AMA Recap: CRYPTO MINERS X AVARTA
Avarta addresses authentication and identification challenges that pervade both traditional and blockchain applications. As blockchain matures and cryptocurrency projects are looking for identity solutions, they find themselves stuck with either pseudonymous solutions or centralized customer identification programs. Powered by patents, Avarta is a 4-in-1 solution for DeFi and blockchain whereby your face is your private key to multiple blockchains. Avarta provides crypto companies and the blockchain industry established standards of authentication and proof of identity that serve the industry, rather than adopting outdated standards from centralized institutions. Avarta provides a military-grade security enabled identity wallet that allows people to control their private keys conveniently.
We hosted an AMA session with AVARTA on 21st December at 1:00 PM UTC.
Mr. Ramsy was the host from Crypto Miners and Mr. Hong Loon was our guest. He shared delightful knowledge and unique features of AVARTA.
Segment 1️⃣: Introduction
Hello everyone 👋 and welcome to the Crypto Miners AMA session With AVARTA
Thank you all for joining us today❣
To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. Hong Loon , Welcome to our community 🤝
Hi all!, the pleasure is mine to be here today
Hello There 👋
Thanks for bringing Us AVARTA ❤️
We are very excited to be here with you as well to talk about AVARTA
I'm pretty sure that our AMA participants are very much excited to learn more about AVARTA, so let's get started 🚀🚀
So here's our first question from this segment...
Q1) Can you give a brief explanation about 'Avarta' .What popped up in your mind to create such a platform in this Space?
Absolutely, this is a great first question
Avarta is built based on our own patented solutions, whereby your biometrics allows you access to the NFT, DeFi and the Metaverse space. Our core team has been involved in the crypto space since 2017, and as we see it evolving, we realized that the lack of user experience around DeFi is a potential roadblock to the space.
This is the reason we built out Avarta, to ensure that any user of Web 3.0 can access it securely and in a user friendly manner
Thank you for asking the first question. Looking forward to the rest
Q2) So what are your main features and advantages that discern you from other projects?
Avarta’s main features and unique proposition is about bringing the world’s first complete multi-chain, multi-factor authentication ecosystem with biometrics technology, where you can sign your transactions using your biometrics as private keys, and a distinctive Trust Scoring System of its own.
Our patented Multi-Factor Authentication Solution allows us to bring forth an incredible user experience in tandem with best in class security to drive mass adoption of the blockchain for our solutions.
Our holy grail, and stay tuned for more announcements around that; is that we are building a unique solution to perfect the current crypto credit rating landscape with our own Trust Scoring system.
Q3) How has the experience and background of your team been effective in the success of your project so far?
The experience of a team is absolutely critical towards the success of a project
With Avarta, our team has a unique blend of experience in TradFi and the Web 3.0 ecosystem.
Between the co-founders, we have the core team that counts previous experiences in banking, crypto technology and crypto marketing
This unique blend of experience allows us to first and foremost, understand the pertinent pain points of using Web 3.0 and DeFi. Beyond that, we are building on the best practices of what we have gathered from the DeFi and TradFi world to build solutions that can help users navigate Web 3.0 in a easier manner
4) Now Share us about your Native token, What are the some of utlities of $AVARTA Token in Your Ecosystem? And if possible share to us the Tokenomics
The token is central to our Avarta project.
The Token offers utility for 3 main areas:
1) Better rates for Avarta ecosystem such as membership tiers, revenue sharing, loan rates
2) Participation in the DAO
3) Functions as a capital reward to users with better trust scores, to further grow the Avarta ecosystem in a sustainable manner.
We have carefully calibrated our total token supply to be at 200 million tokens. In the medium term, we have plans on buybacks and token burning, so stay tuned!
We have a full token utility paper. Please find it at: https://assets.website-files.com/60f539b5993eadfbf72fef34/618b4d8e38c58f3db2248ebe_avarta-token-utility-paper-v1.0.pdf
Alright, now let's see our last question from this segment...
5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from Avarta? If possible could you please share road map with us.
This project was born out of Avarta's multi-factor authentication solution which we took 18 months to build out. We want to ensure that the patented solutions are best in class before deployment.
In future, we are aiming to develop the following solutions on top of our patents:
Q4 2021 - Proof of Concept and Technical Solutioning for Production Wallet
Q1 2022 - Testnet Avarta Wallet with 4 chains
Q3 2022 - Mainnet Avarta Wallet with 4 chains, 1st version of Avarta Trust Score Methodology
Q2 2023 - Testnet implementation of Trust Score Methodologies, Avarta Wallet to include new features like Cross Chain Token Swaps Q4 2023 - More Avarta Wallet features, Trust Score to be implemented in Wallet under limited release
Thanks man for this well detailed introduction about AVARTA:)
That's the wrap up of our the first part of the AMA session ✅
Awesome, looking forward!
Let’s now proceed to our Twitter Questions section 👍
Segment 2️⃣: Twitter Questions
1)Patent-backed Avarta is a next-generation data authentication layer with a biometric cross-chain wallet aggregator and an innovative cross-chain credit rating system. AVARTA is using a biometric wallet aggregator, could you tell us more about this? Why do you call it biometric?
We are building out a multi-chain solution whereby your private keys allows you access to the Web 3.0. Think of it as a single sign-on for Web 3.0 to access your NFTs, Metaverse and DeFi with your biometrics.
The wallet is everyone's window to the blockchain, so we are building that as a start. Where our best solutions are around is that you can do the following:
- Whitelist into DeFi projects, P2E and Metaverses with Avarta through biometrics
- Use Avarta Trust Score to build your Web 3.0 profile
- Use biometrics to make transactions and view NFTs
When we mean biometrics, it is your facial recognition; Avarta is much more than that as we also have device recognition. All this of course is done in an anonymous way where users on the blockchain will not know who you are
2)After checking your website I read
Avarta Network uses a set of on-chain and off-chain parameters for its Trust Score What Does this Parameter Cover? Can you explain about the benefits of Avrta Trust Score?What are the advantages if a particular user has a positive Trust Score?
With Avarta, we utilize a series of on-chain and off-chain parameters for the Trust Score:
These parameters cover multiple chains and gives a strong and accurate scoring. For example, if the account uses a burner phone or the biometrics do not align, the user shall have a lower score.
The benefit of Avarta Trust Score is such that it creates a form of decentralized transparency on the Metaverse; whereby we do not need to know the user's identity, yet be able to help facilitate with understanding the user
With that, we can help facilitate P2P transactions on the Metaverse and Web 3.0
With a positive Trust Score, users on the Metaverse will have a stronger trust in transacting on the Metaverse with your Avarta. That in turns, create a strong profile for you!
3)What about the Avarta Trust Scoring works? How does your protocol determine and measure users' Trust Scores? What are the benefits if a certain user has positive Trust Score?
Users are scored based on their trust on the blockchain, in a multi-chain manner.
The parameters will be open to a DAO community, whereby our community members can vote if a parameter is relevant or not!
In this manner, we can create decentralized transparency
4)What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Great question around timelines
We are focused in 2021 around the following:
- Building our testnet on a multi-chain level
- Expanding and building our token utility
- Listing on exchanges
In 2022, we aim to:
- Build out the multi-chain wallet with biometrics with NFT storage
- Build out biometrics for whitelisting
- Hone our Trust Score and deploy it across multiple chains
Stay tuned for more announcements on our TG group which you can join at: https://t.me/AvartaOfficial
Now let's hear our last question from twitter...
5)What about ""AvartaNetwork' development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
We are building full-on around multiple chains to ensure our users and community members have access to as many chains as possible!
Current development efforts are centered around development user cases on:
- Multi-chain NFT gallery in our wallet (accessed through biometrics)
- whitelisting through biometrics
- Avarta Trust Score, whereby we can build a true multi-chain layer whereby everyone can trust each other on the blockchain
On commercial availability, we shall be launching our products in stages in Q1/ Q2’22. So stay tuned on our Twitter to get all the latest news: https://twitter.com/AvartaNetwork
Thanks for Your Valuable Answers boss❣
And that's the end of our twitter question segment.
Thank you too for the great Twitter session
Now Moving on to our last segment - Live Q&A
I hope you're ready for that!!
Yes I am!!!
Here we go,
Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)
1)What is your current market aiming and do you have an ambassador program to create awareness about your project?
We aim to build our product to help the Web 3.0 ecosystem. So, there are definitely programs built around that on ambassadors to create outreach. Stay tuned
2) What major partnerships does you project intend to use or how does your project bring its products to the average consumer - especially non-crypto users?
We are building our technology stack to serve new comers and experienced users
With biometrics as the enabler for transactions, any new user on the blockchain does not need to have significant training to navigate private keys!
On our partnership front, we are announcing a series of partnerships to enhance the solutions of our project. They are around added features and major partnerships to build Avarta. Stay tuned!
3) Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Excellent question around unique selling propositions:
We are one of the first to offer:
- Multi-chain ecosystem for biometrics enabled transactions, so that you don’t forget your private keys again
- Avarta Trust Score, allowing you to build trust for your avatars on the Metaverse
- Whitelisting using biometrics, which makes access to P2E and DeFi projects so much easier
4) How do you keep a balance between developing the technology and also improving the value of your token?
Great question here!
We aim to do both! As the technology develops and Avarta grows in the ecosystem, the value of our tokens will definitely increase with more user base!
5) We all saw many NFT projects incorporating Metaverse today. So there should be high competitiveness in the market, and users more selective when participating in new platforms. So, what are the excellent features that make AVARTA stand out from other blockchain projects?
Indeed, there are a lot of Metaverse and NFT projects today in the blockchain world.
We are not competing with them at all! Instead, with the whitelist features and the Trust Scoring, we aim to build an Avarta layer to serve them all, on a multi-chain basis
*This segment ends here*
Thankyou so much For your valuable answers and information about AVARTA,
It Was Pleasure Hosting An Ama With You
Is there anything else you would like to share or you want us to know ?
Thank you all for the warm welcome and the hospitality.
Do remember to join Avarta’s socials below. Stay tuned!
Time To Conclude Our AMA Section
Thank you soooo much. Such an absolute pleasure
Best of luck for the future 🚀🚀