Recap AMA Gem Hunter x Morphie
On October 1st 2021, our community had a chance to welcome Mr. Mukul — Marketing Lead of Morphie Network to join in an AMA to give fruitful information about the key features and roadmap of Morphie — a decentralized oracle network that is owned and governed by the community. Morphie Network provides real-world data resources to smart chain applications or dApps by getting it from the community.
This AMA was held by Gem Hunter– the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals about myriads of hidden crypto GEMs, as well as discuss and share investment experiences in the space.
At this AMA, our guest directly greeted the community and provided detailed information on Morphie as well as some key products and future plans.
Time: 21:00 PM (UTC + 7) on Thursday, October 1st, 2021
Venue: https://t.me/gem_hunter100x
Airdrop 200 USD for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: Could you please introduce briefly yourself as well as Morphie project?
Mr. Mukul: I am Mukul and I am the marketing Lead for Morphie. I have been in the crypto space since 2019. I am a Marketing graduate and since have been working in the crypto space,
I also want to introduce our Founder Vishal.
Vishal has been a software engineer for all his life and have an experience of 5 years in working in blockchain tech.
His expertise is in Nodejs, Javascript, MongoDB, MySQL, Redis, Kafka, RabbitMQ, HTML, CSS, Microservices, System design, Project Management.
There are also Nitesh and Samarth who both are on the dev side of the team too4
Morphie is the first Community driven Oracle on Avalanche. We are a community driven oracle aimed at providing devs with accurate data feeds.
While there are a few notable names providing Oracle services, but they do have their own limitations. Some are centralised, some have a low transactional speed, limited pairs, expensive…
Our solution is to utilise Avalanche blcockhains higher transactional throughput, faster speeds and secure network to build a completely decentralised, community driven oracle.
Question 2: Can you share with us the development progress? How it is going?
Mr. Mukul: We just announced that our IDO will be held on AvaXlauncher on 4th October.
For the IDO we recieved 2.2 Million entries for IDO Whitelist Contest.
It was amazing to see such amazing support in the initial phase of the project itself.
We will have a Initial Market Cap of $103,000 at launch.
$AVXL token stakers and LP token stakers will also be rewarded with $MRFI airdrop which is worth 15% of our supply.
Coming to the Product
An Oracle in itself is a fairly complicated thing — with multiple nodes, validators and data feeds interacting with each other.
Security will be our prime importance and we will consult with multiple security partners for the audit. We will also have intensive security via various bug bounty programs which will be open to the communities.
We are currently in development phase of the product and expect Beta 1 of product to be ready in one month.
Questions for Part 2 — Pre-collected questions from Twitter:
Question 1: As per what I’ve read, $MORPH will introduce to the network and manage KYC, in exchange for a single sign-on to all of their sites. That’s great, but how will users earn $MORPH tokens as a result of this? What level of performance may be obtained by reusing and hosting a $MORPH? @PKragak
Mr. Mukul: First of all due to confusion in community with other projects we decided to change our ticker to $MRFI
I believe the question is wrong as Morphie is not a identity protocol rather an Oracle project.
But to earn $MRFI tokens we will be launching Staking and LP token staking as they are of utmost importance when it comes to securing any protocol.
By community owned & community governed model, we mean that the data feeds are free from monitored/governed by a centralised authority and the decision making power lies with the ocmmunity. We will introduce very exciting staking and LP-staking models for $MRFi token holders.
Validators need to stake their tokens in order to vote in the ecosystem. $MRFI token will form the basis of all transactions between the oracles and the people interacting with it
Question 2: I believe one of your greatest goal is to be the most used oracle in the industry, as we know there are few notable names providing Oracle services with larger piggy bank as well, what do you have to offer that these existing projects ain’t offering? @mialenva
Mr. Mukul: For any ecosystem to flourish an Oracle is needed for providing information to the Smart Contracts. As these SCs cannot interact with the outside world. But due to Avalanche ecosystem just starting to develop there is a huge opportunity. Which is why the Dapp development is so slow. With Morphie we aim to change that
While there are a few notable names providing Oracle services, but they do have their own limitations. Some are centralised, some have a low transactional speed, limited pairs, expensive…
Coming to the most important point
Morphie is a Community Driven Oracle unlike most other oracles which have some type of centralization in them.
So two ways we are working to solve issue of malicious data without adding any degree of centralization
1. Get data verified by multiple sources — community will verify
2. Check the data with centralised sources also — this concept is evolving as of now.
Question 3: Strong partnership will bring indispensable value to any blockchain project. Who are your strategic investors and partners? I’m curious what are their roles in Morphie? @alexanderd012546
Mr. Mukul: Our Backers are some of the most notable people in the crypto space.
Our backers list include:
Banter Capital
X21 Capital
ExNetwork Capital
AU21
Everse Capital
CCIX
Advisors:
Evan Luthra
Ash WSB
Crypto Daku
With more names to be revealed in coming days
Question 4: With Morphie,we can set our own Morphie to create our own data fees. So,in what aspects that this data fees depends on? What is the basis in creating our own data fees when setting up our own Morphie? Who will be our target market with our own Morphie?Thank you @ceejay83081345
Mr. Mukul: I wish Vishal (Morphie Founder) was here to answer this Question haha
As he leads the tech part of the project
But its a good question will definitely get back on this
For now all i can say is the fees will not be user set, but consensus based.
As the data feed wil be based on what the DAPPs need
Question 5: What factors in your oracle ensuring security and scalability? How it can penalize malicious data? And how Avax network can help to scale the oracles system more easily? @shrekwhiplash
Mr. Mukul: Staking is of utmost importance when it comes to securing any protocol.
And we will be launching our staking first after the IDO is done.
Any malicious actor will be penalized with it
By building on Avalanche, we are utilising it’s robust nature and higher transactional speed to create a decnetralised oracle — which doesn’t require the nodes to have a central KYC in place. The price feeds are validated via POS consensus mechanism of Avalanche blockchain resulting in providing accurate data feeds
Validators need to stake their tokens in order to vote in the ecosystem. $MRFI token will form the basis of all transactions between the oracles and the people interacting with it
Question for Part 3- Best Live questions
Question 1: What is the most ambitious goal of Project ? I would appreciate it if you could share with us any Upcoming Updates?
Mr. Mukul: To be single most trusted Community Driven Completely Decentralized Oracle on Avalanche.
Question 2: Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiration for approaching to this name?
Mr. Mukul: Morphie comes from Morpheus
Character in Movie: Matrix
Morpheus introduced Neo to Oracle
Morphie is our Mascot for the project.
Question 3: How strong is your team? Many projects starts with good impression and later abandoned the project. What makes your project different than others?
Mr. Mukul: Team info is available on the website Please check ]=
Question 4:Could you tell me a little bit about Your roadmap going forward, How do you plan onboarding users and gaining more adoption for Your project?
Mr. Mukul: Current Roadmap -
Token launch
Staking and other exciting opportunities for the community and early backers
Building and releasing the first module of our data feeds.
security audits
Continue building and release Beta 1 ASAP 🙂
Question 5: Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
Mr. Mukul: We dont see any usecase of NFT in Oracle space but if there is utility we see then we would love to explore on that end
Question 6: Currently from where i can buy ? Is it possible that I can get only by holding it?
Mr. Mukul: Morphie Network is the first oracle on Avalanche Blockchain. It is a Decentralised Community Driven-Oracle that provides real-world data sources to smart contract applications.
$MRFi IDO is coming soon on @Avaxlauncher. 🤩
Visit our website to know more info: morphie.network
Follow us on Social Media to get all the latest news and updates about the project:
Twitter: https://twitter.com/morphie_network/
Telegram: https://t.me/MorphieNetwork
Telegram Announcement Channel: https://t.me/MorphieNetworkAnn
Medium: https://morphienetwork.medium.com/
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
Website: https://morphie.network/
Official Group: https://t.me/MorphieNetwork
Announcement: https://t.me/MorphieNetworkAnn
Twitter: https://twitter.com/morphie_network
