E-Crypto News Talks to Jim Blasko of Aspire on DeFi Applications
DeFi Applications are the in-thing this year in the cryptospace. So much so that about $6.1 billion worth of tokens is locked up in the space. There are issues within the space currently. One of those is that the DeFi space is tied to Ethereum. Aspire offers an alternative with its own ecosystem. E-Crypto News Caught up with Jim Blasko, CEO, and Co-Founder of Aspire. Here is what he had to say.
Jim Blasko, CEO, and Co-Founder of Aspire
- What exactly is the Aspire platform?
Aspire is a revolutionary digital asset creation platform running on a secure Proof-of-Work blockchain known as gAsp. Aspire improves on speed, cost, and security for creating both fungible and non-fungible digital assets, making them resistant to the problems other mainstream asset platforms currently suffer from.
2. What can Aspire do that Counterparty can’t?
Counterparty was a great starting framework to build from, but unfortunately Counterparty suffered from excessive fees and slow transactions because it ran on Bitcoin’s blockchain. On Aspire, anyone can create assets at an extremely low price and in under two minutes. Currently the cost to do this is 10 Aspire coins (ASP), which we are offering for free through our Aspire bounty program. In addition, Aspire is 5x faster than Bitcoin. One Aspire gas coin (GASP) allows more than 300,000 transactions of any asset created on Aspire.
3. Currently, how many top cryptocurrency tokens does Aspire support?
Aspire isn’t a wallet for Bitcoin or Ethereum, it’s a standalone network designed for new asset deployment on the gAsp blockchain.
4. Apart from digital asset creation, what other activities can users perform on the Aspire platform?
Aspire users can send and receive any assets (aka cryptocurrencies) that are created on the Aspire platform using just one single address. They can also create sub-assets under their current assets, and send distributions of assets to anyone holding another particular asset. For instance, I can create an asset called “ECRYPTOCOIN” and in one click I can airdrop “ECRYPTOCOIN” to all holders of “AIR,” another asset on Aspire.
5. On the security end, what kind of security mechanisms do you have in place for the automated checkpoint server that will prevent the 51% attack?
It’s a redundancy design of multiple checkpoint servers waiting to take over at any time. If server 1 goes offline for any reason, server 2 (a mirror server) detects this and takes over as the new checkpoint server instantly. This process repeats as necessary to keep only one server acting as the checkpoint server at any given time, while keeping the network protected at all times. This process also randomly selects the servers at any given time, providing another layer of security to the server that is acting as the ACP server at the time.
6. How possible is a 51% attack on Proof-Of-Work (PoW) blockchains like Bitcoin?
Well on Bitcoin it’s rather hard, but it is possible. As far as the others, you can double spend ETC for about $5500 USD. You simply rent the necessary hashpower required to perform a coordinated double spend attack. The website https://www.crypto51.app/ actually tracks the currency price to perform a double spend on PoW blockchains. Aspire was designed to fix this major issue from the very beginning.
7. In your opinion do you think that applications such as Aspire will serve as direct competition to the DeFi space?
Aspire is concentrating on the problems that already exist in Ethereum, Ravencoin, Ethereum Classic, and other asset creation platforms. Future developments over the next two years include a road map to introduce Aspire Virtual Machine functions and smart contract ability which will support digital assets with DeFi properties and functions.
8. Do you think that projects like Aspire are also DeFi projects? If so why?
Yes absolutely, I’ve personally been building blockchains since 2014 (mostly for other companies) so I completely understand that in order to build something great, you need great tools. Projects like Aspire are providing the necessary tools to create the next generation of DeFi projects.
9. What is Aspire doing differently from the rest of the crypto space? Is there anything new?
We’ve kept a close eye watching other platforms’ successes and failures and developed new improvements to ensure security for our users. One improvement that sets us apart from others in the space is that we are the first platform to run on a PoW blockchain secured by advanced checkpoints. Security is the root of the problem of everything in crypto, so we’re starting off by giving users the ease of mind that their coins aren’t going to suffer from attacks by malicious miners or hackers. After security, we wanted Aspire to be quick, simple to use, and low-cost so we designed it so that users can make their own coins in under two minutes* (based on the average block time it takes to populate the network), for far less cost than on CounterParty or Ethereum. We also wanted to allow more transactions to occur on bigger blocks so we went with 4mb block size and the lowest gas fees possible by any platform.
10. In terms of regulation, how best can regulators and cryptocurrency projects cooperate?
Since 2014 I’ve talked about the importance of regulators in crypto. The main reason I see it to be important is to catch the projects that are simply scams. 2017-2018 proved that it’s a real problem as so many people invested into projects that never actually built anything. Every time Bitcoin’s price rises, new so-called “crypto experts” pop out from everywhere claiming they can make people rich. Regulation is necessary to keep investors safe and the crypto space credible.
11. If you had three wishes for Aspire and a Genie that could make those wishes come true what would they be?
My first wish is that I want to release a software that everyone could easily understand.
My second wish is that the software would be secure enough that people could fully trust it.
My third wish is that this software would be called Aspire and it would launch July 4th 2020. 🙂