AMA Recap: CRYPTO MINERS x TRIPLE

Triple Oracles is a strong cross-chain oracle network made to provide fast, safe, decentralized, and scalable data solutions for decentralized apps that run on different blockchain environments. Triple Technology serves as an oracle delivering real-time financial market data across various blockchain networks. Triple is a feature that supports real-time cross-chain data provisioning. Triple envisions that DeFi & Web3 have the potential to revolutionize the financial landscape when equipped with the appropriate infrastructure and access to valuable real-world data. Their mission is to empower the profound influence of smart contract applications by simplifying the accessibility and scalability of a diverse array of valuable data within smart contract functions.

We hosted an AMA session with Triple Technology on 9th December.

Mr. Ramsy was the host from Crypto Miners and Mr. Webster Kingston was the guest from Triple Technology and shared useful information and features of the project.
.
Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to Our Another AMA Session With Triple Technology

Today, we are very honored to invite Mr. Webster Kingston To be our guest in our today’s session to introduce Triple Technology

Hey Webster

Webster:
Hi Ramsy! Hi guys

Ramsy | Crypto Miners:
Welcome here mate

Thanks for joining with us today

Webster:
Great! Happy to be here

Ramsy | Crypto Miners:
First of all can you introduce yourself to us?

Webster:
Sure, My name is Webster, and I am the Founder of Triple. With my extensive background in blockchain technology and a thirst for innovation, I set off on this journey to create Triple — a groundbreaking platform that seamlessly integrates oracle data and blockchain capabilities. Our vision is to offer a robust and secure solution for decentralized data management, catering to the evolving needs of the blockchain space.

Ramsy | Crypto Miners:
Glad to have you today 🤝

Now let’s begin our first part of the session — Project introduction

I’m pretty sure that our community is very much excited for that ✌️

Are you ready mate?

Webster:
Yes, so so ready …

Ramsy | Crypto Miners:
So let’s begin

1. Could you make a brief introduction about Triple Technology? How Triple Tech playing it’s role in blockchain space?

Webster:
Absolutely. Triple is a decentralized, community-driven layer 2 data oracle designed for both the blockchain and DeFi ecosystems. Our primary mission is to bring data onto the blockchain in a manner that surpasses the capabilities of other oracles. We achieve this with a focus on cost-efficiency and exceptional scalability, distinguishing us as a leading solution in the market. Notably, Triple stands out as one of the pioneering truly decentralized oracle platforms that employs the Delegated Proof of Stake (DPoS) consensus mechanism for data validation.

One of the critical challenges confronting the DeFi and blockchain sectors today is the exorbitant cost associated with incorporating data onto the blockchain. Triple addresses this issue by implementing a sophisticated system of Merkle trees on a layer 2 sidechain. This innovative approach allows us to aggregate a multitude of data points, combining them into a single blockchain transaction.

In stark contrast, mainstream oracle solutions typically handle data on a one-to-one basis, resulting in significantly higher costs, slower processing speeds, and reduced security. This limitation is precisely why existing oracles can only accommodate limited amounts of data. Triple’s pioneering approach not only makes a wealth of data accessible but also does so at a considerably lower cost compared to any other oracle presently available in the market.

Ramsy | Crypto Miners:
Thanks Webster for the well start about Triple

Now let’s see our second question from this segment

2. What are the competitive advantages of Triple Technology compared to other oracle solutions?

Webster:
Oracles hold a critical role within the blockchain ecosystem, serving as the gateway for smart contracts to access real-world data. Picture a computer disconnected from the internet or a mobile device in airplane mode; their utility is severely limited. Oracles act as the conduit that seamlessly integrates real-world information into the blockchain environment.

What sets Triple apart from its counterparts, as previously mentioned, is our unique capability to aggregate data using a Layer 2 solution employing Merkle trees. This innovative approach enables us to bring not just a single data point, but thousands or even hundreds of thousands of data points, onto the blockchain within a single transaction. In contrast, traditional oracle solutions are typically limited to handling only one data point per transaction.

Whether it involves tracking the prices of BTC/USD, ETH/USDT, or the entire S&P 500, Triple’s methodology aggregates and records all this data in a single chain transaction. This distinct advantage unlocks various benefits, such as offering data services at a significantly reduced cost, providing a broader array of data options, and enabling more frequent data updates compared to other providers.

While most oracle solutions offer a modest number of data points, Triple currently provides access to over 200 data pairs, with plans to expand to 1,000 data pairs in the near future, including a new options pricing data package. Moreover, our services are currently offered free of charge. Looking ahead, we anticipate having over 10,000 data pairs available, with the flexibility to easily scale to even higher numbers as we progress into 2024. Onboarding additional data sources is a seamless process for us.

Ramsy | Crypto Miners:
Triple effectively demonstrates the unique value proposition and positions it as a strong competitor in the oracle solutions 👍

3. Can you elaborate on the specific mechanism Triple provide developers to access off-chain resources from smart contracts?

Webster:
Certainly, Triple offers developers a robust mechanism to access off-chain resources from smart contracts through a Layer 2 solution based on Merkle trees. This innovative approach enables seamless integration of real-world data into smart contracts while ensuring cost-effectiveness, scalability, and efficiency.

Here’s a detailed breakdown of the mechanism:

Data Aggregation: Triple aggregates off-chain data from various sources, such as market prices, financial data, weather information, and more. The data is collected, processed, and organized into Merkle trees.

Layer 2 Sidechain: Triple utilizes a Layer 2 sidechain, which operates alongside the main blockchain. This sidechain is specifically designed to handle data aggregation and validation efficiently.

Merkle Tree Structure: The data is structured using Merkle trees, a cryptographic data structure that allows multiple data points to be combined into a single hash. This structure provides several advantages, including data integrity and efficient verification.

Single Blockchain Transaction: Instead of recording each data point as a separate transaction on the main blockchain, Triple compiles thousands or even hundreds of thousands of data points into a single transaction.

On-Chain Commitment: A cryptographic commitment to the Merkle tree representing the aggregated data is stored on the main blockchain. This commitment serves as a secure and tamper-proof reference to the off-chain data.

Data Proofs: Smart contracts on the blockchain can request specific data points or verify data using Merkle proofs. These proofs provide cryptographic evidence that the data exists within the Merkle tree without revealing the entire dataset.

Cost-Efficiency: By aggregating data and minimizing the number of on-chain transactions, Triple significantly reduces the cost associated with bringing off-chain data on-chain. This cost-effectiveness benefits both developers and users of smart contracts.

Scalability: Triple’s approach allows for the efficient scaling of data availability. As more data sources are onboarded, the system can accommodate a growing volume of data without compromising performance.

Frequent Updates: Developers can access up-to-date data as Triple’s mechanism allows for more frequent data updates compared to traditional oracle solutions.

Triple’s mechanism leverages Merkle trees and a Layer 2 sidechain to aggregate and validate off-chain data efficiently. This approach reduces costs, enhances scalability, and ensures developers have access to real-world data for their smart contracts in a secure and timely manner. It represents a significant advancement in decentralized oracle solutions, offering a comprehensive and developer-friendly approach to accessing off-chain resources.

Ramsy | Crypto Miners:
4. Now share about the native token $TRIPLE what are its usecases and utilities in Your ecosystem? Also provide with us the tokenomics

Webster:
The $TRIPLE token is a fundamental component of the Triple Protocol ecosystem, serving various purposes within the network. Here are some key details about the $TRIPLE token:
$TRIPLE Token Overview:
$TRIPLE boasts a maximum total supply of 20 million tokens.
Utilization of $TRIPLE Tokens:
Oracle Services: Within the Triple Protocol ecosystem, $TRIPLE tokens serve as a means of compensating node operators who fetch and transmit data from external, off-chain sources to smart contracts on the blockchain. These tokens act as incentives, motivating and rewarding participants within the oracle services ecosystem.
Staking Rewards: $TRIPLE token holders are afforded the opportunity to stake their holdings within the system. In return for their participation, they stand to receive rewards, which can take the form of additional $TRIPLE tokens or grants of participation rights in system governance. Staking not only allows token holders to actively contribute to network security but also provides them with the prospect of earning valuable rewards.
Ecosystem Development: A designated portion of the $TRIPLE token supply is allocated to fuel initiatives aimed at fostering ecosystem growth. These funds are channeled toward creating partnership opportunities, providing crucial support for development projects, and driving the adoption of $TRIPLE tokens in novel applications and services. By investing in ecosystem expansion, $TRIPLE seeks to enhance its utility and extend its presence.

Presale (15%): A portion, such as 15%, could be allocated for a presale event, allowing early supporters to purchase $TRIPLE tokens at a discounted rate before public release.
Liquidity (8%): Approximately 8% of the tokens could be dedicated to providing initial liquidity on decentralized exchanges (DEXs) to ensure a healthy trading environment.
Oracle Services (20%): Around 20% of the tokens could be allocated for rewarding node operators and data providers who contribute to the oracle services, ensuring reliable and decentralized data feeds.
Staking Rewards — Version 1 (10%): Initially, 10% of the tokens could be set aside for staking rewards, incentivizing users to stake $TRIPLE tokens and participate in network security and governance.
Staking Rewards — Version 2 (10%): As the project evolves, an additional 10% could be allocated for a second phase of staking rewards, encouraging continued participation.
Ecosystem Development (15%): Approximately 15% of the tokens could be dedicated to ecosystem development, supporting partnerships, developer grants, and initiatives that promote $TRIPLE adoption.
Team + Future Team (5%): A portion, like 2%, could be allocated to the initial team members and contributors as incentives for their work in launching and developing the project. An additional 3% could be reserved for future team members and contributors who join the project, ensuring ongoing support and growth.
Partnership (5%): Forge partnerships with key ecosystem players and marketing
Node Operators & Ecosystem (5%): Approximately 5% of the tokens could be allocated to incentivize node operators
Centralized Exchange (CEX) Listing (7%): To enhance liquidity and accessibility, 7% of the tokens could be reserved for potential listing fees and incentives on centralized exchanges.

Ramsy | Crypto Miners:
Moving to the last question from this segment

5. What Triple Technology achieved so far and What important updates and developments can we expect in the future?

Webster:
We have a set of overarching goals, with three pivotal ones standing out:

Driving Adoption and Usage of Our Oracles: Our primary objective is to witness substantial adoption and utilization of our oracle solutions. We’re set to launch our token on Pancakeswap, situated on the BNB Chain.

Presently, our concentrated effort revolves around encouraging applications within these ecosystems to integrate our oracles. We’ve established more than 40 partnerships over the past six months, and it’s now imperative to prompt these projects to begin integration. For some, we aim to tailor custom data feeds based on their specific requirements. We’ve identified projects facing challenges with existing oracles that cannot adequately meet their data needs. Being able to fill these gaps is both rewarding and essential.

Achieving Multi-Chain Interoperability: As a layer 2, chain-agnostic solution, our goal is to enhance our support for multiple blockchains. We aspire to be fully interoperable across various chains, accommodating diverse ecosystems and applications requiring reliable data. Our current presence extends to BSC, and we’re gearing up for launches on Polygon by the end of January, Solana by the close of February. Looking ahead, we plan to extend our support to Cardano, Avalanche, and Polkadot in the latter half of 2024. This roadmap reflects our commitment to assessing and expanding support for additional layer 1 protocols and ecosystems.

Advancing Toward True Decentralization: In our journey towards genuine decentralization, a significant milestone is the launch of our DPOS (Delegated Proof of Stake) consensus mechanism scheduled for Q3 of 2024. Furthermore, we’re actively expanding our community validator program, which empowers more individuals from our community to operate validator nodes. This strategic move propels us closer to achieving full decentralization and bolsters our overall network security.

These three major goals underscore our vision for growth, adoption, and decentralization, steering Triple towards becoming a pivotal player in the blockchain and oracle landscape.

Ramsy | Crypto Miners:
Thanks Webster for this very detailed introduction about Triple

That’s the wrap up of our the first part of the AMA session ✅

Webster:
Awesome

Ramsy | Crypto Miners:
Let’s now proceed to our Twitter Questions section

I hope you’re ready for that!!

Webster:
Yes, let’s go

Ramsy | Crypto Miners:
Cool

Segment 2️⃣: Twitter Questions

1. How does TRIPLE ensure accessibility across various networks, and how exactly does Triple aim to seamlessly incorporate off-chain data into on-chain processes?

Webster:
TRIPLE ensures accessibility across various networks through its innovative approach to data aggregation and transmission. At the core of Triple’s solution is its Layer 2 architecture, which leverages Merkle trees to aggregate vast amounts of off-chain data and efficiently transmit it onto the blockchain. This design allows Triple to provide accessible and cost-effective data oracles across different blockchain networks.

Here’s how Triple achieves this:

Layer 2 Aggregation: Triple utilizes a Layer 2 sidechain to aggregate large volumes of off-chain data efficiently. Instead of sending each piece of data individually, which can be slow and costly, Triple aggregates thousands or even hundreds of thousands of data points together into a single blockchain transaction. This aggregation process significantly reduces transaction costs and enhances scalability.

Data Pairs: Triple offers a wide range of data pairs, currently over 1,200, and plans to expand to 2,000 data pairs. These data pairs cover various assets, including cryptocurrencies, traditional financial instruments, and more. This extensive offering ensures that developers and applications have access to a diverse set of data sources for their on-chain processes.

Multi-Chain Support: To ensure accessibility across different networks, Triple is designed to be chain-agnostic. It is currently live on the Binance Smart Chain (BSC) and plans to expand to other networks, including Polygon, Solana, Cardano, Avalanche, and Polkadot. This multi-chain approach enables developers and users to access off-chain data through Triple’s oracles on the blockchain network of their choice.

Ease of Integration: Triple’s oracles are designed for ease of integration into smart contracts and applications. Developers can access the data they need by making requests to Triple’s oracle contracts. The aggregated data is readily available on-chain, allowing smart contracts to interact with and use the data seamlessly in their processes.

Triple’s innovative use of Layer 2 technology and Merkle trees enables it to efficiently incorporate off-chain data into on-chain processes. This approach ensures accessibility across various blockchain networks and provides developers with a versatile and cost-effective solution for accessing real-world data on the blockchain. Triple’s commitment to expanding its presence on multiple chains further enhances its accessibility and utility in the broader blockchain ecosystem.

Ramsy | Crypto Miners:
2. What benefits do TRIPLE-enabled protocols have regarding soliciting both public and private data?Also how are data providers incentivized to participate in the TRIPLE ecosystem?

Webster:
TRIPLE-enabled protocols enjoy several benefits when it comes to soliciting both public and private data, and data providers are incentivized to participate in the TRIPLE ecosystem through various mechanisms:

Benefits for TRIPLE-Enabled Protocols:

Access to a Wide Range of Data: TRIPLE provides a vast and diverse array of data pairs, covering both public and private data sources. This extensive offering allows protocols to access a wide range of real-world information, including cryptocurrency prices, traditional financial data, weather updates, and more.

Cost-Efficiency: By utilizing TRIPLE’s Layer 2 aggregation technology, protocols can access aggregated data at a significantly lower cost compared to traditional one-to-one data oracle solutions. This cost-efficiency is particularly valuable when requesting multiple data points.

Scalability: TRIPLE’s ability to aggregate thousands of data points into a single blockchain transaction enhances scalability. Protocols can efficiently scale their data requirements without facing congestion or high gas fees on the blockchain network.

Custom Data Feeds: TRIPLE allows protocols to create custom data feeds based on their specific needs. This flexibility enables protocols to tailor data sources to match their use cases accurately.

Incentives for Data Providers:

TRIPLE Token Rewards: Data providers are incentivized to participate in the TRIPLE ecosystem by earning TRIPLE tokens as rewards for their contributions. These rewards serve as compensation for fetching and delivering data to the blockchain.

Staking Opportunities: Data providers may choose to stake their TRIPLE tokens within the system. Staking offers the opportunity to earn additional tokens or participate in the governance of the TRIPLE network. This encourages data providers to actively engage with the ecosystem and contribute to its security and governance.

Ecosystem Development Funds: TRIPLE allocates a portion of its token supply to drive ecosystem development. These funds are used to create partnership opportunities, support development projects, and promote the usage of TRIPLE tokens in new applications and services. Data providers indirectly benefit from these initiatives as they contribute to the growth and adoption of the ecosystem.

Decentralized Governance: TRIPLE’s governance model allows participants, including data providers, to have a say in the decision-making process. This ensures that the ecosystem evolves in a way that aligns with the interests of its participants, including those providing data.

Ramsy | Crypto Miners:
That’s the wind up of our twitter segment

Now Moving on to our last segment — Live Q&A

Shall we Webster?

Webster:
Yea, I’m all ready

Ramsy | Crypto Miners:
Alright

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) Chukky ✨:
How does Triple’s implementation of Merkle trees on a layer 2 sidechain contribute to solving the cost-related challenges in data integration?

Webster:
Triple’s implementation of Merkle trees on a layer 2 sidechain plays a crucial role in addressing the cost-related challenges in data integration. Here’s how it contributes to solving these challenges:

Aggregation of Data: Merkle trees allow Triple to aggregate large amounts of data from various off-chain sources into a single data structure. Instead of writing each piece of data as a separate transaction on the blockchain, multiple data points are grouped together within the Merkle tree.

Reduced On-Chain Transactions: By batching data into a single on-chain transaction, Triple significantly reduces the number of transactions required to bring data on-chain. This batching process results in substantial cost savings because each transaction on most blockchains incurs fees.

Lower Gas Costs: Fewer on-chain transactions mean lower gas costs. Gas costs can be a significant barrier to data integration, especially for applications that require frequent updates or access to large datasets. Triple’s approach minimizes these costs, making data integration more affordable.

Scalability: The use of layer 2 sidechains further enhances scalability. Layer 2 solutions provide additional capacity and reduce congestion on the main blockchain network, allowing Triple to handle a more extensive volume of data efficiently.

Faster Data Updates: The Merkle tree structure allows for efficient updates and proofs. When new data is added or existing data is modified, only the affected branches of the tree need to be updated, reducing the time and cost associated with data updates.

Secure Data Integrity: Merkle trees provide cryptographic proofs that ensure the integrity of the aggregated data. Users can easily verify that the data in the Merkle tree matches the original off-chain data sources without the need for costly and time-consuming individual verifications.

Flexibility: The use of Merkle trees on a layer 2 sidechain offers flexibility in data integration. Triple can accommodate a wide range of data types and sources, making it a versatile solution for various applications and use cases.

Triple’s implementation of Merkle trees on a layer 2 sidechain optimizes the process of bringing data on-chain, making it more cost-effective, efficient, and scalable. This approach addresses the cost-related challenges associated with data integration in blockchain and DeFi ecosystems, ultimately benefitting developers, users, and applications that rely on access to real-world data.

2) Btc king:
In what ways does Triple aggregate data points, and how does this approach differ from mainstream oracle solutions?

Webster:
Triple’s approach to aggregating data points is unique and differs from mainstream oracle solutions. Here’s how Triple aggregates data points and the distinctions from conventional oracle solutions:

Triple’s Data Aggregation Approach:

Triple employs a novel method of data aggregation using Merkle trees and layer 2 sidechains:

Merkle Trees: Triple aggregates multiple data points into Merkle trees. Merkle trees are data structures that allow multiple pieces of information to be condensed into a single hash. This hash represents the entire dataset, providing a concise representation of the data.

Layer 2 Sidechains: The aggregated data in the form of Merkle trees is stored on a layer 2 sidechain. Layer 2 solutions offer scalability and reduced congestion compared to the main blockchain, making it efficient to handle large datasets.

Batching Data: Instead of processing individual data points as separate transactions, Triple batches multiple data points together into a single transaction on the sidechain. This batching process minimizes the number of on-chain transactions required.

Efficient Updates: When updates are needed, only the relevant branches of the Merkle tree are modified. This efficient update mechanism reduces the cost and time associated with updating data.

Cryptographic Proofs: Merkle trees provide cryptographic proofs of data integrity. Users can verify the data’s authenticity and consistency without the need for individual data verifications.

Differences from Mainstream Oracle Solutions:

Triple’s data aggregation approach stands out from mainstream oracle solutions in several ways:

Batching vs. One-to-One: Unlike mainstream oracles, which typically integrate one data point per transaction, Triple batches multiple data points into a single transaction. This batching approach reduces gas costs and improves efficiency.

Layer 2 Sidechain: Triple leverages layer 2 sidechains for data storage and processing. Mainstream oracle solutions often operate directly on the main blockchain, which can lead to congestion and higher costs.

Cost Efficiency: Triple’s approach is more cost-effective, as it minimizes the number of on-chain transactions required for data integration. Mainstream oracles may incur higher gas costs due to one-to-one data integration.

Scalability: Triple’s data aggregation approach is highly scalable, making it suitable for handling extensive data volumes. Mainstream oracles may face scalability challenges as data requirements increase.

Faster Updates: Updates to aggregated data are faster and more economical with Triple’s approach, as only the relevant branches of the Merkle tree need to be updated. Mainstream oracles may require separate transactions for each data update.

In summary, Triple’s innovative data aggregation approach, combining Merkle trees and layer 2 sidechains, offers advantages in terms of cost efficiency, scalability, and efficient updates compared to mainstream oracle solutions that rely on one-to-one data integration. This approach addresses the challenges of bringing data on-chain in blockchain and DeFi ecosystems effectively.

3) Ishtiak ahamed:
Can you provide insights into the security measures and protocols implemented by the X3 Triple Token X3 Data project, ensuring the safety of assets, transactions, and user data within its blockchain-based solutions and platforms?”

Webster:
Triple employs a range of security measures and protocols to ensure the safety of assets, transactions, and user data within its blockchain-based solutions and platforms. Here are some key security aspects:

Smart Contract Audits: Triple conducts thorough audits of its smart contracts to identify and mitigate vulnerabilities. These audits are typically performed by reputable third-party security firms with expertise in blockchain and smart contract security.

Decentralization: Triple’s network is designed to be decentralized, reducing the risk of a single point of failure. Decentralized nodes validate and secure transactions, making it more resilient to attacks.

Consensus Mechanism: Triple uses a Delegated Proof of Stake (DPoS) consensus mechanism, where token holders vote for validators. This system enhances network security by allowing the community to select trustworthy validators.

Data Encryption: User data and sensitive information are encrypted to protect against unauthorized access and data breaches. Encryption protocols like HTTPS and secure key management are employed.

*This segment ends here*

Ramsy | Crypto Miners:
Thankyou so much Webster for your valuable answers and information about Triple Technology ❤️

It was a interesting time with you mate

Is there anything else you would like to share or you want us to know?

Webster:
Thanks everyone for your time! Please come by and visit our community if you have any further questions or want to learn more about Triple, we have an awesome and friendly community to help you guys!

Ramsy | Crypto Miners:
Get touch with Triple Tech peeps

Time To Conclude Our AMA Session

On behalf of miners community wish all the very best for Triple Technology and the entire team behind the project

Webster:
Thank you

If you would like to learn more about Triple, here are some useful links for you:

Website: http://Triple.technology/
X: http://X.com/triple_token
Telegram: https://t.me/triple_main_chat
Medium: TRIPLE