Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Astra Protocol 26 April, 2022. This guest star,
- Sakhib Waseem — Chief Innovation Officer & CTO, Astra
My name is Sak Waseem.
I’m the Chief Innovation Officer and CTO at Astra Protocol!
What is the inspiration behind the Astra Protocol? What is the aim Astra Protocol?
Astra Protocol is a decentralised compliance layer that is designed to bring DeFi and crypto more trust and really move the industry forward.
We’ve seen the huge growth of crypto and DeFi has become huge. But with this growth we’ve also see a big rise in the bad parts of this industry, scams, rug pulls, illicit finance too.
This has pushed regulation around the world and puts us in a pretty tough spot from a crypto perspective. So we created ASTRA.
Our compliance layer carries out all compliance checks for DeFi platforms for its users without sacrificing decentralisation. We also use major business legal and compliance firms around the world to verify users And post on chain metadata validating the industry without exposing identity.
We’re secure, decentralised and positioned to push the industry forward and keep over regulation away so we can keep building and growing as an industry.
Can you talk about the Astra ecosystem? Do you have the features/product that can attract users and invest, can you talk about your differences that allow you to stay in this market for a long time?
Firstly we’ve created the DLN (decentralised legal network)
Which is a major ecosystem of business legal and compliance firms, really the major tier organisations from all around the world so we can ensure you get connected to the best compliance reviewers for KYC and decentralised this so you aren’t getting validated by 1 company or person but by a panel of experts working independently of each other.
Secondly we’re building our application to work ubiquitously across the industry so developers can pick up our toolkit, plug it into their system and use the Astra token to pay for the services. And finally, we’ve developed such a strong team of experts from different sectors that were really built to last as an organisation.
We have one of the best advisory board teams in the whole industry.
At this point, do you already have several backers and partnerships?
Yes we completed a $9m usd round aimed at major crypto companies, we were oversubscribed for this by around 9x and this round was lead by Republic Crypto and DAOMAKER! We love our crypto investors.
We are currently raising a second round aimed at major institutions for around $100m usd.
What are some major milestones achieved Astra Protocol so far and what’s coming in the near future?
Were now focused on launching the Astra token!
We will have some public availability on Launchpads ( check our telegram for more info).
I read that their is to equip all DeFi with a decentralized compliance layer, including KYC and AML capabilities. How will this approach help solve real-world compliance issues by using the expertise of trusted law firms?
We plug our services into Defi apps so when users are required to KYC for regulated products we can connect users directly to the DLN via smart contract. And we can also use smart contracts to write metadata about the transaction on chain, effectively validating the transaction to the network.
One of the utilities and features of your token is intended for “Prioritization” and “Queuing”. Can you briefly explain to how exactly will you tokens be used under this category?
We allow DeFi apps to prioritise their users in our application by our prioritisation model.
Each app can lock token in their app specific pools which ranks them against other applications.
The higher their rank (the more tokens they have). The faster their customers will be processed by the DLN.
Mick Mulvaney, acting White House chief of staff to ex-President Trump, has joined Astra Protocol as a strategic advisor. Exactly what aspects of Astra Protocol do you expect Mr. Mulvaney’s experience to help you advance?
We’re so proud to have Mick Mulvaney join our board team. He has major experience with regulators around the world and lends his experience in negotiating with them directly. Mick is also active assisting us with fundraising across his ecosystem of major tier1 traditional funds.
Astra’s goal is that investors can trust their cryptocoins holdings to DeFi protocols, but what will their strategy be to attract non-crypto users to their escosystem to achieve greater global adoption?
As we develop more trust across the Defi and crypto industry we see ourselves being one of the key companies driving more adoption , both from a retail perspective and also from a traditional business stance. We bring more regulatory certainty so that we can drive growth across both sectors.
Hackers are very active in the market and almost every day we hear about another hack attack. Can you please provide some information about the security arrangements for your project? How safe is investor funding? Do you already have an audit?
We take security very seriously. We have ensured we encompass full enterprise grade security into all of our designs and code. Furthermore we’re working with external auditors to ensure our smart contracts are validated before being published.
Adoption is a headache challenge for every blockchain projects, especially at this sensitive period of the whole market when many blockchain projects were dead since only few uses their platform. What are your team’s strategies and visions on this problem?
We have partnered with major blockchain applications in the space and our investors are some of the biggest IDO Launchpads, we’ve positioned ourselves for immediate adoption and also are allowing the development community to integrate our services as widely as possible.
When will your tokens be listed on an exchange, and on which exchanges do you plan to list on in the future?
We will be launching our token after a launch event!
We will be on major CEX and will have liquidity on major DEX too supporting ethereum and BSC.
How strong is your team. So many projects start with a good impression & than abandon the project? and what makes your project in different from others??? Thanks…
We have one of the strongest teams across the crypto ecosystem including technology experts, patent specialists, compliance experts and a board team which is second to non. We have former EU commissioners, ex chief of staff from the whitehouse amongst other incredibly strong individuals.
Do you plan to support multiple blockchains? Also what are your thoughts regarding NFT and metaverse hype integration on your platform?
We will first support ethereum but we are looking at wider L1 support. We have interest from some very strong L1s at the moment!
The current crypto regulatory framework is almost non-existent. Worse, financial watchdogs remain vague about cryptocurrencies. How will Astra manage to untangle the threads of uncertainty in the drive for compliance? How will it provide compliance and legal assurance for Web3?
KYC/ KYB standards have been well defined across both domestic and international regulatory bodies for most jurisdictions across the world when it comes to traditional financial products, we can rely upon traditional financial frameworks as a good baseline for nations where there is vague or lack of guidelines for crypto specific policies.
This helps insulate projects from regulatory scrutiny and helps shield them from risk too!
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Astra Protocol.
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