CVI x EPSN AMA Recap
The AMA was held in the CVI Telegram group on December 14th, at 2pm UTC.
Hello CVI team!
My name is Bar, COTI’s Customer Support & Marketing Specialist, and I’m going to be hosting today’s exciting upcoming AMA about the release of our CVI channel on EPNS platform.
We will be hosting Jafett Sandi — Operations Lead of EPNS, here on the CVI official group.
Can we start with a quick introduction of what EPNS is, and what EPNS is solving?
Sure — that’s a great question to start!
We like to think of EPNS as the missing piece of Web3.
We realized that communication in the blockchain space is in the Stone Age, and right now the Web3 cannot notify users in a decentralized fashion that respects the privacy and goes hand by hand with the Web3 ethos.
This means that there is a critical information drop that might cause users to risk or lose their assets, or maybe not take on opportunities.
So we decided to implement a decentralized notification protocol that enables users (wallet addresses) to receive notifications. Using the protocol, any dApp, service, or smart contract can send notifications to users in a platform-agnostic fashion (mobile, tablet, web, user wallets, etc).
These are some of the use cases that we have been working on
Can you tell us more about the notification mechanism problem and its impact on web 3 users?
so, the main problem is: currently a Web3 notification mechanism doesn’t exist. And, we happen to be at the right place at the right time with our solution.
What's the impact?
Notifications drive engagement. And this means an increase in user retention, and in user engagement itself.
If you think about it every communication starts with a notification.
So, to give you an example:
Usually, when we start talking about use cases like in DeFi , one of the first things that come to mind is to get notified if your assets are at risk. maybe your loan is close to being liquidated and you want to add more collateral to avoid this from happening.
But also what if instead of notifications aiming to cause a reaction on such events where immediate action is required, you are also notified on opportunities that you can take advantage of.
Another example is how lately we have been getting a lot of interest from protocols to implement EPNS notifications to help with Governance
Imagine receiving a notification directly to your phone saying:
“there is a new proposal — click here to read… or to vote.”
That's EPNS helping with user engagement!
And finally, there are other cases like lottery or Services, where you could either be a lottery winner or be about to lose your domain name… and you don’t know because you didn't want to give away your email or you didn't keep an eye on social networks.
This is what EPNS is here to solve!
What does this collaboration CVI X EPNS entail?
Let me start by sharing again our official blog post about the collaboration
Our teams (CVI and EPNS) met to explore opportunities and understand where users can take the most advantage of notifications.
For this initial set of notifications, we understood it was important to give users who opted-in resources so they can anticipate market conditions and plan their strategies accordingly to maximize profits.
Hence, we came up with the following notifications:
- Notify of abrupt 24 hrs differences in the index value. To notify when the Crypto Volatility Index Value raises or drops 5% in the last 24hrs.
- Notify of abrupt 7 days differences in the index value. To notify when the Crypto Volatility Index Value raises or drops 15% in the last 7 days.
This is just the starting set of notifications! We have been discussing already more use cases where CVI will want to notify users to expose them to more opportunities!
How do we identify if something is spam or legit? Can you please explain the system of spam score which EPNS uses?
🔷Being a decentralized network we cannot really take an arbitrary decision and ban or block someone, and at the same time we know bad actors could come and try to break or game the system — and this is why we decided to implement and keep a SPAM score.
While it is still in development, this is how it works:
The SPAM SCORE Awards or penalizes a channel based on behavior, number of subscribers, numbers of users that opted-out recently.
What does it do? after it reaches a certain level or score it will start to throttle all the notifications that a channel can send out. And this is our penalization theory #1 where if a channel is doing something by mistake they will realize they are being throttled and will pivot into good behavior… if they don’t → SPAM scores will continue increasing until they cannot send notifications.
To decrease the SPAM score there are a lot of variables to take into consideration.
And again we are still building this, but time is a crucial factor. It goes for a very long time if the spam score is too high. For instance a channel that decides to play bad and doesn't want to switch to good behavior.. that channel will not be able to send notifications in a long time. This is penalization #2
This will be an algorithmic approach towards implementing good SPAM and throttling mechanisms.
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, what makes your project different from other projects?
We already have a working product! Meaning that users can now opt-in to receive notifications from platforms and services that they interact with.
We are working to allow more and more protocols to expand how they communicate with their user bases. Adding more flexibility and scalability to the notifications.
And the fact that we are platform agnostic and cross-chain compatible, makes us confident to know that we will be implemented by many protocols and we are going to be able to fulfill their needs.
Can you please explain the different features of EPNS which are currently available in testnet and what are the features that would be available after the mainnet launch? (Really excited for the mainnet launch of 11th January)
So while we have our big Mainnet launch scheduled for Jan 11th
all the latest features of EPNS notifications are going to be available for CVI users through the CVI channel.
Very soon, we’ll start releasing more information about PUSH Nodes, about more features to the notifications themselves — i.e. casting a vote from the notifications.
And we are also getting great traction on our governance
allowing the community to participate in different manners.
of course, there are also great news for developers as we will be releasing SDKs for integrations!
AUDIT plays an IMPORTANT role in enhancing the stability of any PROJECT. Do you have AUDIT CERTIFICATES? Or are you working to AUDIT your project to make it more secure and reliable?
We take security very seriously, and as of today we have successfully passed 2 audits with ChainSafe.😎
Adding here the link to our tweet about the most recent audit
Security and anonymity are always prioritized by BlockChain projects in the development of project platforms and technologies. So, do you have any technological solutions or plans to enhance user trust in these issues?
This is definitely important as privacy goes hand in hand with the web3 ethos
Users’ registry is looked over by the protocol.
There is no identifiable user data that is kept on chain — we went for pure web3 ethos and we didn't want to connect any user’s wallet to an email address. That's why we are delivering notifications to wallet addresses.
Because we are an open platform with a platform-agnostic behavior, services can still connect user email to user wallet and still send it out.
The only onchain data that is kept from the user is the user’s public key
this is something that a user can opt-in to keep in the registry or not and it enables for encrypted notifications or chats in the future. If we have the public key of the user not only can we send plain notifications, but we can also send encrypted notifications, and only the user who has the private key of the wallet will be able to decrypt it.
Now, what are CVI’s main products? In what cases is the current $CVI used? How do you plan to merge Blockchain as well as existing Technology to make it more Secure?
My name is Yair Testa, Business Development Manager here at CVI
In a nutshell, the Crypto Volatility Index (CVI) is a VIX for the crypto market.
The index is developed by the COTI team, and we actually have partnered and created the index with Professor Dan Galai, the creator of the original VIX, to develop this new “market fear index” for the crypto market.
The index is currently running its own decentralized platform cvi.finance
By trading the index users can:
- Buy a position in the index if they believe volatility in crypto is about to grow, as a speculation or as a hedge for their portfolio
- Become a platform liquidity provider to earn fees whether they feel that volatility will decrease or remain the same.
- Protect their position as liquidity providers on DEXs against impermanent loss (caused by major fluctuations in assets price, regardless of the direction)
- Earn $GOVI, the DAO token of CVI, on all of the above.
In regards to security measures, as EPNS we also take them very seriously.
We have conducted so far 2 different audits of our code, which they can be found on our website.
Ok team, It is now time to end this wonderful AMA.
Thank you all for your participation and for bringing up such good questions!
Thanks a lot to @JafCR and Yair Testa
For all of our updates and to join the conversation, be sure to check out CVI channels:
Telegram (group): https://t.me/cviofficial
Telegram (channel): https://t.me/cvichannel