AMA Recap with Portal DeFi

On the 19th of August, 2021 at 16:00 UTC, Decentralized Club had the honor of hosting Co-Founders Dr. Chandra Duggirala and George Burke, and Hanson So, an early investor from the Portal DeFi Team for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.

 

The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.

 

If you missed this event and would like to know what Portal DeFi is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.

 

Segment 1 – Introduction

 

[May]

Hello. Ready for your AMA?

 

[George]

Ready Freddy

 

[May]

Alright then!

 

Let’s begin!

 

[Chandra]

Hi Guys!

 

[Hanson]

Hello everyone

 

[May]

Hello, 大家好, नमस्ते, Selamat!

 

My name is May and I’ll be hosting the AMA with Portal DeFi.

 

Today, we have with us guests from the Portal DeFi Team.

 

You’re welcome to the Decentralized Club and it’s an honor to have you all here.

 

Could you quickly tell us more about yourselves and your job descriptions at Portal DeFi?

 

[George]

Thanks for hosting us

 

We’re excited to tell the world about Portal DeFi and the Fabric technology

 

…it’s built on

 

[May]

Our pleasure!

 

Yes, we can’t wait to hear all about it!

 

[Hanson]

I’m Hanson So. I was the CEO & co-founder at http://Contract.org. I’m currently a partner at B21 Capital and the earliest investor in Portal. I think defi on bitcoin is severely lacking and Portal will be the first project to bring this to reality.

 

[Chandra]

I am the Co-Founder of Portal. I am a serial entrepreneur and previously ran an AI-based personalized health company. I started Portal because there are no peer-to-peer trading systems that are sufficiently censorship-resistant.

 

[George]

My name is George Burke, a co-founder at Portal. Our team started working on this in 2018 but I’ve been involved in bitcoin since early 2013. Always been a believer in censorship-resistant, egalitarian technologies.

 

I built a bitcoin/altcoin exchange in 2013 which was sold. I later went on to build the first bitcoin debit card in the US called FreshPay.

 

Before crypto, I launched the first “Netflix for books” subscription club.

 

I also currently run the first-ever bitcoin meetup – Silicon Valley Bitcoin – first started by Roger Ver and Andreas Antonopolous

 

I was previously COO but we hired a great COO, Jack Mills, who was the original architect at RChain / Casper Labs. These days I’m the Chief Marketing Officer

 

[May]

That’s great! Sure the team’s glad to have you on board!

 

[May]

Great bios everyone!

 

Excited to see what you’ve created with Portal on Fabric tech

 

Let’s now take some project introductory questions.

 

Q1. Can you tell us what is the motivation behind developing Portal Finance?

 

[Chandra]

We wanted to create a truly decentralized application for us to use, realized what we had, and decided to refine it and share it with the world.

 

[George]

For Bitcoin to become money, we need a censorship-resistant, peer-to-peer trading system that crosses blockchains. That’s why we are building DeFi using cross-chain atomic swaps. BItcoin is strengthened by building many layers of functionality.

 

[May]

Impressive!

 

https://t.me/decentralized_club/587366

 

[May]

Q2. Can you tell us what is the relationship between Bitcoin and the Portal DeFi project?

 

[Chandra]

Portal is a layer two system and it supports Bitcoin, Ethereum for now and soon we plan to support Bitcoin clones, Ethereum clones, and others. More importantly, we believe many layers of functionality will be built on Bitcoin and we plan to support as many-layered assets as we can. We think it is crucial for Bitcoin to have layered functionality.

 

[May]

Q3. Could you please talk about the ‘atomic cross-chain feature that Portal DeFi has?

 

[Chandra]

Atomic transaction means either the entire cross-chain contract (typically updating of both ledgers) happens all in one piece. For example, if you “atomic swap” your Bitcoin with someone’s ETH, either you get their money and they get yours, or nothing happens. It provides guarantees of a secure execution of exchange without a trusted third party.

We invented zero-knowledge swaps, which fix the Layer 1 tier Nolan atomic swap problems. In addition, Fabric protocol (the protocol we use to build p2p ZK circuits for FHE), has been used to build peer-to-peer communication and other apps.

 

[May]

Thank you for breaking that down!

 

Q4. Please tell us about your collaboration with OKEx and what it means for Portal DeFi?

 

[George]

Portal’s technology allows support for trust-minimized peer-to-peer spot purchases, options, and p2p lending/borrowing with on-chain collateral, but across chains natively. Exchanges like OKEx and others will be able to utilize our technology for their own security and liquidity. We are working on expanding based on community feedback.

 

[May]

Good to know!

 

Q5. What big news should we still look forward to from Portal this year?

 

[Chandra]

Release, growth, support for more blockchain assets, more functionality but more excitingly, wait to hear about the many “layers” of Bitcoin that will be integrated into Portal.

 

[George]

OKEx involvement and a large trading community will help bring visibility and traders to Portal

 

[May]

🎉🎉🎉

 

It’s time to take questions from our Twitter community.

 

Segment 2 – Twitter Questions

 

[May]

Q1. Is there any particular reason why you made Bitcoin the default parent currency and not a stable coin?

 

Twitter Username: @repmujduolc

 

[Chandra]

Bitcoin provides the security; no need to implement a new system and attempt to garner superior adoption. Bitcoin is the most decentralized and secure system and we think it is the monetary layer. If you want to build functionality, financial contracts, and beyond, it makes sense to build it on top of the monetary layer vs any other layer. More importantly, layers of functionality enable bitcoin to capture the value, but not the risk of a failure of a layer two system. Stablecoins cannot be the base layer as none of them are sufficiently decentralized or censorship-resistant.

 

[May]

https://t.me/decentralized_club/587383

 

Q2. No one can achieve anything valuable on their own, please tell us about your current and future partnerships that will lead you to success in this highly cramped crypto space?

 

Twitter Username: @MesutGunerri

 

[George]

Several blockchains are looking for bridges to swap between their token and bitcoin, but these don’t trustlessly exist (yet). We have a few blockchains wanting integration for near trustless swapping and bonding between their token and bitcoin (or other tokens of incompatible blockchains). This interoperability is the holy grail of crypto space. One partner we can name is Aeternity, and we will name the other partners over time.

 

I can also mention some of our strategic investors… Republic.co Capital, CEO of MobileCoin, a co-founder of Dfinity, the CEO of Bitcoin.com, to name a few

 

[May]

Can’t wait for you to unveil their names 😊

 

Amazing!

 

Q3. The portal defi is a promising one, definitely something to keep an eye on. Will there be subsequent features to be added over time or would the entire package come at the launch?

 

Twitter Username: @trixiesfirst

 

[George]

It’s a completely community-driven development. The community will determine the roadmap and features post-launch. We’re excited to see where the community drives the project as they push the bitcoin interoperability ecosystem forward

 

[May]

Good to know this!

 

It’s now time to take questions from our website community.

 

Segment 3 – Website Questions

 

[May]

Q1. DeFi Portal recently announced its acquisition of a strategic investment from #OKEx. My question is, what will these funds focus on and how will it help Portal DeFi explore high-quality projects with great potential? What impact will #OKEx have on Portal DeFi thanks to this investment?

 

Telegram Username: @JesusFre1tes

 

[George]

All funds — not just from this investor, but all investors — will be focused on engineering, supporting more digital assets, and integrations with other blockchains. OKEX ventures’ investment helps us connect with other high-quality projects that can be supported by Portal.

 

[May]

https://t.me/decentralized_club/587396

 

Q2. How exactly is Portal DeFi able to merge the speed and security of centralized exchanges and the privacy and security of underlying blockchains to authorize seamless peer-to-peer atomic cross-chain transactions? What feature is responsible?

 

Telegram Username: @orinakraj

 

[Chandra]

We invented layer 2 zero-knowledge swaps, which fix the Layer 1 tier Nolan atomic swap incentive problems and add speed and liquidity features. In addition, Fabric protocol (the protocol we use to build p2p ZK circuits for FHE), has been used to build peer-to-peer communication and other apps. Just like lightning is a layer 2 system for peer-to-peer micropayments, and is therefore fast because lightning transactions, until settled, are not broadcasted to the main chain. Portal is a layer two system for peer-to-peer cross-chain contracting. Because it’s layer 2, it’s fast.

 

[May]

Aha! Thank you and the team for inventing Layer 2 to give us seamless transactions.

 

Q3. When you say Portal supports complex financial contracts as well, what kind of complex financial contracts are those?

 

Telegram Username: @danWickerjil

 

[Chandra]

Portal’s technology allows us to support peer-to-peer spot, options, and peer-to-peer lending/borrowing with on-chain collateral. We are working on expanding based on community feedback.

 

[May]

That is not a popular feature on DeFi projects. Impressive!

 

It’s now time to take questions from our live audience.

 

In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

 

Please pick four original questions to answer.

 

Try to ignore generic, vague, and copy-paste questions 😊

 

Ready?

 

[Chandra]

yes

 

[May]

Let’s go!

 

—Chat was then opened for the live community to send in their questions—

 

Segment 4 – Live Questions

 

[May]

Please pick four questions now.

 

[Dhir]

With the recent hack that happened on a fellow DeFi some weeks ago. How is the portal team taking extra measures to protect and secure their smart contract transactions?

 

[Chandra]

We take security very seriously. We avoid bridges and wrapping for this very reason. Plus, we publish external third-party security audit reports.

 

[Sharay Lug]

Besides doing AMAs and other types of marketing, in what other ways do you plan to promote your project and services, and how will Portal Defi engage its growing community, making it a part of this?

 

[Hanson]

We plan to work with PR to raise awareness of our project. We’ve retained a top PR firm that has helped other popular projects like Polkadot, Binance, ICP grow in popularity. We will also look into ambassador-type programs to provide bounties to help with community efforts. Stay tuned to our main telegram channel: https://t.me/portalgroupchat

 

https://t.me/getportal

 

[May]

2️⃣ more questions to go! 🎉

 

[Nhairy5]

Do you consider that it is possible to create a unified, easy-to-use and secure protocol that integrates with all the different DeFi services and that allows transactions of centralized exchanges, that is, taking positive aspects of both exchanges and converting them into one?

 

[Chandra]

Yes, that is our goal. Portal is the seamless interface between different chains and DeFi services. Plus, it provides an easy “bridge” to connect your centralized exchange accounts via your own API keys.

 

[May]

1️⃣ more 🎉

 

[J Mags]

We all know that the main chain of Bitcoin’s network costs too much gas fees. How would Portal Defi solve the expensive gas fees under the Bitcoin network and also increase efficiency on transactions?

 

[Chandra]

Layer 2 makes transactions fast and cheap. It also helps liquidity because partial fills, etc are possible

 

Thanks for your time guys.

 

[Hanson]

Thank you

 

[May]

Thank you for being with us today!

 

Portal DeFi is teeming with potential!

 

Can’t wait to hear big news from your team!

 

Until next time, do have a great day!

 

[Hanson]

Just a reminder, these are the TG group channels to follow for updates:

 

✅ https://t.me/portalgroupchat

 

✅ https://t.me/getportal

 

✅ https://twitter.com/portal_finance

 

[May]

Thank you for sharing!

 

13 thoughts on “AMA Recap with Portal DeFi”

  1. Thank you for any other excellent article. The place else could anybody get that type of information in such a perfect means of writing?

    I’ve a presentation subsequent week, and I’m on the look for such info.

    • Telegram Username: 079 7531 0490
    Reply
  2. Its such as you read my thoughts! You seem to understand so much about this, such
    as you wrote the book in it or something. I think that you just can do with a few
    percent to drive the message home a bit, but other than that, that is fantastic
    blog. A great read. I’ll definitely be back.
    quest bars http://bitly.com/3jZgEA2 quest bars

    • Telegram Username: 519-596-6726
    Reply
  3. Greetings from Ohio! I’m bored at work so I decided to browse your site on my
    iphone during lunch break. I love the info you present here and
    can’t wait to take a look when I get home. I’m amazed at how fast
    your blog loaded on my mobile .. I’m not even using WIFI, just 3G ..
    Anyways, fantastic site!

    • Telegram Username: 817-454-0146
    Reply
  4. It’s actually a great and helpful piece of info.
    I’m happy that you just shared this helpful information with us.

    Please stay us informed like this. Thank you for sharing.

    • Telegram Username: (08) 8385 6117
    Reply
  5. I simply could not leave your website prior to
    suggesting that I actually loved the usual info an individual supply for your guests?
    Is gonna be back often in order to inspect new posts

    • Telegram Username: 06-11317933
    Reply
  6. Hello! I’m at work surfing around your blog from my new iphone!
    Just wanted to say I love reading your blog and look forward to all your posts!
    Carry on the outstanding work!

    • Telegram Username: 04321 48 21 03
    Reply
  7. Hello! Do you know if they make any plugins to assist with Search Engine Optimization? I’m trying
    to get my blog to rank for some targeted keywords but I’m
    not seeing very good success. If you know of any please share.
    Thanks!

    • Telegram Username: 02.30.68.40.89
    Reply

Leave a Comment