Gate.io AMA with Karat-The Largest Data Network on zkSync

2023-08-23, 06:16

Time: Aug 18th, 2023 at 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with Shaw, Representative of Karat in the Twitter Space.
Official Website: https://karatdao.com/
Twitter: https://twitter.com/KaratDAO
Follow Karat on Twitter and Discord

Guest

Shaw — Reprentative of Karat

Q&A from Gate.io

Q1: How does KaratDAO ensure the privacy and security of user data while developing a shareable on-chain data middleware?

KaratDAO puts your privacy first, using on-chain Multi-Party Computation (MPC) and Zero Knowledge (ZK) tech. Users’ info, like emails and Twitter, gets encrypted, tied to their wallet, and stashed on IPFS. With the MPC private key, karat users are taking total control.

Q2: What is KaratDAO?

KaratDao shines as the star of ZKSync’s scene. Imagine 300,000+ wallets with verified web3 and web2 data, powered by pros from Apple, Google, and a Forbes 30 under 30 entrepreneur.

It blends on-chain MPC and ZK wizardry for a shareable Web 2 & 3 ID mix. Bitmart, NEO Eco join the party, securing emails, tweets on IPFS. Users and nodes rule data with MPC private keys.

KaratDao paves the way for future Dapps – Web3 social, data indexing, ad flair, smooth login vibe.

Now, Main Net magic. Karat redefines participation – stake, claim, validate – it’s the user’s turn to revamp blockchain’s Social-Fi together!

Q3: What sets KaratDAO apart from other protocols on ZKSync?

KaratDAO stands out with its focus on developing a shareable on-chain data middleware for both Web 2 and Web 3. This middleware allows users to register their Web 2 IDs and Web 3 wallet addresses, earning rewards in a secure and privacy-preserving manner. Additionally, KaratDAO’s partnerships with prominent communities and validators enhance its eco’s credibility and strength.

Q4: Can you provide examples of use cases where KaratDAO’s infrastructure plays a crucial role?

KaratDAO lays the foundation for upcoming Dapps needing Web3 social, data indexing, ads, and logins. It bridges Web 2 and Web 3 for smooth data sharing and control, empowering users and developers in decentralized social media, identity verification, and personalized ads.

Q5: What is $KAT? Can you share with us more in detail?

Let’s talk about $KAT – the Karat Token. It’s closely tied to the value of data on the Karat Network. As valuable data gets added to the network, KAT tokens are mined. Now, there’s this cool ‘Verify to Earn’ . When users confirm their ID, they’re rewarded based on their ETH and KARAT balance, wallet age, Validator level, and daily distribution. This boosts data and assets on the network, encourages holding KAT, and spurs Validators to stake more. We’ve got a daily cap to prevent big mining pools and exchanges from overrunning. Also, Validators get a score bump when new claimers verify, and wallets receive KAT tokens based on their scores.

Q6: Can you Explain how your tokenomics distribution is? How many Tokens Will be minted? and How many Tokens Will be locked by the Team?

Well, We’ve got 2 billion KATs in total. Out of that, 70% is set aside for community social mining over the next decade. In the first months after August 22nd, 70 million KATs can be minted and mined. Only 10% goes to the team. The remaining 30%, meant for team, advisors, marketing, operations, and investors, is locked up for 4 years with a gradual monthly release.

Q7: According to the project’s roadmap- what are your most important next priorities?

We’re all about launching and nurturing our groundbreaking Main Net right now. As we step into this new era of Social-Fi, our big focuses are:
Main Net Launch: Our top priority is ensuring a smooth launch on August 22, 2023. We’re working hard to make sure users have a seamless experience from the start.

Engaging the Eco: We’re building a thriving eco. Engaging with stakers, claimers, validators, and everyone involved to create a collaborative environment where everyone can contribute and gain.

Onboarding Validators: Phase II is underway, and we’re getting validators on board who share our vision. We’re supporting them to establish a valuable presence in the network.

Making Claiming Easy: We’re simplifying the process for becoming a claimer. We want users to verify their credentials effortlessly and join our verify-to-earn initiative.

Staker Success: We’re all in for boosting staker earnings. We’re providing tools and insights so users can make smart staking decisions and optimize their returns.

Growing the Community: We’re aiming to expand our community by recognizing valuable but under-staked validators. We’re bringing in new claimers and stakeholders who see our platform’s potential.

Continuous Improvement: We’re always refining. Enhancing the user experience, taking feedback on board, and continually improving our platform are high on our list.

Q8: Are there any exciting news or updates with regards to KAT that you would like to share with the users?

We have some exciting news to share about $KAT! Our Main Net, designed for the people, is reshaping Social-Fi in the blockchain world. Users are now able to earn from the growth of projects and communities by staking with our Karat Validator.

Here’s what’s new and happening:
Join the MainNet: On August 22nd, you can jump on board as a claimer and get free $KAT tokens. It’s a chance to be a part of this revolutionary network.

Stake for Growth: You can use your $KAT tokens to stake with the most promising validators can mean earning as projects thrive. Find those with potential, and you’re in for maximized returns.
Become a Validator: In Phase II, staking 35,000 KAT tokens lets you be a validator. You can post on the Karat App’s News Feed, launch enticing campaigns, and earn KAT rewards through validation operations.

As for earnings:
A whopping 70 million KAT tokens are up for grabs in the first month, with 5 million available on the launch day.
Stakers get about 1/6 of rewards for each new claimer through staked validators.

Validators earn based on their staked KAT amount and the overall network stake.

So, exciting times ahead! Be a part of this groundbreaking journey, where $KAT is not just a token but a key to shaping the future of Social-Fi.

Author: Rio Fu., Gate.io Community

*This article represents only the views of the researcher and does not constitute any investment suggestions.

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