Gate.io AMA with OAK Network-Secure and Trustless Automation
Time: Mar 18th, 2022, 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with David Wu Finkelstein,Head of Growth at OAK Network in the Gate.io Exchange Community.
Official Website: https://oak.tech/
Twitter: https://twitter.com/oak_network
Follow OAK Network on Discord and Telegram
Guest
David Wu Finkelstein — Head of Growth at OAK Network
Q&A from Gate.io
Q1: What is OAK Network?
David: So OAK (On-chain Autonomous Kernel) Network is a blockchain automation hub for DeFi and payments built on Parity Substrate with a first of its kind event-driven ution model. This model enables transactions to be triggered by event signals such as time, price, and smart contract state changes. Importantly, this differs from traditional architectures utilized by Ethereum, Bitcoin, and other popular chains where multiple transactions require repeated private key signing. With this novel design, OAK can empower any connected blockchain with autonomous functionality unleashing endless potential for our partners.
Q2: What type of automation features is OAK planning on enabling?
David: We envision a future where all types of cross chain automation are enabled through our network, but if you try to be everything at once you end up being nothing at all. To ensure we are continuously delivering value to the community we are currently focused on our Turing Network launch for the Kusama network which will include time trigger functionality and recurring transactions. Some examples of how this trigger could be used include:
Salary payment automation for Web3 staff
Lease payments for Metaverse NFTs
Advanced functionality for DEXs like dollar cost averaging strategies
Other planned functionality for the OAK network launch on Polkadot and Turing in the future include price triggers and other smart-contract state changes, so stay tuned for more to come as we continue development.
Q3: But, why make it with that structure? Why is on-chain automation superior to off-chain, hybrid, and other traditional solutions?
David: So many ideas. Mostly we’re excited to see what our partners come up with though - I’m sure there’s plenty of things we haven’t thought of, and that’s the fun of it for me.
So at Oak we know while hybrid and traditional solutions absolutely have their place - Bitcoin, Ethereum and other projects already have shown the value in decentralized networks vs. their institutional counterparts. Whether it be censorship resistance or sovereignty, centralized solutions can often defeat the entire purpose of a distributed network by creating localized points of failure.
So for us, centralized solutions can defeat the purpose and go against the ethos of distributed networks. While we understand the nascent nature of Web3 and the necessity of stop gaps to bootstrap functionality, we believe the future will include fully decentralized platforms and are working hard to fulfill that vision for our community.
OAK’s technology allows you to own not only your assets, but future transactions for those assets as well.
At OAK we like to say “your keys, your coins, your plan”.
Q4: But let’s be honest, there are so many parachains going up for auctions on both KSM and DOT, why should users contribute to the OAK/TUR crowd loans instead of someone else?
David: Yeah there’s quite a few competitors now haha, everyone wants to keep their rewards especially when platforms like Gate are offering so many good ones.
There’s a lot of reasons, but I’ll try to keep it concise for this AMA.
- Long term value - OAK is dedicated to the space and has big plans for the value of automation which this crowd loan will allow users to capture
- Infrastructure for all of your other favorite projects - OAK is the piping which all of Dotsama and eventually all of Web3 will be using to automate transaction in the future, so no matter what project you’re a fan of, OAK has the ability to support that project and increase usage and value (and of course make your own experience better when you use it)
- Community - We’re developing a community of true believers, so stop by our Discord and hang out a bit, we’ve got some great rewards and managers who love to engage with all of our supporters. Make sure to check out our Discord launch party tomorrow at 6pm PST, 9am Beijing time, and our twitter (twitter.com/oak_network) where we’re going to be announcing some giveaways for it - a little extra alpha for the Gate.io community members here right now.
Q5: What are the utilities of the OAK and TUR tokens?
David: Yeah - it’s a question we get frequently along with if we really need to be our own blockchain for the tech to work.
Basically, OAK and TUR are the fuels which the networks run on and I described earlier that we had to build this blockchain from the ground up to allow event ution. More specifically, aside from securing the network from an economic perspective, the respective tokens are how users and partner projects will pay for both scheduling and ution of automated transactions which make use of the platform. Full fledged tokenomics papers are coming soon, but in the meantime it’s fair to say that without OAK and TUR, using the network will not be possible.
