PARIBUS explained in detail about MPV as the foundation of their Future

 


As many of you will have noticed over the past few weeks they at Paribus have been working hard to expand their reach and engagement with the community. They’ve given more insight into the team, their origins, future plans, and progress. Whilst this is still just the beginning they’ve seen a tremendous increase in followers to their social channels and much more community engagement. 

Continuing this foray into a greater understanding of Paribus they felt it was time to give a more detailed explanation about their MVP and how it features in their overall plans for the project.

In the cryptocurrency sphere MVPs or Minimal Viable Products, are hugely important for several reasons such as establishing a proof of concept as well as developing network effects and greater market penetration. The pace of development in the space is much faster than any other area of technology in part due to the talented developers that work on each project and also due to the overarching collaborative ethos of crypto’s open-source nature.

As Wilson, their COO says, “The MVP will give our users the first experience of how a Paribus product will work and feel. We know that first impressions count, so we want to make sure that everything is working as intended before launch. As we release our product in stages, we will be able to take feedback and iterate where we see necessary in the later stages.

Ordinarily, you’d expect alpha and beta releases, projects shrouded in mystery, hype, patents, and a drawn-out process over several years. However, several years in crypto is the equivalent to decades in other areas of tech development, rather like cat years are to human years.  It’s for all these reasons that MVPs are so important to projects such as Paribus, they need to get to market so people can engage with the project and we can then move on to developing each further iteration as they go. This benefits not just themselves as an individual project, but also the space as a whole.

In our recent Town Hall AMA, Deniz, our CEO explained, “My personal view is that patenting work in decentralized finance is against the philosophy of decentralized finance. I understand people put in a lot of work and they want to take ownership of the work they’ve done, but the intention and the whole point of us, and other entrepreneurs that are starting projects in decentralized finance, is to build on top of each others’ work. I feel that patenting it defeats the whole object.

The unique attributes that make Paribus such a strong contender in the space are not just our ability to leverage NFTs, but also the way in which they value them. They believe their approach will greatly broaden the horizons for investors in the space, especially institutional adoption, and as such, they can’t wait to get started with the MVP launch and further developments of Paribus.

Due to the fact that PBX has begun life as an ERC-20 token on the Ethereum network, they’ll be launching the MVP using Arbitrum. Arbitrum is what’s known as a layer 2 solution which means it works on the Ethereum Virtual Machine (EVM) but manages to avoid the excessive gas fees and long processing time that Ethereum has become renowned for. Arbitrum achieves this by using a methodology known as a roll-up. Broadly speaking this batches transactions into groups that can then be processed via its sidechain on Ethereum. As well as reducing the load on the network it also speeds up transactions and massively reduces the gas fees.

Their solution to the contentious issues of gas fees is confirmed by Wilson, “Being that our MVP will be on Arbitrum, there will be a substantial difference in the fees that would be paid on Ethereum. Those who were turned off due to high ETH fees for our staking program will be happy to see this drastic reduction of fees while using our MVP.

Whilst there has been some criticism from certain quarters of the community for their taking this approach they’ve received tremendous support from IOG for their roadmap to launching the MVP and transitioning across to a Cardano Native Token (CNT). It’s the harsh reality of the space at present that to ensure a successful development timescale our MVP had to be based on an ERC-20 token.  Large scale projects launching natively on Cardano at present face security audit backlogs and a somewhat congested network. Just this weekend the Cardano network was operating at 95% capacity and that’s before the launch of Sundae Swap has warned that transactions on their launch, “may take days to process”.

When they were in their early development stages they envisaged such a situation and so for those reasons decided to initially develop on Ethereum so that we can progress Paribus without having to be delayed by any potential network issues. Realistic and cautious optimism is a feature of our approach that runs through all aspects of Paribus and they can assure everyone that they are itching to be a Cardano Native Token as soon as possible. 

It’s just that because they’re a little ahead of the curve they’ve had to adapt our outlook to transition across to Cardano rather than launching on it immediately.

They’re still very much on track for releasing the MVP within Q1, as per their updated roadmap and that’s when things start to get even more exciting for them and the community as a whole. 

As Deniz explained in a recent AMA with the Gate.io community their aim is to release the MVP within Q1 and then continually innovate and update further iterations of Paribus that steadily focus more and more exclusively on the NFT and digital asset space, “The next iteration immediately to follow the MVP will be the integration of synthetics as collaterals. From thereon we are solely focusing on NFTs and how best to integrate them into our platform as per our litepaper

Whereas ordinarily an MVP launch would be considered a proof of concept to secure further development funding, in the cryptocurrency world the MVP is more analogous with a first product launch such as the iPhone. However, whereas consumers had to wait a year or two between subsequent product releases in cellular technology it’s often a more compressed timeframe with blockchain technology.

This is perfectly illustrated by Deniz, “Towards the end of Q2 we will aim to reach our second goal which is NFT loans. Paribus has already put a plan to comply with regulations as we strongly believe whether we like it or not regulations are coming to DeFi. We are ready and have a solid plan to onboard institutions while meeting KYC standards. Our roadmap is pretty comprehensive and outlines our vision well.

For some people, regulation is a dirty word, but most critical thinkers in the space recognize that it’s essential for mainstream and broader institutional adoption. They understand that effective regulation helps everyone by not only protecting consumers but also legitimizing the technology. It’s for these reasons they’re already working on compliance issues ahead of time and we hope to share more details around that in the future.

Now that they’re beyond the New Year holiday season their development team has been back at work, reenergized by the incredible opportunities that 2022 will bring. The space as a whole has a vibrant optimism, seeing the way that Cardano is now picking up pace, tired of waiting for Bitcoin to decide where it’s going. Just as they can sense the fresh potential in the air, so can the community and they’re just as inspired and excited as they are.

Over the coming weeks, they aim to explain in a little more depth about the MVP, how it will work and what to expect. they’re still finalizing its initial development through their internal quality assurance process before we can hand it over to independent security auditors to make the final checks before launch. Whilst they work at a blistering pace they always have an eye on security and balance the need for speed with ensuring the MVP will be as secure as possible.

Simon, their CTO explains, “As with any product that we release, having rigorous audits will be paramount to the success of our MVP. We know that these audits can take time and since they are completed externally we will not have any ability to control the speed, but the security of the protocol takes priority when our community’s assets are on the line.

They’re looking forward to being able to share a few more sneak peeks from behind the scenes as launch day approaches and as you’ve come to expect from them they’ll keep you fully informed and up to date with progress as they go.



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