Idavoll AMA Recap
Judy_Host of EncryptClub: Though the market keeps zigzagging during the continuous adjustment, cryptoers are highly enthusiastic. At present, it is still difficult to get coins of high-quality projects, and the prices of promising projects hit the record high time and again in the secondary market. Simply put, Core blockchain assets in the current market keep advancing and perform their own value curves completely different from others. Today, we will have AMA with Idavoll Network, the first cross-chain DAO protocol emerged with the development of DAO protocol. Cofounder of Idavoll Network, Abhilash Atmaram, is going to tell more information about this innovative project.
Welcome to EncryptClub, Abhilash, could you please give a brief introduction of yourself.
Abhilash: Hi, I’m Abhilash. Helming at least 5 years of business development, marketing and International Sales experience in Blockchain field, I have focused my strength on the global angle for fintech and crypto companies. I have worked closely with several Blockchain projects driving global strategies for expansion plans and directives.
Thanks for your introduction Abhilash, heres comes our first AMA question.
Q1：Why is the project named Idavoll?
Abhilash: Well, there is a reason why Idavoll is named after a magical valley, which Scandinavian gods used to take meetings and sign deals (probably). It is the first and only cross-chain DAO (decentralized autonomous organization) protocol, where different blockchain ecosystems composed of users, tokens and dApps (decentralized applications) can meet and interact with each. Idavoll solves the problem of interoperabiltiy and also provides the framework for real-life organizations on the blockchain to solve disputes and act as governing bodies.
Q2：what is the essence of Idavoll DAO?
Abhilash: This is the essence of Idavoll DAO enabling its members to set up resource allocation rules, build consensus and voting mechanisms, etc., all organized with a unified smart contracts logic. As ancient gods used to divide their responsibilities to better rule the universe, organizations working on Idavoll protocol (companies, open source projects, NGOs, foundations, hedge funds…) will be able to delegate decisions to its members, control their activities and rule our disputes, while staying completely on the decentralized chain. It’s a self-sufficient universe, where each organization can renew itself and maintain its identity forever.
Q3：What is Idavoll Network?
Abhilash: Idavoll Network — is a DAO management platform providing infrastructure and services within the Polkadot ecosystem. It is based on the substrate development framework, which has a modular structure allowing the permitted addresses (users) to create and manage various foundations built on any blockchain.
For example, any DeFi project on Ethereum will be able to run its heavy governance process on the Idavoll Network (because of scalability issues, governance will be expensive and slow on Ethereum) through the Polkadot bridge chain, the DAO. The results of its governance on Idavoll will be executed on Ethereum, enabling various projects to complete decentralized DAO management at very low cost.
In a different use case, the Idavoll Network can serve off- chain foundations, combining off-chain data with on-chain rules to complete the governance process.
Q4：how many tokens are issued by Idavoll Network?
Abhilash: Idavoll Network is going to issue 2 billion IDV tokens enabling democratic, audible and transparent fund distribution and network rules — for the first time in the cross-blockchain universe.
Q5：Who are Idavoll’s competitors?
Abhilash: Our main competitor is Aragon. Aragon is a DApp on the Ethereum blockchain that allows anyone to create and manage any organization. All voting in Aragon is conducted on-chain, which is more secure and completely decentralized. However, this is extremely expensive and slow. After the Ethereum network was jammed by DeFi transactions, it seriously affected users’ interest and ability to participate in on-chain governance. If a DAO organization cannot effectively collect governance opinion from the widest range of retail users, the “whale effect” will dominate the on-chain governance procedure, which will oppose to the original intention of the DAO.
Another competitor would be Snapshot. In order to solve the problems caused by the gradual congestion of Ethereum, the decentralized transaction protocol Balancer has launched a fully open source off-chain governance voting platform Snapshot to try to solve the problem of gas cost on the Ethereum chain. Snapshot has quickly become the preferred voting solution for well-known communities such as Yearn and Aave. However, in the current situation of Snapshot, there is still a problem of “significant centralization” in the voting process. Token holders can vote according to their preferences, but this vote is “only a signal”. The actual on-chain execution must be done in other ways, such as relying on trusted “multi-signatures”, who will check the voting results and execute the token holders’ objectives. From the perspective of centralization and security, this method is very risky due to the reason that it has the potential to expose members of “multi-signature” to undesirable problems such as legal responsibility for community decision-making.
Q6：How is Idavoll different from its competitors?
Abhilash: Idavoll will have no troubles in this regard and will fundamentally solve these problems. Idavoll is developed based on Substrate to support DAO governance with high efficiency. The fork-less upgrade mechanism leads to Idavoll’s conducive-to-expansion. Idavoll pallet guarantees all on-chain voting to on-chain execution will be completed in a secure and decentralized way.
Idavoll plans to interconnect to Polkadot as a Parachain to share the security of Polkadot as well as to support the governance and enrich the applications of other projects in the Polkadot Ecosystem. Idavoll will introduce external assets such as assets on other Parachains in the Polkadot ecosystem or other on-chain assets outside the ecology (such as Ethereum, etc.) to diversify the governance provided by Idavoll (such as external asset pledge, voting, weighting, etc.) .
Based on the cross-chain support of the Polkadot ecology, Idavoll will also provide on-chain governance functions for communities on Ethereum in the future. These communities can use their own tokens to vote with all votes being tracked on Idavoll chain. Transactions can be executed on Ethereum through cross-chain processes to provide more governance solutions for Ethereum and other public chain communities .
Judy_host of EncryptClub: Thanks Abhilash for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.
