On September 1st, 2023, Sergey, the founder of IERC20, made his inaugural appearance in an official AMA (Ethereum Innovation Ecosystem: The IERC Protocol) session. This became a pivotal platform for enthusiasts and experts alike to delve deeper into the realm of Ethereum Inscription. Sergey graciously shared his personal journey, expertise, and vision for the future, offering attendees a comprehensive understanding of the evolving landscape. His open dialogue, passion for the subject, and commitment to advancing Ethereum Inscription set the tone for what promises to be an exciting journey ahead.

Quick Preview

Founder Background:

• Initiated his crypto journey in 2018, notably involved in major blockchain projects.

• Key role at a top cryptocurrency exchange.

• Rich interactions with major industry stakeholders, including banks, hedge funds, and innovators.

Team & Collaboration:

• Strong ties with pioneers of the Russian Ethereum ecosystem.

• Active involvement with the IERC community.

IERC20's Vision:

• Address challenges: liquidity withdrawals, rug pulls, hidden positions.

• Emphasize transparency and investor protection.

Project Aims:

• Empower regular investors.

• Ensure market fairness by harnessing Ethereum's capabilities.

Project Advancements:

• Active funding discussions with key partners like Hashkey and NGC.

• Upcoming features: multiple pending orders and a royalty mechanism.

Key Benefits:

• Commitment to decentralization and security.

• Cost-effectiveness and user-friendly approach.

Future Direction:

• Emphasis on community contributions and open-source nature.

• Plans to release API and SDK resources.

Hot Topics:

• Discussed the relationship between IERC and ETHS/DUMP.

• Addressed the PEPE team's RUG incident, highlighting the importance of resource management.

Conclusion: Sergey's AMA emphasized IERC20's commitment to innovating the crypto space, fostering collaboration, and ensuring market integrity.

Introduction

Sergey:

Hello and welcome to this exciting AMA session! I'm Sergey, and my journey into the world of blockchain and crypto began in 2018. It's a pleasure to have all of you here as we dive into the ever-evolving world of blockchain and cryptocurrencies.

My fascination with cryptocurrencies started during the early days of the Bitcoin boom, and it left a lasting impression on me. This led me to explore cryptocurrencies more deeply. Over the past six years, I've passionately followed this path, embracing both the challenges and opportunities it has offered.

My journey began at an IT company, where I had the privilege of working on a groundbreaking blockchain project. Along the way, I had the honour of collaborating with a remarkable team of programmers. Their dedication and innovation have been instrumental in driving the success of our project. Without their tireless efforts, our vision would have remained a distant dream.

As time has passed, we've embarked on diverse initiatives, including exploring various wallet solutions, delving into different blockchain protocols, and immersing ourselves in the endless possibilities of the metaverse.

I'm excited to share my experiences and insights with all of you during this session!

Experience:

My journey in the crypto world is a rich tapestry woven from a diverse range of experiences. I embarked on a professional path that led me to a prominent cryptocurrency exchange, consistently ranking among the top five in the digital finance industry. During my time there, I nurtured valuable relationships within the Web 3.0 landscape and established strategic partnerships across the venture capital and asset management sectors.

In my role as the head of the business department, I played a pivotal part in achieving remarkable milestones. I directed collective efforts toward transformative outcomes, and these accomplishments have greatly enriched my understanding of the industry.

My interactions have covered a broad spectrum, involving stakeholders such as investment banks, hedge funds, pioneering blockchain projects, fintech innovators, and a diverse array of projects. Each of these interactions has contributed to the mosaic of knowledge that I bring to the table.

Team Composition:

Our journey has also been marked by profound connections with the early pioneers of the Russian Ethereum ecosystem. These trailblazers have greatly influenced our perspectives and have played a significant role in shaping our trajectory.

Simultaneously, we are actively fostering the IERC community, a vibrant collective that holds a central role in our ongoing initiatives. These collaborations form the strong foundation upon which our visionary projects are conceived and brought to life. They underscore our commitment to inclusivity and collaboration, values that drive our work.

The richness of this AMA session lies in your participation. Please feel free to delve deeper into any aspect or ask any questions you may have. I'm eager for the conversations ahead and excited to share insights with all of you! 🚀

Project Concept: Our project, IERC20, was born out of the urgent need to address several critical issues in the crypto market. Problems like liquidity withdrawals, rug pulls, and hidden positions have caused distrust and financial losses among participants. IERC20 aims to revolutionize the crypto landscape by safeguarding the interests of investors. Let's explore the core ideas behind our project:

1. Liquidity Withdrawal: In the dynamic world of DeFi, liquidity providers are crucial. They stake their funds in liquidity pools to earn rewards, but sudden withdrawals can disrupt the balance and harm market stability. IERC20 is dedicated to reducing these disruptions and creating a more resilient ecosystem.

2. Rug Pulls: Rug pulls are a significant concern in the crypto space. They occur when project teams suddenly withdraw liquidity from pools, causing token prices to crash. This malicious practice damages trust and community morale. IERC20 is committed to transparency and accountability, aiming to deter rug pulls and foster a fairer environment.

3. Hidden Positions (Rat's Nest): Concealed token holdings by project creators undermine the fairness of token launches and deceive investors. IERC20 stands against such manipulation and strives for honesty and openness in token distribution.

We plan to reduce the risk of market manipulation by using the brc2.0 protocol and improving how transactions work. We know the current technology has limitations, so we're working on a better protocol. Our aim is to advance inscription technology, making transactions between Bitcoin and Ethereum smoother, safer, and more efficient.

In the Ethereum network, transaction fees are a problem that stops people from using it more. IERC20 is committed to lowering these fees and making things safer. We want more people to join and get involved in the crypto community.

Fairness:

Our main goal is to give regular investors more power, so they can take part in the primary market more fairly. We're committed to making the market fairer and more open for everyone.

Why are we optimistic about this project:

Our optimism is grounded in the following factors:

– Ethereum's broad user base and accessible entry point create a fertile ground for the expansion of Inscription Technology.

– While Layer0, Layer2, and intricate proof mechanisms pose challenges, IERC20's approach simplifies the process and enhances verifiability, ensuring more streamlined user experiences.

– Our reliance on Ethereum's mining mechanism bolsters security, underpinning our commitment to safeguarding user assets.

Composition of the IERC Protocol:

The IERC protocols comprise a diverse set of components, including:

– IERC20: A foundational building block for secure and efficient token transactions.

– IERC721/IERC1155: These standards facilitate the creation and management of non-fungible tokens (NFTs).

– UGC Domain Name: This innovation extends the potential use cases of our protocol.

– And we're excited to explore and incorporate more elements in the future.

Project Advantages:

– Decentralization: Our approach ensures transparency by recording key transaction information on the blockchain, enabling anyone to verify and validate.

– Security: Leveraging Ethereum's mining mechanism fortifies our system's security and trustworthiness.

– Low Cost: We minimize costs by embedding interactions within transfer transactions, capitalizing on Ethereum's inherent structure.

– Convenience: Our compatibility with Metamask enhances user convenience and accessibility.

With IERC20, we are embarking on a transformative journey that addresses critical concerns, fosters fairness, and enhances the crypto landscape. We look forward to your questions and discussions as we collectively pave the way for a more trustworthy and equitable crypto future.

Project Progress:

Recent Activities of our team:

– Financing: Our recent efforts have been focused on securing funding for the next stages of our development. We're in active discussions with multiple capital partners, including entities like Hashkey and NGC, regarding our future plans. Our aim is to conclude the first round of market financing by the fourth quarter, enabling us to further enhance and expand our project.

– Business Development (BD): Engaging with various ecosystems and forging partnerships with different public chains are integral to our strategy. We've been proactively communicating with multiple stakeholders across these ecosystems to explore collaborative opportunities. This includes potential cooperative endeavours with various public chains, as we seek to enrich and diversify our project's impact.

Next Functional Planning:

– We're gearing up to introduce several significant functional enhancements:

– Opening Multiple Pending Orders and Multiple Currencies (Q3): This enhancement aims to provide users with the flexibility to place multiple pending orders across various currencies, contributing to a more dynamic trading experience.

– Launching Royalty Mechanism: Our upcoming plans include the introduction of a Royalty Mechanism, which will have implications for rewarding contributors and participants within our ecosystem.

Goals for the Next Stage:

Given the current market landscape, characterized by relative stability, we're charting a course of action that revolves around product enhancement and ecosystem growth.

Our objectives include:

– Establishing a Comprehensive Ecosystem: Building upon our existing foundation, we aspire to create a holistic ecosystem that invites collaboration from outstanding projects. This collaborative spirit is set to contribute to a thriving interconnected network.

– Deepening Technical Expertise: We're actively engaged in deepening our technical prowess. Collaborating with external technical teams and participating in prominent web3 events, such as the upcoming Singapore Token 2049 conference, are crucial to this endeavour.

– Facilitating Marketization: To drive further engagement, we're working on marketization initiatives. This involves dialogue with exchanges and the introduction of esteemed partners into our fold, enhancing our project's visibility and credibility.

Expansion of Protocol Products:

– At present, we don't have immediate plans to launch additional protocol products directly linked to or extending the IERC protocol.

– However, it's important to note that the IERC Protocol is entirely open source, welcoming contributions from the community for potential extensions and adaptations.

– In the future, we're slated to release API and SDK resources, fostering greater accessibility and participation among users and partners who wish to engage with the IERC Protocol.

As we press ahead on this journey, we remain committed to transparency, innovation, and community collaboration. Our vision is to reshape the landscape of blockchain and crypto through continuous development, strategic partnerships, and the thoughtful evolution of our protocols. Your inquiries and insights are integral to this process, and we're excited to continue this dialogue with all of you.

Hot Questions:

1. Relationship with ETHS and DUMP:

   – We perceive the relationship between IERC and ETHS/DUMP as integral components of the broader inscription ecosystem. Our approach is one of collaboration and unity, as we believe that collective efforts lead to stronger outcomes.

   – Our vision is to foster symbiotic relationships with all stakeholders, working together towards shared goals. We consider IERC as a contributor to the overall inscription landscape, and we aspire to engage in collaborative endeavors with all relevant parties.

   – In regard to community debates, our stance is rooted in the belief that healthy discourse and constructive feedback are essential for the growth of any ecosystem. We encourage individuals to play a positive role in nurturing the inscription technology rather than engaging in negative or harmful exchanges.

2. PEPE Team's RUG Incident:

   – The RUG incident involving the PEPE team highlights a critical issue prevalent within the realm of MEME tokens. This incident underscores the importance of having a well-defined and coherent plan for projects, especially when they attain funding and resources.

   – Long-term vision and sustainability are fundamental aspects of any project's success. The ability to utilize resources effectively and chart a clear path forward is indicative of a project's commitment to its community and its goals.

   – The PEPE incident serves as a cautionary tale, emphasizing the need for projects to prioritize responsible resource management, transparency, and maintaining alignment with their original objectives.

   We appreciate these thought-provoking questions and are eager to engage in discussions that facilitate a deeper understanding of our project's ethos and its broader implications for the crypto ecosystem. Your inquiries contribute to a more informed and collaborative community, and we're committed to advancing these conversations.

Q&A

1. How can we provide cheaper and more secure Ethereum token transactions?

   We address the need for cheaper and more secure Ethereum token transactions through the IERC protocol. Our primary focus is on reducing transaction fees and enhancing security within the Ethereum ecosystem. The existing concerns stem from security risks associated with smart contracts, which have led to scepticism among investors regarding new project tokens. Additionally, the high fees associated with exchanges like Uniswap deter newcomers in the crypto space. To tackle these issues, the IERC protocol offers the following advantages:

   – Decentralization: Each transaction's crucial information is recorded on the blockchain, allowing anyone to verify transactions independently.

   – Security: Built on the Ethereum mining mechanism, our protocol leverages Ethereum's inherent security features to ensure the safety of transactions.

   – Low Cost: Interactions are encapsulated within transfer transactions, leading to reduced transaction fees.

   By providing a more affordable and secure trading environment, our goal is to foster wider participation in the primary market and enhance the overall user experience within Ethereum token transactions.

2. Why are there security risks in smart contracts causing apprehension in buying tokens of new projects?

   Security risks in smart contracts can lead to apprehension when considering tokens from new projects. Smart contracts are essentially lines of code, and like any software, they can contain errors and vulnerabilities. Malicious actors can exploit these weaknesses, potentially resulting in token theft or manipulation. These vulnerabilities could allow attackers to tamper with token balances, freeze funds, or carry out other harmful actions. Naturally, this erodes trust among potential token buyers who fear the loss of their investments.

   To address this issue, the IERC project is dedicated to establishing a more secure protocol. Our aim is to mitigate the security risks associated with smart contracts and create a safer transaction environment. By doing so, we hope to instil greater confidence in investors considering tokens from new projects.

3. How can building a more complete protocol promote the development of the inscription technology?

   The creation of a more comprehensive protocol serves as a catalyst for advancing the inscription technology. Firstly, our commitment to providing cost-effective and secure transaction fees addresses the high fees and security issues present in Ethereum token transactions, rendering new project tokens more attractive to users. Moreover, our protocol boasts decentralization, security, and low-cost advantages. Transaction information is recorded on-chain, promoting decentralization, and we utilize Ethereum's mining mechanism to bolster security. Moreover, by embedding interactive operations within transfer transactions, we achieve low-cost transactions. By capitalizing on these protocol strengths, we aim to establish a holistic ecosystem, enticing collaboration with quality projects. We also plan to deepen our technical path, engage in significant web3 events, and facilitate user-friendly access through API and SDK offerings. This comprehensive approach nurtures the inscription technology development.

4. How does IERC20 reduce Gas consumption by utilizing the feature of carrying data in transfer transactions?

   IERC20 minimizes Gas consumption by leveraging Ethereum's transfer transactions, which carry Data. Our protocol operates on the premise of the minimum atomic gas consumption, set at 21,000 Gas Limit. By standardizing all operations on this foundation, IERC20 optimizes the Gas consumption within its ecosystem. For instance, during batch transfers, substantial Gas fees are saved as only a single gas fee is required for a multitude of transactions. This contrasts with traditional ERC20 tokens and, as a result, IERC20 is better poised to fulfil user needs in both technical and economic aspects. This approach simultaneously addresses Ethereum congestion issues and augments transaction speed.

5. Which major web3 events do we plan to participate in?

   Following consultations with external technical teams, IERC has plans to actively participate in the Singapore 2049 conference. This engagement underscores our commitment to robust collaboration and technical advancement within the blockchain ecosystem.

   For more about IERC20 at:

   Official website: www.ierc20.com

   Twitter: @EthinscXYZ

   Official Telegram: t.me/IERC20OFFICIAL

   Ecosystem report: