COMMUNITY AMA WITH NEST PROTOCOL

1. What is NEST Protocol?

NEST Protocol is a collateralized lending product at the very beginning. Due to the lack of price mechanism and the oracles are commercially not in line with the decentralized nature of blockchain, NEST Protocol has developed a decentralized price oracle network in v2.0.

After more than one year of practice and research, we have gradually updated and adjusted various parameters and data of NEST system based on the essence of blockchain and now NEST Protocol v3.5 could become the underlying price protocol of all DeFi applications which is the only one that generates price information flow in a decentralized way on the Etherum network. The upcoming v3.6 will officially enter DAO governance and become a true non-cooperative gaming system.

2. What is the goal of the NEST Protocol?

The keyword for NEST Protocol in 2021 is "demand". We need to be clear that the crypto world is ultimately targeting the need to get out of the circle which is the real need to be accepted and recognized by the general public.

So far, only BTC is really out of the circle and if ETH or DeFi wants to go out of the circle, they must find the right position and real demand which is the long-term proposition of NEST Protocol.

To establish an on-chain economy, the price mechanism of the non-cooperative game is the core element. Therefore, NEST Protocol's key development goal this year is to develop more financial products based on price information flow with the vision of becoming the underlying price protocol of the Ethereum on-chain economy.

3. What makes NEST Protocol special?

First of all, it should be clear that NEST Protocol is not only an oracle but also a non-cooperative gaming system.

The blockchain world cannot actively generate price information, so it needs to rely on middleware to transfer the off-chain price on-chain, and this middleware refers to oracle.

Oracle’s function is to upload price information for the blockchain to be used by various DeFi products. We don't need to trust the person who uploaded the price but the price itself.

The process of running an oracle based on the normal logic is basically: collect price information from multiple exchanges, put them together to take the average and upload them on-chain; or find a few so-called "trusted" nodes with each uploading price to a centralized processor, take the average of the uploaded prices for use by DeFi products.

This is the approach of most oracles in the market today and there is a problem of trusted source that we need to trust the person or node or project owner who uploads the price. We cannot validate the prices themselves.

The biggest advantage and innovation of NEST Protocol's price mechanism compared to other oracles is the reverse thinking approach: Miners make bilateral asset quotes and introduce a verification mechanism that enters prices that have no room for arbitrage into the NEST system.

In the NEST system, it is the miner who uploads the price and it is a 30 ETH scale bilateral asset that miners put real money into the contract to quote. If the quotes deviate or having been distorted, there is bound to be arbitrage space with the prices off-chain and thus arbitrage by the validator. There is no need to know or trust the person who quoted the price because anyone can validate this price in the validation cycle of 25 blocks. Until there is no arbitrage space, this price data will be entered by the NEST system to generate price information directly on-chain. Other oracles upload price first with no validation and then impose punishment if any problem; NEST validates price first and directly eliminate the occurrence of errors. Prices that are not recognized by the on-chain world will not be uploaded, which is the essential difference between NEST and other oracles.

Such a NEST distributed price oracle solution is manifested in concrete results: The data has accuracy, sensitivity, defensibility and can be directly validated. The validators can be any third party with no threshold. Besides, the NEST oracle network system is highly distributed, Anyone can become a miner to participate in quote mining and freely enter or exit.

NEST Protocol takes the price mechanism as the core and produces NEST Token in a non-cooperative gaming way in the production. Other kinds of ERC20 assets take the oracle to produce all kinds of native nToken to constantly output the price information flow to the blockchain. This complete set of price information flow output mechanism can become the underlying price mechanism of the risk-calculable financial products on-chain which can be summarized according to the nature of blockchain as follows: BTC achieves data anti-tamper (transfer) through the non-cooperative game, ETH achieves logic anti-tamper(smart contract)through the non-cooperative game, NEST achieves exchange rate anti-tamper(price information flow) through the non-cooperative game. From this point of view, other oracles are just price data movers, a single product with only price-output while NEST Protocol is an ecosystem and a real non-cooperative gaming system.

4. Can you give us an overview of what NEST Protocol has achieved so far?

There are several big events in the NEST ecosystem this year.

1. NEST Protocol v3.6 which launched in April will remove developer’s permissions and officially enter the DAO governance.

2. The launch of CoFiX 2.0, an Auto-Market-Maker protocol based on NEST Protocol.

3. Parasset, providing lending, native assets exchange and insurance pool for the on-chain world.

4. Perpetual contract protocol Fort based on NEST Protocol is under development.

5. Thinking, designing and developing NEST Protocol to better solve the GAS consumption and mining randomness problem while proposing to GitHub.

6. Develop and study more cases of financial products based on NEST Protocol price information flow.

5. What are the benefits of the NEST token?

Let me briefly outline a few advantages of NEST Token

1) NEST Token is the native token of the non-cooperative gaming oracle system and is the first oracle token to be created in a decentralized gaming manner.

(2) NEST Token has an absolute demand in NEST ecosystem, such as setting up oracle to pay with NEST, quoting and pledging NEST, gaming over-collateralized NEST, computable financial CoFiX to provide liquidity mining for NEST Token. The collateralized asset protocol Parasset can use NEST Token to mint stablecoins, NEST oracle ecosystem income goes to NEST Token holders, etc.

(3) NEST Token has the governance rights of NEST Protocol

(4) NEST Token belongs to the oracle ecosystem sector with huge imagination and potential, and the price data demand of DeFi will explode with the popularity of blockchain in the future.

6. How do you buy the NEST token?
CEX:

1. Huobi Global https://www.huobi.com/
2. HBTC : https://www.bit-e.com/
3. Bibox:https://www.bibox.pro/
4. MXC:https://www.mxc.ai/
5. Hotbit:https://www.hotbit.pro/
6. Jubi : https://www.jbex.com/
7. Hoo : https://hoo.com/
8. HomiEx : https://www.homiex.io/
9. BeeEx : https://www.beeex.com/
10. Bilaxy : https://bilaxy.com/
11. BiKi : https://biki.cc/
12. Dcoin : https://dcoin.co/
13. Loopring https://loopring.io/
14. Hoo.com https://hoo.com/
15. ZT Global https://www.ztb.com/
16. AEX https://www.aex.com/
17. WhaleEx https://www.whaleex.com/
18. BKEX https://www.bkex.com/
19.Dsdaq https://www.dsdaq.com/

DEX:

https://cofix.tech/#/swap

7. Are there any interesting plans for NEST Protocol in the future?
I would like to conclude 4 points about the future plan

1) NEST Token has cross-chain to BSC network, and will bridge to more side chains, public chains and Layer 2 ecosystem in the future.

(2) NEST will provide a new oracle module, the mainstream asset quotation model will remain unchanged, and a new model will be introduced for long-tail assets and innovative assets: project teams or users will set up economic models such as incentives and invocations to quote their own tokens and mine their own tokens.

(3) Fort, a derivatives protocol based on the NEST Protocol oracle, will continue to contribute to NEST.

(4) The future long-term plan will gradually solve random mining, verification of incentives, bridging traditional financial data and non-financial data (weather, indices), etc.

8. How did you come across Shopping.io?

I work and invest in the crypto community, and I am more sensitive to some of the events and trends. Through some advertisements and introductions from friends, I learned about the Shopping.io platform, which is very good and is particularly conducive to the connection between the crypto world and the traditional world. Enhance the liquidity and application scenarios of native encrypted assets.

9. What do you think about our collaboration and what was the response from your community after they found out about our collaboration?

The focus of this cooperation is to increase the application scenarios and break the circle of NEST Token, and for Shopping.io, it also increases the support of NEST communities at home and abroad.
The initial partnership between the two parties has already had a good experience and positive result, and some overseas users have already used NEST Token to purchase goods from Shopping.io, laying the foundation for the future of NEST to break out of the circle.

10. Where do you see NEST Protocol in the future?

NEST Protocol will stick to the route of decentralized, non-cooperative gaming output, continuing the path of BTC, ETH to carry on the exploration. The future NEST is not only a oracle, but also a real underlying system conforming to BTC and ETH standards, where the blockchain cannot actively generate price information. the quotation mechanism of NEST Protocol determines that it can actively generate price information flow on the chain in a decentralized manner on the blockchain network. In the future blockchain world, especially with the arrival of Web 3.0, no matter DeFi, NFT, GameFi, or meta-universe, every interaction is a value transfer rather than a data transfer. Frequent interactions at this level are destined to require an underlying price-predictor system with a high ceiling, rich imagination, and huge potential. Therefore, the protocols that insist on the underlying logic will have a real future.

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