AMA Recap: Source Protocol & the NaBox Community
On August 2nd, 2022, Source Protocol’s Founding Team members Jesse and Jack joined NaBox — a multi chain wallet and swapping platform — and their 50k+ official telegram community for an AMA. We answered 7 questions about Source Protocol and our product suite that provide tremendous detail and insight into our strategies and larger plans. We encourage you to read the summary below.
1) Please tell us about Source Protocol — What kind of tech have you built? and What’s your mission?
Jesse (Source): Yes, definitely! Source Protocol is a comprehensive blockchain ecosystem built to power all Web 3.0 transactions; value-based, data-based or otherwise. Complete with an interoperable and efficient layer 1 blockchain for secure and scalable dApp, smart contract and tooling development, as well as a full DeFi suite for borrowing, lending, staking, swapping, liquidity pooling, and more. Individuals, developers and enterprises can use, build and integrate Source Protocol’s ecosystem to easily access the latest advancements in Web 3 technology.
Jack (Source): Jesse outlined it well. Yes — to touch on our mission — as a team of experienced developers, blockchain tech experts and finance professionals, Source was created out of our belief in sovereignty for all. By supercharging the power of Web 3.0 tech to make economic interaction more accessible, efficient and private, we’re building a new blockchain-powered ecosystem to enable the next generation of individuals, developers and enterprises with complete ownership and control over their assets.
2) Why did you create Source Protocol? And what problems is your team solving?
Jack (Source): Ah, great question. Well, current blockchain solutions are falling short in a number of ways.
Firstly, many protocols are reliant on centralized exchanges for liquidity, limiting their ability to scale independently. This creates a lot of the same issues traditional finance has been plagued with for decades.
Next — slow tx speeds, high costs, limited scalability, and inability to collaborate with other chains, has created severe limitations in Gen 2 blockchain infrastructure.
Lastly, there still exists a level of complexity in blockchain applications that remains a barrier to entry for the average user, and there is not enough focus on building “bridges” for the enterprise to adopt this technology easily and quickly.
In summary, consumers are eager for a blockchain ecosystem that can securely and sustainably support mass adopted applications. That’s why we’ve built Source!
3) What products and features does Source Protocol have? Can you please introduce to us?
Jesse (Source): Yes — we’d be happy to introduce you. Again, we are a full suite of products, more like a tech company, than we are one token, coin or chain.
👉 Source Chain (SOURCE): An efficient, scalable and interoperable smart chain network to create apps, smart contracts and tools for the Web 3.0 Economy. Secured for enterprise grade solutions. Built with Cosmos SDK. CW-20 capable.
👉 Source Token (SRCX): The first automated liquidity acquisition and DeFi market participation token built on Binance Smart Chain (BEP-20). Engineered to drive solvency and self-sustainability, SRCX rewards participants by-the-block with automated Loyalty and Yield Echoes.
👉 Source One Market & Source Swap: A peer to peer non-custodial DeFi marketplace for borrowing, lending, staking, swapping, liquidity pooling, and more. BEP-20 and CW-20 capable.
👉 Source One Token (SRC1): Governance and incentivized earnings token that powers Source One Market. BEP-20.
👉 Source USX (USX): Source One Market stablecoin backed and over collateralized by a hierarchy of blue chip crypto assets and stablecoins. BEP-20.
👉 DeFi-as-a-Service: seamless white-label integration of Source One Market with existing online banking and financial applications, allowing businesses to bring their customers a full-stack, fully compliant, secure, and non-custodial decentralized banking experience.
👉 Source One Card & Members Rewards Program: Become a Source One Rewards member and earn from a robust suite of perks and rewards. In the future, connect your Source One Card to your DeFi wallet and swipe with your crypto assets online and at retail locations in real time.
👉 Source Launch Pad: Empowering Projects to Seamlessly Distribute Tokens and Raise Liquidity (ERC20, BEP20 capable)
4) Can you tell us more about Source Token ($SRCX) and where we can buy it?
Jack (Source): Sure!! Source Token (SRCX) is a global transaction network that allows users to automate rewards from DeFi lending markets.
It is equipped with automated liquidity capture mechanisms that ensure solvent growth with every transaction. In other words, every transaction increases SRCX’s accessibility, security and transactability.
In addition to its sustainable design, SRCX users benefit from earning automated DeFi market rewards called “Echoes,” without having to participate in any complex DeFi processes themselves. Echoes populate to user’s wallets block-by-block without any required interaction from the user’s end, creating a seamless way to earn passive rewards from this growing industry.
All you need to earn Echo rewards from SRCX is a Web 3.0 wallet (like Metamask or Trust Wallet) and any amount of SRCX more than 0.
SRCX can be purchased on PancakeSwap (make sure you are connected to the smart chain mainnet) or a few major exchanges including LBank, Cointiger, Indoex and a few more coming soon!
Here’s a video on how to buy: https://youtu.be/xefYJxzGeBg
5) Please tell us: What makes Source Protocol special?
Jesse (Source): Unlike the vast majority of existing industry players, Source is an all-encompassing ecosystem. You can think of it as a one-stop-shop. It is not just one chain, token, coin, feature or product, but several that work collectively to form a technology infrastructure that provides value for anyone, from the retail user to the developer to the enterprise. We have a huge incentive infrastructure for users and developers to come, and stay.
6) What are your competitive advantages over other blockchain projects we’ve seen to date?
Jack (Source): Great question!
For builders & developers — Source Chain’s extremely high speeds (2500–10000+ tx / per second), low cost / gas fees ($0.01 average per tx), and scalability (developers can deploy apps in multiple coding languages using CosmWasm smart contract framework), set it apart as a blockchain built to handle mass adopted applications and tools. Not to mention, it’s interoperable with the entire Cosmos ecosystem.
For users — Source Protocol’s DeFi suite is Solvent and Sustainable (Automated liquidity mechanisms create a continuously self-funded, solvent and liquid network), Reduces Complexity (we’re making Web 3.0 easy to use with tools like Source Token which automate DeFi market rewards), and we’ve implemented Enhanced Security and Governance systems (like Guardian Nodes), which help us track malicious attacks and proposals to create a safer user environment.
*****Source is also one of the first ecosystems that will enable wrapped Binance Smart Chain assets (BEP-20) to have access to the Cosmos Interchain ecosystem!
For Enterprises — Source Protocol is one of the first to introduce DeFi-as-a-Service (DaaS) in order for existing online banking and fintech solutions to adopt blockchain technology with ease, and source also provides Enterprise Programs which are complete with a partner network of OTC brokerages, crypto exchanges, and neobanks that create a seamless corporate DeFi experience (fiat onboarding, offboarding, and mutli-sig managed wallets)
7) What’s next on your roadmap?
Jesse (Source): The next few weeks, and months are going to be very exciting! We will be releasing a lot of our products here soon. The one we are very excited to announce is our layer one chain release!
Jack (Source): Yes tons of exciting releases coming up this year!!!
1) Our test net of Source Chain is live to the public this week! Developers and enterprises will be able to begin building apps, smart contracts and tooling on Source Chain, with plans for mainnet to be launched later this year! Source Chain is capable of hosting everything from DeFi, to NFTs, gaming & P2E, metaverse, privacy networks, DeSci, DAOs, cloud & storage, etc.
2) Source has already developed Source Swap, which is an interchain DEX and liquidity pooling platform that will support all Cosmos-based chains and tokens, and will launch with the mainnet later this year.
SRCX and ATOM holders that register with Source Protocol’s website will be eligible for the SOURCE fairdrop when mainnet is launched.
3) Following the launch of Source Chain and Source Swap, will come Source One Market (our BSC-based DeFi suite for borrowing, lending, staking, etc), along with Source One Token (our governance token) and USX (our stablecoin). Source One will be bridged to Source Swap and we will support wrapped assets, making Source one of the first to enable BEP20 assets the ability to efficiently interact with the Cosmos ecosystem.
Learn more about Source, engage with the community, and get exclusive updates on launch, airdrops, etc at the links below: