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Felix will be answering questions at 1:30pm pst.
posted 4 years ago
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With TokenSets, can we create our own themed sets or can we only engage with the 3 on the site already?
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.
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.
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.
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.
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.
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}.