Gate.io AMA with Sovryn-BUILDING A WORLD ON BITCOIN

Time: Sep 24th, 2021, 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with The Gimp,community lead at Sovryn in the Gate.io Exchange Community.
Official Website: https://sovryn.com/
Twitter: https://twitter.com/SovrynBTC
Follow Sovryn on Twitter and Telegram

Guest

The Gimp — community lead at Sovryn

Q&A from Gate.io

Q1: So let’s start by talking about the industry….there is no doubt that DeFi is a hot topic in the cryptocurrency market right now. However, in this huge eco, Bitcoin, the King of crypto assets, seems to be absent. What do you think is the reason for this situation?

Gimp: Until now, there was no way to do it on Bitcoin. It’s not like people didn’t want to… nobody wants decentralization more than Bitcoiners, but the tech hasn’t been in place to enable complex financial processes on Bitcoin.

One reason Sovryn is exciting is it wraps together tech like Lightning and rootstock and makes it possible now to do on Bitcoin anything that is achievable on other chains like Ethereum.

There is a huge opportunity to build DeFi now on the most reliable and secure , but like all things this will take time. We are intentionally building slowly, organically and being careful in development and security choices to ensure real sustainability. I believe only a solution on Bitcoin can achieve this.

Q2: But then there’s alot going on in the new finance world. What is your opinion on the current blockchain financial ecology?

Gimp: So I think that long term we will have many chains but only a few coins - rather different to the landscape of today.

People think that L1 s like Solana, Ethereum, Bitcoin have network effects. But what we are seeing is that they don’t. Usage always moves to the cheapest chains - except for Bitcoin because it is the most secure and by far the most attractive for larger players.

What has network effects is the asset: Bitcoin or USD and the s built around those assets. So in the long run it is likely that (almost) everything will be absorbed into the bitcoin eco since it is the most secure and already low in fees - solutions like lightning accelerate this advantage even more so. I’d say in my opinion, we’re still at the beginning of a rapid expansion.

Q3: Ok and what do you think is needed to move forward with this? Why do you think Sovryn will lead the new Bitcoin revolution?

Gimp: I think bitcoin and its development has fallen somewhat into complacency in recent years. The original genius of design and store of value narrative has carried it this far, and will probably continue to do so. But we could be doing so much more. A new stage of bitcoin is desperately needed.

Sovryn is kickstarting this new stage for Bitcoin. It’s a super young project but is already the fastest growing part of the eco. Sovryn has changed the way many Bitcoin Maxis think - and it has a super dedicated and excited community of builders.

Sovryn combines the best parts of other DeFi s into one and is the bridge that connects Bitcoin to all the other chains.

Because of this, even though it has only been live for 5 months, it is already the most complete DeFi anywhere. Lending (0% loans soon!), trading, stablecoins (bitcoin backed stablecoin soon!), NFTs, complete launchpad, subprotocols and grant opportunities etc etc the list goes on and on.

I think it is vital that we (Sovryn) and other projects continue exploring Bitcoin functionality beyond the store of value narrative.

Q4: Ok, very interesting… But how about security? Security is a concern for many users. As a financial platform, how does Sovryn guarantee the transaction quality and security to users?

Gimp: Security is #1, above everything. If security is compromised the whole narrative, revolution and freedom we are trying to bring to everyone around the world is damaged. Sovryn is built for security and reliability. We are trying to build something that will last for generations into the future. That’s why we are building on the most solid : Bitcoin.

We have brought the security-first culture of Bitcoin to DeFi. Every code push is audited internally and externally. Every small change. Every line of code.

Nothing is ever perfect but that is our goal. This is a that individuals, institutions and even countries can use- so that’s the level of reliability Sovryn works to maintain and expects to deliver.

If anyone is interested in discovering bugs or trying to break Sovryn code, we welcome it. We have an ongoing (unclaimed) bug bounty with a top reward of $1,000,000 in partnership with Immunefi. If you have significant security/hacking experience I would strongly welcome anyone to check it out.

Q5: So to finish up before we move on to questions from our audience. What new technologies are Sovryn using? What are the highlights and advantages of Sovryn compared to other similar platforms on the market?

Gimp: Something I should mention is Sovryn so far is built on RSK (Rootstock), a bitcoin side-chain - meaning transactions are mined and secured by bitcoin miners. Currently RSK is being merge-mined with around 65% of Bitcoin miners and inherits some of Bitcoin’s PoW security characteristics, making RSK the 2nd most secure network in the world behind only Bitcoin.

The important part about RSK is that it is EVM compatible, meaning ANYTHING that is possible on Ethereum can be adopted on Bitcoin using Solidity code. Further, the native asset is bitcoin, fees paid on the network go to bitcoin miners, increasing the security budget of the largest liquidity pool in crypto - to me it just makes sense for us to be here in the center of it all.

However, I’d like to highlight that Sovryn is technology agnostic. We will adopt any tech that is promising. The only things we care about when it comes to tech are

• Security
• Bitcoin as the main asset
• Longevity (realistically as close to multi-generational assurances as we can get)

That’s part of the new philosophy we bring to Bitcoin. Not Bitcoin maximalism. Bitcoin super-mutants. Sovryn is Bitcoin with superpowers.