Pontem’s AMA (Ask Me Anything) Recap with Pinknode

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We recently hosted an Ask Me Anything (AMA) to celebrate the partnership between Pontem and Pinknode. Through this collaboration, both teams aim to provide crucial infrastructure for Web 3.0 purposes.

Below is a transcript of our session with Eric from the Pinknode, to see the transcript of Pontem’s answers see 👉 the Pinknode blog here.

Participating in this AMA:
From Pinknode:
Eric — Founder & Chief Everything Officer 🙂

From Pontem:
Stas — Business Founder
Boris — Technical Founder
Alejo — Chief Growth Officer

You can learn more about the partnership by reading our post or checking out what Cointelegraph had to say.

🎉Congratulations to the winners of our ‘best questions’ contest!🎉

Pontem: Hi everyone, we will get started with our AMA.
Eric, could you please tell us a bit about yourself

Eric: My name is Eric, I’m the co-founder and CEO of Pinknode.
I started my career in banking, left after to pursue entrepreneurial interests, namely in digital marketing, e-commerce startup and corporate finance, contributing through roles in sales, marketing and business development.
I started working on Pinknode end of last year with my co founders after DeFi summer, and we successfully launched the project with both private and public funding in May 2021 :)

Pontem: “First time hearing about Pinknode, I briefly went to the website to check it out and “Utility” caught my eyes. My question is — How does Pinknode hope to achieve utility with all the cryptos in the world? “

Eric: Outside of protocol tokens, I think its highly crucial that an altcoin builds multiple use cases around their token to remain relevant.

At Pinknode, we’re highly cognizant of this and will ensure that our token utility is varied and functional. That includes, payment, governance, staking etc.

Community: What is your vision for Pinknode’s futur as infrastructure provider to meet business needs?

Eric: We’re striving to become the leading infrastructure-as-a-service provider on Polkadot through extensive coverage of networks, robust network architecture and cost effectiveness. We believe by facilitating growth and supporting Polkadot in its mission to become the ‘blockchain of blockchains’, we will bring everyone closer to a trustless, scalable and interoperable Web 3.0 future.

The team is currently focused on refining our core services and expanding our reach, with plans to branch into other features like archive, mempool access and potentially developer tools in the near future.

Pontem: “UX/UI design is one of the most important factors for mass adoption. Can you give us an idea about Pinknode UX / UI for common Users? When will it be available to try?”

Eric: Great question! Our MVP is currently live on app.pinknode.io and it offers basic and simple to use features that’s needed by developers. We developed this within the 1st month of launch.

We’re currently working on an enhanced dashboard that has more features, like monitoring uptime, usage, connection to multiple networks etc. We’re expecting to launch this in est. 2 months time 😎

Pontem: “The goal of Pinknode is to serve as the “Infura for Polkadot” by providing developers with web API access to the Polkadot Relay Chain. Do you think your system can keep up with daily transactions processed by Infura? What is Pinknode’s TPS?”

Eric: We have successfully deployed our Kubernetes clusters on multiple cloud storage to manage our node pools, pursuing a microservice architecture. This will enable us to scale dynamically as usage grows. We will be prepared to scale as Polkadot/KSM transaction grows.

Pontem (Fun Question for Eric):“Pancakes or waffles? Also, for PNODE, when is the “Buy Devs Coffee” button going to be added to the web site?”

Eric: Tough one. I think pancakes. Kiseki souffle pancakes 👍🏻

Pontem: “Pinknode is built on decentralized platform so How is it different from the centralized solutions currently in the market? “

Eric: Our node network is currently still centralized, to ensure stability, reliability and scalability during this growth phase.

Once the network is more mature, we have the intentions to move towards a decentralized model where PNODE tokens will be utilized to facilitate value transfers between independent node operators and endpoint users.

Decentralization of node network could mean, better latency, lower costs, no single point of failure and many other benefits that comes with it. We’re really excited to get to it!

Community: Are you using only one cloud provider for your K8 cluster deployment or are you dispersed? Are there redundancies in place in the rare case of disaster recovery?

Eric: We’re on multiple cloud providers, to prevent a single point of failure. And yes we have backups and redundancies coupled with with AutoScaling in place in event when theres usage spike, we’ll still be able to perform.

Community: Like music to my ears. Thanks Eric!

Community: “For an open Blockchain there is only community. So, How important is community to you? Did you take Community decesion when you build your project? “

Pontem answer: We believe that the strongest asset a decentralized project has is the community, they not only support with users but also with guidance on developments. Looking at Ethereum vs EOS, even though EOS touted itself as being easier to use with more languages etc…. The Ethereum community is way more tight knit which means that it is able to accomplish so much more.
Our role is to be facilitators and encourage you all to participate in forums like this.
The old adage of “build it and they will come” only works when we all build it together 🙂

To see the transcript of Pontem’s answers see 👉 the Pinknode blog here.

About Pinknode

Pinknode is a Polkadot-only Infrastructure-as-a-Service project with the goal of accelerating adoption and empowering innovators to create the most promising Web 3.0 meta protocol. By providing API endpoints through a streamlined onboarding process and maintaining secure, reliable, and scalable node infrastructure, Pinknode helps innovators jumpstart development quickly and accelerates product life cycles.

About Pontem

Pontem is building a bridge to connect the Diem Blockchain to the decentralized ecosystem of public permissionless blockchains like Ethereum via Polkadot. This will expose Facebook’s 2.7 billion users to any crypto use-case, from decentralized finance (DeFi) to non-fungible tokens (NFTs). With Pontem Network and development platform, users can build and test apps on Polkadot and other popular blockchains before migrating their products to the Diem Blockchain.

The Pontem Network is a Polkadot Substrate-based chain that functions as an incentivized testnet for Facebook’s Diem Blockchain. Using Polkadot, the project introduces creators to Diem’s potential and gives them the ability to validate ideas before submitting an application to the Diem Association for migration. By utilizing cross-chain bridges, Pontem also taps into the established liquidity, data, and tooling of other networks.

Pontem’s vision is to establish itself as the leading experimentation network for the Diem Blockchain, thus essentially becoming not only a bridge for liquidity but also a “Kusama for Diem.” This dovetails perfectly with Pinknode’s ability to connect dApps to the current Kusama network using highly efficient, customised Pinknode-powered code. The existing Kusama blockchain has gained a reputation for being fertile grounds for cultivating early-stage startups, experimentation with innovative creations, and incubating fledgling dApps before deploying them on Polkadot. This is thanks to its low barriers to entry, more forgiving slashing penalties, speedier iterations, and up-to-date technology. Pontem’s journey to achieve the Kusama business model for Diem is nothing short of ambitious — which is why Pinknode is honored to help it make this vision a reality.

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  1. Blockchain fees. Most NFTs are issued on the Ethereum blockchain, where you have to pay for gas. NFT minting involves a complex smart contract and thus requires a lot more gas than simply sending crypto. Plus, the gas has been very expensive in the past few months, so you can expect to pay at least $50–100 in gas fees per NFT collection.
  2. Marketplace fees. While you can issue an NFT on your own, it will be hard to promote it and find buyers. That’s why most creators work with NFT marketplaces like OpenSea and Rarible. And while minting NFTs on OpenSea is technically gasless and free, there is a gas fee to initialize a seller account and accept a bid from a buyer — expect to pay around $150 in total. On Rarible, the costs can exceed $600.
  • Facebook has almost 3 billion monthly active users, giving Diem the largest potential audience of any blockchain project on earth;
  • The stablecoin will probably get integrated into transactions on Facebook, Instagram, Messenger, and Whatsapp (shopping, paying for ads, sending money to friends etc.);
  • Facebook can afford to hire the best developers and marketers, so the execution and promotion will be top-notch;
  • Diem’s programming language, Move, is safe, flexible, and well-suited for writing smart contracts;
  • It should be possible to add third-party dApps to the Diem ecosystem — think of WeChat with its thousands of mini programs, but on blockchain.

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