AMA Recap with ProBit Exchange Community
By: Ehm Sohn
Tags: Ama, Futures Trading, Trading Competition, Leverj, English

This article was written in an attempt to consolidate the AMA into a short, digestible piece that can be reviewed by the participants of the AMA, as well as the wider community who were not able to attend. The AMA was conducted in Korean, and the questions and content have been translated into English for the benefit of the wider community. I hope it helps shed more light on our project and what we hope to achieve.

On the 16th of December, 2020, Leverj held its first ever Korean AMA alongside Probit, in an effort to continue to educate potential users about decentralized finance and derivatives trading.

There was a lot to cover, and a 30 minute time-slot turned into almost a two hour-long AMA. Fran from Techemy Ltd, took the reins and gave some history regarding Leverj’s beginnings, running up until recent announcements like the Coinshares partnership, as well as launching a trading competition to celebrate the introduction of USDT on the Perpetual contracts.

After the initial introduction, participants were encouraged to ask some questions about Leverj. Five of the top questions were chosen and posed to both Fran — who took care of the business side of things, and Shanky who was able to delve into more of the nitty gritty technical details of the protocol.

Below are both the questions and answers from the AMA. Take the time to read through and hit any of our team up for more information if necessary.

Questions:

Question one was simple and sought to understand the overarching goal of Leverj.

Q1: What is the end goal of Leverj Gluon?

Answer by Fran: Basically to be what BitMex should have been — decentralized derivatives, with more interesting trading instruments. Our platform can also power no-ethereum-gas-fee dapps like AMM’s, Lending, Options, etc. Gluon makes everything on ethereum faster and cheaper.

Question two was asked by a participant who was interested in some specifics about the Plasma sidechain as well as ‘Daoization’.

Q2: I am curious to know how the plasma side chain technology possessed by Leverj Gluon guarantees transactions between each chain can be ‘DAOized’ and swapped, and what technology enables this?

Answer by Fran: Great question!

Plasma — originally proposed by consensys, was not really good enough. Gluon.Network was *inspired* by Plasma.

Gluon is “Account Based”. TenderMint will be the composability you refer to, between dapps on the gluon chain.

The “DAOization” is a reference to decentralizing the governance. The nodes run on centralized servers just like ethereum. By March we will have multiple 3 parties running nodes which will allow different apps to share the same liquidity and functionality.

Question three was concerned with some specifics regarding Leverj’s governance token, L2 ($LTWO)

Q3: What exactly is the Gluon governance token?

Answer by Fran: It’s an Ethereum ERC20 token just like Maker or Uniswap tokens — holders of this token get all the rewards (leverj.io and soon other dapps trading fees) + you get to vote on key network and ecosystem decisions. The staking will be live soon to earn those fees and voting should be around Feb.

Question four was in regards to security and encryption surrounding the Leverj platform.

Q4: What level has the bridge security and compatibility reached in sidechain technology? And I am curious about encryption technology and hacking measures too in regards to Leverj.

Answer by Fran: Gluon Network has been extensively audited by Blockchain labs over the past 3 years as development occurred.

In terms of OpSec, there’s no ability for hackers to take users coins — users control their keys the whole time. The website has it’s own Pen Testing and OpSec to the quality any exchange expects.

Answer by Shashank: Layer 2 by design relies on the security constructs of Layer 1. Verification and fraud proofs disallow malicious behavior not only by participants but also by the operators

Question five was concerned with Leverj’s consensus algorithm.

Q5: What is the main consensus algorithm used to maintain nodes in Leverage Gluon?

Answer by Shashank: We are working on Tendermint based consensus.the same model that powers Cosmos.

Question six was a follow up from question five.

Q6: Does Tendermint have one block finality?

Answer by Shashank: Tendermint is fast and has the right rewards and slashing schemes. One block finality in earnestness doesn’t exist even on layer 1 as they are subject to possible realignments and reorg.

It also takes away the burden of fraud proof as a post facto — instead it does proactive verification proof. Whatever goes through the consensus is fast and final.

Closing remarks

As you can see from the above questions, some were broad and general questions concerning the big picture Leverj has, and what it aims to contribute to the ecosystem. Others were very technical and inquired into the inner workings and ‘under the hood’ technology. Thanks to the teamwork displayed between Fran from Techemy Ltd and Shashank, participants were not left disappointed.

We at Leverj would like to sincerely thank Probit for hosting the AMA, and a special thanks goes out to Jabin Moon, who orchestrated and carried out the AMA. Thanks also to the participants for being patient over the two-hour stretch, and for posing some very interesting questions. This gave the team the chance to deliver some insights into our project.

We look forward to working more with the Korean community on both the customer side as well as the developer side. Hopefully, both users and developers alike will realize the exciting potential that Leverj has and together we can continue to improve the Defi space as well as the Crypto community as a whole.