You can watch the full AMA here: https://www.youtube.com/watch?v=tT0TAzKH348
In case you guys want a quick glimpse of the AMA then we have you covered. Here’s the full summary of Aura Network and OIG AMA. Let’s dig into details about Aura Network with our Business Analyst - Harry PHAM.
Spicey| OIG: What is Aura Network? How does it fit in the landscape of the blockchain industry?
Harry| Aura Network: Aura Network is an ecosystem built to accelerate global NFTs adoption. Aura focuses on bringing NFT and web3 to the masses, by helping brands, Web2 companies, artists, mainstream users, etc. to bring NFT to their portfolio.
At the moment, we are building foundational products that will ensure a strong ecosystem - a blockchain explorer, a multi-sig wallet, an NFT marketplace, etc. We are independent and will thrive to mass adoption of NFT.
Spicey| OIG: Why do you think there is a need for your Aura Network?
Harry| Aura Network: Currently, a lot of people are trying to build up their businesses with crypto, but the hassle is that all the current crypto products are too complex for them. Users won’t have a good journey experience with those products, unless they are crypto-natives. That’s why we define ourselves to change that. We want to make the NFT experience easier than ever for everyone.
On top of that, you all know that we belong to the Cosmos ecosystem. Each Cosmos-based chain, like Evmos, Osmosis, or Juno, is building different things. Specifically, Osmosis focuses on building their DEX, Evmos focuses on building the protocol that is compatible with the EVM, and so on. And Aura Network desires to become an ecosystem built to accelerate global NFTs adoption. So basically, we fill up the missing pieces of that ecosystem.
Spicey| OIG: Explain the features that differentiate Aura Network between the competition?
Harry| Aura Network: In general, our tools are not really innovation breakthroughs, as they have been built somewhere. But in our opinion, we value the synthesis of solutions that creates a streamlined experience and would eventually be known as a “go-to destination” for NFT.
Besides, we focus on not only crypto-natives but also newcomers and traditional users. We want to help them become familiar with NFT through user-friendly tools, and help Web2 brands and big IPs step into the Web3 universe using minimal effort.
Spicey| OIG: What role does the native token play within the Aura Network ecosystem?
Harry| Aura Network: We already launched our IDO in July, and did some exchange listings on both CEXes and DEXes. Aura Token on BSC will perform as a placeholder before the mainnet release. It has the full utilities as other BEP-20 Tokens. Aura Token also helps provide liquidity on compatible exchanges and bootstrap users from this community.
Aura Coin, when released, will be the native currency of the Aura Network blockchain. As the native currency, Aura Coin is used by holders for Staking, Governing, Transaction fee, Exchange and Swap. dApps and businesses running on Aura will use Aura Coin, just as in any other fully functional networks.
Section 2: Community Question
Question 1: Among all the characteristics of Aura Network, which of them you can define as the strongest and with the greatest impact internally and outside its ecosystem? How do you plan to attract innovative and committed developers that strengthen the ecosystem?
Harry| Aura Network: First of all, from a security perspective, being a member of Cosmos Ecosystem is like being born with the ability to intercommunicate with other chains. The fact that Aura Network has the nature of executing cross-chain transactions is a huge advantage since we don’t have to bother with building bridges, which have been the target of a lot of hacking recently.
Besides, Aura Network is really scalable. There will be more and more Cosmos chains coming up, I believe. And each chain will have their own products, while maintaining the ability to intercommunicate with others and use others’ dApps to enrich the Cosmos ecosystem. That’s a really promising vision!
Question 2: I honestly think everyone just wants to ride the rave of the moment Defi, not that they have real value to add. How can we trust $AURA regarding this, that you’re truly adding value?
Harry| Aura Network: We don’t want our users to focus on speculation values of NFT. We don’t encourage people to buy NFT with the expectation that the price will go up. Our vision is focusing on the intrinsic values of NFT. We believe that people should take more advantage of NFT in their daily life, like membership stuff. That’s why we focus on brands that are already having their own businesses but want to implement new things on what they already have. In that case, NFT is currently the best candidate as a tool to bring more value to the customers.
Question 3: Bear markets are hard for both investors and projects, as earning opportunities are much less. So do you have any passive income opportunities for investors to keep them interested in your project like staking, farming, contests, etc? Does Aura Network have adequate funds to survive this bear market?
Harry| Aura Network: Regarding bear markets, financially, it’s bad. But it is also a chance to innovate. When we presented ourself to investors in a bear market, what persuaded them is not the chance we would rise in the next 1 month or 3 months, but instead, our proposal and value in the long run. And that is what really matters.
When it comes to passive income, of course, there have been a lot of campaigns, contests, and events in the last two months. For example, we are running Staking and Farming pool on Baryon Network until 19 November 2022. But I think it would not be a sustainable way to earn passive income from $AURA, because, to be honest, it is not much in such a bear market as of now. The better way to invest is to believe in the real value of us bringing to the community in the future!
Question 4: I would like to know if you’ve completed any security audits? Perhaps by third-parties? We’ve seen dozens of hacks, exploits and stuff like that this year. What measures have been taken to protect the AuraNetwork community from it?
Harry| Aura Network: Well, of course, we have been audited since we were listed on the BNB chain. We guarantee that each and every product from Aura has been and would be under security auditing before its launch. On top of that, we will always try our best to minimize the risks, and not just solely rely on security auditing.
One of the reasons we decided to build our chain using Cosmos SDK is that the SDK is very actively upgraded and maintained. For example, if you heard about the BNB hack recently, you would know that the cause of the hack is that they still used deprecated and abandoned codes. With that said, having such an organization like The Interchain Foundation to maintain and upgrade the Cosmos SDK so that other chains would follow, being united and interconnected, is one of the best options regarding security.
Section 3: Products Development Update
Spicey| OIG: What is the roadmap for the development of the Aura’s dApps? Any new updates from Aura Network?
Harry| Aura Network: Currently, Aura has officially launched 2 dApps - AuraScan and Pyxis Safe.
Positioned as the essential tool of the Aura ecosystem, AuraScan is not just a blockchain explorer providing search and analytical data of Aura Network but also features important functionalities related to smart contracts. Learn more details about Aura Scan at Aura Scan Introduction.
The Pyxis Safe is a web application that allows multiple people – co-owners – to manage a "Safe" – an address where digital assets of the blockchain network can be contained and transferred, just like a personal wallet. You all can dig deep into Pysis Safe at our Pysis Safe Introduction on Aura Insight.
Besides, we have developed our first NFT use case - Artaverse - a platform that allows fans to collect and own NFTs of unique idols’ moments or works released in limited quantities. Special music concerts will be held, then moments and songs in the concert will be minted into NFTs for audiences.
Recently, Aura Network has announced a partnership with Stella Fantasy - a Character Collectible NFT Action RPG with high-quality gameplay and graphics. Together with Stella Fantasy, we are aiming to expand the blockchain gaming ecosystem globally.
In the near future, we are also going to organize a series of workshops at the university to educate students, disseminate knowledge about blockchain, Web3 and the Cosmos ecosystem. We want to give the young generation general knowledge in both technology and finance.
That’s all I have for you right now. Besides the launch of our Mainnet in this quarter, we’ll have many other things coming up, like exciting campaigns and new dApps. Make sure to follow us on our official channels for latest updates.
Thank you very much!