AMA Recap: Aura Network x CryptoKudasaiJP

In case you missed our AMA on 27 September 2022 on CryptoKudasaiJP Twitter Space, we have you covered. Here’s the full summary of Aura Network and CryptoKudasaiJP AMA.

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About Aura Network

Aura Network is an ecosystem built to accelerate NFT mass adoption.

Please check the documentation for more information.

About AMA

  • Speaker:Osamu Suzuki (Head of Global Business)
  • Master of ceremonies:Ex-GA (https://twitter.com/GA35555740)
  • Date & Time:7:00 pm UTC+7., 2022/9/27
  • Place:CryptoKudasaiJP(Telegram and Twitter space)

Summary of the contents of the AMA

The contents of the AMA will be described in a Q&A format.

Q: Could you introduce yourself and tell us about your background and the Aura Network?

I have been doing business development using blockchain since about 2018, and I have become a member of Aura because of my involvement in system development in Vietnam.

Aura Network's Japan marketing team consists of members who have integrated experience, ranging from marketing crypto asset projects to planning, system implementation and operation of blockchain-enabled businesses. Aura Network is an ecosystem built to accelerate NFT mass adoption.

Q: Could you introduce Aura Network? Is it possible to solve a problem that the existing solutions can’t solve? Also, what are its advantages?

The following issues will be solved by AURA Network.

1, Barriers to entry

  • Complex technical terminology
  • Fragmented UX
  • Complex processing/processes (wallets, conversion of legal currency to crypto assets, etc.)

2, Interoperability

  • NFTs use independent networks
  • NFTs between different blockchain platforms are not interchangeable

3, Unbalanced practicality

  • NFTs are mainly used for collectibles and art.
  • NFTs for daily use are limited.

Rather than competing with Flow and other projects, Aura is focused on building a more practical, user-friendly, and compatible NFT. That is also our advantage.

Q: Why Cosmos?

To be honest, the CTO developing in Vietnam liked the Cosmos.

Q: So the company called FPT in Vietnam is a backer, right ?

The team of engineers from FPT in Vietnam moved to the Aura team! One of the potentials for the future is the abundance of engineering resources, not only for blockchain, but also for server technology.

FPT is the largest IT company in Vietnam. It is positioned like NTT Data in Japan. FPT entered into Japan and has about 2000 employees.

This is the marketing team. We went to Vietnam in July to attend the event.

FPT has FPT University and a lot of resources, because FPT can recruit the students majoring in IT to FPT. Rather than making money, Aura Network is passionate about spreading NFTs and blockchain to the world.

Q: Are there any technologies or protocols that the team has built for this project? Or are there any notable technologies the team is going to apply?

Aura Network is built using the Cosmos SDK, the world's most used framework for building ecosystems. Cosmos SDK is the ideal for Layer 1 chains. BNB and Osmosis are other well-known chains based on Cosmos.

Therefore, with Cosmos, you can easily utilize Tendermint by using vertical and horizontal scaling. It can easily support the construction of new projects.

Essentially, it is completely autonomous and independent from other ecosystems.

Furthermore, compatibility and integration with other chains through the IBC protocol also helps address the challenges of traditional blockchains.

(Reference).

Q: Please explain what major milestones have you achieved so far? Also what milestones are you currently targeting, including the timeline to achieve those.

  • We have achieved the milestones smoothly according to the initial roadmap.
  • Mainnet is scheduled to be released on-schedule in Q4 2022.
  • For details of the roadmap, please refer to the website..
  • Product is well under development for the mainnet release.

Q: Right on the roadmap! It should be a matter of course, but it's quite difficult with blockchain PJs.

That's right. I think this is also made possible by our rich experiences and resources.

Q: What are the challenges you faced in your projects so far? And how did you solve them?

In fact, we have not had many difficulties so far. Previously at FPT, in our own private blockchain project called akaChain, built on Hyperledger Fabric with multiple SDKs, akaChain has been used for a wide range of customer loyalty, insurance claims, e-KYC, credit scoring, and other solutions, achieving enterprise efficiency, security, frictionless integration, and scalability.

(Originally, we were working on private blockchain development at FPT, but I realized the limitations of private blockchains and turned to the public.)

The founders come from leading ICT companies and have demonstrated technical expertise and ability to execute. It is led by Founder and CEO Giang Tran, who is also a member of the Forbes Technology Council.

He is founder of akaChain, an enterprise blockchain platform and winner of the Silver Award in the Innovation in Technology Management of Computer Industry category at the 2020 Asia Pacific Stevie® Awards, and with this experience, he facilitates the AURA project and ensures that the project roadmap is achieved smoothly.

Q: What are the tokenomics of Aura Network tokens and how useful?

  • Unique blockchain built using Cosmos SDK
  • Token Supply: 1,000,000,000
  • Project Valuation: Current price x total supply = $0.08853 x  1,000,000,000 = $88,530,000
  • Initial Token Circulation: 30,768,337
  • Initial Market Cap: $1,999,942
  • Platform Raise: IDO impossible finance
  • Listing Price: $0,065
  • TGE Market Cap: 94,518,337 (token TGE)
  • TGE Net Valuation: 0,065 x 94,518,337 (token TGE) = 6,143,691.905

Q: Will smart contracts be open source?

Yes, Smart Contract is open source. You can find the from on the top menu of the website. For more information, visit our Github.

Q: What is the marketing strategy? How do you plan to acquire users?

Marketing and Global expansion are two of the most important links affecting the success of the project.

First of all, NFT is still a new concept to many people. Therefore, Aura first focuses on delivering its knowledge of NFT and Defi, the benefits and life applications through the Aura Insights website.

In terms of global growth, Aura Network is very proud to have a global network of partners. Because each target market is different, Aura Network has strategies and partners in host countries to build local communities. For example, Aura's target markets, such as Japan, already have marketing teams in place and growing.

To get closer to users, Aura organized a lot of campaigns.

  • Aura Hackathon: Hack to NFT and Beyond! Participants will have the opportunity to learn blockchain and NFT project development skills and have a chance to win up to $30,000 of prizes. At the same time, Aura Network continues to incubate these projects and is ready to provide mentoring support in terms of platforms, tools, and resources for developers who want to join the project from the beginning. Although the event is held only in Vietnam, it has already attracted many participants. In the near future, Aura will continue to expand the Aura Hackathon globally. For more information : https://hack.aura.network/
  • Artaverse is our first use case enhanced by the Aura Network, a platform that allows fans to own NFTs and collects unique moments and pieces of their idols that are released in limited quantities. For more information: https://artaverse.org/

By further developing use cases that combine NFT and art, Aura hopes to bring NFT closer to art enthusiasts. Artaverse is sponsoring the second installment of the In the Mirror series. This series is a music show that releases NFT moments of singers and offers them to all viewers who purchase tickets and watch online and offline.

This is an announcement to all of you who are attending today's AMA.

Going forward, Aura will be hosting a series of blockchain races called Vrace, a type of M2E. It will bring NFT and blockchain closer to sports enthusiasts. Please follow this account to get our latest campaigns.

These are the ways we are bringing NFT closer to mainstream users and making NFT a part of our lives.

Q: How do you secure sources of income to sustain the operations?

Aura Network is a Layer 1 blockchain platform and has other parties building dApps on our platform. In addition, all Aura Network validators, users, and dApps developers are required to pay transaction fees. These are the source of our revenue.

Q: Recently, there have been many incidents of hacking. What are your security measures?

As you know, the blockchain is already a more secure and safer platform. Blockchain is highly secure due to a combination of many mechanisms and advanced cryptography.

We cannot 100% guarantee that there will be no hacking. However, we are constantly taking steps to protect and manage the risk of such incidents.

Aura always audits its technology regularly and maintains tight control over accounts and transactions. We adhere to the standards of leading financial and technology companies.

Q: Who are the current investors?

With significant contributions from partners, Aura Network successfully raised funds in seed and strategic funding rounds that closed in June 2022 Aura raised funds in seed rounds led by Coin98 Ventures, GBV Capital, Impossible Finance, Kucoin Labs, NGC Ventures, and Kyber Ventures, SNZ, Guildfi, Avalanche's Avatar, MEXC Pioneer, Gate Labs and other blockchain investment funds.

Q: Do you have any agreements with companies, projects or prominent developers?

Aura Network has received strong local support in terms of partnership networks and resources. According to Kyber Ventures, Aura Network already has global partnerships with traditional brands, game studios and major IP owners, ready to give partners, clients, and users greater access to NFTs. It is also supported by a number of strategic partners and advisors in the blockchain and NFT industry.

Aura Network, Vietnam's NFT-specific blockchain, has successfully raised 5 million USD in seed and strategic rounds.

Q: Is there any news or updates about Aura Network that you would like to share with us?

  1. Mainnet release in Q4 2022.
  2. In preparation for the mainnet release, we are looking for NFT artists who specialize in Japanese anime and comic character design to drive Aura's NFT marketplace together.
  3. Currently, Aura has a staking and farming pool on Baryon to help you earn more rewards for holding $AURA. Baryon Network offers a 100% APR for the AURA staking pool and 500% APR for the AURA farming pool. Details here.  
  4. Harmony Game with up to $150,000 $AURA in total prizes to help communities and validators prepare for the mainnet release. A second game for the community - Pyxis Safe - is currently underway.

Summary of community questions

Lots of community questions are asked at AMA in CryptoKudasaiJP. As it is not possible to introduce all of them, we would like to pick up a few and introduce them here.

Q: Currently, I feel that the NFT market in Japan is more active than overseas. How do you intend to approach Aura in such a Japanese market?

We are planning to establish an NFT marketplace centered on NFTs of Japanese animation characters that  are familiar in Asia. We plan to approach Asia, including Japan, by bringing more Japanese pop culture to the Asian market!

Q: Are there any official channels for the Japanese-speaking community?

We have Twitter and Telegram.

Q: What type of NFT artist are you looking for?

Giang is looking for artists who are good at illustrating Japanese anime characters; he liked Wattachi's icon painting.

Q: What is the attractiveness of Cosmos?

We believe the Cosmos SDK is ideal for the Layer-1 chain for the following reasons

  • Cosmos makes it easy to utilize Tendermint, scale vertically and horizontally and support the construction of new projects with ease
  • It is fully autonomous and independent from other ecosystems
  • Compatibility and integration with other chains via the IBC protocol is also efficient in tackling the challenges posed by older blockchains

Q: Why do you specialize in NFTs? You were asked a similar question during the fundraising, can you tell us how you answered it and convinced the investors?

We were aware of the issue that NFT is currently mainly for collectors and art, and that its practical application in real business is insufficient. So, in order to address the social premise of making NFT more pervasive in our daily lives, we are using our existing network with the subject of employing NFT in real business. FPT was also examining practical use cases for NFT and considering solutions for linking real assets with NFT. For example, sticking a QR code on a desk to transfer ownership of the one and only desk!

Please let us answer the many questions, and the ones we can't answer, in the community!

Aura Network social links

Website | Twitter | Discord | Telegram | Blog | Japanese Twitter

About CryptoKudasaiJP

CryptoKudasaiJP is a Japanese blockchain KOL community and investment group.

This AMA is one of the activities to help blockchain start-ups accelerate their growth and exposure in the industry.

Telegram | Discord

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