ArcBlock Community Technical Q&A 01/16/2019

On January 16th, ArcBlock held it's seventeenth Community Technical Q&A in the Telegram group. The conversation between CEO Robert Mao and ArcBlock’s community members is as follows:

Q1: Do you have any updates to share with us?

Hello. It’s also our first AMA of 2019 so Happy New Year to everyone. As everyone knows, we announced our revised product roadmap for 2019, I am happy to answer any questions pertaining to our plan. In December, 2018, we officially began accepting ABT tokens as a utility token for OCAP services. While this might be a small step for the non-developer community, this is a very important step for the developer community and also a milestone for the utility attribute of the ABT token.

In addition, our we made some very positive progress in our Chinese community. A group of users volunteered to build up their own community rather than stay in the official groups including creating their own roadmap and plan to build an entire ecosystem around ABT. I think this is the right thing to do. Blockchain is all about decentralization and this should include our user communities. By doing this, The community can influence and work with us to improve the whole ecosystem together.

Our 2019 roadmap received tremendous feedback and help from the community, I would like to express my thanks to them. I also encourage our English speaking community to form their own community organizations if there are volunteers.

Q2: Robert, on which month will ABT Wallet be released?

We plan to release it on Q1. To confirm, that is before Mar 31st.

Q3: If the enterprise uses Arcblock's platform and network, will it charge ABT?

It depends. We encourage enterprise users to use ABT if they use services on the ABT Network. If they have difficulty acquiring the token, we will help them.

Q4: Will this part of the token be locked?

It will not be locked. ABT is a circulated token. Any token from service revenue will enter the community/mining token pool (the 32% pool) for future use.

Q5: Any token from the service revenue will enter the community/mining token pool, what is the purpose of this part of the token?

As mentioned, our token is based on a circulating model. Any token profit we get from ABT Network operations will come back to the community/mining pool. Those token will be used to reward miners, communities, and developers.

Q6: After the release of the ABT wallet, do users need to change their ERC20 tokens to the new ABT native token?

It will be an automatic token swap. It’s up to the token holders to decide if they want to swap the ERC20 token to the native ABT token. ERC20 ABT and Native ABT will co-exist for a short period of time until we switch everything to our own blockchain technology. A small surprise for those who have mistakenly sent ABT to the ABT contract address before, after we completely switch back to our own chain we will revert those mistaken transactions to the original sender address. If you have the private key to those address you will be able to claim those tokens back.

Q7: When will we no longer need ERC20? Have a plan?

Any services we run on our ABT Network, including our current OCAP service which accepts ERC20 ABT right now, will no longer use ERC20 ABT after we officially launch our ABT Network. But as mentioned, ERC20 ABT will still co-exist for a period time to make sure token holders have enough time to swap or exchange it.

Q8: In the second quarter, the mining mechanism will be put into operation allowing people to join ABT nodes. What is the way to participate?

Anyone can join. It’s a blockchain, so you don’t need to apply to join you can just do it. After we release our planned ABT Chain Node in Q1, you will see our blockchain nodes and applications are so easy anyone can join and do it.

Q9: Can I participate in ABT nodes by holding ABT?

Anyone can participate. However, it is important to note that ABT has NO block reward, which means if you just run as a simple ABT node without providing any additional application (even if your node is a validator), you will not make any revenue. Instead, you have to pay the cost of your network, computer etc. We will explain our token economy and governance model later around Q2 when the network is ready to participate.

Q10:Does it mean that I will get ABT reward if my app is used by a lot of people?

If your app is used by others and you designed a viable business model, you have the potential to make tokens. ABT Network’s mining model is all about real value so you have to create the real value to get the reward.

Q11: Robert, how long ArcBlock can ride this bear market? Does ArcBlock have enough funds for 1 or 2 years?

I think we can manage to survive. As a startup, our goal isn't just to survive longer with cash on hand, but achieve the maximum possibility while maintaining a long enough runway.