KuCoin AMA With Subsquid (SQD) — A Peer-to-Peer Network for Terabyte-Scale Efficiency

Dear KuCoin Users,

Time: May 27, 2024, 12:00 PM - 12:49 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session featuring the Head of Growth of Subsquid (SQD), David L, in the KuCoin Exchange Group.

Official Website: https://subsquid.io/

Whitepaper: https://docs.subsquid.io/subsquid-network/whitepaper/

Follow Subsquid on X, Telegram and Discord

Q: What are the key advantages of using Subsquid?

David: Subsquid is the best possible tool for getting blockchain data. Period.

The key advantages of using Subsquid include its ability to provide infinite horizontal scalability, permissionless data access, credible neutrality, trust-minimized queries, and low maintenance cost. Additionally, Subsquid offers a decentralized solution for storing and accessing Web3 app data, ensuring openness and resilience without relying on centralized data lakes.

Let me make it simpler:

- 100-1000x faster than any competitor (i.e. GRT - 3.5B FDV)

- Tons of flexibility for devs

- A super easy way to build for the use cases you are most excited about (DePIN, Games, next-gen DeFi).

Q: Why is data crucial for the success of crypto and Web3?

David: Well, who here knows about Google?

Probably a lot of you are using Google Chrome to read this message right now.

Their entire business model is about data.

We need a Web3 equivalent.

So you ask about risk. Data is the oil for the new internet, so the community can make their own guesses about how much risk there is there. Data is how big tech companies make money. Facebook, Amazon, Netflix, Twitter and Google! OpenAI is a data company, Tesla too!

Data is valuable in Web3/crypto just like it was in Web2 → Data is crucial for the success of crypto and Web3 because it forms the foundation of dApps. Access to accurate and reliable data is essential for smart contract execution, decentralized finance (DeFi) protocols, decentralized social applications, gaming, infrastructure, creator economy, and various other verticals within the Web3 ecosystem.

Subsquid addresses the challenge of accessing and querying large amounts of data generated by these applications, thus enabling their growth and scalability.

The difference from FAANG and Web2 companies though is privacy. We don’t own or use any of your data without your permission! We only deal with what is publicly available on the blockchain!

Privacy is really important and in fact it’s the whole point of Web3!

Q: How can everyday users participate in the Subsquid network?

David: Good question! Well, KuCoin is a big part of that.

First, regular users can go to KuCoin to get some SQD, but there's some really great opportunities for people with zero technical skills:

Delegations. It is the easiest way to participate in Subsquid Network (and get a nice APY) is to delegate tokens. Delegations will go live very soon, along with mainnet launch at the start of June.

Delegation is the process where users can signal which worker nodes are trustworthy. In exchange for doing this, (it takes just a couple clicks in the app) you can receive an APY on your tokens.

This is actually really innovative and can provide a lot of rewards to the community. Like I said, Delegations are coming soon.

You can see the timeline on our Twitter (don't forget to give us a follow). We will have some extra boosts for delegators; extra rewards basically. (You guys are the first to hear about this)

Q: What are the main applications of SQD?

David: Excellent question! We talked a lot about delegations, but what else? First, we are going to be fully decentralized so we're excited to discover new ways that the community decides to use the token. But the main three use cases are as follows:

1. Delegations → Curate worker nodes and earn rewards

2. Staking → Bond tokens to run nodes and earn rewards

3. Getting data → Developers and data analysts lock tokens to run a gateway and consumer data!

So, if you like running nodes, we highly recommend staking. This requires bonding 100K SQD.

There will be one-click staking, so no tech skills required. If you are a dev or an analyst, you can run a gateway to get data in a P2P manner (you must lock 10k SQD).

But you can also access data via a gateway partner (these partnerships will be announced soon).

Q: In what ways will Subsquid revolutionize Web3?

David: We will enable Web3 to scale! I mean, we will enable Web3 to have use cases people actually want (advanced DeFi, social, games, etc). Think about how much that'll increase adoption! Everybody knows about data availability solutions (L2s, Solana, Celestia, appchains etc), but too few people know about data access!

The truth is that data availability is completely useless without data access. Our data access layer will make the scaling actually work. When you use an app on an L2 or Solana, there needs to be some way for the application to show you what you did!

Subsquid makes this possible. Luckily, we have far less competition than L2s. We can dominate data access and win! We are rapidly getting market share. We are #2 behind the biggest solution, which is 20x our FDV.

I think that shows you our growth potential and our tech is way better.

Q: What are the most significant achievements of Subsquid to date?

David: There's really too many to list here! But I'll talk about four things:

1. We have launched an amazing product with 172 real integration partnerships including bluechips and your favorite dApps.

2. Fastest pre-sale EVER on CoinList → Faster than Solana, Filecoin, Near, Algorand, etc. You may check here.

3. We recently finished a HUGE testnet → over 80k technically sophisticated participants (probably the biggest infra testnet ever).

I saved the best for last,

4. Google Partnership

Q: Is your platform suitable for crypto beginners? Or is it only limited for professional users?

David: Sure, go ahead and delegate. It takes just a couple clicks.

Q: How secure and reliable are your smart contracts considering that many projects have experienced failures and lost user funds? Have you thoroughly tested your smart contracts with both parties involved?

David: Extremely. All smart contracts have gone through extensive audits.

Q: Is there a KYC requirement for the transactions we will make on your Platform?

David: No, of course not.

Q: When and where can I buy your tokens?

David: On KuCoin, of course. You can buy them now.

Q: Is there any story behind naming your token as Subsquid?

David: Our founder really likes squids. As simple as that!

🎁 Participate in the Subsquid AMA quiz now for a chance to win $10 in SQD!

The form will remain open for five days from publishing this AMA recap.

KuCoin and Subsquid have prepared a total of $2,000 in SQD to give away to AMA participants.

1. Pre-AMA activity: $800 in SQD

2. Free-ask section: $50 in SQD

3. Flash mini-game: $400 in SQD

4. Post-AMA quiz: $750 in SQD

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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