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Recap of Exclusive AMA: StealthEX and PAW Chain
PAW Chain recently conducted an AMA in collaboration with StealthEX, and we're excited to share the highlights with you.
- Host: StealthEX – instant cryptocurrency exchange.
- Guest: 21'PAW (@Twenty1PAW), member of the PAW Chain Genesis team and Marketing/Growth team.
AMA Questions from Twitter
StealthEX: PAW Chain is described as the first L3 blockchain. Can you elaborate on the technical advantages and disadvantages of this architecture compared to traditional L1 or L2 solutions? How does L3 address the specific challenges of scalability, security,
PAW Chain: PAW Chain addresses scalability by being able to build out exponentially. With the newly evolved layer 3 technology it allows smart contracts to interact with each other in new ways increasing not only efficiency but security as well. In the past users would need to complete on average 3-4 transactions or approvals. PAW Chan reduces this to 1 transaction making users less vulnerable to fees and malicious intent as bridges in the past have been a common place for ill intentions. As users grow PAW Chain can bring in more validators and give us a way to be able to scale to use. Our off chain ledger helps us reduce congestion as well most commonly associated with scaling.
StealthEX: PAW Chain is embarking on a decentralized journey with comprehensive V1 Layer 3 Beta testing across its ecosystem. Can you share the timeline for the full rollout of Layer 3 features and the expected impact on user experience and adoption?
PAW Chain: We’re excited to be in the V1 Layer 3 Beta testing phase for PAW Chain, PAW Wallet, PAW Scanner, and PAW Bridge. This sets a solid foundation for our decentralized journey.
By Q4 2024, we’ll be rolling out the Merch Store, PAW Academy v1, and our Project Onboarding Launchpad.
In 2025, expect significant updates, including the PAW Mobile App with integrated PAW Payments, providing access to your wallet and all PAW services. We’ll introduce retail merchant services, including POS systems and cards. A major focus for 2025 is the introduction of PAW Club, a community-run platform connecting brands and businesses, allowing for new digital identities, tracking of assets, updated industry articles and guides, and integration with PAW Academy. PAW Academy will migrate to V2, connecting seamlessly with PAW Club's community services and adding VR experiences. Additionally, we’re upgrading our Launchpad with automation features and launching PAW Trade, an NFT marketplace and trading platform for pro users with custom charts and limit orders.
StealthEX: In what ways does PAW Chain’s multichain capability simplify cross-chain interactions and reduce operational costs, and how does the unified liquidity pool model contribute to greater efficiency and improved interoperability across diverse blockchain ecosystems?
PAW Chain: PAW Chain is currently connected to five other blockchains, and we are continuously working to add more chains. At present, we are capable of connecting to 100 additional EVM chains and are also actively working on establishing connections to non-EVM chains like Solana and Tron. Thanks to our custom-made Layer 3 chain, cross-chain transactions are simpler, easier, and faster. For the user, cross-chain swaps can be completed in seconds and require only one click. This is how PAW Chain's multichain capability simplifies cross-chain interactions, as opposed to the traditional method of multiple bridging and using exchanges to switch blockchains.
Regarding the question about the liquidity pool: Since there is only one pool, the entire process of cross-chain transactions is simplified for the user. As a user, I just need to go to PAW Swap, choose what I want to swap and what I want to receive; it doesn't matter which chain it is, because our system can swap across chains for you. In the background, all the complex transactions (like bridging) are handled, but for the user, it is just one click. From one token to another, without traditional bridging issues and with cost-effective processes.
StealthEX: Beyond token swaps and asset transfers, what are the potential use cases for PAW Chain's multi-chain capabilities? Can you provide examples of innovative applications that could be built on top of PAW Chain's infrastructure, leveraging its cross-chain functionalities?
PAW Chain: PAW Chain's multi-chain capabilities open up a wide range of potential use cases beyond token swaps and asset transfers. By enabling seamless cross-chain interactions, developers can create applications that leverage the strengths of multiple blockchains.
Some examples could be:
- Decentralized Finance, especially Aggregators
Cross-Chain Yield Farming, Cross-Chain Lending platforms.
- Cross-Chain NFTs and Gaming
Create Interoperable NFTs which can be moved and traded across blockchains.
Games could leverage different blockchains for different aspects of their economy, enhancing decentralized gaming experiences with real-time transactions and in-game asset management boosts player engagement and development possibilities.
- Cross-Chain DAO Governance
DAOs could operate across all the chains and users wouldn't need to bridge their assets in order to vote, proposals could be done across chains. Managing of assets in the treasury across various blockchains.
- Marketplaces:
Users could buy and sell goods or services across multiple networks, e.g. a user on BNB could buy goods from a user on ETH, without bridging or additional transactions.
- Insurance: Automating claims processing and fraud detection through smart contracts can streamline operations and reduce costs, offering faster and more transparent services to customers.
- Real Estate: Simplifying property transactions by securely recording ownership and transfers on the blockchain reduces fraud risk and increases transaction speed.
- Supply Chain Finance: Facilitating transparent and efficient financing solutions for supply chain stakeholders ensures timely payments and reduces financial risks.
- Art and Collectibles: Verifying the authenticity and provenance of digital and physical artworks through blockchain technology secures and transparently manages transactions in the art market.
These are some examples of the benefits, and there are many more (Dapps, Enterprise solutions, multi-chain data feeds etc.).
StealthEX: PAW Chain claims to provide infinite scalability by expanding block size as on-chain users grow and validator nodes increase. Can you explain the technical details behind this approach and how it compares to other scaling solutions like sharding or sidechains?
PAW Chain: PAW Chain utilizes a unique cross-stitching methodology to implement a three-step redundant failure prevention system, ensuring the accuracy of blockchain data. By using this new method, we are able to add infinite validators and therefore have the ability to scale infinitely. Precise technical details are viewable in our documentations.
To add, by using different programming languages such as Golang, NodeJS and Redis and efficient data management we are able to optimize the scalability.
StealthEX: The @PAWChain ecosystem includes a variety of tools and platforms, such as PAW Wallet, PAW Scanner, and PAW Bridge. How do these components work together to create a comprehensive and efficient environment for asset management and decentralized transactions?
PAW Chain: PAW Bridge is what lets assets flow freely across chains while PAW Wallet is the user interface that lets users connect and manage their assets. PAW Scanner is a tool used to view any and all on-chain data that is on PAW Chain. Together they provide a “highway” to travel the crypto world along with a “vehicle” and a tool to use as a “map”...when used together they let users navigate blockchains in ways like never before.
StealthEX: The PAW Wallet V1 Beta offers enhanced security and user-friendly features. How does the PAW Wallet ensure the safety of users' assets, and what makes its security measures, such as the 3-step redundant failure prevention system, unique compared to other blockchain wallets?
PAW Chain: The PAW Wallet prioritizes the security and protection of users' assets through a comprehensive approach. This includes audits of the wallet and all related products to ensure they meet the highest safety standards. Additionally, continuous blockchain monitoring and the implementation of recommendations from reputable auditing firms further improve the wallet's security, providing users with confidence in the safety of their assets.
About the 3-step redundant system:
PAW Chain utilizes a unique cross-stitching methodology to implement a three-step redundant failure prevention system, ensuring the accuracy of blockchain data.
All validators within the chain are divided into three sub-levels.
Before each block is submitted, the block data undergoes verification by two out of three levels of validators to ensure the accuracy of the pre-block data.
During block submission, two additional validators from these levels are randomly selected to verify the accuracy of the submitted data. This selection process ensures that the validators involved in submitting the block are different from those verifying its accuracy. In each block, three validators are involved in proposing, submitting, and confirming the block. Only one of these validators from the current block is used for pre-block and post-block confirmation, with the others selected from the previous block's set of validators. This cross-selection method for block accuracy checks involves a total of five validators for each block, ensuring that at least three validators coordinate directly with the blockchain data. Additionally, each block is confirmed twice, preventing malicious validator nodes from influencing the blockchain as corrections are consistently applied.
StealthEX: What technical and operational challenges does #PAW Chain face in connecting with non-EVM chains like TRON and Solana, and how does the integration of these networks enhance the overall interoperability and functionality of PAW Chain?
PAW Chain: While PAW Chain is EVM based we are not an EVM chain. This gives us the interoperability we need to be able to connect to other types of chains such as solidity contracts with Solana and TRC20’s with Tron. The key was being able to connect and have smart contracts interact with each other in new ways and this was made possible with our L3 bridge which enabled the communications between different types of smart contracts like we see with Sol and other non EVM chains.
StealthEX: Currently, @PAWChain has a basic pricing system for gas. Are there plans to evolve towards a more dynamic gas market (similar to Ethereum) to manage network demand? If so, how will this impact developers and predictability for users?
PAW Chain: So, first we need to clarify the terminology.
Gas Fees are specific to EVM blockchains.
It is the unit of measurement for the computational work required to execute a transaction or smart contract and is calculated based on the amount of gas used multiplied by the gas price (in gwei) Gas fees can vary depending on network congestion.
Due to PAW Chain's unique Layer 3, there are no gas fees here, instead, there are transaction fees, similar to those found in other applications on different chains, such as swaps or marketplaces.
Thanks to its ability to scale infinitely, PAW Chain can handle high network demands and continue to function seamlessly.
StealthEX: I see that @PAWChain claims to offer "GAS-FREE" transactions on Layer 3. Could you elaborate on the technical mechanisms behind this claim? Are there any potential limitations or scenarios where gas fees might still apply, even on Layer 3?
PAW Chain: PAW Chain lets users navigate a cross chain environment via it’s native wallet, PAW Wallet. Here users can do all transactions “gas free”. The only time one will pay gas is when leaving or entering PAW Chain, for example bridging to PAW Wallet from your Metamask Wallet you will pay a gas fee to leave eth and come to PAW. PAW Chain’s infinite scalability makes this possible so that we can absorb the gas costs associated with these transactions as a way to give users an edge or added benefit for using PAW Wallet on PAW Chain. As far as PAW Chain goes, when users are on it they won’t pay gas fees.
Telegram Live Question
With @PAWChain Studios focusing on web3 and blockchain gaming, how do you see the future of gaming evolving in terms of ownership and value for players?
PAW Chain: Ok, great question!! Imagine being able to play games on any chain and more importantly being able to bring your cache or wearables with you to new games! That's the interoperability we aim for with PAW Chain.
This has been an absolute amazing AMA! We can't thank you enough for having us!! We look forward to the next one for sure!
StealthEX: Thank you all for joining today!