AMA with Crypto United UAE Recap

9 min readOct 22, 2024

Crypto United UAE Host:
Let’s begin our AMA with Prasaga Official CEO Michael Holdmann

Michael Holdmann Can you give us a high-level overview of PraSaga and what inspired its creation?

Michael Holdmann:

Hi, Thank you and please allow my slow hands time to type.

PraSaga is a next-generation Layer 1 blockchain designed to address core limitations of existing blockchains, like the trilemma, real-world utility function, composability, and volatility in fees. It’s inspired by my vision of creating a ubiquitous foundation for all global transactions, financial or other. It started as a project to decentralize the internet of things and has grown into an extension of the internet, adding advanced data management capabilities.

Crypto United UAE Host:
Michael Holdmann Would you please introduce yourself and how you begin building this blockchain company?

Michael Holdmann:

Yes, I have been involved in Tech since I was pulling cable and installing phone systems in 1978. Most of my experience is in the telecom and networking space through the 80 to mid 90’s. I then started working on the Internet with an ISP which led to my involvement in the “cloud” we used to call Application Service providers which I opened on the first. SInce then, I have been working on my mission of creating that infrastructure that included opportunity for anyone that wanted to participate in a global economy, anonymously.

Crypto United UAE Host:
Thank you. Michael Holdmann, You have an extensive background in technology. Would you elaborate on the technology behind PraSaga’s Smart Assets and how it differs from traditional Smart Contracts?

Michael Holdmann:

The reason for building the company was to decentralize the Internet of things and create individual sovereignty for all the world’s citizens.

Yes, we look at scaling in a different way than all other projects, we set out to scale capacity, so that adding resources (nodes) increased total volume throughput. This is done by moving beyond the smart contract (SC) data model into a smart asset model.

Think of a grocery store, in an SC world every register is a SC, you can only buy the item in your basket at the register (SC) which is dedicated to that specific item, you go to register 1 and buy bread, register 2 and buy broccoli etc.

With Programmable Smart Assets, you can purchase your entire basket regardless of item at 1 register.

Crypto United UAE Host:
Certainly scaling is vital in the blockchain ecosystem especially when consumers may not want to pay high gas fees for transactions and businesses have a strong interest in smooth transactions. What differentiates PraSaga from other Layer 1 blockchains in terms of scalability?

Michael Holdmann:

Our goal is to average 1000, 1k txn per block, 15sec pow per block so 4000 txn per minute per shard, that would give us 66TPS per shard. Because of our new Data Model, we will be consistent across every shard that is operating, so add another shard, add 66TPS.

In 2021 there were 531BN prepaid, credit and debit transactions (16000TPS) for 47TN dollars in value. On SagaChain, that would be about 250 shards total to process every txn. We estimate based on current compute and bandwidth capabilities, we will be able to accomplish 500 shards, however the system is mathematically capable of doing 65,000 shards.

Crypto United UAE Host:
Prasaga Official currently has a testnet up with a visualizer. Where could people find the testnet and what is the timeline for PraSaga’s mainnet launch?

Michael Holdmann:

Hi, you can view the private testnet at sagascan.prasaga.com and see the progress engineering is making towards the public permissionless trustless testnet. It would currently be considered a Hyperledger Fabric type product on steroids.

We are finalizing the release of our SagaScale tech, which is the separator of SagaChain from ANY other project out there. This is the core to our tech which is solving a problem that has been haunting distributed computing in general, the Traveling Salesman problem is the closest description.

We will release the software dev environment upon publishing of the code and start to offer grants to projects for building on SagaChain.

We are planning to do a Launchpad in December for a Wrapped SagaCoin offering with CEX listing soon after while we finish and drive to mainnet.

Crypto United UAE Host:
Awesome. Michael Holdmann, Can you tell us more about the role of nodes in PraSaga’s ecosystem?

Michael Holdmann:

Yes, they are the most important piece of the puzzle. It is how SagaChain is secured. We have spent almost 3 years on developing a monetary supply model to stabilize the purchase power of SagaCoin over the long term all with the Incentive to our Node Operators in mind. We will never stop minting coins. We will adjust supply to demand dynamically via the reward amount per block.

At the end of the day, the node operators will have close to 50% of total supply through our hybrid POS/POW, consensus.

Crypto United UAE Host:
This is my last question before we pick the questions from Twitter. Michael Holdmann, As you know, culture is very important in the blockchain ecosystem especially ethos coming from cyberpunk good old days. Would you let us know how Prasaga Official views the community and how it interplays with the Ps — people, purpose, etc.

Michael Holdmann:

We do not exist without a community. David, my co-founder and CTO, and I expect there to be a period of optimization that will require us to be involved but fully expect within 4–5 years of launch, this chain and economy are at a state that the community will manage via our decentralized governance model.

We are not a weighted model, one account anonymous verified gets one vote, annonymous non verified do not get votes. This gives the community the voice not the elites.

Our 4 P’s are

Purpose — build underlying foundation for global transaction financial or other, along with a method of exchange that is stable and benefits all in a global economy and commerce.

People — create an economy and commerce platform reachable by all 8BN + world citizens giving each an opportunity to safely participate. Create an environment where you have individual sovereignty over life, a container that includes a record of every transaction that ever happened cradle to grave and the only way one can access it is by you giving it to them.

Planet — ensure the most efficient use of energy per transaction while still allowing for security to be a priority.

Philanthropy — To ensure we are reaching all world citizens through organizations that are holding the same ETHOS as PraSaga Foundation.

Crypto United UAE Host:
Thank you, Michael Holdmann. Now let’s proceed with the Twitter segment of this AMA. First question —

https://x.com/Popcorn_2094/status/1845148864720056786

How does #SagaChain’s PoW/PoS hybrid consensus model enhances security and resistance to attacks, ensuring safe and reliable transactions for supply chain assets and analytical data?

Michael Holdmann:
PoS is great for short-term security while building the PoW which is great for long-term security, we need both. In PoS, you are only as secure as the private keys on the node operators machine.

Our consensus runs PoS reaches BFT consensus and produces the block. All node complete PoW for 15 sec, PoS again signs to verify PoW was completed.

This allows the keys from PoS to be deleted, so if anyone gets the private from a past block, they are useless. And as PoW is only securing the block not producing, you cannot fork it.

SagaChain is the ONLY blockchain that can give full provenance of any item and auditability from end unit to raw material tracking, i.e. every transaction that ever happened to any item anyone ever owned from cradle to grave.

Crypto United UAE Host:
Thank you, Michael Holdmann. Next question — https://x.com/Popcorn_2094/status/1845148717000818830

How does the next-generation, layer-one #SagaChain overcomes the limitations of other blockchains, and how does its ecosystem of tools and global communities support innovation?

Michael Holdmann:

We overcome the limitations by introducing a new 3rd Data Model to blockchain. We are able to guarantee the data independence of every transaction on a shard, something no other blockchain can do, as the Smart Contract Data Model is based on the data being serialized in the smart contract, with smart assets, the “state” (data) of that asset is in the actual object which is part of you account container.

For tools, we don’t have an SDK, the blockchain itself is the SDK. You will have simple user interfaces which you are used to in the Web2 world, getting an account on SagaChain will be like registering for an account online with any current application.

For devs, we are using the same architecture they have been using for decades if they ever build an app on a windowed (MacOS, Linux, Windows, IoS, Android, etc) device. It is all familiar.

Last thing we used Python on the client side, which 85% of world developers consider their main language and is the main programming language for Machine Learning (ML) and Artificial Intelligence (AI) meaning integration into those technologies will be easy.

We already have a project SagaGPT for devs to learn SagaPython.

Crypto United UAE Host:
Last question from Twitter. We are going to open up questions after this one: https://x.com/AadxA44444/status/1845132293997986155

What is your strongest advantage that you think will make your team leading the market?

Michael Holdmann:

Our focus on long term sustainability, not short term pumps for few to gain over retail. We believe as with the internet, mass adoption will come from enterprise, trusted brands, introducing apps that use the technology to their customers without anyone knowing it uses a blockchain.

We are engaging through Standards Bodies and Consortiums with enterprises to produce industry wide standards for how assets are represented on a blockchain. Will be announcing some initiatives soon.

Crypto United UAE Host:
Thank you Michael Holdmann. Now does anyone in this community have questions for Michael? Michael Holdmann, You could choose 3 questions to answer. It’s time for telegram community questions. We have completed our Twitter segment. Thank you for answering all the Twitter audience questions.

Rizky Akbar 🌱SEED 🐈‍⬛

Decentralized Identity (DID) is crucial for self-sovereign identity management in Web3. How does #Prasaga’s DID solution ensures users can prove their identity without relying on centralized authorities, and what are the potential applications of this technology?

Michael Holdmann:

This is the basis for enabling Individual Sovereignty to all people and organizations.

Our Model is around a single object state database, the Ledger Object ID (LOID) is a 256 bit string of random characters, with a single database, we can check against that and if the number has already been generated for another account, make a new one. We are able to guarantee your account number is unique for billions of years which is your individual container number.

Crypto United UAE Host:
Thank you, Michael Holdmann. Please answer another community question.

ini ajaa

What is your revenue model? In which ways do you generate revenue/profit? So many projects just like to speak about the “long term vision and mission” but what are your short term objectives? What are you focusing on right now?

Michael Holdmann:

We are an open permissionless decentralized blockchain, we have no equity positions in anything. The non profit Foundation exists to maintain SagaChain, and will receive operating capital via charging a fee on the TXN fee. We are looking at a minimum .0025/txn and will deduct a fee from that. The fee will be based on operating needs to fund the global entity and will dynamically adjust based on those needs.

Crypto United UAE Host:
Thank you, Michael Holdmann. Please choose one last question from the community on Telegram.

Harish

Partnership in the crypto sphere is key to the solidity of every project. Which companies are you currently partnering with and why? Which countries are your targeted regions to wider your communities?

Michael Holdmann:

We are working with the DigitalTwinConsortuim.org on solving problems across industries with our tech stack, you can see the other members at the website, we will be announcing some projects soon from there.

We have just signed with Avio and will be announcing a Grant fund for their Accelerator Cohorts over the next few weeks. We are also establishing relationships with other accelerator/incubator as well as Academia

Crypto United UAE Host:
Thank you, Michael Holdmann. Thank you so much for answering all the Telegram best community questions. We have completed our AMA session today.

Thank you for joining the Crypto Connected UAE International hosting room.

Crypto United UAE Host:
If you want to follow PraSaga, here are Prasaga Official’s communities👇

✔️Official Website: https://prasaga.com

✔️LinkedIn: https://linkedin.com/company/prasaga

✔️Telegram community channel: https://t.me/PrasagaOfficial_ANN

✔️Telegram community Group: https://t.me/prasagaofficial

✔️Discord server: https://discord.gg/prasaga

✔️Facebook page: https://facebook.com/prasagaofficial