Qicai Research Institute X Protocol made it to the Wanxiang Hackathon finals and is on its way to the championship

At 16:00 on September 17, Qicai Research Institute and X Protocol shared practical information in the Qicai Research Institute live broadcast room with the theme of "X Protocol strongly entered the Wanxiang Hackathon finals and moved towards the championship". The host was Qicai Research Institute Ice Cream, and the sharing guest was COO Rita Chang.

The following content is provided by X Protocol and compiled and released by Qicai Research Institute.

Colorful Research Institute Ice Cream: Good evening, everyone. I am the host of today’s live broadcast. Thank you to all the friends from Colorful Research Institute for meeting us on time. Let us welcome Rita Chang, COO of X Protocol, to visit Colorful Research Institute and enter today’s AMA theme event.

Q1. Ice Cream, host of Qicai Research Institute: Let’s first ask Rita Chang to introduce herself and give everyone a brief introduction of what kind of project X Protocol is?

A1. Guest: Nice to meet you all. I’m Rita Chang, COO of X Protocol.

X Protocol is a cross-chain protocol based on Polkadot, providing a decentralized, secure and fast bridge solution;

X Protocol aims to build a decentralized metaverse world based on web3.0; and to achieve cross-chain asset management and data aggregation prediction and analysis between multiple heterogeneous chains through the X cross-chain bridge, to build a blockchain metaverse value network.

Currently, our first application X Predict Market has been launched on the test network, and we will develop more different applications to improve the X Protocol ecosystem.

Here we also share with you our platform links

Website: www.x-protocol.com

Twitter: https://twitter.com/XPredictMarket

Telegram group: https://t.me/XPredictMarket

Q2. Qicai Research Institute host Xuegao: The recent market popularity of X Protocol is obvious to all. I would like to ask Rita Chang, what is the current development status of X Protocol? What is the current focus of project development?

A2. Guest: X Protocol's testnet has been launched for more than 3 months. In terms of the market, we have held bug bounties, the European Cup, the Olympics, and the ongoing e-sports prediction competition in the past few months to test X Protocol's first decentralized application, X Predict Market. Up to now, at least 6,000 polkadot.js wallets have participated in our prediction activities, and everyone's enthusiasm is still very high. As a community-driven project, our success is closely related to the support and encouragement of users. We also give generous airdrop rewards, with a total of 10,000 U rewards so far. Interested friends can join the X Protocol community to participate in the next event.

In terms of technology, as the ninth batch of projects funded by the Web3 Foundation open grant, we have completed and delivered three milestone tasks. The milestones include developing the minimum viable product of X Predict Market (X Protocol's first DApp): implementing the initiation of prediction proposals, verification of proposal results, FPMM liquidity scheme to determine revenue, prediction proposal settlement, etc.

See the github link for details: https://github.com/w3f/Grants-Program/blob/master/docs/accepted_grant_applications.md

In addition, we have completed the development of the cross-chain bridge from Ethereum to Polkadot, and realized the application of cross-chain assets in X Predict Market, bringing more funds to our decentralized applications. In the future, we will launch the prediction mining gameplay online, so that users can easily enjoy the benefits.

In fact, both technology and market are our focus. Enhancing the design of our own economic incentive model and realizing a complete economic ecosystem has always been our pursuit.

Q3. Ice Cream, host of Qicai Research Institute: As an open cross-chain protocol built on Polkadot, what underlying technologies does X Protocol use?

A3. Guest: First is the X cross-chain bridge

The cross-chain bridge is an essential part of the Polkadot ecosystem. It is the entrance for other public chains to enter Polkadot. The cross-chain bridge is actually a special parallel chain. As an intermediate bridge connecting different chains, it connects some links that cannot be directly connected to the relay chain. The X Protocol cross-chain bridge solution is a two-way cross-chain token bridge based on the relay chain, with higher performance and faster speed.

Compared with other cross-chain bridges, X Protocol cross-chain bridge can achieve cross-chain flow with higher asset value, and has great advantages in performance and decentralization. X Protocol builds a trustless cross-chain bridge. It will allow users to mint assets on other chains on Polkadot at a 1:1 ratio. These assets can be used in all applications or parachains in the Polkadot ecosystem, which is no different from Polkadot native assets, bringing higher liquidity to Polkadot DeFi.

After the mainnet is launched, we will open the X cross-chain bridge to other cooperative projects. This means that as long as other project teams are connected to the X cross-chain bridge, they do not need to worry about the cross-chain infrastructure and can focus on business and applications.

The second point is the X cross-chain relay. The X Protocol cross-chain bridge is based on the relay chain. It allows users to interact with the blockchain in a secure and decentralized manner without synchronizing the entire blockchain. The X cross-chain relay technology is a novel cross-chain verification relay that successfully implements lightweight clients, while reducing costs to achieve the purpose of cross-chain verification.

The lightweight client uses a new encryption algorithm, Merkle Mountain Range (the latest block can be used to verify any historical block, with the advantages of less storage usage, on-demand use, and lower costs), the Optimistic Whistleblower System (supervises data upload and result verification, with bridge miners relayers), and the Bridge Miner Relayer (stakes to obtain data transfer qualifications, submits the block headers they observe to the light client, and will receive sufficient economic incentives. The whistleblowers mutually restrict each other to ensure the correctness of the results) incentive model and other technologies to ensure the stable operation of the system.

Q4. Snow Ice, host of Qicai Research Institute: At present, the Metaverse is setting off a new round of development storm. X Protocol proposes to deeply lay out the Metaverse ecology. Rita Chang, can you introduce to everyone what role X Protocol will play in the Metaverse ecology?

A4. Guest: The Metaverse is an immersive virtual world close to reality, an open future network world. This property that spans the physical and digital worlds is naturally suitable for combining with blockchain technology. Blockchain technology not only allows user data, digital items, content, and IP to circulate in the Metaverse, but also allows users and companies to create content and goods, making it more prosperous. More importantly, blockchain technology can also create a complete economic system in the Metaverse that is linked to the real world. Therefore, the X Metaverse we created with blockchain technology as the underlying protocol came into being.

At present, there is an impossible triangle in the blockchain field, that is, it is impossible to achieve decentralization, scalability and security at the same time, which is also the biggest obstacle to the development of blockchain at this stage. However, the emergence of the metaverse has opened a door for us. In the metaverse, the security issues of identity and economic verification brought by decentralization have been solved. The applicability of blockchain, that is, scalability, can be infinitely magnified in the concept of the metaverse, and blockchain becomes a real technology that can be implemented, rather than a technical concept. Therefore, we will regard the metaverse as an important part of the development strategy of X Protocol.

X Protocol recently established a Metaverse team with the goal of building a Metaverse with unlimited expansion. We are creating an immersive virtual world that allows users to use decentralized IDs to gain a "real world" experience. In the X Metaverse, real-time communications, social networks, a variety of applications, independent ecosystems, etc. can be accessed by users. Everyone can enjoy the Metaverse anytime, anywhere.

Q5. Ice Cream, host of Qicai Research Institute: There is another great news, which everyone should know - X Protocol has successfully entered the 2021 Wanxiang Hackathon and is one of the first high-quality projects to enter the finals. I would like to ask Rita Chang, how did X Protocol stand out in a top competition like Wanxiang Hackathon? What do you feel when you see the team shortlisted for the finals?

A5. Guest: We were very happy when we learned that we were shortlisted. It is a good opportunity for external communication to be shortlisted with so many excellent projects. We hope to show X Metaverse to everyone.

X Protocol's success in entering the finals is closely related to the team's research on technology and the community's support for us. Therefore, we also hope to get your community's support.

The activity rules are as follows:

1. The total voting amount is limited to 100,000 USDC, and the single address is limited to 2,000 USDC. That is, if you vote after the total vote amount exceeds 100,000 USDC or the single address exceeds 2,000 USDC, you will not be able to get more rewards (the Grant details page has the real-time project donation rankings for this period).

2. Reward 1: For the user donation part, 0.8U/POT will be uniformly rewarded. 10% will be unlocked one month after IDO, 22.5% will be unlocked in the remaining 3 months, and the whole will be unlocked in 12 months.

3. Reward 2: The sponsor bonus pool will be rewarded at 1.1U/POT. 25% will be released directly within 24 hours after the IDO, and 18.75% will be unlocked in the remaining 3 months, and the entire amount will be unlocked in 12 months.

(For example: Xiao Ming votes 800 USDC, then he will receive 1000 POT + 0.8% * sponsor bonus / 1.1 POT reward)

4. After voting, fill in the payment address, transaction hash, and POT receiving address (ERC20) into the Google form.

This is the voting entrance

https://hackerlink.io/buidl/1133?roundProj=831

The voting tutorial is as follows:

Step 1:

Voting link for the hackathon: https://hackerlink.io/grant/Wanxiang/1

Find X Protocol in it

Step 2:

After deciding how many votes you want to cast, link your wallet and click approve, then confirm the vote (Note: this vote will be conducted on the ETH mainnet, so make sure you have USDC and a small amount of ETH in your wallet as a gas fee)

Step 3:

After you vote, please fill in the screenshot and hash into the link below, and we will issue the reward after verification.

Link: https://forms.gle/2TkLDSoVdC8tNXQ18

Q6. Snow Ice, host of Qicai Research Institute: Let me ask you what you are most concerned about. As the platform token of X Protocol, what is the incentive model of POT? What are the application scenarios of POT?

A6. Guests:

The native token of X Protocol is POT, and the total issuance of tokens is 21 million.

Regarding economic models and application scenarios: POT is a universal basic token of the X-Universe and can be used in various scenarios of the X-Universe, such as as a settlement token in the prediction market, and for rewards and crowdfunding in the community. After our NFT trading square is launched, POT is also used as the transaction fee required for transactions.

POT is also the governance token in the X-Universe. For example, it is used for initial proposal voting and determining results in the prediction market. Users holding POT can become verification nodes by staking, participate in community governance and product development, and protect their own rights and interests.

POT will also be used to incentivize participation in activities in the X-Universe, such as staking.

Here is a diagram of our economic model, which I can share with you.

Q7. Snowball, host of Qicai Research Institute: Can you tell us how X Predict Market is combined with NFT?

A7. Guest: Another major feature of the decentralized cross-chain prediction market platform X Predict Market is that users can directly create and participate in predictions and obtain the NFT corresponding to the project.

After the user creates a prediction proposal, its ownership will form an NFT, which is a financial warrant that can be traded in the NFT secondary market: A certain amount of POT needs to be pledged when creating a proposal. After trading the NFT, the staked POT rights will also be transferred to the new owner; NFT owners can enjoy the creator's rights and get 10% of the transaction fee of the prediction topic without risk, and the remaining 90% will be obtained by liquidity providers. Since owning this NFT will bring continuous risk-free returns, this NFT also has the potential to appreciate in the secondary market; the prediction NFT created by KOL/celebrity will attract fans' attention and participation through its social influence, and auction its ownership; for ordinary users, they can also create attractive, controversial and interesting prediction topics first to attract user attention, and then enjoy its fees or directly auction its ownership for profit; in order to win more attention and benefits, NFT owners need to actively call on other users to join in the community and gain more attention through community fission. The X Protocol metaverse itself will also receive more community attention and user support.

Q8. Snow Ice, host of Qicai Research Institute: Not only the friends in Qicai community, but also many fans in other channels are paying close attention to the dynamics of X Protocol. I would like to ask Rita Chang, what are the subsequent development plans of X Protocol? Are there any that you can reveal to everyone in advance?

A8. Guest: Okay, then let me share our latest roadmap.

Q3 2021: (Current)

o X Protocol SRC Hacker Challenge

o Testing and launch of X Protocol cross-chain bridge

o Development, testing and launch of X predict market DAO governance

o X predict market staking and node recruitment start

o Design and development of X Protocol Metaverse demo

Q4 2021:

o X predict market optimizes user experience such as UI and adaptation

o Develop Solidity version

o Carry out multi-chain deployment, such as joining BSC, Polygon, etc.

o Plan the product prototype and business logic of X Protocol’s NFT section

o X Protocol Metaverse demo test launch

Q1 2022:

o Development, testing and launch of X Protocol’s NFT section

o Plan the product prototype and business logic of X Protocol’s GAME section

o Collaborating artists enter the NFT sector

Q2 2022:

o X Protocol’s decentralized identity module is being planned in terms of product prototype and business logic

o Development, testing and launch of X Protocol’s GAME section

o Cooperating with blockchain game KOLs and community cooperation GAME sections to jointly carry out operations and publicity

Q3 2022:

o Development, testing and launch of X Protocol’s decentralized identity module

o Open X Protocol’s decentralized identity registration to the public

o Carry out operations for decentralized identity registration

Q4 2022:

o Development, testing and launch of X Protocol’s social section

o Cooperating KOLs take the lead in entering the X community

o X Community Content Creation Reward Program Launched

o X community crowdfunding campaign launched

Next we will start the free question session, and the guests will randomly select questions to answer.

Q1: I would like to ask, can NFT cross-chain?

A1: We will build a mapping adapter on the X Protocol chain to achieve cross-chain NFTs of different standards.

Q2: I am very interested in the Metaverse project team that has been established. I wonder if they will continue to recruit?

A2: We are currently holding an X Men recruitment program! Come and sign up to participate and have a chance to become an X Protocol ambassador and explore the Metaverse with us https://twitter.com/XPredictMarket/status/1425711662686818308.

Q3: Which public chains will be connected in the future?

A3: It should be mentioned that we have completed the development of the cross-chain bridge between Polkadot and Ethereum. In the future, we will connect to public chains such as BSC, Solana, and Avalanche.

Q4: Who are the artists you collaborated with?

A4: You can also refer to the XMen program, and you are also welcome to recommend yourself.

Q5: Who are your current partners?

A5: We have cooperation with BlackOcean, Peri Finance, Crust and Standard Protocol https://twitter.com/XPredictMarket/status/1438763284941848577 which was officially announced today. We have also reached a strategic cooperation with SeerLabs in China.

This event is co-organized by Qicai Research Institute and X Protocol.

With strategic support from multiple media outlets, thank you to all my colleagues for your support. See you in the next episode in the Qicai Research Institute’s live studio.