platform
Let me tell you a little bit about my backround
I'm a professional developer and have worked mainly in the banking and finance industries in the past for global banks and other institutions
I'm currently working in the energy sector as I still have a day job and the resof my time is spent on Axentro
So if I'm not turning on and off solar farms, wind turbines or tesla batteries with code then I'm working on Axentro
I first got into Crypto back in 2010 just after Bitcoin first emerged - I explored it a little bit back then but I didn't really think anyone was really using it then so I didn't continue looking.
But then some guys bought pizza with Bitcoin!!
But buying Pizza was not quite interesting enough so I looked away at other shiny things for a while
But then some years later probably in 2013 I started getting interested again and myself a few friends decided to order a mining rig and start mining Bitcoin
We did this for nearly a year and during that time I got more and more interested and also started looking into Ethereum.
By 2017 I had decided I wanted to build my own platform as I had struggled to build decentralised apps on the platforms that existed at the time. So that is when I started working on Axentro.
I'm motivated by technology and I want to contribute something in tech that will help change the world for a better future. Axentro blockchain platform is one small step in this direction.
Ultimately I would like to turn the earth into a paradise which is maintained by technology and where people are free and humans can spread out to more planets and live full lives without war, poverty, inequality and all the things that hold us back from a peaceful existence.
Now I will tell you a little bit about the name Axentro
When we first started working on the platform we called it SushiChain because it was a fun and interesting name and we all liked to each Sushi!! But there were a few reasons we decided to re-brand and be called Axentro.
The first was that many business people viewed SushiChain as a short term gimmick chain and did not take it as seriously as we wanted.
Secondly there was a big rise in cryptoprojects using food based names and unfortunately most of them were scams or brought the wrong focus to our project.
One of these was SushiSwap that was started by Chef Nomi and a bad reputation was thrown on Sushi in general when it looked like Chef Nomi was cashing out millions of dollars for an exit just after it was raised. So we decided to re-brand away from food names.
We hired a company called FrozenLemons to search for a good name for us. They provided a list of results and Axentro was the one we liked the most. Developed from the word ‘accent’ which means to ‘heighten’. So for us Axentro means to reach for the stars, to continually improve and adapt and reach the top.
Now since one major objectives for blockchains are to solve the scalability trilemma, how will Axentro solve this? Will Axentro executes interoperability with other chain? Why did Axentro choose a Proof of work concensus algorithm?
This is another great question but also very hard to answer 🙂
There are many challenges still to be solved in the blockchain space and scalability is one of the biggest problems.
We are still working on solutions for many of these problems and some of them we some good ideas on how we will tackle them and for others we still have to find the answers
Since we are still in development of the decentralised apps infrastructure we will do a lot of experimentation to find out what actually works best
Our first foundation for this is that we have a dual chain
The dual chain splits blocks into slow blocks which are mined and fast blocks which are generated on demand.
Both of these live seamlessly in one double layered chain
We hope to build on this foundation to allow scalability via multiple nodes using fast blocks and fast transactions with a new range of consensus mechanisms designed specifically for the fast part of the chain
This will only be achieved through live experimentation and feedback - and continued development in cycles
Axentro is never going to be a static platform it's always going to be constantly moving forward with new ideas and innovations - some of these won't work and we will discard them and some of them will work amazing and we will keep and build on them
We will definitley look to integrate with other chains but that will be further into the future when we have established our own features fully
We choose proof of work because right now it's still the most reliable and proven mechanism and it also gives us the chance to explore the mining side of things
but as mentioned we will also have other non proof of work mechanisms in order to facilitate the fast transaction and dapps side of the platform
Well the founder itself is working too hard for the development of Axentro, so I think it won't be impossible to achieve the results you wanted. Now may I know what are some used case for Axentro? How beneficial it is in terms to Supply Chain and Logistics?
Yes this question is one that we have been asked quite a lot recently.
About our use cases
One thing to point out is that Axentro aims to be community driven and so the future is always changing depending on feedback from the community and other factors
Use cases for the platform are also related to ideas and feedback for future features that we will implement
We are aiming to support the same kind of use cases that other blockchains can support but in addition we want to push our system to mainstream adoption for building applications of all kinds
the obvious ones are anything that requires audit and history tracking via ledgers and trustless applications that require autonomous logic that can be built into the chain.
We are still building up a list of good use cases
Supply Chain and Logistics is a great area for blockchain since it fits well with the ledger system but we also want to expand our capability past this type of use case
So watch this space for our future advancements in this area
Axentro was having an IEO now with Vindax Exchange? So how was it at this moment? Can you give us some details?
Kingsley Hendrickse (Axentro - Founder) (will never pm you first):
After deciding it was time to release the first basic functionality of Axentro in our very first mainnet release back in November 2020 - our second goal was to list on an exchange. We see the first major milestone of a platform that has a cryptocurrency is to list on an exchange.
Once listed on an exchange then you can list your token on many other places and it's much easier to then list on more exchanges and it gives the platform a way to start trading and building liquidity
So we looked around for a suitable exchange that was within our budget that we could take this first step with and after reviewing some options we selected VinDAX exchange.
We did not originally plan to run an IEO as knew that 99% of IEO do not meet their targets and do not raise anything especially when only having a small marketing budget and being still quite unknown in the industry.
However we wanted to feel the full crypto experience and decided that we had nothing much to loose if it did not work out - but we would still gain some marketing exposure and if it did work out then we would achieve funding to move more quickly.
As you must know by now the IEO did not reach the targets but we expected this and we learned a lot from the experience.
We are working on a steady step by step plan to move towards listing on bigger exchanges
So now what will be your next step after IEO? What's your aim this year, 2021? Can you show/give us your roadmap? What are some features of your web and the upcoming mobile wallet?
for 2021 we plan to focus on the following things:
1. improving our mining system - the first version we released gave us a huge amount of feedback and we want to improve it and balance it. In fact we have made a lot of progress in this and should be releasing big improvements very soon.
2. releaseing our multi node system - when we first released and started getting a lot of users we found some edge case bugs which led us to turn off the multi node system and re-think our approach to it. We have since made significant improvements to this area but will release it slowly and look for feedback and then improve it over time.
3. Mobile wallet - we are working on a mobile wallet. We currently have a desktop wallet but we got feedback that many of the people who want to get involved don't have computers only phones. So we are building a mobile wallet for ios and android which will be released on the app stores of those
4. The decentralised app infrastructure - this is the main goal of 2021 - it will definitely be started and part released this year but it will most likely take a year or more to reach it's full potential depending on development time and challenges. It's probably the single most challenging piece of work we will do this year.
Some of the features we have right now will be expanded as well and we aim to add some of these new features - not all of them in 2021 though
1. chat integration into the wallets and integration with other social media platforms such as Telegram - so you can use your wallet this way and integrate and build apps this way
2. building our Smart Asset system - which is similar to smart contracts but focuses on autonomous functions rather than contractual exchanges - this will add extra functionality to our existing token system - such as NFT's
3. we also will build a token to token De-Fi style exchange for swapping Axentro custom tokens with other Axentro custom tokens
Segment 2: Questions From Twitter
There are a lot of amazing things to happen this 2021 😍. And I guess the community are looking forward to it - with the excitement of course.
So as for now let's move to the second segment. We will gonna choose Questions from Twitter and you gotta answer it here. Are you ready? @KrystelleG022
What are your plans to raise awareness and educate among the community to get more people to understand #AXENTRO and its technology?
Meroo (@MesutGunerri) Thank you very much for this question 🙂
We plan to build communities for different language speakers and in fact we have started already with the Phillippines group
which will be followed by Bangladesh,India,Pakistan,China,Russia,European language groups and many more
Each community will have organisers and moderators and be allocated AXNT budget for events and receive all updates and news to their groups
Through these communities we hope to raise awareness for Axentro
@KrystelleG022 also has many other ideas for raising awareness and marketing
Since we are currently in development still we are focused on that but at some point we will start to create a knowledge base, tutorials, videos and short courses for different levels of experience to educate people on the features of Axentro and how to use them.
What is the ultimate vision that AXENTRO project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like Your project play in this?
Thanks Emre (@hakkikeless) for this great question
The ultimate aim of Axentro is to simplify the use of blockchain for building decentralised applications.
Building applications on other platforms is not so easy especially when most dApps are built using Smart Contracts can be hard to get right
Smart Contracts major use case is to securely exchange something between parties with no middlemen and was inspired by legal contracts
But not all decentralised applications need this functionality but often there is no other option
since Smart Contracts can make financial transactions then it becomes much more risky to use them if your application just wants to run autonomous logic
We intend to solve this issue by introducing the concept of Smart Assets which will facilitate automonous code in a safe way
So we see Axentro as being the go to platform for building all kinds of apps with much more flexibility to get into the mainstream than just limited to the crypto sector
For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it's developement Can you tell us that how your project generate the profit?
Thanks Poyraz (@Poyrazyesill) for this question
The answer to this question may suprise some people
Axentro is a community and collaborator driven platform.
So all development is done by whoever is available and willing to put in time and effort to move the project forward
We are all volunteers and I myself am the main contributor and all development is done in spare time, evening and weekends around our day jobs and families
I have self funded the project from the start and will continue to do so until we reach a point where we can move to full time development
But for this reason we are not depenedant on external funding to move the project forward.
The only real impact is the speed of development
Our plan to bring in future income is to partner with projects and businesses who want to build on Axentro.
In addition we will launch our own consultancy business to advise and help people building on our platorm
And finally we will build our own business ideas ontop of the platform
Segment 3: Live AMA
I want to have a LONG TERM INVESTMENT with this PROJECT, but I’m in doubts right now, how can you convince and assure me this project is SAFE and PROFITABLE?
You have to make up your own mind. There is a risk in every project but we constantly try to reduce the risk and we want our users and investors to profit but ovbiously there are no guarantees. But know that we are working hard to create an awesome platform. You can check my linked in profile to see my previous track record as a developer and this should help you to know that we are genuine and we will be honest and our main motivation is technology not getting rich quick.
"STAKING" is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION
Does your GREAT PROJECT have plan about Staking?
many people asked us about this - and yes we will build in a way to earn passive income - it will be coming but the time line is still to be decided
Tell us about your plans for 2021, what are you currently working on, and are you going to expand the list of big exchanges?As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?
We currently expand our community in ASIAN countries, European to be short globally. As of now Axentro (AXNT) aiming to get listed very soon on top tier exchanges which will be announce this coming year. Our marketing strategies are very effective as you can see Axentro’s community grows along the way fast than we expect. To attract people who don’t know crypto, hmm i think most people now are very keen to know a lot in digital world. We can help them explain about the power of blockchain technology and cryptocurrency.
End of AMA Session……
What is Axentro?
Axentro is an original proof of work blockchain platform that empowers developers to build decentralised apps quickly and cheaply. It features the following:
- CPU only mining using the award winning Argon2d hashing algorithm
- Decentralized apps platform
- Human readable addresses
- Smart assets
- Distributed two factor authentication
- Globally shared distributed mining rewards