Chain World AMA: Nabox takes you into the era of DeFi and Web3.0 applications

In daily life, we are most familiar with centralized wallets, which almost occupy our entire lives; but in the world of blockchain, centralized wallets are mainly used in exchanges and asset management wallets. We register and use them, but we do not really own them. The security of assets can only rely on the technical capabilities and conscience of the platform. Where there is demand, there is a solution. Decentralized wallets came into being and became an indispensable infrastructure in the blockchain world. This is how the Nabox project grew and developed into the current Web3.0 digital identity DeFi application wallet, which now supports multiple public chains and has cross-chain asset management, trading and other functions. Today we are fortunate to invite Ang Kang Wei, the head of the Nabox project, to take us into the era of DeFi and Web3.0 applications.

Chain World: Good afternoon, everyone! Welcome to this episode of "Chain has materials", I am the host of this episode "Bing Ding". This episode we are honored to invite NABOX Project Lead and NULS community director Any Kang Wei, who will take everyone into the era of DeFi and Web3.0 applications. Applause to welcome Any Kang Wei!

Kang Wei: Hello everyone, I am Ang Kang Wei, NABOX Project Lead, NULS community director. An early cryptocurrency investor, a veteran in the blockchain ecosystem, and has established extensive partnerships in the Singapore government and enterprises. Thank you to ChainWorld for initiating this AMA.

Chain World: DeFi and Web3.0 have been very popular in the past year, and Web 3.0 and DeFi can be seen everywhere. Can you share with us about Web 3.0 and DeFi?

Kang Wei: Web3.0 is not an independent technology, but a mixture of different technologies. Just like Web2.0 includes social networking, blogging, Weibo, and C2C e-commerce, Web3.0 also includes a variety of application paradigms at the technical and application levels. With the launch of public chains of multiple exchanges such as Binance, Huobi, and OKEx, various Web3.0 applications have sprung up like mushrooms after rain.

The biggest challenge in the Web3.0 era is the protection of user data. Just like the DID plan we designed, it will become a digital identity for logging into other centralized applications and traditional Internet applications in the future.

Typical projects: Filecoin, Metamask, Nabox, etc.

DeFi decentralization is the core and characteristic of blockchain technology. Distributed data storage and data transactions do not require the intervention of centralized servers. DeFi ensures anonymity while also ensuring the security of assets.

DeFi is aimed at participants in blockchain ecosystem applications, so the value of DeFi is driven by users' demand for asset value-added management. Taking Uniswap as an example, it solves the liquidity problem of assets through AMM. Users have a platform that can quickly realize asset exchange, which solves the demand for asset exchange and circulation, and brings great convenience to both projects and users. Of course, in the development of DeFi, various other DeFi applications have also emerged.

Typical projects: Uniswap, Balancer, Curve, Comp, etc.

Chain World: It is understood that Nabox adopts DID technology and uses a private key to manage assets on different chains. How does it ensure the security of user assets?

Kang Wei: Nabox is a completely decentralized wallet that ensures that the private key is 100% on your local device. Offline wallet and cold wallet functions are also an important direction for Nabox in the future. In addition, we will also strengthen code review and third-party audit.

Here, I would like to remind all users that no matter whether it is Nabox wallet or Metamask wallet, users should keep their private keys safe and local network and data secure, and do not transmit private keys over the network.

Chain World: We also know that many decentralized wallets need to consume different GAS when transferring money on different chains, and users need to transfer the corresponding tokens, which is still somewhat inconvenient to use. What kind of upgrades and improvements does Nabox have in this regard?

Kang Wei: Nabox integrates 6 blockchain networks, allowing assets to be quickly transferred across multiple blockchain networks. The more unique feature is that users can transfer assets to the Nerve network for various uses. There is no network GAS fee on the NerveNetwork, and users can participate in many high-frequency usage scenarios, such as a large number of airdrop activities, etc.

With this 0 GAS fee network, it is also possible to use one account to receive various assets from multiple blockchain networks. It is very suitable for new users to get started, and is also suitable for scenarios such as small rewards.

Chain World: Ecosystem has always been a battleground for blockchain public chains. How does Nabox help Dapp applications access more public chain platforms?

Kang Wei: From the current market perspective, Metamask has done very well, especially in the comprehensive design of the DApp application interface. But from the user's perspective, Metamask still has some shortcomings, such as when selecting different links to enter, the data presented is difficult for ordinary users to understand.

In terms of architecture and technical design, Nabox will not only specify its own set of interface standards (because it will connect to more public chains), but will also be compatible with Metamask's interface protocol; in terms of mobile products, it will be compatible with the current mainstream wallet connect protocol. Using Nabox, you can quickly connect and use most of the DApps on the current market.

Nabox supports two major functions: cross-chain and cross-chain exchange. At present, due to the congestion of the Ethereum network and the high gas fee, many trading platform public chains and Layer2 networks are emerging. Many DApp application projects have also begun to be deployed and run on multiple blockchains. The core problem that Nabox solves is to help project assets realize the rapid circulation on multiple chains in a decentralized way.

Chain World: What kind of DeFi applications will Nabox provide?

Kang Wei: Nabox is a digital identity box for Web3.0 applications, which uses the same on-chain digital identity to manage and sign assets on multiple networks. It integrates the underlying cross-chain function of NerveNetwork and currently supports six blockchain networks including Ethereum, BSC, Heco, OKExChain, and NULS.

On the Nabox browser plug-in wallet, users can directly transfer multi-chain assets to different blockchain network addresses, realizing one-click cross-chain transfers of multi-chain addresses under the same on-chain digital identity.

The core functions of Nabox include cross-chain and cross-chain exchange. Nabox Swap, which realizes cross-chain exchange, consists of two components: Nabox aggregator and Nabox pool.

Nabox aggregator couples DApps on different public chains through the Nabox multi-chain system, helping users trading on Nabox find the most efficient transaction combinations in different networks.

The Nabox pool is composed of stablecoins and other mainstream assets from various chains on the NerveNetwork, providing Nabox users with cross-chain transactions with almost 0% slippage, forming a liquidity pool for Nabox cross-chain transactions.

In general, Nabox integrates many features such as multi-chain wallets, cross-chain flash transactions, cross-chain scene entrances, POS staking, community governance, etc. Nabox is an important infrastructure for Web3.0, and will also be an important infrastructure for promoting high-performance public chains such as BSC, Heco, OKExChain, and NULS to become Ethereum Layer2 expansion networks.

Chain World: How is the economic model of the Nabox project designed? How to ensure the project's continued healthy development?

Kang Wei: The Token distribution of Nabox is shown in the figure below. You can check Litepaper for details. Here I will mainly talk about the function and value of Nabox Token (NABOX).

NABOX is a functional governance token, which will be applied to DID to obtain different identity levels in the future, and the handling fee for registering DID will be destroyed. When the cross-chain exchange reaches a certain scale, a part of the exchange fee will be charged, of which 40% will be used to repurchase and destroy NABOX.

In order to bring the product to market and provide users with a better experience, no exchange fees will be charged in the early stage. All fees come from the corresponding slippage and Gas fees. I want to emphasize that this is a huge market.

The total amount of NABOX issued is relatively large, and the economic model design is very suitable for new users to give rewards, allowing new users to quickly experience the difference between decentralized products and Internet applications, and understand the application logic of encrypted assets and blockchain. For example, you can give 52131400 NABOX to the lady next to you, and with the identity management of Nabox, this design is very conducive to the development and promotion of the product.

Through its own cross-chain function, NABOX can switch and transfer freely on multiple blockchain networks. You can put it on the Nerve network with no gas fees, or on Ethereum, which has the most DeFi applications.

Chain World: What institutional investments has Nabox received so far?

Kang Wei: We have completed a $1 million investment from a well-known industry institution. All investors are also very optimistic about this track and will support the development of the Nabox project in the long term. The following are the investors we have announced. Welcome to continue to pay attention to Nabox.

Chain World: Nabox has been a hot topic recently. Please introduce Nabox’s recent product plans and long-term development goals to everyone.

Kang Wei: Currently, Nabox has launched a round of airdrops for the community. Anyone who follows and joins us can get NABOX Token.

In addition, we expect to launch the IDO in mid-June and will cooperate with multiple Swaps to establish the NABOX liquidity pool. After the token goes online, it can be purchased and traded on platforms such as Pancakeswap and Uniswap.

At the same time, Nabox, as a NULS ecosystem, will be launched on the NULS POCM platform, and users can then stake NULS losslessly to mine NABOX.

Nabox's browser plug-in wallet has released a Beta version, which includes the mainnet and testnet of multiple blockchain networks. It is currently compatible with the Metamask protocol to facilitate the rapid access of applications to DApps. The Nabox APP is also in internal testing.

With the future development of Nabox, we hope that Nabox will become a user digital identity portal for Web3.0 applications and build a product with excellent user experience to achieve long-term DID application goals.

host:

Thanks to Any Kang Wei’s wonderful sharing, we have a deeper understanding of Nabox’s design concept and advantages. Interested friends can visit the Nabox project official website or project WeChat group for further information.

Thanks again to Any Kang Wei, and thank you to all my friends for your enthusiasm. See you next time.

This AMA event would like to thank the following media friends for their support:

Coin World, Curvature Zone, World Chain Finance, Daxia Blockchain, Chain Talk, Chain Cloud Finance, Zero Degree Finance, Anypay, SOSOB, Digging Coins, 41 Finance, Chain One Finance, Black Hole Blockchain, Hotchain Global Information, Mai Yaobang, Xinlian Finance, Ostrich Blockchain, Longkui Finance, Chain Group Finance, Review Finance, Mining Vision, Coin Circle Brother, Zhongben Finance, GoodBP, Zhongyue Finance, Aituopu, Qicai Research Institute, Doulian Finance, Panta Finance, Accelerated Finance, Chain Finance