The AMA took place on Thursday, June 18, 2020 on Reddit from 5 to 7 pm CEST. There was an opportunity for questions to be asked from the time the discussion thread was posted, to allow community members from around the world to participate.
Questions were answered by Nimiq's technical team leader, Philipp von Styp-Rekowsky (u/Nimiq_Styppo), the CEO of TEN31 Bank, Matthias von Hauff (u/madbullmatt). Richy (u/nimiq-richy) and Tammo (u/bombardi) from the Nimiq team also responded directly to questions not specifically addressed to Philipp or Matthias.
A first instance of the service using this technology has entered the alpha phase of development and is now available for journalists to try out.
The summary is presented below:
What are your thoughts about the assigned patent for real-time crypto-to-fiat swaps? Could this pose a problem for OASIS?
The patent describes a process where a party A wants to pay party B through a payment service provider using a non-fiat asset which is automatically converted into fiat for party B. OASIS is a scheme that describes how to implement conditional transfers for off-chain assets as to enable atomic swaps between these off-chain assets and assets on distributed ledgers. There seems to be no overlap between OASIS and the claims made in the patent, so we don't see an issue here.
Does OASIS work without fastspot? Can i create one app that uses OASIS without third parties?
Yes, fastspot is an application that builds on OASIS, so OASIS works without fastspot but not vice versa (at least for swaps involving fiat). OASIS is explicitly designed to be used by decentralized applications, i.e. just a piece of software running on a user's device. So yes, you can create an app that uses OASIS without any third parties except the OASIS provider(s) of your choice (e.g. TEN31 Bank).
Would a business need to open a TEN31 account for accepting nim to fiat online payments or will OASIS/TEN31 push payment through sepa to existing third party bank acc?
To use OASIS you don't need to have a bank account with TEN31 Bank. All you require is a senpa-intant ready EUR account with an IBAN number. Under this condition, OASIS will work from any bank to any bank.
Philipp, have you already been contacted by exchanges, banks, anyone else interested about implementing OASIS ?
Yes, we have received multiple inquiries but cannot disclose any details at this time 🙂
Does nimiq hold any sort of legal claim to the "oasis" name in the industry?
By some random accident I've found out that there exist OASIS dex (http://oasis.app) – which is a kind of gateway tool from maker/dai developers to onboard their coin – in a way similar to what NIM OASIS would be aiming for I guess.. ?
What would happen if actually this oasis.app went and claimed their right to use the name, wouldn't it cause some marketing related issues? And if yes, would it be considered nimiq's team fault, the fact they did not research this before deciding on the name for the protocol and claimed it legally somehow, considering it is such a big milestone in the roadmap?
And also from the other point – if you think you have bigger right to the name and can prove that the oasis was initially used by nimiq – would you try to claim it ?
OASIS is a technology, or more precisely, a protocol. As such, it is not the same or close to the OASIS app. The similarity is, of course, unfortunate but not really problematic.
Buying and selling crypto with OASIS always requires an actual product that has implemented OASIS, it does not work on its own. The products that will be built on top of OASIS will have their own branding, e.g. the service Nimiq is releasing together with TEN31 will be called Fastspot.
I don't think that we would claim it or try to prohibit someone from using it unless they harmfully try to disguise themselves as our OASIS. Nimiq OASIS is an open technology and we believe in coproduction and joining forces rather than hindering the competition. This, however, is my opinion and not a legal assessment of the situation.
When the official launch date? I can't wait to start using it!
Unfortunately, we can not committ to an official launch date just yet, since this depends on various factors outside of our control. However, we do expect to launch this year.
Will oasis be available in banks in Asia ? I am from Malaysia. Can ten31 bank allow Malaysian to open an account ?
OASIS might be available through a Malaysian bank in the future. This will not require TEN31 to give them an account.
Any bank that you are interested?
We will be looking to forge such partnerships after the launch in Europe. So, come Q2 2021, this might become interesting.
Fully understand the use case of the Fiat to Crypto HTLC, but can you talk more about how OASIS works with stocks and real-estate? This seems like a really groundbreaking development but how do you see it being used, instant real estate purchases? What makes NIMIQ the right method for these transactions and what are the benefits?
OASIS will work with any form of digital or digitised asset. You are absolutely right in pointing out that real estate as such can not be truly digital. However, if it is tokenised ownership of real estate, then it can be transferred with the help of OASIS.
Philipp, are you planning to integrate the possibility to buy euro with NIM/BTC in fastspot ? Will it be possible without KYC ?
Yes, fastspot will support both directions: fiat -> crypto and crypto -> fiat. Selling crypto will be possible without KYC as long as the total amount per user is less than 1000 EUR per 30 days (rolling).
Matthias, are you going to implement OASIS in further products of TEN31bank – or do you maintain the road to deliver "infrastructure" for other companies (banks)? If the tech is so great, in which business area do you see tremendous benefits if OASIS would be used?
We are currently working on several technical applications and integrations of OASIS. We see a particularly big opportunity for non-custodial exchanges as well as OTC desks
How many partners currently have trusted Nimiq and what benefits do these partners bring to Nimiq network ?
Our most important partnership is, of course, with TEN31 Bank. Here, we are talking about close collaboration and a shared vision. With TEN31, a whole ecosystem of partners, like Salamantex, Zilliqa etc. joins in too.
Other partnerships are:
– Trust Wallet has already agreed to integrate Nimiq staking. As the official wallet of Binance they are a pretty big player in the space!
– https://www.bidali.com/ NIM can be used to buy gift cards for companies like Uber and Starbucks.
– Kindhumans.com This partnership helps us bring blockchain tech to the charity sector. – Kindhumans is an ethical marketplace co-founded by one of the early employees at GoPro.
– MagnumWallet supports Nimiq with their non-custodial web wallet.
– Icemining is a coin-agnostic pool service and is interested in running a Nimiq Validator as well.
Many interesting and promising partnerships are still in the making and can't be disclosed yet.
What happens in the case the fiat transaction gets reversed?
The fiat transaction to the OASIS HTLC is generally non-reversible as it is initiated by the sending party, unlike e.g. direct debit where the transfer is initiated by the receiving party. The fiat transaction from OASIS to the HTLC's beneficiary may be reversed for a number of reasons, e.g. because the beneficiary provided an invalid account number. In this case, the beneficiary may try different accounts until the transaction goes through.
What is the difference between what you and Tenx are doing with COMIT?
COMIT is a protocol designed to facilitate swaps across different blockchains, while OASIS enables swaps between on-chain and off-chain assets (or even between off-chain and off-chain assets). OASIS describes how to implement the conditional transfer functionality required for such a swap for the off-chain asset and – unlike COMIT – does not specify how the swap itself is performed. As such, OASIS serves as a fundamental building block that can be flexibly integrated into a wide range swap applications without requiring a common protocol for these swaps.
How is the matching done between bid and asks on Fastspot? Will it use an already established DEX?
Fastspot itself acts as the counterparty to any swap it facilitates. Internally, fastspot uses multiple decentralized or centralized exchanges to execute the countertrade needed to balance its books.
Apparently a KYC procedure should be required for transactions amounting for more than 1000 euros a month. If such a limitation is put in place, who will process/enforce this rule?
Yes, it is correct that transactions of 1.000 EUR or more will require the user to be fully KYCd with TEN31 Bank. To be precise: This is required for any user who wished to use OASIS for more than 1.000 EUR per rolling 30 days. This will be enforced by the OASIS server which keeps a record of the transactions which have been processed through the corresponding IBANs over that time.
Does fastspot add any premium to the exchange rate or is this just the best available from the exchange?
In its current implementation, fastspot offers the best available exchange rate with a 0.2% fee.
Which team members develop oasis?
The OASIS idea was jointly developed by Team Nimiq and TEN31. On Nimiq's side, the team members most actively involved in the OASIS development are Marvin (u/la_r_ma) and myself, but of course the whole Nimiq Dev team chips in if necessary and participates in discussions and design decisions.
The world we live in, good technology launches can go viral and can transcend the crypto space – that being said, what sort of launch do you guys have planned for OASIS?
We are at present still evaluating the best route for the actual launch of OASIS. But we will of course be mindful to deliver a visible impact to promote the technology.
What stops fraudsters using OASIS using someone's bank account to purchase bitcoin or nimiq? And what if the bank then reverses the transaction leaving Ten31 out of pocket?
There seem to be several misunderstandings, here.
Firstly, unless someone hacks into your private online banking (or equivalent), it should be impossible to send money from your account without your consent.
Secondly, the SEPA INSTAND payment can not be reversed.
Thirdly, even if it could be reversed, this would not leave TEN31 out of pocket but the seller of the BTC or the NIM.
My understanding is that OASIS will be using SEPA for EU banks to be able to buy from fiat to crypto and vice versa. What are the technical challenges OASIS faces to work in other countries? Is there equivalents of SEPA in other regions?
OASIS is by design not limited to SEPA but can work with any means of transfer that is non-reversible and sufficiently fast. We chose to start with SEPA because TEN31, the first OASIS provider, is located in Europe and SEPA is the de-facto standard for fiat transfers within the European continent. Expanding OASIS support to countries outside Europe is primarily a matter of adding alternative means of transfer, for example Costa Rican banks offer an instant interbank settlement solution called SINPE. We are also actively looking to integrate mobile payment systems into OASIS, such as WeChat Pay or BlueCode.
You guys have done a great job so far, taking the time to standardize NIMIQ’s design language, creating fantastic and usable products with OASIS and upcoming Albatross, all while being easily accessible to users and developers alike. What are your plans to make more people aware outside of the small but growing community, and if you feel like a challenge, how do you bring in people who aren’t currently in the crypto space?
Thanks a lot, we did put a lot of love in 🙂 Currently, we are ramping up marketing and outreach quite a bit. This includes AMAs in crypto communities, landing influencer endorsements and coverage and leveraging the amazing community. In general, our target audience is still pretty crypto-specific. Nimiq OASIS enables us to reach a broader audience since it becomes so very easy to buy and sell – something that was very cumbersome to do for newbies – until now. We plan to heavily penetrate this niche of 'How to get in', '5 easy ways to buy BTC' type of content. These are much-used search queries, making SEA more interesting. Additionally, a whole new world of referral opportunities arise. Currently, we are quite happy with the pace of growth 🙂
Your twitter handle is 'so easy your parents can use it' so basically I'm asking why would they? How do they get to hear about it and make the switch, and what is NIMIQ doing to push mainstream adoption.
Crypto is still very young. The inherent value and advantage of decentralized money over fiat money is something that everyone needs to recognize on their own. We see it as our task to provide the easiest and most accessible solution – To go above and beyond to make it nice and comfortable to join crypto while never compromising on censorship-resistance. That goes for the easy-to-use products and the high-performance network alike. But honestly, in the end, everyone needs to decide for themselves if they see value in this new approach to money. We're basically here to make it as easy as possible to make that step. That being said, we're launching an adoption effort in Santa Teresa, Costa Rica end of this year. This will include us onboarding local merchants and targeting the many tourists that come by there (Covid-19 might kill this plan though).
Will it ever be possible to transfer NIM or BTC into fiat via OASIS?
Yes, this is one of the core functionalities of OASIS
What happens if the reference code is wrong? How does the transaction rollback? Is this supported in SEPA Instant?
If an incoming transaction cannot be matched to an active OASIS contract (because e.g. the reference code is missing or wrong), the transaction is immediately refunded by transferring the same amount (minus potential fees) back to the sender of the transaction.
I am sure you already know that Nimiq OASIS can virtually completely substitute SWIFT transfers, are you going to advertise this possibility? I mean, theoretically there is the possibility to create an ecosystem of banks supporting the technology, to substitute the old and sloppy SWIFT.
With high liquidity of NIM and supporting banks, international instant transfers between bank accounts seem top notch!
Interesting thought! Cross-border settlements are a great use-case for OASIS and it can certainly be an attractive replacement for slow and expensive international SWIFT transfers. SWIFT will still have its place for domestic payments though.
Philipp, can oasis work also for any asset pair? What needs to be done in terms of increasing clients, liquidity providers and finally currencies?
OASIS works for pretty much any digital asset that can be freely transferred. OASIS assets can be swapped with any on-chain asset that lives on a ledger that supports HTLCs or with any other OASIS asset, so any of these asset pairs are possible. To grow the userbase and to increase liquidity, we are looking to have OASIS integrated into a wide range of decentralized applications, such as decentralized exchanges or OTC apps. Support for more fiat currencies hinges on finding suitable banking partners in different regions of the world that can provide OASIS services for their local currencies.
Will we be able to buy Nim with Bancontact?
There is currently no concrete such plan with Bancontact. But we like your idea! 🙂
Are there any plans to bring in a marketing agency at any point? With all due respect, I feel the tech is incredible, but the communication and house style aren't at the same level.
A phrase like 'so simple, your parents can use it', may sound witty among a group of guys, but it is anything but professional sounding. And while I see there's a practicality and charm to the cartoon avatars, that too will be off putting to someone planning on trusting Nimiq with their money.
Don't worry, you're absolutely right with tech and marketing not being on the same level.
Nimiq has started working with a clear 'tech-first' approach that still dominates the project's culture (which is pretty great IMO). Over the years, multiple marketeers and agencies have contributed and overall, marketing is catching up speed. In many fields of marketing, Nimiq is still at the very beginning, though. The only agency currently working for Nimiq is overnice.com (I, Tammo, am part of Overnice). While we take care of a lot of marketing tasks, we're mainly occupied with UI&UX and product stuff. As the Nimiq comms. team was recently enlarged, there is no plan to hire additional agents that I'm aware of. A field of expertise where we can improve a lot is performance, search and native marketing. So if you have a contact, feel free to share 😉
The 'so simple your parents can use it' is still from the initial crowdfunding days and a bit of a relict (it's also a bit mean towards parents in general). We will revamp Nimiq's appearance with Nimiq 2.0 launch and take care of that too.
is there any staking rewards for the community itself?
Not really sure what you mean. Staking will be very easy to do, even for non-techies. You will also be able to stake with as little as 1000 NIM. There won't be any automatic rewards for the community in general.
In the future, is there any plans to allow customers with non EU banks to use the service by transferring the funds with current SWIFT banking system?
We are certainly looking at ways to give users from outside the EU access to this new technology. Transferring funds via SWIFT into the SEPA system might be one of the doors. However, there are then still open questions as to the KYC and AML requirements because we cannot rely on the same level of checks as we can with a EUR SEPA account.
i'm a newbie in crypto and blockchain so how will Namiq team target and educate people who don't know about blockchain and crypto?
With Nimiq OASIS, we believe to have created the easiest and most accessible way to own crypto. For us, this is essential to reach new users.
In general, all of Nimiq's solutions are super easy to use and don't require any blockchain knowledge. Because in the end, it really shouldn't matter if you understand it – you need to be able to use it and profit from its advantages. Pretty much how I, for example, have no idea how my phone works but I sure can use it. Try creating a wallet at https://www.nimiq.com/ and see for yourself 🙂
Would exchanges benefit from OASIS technology as an fiat on- and offramp?
If so, are you in talk with the major exchanges to get them on board?
Yes, especially non-custodial exchanges would benefit from the OASIS technology as the equivalent of a fiat trading pair.
At this stage, we can not reveal details about ongoing talks with prospect partners. Hope you understand…
Value of nimiq in crypto world?
Hi, I'm not sure what exactly you mean – can you specify?
In general, Nimiq aims to push the whole crypto space, not just itself. Nimiq OASIS, for example, can be used with any cryptocurrency that is HTLC ready – not just NIM.
Will it be bi-directional – sell NIM or BTC and receive Euro in your bank account?
Bi-Directional? Yes, it certainly will be. The sale of the one is the purchase of the other. Be it peer-2-peer or through a marketmaker.
Do you plan to disrupt the remittance and the payment processing industry with this technology?
In this context, are you looking for some really big partners to make it happen?
OASIS can be used to trade pretty much any digital asset. If implemented by a EUR bank and a USD bank, it can be used to swap EUR for USD, basically enabling the speed, reliability and low costs of atomic swap for remittances use-cases. It's a huge market. Disrupting it can not only help Nimiq but also the people sending and receiving the remittances. We are looking for partners to integrate OASIS and enable these swaps. For the EUR-USD case, we have TEN31 as a partner but still require a US bank to cover the USD side. So if you are a USD ready bank, please get in contact 😉
Matthias, can anyone use TEN31's API ? Is any registration needed ? Is it only for legal structures ?
Please can you specify what you mean? Are you referring to the OASIS API?
Yes the API for the Euro-HTLC implementation 🙂
The API is completely permissionless and designed to be used by decentralized applications running on a user's device. There is no registration planned at this time but this might change for the commercial release of OASIS.
Matthias, what are the limits of the system to be AML compliant ? Are you confident that these limits will not change / KYC will not be mandatory in the future ?
At present, below 1.000 EUR within 30 days, you can use OASIS without any additional KYC. All you need is a EUR SEPA bank account which is able to execute SEPA INSTANT money transfers.
In terms of AML, there is no real limit as long as you are properly KYCd and can – if required – show the source of the funds you are processing.
Matthias, will any citizen in the SEPA zone be able to use fastspot ? Will there be any specificities in some countries ?
In general, yes, anyone can use fastspot. However, you will require a European bank account – at least for the time being.
With Nimiq 2.0 rolling out later this year, can you confirm that staking will be made available with the ledger hardware wallet? Will this support come simultaneously with the web wallet staking ability? Lastly, do I need to have my hardware wallet plugged in all the time? Thanks
Yep. Team Nimiq has a lot of respect for Ledger Wallets as we think is one of the safest hardware wallets out there. That's why we worked hard to support them when we first launched the Nimiq Mainnet and we plan also to work on adding it with the launch of Nimiq 2.0. As with any Nimiq account, to stake, you will only need to be able to sign a transaction. So you should be able to do it from a Ledger without having to keep it plugged in.
Published originally at: https://www.reddit.com/r/Nimiq/comments/h7ljdm/nimiq_oasis_ama/