Missed the latest Live-X Community AMA? As a summary recap of the last Live-X Community AMA, you can find all the questions that were solved on stage.
DEX
Q: When will the L1Dex be provided with a fully working explorer (gas costs etc), and audit vulnerabilities fixes?
A: We currently employ a deterministic fee model for transactions and contracts, thanks to our deterministic block rewards for node hosting providers. This allows us to calculate transaction costs in advance.
Regarding our dynamic pricing model, we utilize the Wallet-SDK to determine the fee limit required for transactions, providing transparency into the transaction costs. We plan to add the transaction fee to the explorer in the next 2 weeks.
In terms of audit vulnerability fixes, our initial VM audit revealed no high issues. Subsequent reports focused on development processes and integration. To ensure robustness, we are updating the consensus mechanism for new nodes joining. Once 400 nodes are running, we will release the consensus code. We plan to conduct code quality audits using SonarQube and a manual consensus audit by HashLock, resolving any issues before reaching 400 hosted nodes.
Q: Have the DEX, marketplace, and token launcher projects started work on cross-chain with X-Talk? Are they having no problem with X-Talk? Are they using the public SDK or do they have access to more code and tools?
A: We have already integrated Solana. We are working on Tron and BTC and we will have it completed by the end of the next month.
We will gradually push the projects building with us and demonstrate the innovativeness and stability of the tech.
NODES
Q: Can the node dev team provide a daily summary of the health of the node environment - known issue tracker, fixes in flight, outage notification. Also a place to formally log node enhancement requests (suggestions is too wide in scope). This is important and if done right will help the dev team deal with questions on known issues?
A: The team will look into it.
Q: Can Kevin explain how maintenance on live nodes is managed - code updates/bug fixes etc to the GitHub code we cloned. We also have updates to docker, kernels etc. Its as important to ensure nodes are healthy and up to date - they are not set up and forgotten. How does the team propose this is managed and communicated out to the node owners?
A: We are introducing dedicated channels for FVN Node Owners on Discord to provide them with regular and emergency updates. Regular updates will summarize recent changes, upcoming updates, and maintenance schedules, possibly on a bi-monthly or monthly basis. Emergency updates will be used for critical updates and urgent issues.
Additionally, we will provide automated scripts for Docker and kernel updates to simplify the process for node owners. We will follow a phased rollout approach to update nodes, minimizing downtime and ensuring stability. Furthermore, we will prepare documentation with step-by-step guides for performing these updates, ensuring that node owners can easily follow the process.
XPERKS CLUB
Q: Have you already distributed rewards to those 16 out of the first 100 who had problems with xPerks v.2?
Not yet. Kevin is planning to implement hardware wallet signing and 2FA in the coming month, as it is currently on his list of priorities. For those interested in earning rewards weekly, he recommends following his Twitter account. He rewards individuals with great perspectives within 24 hours of certain posts he makes.
XWALLET
Q: Are you aware that competition is intensifying such as Bidget launching their own wallet with the integrated "Bidget Bridge" for fast and secure transactions across EVM and Non-EVM chains; Axelar launching its own VM and the upcoming Polygon aggregation layer and ID solution?
A: The Axelar Virtual Machine concept was introduced by Axelar in 2023, although the L1X Founder had conceived it in 2021. While there may be instances of copying inventions, our X-Talk and Multi-Chain Infrastructure have intricate inner workings that set them apart.
Q: When can we expect the L1X wallet to support hardware wallet signing and 2FA? With the advancements in other wallets, I'm concerned about the security of our current setup. Can the team provide insight into where this feature stands on the roadmap? If it's not a priority, could you explain the reasoning behind it? We want the L1X wallet, to be not only fast and cost-effective but also the most secure and robust option in the crypto space.
A: Our XWallet has undergone thorough examination by Centralised Exchanges, validating its functionality and security.
We are also developing additional methods that projects will require, similar to what MetaMask provides. The wallet code will be open-sourced soon, expected in early Q3 2024.
Regarding security, we plan to implement seed phrase import functionality around mid-Q3 2024.
TECHNOLOGY
Q: How much is the bug bounty reward pool and when will you start paying it out?
A: We are working on the Improvement Proposal Structure. At the moment the team is focused on the Hackathon, which is starting very soon to get some projects going, without my direct intervention. The reward for the Hackathon is 500,000 USDC on the ETH Network.
Q: How will L1X combat these advancements given its current development speed? What was promised a year ago, seems to still be at the starting line while competitors appear to be ahead. What is the strategy to take market share from these competitors or gain recognition without disappearing in their shadow?
A: Our L1X Development and Technology, including X-Talk, VM, and Consensus Mechanism, were meticulously built from scratch, with challenges faced during the development, testing, and release phases. Despite some delays, our team remains dedicated to providing continuous updates. The Founder challenges anyone to find a single protocol that matches our utility in facilitating multi-chain interoperability.
Q: When will the audit for X-Talk code be done?
A: The VM audit has been completed. The Consensus Mechanism Audit will be completed by August and the X-Talk will be followed after that.
Q: In terms of timeline, where does the latest report posted on l1xapp fit compare to the last report? The previous report included 2 scopes, while the latest only 1. Is it an update report only for scope 1 or did this report come before?
A: In the context of the VM Audit, the initial audit did not uncover any significant issues. The subsequent report focused on the development process and integration aspects.
To ensure the robustness of our system as new nodes join, we are updating the consensus mechanism. Once we have 400 nodes up and running, we will release the consensus code.
To maintain high code quality, we will use Sonar-Qube for the code quality audit of both the VM process and the consensus mechanism. Additionally, we plan to conduct a manual consensus audit, preferably by HashLock, to address any issues before reaching 400 hosted nodes.
Q: Why prioritize L1X WASM to LLVM IR's "Secure" rating over L1X VM's "Not Secure" rating? Shouldn't the entire code be publicly available if already published? Why restrict access to scope 2?
A: No Prioritisation here. L1X VM includes WASM - LLVM IR which was secure. The mentioned flags on the Audit were based on the development process we followed. We are working on that but those are no security issues.
DEVELOPER PORTAL
Q: The dev portal is nice to have as a focused place to go. However, the channels are not. It needs threads to be useful - it’s a stream of random questions that get random answers mixed in. Can we at least get the ability to log a question and the developer can then reply to the question?
A: We will look into this.
TOKENOMICS
Q: How are the newly onboarded developers paid; in L1X tokens or USD? If they are paid in L1X will their cliff period start from the day they were onboarded? Is the L1X payment coming from the team allocation of 22.5% or is it sourced from elsewhere since the 22.5% has already been fully distributed among all members?
A: Our application team based in India is paid in USD, reflecting our commitment to ensuring competitive compensation for our talented team members. Additionally, two of our core developers receive a portion of their compensation in L1X tokens, aligning their incentives with the success of our ecosystem. Some members of our operations team also receive their salaries in USD, ensuring consistency and fairness across our organization. Furthermore, various other expenses related to our project are also denominated in USD, allowing us to effectively manage our budget and resources.
Q: What is the current financial runway and how does the project plan to sustain operations and growth in the long term -> are there possible VCs in plan?
A: The Founder has his personal funds that can sustain L1X project for the next 18 months, providing us with a strong foundation. We are also committed to securing additional funding within the next 6-8 months to enhance our marketing efforts once we have onboarded projects. This strategy ensures that we can effectively promote our platform and achieve our growth objectives.
Q: How much funding has the project raised to date and how has it been allocated and utilized since most of the members are paid in L1X?
A: The Founder emphasized that we currently do not have sufficient funds for marketing and core development. To ensure the project's sustainability, he is personally using his funds. The majority of our team members are compensated in L1X Coins, aligning their interests with the success of the project.
MARKETING/COMMUNITY
Q: You said 80%/20% ratio on marketing for business(80%) to customers(20%) but when will be 20% begin?
A: Developers are essential: Focusing on developers is crucial for building l1x's ecosystem and long-term success. They're the ones who will create the projects that attract users and drive adoption.
Early adopters create buzz: Even a small percentage of early adopters can generate excitement and word-of-mouth marketing, creating a foundation for future growth.
Data-driven decisions: The 20% allocated to customer acquisition should be used strategically, and is focused on helping these projects that are launching get to the masses through marketing channels.
Timing is key: The 20% should be gradually increased as our ecosystem's utility grows. As more projects are launched and features are added, you'll have more to offer potential customers, making it easier to justify a larger marketing spend on them.
Q: What crypro events/conferences meet-ups etc are LayerOneX attending in the coming months & year?
A: For the remainder of this year, we have no plans to attend any specific events or conferences. This is due to use being extremely busy work on trying to get projects across the finish line. We are planning to attend a few next year.
Q: Why has the team page on the website been removed? People use this page to check if team is doxed etc
A: Great question. We made the choice to focus the Layer One X site to be more geared towards the foundation. Very similar structure to how Ethereum, Solana, etc., structured their foundation pages, which don't have a team page However, the team page has moved. We (team) are listed/doxed on the L1X App foundation section.
Q: How do we generate sufficient projects or at least change sentiment before the tokenomics cliff finishes (August) for vested coins?
A: Prioritize project completion: Launch high-impact projects that demonstrate demand for the L1X coin will provide us utility.
Focus on communication: We recently share our roadmap, progress, and challenges with the community. We plan to keep doing this every two weeks.
Engage the community: I've been jumping more and more into the discord chats.
Explore partnerships: Collaborate with other projects for increased reach. Market strategically: Utilize targeted campaigns to raise awareness among developers. 500K USDC for a hackathon is great. .
ECOSYSTEM
Q: Have the DEX, marketplace, token launcher projects started work on cross-chain with xtalk? Are they having no problem with xtalk? Are they using the public SDK or do they have access to more code and tools?
A: The DEX, marketplace, and token launcher projects have indeed begun work on cross-chain functionality using X-Talk. So far, they have not reported any major issues with X-Talk integration. They are using the public SDK provided by Layer One X for their development efforts. However, they may have access to additional code and tools as needed to ensure smooth integration and compatibility with their specific platforms.
Q: When the money runs out in 2 years what price does the team need L1X to be at to continue?
We are confident that we will secure the necessary funding. The Founder believes this opportunity is truly unique, requiring smart strategies and hard work from everyone involved.
Q: Do we have the financial resources, human resources, skill sets, and organisational setup ( sales ) to achieve however many projects we need per month?
A: Yes, let's look at the flow.
Stage 1: Project Procurement We have over 100 projects that we selected to apply for the EGP, to which I set up my Calendly and sent them a bulk email. Around 30-40% have already scheduled meetings. I conduct one meeting a day Mon - Fri, and on Sat & Sun, I focus on core dev for the time spent on projects. During these meetings, I provide technical and grant-level information and support. Typically, projects are convinced to proceed at this stage. The grant is structured with 10-20% upfront and 80-90% at the launch of the project, with vesting.
Stage 2: Scope Document Here, we drill down to the core of what is required from us to be built, which is distributed between the project development team and L1X application and core team. The Development support can be for Knowledge Transfer, Smart Contract Development, Integration Document, Core Development, or front end work. We prioritize Knowledge transfer as this allows the project team to focus on the development work while we focus on the core, enabling us to take on many projects.
Stage 3: Grant & Kickstarting development.
Q: What is our current run rate per month in on-boarding new projects? Is this run rate sufficient to generate the demand we need for coin utility? If not, how do we kick-start it? How many projects did we onboard this month?
A: Since taking over Ecosystem Onboarding on June 10th, the Founder has engaged with 8 projects, with 5 progressing to the agreement stage and 2 already in the development phase. The remaining 3 are in the process of finalizing their scope documents.
Next month, the Founder plans to focus on service-based companies, implementing a Service Push model to encourage blockchain studios to adopt L1X as the interoperability solution. Our immediate goal is to work closely with the top 8 projects over the next 4 months, followed by 12 more in the subsequent 8 months, to develop impactful projects that align with our vision of facilitating 1 billion transactions through our platform.
Q: It's great to hear that 25 new developers have been hired to accelerate the project. However, how do you ensure that these new hires don’t have malicious intentions or plan to jeopardize the project code? What measures are in place on your end to prevent this?
A: Thorough background check. It is done with agencies that I know and trust.
Q: Are we gonna hard-push Bitcoin narrative ? Other protocols are already on it too. Are we gonna do BTC runes?
A: We have already integrated Solana. We are working on Tron and BTC and we will have it completed by the end of the next month. We will gradually push the projects building with us and demonstrate the innovativeness and stability of the tech.
