Dean recently joined the exchange Gate on their Telegram channel for an AMA with their community.
Here are the questions and answers
Joseph: Hello Dean, can you please introduce yourself to Community members and an intro about your project?
Dean: Hello. I am CEO of Agoric Systems. We having been building the software for the Agoric network. Agoric is a layer-1 blockchain and smart contract platform that enables the millions of JavScript developers in the world to build and deploy smart contracts, using their existing expertise, tools, and programming environments.
Joseph: Can you share the vision behind Agoric and how it aims to bring value to the blockchain space?
Joseph: How does the Agoric chain communicate with other chains?
Dean: Agoric was purpose built to interoperate with other chains. To accomplish this, Agoric uses the Inter-Blockchain Communication (IBC) protocol, which we actually helped create! IBC is the standard for cross-chain between different blockchains in the Cosmos network, and is expanding to others like Avalanche (went live recently) and Ethereum (in progress). This positions Agoric as the best place to write smart contracts that communicate cross-chain!
Joseph: What is the role of the BLD token in the Agoric ecosystem, and how does it contribute to the network’s functionality?
Dean: BLD is Agoric’s native token for staking and governance. Agoric is a Proof-of-Stake chain (built with Cosmos’ CometBFT). Participants stake their BLD tokens to participate in the transaction validation process on the Agoric network. This process ensures that the network operates with robust integrity. Moreover, stakers of the BLD token govern the chain and can vote on things like chain upgrades, providing BLD stakers ultimate control over the Agoric network. Additionally, the other key token in the Agoric ecosystem is IST, which is implemented by Inter Protocol. IST is a stable token designed to maintain parity with the USD. It’s compatible with IBC-enabled chains in the Cosmos ecosystem and used primarily to pay for fees and services on the Agoric chain. Additionally, the other key token in the Agoric ecosystem is IST, which is implemented by Inter Protocol. IST is a stable token designed to maintain parity with the USD. It’s compatible with IBC-enabled chains in the Cosmos ecosystem and used primarily to pay for fees and services on the Agoric chain.
Joseph: In a few words, what makes Agoric stand out from other L1s?
After the introductory questions, there was a short quiz, questions and answers provided here.
What’s the name of Agoric’s smart contract framework?
Zoe! Zoe enables novel safety features like Offer Safety and Payout Liveness, two protections unique to Agoric that assure users they’ll get what they want out of a transaction or it doesn’t happen. This allows strangers to cooperate with greater confidence. The name was inspired by a character in the Firefly sci-fi space-western series. She makes sure that everyone follows the rules of the deals!
What does the BLD token represent in the Agoric ecosystem?
The native token used to stake and secure the Agoric chain. It’s for staking and governance.
Which protocol makes Agoric natively interoperable with other Cosmos chains?
IBC! (Inter-blockchain Communication Protocol, which we helped build) IBC was inspired by the earlier work of myself and my cofounder in the ‘90s! We helped architect Cosmos’ IBC to enable easy cooperation among not just Cosmos chains, but most other chains as well. Hence it’s connecting to other chains like Avalanche, PolkaDot, and Eth (in progress=!).
To provide a safer programming model for writing smart contracts. It really makes programming and using components from other people much easier and safer.
How does Agoric reduce the learning curve when moving from web2 to web3?
Finally, after the quiz, Dean the audience could submit live questions for Dean and he selected five to answer.
User Gu Geo asked: Since NFTs are popular nowadays, is there a plan for NFT integration?
User Yoo asked: Excited because Agoric is implementing the $IST fee model in the mainnet. Correct me if i’m wrong, but i believe this means $BLD stakers will receive $IST rewards alongside $BLD rewards? Exciting stuff from an extremely promising chain.
Dean: Indeed, Agoric is one of the first dual-token designs (from the whitepaper): BLD is the basis of the staking economy and IST is the stable token for fees. If you think of gas prices as like your rent or postage, you wouldn’t expect to pay your rent or postage with a volatile asset like gold, or Apple shares, or Eth. We all discovered literally thousands of years ago that having an economy use a stable token for payments, unit of value, etc. created a better, more vibrant economy. So we use IST for gas, etc. The system is designed for IST to be provided as rewards, ONCE it is out of the bootstrap phase. Right now, it’s still growing and spreading in the interchain ecosystem, where the fees go to the Reserve so that it can grow faster. I expect the BLD community to not turn on IST rewards until it is broadly used and adopted. Then some fees will go to the BLD reward pool.
User Ankit asked: How did you get the community involved in developing the project? and how do you build a strong community to grow globally?
Dean: We actively work with our awesome community in several regions, including Turkey, Russia, Indonesia, and soon expanding into India and Argentina. We have a new Getting Started series of articles on our website answering questions like what is Agoric, BLD, or IST, currently available in English. We just held our first meetup in Ankara, Turkey, where 80+ university students attended to learn more about the benefits of building with Agoric. We also partnered with other Cosmos chains to host our first meetup in Bangalore, India, where 150+ crypto builders got together to learn about Cosmos and Agoric. Lastly, we’ll be expanding into South America with our first meetup in Buenos Aires in January 2024! If you want to attend one of our upcoming events, subscribe to our events calendar. If you want to help advocate in a specific region by running meetups or workshops, you can reach out in our Discord server.
User Christopher asked: Can you list 1-3 killer features of Agoric?
Dean: Another great question!
Our growing library of composable code building blocks makes building and deploying these apps faster and familiar for JS devs.
It’s also natively interchain — interoperable with the 60+ chains connected via IBC — and Agoric smart contracts smoothly integrate async actions on other chains via Interchain Accounts (in development)
These combine to make Agoric a powerful, one stop shop for building apps that span multiple blockchain networks.
User Anthony asked: The total supply of the $BLD token is 1,006,745,147 BLD coins, can you tell us what the token distribution is ? What are the existing ways that you offer to get this token?
Dean: For all the details of the economy, tokens distribution, etc. check out the economy page on the Agoric website, and of course at the exchange. You can acquire BLD from Gate.io, of course (and other DEXs and CEXs too). Thank you Gate.io for listing BLD and making it accessible to your broader community. We look forward to many new token holders, developers, and projects from here!
And that’s a wrap! Thank you to Joseph for being an awesome host and for Gate for having Dean!