Part 1: Introduction
1. Would you introduce yourself to the GTA Trading Community? Your background and why do you create Persistence?
I started my career in the Blockchain/Crypto industry hosting the Decrypt Asia podcast (https://decrypt.asia/) and writing extensively about Blockchain/Crypto on Tech in Asia.
Then I joined as the first employee at Singapore based LuneX Ventures (Crypto arm of a Traditional VC Golden Gate Ventures – https://goldengate.vc/). Seeing an opportunity to contribute more to the ecosystem by being a founder versus an investor and bringing institutional capital into the industry, I started Persistence in Q2 2019 and we came out of stealth in January 2020.
One of my blogposts on Terra – https://www.techinasia.com/terra-drive-mass-adoption
My first crypto experience was when I was based in Singapore – towards the end of 2016, I got on Coinbase and started buying cryptos after getting my capital out of some traditional investemnts
Was looking to do angel investments into startups but instead came across crypto and the rest is as they say, history.
Hello Everyone,
I am Abhitej Singh and I take care of Strategy and Community at @Persistenceone. My introduction to Crypto was in 2016-2017 while I was travelling across different parts of India and the US. I was very fascinated by the core characteristics of Crypto and Blockchain in general – ownership and transparency. So, after initial introduction I jumped into Crypto completely in late 2018.
Before joining Persistence, I was helping a couple of early stage startups (now backed by Ola and Livspace – unicorns in India). I was also actively involved building communities for Google, facebook and co-founded national hackathon in India called Code2Create.
I met Tushar and Deepanshu in 2019 at a Blockchain Conference and really liked the vision they had and joined them back in November 2019. Here we are building @PersistenceOne.
I also co-founded Cosmos India with Tushar and Deepanshu.
Learn about our journey so far: https://www.youtube.com/watch?v=bPHOZPsoEnQ
2. Can you describe what Persistence is in a few sentences?
Persistence is an interoperable protocol built to facilitate the creation of next-gen financial products. The Persistence tech stack provides the infrastructure to effectively bridge the realms of DeFi and traditional finance in a variety of areas, whilst also enabling the creation of innovative crypto-facing solutions to expand the DeFi and NFT sectors.
Using the features of DeFi and utilizing NFTs to tokenize real-world assets can solve the current problems of traditional finance, thus opening the floodgates to allow a torrent of new capital into the crypto ecosystem.
In addition, Persistence’s interoperable infrastructure provides the means to create an endless array of cutting-edge crypto-facing products which can offer unique opportunities within DeFi and the NFT space that have never before been seen in the blockchain industry.
Learn about our product suite: https://blockspaper.com/vi/a/how-persistence-is-ushering-in-a-new-era-of-next-gen-financial-products-a06e5d57c72b
3. What is the vision and mission of Persistence?
The Internet disintermediated the media & communications industry. Using HTTP, SMTP, and TCP/IP as the foundational layers, the cost of information exchange was significantly lowered.
Data flows like water today.
Persistence is leveraging blockchain technology to facilitate seamless asset exchange. Using Web 3.0 protocols, Persistence is providing the infrastructure for the creation of a suite of bleeding edge financial products ranging from NFT marketplaces and tokenized ‘real-world’ debt trading platforms to staking-as-a-service infrastructure.
Digital assets will flow like water tomorrow.
#FinancialProducts #Persistence
Our protocol is powering a wide array of next-gen financial products!
🦾 What do real-world use cases, institutional integration and a suite of next-gen financial products have to do with DeFi & NFTs?
💥 EVERYTHING!
🎥 Let us share, in under a minute, a little about who we are. Listen up as our CEO, Tushar Aggarwal, sheds some light on our mission.
🚀 Remember this is just the beginning, Persistence already has multiple working products and is building an entire ecosystem of financial products to serve both institutional and crypto-native users.
ℹ️ Learn more about our product ecosystem here: https://buff.ly/2NWnFE3
🗣 Spread the word: https://twitter.com/PersistenceOne/status/1365566370268794881
🌐 Join our community: Telegram (https://t.me/PersistenceOneChat) | Twitter (https://twitter.com/PersistenceOne) | Website (https://persistence.one/) | Blog (https://medium.com/persistence-blog)
4. Currently on the market are there any competitors? And what advantages does Persistence have to overcome those competitors?
Persistence is operating at the confluence of DeFi + NFTs + PoS Staking. There is no other project that is operating at such an unique position. This one of the key advantages Persistence has.
But we have product specific competitions, such as:
– Tokenising and collateralising real-world assets: Centrifuge
Advantage: Processed $55M+ in transaction volume across 4 major trading hubs including Dubai, Hong Kong, Malaysia and Singapore. Top 12 validators globally supporting Comdex.
– Liquid Staking: Lido Finance, Fantom, Stafi, LiquidStake
Advantage: Persistence is focused on multi-chain liquid staking with easiest liquidity for the staked assets (in comparison to the market)
That being said, the key differentiator so far has been:
– Persistence’s ability to deliver high quality products back-to-back
– Building a strong organic community
– A very balanced team across Business, Tech and Community
– Partnerships and collaborations with leading foundations, projects and individuals in the space
– Leading global working groups such as inteNFT.org
You can have a look at some of work at our website https://persistence.one
Part 2: Answer questions from Twitter
1. A good project always has competition and duplication of ideas. What does Persistence think about this issue? What is the long-term vision of Persistence in the blockchain market to keep up with the trends with technology, community and related issues?
As I mentioned, the greatest advantage for Persistence over the competition is the unique position of operating at the confluence of PoS + NFTs + PoS staking.
We have already built 4 products, namely:
– Comdex – Decentralised Commodity Trading Marketplace with more than $55 Million in Transaction volume
– AUDIT.one – Validator arm of Persistence.one with more than $125 Million worth of assets under delegation
– pSTake – Liquid Staking platform with best returns and user experience for the PoS stakers
– Asset Mantle: NFT Marketplace framework which will allow any user to spin up their own NFT marketplace – Shopify of NFTs
We have been working on building Persistence for the past 18 months and have put in place a complete tech stack that has the ability to expand horizontally and vertically.
Some one may copy our code but the truth for Persistence lies in the ecosystem we have built with leading validators, strong community and high-volume/high-quality use-cases.
Our are highly competitive ability to execute relentlessly.
2. What is the role of the community in the governance of your crypto ecosystem in order to be able to call it community driven? Which members of the community can participate in the decision making?
This is an interesting question and answer that will take two way approach:
Community-driven governance: As we launch our mainnet and token ($XPRT) followed by a governance module, all the $XPRT holders will be able to participate in the governance of the chain and expansion of the same.
The utility of $XPRT is designed in a way that all the $XPRT stakers will have value accrual from all the apps running the Persistence ecosystem. This will serve as a great motivation for the community to participate in the staking and in return on-chain governance.
Secondly, initiatives such as StakeDrop have allowed us to distribute our token to stakers of Polkadot, Cosmos, Tezos, Matic, Terra, Iris and Kava. This way we have been able to form a very strong community of already educated community of stakers and long-term token holders which will allow us to kickstart our network with high staking ratios.
Outside of this the users of our dapps such as pStake, Asset Mantle, pLend and AUDIT.one will have the advantage to receive the benefits from upcoming incentives in our ecosystem.
All in all, the $XPRT holders and Persistence ecosystem dapp users will have the ability to participate in the growth of the network and ecosystem in multiple ways.
3. In the long run, why should we trust and follow you and your project? How do you raise awareness and elimination of the doubts of investors / partners / customers?
In short I would like to say the best way to gain trust of investors/partners/community is to deliver products back to back and Persistence has been doing the same.
Before the launch of our token itself we have 4 products ready and 2 of them are already live with millions in traction.
The other aspect is working with the leading teams and foundations. Persistence has forged strong relationships with some of the strongest projects in the industry.
Ecosystem:
1. Terra: https://medium.com/persistence-blog/terra-and-persistence-announce-partnership-to-drive-adoption-via-a-token-swap-and-community-677df3d0f6e0
2. Interchain Foundation: https://medium.com/persistence-blog/persistence-one-first-to-implement-interchain-native-nft-transfer-bags-icf-grant-cdb6c3856c25
3. Razor Network: https://medium.com/persistence-blog/persistence-partners-with-razor-network-to-strengthen-both-parties-e92e538ad4b4
4. Kava: https://twitter.com/kava_labs/status/1357630049906794496?s=20
AUDIT.one:
1. Tendermint: https://medium.com/persistence-blog/tendermint-to-delegate-595-000-atoms-to-persistences-audit-one-97ddb47e01db
2. Polygon (Previously Matic Network): https://blog.matic.network/matic-network-validator-advisory-board-overseeing-the-advancement-of-a-secure-and-healthy-network/
3. Skale: https://skale.network/blog/validator-list-for-skale/
4. Injective: https://buff.ly/2ZtasW4
5. Marlin: https://twitter.com/PersistenceOne/status/1339917327194857473
StakeDrop:
1. Trust Wallet: https://community.trustwallet.com/t/persistence-one-1000-in-xrpt-giveaway/85990
2. Cosmostation: https://medium.com/persistence-blog/cosmostation-wallet-adds-3-step-registration-for-persistence-stakedrop-a1223703c490
3. StakingReawrds: https://medium.com/persistence-blog/additional-20-000-xprt-is-up-for-grabs-as-persistence-partners-with-the-staking-rewards-team-d1b21aa092ac
Our validators
Projects we are working with for interNFT standards.
4. Auditing plays an important intermediary role in the development of DeFi projects. What audit methods has Persistence applied in project development? Can you talk more about it?
This is a very solid question. Persistence has been working on both internally and with 3-rd parties for code/product audits.
We have built strong fundamentals in terms of our code deployments.
For each product that we push goes through multiple internal quality assurance and auditing staging.
1. Internal team audit
2. Review and feedback from the advisors and other key stakeholders
3. Testnet implementation to find out vulnerabilities
4. Launch of alphatest [which allows to incorporate the feedback and fix the vulnerabilities and again have further stress and pentesting of our products]
5. Launch of mainnet
There are only a hand few of team that take this approach of going from testnet -> alphanet -> mainnet
We are also working with some of the world’s leading code and smart contract Auditors to further audit our products and figure out any minor or major bugs.
Thorough internal auditing + leading 3rd party auditors = Robust and secure products 🦾🦾
5. What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?
We aim to become the largest suite of financial products (Both crypto-native and institutional applications).
We are already on a great start with Comdex, pStake, AUDIT.one, Asset Mantle and pLend. But this is just the start.
You can find all our upcoming updates in our latest roadmap: https://persistence.one/roadmap
But some of the key updates will be:
Public Sale: March 2021
Mainnet Launch: Q2 2021
pStake Launch: April 2021
Asset Mantle launch: Q2 20201
Token lisitings and staking: Q2 2021
Part 3: Telegram community interaction
1. What kind of use-cases does the Persistence token have? What kind of value does it play and bring to the Persistence ecosystem?
the token plays 3 keys roles:
1. Staking token (similar to other Tendermint based chains like Band, Kava, Terra, Iris)
2. Governance of the chain (not app)
3. Work token (stakers and delegators receive cash flows from the pStake, Comdex dApp as well as other dApps in the future)
2. What are the reasons and purposes of having built Persistence on Cosmos SDK technology? Can you list some notable advantages?
The Cosmos SDK not only allows Persistence the ability to take advantage of the ‘Inter-blockchain Communication Module’ (IBC) launched by Cosmos, but also allows for Persistence to create its own ecosystem of application specific chains which leads to an exponentially higher level of scalability.
Through the use of the Cosmos IBC module, stablecoins from various networks integrated with the Cosmos IBC can be interoperably transacted on the Persistence App where these assets can be deployed to finance real world commodity trades.
In addition, the Cosmos Hub/Zone structure allows for applications built on Persistence to have their own chain (zone) for application specific transactions while transactions pertaining to the native Persistence token occur on the hub.
3. How many developers are working on the project?
1-Increasing Token price
2- make Token Valuable
3-Building Community Trust
From 3 aspects above,. I want to ask,Which one is the most important for you??
If all above are important for you,Which one that Will you do first??
Currently we have a team of 25 members with 15 developers (Blockchain, DevOps, Front-end)
We aim to focus the most on:
Making the token valuable and incorporating more use-cases. This will ensure community trust.
Increase in token prices is the by-product of strong products, token utility and good community.
4. Essentially, most of the problems you’re solving would be solved when ETH 2.0 launches by end of the year. How do you fear Persistence would become redundant then?
Persistence is solving more multiple problems and not just scalability, such as:
– Interoperability
– Bridging traditional finance and DeFi
– Creating easy-to-use financial products
– Creating liquidity and accessibility for multiple assets classes including stacking-as-an-asset class, real-world assets (invoices, business documents), NFTs (art and collectible)
I don’t see any reason why the launch of Ethereum 2.0 will impact Persistence.
Persistence is not competing with any Layer1 rather it is working on creating multi-chain financial products -Ethereum, Cosmos, Polkadot etc
5. In order to enter your staking program, what requirements are necessary? Do I need to pass some kind of KYC verification?
Currently we are running a StakeDrop campaign to distribute 1% of our entire token supply.
We have already completed the campaigns for Cosmos, Kava, Terra
Ongoing: Matic
Upcoming: Iris, Tezos, Polkadot
You can find the details to participate in Matic StakeDrop (ends on March 5) here: https://youtu.be/DXfL8KIdLAw
