On August 19th, 2019, the Tigris Protocol Telegram AMA (Ask Me Anything) session took place in the Tigris Protocol Telegram Group. The Founder and CEO of the TTC Foundation, Brian Cheong, answered community-driven questions about Tigris Protocol, TTC, and Acorn Protocol.
This article recaps on all the questions asked by our community members and their answers responded by Brian. The questions have been categorized according to their topic. Also, though the AMA was carried out in Korean, the contents of each question and its answer have not been changed during translation.
CLAY token Lockdrop starts on August 20th. Download TTC Connect and participate.
Q1: How are users rewarded for staking TTC and CLAY? Please explain the differences in their rewarding mechanisms.
A1: With TTC, users may vote for Representatives via TTC Connect for voting rewards. Currently, users have to change their votes quite frequently to bring about the best result (higher return), they also have to revote every seven days. By using the TTC Staking Service (TSS) of Tigris Protocol, users may stake their TTC in the Self-learning Automatic Voting Engine (SAVE) for a much convenient yet higher voting rewards return. Though the staking process may be a bit more complicated than voting straight from your TTC Connect, staking TTC will assure you more voting rewards and offer convenience as revoting is not required. Users who stake TTC have to pay a small fee for the service, however, the overall voting rewards return is larger even considering the fee.
Next, let us talk about the main token of Tigris Protocol, the CLAY token. The daily rewards for CLAY token staking are generated from three sources.
First of all, CLAY token stakers take 80% of the total Collateralized Debt Service (CDS) fee paid by CDS users. Secondly, CLAY token stakers take away 80% of the TSS fee paid by regular TTC holders who stake their TTC. Lastly, 80% of the voting rewards generated from staking TTC stored in the Tigris Reserve into SAVE are also rewarded to CLAY token stakers. Thus, the more Tigris Protocol services are used, the more daily TTC and CLAY token rewards CLAY token stakers receive.
Q2: I have been informed that CLAY token staking gives its stakers a higher return compared to TTC staking. In case there are too many CLAY token stakers, can it become less profitable to stake CLAY tokens? Is there a mechanism which guarantees a higher return for CLAY token stakers?
A2: The answer to this question is mostly covered in the first question. When our team design a token and model its token economy and usage, we test it under various scenarios and assumptions. When tested, it is true that CLAY token staking presented a higher return in rewards under various cases. But, due to the sensitivity of such topic, it is difficult for the Foundation to define and inform on the exact details related to this question. We recommend our users to test out the relevant cases via excel based on the Tigris Protocol whitepaper.
For your interest, because CLAY tokens will only be generated and distributed via the Token Generation Event (TGE), predicting its use case outcomes may have to be approached differently compared to TTC.
Q3: In Tigris Protocol, stablecoins (CFIAT) are loaned via the CDS. But, are there sources where these stablecoins can be used? If not, what plans do the Foundation have to expand its usage?
A3: The TTC Foundation is surely aware of the fact that it is crucial stablecoins have real-life usage. However, due to many regulations, it is also true that there are obstacles in creating real-life use cases for Tigris Protocol stablecoins. Currently, the Foundation is contemplating various cases and constructing effective strategies to promptly provide real-life stablecoin usage to our users.
The Tigris Card which is being developed at the moment will be one of its first step to real-life usage as it will be used just like any other Credit/Debit card we use in our daily lives. With the Tigris Card, users will be provided the option to pay with their loaned stablecoins without withdrawing them through complex steps.
As the TTC Foundation is developing many ways to provide real-life use cases for Tigris Protocol stablecoins, we hope these efforts will affect the entire TTC ecosystem in a positive way.
Q4: When users repay their stablecoin loans, they have to repay them with stablecoins, which indicates that there has to be an exchange where users may purchase these stablecoins. How is the Foundation preparing regarding such aspects?
A4: Exchanges are very important in establishing a healthy ecosystem as it is directly related to factors such as token circulation, hence, the Foundation is continuing its effort to prepare for such aspects as well. As mentioned above, we are developing various ways for users to spend their stablecoins in real-life without withdrawing or going through difficult hoops. We expect this to increase our user-base and naturally resolve the concern about exchanges.
Q5: In case the price of TTC drastically drops (over 50%) how is the loan settled?
A5: In CDS, TTC and TST-20 tokens are collateralized for stablecoin loans. In case the price of TTC drops, users may collateralize more asset or repay a portion of their loan to protect their collateral. When the price drops beyond expectation and the user does not take any actions to secure his/her collateral, the collateral will be liquidated to settle the debt. In this case, the collateral will be lost but the debt will be settled.
Q6: If Tigris Protocol rewards its users TTC and CLAY tokens does not that lead to a price drop in TTC?
A6: CLAY token staking rewards come from a portion of the circulating TTC and are not newly generated to reward the stakers. In contrast, the increased usage of Tigris Protocol staking services and CDS indicates that the amount of TTC circulated decreases. To say how the price will be is not appropriate for the Foundation to publicly disclose.
Q7: What is the schedule behind open beta testing (OBT) of Tigris Protocol?
A7: Currently Tigris Protocol is under active development and we expect the OBT to launch pretty soon for our CLAY token holders. The schedule may be adjusted according to our development progress. Nonetheless, the team is actively testing Tigris Protocol so that it may provide various functions to its users much effectively and in a more user-friendly way. The development is met with bugs and obstacles as it is a new attempt, but we are building Tigris Protocol without rest with the tremendous help of our holders.
Q8: Will the CDS and staking service be available as soon as Tigris Protocol launches its OBT? Also, will there be reward limitations during the OBT just like Acorn Protocol?
A8: CDS and staking services will be launched along with the launch of OBT. Because Tigris Protocol is operated based on its usage and the management of the Tigris Reserve, there will be no limitations to distributed rewards. When Tigris Protocol is more actively used, the rewards will increase. Also, the Tigris Reserve will be fairly large in size from the beginning, thus, we expect the staking rewards which comes from the management of Tigris Reserve to be significant.
Q9: The general public is quite oblivious of the crypto scene even when it comes to exchanging coins/tokens in exchanges. Thus, there could be a very limited amount of people who buy TTC & TST-20 tokens to loan stablecoins. The crypto market is quite unstable which makes it even worse. What is the Foundation’s strategy to make more people use CDS and Tigris Protocol in general?
A9: We do not expect the general public to seamlessly utilize Tigris Protocol from the very beginning as DeFi (Decentralized Finance) could be a tricky concept to grasp. As a solution, the Foundation is developing and attempting to introduce products and services which can be used just like any other financial services which are familiar to us. Such attempts include the Tigris Card. Our team is focusing on lowering the entry barrier in terms of UX and UI as much as possible.
Currently existing DeFi services carry a much complex logic and mostly require third party wallets to use their services. On the other hand, Tigris Protocol services are all accessible via a universal easy to use wallet app (TTC Connect). The Foundation is also researching many traditional financial services to familiarize the UX to the general public.
It is hard to say if we will reach our expected goal at the very beginning, but we are confident we will approach the public much effectively as we already accomplished a high voter turn out unlike other projects.
Q10: If I participate in the CLAY lockdrop, will I be unable to utilize my TTC?
A10: Yes, the locked up TTC, in participation of the lockdrop, will be managed by Tigris Protocol to strengthen the Tigris Reserve. When the lockdrop period is over users may recollect their TTC anytime they want.
Q11: Why did the TTC Foundation choose to lockdrop? Is there any disadvantages compared to simple token sales?
A11: To clarify one thing first, lockdrop is not a token sale but a way to participate in token generation. Tigris Protocol exists for the greater good of the entire TTC ecosystem as it will benefit our holders once launched. In the long run, carrying out the token sale exclusively with TTC guarantees that a big portion of the circulating TTC will be locked up in the Tigris Reserve. The positive outcomes will in return benefit TTC holders.
Alsop, the Tigris Protocol TGE is not a method for fundraising, hence it does not carry any disadvantages to the TTC Foundation.
Q12: Will leftover CLAY tokens be burned?
A12: It would be inappropriate to discuss what we will do about the leftover CLAY tokens even when the lockdrop has not begun. Please refer to our official announcements to follow up on how we will proceed regarding the matter.
Q13: How many developers are on the team and does the Foundation have plans to expand its team size?
A13: The TTC Foundation currently has a team of 60 people, 40 of which are directly involved in product development. This could be a large number as well as it could be a small number depending on ones perspective, but all teammates are participating in developing our products full-time from top to bottom.
Q14: What is TTC Foundation’s goal for the next 2–3 years? It has been said that TTC, Tigris Protocol, and Acorn Protocol will co-evolve and accelerate each others growth. How does the co-evolution among the three projects occur?
A14: That is quite the question, for a clearer answer please refer to the blog article that was posted earlier.
To put it simply, Acorn Protocol will attract more users into the TTC ecosystem and Tigris Protocol will stabilize the ecosystem with sustainability. All three projects are under constant development at the moment; so, when everything functions accordingly to the roadmap, we expect the ecosystem to become greatly vitalized with a large user-base.
Q15: TDEX and gaming DAPPs on TTC Connect are showing many errors at the moment, as well as Acorn Protocol presenting irregularities in rewarding ACN tokens. Why are these errors occurring and what is the team doing to solve these issues?
A15: Even though many developers are focusing on stabilizing the entire system, it is true we are encountering many bugs as we progress. This is mainly because we are developing everything “on-chain”, the right way to develop and the way we intended to do so in the first place. But, building an entirely new thing the right way is surely a bumpy road. Testing our products based on traditional methods is quite difficult as there are many new concepts to deal with. Despite such obstacles, our team is working tirelessly to develop according to our roadmap. We are marching on to present our users a complete product as fast as possible.
Through this opportunity, we would like to thank our community for the extremely helpful feedbacks and pardon for the errors which caused inconveniences. We will keep on listening to your feedbacks and progress through with out rest.
Q16: Other than In-App purchases (IAP), does the Foundation plan on introducing new ways to spend and use ACN tokens? For example, will it be possible for users to purchase gift certificates or real-life goods?
A16: Currently, TTC Pay supports TTC and TST-20 token payments. In the near future, ACN will be supported to loan stablecoins via Tigris Protocol and the Foundation is making its best effort to prepare utility for ACN outside of the Acorn Alliance social platforms.
Q17: How do advertisers use the Acorn AD network? Currently, they have to go through TDEX to buy ACN which is quite complex. Is the Foundation preparing an easier alternative for advertisers?
A17: Those who have used tata and ALIVE would have witnessed that the Foundation is researching and contemplating how Ads can be more effectively utilized for both the advertisers and users on the client side.
We believe the question is concerned about how companies will use the Acorn AD network to execute their Ads. In the long run, we will partner with advertising agencies to improve the entire operation including the payment process with advertisers.
A system where individual users can use their tokens to advertise for themselves is also under development. However, many regulations still exist and the team is evaluating how we can offer our users such individual advertising function.
Q18: TDEX is currently TTC centered as it only supports TTC/TST-20 & TST-20/TST-20 pair markets. Does the Foundation have plans to expand TDEX into a much universal and widespread DEX?
A18: TDEX had been developed solely for the TTC ecosystem and we currently do not have any plans to expand it beyond our own ecosystem. There are several issues we have to resolve to support other blockchains, such as cross-chain solutions. Even now, there are DEXs that target to be a universal DEX and are better prepared for such goals. Thus, at the moment, TDEX will focus on growing our own ecosystem.
Q19: Will the official launch of Acorn Protocol take place in August?
A19: It has been about 10 days since Acorn Protocol began its OBT (based on 8/19). During that time, we have made various improvements while encountering bugs as well. Network delays and bugs are being fixed and depending on how the newest versions are developed, we will announce the schedule for the official launch.
The official launch can be accelerated if more of our community members engage with us to provide more positive feedbacks. We are also preparing to launch other Acorn Alliance services other than tata. So, stay tuned.
Q20: Does the Foundation have plans for ACN and CLAY token listing?
A20: Yes, we do. We are of course discussing and planning for future listings. However, to prevent any misinformation, the TTC Foundation does not discuss about listing.
TTC Foundation | Tigris Protocol
About Tigris Protocol
Tigris Protocol is an open, trusted and interoperable Decentralized Financial (DeFi) service built on the TTC Blockchain Platform. It provides effortless crypto loans, stable daily rewards, and paramount security. For details, visit our website.To receive the latest news on TTC, join our Telegram and follow us on twitter.
TTC is a blockchain fit for mass adoption and a sustainable token economy model. For details, visit our website.To receive the latest news on TTC, join our Telegram and follow us on twitter.
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