We just finished our AMA with Sienna
So here we will put the questions that you maybe want to know it's answer :
Q1: Kindly Introduce yourself and Sienna network project to our community?
Hi all, Sienna Network is a privacy-first and cross-chain decentralized finance platform where you can soon privately swap, lend and convert your tokens.
Q2: You have a lot of similar competitors in the crypto world. Can you indicate the strength of your token to compete with other competitors? What is your most trusted feature?
We don’t think there are many other projects with the privacy features that Sienna has. The community behind Sienna realized that basic privacy is a human right which should also extend to financial solutions - which in the currently dominant chains are not private and thus prone to front-running etc. Sienna was initiated to contribute to the solution - with a groundbreaking approach thanks to the features of Secret Networks programmable privacy the Sienna token protects privacy at the foundational level.
Q3: Marketing strategy is very important for every projects. So what are your plan for this? How will you expand your relationships & build strong communities in both English & non-English speaking contries?Can anybody use this project without Any restrictions or some are restricted?
First of all Sienna is about building a great product that the community will like to use and recommend, and we’ve just started on this journey. Sienna realises that a key aspect is a very good user experience and support for many languages so everyone - both newbies and professionals can benefit. Sienna will have it’s frontend in multiple languages as the scope is global, and the Community already spread to a list of local language sub-fora managed by Sienna ambassadors. Sienna is currently permission-less so it’s up to the individual users to know their context.
Here’s a list of the current locally managed groups you can contribute to:
Arabic
Bangladesh
Chinese
Dutch
French
Ghana
India
Indonesia
Japanese
Nigeria
Turkish
Pakistan
Russian
Vietnamese
Q4: Is it possible to function completely decentralized without affecting the protection of the information and data of smart contracts when they have been created with conventional software that could already be flawed?
Great question and highly relevant in a privacy-focused project like Sienna Netowork. And yes it is possible to function completely decentralized - the Sienna Smart Contracts have been audited by a 3rd party - CertiK - and as Sienna is build on Secret Networks “programmable privacy” functionality - which offers a unique platform to build censorship-resistant applications that keep data encrypted, making use of TEEs (Trusted Execution Environments) to conceal data from the network. Nobody, including node operators, can access the raw information being decrypted and processed.
And as mentioned in the answer before - not even node operators can see the data locked in the TEE.
Q5: On moving forward through your roadmap, what are your most important next priorities/Milestone? Does Your Project have enough fundamental (Funds, Community, ect) to achieve those milestones?
The Sienna token TGE happened on May 3rd preceded by an oversubscribed private round and followed by successful listings on DAOmaker and Polkastarter. Next is the imminent product launch - for which the Sienna utility token was created, which will include SiennaSwap and Bridges. This allows bridging existing non-privacy-preserving tokens to their privacy preserving equivalents - e.g the Native Sienna (on SNIP-20) to wrapped aka wSIENNA (on ERC-20). Sienna has generous LP incentives and token rewards. The active community is already huge and growing rapidly.
Q6: I would like to know if you’ve completed any security audits? Perhaps by third-parties? We’ve seen dozens of hacks, exploits and stuff like that this year, What measures have been taken to protect TRL community from it?
Sienna’s core Smart Contracts have been (and are being) audited by certik.org, as mentioned before, and as Sienna is a privacy obsessed platform this is a core feature - that users can trust the platform. We are however aware that there are fake Sienna contracts and even fake liquidity pairs on Uniswap - this seems to be the current crazy situation following from open sourcing SCs. Luckily the Sienna community is doing all it can to prevent this by informing and educating everyone -> always check the token and contract addresses here
Q7: How can I buy your token ? Currently is it available on Exchanges?
yes, go to uniswap (DEX) or gate.io (CEX)
Q8: Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Yes with generous rewards - see here
Q9: Are you a community based project? How can I work for the success of your project? Do you have a Global Ambassador Program or a Referral Rewards System?
Yes, Sienna is a community of privacy focused people. Reach out to MonikaLion to discuss how to engage.
Q10: Now the token launch process is easy but to develop the ecosystem, maintain and expand the market is a challenge in every project, so what are your plans to maintain the price & supply of tokens in the market?🔵What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
building a great product - and key to that is community involvement in influencing the product roadmap. The tokenomics are fixed and designed to make it very attractive to hold the Sienna token and to earn Sienna tokens by using the platform. Via the ambassador programme in many languages - and adding more as fast as possible, the community can help spread the understanding.
Q11: Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Yes, 0,02% get’s burned in order to reduce supply.
Q12: Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
The Sienna platform and the tokenomics have been designed for a long term objective - the platform will gain more features and attract more liquidity and transaction volume which leads to more fees for participants. And with a locked and diminishing token-supply through the burn mechanism it’s designed to be attractive.
Q13: Startup has a very humble mission, helping new projects to scale within the crypto world almost reminds me of a profession as an educator. But for this, it is necessary to have experience and knowledge in the field. What knowledge does the team have?
the core contributors span experiences with BC projects as well as entrepreneurship, community and comms management, software development etc. And it’s a very distributed group ;) and growing also via the locally managed community ambassadors.
Q14: Sienna promises fast transactions that will cost only a few cents. Users will definitely be excited not having to pay exorbitant fees. Can you tell us more about your infrastructure? How do you achieve high speeds and such low fees being cross chain platform? Fees remain low even when trading with ETH chain?
no, Ethereums issue is the bandwith limitations on number of transactions per second and the GAS cost following from network overload and high ETH price. so wSienna will suffer from that as well. Luckily, you can easily swap to the native SIENNA token on SNIP-20 (which ultimately is part of the Cosmos ecosystem), which have much higher capacity and much lower GAS fees.
Q15: What are some of the difficulties SeinnaNetwork is facing right now while the crypto/blockchain industry is still young and needs time to grow? Can you share some solutions of the problems you are facing?
-Use need to expand from "crypto lovers" to "normal people" which will happen as Crypto becomes equivalent to any other currency or mechanism for store of utility etc.
- The general sentiment around crypto is still immature in the general world and needs to catch up with the amazing pace of technology innovation happening in the space.
Q16: About your ecosystem, can you tell me what security system do you have to guarantee privacy and protection to your users?
short answer - read this - Sienna’s protocol is build on top of it: link.
Q17: Low liquidity is one of the main problems with the DeFi, Project what are you going to do about it? Do you have a liquidity provider program? What benefits for liquidity providers?
generous rewards for LP: link.
Q18: Do you have a plan to identify your team later?Almost every investor is interested in large Defi projects as it delivers high returns and is fast. For what reasons can convince small and large investors to trust and invest in your project?
Absolutely, best argument is that an A-list of private round investors already committed.
