Jarvis –Cryptoverse AMA Recap
Date: — 1st June 2020
Guest : Pascal Tallarida — CEO Jarvis Network
Vsevolod Potorocha -Community Manager
Q: Please briefly introduce yourselves and #Jarvis to our community?
A: Pascal Tallarida : My name is Pascal Tallarida, I am 32, and I am French; I live in Bulgaria for the past 6 years now. I am a senior Fx trader passionate about tech and Blockchain, and I have founded Jarvis network, that we will present you today.
Vsevolod Potorocha : I am Vsevolod, came to Bulgaria from Russia. My job is to deliver the content and updates about Jarvis to our community!
About Jarvis network : Jarvis network is a set of protocols to universalize and uberize finance, and most specifically brokerage. We want anyone to be able to become a broker, and provide access to any financial market, from Forex to Stocks, to Crypto. And anyone to be able to trade on these markets.
To say it in a more technical way, Jarvis network’s protocols allow to gain exposure to the price of any asset, against liquidity pools.
Our first protocol is the Margin protocol, an trust-minimized off-chain trading protocol: you have the scalability of a Bitmex or of a Interactive Broker, but the trustlessness of a Uniswap.
This protocol allows user to open leveraged position on many markets against liquidity pools, supplied by liquidity providers, who can, if they want, fully hedge their exposure on their broker or exchange (through API).
Our second protocol is the Synthetic protocol, that we named Synthereum. It is an on-chain trading protocol: you can use it in many other DeFi protocols (it is a building block).
It allows users to mint synthetic assets tracking the price of any asset (fiat, crypto, stocks) without over-collateralisation. As ex to mint DAI you need to overcollateralize at least 150%; to mint sUSD (Synthetix) you need to deposit 800% of collateral.
Our design is more elegant: users deposit funds in a pool, and their funds is matched with the funds of the pool, to form a collateral and mint jEUR as example, or jAAPL or jBTC.
Users only need to deposit 100% and the liquidity pool deposit the rest, and takes care of the over-collateralisation.
So you just deposit 110 Dai and you receive 100 jEUR as ex. We plan on launching around 30 fiat currencies, then indexes, stocks, and cryptos.
We are built on the top of UMA.
both protocols are complementary: jEUR, jCHF, jZAR, or even jAPPL or jGOLD in the future, could be used in the Margin protocol as a based-currency. Meaning that you could trade with leverage on BTCUSD (up to 20x as ex) with an account in your local currency.
then, LP in the Synthetic protocols, since they are the counterpart, can hedge automatically their exposure using the Margin protocol.
So when someone mints jEUR, the LP can open a long on EURUSD on the Margin protocol, to be fully hedged and to only earn commission.
both protocols require Validator (for the Margin protocol) and Relayer (for the Synthetic protocol).
Validators are the trust layer of the Margin protocol; since trades happened off-chain, like in Bitmex, you need Validators to be sure that everything happens fairly. They check the LP, the traders, etc. it is a L2 solution (sidechain).
Relayers are the matching engine of the Synthetic protocol; instead of using Chainlink (which cannot push real-time price) or other oracle, Jarvis uses UMA’s priceless contract which does not require an oracle (less risk then and more scalable); yet, you need a price feed. Relayers are mathcing users deposits with funds in the liquidity pool to mint synthetic assets at the fair market price.
Both Validators and Relayers have to staka JRT to align their incentives. They earn fees in Dai to provide such work.
The JRT is also used for participating in the protocols governance: the Jarvis DAO welcome all the token holders to govern the protocol, vote on updates, and collect all the fees generated by them.
Anyone could build a dApp on the top of the protocols. They can add their own fees or use a referral system to create sustainable business model.
You can build a Dex, a Wallet, derivatives trading platform, a remittance service, etc.
We, as a company, will also build 2 dApp, Jarvis.market (a trading platform) and Jarvis.money (a wallet) to leverage from our protocols.
Q: DeFi is one of the hottest topic in the blockchain space. Can you share your opinions on DeFi with us?
Do you think that DeFi will disrupt the existing financial system? What is JARVIS approach towards the DeFi sector?
A: For me, DeFi is not competing with banks; it is a parallel system, which will bring a LOT of value, with a better user experience (no border, no account, fairer).
But it needs more user-facing product like Argent, it needs more security, it needs to educate its own users on the risks, etc.
Regarding Jarvis, we will help DeFi in few ways: first, by creating many fiat-stablecoins from many different countries (we started discussing with people from SA for jZAR, poland for jPLN, Cameroun for jCFA etc.)
This will bring way more people into DeFi as they will have a better UX (their own local currency).
Then, by providing stocks etc. it will eventually attract many traditional investors, or the young generation, to do not invest through normal brokers but though our synthetics.
as ex, i myself am an influencer in France, and I have a 32k French-speaking traders community, who are all waiting our projects. The Margin protocol will be a way for us to trade like with a broker, but in a trustless way, and the Synthetic protocol will blow their mind, when they will realize that they can now convert their stocks portfolio into a metal portfolio in one click as ex.
Yet, we will have a very different approach than other DeFi projects who like to break things and go fast. Security and Safety first! We will unroll our protocols very slowly, with a lot of limits; to be sure that no one takes unnecessary risks.
as ex, for the Synthetic protocol, we will be the first relayer, and we will only allow to mint 25k usd worth of assets (as ex); then the DAO will vote on lifting this limit to 50k, then 100k etc.
We have time, DeFi have time, let’s not lose people money :)
Q: The liquidity providers are the ones who make the sale of the assets on the Forex. What company,
bank or broker is your supplier? And how high are the spread and trading cost?
A: There is no company doing it. LP are people like you and me, who are putting their Dai in the pool, choosing a price feed (from FXCM as example, or Binance) and take the counterpart of your trades.
They can, if they want, hedge their exposure with the broker or exchange they want. So as example they could hedge on FXCM or on Binance.
Right now, the only LP in the Margin protocol take its price feed from an institutional liquidity provider and hedge its exposure there.
The spread depends on the price received by the LP, you can go to take a look at
https://app-demo.jarvis.exchange
to see the spread in real-time.
the commission is 0.001% for the DAO, 0.001% for the LP, for the Margin protocol, and 0.1% for the DAO and 0.1% for the LP in Synthereum. LP can set the commission they want and the DAO can raise them as well.
Q: How is your roadmap looks like for 2020? What future event or feature on your roadmap are you most excited for?
A: Roadmaps are marketing bullshit :)
Anyone in the IT/Tech industry will tell you that you cannot plan anything few months ahead.
We work in very agile way, to do not be stuck.
We do not make promises, do not give launch date, and we just work according to a very vague roadmap. The idea is to launch our Margin and Synthetic protocol officially during the q3,
Yet, our Margin protocol v0 is on the mainnet since 3 months with few traders to test, and we have already generated 16M dollars of trades.
The synthetic protocol v0 has been launched on the testnet in February, to mint jEUR, jCHF, jGBP and jGOLD, with UMA and Chainlink.
The v1 of the Synthetic protocol will remove Chainlink for the priceless framework and will hit the testnet in a matter of days.
The most exciting feature for me will be the conversion between synthetic assets :)
Q: In blockchain industry, one of the most difficult things is generating revenue, regardless of the technology that the project develops, how does Jarvis Network makes revenue from its tech?
A: it’s true.
So few things:
1. As a Company, we hold JRT, so we will derive value from it by participating to the DAO, and earning fees.
2. As a Company, we also are providing liquidity for the system: in the Margin protocol the two first LP are maintained by us (or to be accurate other companies that we control); we will also be interested in being Validators and Relayers, so we will generate revenue from that.
3. As a Company, we also will have our own Dapp, one being a wallet as example; the wallet will generate revenue on its own; as example last month we generated our first $1k thanks to our integration with Aave.
4. As a Company, we can also sell consulting service to companies who would want to setup a market making infrastructure to safely provide liquidity on the protocol.
Companies, Dapps etc. that are using our protocols need to have the agreement of the DAO.
and in exchange, they would need to buy back JRT from the open market with part of the revenues they are doing using us.
So our first revenue (around 1.1k to be accurate) will be used also to buy back some JRT and eventually burn them :)
This has nothing to do with the tokenomics of the protocol, it is more a business decision that the DAO will have to take, in order to create more value for token holders.
Q: How is Jarvis team big and talent to drive project in long road?
A: We are a small team of 10 people including 4 Devs, but we are now hiring 2 more devs :)
Q: In past few years many CryptoCurrency and exchange are prone to hacking.
What you can assure to crypto traders/investor that Jarvis has strong security and privacy to prevent hacking?
A: security is a big issue, in centralized exchange but also in decentralized protocols using smart contract. We will spend a LOT of time and money (we are now doing a private sale that is very successful) on auditing, bug bounty, etc.
Q: Why you chose the name Jarvis?
A: Initially when the project was not even close to crypto, it was a trading platform that you can control with voice commands, just like in Iron Man movie — hence Jarvis:)
Q: Jarvis can be considered an automated liquidity pool, so can you tell me the differences between Jarvis and Uniswap? The JRM basically have use inside the Network, like the membership of DAO or the Staking feature, but there is planned add more uses cases focusing in the real world? Like a payment method?
A: Uniswap : you have slippage for users, and you can lose money as a LP (impermanent loss); in Jarvis, none of that.
The protocol features are clear: staking in the DAO and staking in the validates/relayers.
However, dApps have the possibility to do whatever they want. If we decide, to say: in our Jarvis Wallet, if you have 10k JRT, you have free transaction or free fiat-onramp, we could.
So it has nothing to do with the protocols, these are business decision :)
Q: Why is necessary have DAI in the Jarvis Wallet Instead of ETH like others Erc-20?
When the Jarvis Wallet Will have a mobile version? To IOS , Android and all marks suits?
A: because Dai is stable. Do you want to trade or use a non-stable asset to trade Forex, Crypto etc. ? You will never have mass adoption.
Q: What progress has been made on introducing leverage on your platform?
A: One margin trading protocol is already on mainnet in closed beta, we have traders using it for more than 3months already, and as you can guess from the name — Margin Protocol they trade with leverage. The LP decided the leverage at the moment we have: 100 for forex, and 20 idexes. Soon a new LP will join and it will be 100 for forex, 20 idexes, and 100 for crypto.
Q: What unique features is Jarviswallet endowed with in order to facilitate the user’s work, is customer identification required? In some third-party app, this procedure is required, which is not very convenient!
Give us a brief overview of your tokenomics, what role does the JRT token play in your ecosystem, what is its utility, and how beneficial is the JRT token for investors in the long run?
A: Jarvis wallet is a dApp, which allows to seamlessly interacting with Synthereum.
It provides a fiat-based wallet (the main currency of your wallet will not be Eth or Dai but jEUR, or jZAR, or jJPY etc.
+ it is a smart contract wallet with ENS, meta-tx, recovery mechanism etc. and probably state channel in the future for instant and free payment.
It encompasses a dex aggregator for swapping ERC20 and Synthetic assets at the best rate (even better than Binance).
JRT aims at following the value generated and locked in Jarvis.
Relayers and Validators have to stake JRT, and the more there is value locked in the network and the more they have to add JRT.
JRT also allows to participate in the DAO and collect fees: the more activity = the more fee
Q: JRT token is Multifunctional as to access the DAO, to collect fees & also to stake.
As this is the Heart of Whole Ecosystem, How do you plan to make it more Valuable & Increase it adoption & Use cases?
A: by delivering the coolest app on the top of our magical protocols :)
a cool trading platform and an awesome wallet, this what we need.
Q: Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing because many projects have died out in this time period?
A: we have a dedicated, passionate, under-paid :D core team. We all make sacrifice because we all know that we are building a monster :)
We are all investors in Jarvis, either with our own money, or by cutting our salaries, or by giving our weekends etc. because we know where we will be in 5 years.
My previous venture was a success (check me on Google in France, and YouTube) because of hard working, because of passion, and because of creativity. We have the same recipe in Jarvis, and this is how we survived we so few funds.
- We did strategic partnership for our platform or for our wallet as ex, which helped us to reduce the cost and work faster.
Q: What market share does Jarvis Network plan to snatch, or is this like a cake getting bigger and bigger?
With the arrival of ETH 2.0, Jarvis can benefit?
A: for Synthetic assets, I think if we do it good we can easily grab 20% of the market shares. But the market is SOOOO big and has SO MUCH POTENTIAL that even 5% of the market will create a LOT of value.
Q: As You said You have 31k community of non-crypto trader & Also network of partners, with thousands of non-crypto traders or investors. That’s Great!!
How does Non- crypto people deal will deal with Blockchain & Ethereum platform if they are not aware of it,
What’s the key to attract them?
A: Well those traders are Pascal followers, as he is pretty famous in French trading communities. In general they know what crypto is but you are right, they don’t really know how it works and what to do.
Specifically for this we are building our UI to be most intuitive, simple and look less like crypto app and more like any other app you use every day. For this reason exactly we create our own wallet with seamless on boarding for the new people (as well as onramp etc.)
Q: What innovations that we have never seen before in blockchain that Jarvis is bringing? What do you have that no one else has?
A: trust-minimized off-chain trading on any market in the world :) allowing ANYONE to become a LP and generate passive revenue WITHOUT TAKING THE COUNTERPART RISKS.
and capital- sufficient synthetic assets :)
Q: What are the advantages of the Margin and Synthetic protocols over others trading protocols? And why big Exchanges like Binance should consider you as future option?
Sometimes keep the vision and mission of a project is quite complicated without the enough motivation, so what make you wake Up every day and keep working and believing in Jarvis protocol?
A: Binance can become a price feed for the Margin protocol; especially their futures. A LP could take the prices from Binance futures, plug it into the system, and offers to trade against him while he is hedging (or no) trades on Binance.
By integrating lending protocols like Aave, we can even provide higher Margin :)
Q: Adoption is a headache challenge for every blockchain projects, especially at this sensitive period of the whole market when many blockchain projects were dead since no-one uses their blockchain. What are your team’s strategies and visions on this problem to onboard more users for #JAVIRS platform?
A: We have a community of traders that are waiting for the official launch of our platform, and we are also developing our Jarvis Wallet that will help to onboard non-crypto people easily (like zero fees on boarding, where you can buy ETH with your Revolut card in “2 clicks”)
Q: Could Jarvis be considered a DEX? What is considered Investment in JArvis Network?
A: Well, it is not a Dex, more a Broker (you deposit Dai to trade or to mint an asset).
You can buy JRT on Uniswap, IDEX, Bancor, Paraswap, 1inch.
Q: What’s the main Motive Behind two trading platforms, Margin Mode & Exchange Mode?
What’s the use of Dex Aggregator?
A: Margin mode = for Margin trading, it is a trading platform without order book.
Exchange mode = for Spot trading, it is a decentralized exchange aggregator with order book.
Eventually there will be two different platform, jarvis.market for Margin trading and
jarvis.exchange for the Dex :)
Q: Under what criteria does the DAO provide the rewards in $ JRT? What uses would these reward tokens have within the platform for validators?
A: Rewards are in JRT for the participant to our rewards programs (that you can discover here > https://medium.com/jarvis-network/dao-jrt/home
We have two Liquidity reward programs with Uniswap and Bancor, and one Sponsoring reward program with Aave.
Rewards are in $JRT.
But for relayers/validators there is no reward, but fee, in Dai.
Q: Today, Defi has become very popular. In the upcoming functions, are there any plans to develop jarvis and further expand it into the DeFi space? How do you think jarvis will work to make DeFi more widely known and widely used?
A: I am very active in Defi.
I have been interviewed by Camila Russo as I was trying to live 1 YEAR only with DeFi, without Bank, I organize DeFi meetups in Bulgaria, participate to DeFi meetups in Paris, etc.
So I am creating a network of DeFi projects and people, with who we can work in the future.
Expect a lot of integrations :)
Q: Does your exchange have plans for listing of regulated assets that many people now crave for, like crude oil and gold?
A: yes, it is already live on the MArgin protocol, and we already have jGOLD on kovan :)
Q: Do You think SuperUSD could replace DAI in future?
Currently, Dai is Used in jarvis platform, what’s the plan to have your own jUSD?
A: We are planning on having our own jUSD yes. It will be a basket of stablecoins (like Libra) but not now :). We will use Balancer, Uniswap, and Curve tokens as collateral for this SuperUSD
Q: I see Jarvis doesn’t use private keys, and the fact is “your private key is your fund”. Why is Jarvis case different and special? Why no private key? How do you then ensure security?
A: No, the Jarvis wallet is a contract wallet, which is controlled by multiple private key. But as a user, you do not need to see them or to back them up. It is an interesting technology :)
This is what we ,mean by No private key :)
Q: Jarvis Network built on Ethereum, how do you deal with issues like scalability and high fees?
A: Well, we suffer like everyone :) but DeFi cannot exist elsewhere than on Ehtereum, and we will be having some l2 solutions of course.
Q: Do you have any article that can help me to know how your platform works and under what risks can I work on it?
A: You can read our intro article if you didn’t have a chance to read everything that Pascal explained before:
You can also read more about the token and its place in Jarvis ecosystem here:
Also check out our reward programs for Uniswap and Sponsoring pool program in medium as well!
Q: I am very curious that how commodities and stocks could be traded on the platform? How would they keep their real value?
Why does your website say “Against smart contracts”?
A: we are not an exchange, so the value is taken from the real prices of these assets.
You trade against a LP on these prices. So you have 0 impact / slippage on it. Like when you trade with a CFD broker. Because the liquidity pool is a smart contract :) so technically you trade against a smart contract.
Q: What will be the requirements to borrow money in Jarvis?
DeFis are appearing in many blockchains, I would like to ask, if Jarvis Network is a success, could it be transferred to another blockchain?
A: you cannot borrow money in Jarvis (yet but we may work on something cool with that, where you can borrow Dai or USDT with a collateral in jAAPL, or jGOLD, or jCHF).
we have already been approached by “Ethereum-killer” — we are not against working with them (Tezos as example contacted us). I think it will create A LOT of value for token holders if we also deploy our project on other platform.
But for Jarvis to go on other Blockchain, we would need these Blockchain to have the good infrastructure first.
Q: What requirements must new users meet to participate in the sponsorship program?
A: there are no requirenments, you can put as much as you want, more info here:
https://medium.com/jarvis-network/pool-sponsoring-76cca00c2713
Q: Obviously many other projects offer similar services like Jarvis. Why should users migrate to Jarvis? How are you better than competitors?
A: Not many. One on Ethereum > Synthetix. One on Fatcom > Pegnet. One on Bitcoin > Abra. And one on Tron (they copy paste Synthetix of course)
I love Synthetix, I am an investor there. I love Abra, I am a user of their app.
Jarvis protocols solve all the issues these projects have :)
We have a very elegant design, capital-efficient, which allows to hedge, etc.
We will publish an article soon Jarvis vs Synthetix to highlight the key difference.
Q: How does Jarvis generate revenue/income in Jarvis Network? Also, what’s your business model?
A: As Pascal mention earlier:
1. as a Company, we hold JRT, so we will derive value from it by participating to the DAO, and earning fees.
2. as a Company, we also are providing liquidity for the system: in the Margin protocol the two first LP are maintained by us (or to be accurate other companies that we control); we will also be interested in being Validators and Relayers, so we will generate revenue from that.
3. as a Company, we also will have our own Dapp, one being a wallet as example; the wallet will generate revenue on its own; as example last month we generated our first $1k thanks to our integration with Aave.
4. as a Company, we can also sell consulting service to companies who would want to setup a market making infrastructure to safely provide liquidity on the protocol.
Companies, Dapps etc. that are using our protocols need to have the agreement of the DAO
and in exchange, they would need to buy back JRT from the open market with part of the revenues they are doing using us.
so our first revenue (around 1.1k to be accurate) will be used also to buy back some JRT and eventually burn them 🙂
this has nothing to do with the tokeneconomic of the protocol, it is more a business decision that the DAO will have to take, in order to create more value for token holders
Q What are the advantages of the Margin and Synthetic protocols over others trading protocols? And why big Exchanges like Binance should consider you as future option?
Sometimes keep the vision and mission of a project is quite complicated without the enough motivation, so what make you wake Up every day and keep working and believing in Jarvis protocol?
A: Jarvis is my life, and is the life of the team. We are here to make something incredibly cool, to satisfy the people who trusted us with their money.
We have also faced tons of challenges, people telling us we will fail, this is our motivation :)
And of course to generate money! Jarvis can really create a LOT of value for everyone, LP, stakers, DAO etc.
Q: Is there any plan to makes partnership with local cryptocurency developers from each country to makes jarvis usage more worldwide?
A: yes. definitely.
The AWESOME thing with our synthetic is that they are backed with DAI. DAI is very easy to buy everywhere (you can buy BTC or ETH and swap it for DAI as example using our friend and partner jelly.market or paraswap.io; but you can also buy DAI directly on many fiat gateway.
So the cool thing is that as soon as you can support DAI in your fiat gateway you can mint our assets :)
Q: I have recently read that they are going to modify the background of the platform. Do you have any photo or capture that you can share with this community?
A: yes, this is a COOL feature of ALL our Dapp.
We are very into ART and ARTWORK, so the idea is that you can buy UNIQUE NFT to personalize your platform. NFT can be tokenized artwork bought on Opensea. as ex this background is a NFT that will be sold around 1k Dai.
The buyer will receive a NFT token proving he is the owner + his wallet background and trading platform background will change, and he will receive an original at his home :)
The possibilities are limitless
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