The Role of Telegram in Web 3 Projects

Karolina

05 Jul 2023
The Role of Telegram in Web 3 Projects

The next evolution of the internet, Web 3, has revolutionized our means of interaction, transactions, and online communication. Leading this technological advancement is Telegram, a widely used messaging platform that has rapidly gained popularity within the realms of blockchain, AI, and cryptocurrency. This article delves into the significance of Telegram's role in Web 3 projects – examining its secure and private messaging features, its potential as a communication medium for Web 3 communities, its integration with Telegram bots for Web 3 applications, its crucial role in ICOs and token sales, as well as its contribution to educating and raising awareness for the Web 3 ecosystem. Let's explore the influence of Telegram on the fascinating realm of Web 3.

Secure and Private Messaging on Telegram

As a messaging platform in the Web 3 domain, where privacy and security are of utmost importance, Telegram stands out for emphasizing user data protection. With end-to-end encryption, Telegram ensures that only the intended recipients can access messages, preventing unauthorized entry or eavesdropping. This high level of security is crucial when handling sensitive data and transactions in Web 3 applications.

Secure and Private Messaging on Telegram

Telegram also provides various privacy options, such as self-destruct timers for messages that automatically delete them after a set time. This functionality is especially beneficial for sharing temporary or classified information that must be securely removed from chat history.

Telegram has built a solid reputation for preserving user privacy compared to other messaging platforms. While some platforms have been criticized for data breaches or weak security protocols, Telegram's dedication to encryption and privacy has garnered the trust of numerous Web 3 projects.

Telegram: A Communication Channel for Web 3 Communities

For any Web 3 project to succeed, effective communication is vital, and Telegram serves as an invaluable communication medium for Web 3 communities. The platform presents two key features that foster communication: group chats and channels.

Telegram: A Communication Channel for Web 3 Communities

Telegram groups enable project teams, developers, and community members to collaborate, exchange ideas, and discuss updates in real-time. These groups serve as knowledge-sharing hubs where community members can engage with leaders, ask questions, and stay up-to-date.

In contrast, Telegram channels facilitate broadcasting information to larger audiences. Project teams typically use channels to share announcements, news, and educational resources related to Web 3 technologies. Users can follow these channels and receive consistent updates, keeping them informed about the project's latest progress within the wider Web 3 landscape.

By utilizing Telegram's communication capabilities, Web 3 communities can promote a sense of belonging, stimulate collaboration, and establish direct connections between project teams and their supporters. This kind of engagement and transparency ultimately contributes to the overall growth and success of Web 3 initiatives.

Web 3 Integration with Telegram Bots

Integration of Web 3 technologies into the messaging platform is significantly influenced by Telegram bots, which add automation and functionality to enhance user experience. Within Telegram, these programmable entities are customizable to perform a variety of tasks.

In relation to Web 3 projects, real-time market data, notifications, and transaction facilitation are often provided by Telegram bots. For instance, trading bots can fetch and display cryptocurrency prices, monitor market trends, and carry out trades based on predefined parameters, thus streamlining access to crucial market information and enabling users to make efficient, informed decisions.

Moreover, integration of Telegram bots with decentralized applications (DApps) on blockchain networks is possible. This allows users to engage with DApps directly via Telegram, simplifying their experience and eliminating the need to switch between platforms. Facilitating transactions, executing smart contracts, and seamless access to DApp functionalities are just a few examples of how bots contribute to making Web 3 applications more user-friendly and accessible.

The adaptability and expandability of Telegram bots render them invaluable for integrating Web 3. By utilizing these bots, projects can improve user interfaces, offer real-time data and notifications, and enhance the overall user experience in the Telegram environment.

BEST TELEGRAM BOTS

Conducting ICOs and Token Sales on Telegram

Web 3 projects commonly use Initial Coin Offerings (ICOs) and token sales as methods for raising funds and disseminating tokens among interested investors. As a result of its extensive user base, global outreach, and supportive features, Telegram has become a favored platform for hosting such fundraising events.

Public and private group features on Telegram allow project teams to actively engage with potential investors. Within these groups, project leaders can distribute project information, whitepapers, hold Q&A sessions to address investor concerns and build trust.

Furthermore, the channel feature on Telegram lets projects share updates, announcements, and token sale details with a broader audience. This enables projects to reach more potential investors and generate increased interest in their token offerings.

It is essential, however, to recognize the challenges of using Telegram for ICOs and token sales. The decentralized nature of cryptocurrencies means that scammers and dishonest projects could exploit the platform. Before participating in any Telegram-promoted ICO or token sale, investors must exercise caution and conduct thorough research.

Despite these challenges, Telegram continues to be a popular choice for Web 3 projects seeking to raise funds and connect with the crypto community. The platform's wide-ranging features and large user base make it an efficient means for conducting ICOs and token sales, bridging the gap between projects and potential investors, and promoting growth in the Web 3 ecosystem.

The Importance of Telegram in the Education and Awareness of Web 3

For the widespread adoption and understanding of Web 3 technologies, education and awareness play crucial roles. Telegram has become a key platform for sharing knowledge, offering valuable resources, and cultivating a sense of community within the Web 3 ecosystem.

Channels on Telegram focusing on blockchain, AI, and cryptocurrencies function as educational hubs where enthusiasts and experts exchange news, insights, tutorials, and research papers. Staying informed about the latest developments, emerging trends, and advancements in Web 3 technologies is made possible through these channels.

Telegram communities also enable discussions and debates on various Web 3-related topics. Members can participate in conversations, ask questions, and request advice from knowledgeable individuals within the community. This collaborative setting not only fosters learning but also supports networking and idea exchange among individuals with diverse backgrounds and expertise.

Table: The Importance of Telegram in Web 3 Education and Awareness

The real-time messaging capabilities of Telegram make it an excellent platform for hosting webinars, AMA (Ask Me Anything) sessions, and educational events. Experts and thought leaders can engage directly with the community by sharing their knowledge and addressing queries—thus enriching the learning experience and broadening awareness within the Web 3 domain.

In summary, Telegram plays a critical role in Web 3 education and awareness. It serves as a connector between experts, enthusiasts, and newcomers—facilitating knowledge dissemination, nurturing a learning culture, and contributing to the overall growth and maturation of the Web 3 ecosystem.

Conclusion

Within the Web 3 landscape, Telegram has positioned itself as an important contender by offering features catering to blockchain, AI, and cryptocurrency projects' needs. Its private messaging capabilities ensure security while connecting with Web 3 communities via group chats and channels.

Secure messaging through Telegram safeguards sensitive information while enabling seamless communication and collaboration between project teams and community members via group chats and channels. Bots integrated into Telegram further enhance engagement with Web 3 technologies while offering real-time data, automation, and access to decentralized applications.

With its immense popularity and extensive user base, Telegram has become the preferred platform for conducting ICOs and token sales. However, users should tread cautiously to avoid fraudulent endeavors.

Telegram's role in Web 3 education and awareness is also noteworthy. Through dedicated channels, communities, and educational events, it promotes knowledge sharing, spurs discussions, and raises awareness about Web 3 technology developments.

As the Web 3 ecosystem continues to mature and develop, Telegram's relevance is expected to grow. Its secure messaging, communication capabilities, integration potential, fundraising opportunities, and educational contributions establish it as an invaluable tool for Web 3 projects and the wider community. Utilizing Telegram can help projects flourish within the decentralized and interlinked world of Web 3.

Nextrope Tokenization Launchpad Platform

Nextrope Launchpad Platform is a White Label solution in a Software-as-a-Service model that helps you launch your project within a month and fundraise with Initial Coin Offering (ICO) or Security Token Offering (STO).

Our platform allows you to participate in the broad financial market of digital assets. Expand your reach and find investors globally. Tokenize your project and start raising capital within a month!

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Token Engineering Process

Kajetan Olas

13 Apr 2024
Token Engineering Process

Token Engineering is an emerging field that addresses the systematic design and engineering of blockchain-based tokens. It applies rigorous mathematical methods from the Complex Systems Engineering discipline to tokenomics design.

In this article, we will walk through the Token Engineering Process and break it down into three key stages. Discovery Phase, Design Phase, and Deployment Phase.

Discovery Phase of Token Engineering Process

The first stage of the token engineering process is the Discovery Phase. It focuses on constructing high-level business plans, defining objectives, and identifying problems to be solved. That phase is also the time when token engineers first define key stakeholders in the project.

Defining the Problem

This may seem counterintuitive. Why would we start with the problem when designing tokenomics? Shouldn’t we start with more down-to-earth matters like token supply? The answer is No. Tokens are a medium for creating and exchanging value within a project’s ecosystem. Since crypto projects draw their value from solving problems that can’t be solved through TradFi mechanisms, their tokenomics should reflect that. 

The industry standard, developed by McKinsey & Co. and adapted to token engineering purposes by Outlier Ventures, is structuring the problem through a logic tree, following MECE.
MECE stands for Mutually Exclusive, Collectively Exhaustive. Mutually Exclusive means that problems in the tree should not overlap. Collectively Exhaustive means that the tree should cover all issues.

In practice, the “Problem” should be replaced by a whole problem statement worksheet. The same will hold for some of the boxes.
A commonly used tool for designing these kinds of diagrams is the Miro whiteboard.

Identifying Stakeholders and Value Flows in Token Engineering

This part is about identifying all relevant actors in the ecosystem and how value flows between them. To illustrate what we mean let’s consider an example of NFT marketplace. In its case, relevant actors might be sellers, buyers, NFT creators, and a marketplace owner. Possible value flow when conducting a transaction might be: buyer gets rid of his tokens, seller gets some of them, marketplace owner gets some of them as fees, and NFT creators get some of them as royalties.

Incentive Mechanisms Canvas

The last part of what we consider to be in the Discovery Phase is filling the Incentive Mechanisms Canvas. After successfully identifying value flows in the previous stage, token engineers search for frictions to desired behaviors and point out the undesired behaviors. For example, friction to activity on an NFT marketplace might be respecting royalty fees by marketplace owners since it reduces value flowing to the seller.

source: https://www.canva.com/design/DAFDTNKsIJs/8Ky9EoJJI7p98qKLIu2XNw/view#7

Design Phase of Token Engineering Process

The second stage of the Token Engineering Process is the Design Phase in which you make use of high-level descriptions from the previous step to come up with a specific design of the project. This will include everything that can be usually found in crypto whitepapers (e.g. governance mechanisms, incentive mechanisms, token supply, etc). After finishing the design, token engineers should represent the whole value flow and transactional logic on detailed visual diagrams. These diagrams will be a basis for creating mathematical models in the Deployment Phase. 

Token Engineering Artonomous Design Diagram
Artonomous design diagram, source: Artonomous GitHub

Objective Function

Every crypto project has some objective. The objective can consist of many goals, such as decentralization or token price. The objective function is a mathematical function assigning weights to different factors that influence the main objective in the order of their importance. This function will be a reference for machine learning algorithms in the next steps. They will try to find quantitative parameters (e.g. network fees) that maximize the output of this function.
Modified Metcalfe’s Law can serve as an inspiration during that step. It’s a framework for valuing crypto projects, but we believe that after adjustments it can also be used in this context.

Deployment Phase of Token Engineering Process

The Deployment Phase is final, but also the most demanding step in the process. It involves the implementation of machine learning algorithms that test our assumptions and optimize quantitative parameters. Token Engineering draws from Nassim Taleb’s concept of Antifragility and extensively uses feedback loops to make a system that gains from arising shocks.

Agent-based Modelling 

In agent-based modeling, we describe a set of behaviors and goals displayed by each agent participating in the system (this is why previous steps focused so much on describing stakeholders). Each agent is controlled by an autonomous AI and continuously optimizes his strategy. He learns from his experience and can mimic the behavior of other agents if he finds it effective (Reinforced Learning). This approach allows for mimicking real users, who adapt their strategies with time. An example adaptive agent would be a cryptocurrency trader, who changes his trading strategy in response to experiencing a loss of money.

Monte Carlo Simulations

Token Engineers use the Monte Carlo method to simulate the consequences of various possible interactions while taking into account the probability of their occurrence. By running a large number of simulations it’s possible to stress-test the project in multiple scenarios and identify emergent risks.

Testnet Deployment

If possible, it's highly beneficial for projects to extend the testing phase even further by letting real users use the network. Idea is the same as in agent-based testing - continuous optimization based on provided metrics. Furthermore, in case the project considers airdropping its tokens, giving them to early users is a great strategy. Even though part of the activity will be disingenuine and airdrop-oriented, such strategy still works better than most.

Time Duration

Token engineering process may take from as little as 2 weeks to as much as 5 months. It depends on the project category (Layer 1 protocol will require more time, than a simple DApp), and security requirements. For example, a bank issuing its digital token will have a very low risk tolerance.

Required Skills for Token Engineering

Token engineering is a multidisciplinary field and requires a great amount of specialized knowledge. Key knowledge areas are:

  • Systems Engineering
  • Machine Learning
  • Market Research
  • Capital Markets
  • Current trends in Web3
  • Blockchain Engineering
  • Statistics

Summary

The token engineering process consists of 3 steps: Discovery Phase, Design Phase, and Deployment Phase. It’s utilized mostly by established blockchain projects, and financial institutions like the International Monetary Fund. Even though it’s a very resource-consuming process, we believe it’s worth it. Projects that went through scrupulous design and testing before launch are much more likely to receive VC funding and be in the 10% of crypto projects that survive the bear market. Going through that process also has a symbolic meaning - it shows that the project is long-term oriented.

If you're looking to create a robust tokenomics model and go through institutional-grade testing please reach out to contact@nextrope.com. Our team is ready to help you with the token engineering process and ensure your project’s resilience in the long term.

FAQ

What does token engineering process look like?

  • Token engineering process is conducted in a 3-step methodical fashion. This includes Discovery Phase, Design Phase, and Deployment Phase. Each of these stages should be tailored to the specific needs of a project.

Is token engineering meant only for big projects?

  • We recommend that even small projects go through a simplified design and optimization process. This increases community's trust and makes sure that the tokenomics doesn't have any obvious flaws.

How long does the token engineering process take?

  • It depends on the project and may range from 2 weeks to 5 months.

What is Berachain? 🐻 ⛓️ + Proof-of-Liquidity Explained

Karolina

18 Mar 2024
What is Berachain? 🐻 ⛓️ + Proof-of-Liquidity Explained

Enter Berachain: a high-performance, EVM-compatible blockchain that is set to redefine the landscape of decentralized applications (dApps) and blockchain services. Built on the innovative Proof-of-Liquidity consensus and leveraging the robust Polaris framework alongside the CometBFT consensus engine, Berachain is poised to offer an unprecedented blend of efficiency, security, and user-centric benefits. Let's dive into what makes it a groundbreaking development in the blockchain ecosystem.

What is Berachain?

Overview

Berachain is an EVM-compatible Layer 1 (L1) blockchain that stands out through its adoption of the Proof-of-Liquidity (PoL) consensus mechanism. Designed to address the critical challenges faced by decentralized networks. It introduces a cutting-edge approach to blockchain governance and operations.

Key Features

  • High-performance Capabilities. Berachain is engineered for speed and scalability, catering to the growing demand for efficient blockchain solutions.
  • EVM Compatibility. It supports all Ethereum tooling, operations, and smart contract languages, making it a seamless transition for developers and projects from the Ethereum ecosystem.
  • Proof-of-Liquidity.This novel consensus mechanism focuses on building liquidity, decentralizing stake, and aligning the interests of validators and protocol developers.

MUST READ: Docs

EVM-Compatible vs EVM-Equivalent

EVM-Compatible

EVM compatibility means a blockchain can interact with Ethereum's ecosystem to some extent. It can interact supporting its smart contracts and tools but not replicating the entire EVM environment.

EVM-Equivalent

An EVM-equivalent blockchain, on the other hand, aims to fully replicate Ethereum's environment. It ensures complete compatibility and a smooth transition for developers and users alike.

Berachain's Position

Berachain can be considered an "EVM-equivalent-plus" blockchain. It supports all Ethereum operations, tooling, and additional functionalities that optimize for its unique Proof-of-Liquidity and abstracted use cases.

Berachain Modular First Approach

At the heart of Berachain's development philosophy is the Polaris EVM framework. It's a testament to the blockchain's commitment to modularity and flexibility. This approach allows for the easy separation of the EVM runtime layer, ensuring that Berachain can adapt and evolve without compromising on performance or security.

Proof Of Liquidity Overview

High-Level Model Objectives

  • Systemically Build Liquidity. By enhancing trading efficiency, price stability, and network growth, Berachain aims to foster a thriving ecosystem of decentralized applications.
  • Solve Stake Centralization. The PoL consensus works to distribute stake more evenly across the network, preventing monopolization and ensuring a decentralized, secure blockchain.
  • Align Protocols and Validators. Berachain encourages a symbiotic relationship between validators and the broader protocol ecosystem.

Proof-of-Liquidity vs Proof-of-Stake

Unlike traditional Proof of Stake (PoS), which often leads to stake centralization and reduced liquidity, Proof of Liquidity (PoL) introduces mechanisms to incentivize liquidity provision and ensure a fairer, more decentralized network. Berachain separates the governance token (BGT) from the chain's gas token (BERA) and incentives liquidity through BEX pools. Berachain's PoL aims to overcome the limitations of PoS, fostering a more secure and user-centric blockchain.

Berachain EVM and Modular Approach

Polaris EVM

Polaris EVM is the cornerstone of Berachain's EVM compatibility, offering developers an enhanced environment for smart contract execution that includes stateful precompiles and custom modules. This framework ensures that Berachain not only meets but exceeds the capabilities of the traditional Ethereum Virtual Machine.

CometBFT

The CometBFT consensus engine underpins Berachain's network, providing a secure and efficient mechanism for transaction verification and block production. By leveraging the principles of Byzantine fault tolerance (BFT), CometBFT ensures the integrity and resilience of the Berachain blockchain.

Conclusion

Berachain represents a significant leap forward in blockchain technology, combining the best of Ethereum's ecosystem with innovative consensus mechanisms and a modular development approach. As the blockchain landscape continues to evolve, Berachain stands out as a promising platform for developers, users, and validators alike, offering a scalable, efficient, and inclusive environment for decentralized applications and services.

Resources

For those interested in exploring further, a wealth of resources is available, including the Berachain documentation, GitHub repository, and community forums. It offers a compelling vision for the future of blockchain technology, marked by efficiency, security, and community-driven innovation.

FAQ

How is Berachain different?

  • It integrates Proof-of-Liquidity to address stake centralization and enhance liquidity, setting it apart from other blockchains.

Is Berachain EVM-compatible?

  • Yes, it supports Ethereum's tooling and smart contract languages, facilitating easy migration of dApps.

Can it handle high transaction volumes?

  • Yes, thanks to the Polaris framework and CometBFT consensus engine, it's built for scalability and high throughput.