AMA Recap: Relayer Network & Trading Benjamins
After being live for a little over a week, one of our team members sat down with the Trading Benjamins Telegram group to give a deeper overview of Relayer Network and answer questions from their team.
After being live for a little over a week, one of our team members sat down with the Trading Benjamins Telegram group to give a deeper overview of Relayer Network and answer questions from their team and community. Read on to find out how Relayer took Keep3r and added some much needed enhancements, how you can start earning passive income executing jobs on Relayer Network, and to find out what’s next for Relayer Network and the team.
Note: Transcript has been edited to properly sync questions/answers. You can find screenshots of the AMA here.
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Welcome to the Trading Benjamins telegram, when/if you are ready lets get this AMA with $RLR started!
Hi all — my name is Matt and I’m on the Relayer team. Akshay had a family issue come up today and while he’ll try to pop in, I am unsure if he’ll make it. In his stead I’ll be answering questions the TB team and you all have.
First thank you for coming on to do this AMA with us, I’m quite excited to have you here and dive deeper into the RLR project with you!
So to get us started can you give us a quick introduction of the project as well as the basic outline of your project. Also everyone, while waiting for us to respond to the questions you can check out the RLR website at https://relay3r.network/
If anyone watching has any questions they want answered, DM me them and I’ll ask as many of them as I can.
Sure. At a high level, Relayer Network ($RLR) is a significantly improved fork of Andre Cronje’s Keep3r Network with three key additions (below). In essence, it allows for people to complete jobs on the ETH network that need to be completed (i.e. Core’s arbitrage has to be completed by someone on the network) and earn passive income while doing so.
-Ability to transfer relayer rights to a new user from current address
-Ability to approve contracts to transfer relayer rights to other addresses
-Modifiable bonding, unbonding, liquidity bonding delay, and liquidity fee
These additions allow for added functionality vs. what keep3r offers, such as a marketplace to buy and sell already activated relayers, tokenizing relayer rights via custom contracts, and governance to decide bonding/unbonding times as we know there isn’t one size fits all.
We have a lot of kp3r forks already (a lot have failed), what makes you different and better than someone with so much experience like Andre? For example YFI had countless amounts of forks and nothing compared to the original, why should we believe yours will beat the original k3pr?
Totally fair. I think what we saw when deciding to do this project was we had actually used the Keep3r network, but saw some basic functionality that would keep us using it long term wasn’t there.
For instance, one of the drawbacks we found was the bonding/unbonding and liquidity bonding delays were constants, which means if there was an influx of interest the voters wouldn’t be able to change demand and vice versa.
Along with this, the ability to sell or transfer Relayer rights (or in that case, Keeper rights), you would have to share a private key or mnemonic to the buyer, which is woefully insecure.
Not to disparage anyone, but Andre has been known for pushing things out quickly to get to market (i.e. test in prod) and sometimes overlooks very basic things that would appeal to a wide audience and longer term users. We saw this and decided to do something about it.
From an experience standpoint, Akshay, our lead dev, has been in the Blockchain space since 2017 and served as the Core Lead Dev on high profile projects such as Ghost and Indexchain, in addition to being a community dev on PIVX and contributing to 20+ other projects. So Akshay understands how to build something for the long term and the mechanics that go into that.
This man sounds very based!
He is. He’s been pretty active in the DeFi community even before started Relayer helping various projects as well as helping various traders identify contract insecurities for tokens they wanted to ape into.
Very true, Andre rushing things to market has cost him and investors massively already. As many have already experienced.
Is he the only team member/dev? Do you plan on hiring more team members?
Akshay is the founder and lead developer. I handle operations, strategy, and marketing (incl. comms). We have set aside a budget to bring on 1–2 additional developers, which we hope to secure relatively soon to help us add more jobs to Relayer and improve the overall user experience.
Will relayer be a competitive or complementary product to K3PR and how?
I think it’s a little bit of both, leaning competitive.
It’s complementary through the fact that you can execute jobs on both RLR and KP3R without any conflict.
It’s competitive in the fact that while you can execute jobs on both, the added features we’ve included in RLR that aren’t found on KP3R make it significantly more attractive to use longer term and “set and forget” if you are running scripts to execute jobs on the network.
What types of Jobs would be created on Relayer instead of Kp3r?
It’s counterintuitive to offer the same jobs, as you don’t need that many people executing the same job on the ETH network. So we have added some high profile jobs initially that Kp3R overlooked, such as our Core Flash Arbitrage job, and plan to add others that Kp3R hasn’t added for one reason or another.
Another advantage we have here is not only are we bringing on devs to specifically focus on finding and adding jobs that will pay the most out to our users, but that we’ve seen Andre somewhat slow down on adding additional jobs as he focuses on the other 5–10 projects he works on simultaneously. We want to ensure we always have a developer with a sole focus of finding new and profitable jobs for those using the Relayer Network.
We’re also learning a lot. We’re in the third version of our Core Flash Arb job, which is now significantly more efficient than v1, using less gas and only executing the most profitable execution strategy available.
Yea you definitely have a big advantage in the fact Andre is all over the place with what he focuses his time on, where as your team is focused on one task and one task only.
How much does an individual job pay? Are there any bonuses or incentives for specific jobs?
We take a vested interest in our users and their outcomes. We never want to leave something half baked. We see this as somewhat of the future of the “gig economy” especially as we’re amidst a pandemic. All you need to get started earning passive income is a spare machine (or virtual machine from Google) to run scripts and earn RLR. Added bonus is if you have 200 RLR bonded, you earn a bonus on your rewards.
Individual job payments vary by the jobs themselves, because they are connected to different projects/tokens that already have a listed payout. So for instance, if you execute the Core Flash Arb job, you get paid in both RLR and Core native token.
What do you foresee as your biggest hurdle to get over in the space? are you limited in some areas of what you can do, in the sense the tech just isn’t there yet?
I think there are several, but in our initial stages it’s market exposure and education.
We’re not Andre, and while Akshay is a well known name in some places, he can’t send a tweet out and immediately have thousands of people going to his website to buy his token or execute jobs on the network. We have to rely on word of mouth, and doing AMAs with awesome groups like yours to educate and inform. We are also in talks with some YouTubers to do educational videos (vs. shilling videos, we don’t like those) so that people can learn how to make this passive income for themselves.
From an education perspective, it’s teaching people how to get up and started running these scripts to execute jobs. For the non-technical minded, it can seem REALLY daunting, and I think there is a barrier here to get over to where people generally feel comfortable with it. We recently released v1 of our documentation here: https://docs.relay3r.network/ which we hope helps people get from A -> B without many issues, and have an active Telegram / Discord group where Akshay constantly answers any questions those trying to get started have.
I don’t think many see “executing jobs on the ETH network” the same as delivering food orders for Postmates, but we think this space is still very young and as it and crypto evolves it will become analogous.
That’s actually a very good way to describe what you are doing and not something I have ever thought to compare it to.
You may be the fastest reader/typer answering question I have ever seen also. Yet your answers are still well thought out and detailed 🔥
Haha, thank you. I really love what we’re doing here and my excitement translates into some fast typing I suppose.
Haha you’re ok, here it is anyways. If someone wanted to start up a Relayer script for setting up jobs, what is the process they must go through? Would it be hard to do for the average person? Are there any “how tos” on this available?
Firstly, I said this is easier than delivering for Postmates, because unlike Postmates, you can literally set up a spare or virtual machine to run scripts on our network, and forget about it, hence the passive income. So no need to leave your house (especially during a pandemic) nor click any extra buttons or anything like that. Kp3R actually does feature some manual jobs that don’t qualify as passive income, and we didn’t like that.
In regards to getting started, as I mentioned before I believe this is one of our biggest hurdles for mass adoption, especially for non technical folks. In addition to the documentation I provided above (https://docs.relay3r.network/) one of our awesome community members dockerized the relayer node and improved code scheduling on their repo https://github.com/HOVOH/relay3r-jobs, so you can get a node up in 1 command.
Why leave your home and actually do work when your computer can do the work for you and earn passive income! Giga brain play right here
Exactly! You can even do your day job if you’re working remote and have jobs running on your other machine.. double income.. who doesn’t like that?
I want to quickly mention our community is awesome. In addition to the above, someone who is helping people get started quicker so they can earn immediately, our TG and Discord groups are constantly asking / answering both technical and non-technical questions from the community. Shout out to you all!
Awesome people will definitely like this tip/information for getting started. I’m sure there’s already a lot of people in here interested and ready to give it a try. All information to help them in their process will definitely go a long way and speed up adoption.
Agreed. If anyone here wants to get up and running and has questions on our documentation or the REPO, feel free to drop into our TG group (https://t.me/relay3r) and tag me or Akshay (@akshaynexus) and we’re glad to help.
I think a lot of people sleep on the fact if you want something to succeed long term it’s all about adoption and why will something be relevant in the future. It’s not so much about what is price today and how do we shill price up for tomorrow. This definitely gets lost on a lot of people trading uniswap coins.
Yeah I agree, and it’s really tough to balance. We understand that people want short term value due to all the “moonshots” in the space, but our TG group will tell you I constantly remind them we are building a utility token for the long term. The value is built by the product itself and the community we build.
That being said though. I know a lot of people will want to know the answer to this question lol.
What are your plans for marketing going forward?
We think there is a ton of undiscovered value here and as we get the word out and people start using our platform more, the market will see the true potential.
I want to take an omnichannel media strategy here. We want to engage people through AMAs, YouTube, Twitter, and through traditional media.
We have another AMA on Wednesday with The AMA Room (sorry if I am not allowed to plug another group here!) and are in talks with some other groups. We want to focus on diversity of users to reach multi-national people and technical / non technical folks alike.
With YouTube, I am primarily focused on YouTube accounts that do a good job of explaining token utility, why it should exist, and how to use it, with great production value. I’m in talks with 6–8 high profile YouTubers and deciding where we can get the best “bang for our buck” so to speak.. we will also feature Akshay in an interview on the video after a full explanation is given.
Traditional media is tricky, but I am in talks with a few journalists to cover what we’ve done, how it’s improved off of Keep3r, and how we plan on continuing to build this out in the future. We think this will help us gain some mainstream adoption as a “gig economy” alternative like what I mentioned above.
Twitter wise, also in talks with several folks, but it’s a delicate balance because I feel a lot of Twitter are a bit shilly / iffy.. But we’ve identified several accounts that we feel do a great job explaining the technical value and utility, while also explaining why RLR is extremely undervalued at the moment and has a lot of room to run from a price/market cap standpoint.
No spread the word! SHILL!!! everyone join the AMA on Wednesday, I encourage you to learn as much as you can!
Thanks, in that case, please join us there on Wednesday, Nov 25, at 9am EST here: https://t.me/amaroom
In addition to building something useful for the community, we are also focused on adding both short and longer term token value for our holders. That’s very important as well.
That’s an in depth and well thought out marketing strategy to be honest. I like that you’re not just getting a bunch of twitter accounts to shill tweet the project, like so many do. People are starting to see right through that approach I believe.
The more information and knowledge you can spread in teaching should go farther in your goal towards long term growth IMO.
Yeah we 100% agree with that. We aren’t a pump and dump, we prefer a methodical run :)
To back track a little here with this next question.
As some may know there was a token swap conducted. Why was the token swap done?
Just to clear up any concerns people may have or potential fud around this.
Great question.
Post deployment of our initial token, RL3R, we discovered that there was some additional functionality that wasn’t included in the smart contract. This is NO WAY affected anyone’s funds, it was strictly extra features we wanted to ensure our users would have access to and create long-term value.
In short, the ‘doKeeperrightsChecks’ function was mistakenly coded as an internal function, which doesn’t allow the transfer of Relayer rights from one address to another, which is one of the key improvements over Keep3r.
Since we cannot edit a deployed smart contract as it was not a proxy deploy (it was direct deploy), we had to add this to a new contract and do the migration, which made a token swap necessary.
We also started hating the name RL3R and thought RLR was much better, so that was an added bonus.
Can’t $tag RL3R also lol
That too, ha.
I think I only have a couple more questions most DM questions, if not all have already been covered by you so I may skip that part of the AMA unless an influx of new questions comes in quickly.
Rumor has it liquidity mining is on the way, can you tell us about that and what it will mean for the future of the project?
The rumor mill strikes again! Yes, I can confirm this is coming.
We have actually already written the contract for this, and are taking the week to test it and ensure it’s safe and functional.
This will help add even more long-term value for Relayer, as the incentives for liquidity mining (especially after Uniswap killed theirs, which we felt was a big mistake on their part) will be attractive enough to where people will use it and liquidity will grow, reducing the volatility we see today in price and bring in new investors/holders/users.
What are the prerequisites for participating in jobs through the network? Are there any?
If you take a look at our website (https://relay3r.network) and our UI, you’ll notice the “bonds” section. Some jobs, like unitrade relayer, has no pre req, but others like sliding oracle, require 200 RLR to be bonded. It varies by job. But if you bond 200+ RLR, we’ve built in bonus rewards, so it makes sense to have at leat 200 bonded when executing any job.
Better load up your RLR while they’re cheap everyone! 2 more questions!
Sure
Do you have an audit? If not are you planning to get one and where if so?
Most of our code is forked from the already existing Keep3r code which has been audited and is safe. We haven’t added a TON to that code, but do plan on having the new additions audited and I am talking to several auditors to set this up and have it done.
Also, all of our code is publicly available on Akshay’s GitHub at https://github.com/akshaynexus
Remember everyone audits are not the be all and end all. We have seen many coins with multiple audits done rug!
Yeah, audits seem somewhat like a red herring at this point, but we know people want to see them done and because of that we will do one for the community.
Also this comment is not directed at Relay3r in any way. If anyone is reading into this comment wrong. Just stating a fact. Just because an audit is done doesn’t mean your funds are “safu”.
We agree, and we want people to feel comfortable investing. We have also locked a lot of the outstanding tokens in a time-locked smart contract which we have pasted in our TG group if anyone wants to check it out.
Last question!!!!
Do you have anything you would be adding to Relay3r in the future which you could give us a hint or sneak peak at? We already know about liquidity mining now, is there more on top of this?
We are in the midst of both writing and testing several new jobs for high profile tokens that you all have heard of. Some of these jobs exist on their backends already, meaning you’ll earn both their native token and RLR for executing jobs. We should be able to release more info on this within the week.
Additionally, we recently rolled out our Governance (https://snapshot.page/#/relayernetwork.eth) which allows our users/holders/community to determine the rules around bonding, liquidity mining, jobs, and the future roadmap for Relayer.
We are also working on a full brand refresh, website, UI, logo, etc. We are using a highly recommended person in the space, so it will take some time to get everything done, but we’ve seen a preview and think it’s a significant upgrade to our current and will make it even easier for users to find us, learn more about us, and get started.
I think that’s about it for now. I encourage you all to check out our site we mentioned, join our social groups, and follow us on Twitter @RelayerNetwork for the breaking updates as they come.
That’s awesome, we definitely look forward to seeing the revamped website!
Thank you so much for your time today, and thank you for coming to our AMA! We hope everything is ok with Dev and his family! You filled in admirably for him and answered the questions very eloquently. Thank you very much for your time. Anyone who is here watching. For more information, please check out Relay3r at the following links
Website: https://relay3r.network/
Telegram: https://t.me/relay3r
Twitter: https://twitter.com/RelayerNetwork
Medium: https://akshaycm.medium.com/
GitHub: https://github.com/akshaynexus
We really appreciate you all for having us and to the Trading Benjamins team for being so awesome.
As always for this AMA we will be archiving it and putting it in the Past AMA Directory located here: https://bit.ly/32aRGEA This time since the DEV was not able to make it, il be offering to the RLR team/dev the ability to come back and respond to some of these questions with the devs response and il add notes to the directory which will make sure we get the DEV PoV for some questions if he didn’t like how they were answered or has more to add to it and i will update everyone when/if something has been added to it.
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This concludes the AMA transcript. Thanks for reading! Don’t forget we’ll be doing another AMA with The AMA Room on Wednesday, November 25th, at 9am EST. We hope to see you there!