Here’s our 91th AMA recap!

7 min readJun 23, 2021

Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Sienna June 22, 2021. This guest star,

Sienna Team

INTRODUCTION

Sienna Network :
Sure, we’re sienna.network — a privacy preserving token and platform. Sienna Network is a privacy-first and cross-chain decentralized finance platform where you can soon privately swap, lend and convert your tokens into their private equivalent. Since the native Sienna isn’t based on ERC-20, the GAS-costs of using the platform are significantly lower and it’s much faster than ERC-20. Sienna makes private token-equivalents aka wrapped tokens possible, so e.g. UDST can become privateUSDT — and gain the privacy preserving features. It works by using the first protocol that allow programmable privacy.

What makes Sienna Network different? How does Sienna Network do better than the competitors?

Sienna Network :
Apart from the obvious advantages — that Siennas bridges will, as we just discussed, make it very simple to trade in privacy-preserving tokens on the SiennaSwap, at much lower GAS and higher speeds, it’s important to understand what privacy means in a crypto context — it means that users wallet address is private, and that contents of transactions are encrypted, which enable many much needed features for broader adoption of blockchain, not just transactions, but also in interactions with exchanges and smart contracts with services like lending
do you really want the exchange to be able to see your complete trading history when you reveal your wallet address in your transaction sending them tokens?
with Sienna Network that’s not possible

Sienna Swap runs on the “Secret Network”, the first blockchain with smart contracts that protect privacy. But how secure are these smart contracts? What are the advantages of the “Secret Network”?

Sienna Network :
Correct, Sienna is build on Secret Networks “programmable privacy” functionality — which offers a unique platform to build censorship-resistant applications that keep data encrypted, making use of TEEs (Trusted Execution Environments) to conceal data from the network. Nobody, including node operators, can access the raw information being decrypted and processed. It means that transactions with Sienna are private, which is one of the biggest weaknesses of Ethereum. For any developers in the channel, you can check it out here: https://build.scrt.network/protocol/architecture.html

Sienna Network develops many products, which is an advantage when it can meet almost any user need. However, does developing multiple products make management difficult? How do you ensure the quality of all Sienna Network products?

Sienna Network :
Sienna is very different from any traditional projects. Sienna isn’t a company but a community of privacy loving individuals backed by a foundation, which assists with the governance. And development of the platform is decentralized with currently +6 teams developing different parts of the Sienna ecosystem — so yes, a lot of coordination is needed — and with an ambition to deliver high quality products it’s taking some time — and more than we’d all want to deliver. And All code is undergoing external auditing and extensive testing before launch.

About the Roadmap, what are the major milestones Sienna Network achieved so far? what can we expect from Sienna Network in the near future?

Sienna Network :
So, next up are more listings on Exchanges — a tier 1 exchange very soon followed by regional CEX’es. And via the bridges — e.g. to Binance Smart Chain and via IBC to the Cosmos ecosystem Sienna will attract token launches when new projects go public — in parallel to the non-private launches on Sushi/Pancake/Uni etc. And most importantly — the SiennaSwap is, finally, going thru the final testing, and the launch date will be announced shortly.

just that Sienna’s roadmap is here: https://sienna.network/roadmap/

TWITTER QUESTIONS

on sienna swap have a pool but as we know sienna swap use snip-20. every blockchain have their unique and best part. can you explain what the best part from it ? is the highest APR/APY will more affected too at snip-20 ?

Sienna Network :
First of all GAS is significantly lower with SCRT on SNIP-20 than any ETH based exchange, and much faster. And due to the privacy it can’t be frontrun, so slippage doesn’t exist. This combined with very attractive liquidity provider fees and extra rewards given to the main trading pairs daily will make adding liquidity very attractive.

FYI, the initial trading pairs with extra rewards will be:
SIENNA / sSCRT
SIENNA / sETH
SIENNA / sUSDT
sWBTC / sETH

What functions will the SIENNA and wSIENNA tokens perform in your ecosystem? Long-term adoption of project tokens will strengthen the project. So, what favorable conditions will you provide to promote long-term ownership of SIENNA or wSIENNA tokens?

Sienna Network :
The core of the answer is in the tokenomics — they’re designed specifically for a long term attractive model, with a huge portion allocated over 4 years to liquidity providers. wSIENNA exists to make it easy to maintain trading pairs in “the old BC world”, and bridge them over to native SIENNA for the full benefits. And with token lockup the circulating supply will be reduced over time.

What future developments do you expect to attract the largest institutions?Can you give some inspiration to your partnership? How can they help you in your project?

Sienna Network :
This is core to Sienna Networks plans :) — to attract professional treasury managers who wants to include crypto in their portfolio. Siennas support for decentralized ID’s in combination with the privacy will make compliance possible — this it a first in the crypto space. There’s a lot of opportunity for forward thinking managers to become early adopters.

SIENNA tokens which can be used for Incentives & Token Governance. But can you explain what incentives the holders will get? How many SIENNA tokens are required for holders to join Sienna-network governance? And what are the holder advantages in governance of the Sienna network?

Sienna Network :
When governance launches later the voting power will be 1 SIENNA = 1 vote. Whenever a proposal is given you can vote for it with your SIENNA tokens. Proposals will pass with a simple majority, which means 50.1%. Holders can make proposals — All token holders with more than 1% (100,000) of SIENNA tokens can submit a proposal to the network. Once a proposal is submitted voting will be public within seven days from the submission of the proposal. And obviously tokens can be staked for rewards :)

With the current unstable market situation, how does Sienna handle it? Sienna has been listed on exchanges such as Uniswap, http://Gate.io how do you handle investors and attract more users, especially non crypto?

Sienna Network :
Sienna was designed to be a long term project — and as mentioned earlier in this AMA, is very well funded and targeting a broad adoption of users spanning from private, professionals to institutional adoption. User adoption will come from a combination of a ground-breaking product + Liquidity provider incentives and localization — already our SoMe ambassadors are doing a fantastic job running over 15 regional and local language channels on TG and more are added ongoing — and Sienna will be available in many languages.

QUESTIONS TELEGRAM

@LeymaruntHow do you think with Asia market? Does your team have any plan approach ASEAN which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?

Sienna Network :
Sienna Network is permission-less, meaning it’s completely decentralized and no-one can control where adoption will happen :)

@LuStringerCurrently many projects are attacked. Sienna Network please share related information such as audit, source code on github, bug bounty … of the project?

Sienna Network :
Check https://sienna.network/audit-reports/ where all Sienna code audits are and will be posted. And check the github where the code is (under GNU public license)

@Edwards24Are you planning to use 2-layer technology for real-time exchanges with other projects? Many partners will benefit from this technology through agreements and sponsorships, on this DeFi platform, to promote the Polkadot? Do you have plans to expand?

Sienna Network :
In some ways Secret Network which Sienna is build on is a 2nd layer — since it is itself build on Cosmos/Tendermint. So with the IBC — Interchain — all the chains in the cosmos ecosystem can (and will) be bridged to Sienna. Similar for all on Binance Smart Chain. A inter-exchange connection in real time is a super interesting idea…

@ibrahimfzOn moving forward through your roadmap, what are your most important next priorities? Does #Your team have enough fundamental (Funds, Community, ect) to achieve those milestones?

Sienna Network :
Sienna did a completely oversubscribed private and public sale a few month ago, and is thus setup to deliver on the product roadmap independent of market conditions

@MemekmemekmemekmemekkWhich one of these aspects important for you?
1-Increasing Token Price&Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership GloballyIn what order?

Sienna Network :
none of the above — Sienna’s no 1 priority is: To build a great product, that users love which fixes the fundmental problem of current blockchain financials — the lack of privacy. Sienna will fix this!

Telegram Chat : https://t.me/GoSiennaNetwork
Telegram Channel : https://t.me/SiennaAnnouncements
Twitter : https://twitter.com/sienna_network
Website : https://sienna.network
Medium : https://medium.com/sienna-network
Discord : https://discord.gg/jZk8ggm7XP
Reddit : https://www.reddit.com/r/SiennaNetwork/
Instagram : https://www.instagram.com/siennanetwork/

Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Sienna.

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Here’s our 91th AMA recap!

INTRODUCTION

TWITTER QUESTIONS

QUESTIONS TELEGRAM

Written by Infinity_Chain News

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