Q&A session with Quarashi | Transcript
Q: What is the story behind the Quarashi Project? What was the biggest motivation that pushed you to build QUA? How did you use this motivation to achieve a successful project in the end?
A: The idea of Quarashi began in 2020. First, the project was supposed to be only a private chat app tied with blockchain and crypto transfers. After starting in May 2021, we understood that we were ready to create something more significant. We began to calculate the market issues. For example, we thought the crypto space needed one app for everything. So we started developing the chat, and after we came up with the idea to make it also a Multi Crypto Wallet like MetaMask but far more evolved.
So we created the Multi Crypto Wallet inside the app, which supports all significant chains like
ERC-20, BEP-20, Polygon, FTM, Harmony, HECO, Klaytn, or AVAX.
After developing the crypto wallet, we thought that we needed something extra. So we have added Swap, Staking, Airdrops, Launchpad, NFTs, and Token Multi Sender.
We started developing them in May 2021. We have an app with seven modules for Android: those supporting Multi Crypto Wallet, Staking, Vesting, Chat, VPN, and Browser. Furthermore, we had to develop the app for iOS + web + desktop.
In January 2022, we decided to develop the V2 wallet from scratch. The V2 wallet differs from V1 Android. The V2 will support EVM blockchains and non-EVM blockchains + Staking + Chat + VPN + Browser + Airdrops + Launchpad + Token Multi Sender + NFTs. We implemented one more module, Markets’ Overview.
Think about a wallet that you can do anything with. Regarding the motivation, we have started V1 to understand if we are worthy of developing such a magnitude of a project. We are building ten projects in one project. Each module you can calculate as one project.
Q: Tell us about your ecosystem. What besides the token is included in your ecosystem, and what are you working on now? Will there be any platform releases soon?
A: Now the project is about Multi Crypto Wallet + Multi Chain Swaps + Chat with Crypto Transfer + Staking + NFTs + Launchpad + VPN + Browser + Markets Overview + Modules.
And we are planning to add more modules after we manage to implement the ones that we are working on.
You will be able to see the main screen in V2:
- Top Gainers;
- Top Losers;
- TVL Change;
- Top 15 Daily Crypto news.
It will be the main screen when opening the wallet. You won’t need to go on CMC anymore because you will see everything you need directly in the wallet. You won’t need to browse news sites because you already have them in your wallet. It is 1 module we are finalizing at the moment.
The second module for V2 is almost Multi Chain Swap. You will be able to exchange any token with one click between the networks. So you can swap USDT on Aurora with Ethereum or BNB with an AVAX Chain Token. The Swap also supports adding custom tokens, so it basically supports the whole market.
The Third Module we almost finalized is the Token Multi Sender. It’s already in tests. It will allow other projects to distribute their airdrops/bounties/project tokens on ERC20, BEP-20, AVAX, Polygon, Fantom to thousands of addresses in one single transaction with Token Multi Sender.
The fourth module is the Staking QUA. The module is finalized, and it will be implemented in V2. Regarding the V2 wallet, everybody is asking when it will be released. The release will be in this Q2, we are still working on the Balances + Transfers Display. Meanwhile, the V1 is completely working.
So since January, we have started to develop the V2 because the Android was written in Java/Kotlin and Solidity. If we were planning to make releases for each OS, we had to work three times more, because Android is Java, and iOS we’d have to do in React, so we had to work twice when releasing a module. So what did we do? We started developing the V2 from the very beginning in January, with modules as a puzzle. It means we had to put the same amount of work and time spent for V1 again to develop the V2 version written in 1 code and to allow us to add non-EVM Blockchains as well.
Q: What is the role of your token and project in the entire ecosystem? Will it act as a simple payment currency across all your products? Or will its holders have some interest or vote in project decisions?
A: The token is required for Chat, Launchpad, and Staking modules.
To use the decentralized Chat, one must hold 100 QUA. The chat module will be a P2P Chat with Crypto Transfers inside the screen that will also support 13 000 cryptos for the transfer.
We didn’t think exactly how the launchpad will be done or if there will be staking, but it will work based only on QUA.
We plan to give QUA utility, but our priority now is to finalize deploy of the V2, so we can start making partnerships.
We don’t think about any voting mechanism. We cannot take any more tasks till we deploy the V2 version, because we are already working at full capacity. The level of work for V2 is enormous, and we plan to release it soon. Our main priority only is launching the V2. It will help our project grow because anyone will be able to use it.
Q: One of the core elements of Quarashi, is the Quarashi Multi Crypto Wallet. Can you tell me about its unique features, and what makes it different from already existing wallets?
A: We can compare it with MetaMask and Trust, for example. Quarashi Wallet will support the following:
- non-EVM Blockchains Cardano, Solana, Polkadot, and Elrond;
- the Chat Feature, which will be a decentralized chat inside the P2P Wallet;
- multi Chain Swaps directly from the wallet;
- Quarashi Markets Overview module;
- Token Multi Sender;
- VPN Inside the Wallet. It will add a multiple layer of protection.
Our wallet differs from the rest of wallets on the markets. What is very optimistic on the team’s part is that we already developed 4–5 modules from V2 within such a short timeframe, so we only need time to finalize the wallet ultimately.
Our community must be aware that nothing is made overnight, that projects like MetaMask were developed in 2–3 years, and they are constantly upgrading our products. We are pushing the process daily, so we can finalize the ideas as fast as possible.
Q: Does Quarashi wallet intend to launch a physical version of the crypto wallet? Like what Safepal wallet does, which has cards that can store crypto.
A: I don’t think so. Maybe if we ran out of tasks, but I don’t think it will happen because we are constantly adding modules to give more value to the project and differ from the wallets like MetaMask or Trust. But we will implement Ledger + Trezor + SFP support in the wallet. It’s on our task list.
Q: Can you tell us about QUA Staking Module and how robust your APY is? How are the rewards calculated? Is there any minimum amount of QUA or minimum staking period?
A: Yes, the QUA Staking module can be accessed from Quarashi Wallet directly from the menu or with MetaMask/Trust by using this link.
We have created the staking module with the community in mind. For that, we have considered the market conditions and added 39% APY for 12 months, which also gives us time to evolve with the project. They can benefit by holding the tokens in the staking. Also, our staking has limits, as in 2 years it’ll finalize.
No, there is no minimum amount. Also, we will implement staking on the WhiteBIT exchange, we will announce it tomorrow.
Q: The size of the community has an impact on the success of a project. Do you plan to educate both crypto and non-crypto individuals all over the world? Does Quarashi Network have any plans for non-English speaking communities?
A: Quarashi already has 6 different communities. And we are planning to add more. Also, the V2 wallet will be translated into many languages.
Q: According to your White paper, Quarashi Network aims to be the core gate to cryptocurrency adopters, creating a platform that will serve the most important demands of all cryptocurrency investors and adopters. What are your long-term plans? What are you currently working on? And what strategy will be used to expand globally?
A: Yes, our plan is to provide an easy-to-use service. Even people who just entered the market must understand how to use Quarashi Wallet. So they don’t have to waste time switching between several apps.
We think Quarashi Wallet must include the most necessary features while being user-friendly, so that even the crypto beginners could handle it easily.