Stay up to date on all things crypto and blockchain

Token Daily is a place to discover trending news and products in crypto and blockchain.

Q&As with Felix Feng, Founder of Set Protocol

Felix will be answering questions at 1:30pm pst.

posted 7 months ago

with or if you'd like to join the discussion.
Dennis Stücken
How will investing into a {Set} work for a user?
1
Felix {Setoshi} Feng
@dstuecken For users who simply want to invest or purchase a Set, you can currently do so on a decentralized exchange such as Radar Relay. We will soon be supporting other exchanges as well
0
Soona Amhaz
Hey Felix!

With TokenSets, can we create our own themed sets or can we only engage with the 3 on the site already?
0
Felix {Setoshi} Feng
@soonaorlater With TokenSets, you can currently bundle and unbundle our 3 Sets. With these 3 Sets, we wanted to show what’s possible with Set Protocol and demonstrate the concept of synergy, where the value of the whole exceeds the individual parts.

Our primary example is StableSet. There are numerous types of stablecoins that employ various strategies that have various risks. Stablecoins that employ the IOU model such as Tether or TrueUSD rely on centralized intermediaries such as banks, auditors ,etc. Whereas StableCoins that employ the Collateral-backed models can face potential black-swan events. If users are distrusting of a particular model, a smart thing when using Stablecoins would be to spread the risk across numerous unproven models. And that’s what we’ve done with the StableSet, which is a Set that is composed of various StableCoins

We will soon release the create feature which allows users to design and deploy their own Sets. In the meantime, if you have any interesting Sets you want added, you could message us at [email protected]setprotocol.com and we’ll see what we can do. If you’re a developer, you can also go to our smart contract github repo and take a peek at our audited smart contracts.
0
Soona Amhaz
What major problem is Set Protocol/TokenSets solving? Why does a user need to bundle tokens instead of trading/holding individually?
0
Felix {Setoshi} Feng
@soonaorlater When we came out with the Set Protocol whitepaper, we envisioned the tokenization of the world. We foresaw that many assets would be represented as digital tokens on the blockchain. As the number of tokens increases, the pains and complexities of dealing with each of the tokens separately increase as well.

Imagine that you wanted to acquire the top 100 ERC20 tokens. You’d have to go on various centralized/decentralized exchanges, perform KYC for each exchange, deposit your funds, search for the tokens, and click the buy button 100s of times. In addition, you’d have to withdraw your tokens to your wallet, pay gas for 100 network transaction fees, and watch etherscan for your 100 transactions to ensure you’ve received them. This is a huge pain for the end user.

With a Set, a user just needs to purchase 1 token and perform 1 network transaction to acquire an instrument that gets you access to those 100 tokens.
0
Kiren Srinivasan
Hey Felix, loved one of your previous Medium posts about being a bootcamp grad and detailing your process of how to get a job even if you've had unconventional schooling! What trends in the crypto space should we be paying attention to? And what advice would you give to new developers who are interested in pursuing crypto, but aren't "qualified" for jobs in the space?
0
Felix {Setoshi} Feng
@srinitude Thanks!

I’m biased, but I’m very intrigued by the decentralized finance movement. I also am a big proponent of projects solving scalability, privacy, and user experience challenges.

I’d say the biggest advice is to “stay hungry and stay foolish”. Crypto is an ever-evolving industry, and the only way to keep up is to continue to be hungry to learn more and do more. Many describe their journey as “going down the rabbit hole”, and I wholeheartedly agree. It’s hard to keep up if you aren't consumed by the promise of crypto and aren't passionate about the change it can have on the world.
1
Campbell Capital
Will the Set Protocol be able to bundle tokens across various blockchains (i.e., BTC and ETH) represented in a ERC-20 token? If so, expected timeline?
0
Felix {Setoshi} Feng
@Campbell-Capital We’re excited about Sets composed of tokens from various blockchains, as we’ll be able to represent tokens beyond ERC20. Imagine HOLD10, except fully decentralized.

The technical challenge to be solved before this is possible is interoperability across blockchains. There has been exciting developments from various projects including Cosmos, Kyber Network, Polkadot, and TrueBit that are driving this forward, but none are live in MainNet yet.
1
Erik Torenberg
What's most surprising or misunderstood about Set?
0
Felix {Setoshi} Feng
@eriktorenberg I think the thing that tends to surprise most people as they become more familiar with Set is the potential breadth of applications that the protocol has. Right now, there’s a narrow focus on Set as a financial product, an index of ERC20 tokens. But, this is just one use case.

The grand vision is that Set Protocol is the on-chain aggregation, abstraction, or bundling layer that powers a myriad of blockchain applications.

For example, if you wanted to run a machine learning algorithm on a piece of data using Golem and then store the data in a decentralized manner using Filecoin, you should be able to pay for this composite operation using one token, a Set.

In a more sci-fi use case, Sets would represent any digital composite object. For example, let’s say you were playing a RPG game and wanted to make Steel, which is composed of iron ore and coal. Making Steel is a one-way operation; you can’t break up steel back into iron ore and coal. With a Set, you can enforce these types of properties when building immutable games.
0
Jon Grinnell
Hi Felix - recently you put out a tweet that highlighted that the finance world is being rebuild with decentralized primitives. I saw you had 0x as the 'exchange' layer .... what role do you see 0x playing in the future of finance and how is your team thinking about 0x at Set Protocol?
0
Felix {Setoshi} Feng
@Jon_Grinnell We are seeing that many financial products are being transposed onto the blockchain world, whether it be securities, derivatives, loans, stable coins, etc.

The liquidity of these products becomes an important component to the usefulness of these new blockchain assets.
We see decentralized exchange protocols such as 0x, Kyber Network, Airswap, etc. being a fundamental base layer for facilitating the exchange of these new assets.

In particular, 0x seems to have garnered the most developer interest and developed the most robust ecosystem of projects. We love the developer-first-approach, and their activities have been a big inspiration for how we do things at {Set}.
0
X