Hi Everyone! Welcome to another BeInCrypto AMA Session. Today we welcome Kabir (@KabirKbr), CEO of NuNet.
NuNet pitches itself as a unique platform that lets users share and monetize their computing resources at scale and providesT globally distributed and optimized computing power to decentralized networks.
(This AMA has been edited for clarity)
BeInCrypto (BIC): Community, here is how things will work. I’ll have 10 questions for him. After these questions, he will pick up 5 out of all the questions you asked before the session. Good luck to you all.
Let me start >>
BIC: I would like to ask you something general to kick things off, so please provide some personal background as well as some references you guys looked at before creating NuNet.
Kabir (KAB): My name is Kabir Veitas, I am CEO & Co-founder at NuNet AI Researcher at SingularityNET, formerly strategic business consultant + executive and manager; Master of International Management, Master of AI, interdisciplinary Ph.D. AGI/Distributed computing, main NuNet architecture designer. Got involved in the space early on since 2013/15 paper from the computer science perspective; I was in academia back then researching AI, AGI, collective intelligence, building actor systems for decentralized synthetic AI. Met other co-founders, started research together which culminated in AI research at SingularityNET and establishing a NuNet spinoff based on that, incubated by SingularityNET in 2019.
Ben Goertzel (BEN): Co-founder at NuNet. CEO of the decentralized AI network SingularityNET, and the Chief Scientist of Hanson Robotics, chairman of AGI Society, OpenCog Foundation, etc. One of the world’s foremost experts in Artificial General Intelligence aimed at creating thinking machines with general cognitive capability at the human level and beyond
Weaver: Co-founder at NuNet. Works on concepts guiding the architecture of NuNet platform. Develops models of self-organized distributed cognition, distributed thought processes, and distributed social governance towards the emergence of a Global Brain. Ph.D. in Philosophy and Sciences; MSc in Electrical Engineering; Researches: cognitive science, artificial general intelligence, complex systems, consciousness, cybernetics, evolution theory, foundations of thought, philosophy of mind, deleuzian theory of difference, futures studies and the singularity, posthumanism and the transformative potential of human consciousness. Former hardware hacker; holds patents on hardware-based programming, distributed Prolog, etc.
See https://nunet.io/#team for the full team overview.
BIC: NuNet lets anyone share and monetize their computing resources, turning cloud computing power from a centralized service into an open protocol powered by blockchain. However, how does that work in practice, for all the users? How would you briefly describe Nunet in terms of its main purpose within the current market?
NuNet: 1. We are building a global economy of decentralized computing.
2. What it basically means is that we aim to connect all computing resources of the world, irrespectively of who owns them, into a single network where computers, mobile phones, cars, robots, you name it, game consoles, could interact and run open-source and proprietary code.
3. Most importantly, we are building a tokenomics layer that allows all these parties to get compensated or their contribution to the value-added of the apps running on the network.
4. There is a lot of latent computing power scattered around in the computing devices owned by persons / small businesses, etc.
5. But in order to run AI models, etc. we need to pay to oligopolistic market platers clouds, etc.
6. These resources can be optimized to run many computing processes, volunteer computing, data aggregation from different physical locations, etc.
7. We are building protocols APIs and languages for decentralized components of the computing processes to enable just that.
Including value flows powered by cross-chain native utility token NTX.See our whitepaper for more details.
BIC: I’ve read a few times that NuNet is backed by SingularityNet – which is a quite famous project among crypto investors. How would you explain the relation between NuNet and SingularityNet?
NuNet: NuNet has been incubated by SingularityNET in 2019 and we receive support from their teams. The AI services from the SinglarityNET marketplace will be hosted on NuNet. We’ve had a private round and a SingularityNET community round, and now a public round, uniswap coming on November 26.
BIC: I see. Would you mind talking a little bit more about some killer features we’re going to see on NuNet? Maybe those resources that really make you stand out
NuNet: NuNet aims to:
Connect all types of computing devices into a global decentralized network to execute any containerized program or AI algorithm;
Monetise computing resources via NTX token rewards for computing power contribution to the ecosystem
The platform will allow separate components of an application to anonymously run on different computing devices, ensuring seamless, secure, and borderless communication across devices
Algorithms and AI Services (SingularityNET’s or other) can autonomously find the optimal computing resources to execute themselves and directly compensate for their usage to individual compute devices
BIC: Partnerships are an essential part of the whole strategy for any project. Can you please name some of the latest partnerships you guys made? What about the importance of them and what do you expect to get from them aiming for NuNet’s growth?
NuNet: SingularityNET comes naturally, as mentioned earlier. SingularityDAO supports us on the DeFi side of the token, providing staking and yield farming for NTX token holders. Also, we’re collaborating with Ocean Protocol. Expect this list to grow significantly after the token launch as we’re actively seeking partnerships.
BIC: Cool. It’s time to introduce your native token to our community! What do you have to say about NTX in terms of tokenomics and how does it fit within your ecosystem?
NuNet: For a full overview of tokenomics, please check this website. The token is used as a settlement layer for computing workflows. Agents will autonomously be able to select and pay for their preferred options, based on speed, capacity, physical location, etc. The token also has a governance role, as NuNet is very committed to acting on community input. There will be regular polling on strategic decisions, for example, which devices to prioritize in onboarding.
BIC: Several projects currently use some strategies to maximize the number of holders. What are some of the benefits for those who hold your tokens? Do you also have a similar strategy?
NuNet: As mentioned, through SingularityDAO we will offer staking NTX, which will be single asset staking, starting with a month lockup period at 50% apr. Yield farming the LP tokens for NTX-ETH liquidity will also be offered
See Medium for full details.
BIC: What can you tell us about your IDO? AFAIK OccamRazer and Launchpool.xyz were selected by your team, right? Also, what’s the current status in case anyone wants to purchase your tokens? I bet some of our members are curious about how to buy some NTX right now 🙂
NuNet: Yes the public round of our token launch is on OccamRazer and Launchpool. They are still open for registration and allocation staking, but honestly, it might be a bit late to join that by now, resulting in a small allocation. The best bet for obtaining our NTX token after this round is the Uniswap pool which will be seeded by us on Friday 26, 13:00 UTC.
BIC: Great! I’m sure your roadmap is fully packed with activities. What do enthusiasts/investors can expect when it comes to future plans? What do you have in mind for NuNet in the next few weeks or months?
NuNet: It is packed indeed! For a full overview, see nunet.io/roadmap, where all steps are explained.
BIC: Awesome, that’s it. I’m quite sure we’ve covered all the main topics today. Could you please share all the links to your Social Media channels so that our community can get to know NuNet a little better?
NuNet: Telegram, Website, Whitepaper, Twitter, Gitlab, DevExchange.
Community (COM): I understand NuNet technology is the future of edge networking that leverages blockchain. Why did you choose blockchain for NuNet development? How are increasingly valuable computing resources accessed and monetized?
NuNet: Blockchain is the technology that can connect independent providers and agents in the network in a trustless manner — with smart contracts;
Further, it allows secure payments between machines.
It is an essential part of the network;
However, we are blockchain agnostic in the sense that NuNet can integrate many blockchains and use the ones (or several on the same workflow) that best answer the immediate demands of users.
COM: Who are your project’s biggest rivals? Do your projects have plans to beat your rivals or collaborate with them in the future? I think it will be a big step forward for your project.
What is PROJECT’s revenue model? How do you generate revenue/profit?
NuNet: Well, I usually say (which is true) that there are few really / in essence similar projects to us 🙂
There are many projects that position themselves in decentralized/distributed computing and that is amazing.
NuNet differentiates in the sense that we are building protocols and tokenomic mechanisms to connect them all (not only private/public compute resources, but also decentralized computing frameworks).
e.g. for a small example, NuNet will be able to facilitate porting a Blender rendering job to Golem and pay the fees needed for that via gateways, while taking data from IPFS and paying fees to AI developers or designers.
COM: NuNet provides globally distributed computing power and storage for distributed networks and intelligent global computing. So can you explain how this technology is used in the field of DeFi? Are there any technologies that can contribute to the development of DeFi?
NuNet: Yes. For example, DeFi (e.g. DEXes) use offline computing power to settle demand and supply. This is then fed back to the blockchain. These compute processes (as well as other things) can run on NuNet-provided hardware and get paid directly from the proceeds of DeFi operations.
In general, NuNet can run L2 solutions that need to be mobile and more compute power and interface that with the blockchain. You can think of it as “NuNet powering oracles”…
COM: Can users create their own computing resources in NuNet? How can we earn money from these resources? What is the revenue model in NuNet?
NuNet: Well, NuNet does not create computer resources — it connects to the available resources owned by the community and allows users to connect to them. So in order to join NuNet (at least at this early phase) one will need to have compute resources.
However, the question is interesting if re-formulated: ‘will users be able to create “virtual computing resources” on NuNet’? in the sense — by connecting resources from others and providing some services on top of that.
This is interesting — yes, it should be possible, but it is a really advanced feature and will be implemented quite down the line — thanks for the idea, though!.
COM: Security is very important for users before investing. Did you audit the project?
Sure — https://nunet-io.github.io/public/Nunet_Token_Contract_Audit.pdf
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.