Bahamut Foundation X AMA session with BeInCrypto

Bahamut Foundation's Blockchain Program Leader Pavel Aramyan recently joined BeanCrypto for an exciting AMA session. Aramyan offers an in-depth look at the Bahamut.io project, a ground-breaking Layer 1, permissionless blockchain that uses an Ethereum v2.0 fork and a new proof-of-stake and proof-of-stake (PoSA) agreement.

This innovative approach rewards validators who actively deploy and participate in smart contracts that enhance network participation and security.

Aramyan highlighted successful DeFi projects launched on Bahamut, including Lolic, Mutuari, and SilkSwap, and discussed the foundation's funding, community meetings, and educational activities to foster a knowledgeable and active blockchain community.

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AMA session with Pavel Aramyan from the Bahamut Foundation

BeenCrypto: Today we are introducing Blockchain Program Leader at Bahamut Foundation – Pavel Aramyan 🙌

🗣 Community

As usual, I have some questions for Pavel. After that, he will answer 5 questions from our previously selected 💁🏻‍♀️ members

Pavel Aramyan: Nice to meet you all! Thank you @cryptosoka for hosting me today

BIC: Okay, Pavel, let's start our AMA with this point: Could you please provide an overview of the Bahamit.io project and its mission in the blockchain space? 👀

Pavel Aramyan: With pleasure. So Bahamut is a layer 1, unlicensed, public block. It is a fork of Ethereum v2.0 and uses a new protocol called POSA (Proof of Stake and Activity). The main idea of ​​Posa is to reward more validators with active smart contracts on the chain – as active gas is being used to interact with these smart contracts. The higher the activity, the higher the chance of being selected as a block producer, thus earning more rewards from the network.

BIC: 😯😯😯 Can you tell us more about the Diffi projects that you successfully launched on the Bahamut blockchain?

Pavel Aramyan:

Recently Lolic – Liquid Staking, Mutuari – Lending and SilkSwap – Decentralized Exchange Prototypes have been launched by Bahamut. Lolic is currently boasting about 15 million FTN company, which is about $30 million in just a few months. Mutuari is a decentralized lending protocol that allows for the sharing of collateral assets and lending to others – mostly in stablecoins such as USDT and USDC. Silkswap, like DEX, makes it easy to browse between tokens on-chain and swap one for another at any time.

BIC: And how do Bahamut Foundation grants support new participants? What are you looking for in projects that apply for these grants?

Pavel Aramyan: So the foundation provides support in marketing, consulting and FTNs. As a general rule, all projects are welcome to apply, regardless of their geographic location, while the Foundation considers each application. Applicants are asked to fill in some basic/general information and upload their product/service pitch deck, and after evaluation, if the initial stage is passed, a video call is arranged to know the team's experience, view a demo (if any) and clear any further possible questions. At the final stage, applicants can receive it as a grant, and the distribution is usually divided into milestones or paid in full after the product is delivered.

The Foundation considers the team's experience and commitment to their work as priorities.

BIC: How do you measure the impact and success of Bahamut Foundation's initiatives in the DFi, gaming and NFT sectors? 👀

Pavel Aramyan: These are mostly measured by Bahamut addresses, active players/addresses for engaged games, as well as the number of NFT collections on marketplaces. There are also key metrics that are unique to each product type and should be revised accordingly. For example, liquidity restrictions for different products or ongoing updates of the protocol and enhancement services. The global idea is to encourage applicants to continuously improve their products and keep them alive.

BIC: Btw, what strategies does Bahamut Foundation use to ensure the continued support and success of the projects already started?

Pavel Aramyan: If the projects are grant participants, there are certain criteria – as I mentioned earlier, different for each project – that, when met, make them eligible for additional funding. Also, the PoSA consensus plays its role – the better applications one creates, the more blocks one creates and the more often one participates in consensus issues, the more rewards one gets, which can be considered a secondary income stream in some applications. .

For an example of numbers, I can say that if Ethereum is working with POSA agreement, someone like uniswap will earn 1500 ETH every month, because of their activity in the network, we ran this simulation a while ago. Given the current price of Ethereum, that's not worth anything to 😄.

BIC: Let's talk about the meetings organized by the Bahamut Foundation 🔥 What was the community response and how do these events grow the blockchain community?

Pavel Aramyan: Community meetings are always well-received, especially when it comes to blockchain, as people are eager to learn. The meetings are primarily intended to educate the community on the technical and business aspects of Blockchain and Web3. As a result, you get more educated users, which in turn leads to a desire to learn more, which leads to wider web3 adoption – which we believe should be a common factor among all web3 products and businesses these days.

BIC: And can you share any insights on the Bahamut meetings, especially in Dubai?

Pavel Aramyan: The Dubai community meeting was a blast. Not only was it the first meeting at the FtNFT store in Dubai, but the community was eager and curious about FastX, Bahamut and Web3 in general. At Web3 World we had a number of talks on technology, leadership and legal issues, which were immediately wrapped up in a convenient networking event, as is typical for all meetings.

BIC: What about other events? How did the Bahamut Foundation's participation in Paris Blockchain Week contribute to your goals, and what were the main takeaways from this event?

Pavel Aramyan: In fact, we have a lot of influence on real-time events, which is why you attend more than 50 events every year. In particular, the Paris Blockchain Week is one of these events that is highly respected by the community and as a result, Bahamut has received several grant applications, partnerships and mergers that are currently being implemented.

BIC: More than 50 events a year 🤯🤯🤯

Pavel Aramyan: I know mind blowing 😄

BIC: Pavel, I heard about your educational programs. Can you please tell us more about it? Does Bahamut Foundation plan new collaborations with local or international universities?

Pavel Aramyan: So this has become a new venture for the foundation, and the idea is to establish some kind of educational portal/session/semester for students with a master's degree and above who want to learn about the technology. Cooperation with Yerevan State University for short courses (1-2 months long) is underway, more cooperation and semester-long courses will follow in the near future.

We believe that the right education (however basic) will be a key nail driver in securing a bright future for blockchain and Web 3 usage in general, as not being separated from the topic is a big win in many cases.

“Oh, I've heard about this before” and “Well, this sounds complicated, I'll pass” can go a long way.

BIC: Wow!!! How does Bahamut support outstanding students in these academic programs, and what are the criteria for receiving scholarships? 👀👀👀

Pavel Aramyan: Since this is just the beginning, we didn't have a student to complete the course. But the idea is to offer jobs (part-time, full-time, internships) depending on the results and hire young blood. to space. And as we all know, the youth are always looking for the unknown and enjoy exploring it to the end, which basically results in an educated society and people who care about web3.

BIC: Now I want to be a student again 😂

Pavel Aramyan: Ha! Now, that's a word I thought I'd never say after I graduate, but I'm so glad I did 😄

BIC: Finally, can you share any upcoming events or announcements that fans and potential collaborators should look forward to? 😏

Pavel Aramyan: Sure, as I said you can find us at many major industry events so expect to find us in Singapore, Dubai, Amsterdam, Hong Kong and other places in the next few months.

As for announcements, there will be up to 30 additional distributions in the next quarter, as well as several mergers and infrastructure additions.

BIC: Very good! Now let's move on to my favorite part – questions from our community 🖤 I see you chose the following questions.

Pavel Aramyan: Let's get to it!

BIC: @AppleChichi: How does Bahamut's new approach to distributing block proof rewards differ from traditional blockchain reward methods and what are the benefits for validators and the network as a whole?

Pavel Aramyan: Okay, this is great because it highlights the benefits of PoSA. So what we have in motion is the parameter in the blockchain code, which consensus is supposed to take into account when distributing the possibility of becoming a block producer in the future.

Validators with smart contracts now distributed over the network are more likely to be selected repeatedly than traditional POS. This is a small but fundamental change in the PoS consensus because it recognizes these validators as participants who bring value to others (as others are willing to spend gas to communicate with these contracts), so they should be rewarded in a proper, decentralized way.

For example, you can choose to deploy an ERC20 (or in our case BHRC20) token on Bahamut, and each time you transfer it from Wallet A to Wallet B, you develop activity as a transmitter of this token. As a result, the more transfers that occur, the more revenue you can earn from the network in the form of fees. And this model can be applied to any other modern contract application.

BIC: Next up is @VuongKy3: What specific industries or use cases is Bahamut targeting with its public blockchain solution, and how does its unique reward distribution mechanism benefit these applications?

Pavel Aramyan: So the beauty of Posa is it doesn't matter what industry you're in, as long as you create good smart contracts people will be willing to use them and then you'll get movement. And the blockchain recognizes this and rewards everyone with a price proportional to the entire pool of activity in the chain.

This is why this can be considered universal, because every type of business can benefit from this type of agreement.

BIC: @JuliusDunham asks: How will Bahamut handle scale and transactional transactions? Are there new technologies or protocols implemented to handle high transaction volumes and network congestion?

Pavel Aramyan: So currently, Bahamut works as fast and scalable as Ethereum. We are also currently looking at implementing second-layer solutions and sharking technologies to overcome these issues. We value decentralization like Ethereum more than anything else when it comes to blockchain operations, and that's why we chose it as our platform.

BIC: @wangsu4: How does Bahamut ensure decentralization and prevent concentration of power among a small number of validators or stakeholders? What governance mechanisms are in place to support this objective?

Pavel Aramyan: Bahamut currently has more than 4400 confirmations in the network. Considering the decentralization and posa, we encourage everyone to be authentic to be able to participate in the generation of the movement, thereby creating a healthy environment for all participation.

Because you can only benefit from activity if you are a validator on Bahamut, and every smart contract can be linked to a validator, if you want to create value for yourself, you need to do a full node on the chain. . This results in better distribution among validators and protects the chain from the myriad risks that come with the possibilities of centralization.

BIC: And the last one – @EzequielMarrero: In terms of functionality, how does Bahamut facilitate connections with other blockchain networks and existing financial systems? Are there specific protocols or partnerships that improve cross-chain interoperability?

Pavel Aramyan: Bahamut is very excited to create a vibrant atmosphere in Web 3 with functionality and “blockchain-to-blockchain”. We always seek to integrate protocols that are interoperable in their fundamentals as a top priority. Symbiosis Bridge currently offers the ability to migrate assets from other chains to Bahamut, with currently 8 additional communication protocol integrations in discussion and/or completion stages.

BIC: Cool! Pavel, thank you for being here today 🖤

Pavel Aramyan: @cryptosoka thanks for hosting me!

Final thoughts

Through a unique PoSA agreement, Bahamut rewards active validators and drives high network engagement. The successful launch of Diffi projects like Lolic, Mutuari and Silkswap shows the potential of the platform and the foundation's commitment to support through grants and community initiatives.

With a focus on education, ongoing support for projects, and a strong focus on practicality, Bahamut is poised to make significant contributions to the blockchain industry. According to Aramyan, exciting developments and new opportunities are on the horizon, promising a bright future for both Bahmot and its growing community.