Honest Mininig AMA with VEX on our Community
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AMA Transcript with Danny Baskara, CEO of Vexanium

Welcome to our latest post in our series of Honest Mining’s Community-run AMAs.

The ongoing AMA series on Telegram is an event that features various guests from the crypto community and leadership team. The objective of the series is to give our community an opportunity to communicate directly with team members, and to give them a chance to share their insights and offer the community a window into their work.

The most recent AMA took place on November 28th, 2019 with Danny Baskara, CEO of Vexanium (VEX). Over the course of the AMA, Danny fielded both pre-submitted and live questions from our community members concerning a variety of topics related to the development of VEX.

Highlights can be found below as transcribed by Mary, Honest Mining community managers:

Mary | Honest Mining CM

Hi everyone, welcome to the latest of our Honest Mining AMA Series with VEX.

First of all, let me give you a short summary about today’s AMA. We will have 4 segments to discuss, that consist of:

  1. Segment 1: Project Presentation by Danny Baskara, CEO of Vexanium
  2. Segment 2: Team Discussion – During this session, I will get the chance to ask Danny some questions.
  3. Segment 3: Community Discussion – During this session, we will give you time to ask Danny some questions.
  4. Segment 4: Short Quiz and giveaway!

We have a special reward with a total of 30,000 VEX for the luckiest people. So prepare your interesting questions and follow the quiz!

Now, we will start our first segment with a project presentation by Danny Baskara! Let’s welcome Danny Baskara, CEO of Vexanium!

Danny Baskara | CEO of Vexanium (VEX)

Hi everyone! Thanks for having me here. So, my name is Danny Baskara from Vexanium. Vexanium is the next generation public blockchain for mass adoption, we use DPoS (Delegates Proof of Stakes) consensus mechanism, Vexanium allow developers or programmers to create their decentralized applications (Dapps) with Vexanium protocol. 

Mary | Honest Mining CM

I see. We also read on your website that Vexanium build DApps. Could you please explain what is DApps and why you build it? 

Danny Baskara I CEO of Vexanium (VEX)

Right now, Vexanium is focusing on Dapps development on our blockchain network. Dapps itself is a new type of application that uses blockchain technology as its base. Dapps exists as a decentralized network run by users without central control or potential failure. It means that, when users use the application, they don’t have to give their personal data to companies that can misuse their data.

Mary | Honest Mining CM

Thank you for the explanation, Danny. What is the biggest thing you want to achieve from building DApps?

Danny Baskara I CEO of Vexanium (VEX)

The answer to this question is pretty simple because it is the successor from the previous one, which means that it has more advantages compared to the traditional centralized application. Dapps is an application that is more resistant to attacks compared to other applications that only depend on one server. Applications that only have a single server will stop completely if an attack occurs on that server.

One other advantage of Dapps is that Dapps are practically immune to changes or modifications. Once you enter information into the blockchain, the information is stored permanently. Because there are only a few authorities who have Dapps networks, any external authority that tries to block Dapp will certainly find it difficult. This is because Dapp is not present on all IP addresses.

However, the highest potential of Dapp has yet to be understood. The best Dapp application is arguably not yet found or established.. We are still waiting for Dapps and blockchain to have many users, as well as social media or chat apps, began to emerge. Because Dapp is free from outside intervention, that makes Dapp unique. Technology is developing rapidly and the desire of developers to learn the blockchain continues to increase so that more Dapps are entering the market. With these advantages, we see that Dapps have lots of potentials to grow and adopted by general users. We want to help that adoption process by introducing Dapps incessantly.

Mary | Honest Mining CM

Well said, Danny. It also says that Vexanium blockchain will not charge fees for every user transaction, so how do you get the revenue from your project?

Danny Baskara I CEO of Vexanium (VEX)

Vexanium Blockchain uses Resource Model or Blockchain as a Services Model rather than using Transactional Model like other public chains because traditionally, it is the business that pays for office space, computational power, and other costs required to run the business.

For example, The customer buys specific products from the business and the revenue from those product sales is used to cover the business costs of operation. Similarly, no website obligates its visitors to make micropayments for visiting its website to cover hosting costs. Therefore, decentralized applications should not force its customers to pay the blockchain directly for the use of the blockchain.

All blockchains are resource-constrained and require a system to prevent abuse. With a blockchain that uses VEXANIUM software, there are three broad classes of resources that are consumed by applications: First, are Bandwidth and Log Storage (Disk). Second, are Computation and Computational Backlog (CPU); and Third, is State Storage (RAM).

Mary | Honest Mining CM

Wow, such a great business model of the sharing economy. Now, my last question before I open the chat for all the members. You already build DApps using dPoS, and you have a strong community and VEX holders, so what do you want to build in the future? 

Danny Baskara | CEO of Vexanium (VEX)

We are actually doing it right now. We are provoking blockchain developers to make Dapps using the Vexanium blockchain network. In addition, we also conduct seminars in various universities in major cities in Indonesia. 

The aim is to introduce blockchain technology to young programmers in Indonesia, in the hope to increase their interest to explore the field of making Dapps.

All of these actions are to improve the Dapps ecosystem so that it is more quickly adopted by the wider community. It is hoped that with the steps that we are currently making there will be more and more creation of revolutionary Dapps to be able to solve the existing problems today.

Lastly, we also have a program called DAPPS incentive program that gives rewards to developers to build DAPPS on Vexanium protocol you can read at https://www.vexanium.com/dapps-incentive

Mary | Honest Mining CM

Thank you, Danny! As mentioned by Danny, you can be a part of vexanium project! That concludes the first segment and I hope the audience is ready with their questions, because we are going to open the chat for everyone.

But before I open the chat, I want to inform all of you that in the next segment, we will pick 2 lucky people who will get 5,000 VEX each, so..prepare your great questions guys! 

@Forest | Community Member

Hi Danny, I have several questions for you. 

Q1: What is the ROLE of VEX Token in Vexanium ecosystem?

Q2: What programming languages can developers use and what will you do to attract them to your platform? Also, although there are tons of useless Dapps on other platforms, how can Vexanium manage to build useful Dapps? 

Danny Baskara | CEO of Vexanium (VEX)

Vexanium uses blockchain architecture that is built to enable vertical and horizontal scaling of decentralized applications. The VEX token or VEX coins is the cryptocurrency of the Vexanium  network. A developer simply needs to hold Vex coins, instead of spending them, to be eligible to use network resources and to build and run dApps , We use C++ Programming Language.

Teshia gates | Community Member

Where can we track and follow team working progress of VEX?

Danny Baskara | CEO of Vexanium (VEX)

You can follow our socialmediaFacebook ,instagram , twitter , youtubeVexanium, channel @vexaniuminfo also join our group at @vexaniumcom

FergusoMisoto | Community Member

Hi Danny, why do you choose dPoS instead of PoS? Do you have any special reason to choose that mechanism?

Danny Baskara | CEO of Vexanium (VEX)

Because we believe about Pareto Principle In DPOS consensus chains, regular checks and balances with regards to governance are of utmost importance. The distribution of VEXANIUM’ voting power is currently falling in line to the Pareto Principle.

Pareto’s principle in summary means that 80% of the output comes from 20% of the people or things responsible for creating that 80% output. Some examples of the Pareto Principle include 80% of the global wealth is owned by 20% of the population, 80% of power is held by 20% of the population, within a political party itself 20% or less of the people within that party have 80% or more of the power and of course in Bitcoin and Ethereum, 20% of the miners/mining pools have 80% or more of the hash rate.

Secondly, We also believe about Democracy on blockchain, Delegated Proof of Stake (DPoS) is a consensus algorithm developed to secure a blockchain by ensuring representation of transactions within it. DPoS is designed as an implementation of technology-based democracy, using voting and election process to protect blockchain from centralization and malicious usage.

NasdaQRyong | Community Member

What are the minimum requirements to become a Block Producer of Vexanium project ? Also, what are the benefits of becoming a Block Producer of Vexanium ?

Danny Baskara | CEO of Vexanium (VEX)

To be a BP or Block Producers you just have to  install Nodes, and you can promote it to friends or your community to give you VOTES, you can follow this simple step here – http://dev.vexanium.com/tutorial#how-to-deploy-vexanium-bp-node

Mary | Honest Mining CM

Thank you for all your questions and Thank you Danny for answering all the questions from our beloved members! Are you still excited to the last segment?

We still have 1 short quiz, are you ready to get 2,000 VEX each in  your wallet?

Here is the question: What consensus algorithm does Vexanium use for its blockchain network?
In 1..,2…, and 3.., go post your answer NOW!

Okay, I think we got the 10 people who post the correct answer quickly, and the aswers is dPoS.
Congratulations guys! We will contact you shortly to your telegram for detail.

Thank you for the enthusiasm, it’s been a wonderful AMA Session with Danny Baskara, CEO of Vexanium and with all our community members. 

See you at our next event!