Qicai Research Institute in-depth dialogue with Paralink Network: the oracle form of the Web3.0 world

At 18:00 on the afternoon of August 13, Qicai Research Institute and Paralink shared practical information in the Qicai Research Institute live broadcast room with the theme of "In-depth Dialogue with Paralink Network: Oracle Form in the Web3.0 World". Host: Qicai Research Institute Ice Cream, sharing guests: Paralink CEO: Jan Knezevic & CMO: Andrej P. Skraba.

The following content is provided by Paralink and compiled and published by Qicai Research Institute.

Qicai Research Institute Ice Cream: Good afternoon, everyone. I am the host of today’s live broadcast. Thank you to all the friends from Qicai Research Institute for meeting us on time. Today we are honored to invite Paralink CEO: Jan Knezevic & CMO: Andrej P. Skraba to visit Qicai Research Institute and conduct a live broadcast event with the theme of "In-depth Dialogue with Paralink Network: Oracle Form in the Web3.0 World"! This AMA adopts the Chinese and English comparison mode. Let us enter today's AMA theme event.

Q1. Caroline: Welcome Paralink CEO Jan Knezevic and CMO Andrej P. Skraba. Could you please introduce yourself to everyone briefly?

Q1. Ice Cream, host of Qicai Research Institute: Welcome Paralink CEO Jan Knezevic and CMO Andrej P. Skraba. Please briefly introduce yourselves to everyone!

CEO A1: I am Jan Knezevic and im the CEO of Paralink Network. My background is in business and economics- more specifically i worked as an auditor, i was an actuary in a life insurance company and later on i transitioned into consulting blockchain projects with accounting and business development as well as conducting internal audits. Last year i was part of a team that acted like a data vendor for blockchain data, we pricing collected, on chain and sentiment data and created qualitative indicators for traders. I was also an active day and swing trader on the stock market trading stocks and stock options and later on transitioned into trading cryptocurrencies.

CEO A1: I am Jan Knezevic, CEO of Paralink Network. My main background is in business and economics - more specifically, I worked as an auditor at KPMG and an actuary at a life insurance company, and later I moved into blockchain project consulting, involving accounting and business development, as well as conducting internal audits. For the last year, I have been part of a team of blockchain data providers, where we collect price, on-chain and sentiment data and create qualitative indicators for traders. I am also an active trader, trading stocks and stock options on the stock market, and later switched to trading cryptocurrencies.

CMO A1: Hi, I'm Andrej P. Skraba, and I'm a CMO at Paralink Network. Before joining Paralink, I worked at NiceHash, where I held the position of a CMO and helped the company transition to a global brand in the cryptocurrency mining industry. Before that, I worked as a Head of Marketing at EK Water Blocks, a world leader in custom liquid cooling solutions for the computer industry. With more than a decade of experience in the high-tech industry, I want to leave my mark in the cryptocurrency industry.

CMO A1: Hi, my name is Andrej P. Skraba and I am the Chief Marketing Officer of Paralink Network. Prior to joining Paralink, I worked as CMO at NiceHash and helped transform the company into a global brand in the cryptocurrency mining industry. Before that, I was the Head of Marketing at EK Water Blocks, a global leader in custom liquid cooling solutions for the computer industry. I have over a decade of experience working in the high-tech industry and I hope to make my mark in the cryptocurrency industry as well.

Q2: Caroline: Could you introduce Paralink Network to our new friends here?

Q2. Ice Cream, host of Qicai Research Institute: Can you introduce Paralink Network to everyone?

A2: Paralink is a multi chain oracle platform and we decided to build it on Polkadot.

First of all, the real-world data ingress is done by Paralink Nodes through our own Paralink Query Langauge-PQL. This allows one to query SQL databases, access web APIs, scrape websites as well as access state from other blockchains. Its a robust solution which is easily expandable to support custom data sources (actually right there is an issue with the existing solutions since the technical barrier to create a custom data source is high and takes forever). Besides the data, we have support for post-processing in a permissionless way via on-chain relayer quorums as well as reliable channeling of the computation results via PQL callbacks.

The next aspect of the project is the Paralink node and its query language. WIth it, you are able to query APIs. databases but also parse JSON, XML and HTML, support multiple data sources, apply math functions, do type casting, aggregations and much more.

The last point which is extremely important to us is the On-chain security as well as the integrity of this data. This is a huge challenge and we think that so far it hasn't been solved properly. So in Paralink, we have something called Relayer quorums which are self-organizing data repositories with reward token mechanics (as well as slashing of course) that aggregate and validate real-world information. Our infrastructure is built with Substrate which means we get high throughput and economically feasible computing costs. Due to this technology stack, we can also relay computation results from Polkadot to other chains as well, but also monitor reliability via public reputation systems.

A2: Paralink is a multi-chain oracle platform designed on the Polkadot network.

First, real-world data input is done by Paralink nodes via our own Paralink query Langauge-PQL. This allows querying SQL databases, accessing Web APIs, scraping websites, and accessing state from other blockchains. It is a powerful solution that can be easily extended to support custom data sources (in fact, existing solutions are problematic due to the high technical barriers and long time required to create custom data sources). In addition to data, we also support post-processing in a permissionless manner through on-chain relay arbitration, as well as reliable delivery of computation results through PQL callbacks.

Another feature of Paralink is its nodes and query language, through which users can query API databases, parse JSON, XML and HTML, support multiple data sources, apply mathematical functions, perform type conversion, aggregation, etc.

The last point is extremely important to us, that is the security of the chain and the integrity of the data. This is a huge challenge, and we think it has not been properly solved so far. Therefore, in Paralink, we have something called "Relay Quorum", which is an autonomous organization data repository with a reward token mechanism (and a fault rejection mechanism) that aggregates and verifies real-world information. Our infrastructure is built with Substrate, which means we can get high throughput and economically viable computational costs. Thanks to this technology stack, we can also pass computation results from Polkadot to other chains, and also monitor reliability through a public reputation system.

Q3. Caroline: What is the overall planning of the development route of Paralink Network? What stage is it in at present?

Q3. Ice Cream, host of Qicai Research Institute: What is the overall development plan of Paralink Network and what stage is it currently in (JAN)?

A3: We are very much focused on business development. Paralink is a B2B project and we want to serve other companies and projects that are incorporating smart contracts in their solutions. For that reason, we are developing a new website that will focus on developers and provide a better onboarding experience for them. Our focus is on new partnerships that require data ingress for their smart contracts. Currently, we are still aiming to secure our parachain slot on Polkadot as we want to use XCMP protocol to serve other parachains. But we are also fully compatible with Ethereum and Binance Smart Chain. Polygon support is also in the works and we plan to support Cardano in the future.

A3: We are very focused on business development. Paralink is a B2B project, and we want to serve other companies and projects that incorporate smart contracts into their solutions. For this reason, we are developing a new website focused on developers and providing them with a better onboarding experience. Our focus is on expanding new partners who need to provide data entry for smart contracts. At present, we are still committed to protecting our parachain position on Polkadot because we want to use the XCMP protocol to serve other parachains. But we are also fully compatible with Ethereum and Binance Smart Chain, and also support Polygon, and we plan to support Cardano in the future.

Q4. Caroline: What other ecosystems does Paralink Network currently serve apart from the DeFi sector as oracle?

Q4. Qicai Research Institute host Xuegao: As an oracle, in addition to the traditional DeFi sector, what other ecosystems does Paralink Network currently serve? (Jan)

A4: Currently, there is not much demand for oracle services outside the DeFi sector. Price feeds are the most popular form of data requests that oracles serve at the moment. Due to the nascent nature of smart contracts, we are yet to see the wide adoption of oracles outside of DeFi. This space is still very early and holds immense potential for growth in the coming years.

A4: Currently, there is not much demand for oracle services outside of the DeFi space. Price feeds are currently the most popular form of data requests provided by oracles. Due to the nascent nature of smart contracts, we have not seen widespread adoption of oracles outside of DeFi. This space is still in its infancy and has huge potential for growth in the coming years.

Q5. Caroline: Congratulations on the recent cooperation between Paralink and Polygon. Why did The Paralink Network choose Polygon as partner? What other ecological partners are there now?

Q5. Ice Cream, host of Qicai Research Institute: Congratulations on the recent cooperation between Paralink and Polygon. Why did Paralink Network choose Polygon as its partner? Who are the current ecological partners? (Andrej)

A5: We were very excited to announce integration with Polygon. As you know Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.

By building on secured chains and standalone chains, Polygon is tackling the Ethereum scaling problems. The team behind Polygon aims at creating a framework that makes it possible to aggregate scalable solutions on Ethereum, supporting a multi-chain Ethereum ecosystem.

Paralink Network integration with Polygon enables accurate, decentralized, and reliable data feeds to its chains. By providing secure consensus and dependable multi-chain oracle solutions, Paralink allows users to benefit from its on-chain algorithm, running on Polkadot Substrate, enabling the highest security applications.

All of our partnership announcements are available on our blog: https://blog.paralink.network/

A5: We are very excited to announce our integration with Polygon, a protocol framework for building and connecting Ethereum-compatible blockchain networks.

By building secure and independent chains, Polygon is solving Ethereum's scaling problem. The team behind Polygon aims to create a framework that enables it to aggregate scalable solutions on Ethereum and support a multi-chain Ethereum ecosystem.

Integration with Polygon's parallel network is able to provide accurate, decentralized and reliable data to its chains. By providing a secure and reliable multi-chain oracle solution, Paralink allows users to benefit from its on-chain consensus algorithm running on Polkadot Substrate to achieve the highest security applications.

All our partnership announcements can be seen on our blog https://blog.paralink.network/

Q6. Caroline:What role does Paralink Network play in Web3.0?

Q6. Ice Cream, host of Qicai Research Institute: What role does Paralink Network play in Web3.0? (Andrej)

A6: Web 3.0 is a leap forward to open, trustless and permissionless networks. One of the most important pillars of the next generation web will be decentralized data networks. We believe that oracles will play an important role by bridging the gap between blockchain data (on-chain) and real-world data (off-chain). We want to provide the best possible solution for developers that will require data ingress in applications that require the highest degree of security. Paralink's on-chain consensus algorithm, running on Polkadot Substrate and Paralink's flexible node design allows developers to query real-world events, sports, weather, random numbers, and more.

A6: Web3.0 is a leap towards an open, untrusted and permissionless network, and one of the most important pillars of the next generation network will be a decentralized data network. We believe that oracles will play an important role between blockchain data (on-chain) and real-world data (off-chain). We want to provide the best solution for developers who need to input data in applications with the highest security. The Paralink on-chain consensus algorithm and Paralink flexible node design running on Polkadot Substrate allow developers to query real-world events, sports, weather, random numbers, etc.

Q7. Caroline: For a project that sold out on Polkastarter in less than 60 seconds, it is currently available on many major exchanges. What are your next marketing plans in the near future?

Q7. Snow Ice Cream, host of Qicai Research Institute: As a project that sold out on polkastarter in just 60 seconds, it has also been listed on many mainstream exchanges. Will there be more market plans in the future? (Andrej)

A7: We are focused on establishing new partnerships so there is a big effort on business development at the moment. We are reaching out to other projects and teams that are developing solutions with smart contracts. Like Jan has mentioned before, we are becoming blockchain agnostic, supporting ethereum (ERC-20), Binance Smart Chain (BEP-20), Polygon, Cardano, etc. Of course, we also have to educate the market, so we are working on content marketing and we will soon deploy a new website that will focus on developers. At the end of the day, we want to provide developers a great product and this is where the value is coming from.

A7: We are focused on building new partnerships, so a lot of efforts are currently being made in business development. We are reaching out to other projects and teams that are developing smart contract solutions. As Jan mentioned before, we are becoming blockchain agnostic, supporting Ethereum (ERC-20), Binance Smart Chain (BEP-20), Polygon, Cardano, etc. Of course, we also have to educate the market, so we are working on content marketing, and we will soon deploy a new website with a focus on developers. In the end, we want to provide a great product for developers, which is also where the value comes from.

Q8. Caroline: What are the current barriers or challenges facing Blockchain oracles, and what can be improved and how Paralink is going to be different

Q8. Ice Cream, host of Qicai Research Institute: Could you please analyze the shortcomings of the current oracle machines and whether there are areas for improvement?

A8: The biggest challenge is technology adoption. It is crucial to understand that this space is very early and a lot of projects are looking for a product-market fit. Smart contracts exist only for a few years now and only very early adopters are using it - predominantly DeFi. Once the wider adoption happens we will see a huge increase in demand for blockchain oracles. Once this happens Paralink will have the best possible solution that is open source and highly flexible for any project today and in the future.

A8: The biggest challenge is adoption of the technology. It’s important to understand that this space is still in its early stages, and many projects are looking for product-market fit. Smart contracts have only been around for a few years now, and only very early adopters are using it - especially DeFi. Once widespread adoption occurs, we will see a massive increase in demand for blockchain oracles, and once that happens, Paralink will have the best open source and highly flexible solution for any project now and in the future.

Ice Cream, host of Qicai Research Institute: Okay, thank you very much to Paralink CEO: Jan Knezevic & CMO: Andrej P. Skraba for their wonderful sharing. We have a new understanding of Paralink. If you have any questions about Paralink, you can ask your questions in the free question session. The guests will randomly select questions to answer.

Q1:What is the "Relayer quorum" reward system in Paralink?

A1:Relayer quorums are self-organizing groups of Paralink Node operators, who's job is to service the data requests. Relayer quorums earn fees for providing the service (PARA token) and can be penalized - have their revenue and or stake slashed - via Reputation system.

Q2:When will the new website and product come out?

A2:New website is coming out in a few weeks!

Q3:Now NFT is so hot, have you considered developing towards NFT?

A3:Yes, our Paralink Node can also be used for NFT where data ingress is needed! We plan to work with NFT projects in the future.

Q4:What's your moat? If others copy the same model, are you confident that you will not be occupied by market share?

Q4:The hash is only 32 bytes long, which is significantly shorter than the job definition itself, making it suitable for request signaling on resource constrained chains such as Ethereum. This means that using Paralink Node is much cheaper than other solutions on the market so developers dont have high cost using an oracle which is a big problem with other solutions.

Q5:What is the revenue model? What are the benefits for token holders?

A5:To understand our model please read this blog post that explains how data ingress will work and how token will be used for paying data ingress: https://blog.paralink.network/paralink-network-data-ingress-overview/

Q6:What is your global expansion plan? At present, which market does Paralink focus on, or on building and developing to win customers, users and partners?

A6:We are focused on worldwide adoption and want to work with smart contract developers on ethereum, Binance Smart Chain, Polygon, and later also on Cardano and any other smart contract blockchain.

Q7:Which well-known projects has Paralink reached cooperation with? What well-known institutions have been invested?

A7:All projects partnerships are listed on our blog and also our investors.

Q8:What is Paralink's marketing and large-scale adoption strategy? What message do you want to send to the community through AMA today?

A8:We are fully focused on delivering a great product to smart contract developers and we belive PQL will change how developers approach the development of data ingress.

Qicai Research Institute host Xue Gao: Due to time constraints, this AMA is about to end. We will continue to share more project information in the group. Thank you to the two guests from Paralink for their wonderful speeches to Qicai users today, and I am looking forward to being a guest in the Qicai community again.

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

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.