Back again with another update. Let’s dive right in.
Here’s what has happened this week.
Things that happened this week
- Lending smart contracts submitted for in-depth auditing.
- More work on SiennaLend front end, including UI / UX design tweaks.
- Migration scripts for rewards V3 are now complete, and main-net migration is expected this coming week.
- Minor bug fixes for SiennaSwap 2.0 which is scheduled to launch before the rewards migration.
- Roadmap update complete. Will be announced in the coming week.
This week marked the beginning of our semi-weekly AMAs. Join us in the Sienna Network Telegram channel every Tuesday and Thursday for educational AMAs with individuals and teams developing exciting new projects on Secret Network.
AMA with DataVault
DataVault is the first privacy-preserving digital marketplace for Web3 users built on Secret Network. DataVault is also developing Secret Bazaar, a private peer-to-peer data marketplace.
The AMA with Oleg from the DataVault team happened this Tuesday (January 25). Here is the recap:
Host: Let us begin this AMA by having you tell us a little bit about yourself, Oleg. When did your crypto journey begin?
Oleg: I have about 15 years of experience in backend development field. For the last 5 years I have been developing on blockchain, creating tokens/games and DeFi protocols on Ethereum and CosmWasm blockchain. I do these things for crypto/work, and in my free time I enjoy boxing, which I have been doing for a couple of years, and, thanks to our location I have an opportunity to spend some time swimming and just chilling on the beach. 🙂
Host: What is DataVault, and what was the inspiration behind it?
Oleg: There has always been an issue of having a private decentralized content marketplace. Today, if you are a creator you can compose a song, but your content is publicly visible and accessible so anybody can consume it once it was published and is not really required to pay for it. So DataVault aims to solve this problem. Thanks to the superior abilities of Secret Network that enables true decentralized data privacy and ownership.
Host: Not only will you be launching DataVault, but also Secret Bazaar. Could you please explain what that is?
Oleg: Secret Bazaar is the first proof of concept product built on-top of DataVault secret contracts. Secret Bazaar is a decentralized data marketplace that allows users to buy and sell any kinds of data. It uses a part of the DataVault features and was built using the integration library that we are willing to distribute.
Host: The data economy is becoming a pillar of our modern society. What value-capture mechanisms will DataVault utilize in order to secure a piece of this pie?
Oleg: DataVault provides platform managers with all the tools necessary to build their own digital marketplaces and easily integrate without dealing with the secure backend for storage and the paywall, so they can concentrate in managing and showing the most relevant content to the end-user. So these building blocks allow people to create streaming platforms, news sites, sell information or any other content. In return DataVault takes a 10–15% taker fee to be distributed among the holders of the protocol and its pools.
Host: You often hear of large-scale data leaks from established corporations. How will DataVault protect its users data?
Oleg: The safety of the data is guaranteed by the architecture of the Secret Network and the encrypted state of the smart contracts. DataVault protocol in turn gives access to the ledger only to the parts that are involved in the transaction and nobody else can see the orders a certain buyer or seller processed. We have a strong access control system over all of the functionality.
Host: What are the benefits to launching decentralized data exchanges vs. centralized ones?
Oleg: Well, the goal of Web3 is to connect creators directly with their consumers. On centralized distribution platforms they typically keep 45% or more of all revenue produced by the content creators. Using DataVault the creators will be able to retain more of the benefit of their work. By reducing the fees charged by middle men you can lower prices for consumers and increase the revenue of creators.
Host: How do you see Sienna utilizing DataVault, and vice versa?
Oleg: From DataVault’s side users could choose to accept Sienna as payment for their content. From the Sienna side we would love to discuss using your launchpad and create deep liquidity pools with your protocol 🙂
Host: In your opinion, what impact will decentralized private data exchanges (such as DataVault) have on DeFi?
Oleg: We have in mind some strategies for creating a fungible token per dataset and connecting it to the DEFI world, however this is still in development. What I can surely say is that the world of DEFI is about the user’s control of their own money and information.
DataVault seeks to push the envelope on this issue, giving more control to creators and content managers with how they offer their content to the general public, and expand the type of things that can be offered through blockchain technology, and DeFi overall. Furthering decentralization and privacy is always a positive effect when it comes to DeFi.
Host: What are your long-term goals and ambitions for DataVault? Where would you like to see DataVault in 5 years?
Oleg: We have an ambitious development roadmap for the next 2 years or so, this involves developing content sites on top of DataVault, connecting to existing content-manager applications and onboarding them, developing mobile applications, creating the DataVault V2 version of the protocol and much more. With this hard work we are trying to get a piece of the digital content sales industry which is roughly $200B per year. Bringing “non-blockchainers” as much as we can to the blockchain world with all its benefits is our goal over the years, by protecting their information and control over their money.
[Full AMA and subsequent questions from the community can be found on Telegram]
AMA with JACKAL
JACKAL is the first privacy-focused data storage solution for Web3 users built on Secret Network. JACKAL is focused on improving speed, utility, privacy, and cost for decentralized data storage.
The AMA with Patrick from the JACKAL team happened this Thursday (January 27). Here is the recap:
Host: Let us begin this AMA by having you tell us a little bit about yourself. When did your crypto journey begin?
Patrick: Hey everyone! This is Patrick speaking on behalf of JACKAL today. My crypto journey began in 2019 when I started working on legal teams regarding cryptocurrency thefts and recoveries. If you see it on REKT News, it is very likely I am brought on to support the recovery of the stolen funds.
As I started working on these cases more and more, I realized that the underlying infrastructure is ground-breaking and wanted to be more involved!
In late 2021, Marston my co-founder and I started working on an E-discovery tool for digital evidence. We found a roadblock where the team wasn’t comfortable with any of the current storage options regarding cyber security posture. This is when we realized JACKAL needed to be created.”
Host: How did you decide on the name JACKAL? What was the inspiration behind it?
Patrick: That’s a great question 🦊
We named it JACKAL after the Egyptian god Anubis because it keeps evil out of Egypt. We thought JACKAL was a cooler name.
Host: What is the JACKAL DAO, and what does it govern?
Patrick: JACKAL DAO aims to attract a community of advocates in the areas of privacy, research, journalism, cyber security, law, forensics, and conscious capitalism.The DAO governs changes to the JACKAL products and professional services! Governors can submit any proposal they see fit.
Host: Could you please tell us a little bit more about JACKAL Storage and how it works?
Patrick: This is a long one! Feel free to ask any follow up questions too!
Legacy cloud storage solutions are often centralized. This means a third party can access or control your data, which comes with many digital privacy and cybersecurity vulnerabilities. Cloud storage applications should not be black-boxes to the consumer, especially when all the major providers have broken privacy laws, such as Google , Amazon , and Microsoft .
Blockchain file storage products, such as FileCoin and Sia, aimed to capitalize on the blockchain file storage market with a peer-to-peer network to host data alongside an incentive layer, something services like BitTorrent lack. However excellent and innovative these services are, they are cumbersome and hard to use. Even impossible to use for someone without access to an ever-running server to act as a consensus node.
JACKAL Storage will offer ease of use with the best cybersecurity and digital privacy posture in the blockchain cloud storage industry. The most direct competitor to JACKAL is StorJ. Using StorJ as an example, users must create a user account with an email address and password to store and access their files. We believe this is counterintuitive to the decentralization of data, not to mention the cybersecurity implications. Users should own their data and sign transactions with their private keys from an application such as Keplr.
JACKAL Storage has two major components: The file system implementation on the Secret Network smart-contract system and the P2P network hosting the Filecoin Gateway.
With the rise in popularity of the Secret Network, the idea that your data can be verifiable on a blockchain while also being fully private, encrypted, and secure created a unique opportunity for JACKAL. To create a storage platform true to decentralization while increasing our users’ digital privacy and cyber security posture. The JACKAL Team believes data privacy is a fundamental human right and will ensure storage on our platform is safe, secure, and private by default. The JACKAL Team will never have the ability to access the data of our users as it can only be accessed and shared by the end-user with their private key.
Host: Will the JACKAL DAO have a governance token? If so, could you briefly outline the tokenomics?
Patrick: Our economics are getting ironed out still, but here is the best response we can give at this time:
JACKAL products and services will be under the control of JACKAL-DAO, which is maintained by JACKAL’s native utility token, “JKL.” JKL is used at each level of governance, representing a stake and voting power amongst the decentralized autonomous organization.
JKL will have an initial token supply of 500 million. There’s currently no hard cap on the JKL Token supply, making JKL an inflationary token. JACKAL community members may point to this as a cause for concern. While the founding team certainly understands the wish for a hard cap, there is an enormous reason we don’t expect to set one in the near future.
The primary function of the JKL token is to incentivize the JACKAL peer-to-peer network of nodes. There would be significantly less incentive to run the JACKAL client software without block rewards. Lacking this incentive, JACKAL can’t have an extensive and healthy decentralized network of nodes.
The JACKAL Team has built deflationary mechanisms into the tokenomics of JKL, such as reducing the amount of JKL made per block along with burn mechanics.
We will have more coming soon in our economics paper!
Host: What are the benefits to decentralized data storage solutions (such as JACKAL Storage) in comparison to centralized ones such as Amazon, Microsoft, and Google cloud storage?
Patrick: JACKAL brings cloud storage that is private by default, has a higher digital privacy and cyber security posture, while being over 80% cheaper than the previously stated legacy systems.
Also.. we don’t have a combined 9 privacy law violations… 😬
Host: In your opinion, what impact will JACKAL Storage have on DeFi, if any?
Patrick: Jackal brings the ability for DeFi to truly be DeFi. When Amazon has an outage we wouldn’t also have an outage of all the “Decentralized” entities too!
Also if we want to get extra DeFi, we could also do something with data futures… in the future 😉
Host: How can Sienna utilize the JACKAL ecosystem (JACKAL Storage & DAO), and vice versa?
Patrick: Sienna as a platform could use JACKAL for hot storage, but the JACKAL token would also increase the number of unique transactions on the Sienna DEX.
JACKAL needs Sienna, since you guys are one of the few exchanges that can trade Snip-20 tokens! A launch pad for the token would also be great for JACKAL on the Sienna platform too!
Host: What are your long-term goals and ambitions for JACKAL? Where would you like to see JACKAL in 5 years?
Patrick: In 5 years, we want to see JACKAL providing the full privacy stack needed for all Decentralized Entities! We want to have an array of decentralized applications built on the JACKAL ecosystem, and also start offering professional services too through our JACKAL Nomads pipe dream 🙂
[Full AMA and subsequent questions from the community can be found on Telegram]