Dialogue with Aura Network Founder: In the NFT winter, how does being an NFT-specific Layer 1 break into Web2?

Guest: Hoang-Giang Tran ，Aura Network

Interviewed by: flowie ，ChainCatcher

How is the development of the Web3 ecosystem in Vietnam, and what opportunities are there? How to enter the Vietnamese blockchain market? To answer this series of questions and ultimately promote co-creation in the China-Vietnam Web3 community, ChainCatcher, in collaboration with the local Vietnamese Web3 media SaaS platform and our strategic partner BitouchNews, launched a series of interviews titled "Finding Vietnamese Web3 Builders," directly engaging with the most influential project founders and builders in Vietnam to help you find the most valuable answers.

*In the second episode, we invited the founder of the well-known local Layer1 project Aura Network, * Hoang-Giang Tran , who shared with us the development journey of Aura Network and the local crypto ecosystem .

In the current deep bear market for NFTs, breaking the narrative limitations and liquidity bottlenecks has always been a core topic of discussion.

Founded in 2021, Aura Network, as a Layer1 dedicated to NFTs, not only provides a blockchain tailored to specific needs around NFTs but has also been exploring real-world use cases of NFTs in verticals such as gaming, the metaverse, sports, and music. Currently, 30 NFT series have been launched in the Aura ecosystem, and the Top 10 games on the BSC chain are gradually being released on Aura.

At the same time, through partnerships with leading local Web2 companies and high-quality artist resources, Aura Network has successfully brought NFTs into Web2. For example, the FOX NFT series, a collaboration between Aura Network and Vietnam's leading online TV streaming service FPT Play, sold out in 33 minutes; the NFT series of stamps created in collaboration with the heritage management agency of Vietnamese songwriter Trinh Cong Son was sold out in just 1 minute; and a partnership with the well-known logistics company Ahamove launched the Greenovative Collection, which included environmental protection initiatives.

With the expansion into Web2, Aura Network's activity within the Cosmos ecosystem has also gradually increased. Aura Network founder & CEO Hoang-Giang Tran stated, "Since the mainnet launch in March, Aura ranks second in the Cosmos ecosystem based on developer activity, and we expect to be among the top three chains in Cosmos by the third quarter of 2023."

Currently, Aura Network has also established partnerships with well-known investment institutions such as Hashed, LD Capital, SNZ, FPT, and Coin98, as well as leading TMT companies in Vietnam.

As a continuous entrepreneur in Vietnam, Hoang-Giang Tran was previously the Vice President of Vietnam's largest IT company, FPT Software, and he also founded the well-known local enterprise blockchain platform akaChain. With a professional background in cloud computing and blockchain, Hoang-Giang Tran became a member of the Forbes Technology Council in 2020.

Why did he choose to establish an NFT-dedicated Layer1 Aura Network in 2021, and how does Aura Network respond to the deep bear market and trust crisis in NFTs? Has the active Vietnamese crypto community changed in light of the continuous market turmoil? To explore these questions, we interviewed Aura Network founder and CEO Hoang-Giang Tran.

Aura is expected to become one of the top three chains in Cosmos

1. ChainCatcher: When did you start becoming interested in cryptocurrencies? Can you share your personal career experience?

Hoang-Giang Tran: During my time in Japan in 2018, I had the opportunity to discuss and learn about the development of blockchain with industry leaders at the forefront of blockchain technology. This interaction made me realize the enormous potential and disruptive power of blockchain across various industries. At that time, one of my judgments was, "Blockchain technology is the cornerstone of Industry 4.0."

Before founding Aura , I served as Vice President of FPT Software. During my time at FPT Software, I discovered the immense potential of blockchain development, and I believe it can bring more value to the world, especially with the help of FPT in facilitating large-scale adoption of blockchain. With the support of FPT Software, I also founded an enterprise blockchain platform called akaChain. akaChain was ranked in the top 10 by the market research firm HFS, and the experience of founding akaChain strengthened my determination to broaden the boundaries of blockchain adoption.

Additionally, I am currently a member of the Forbes Technology Council. This role endorses my expertise in cloud computing and blockchain, and more importantly, it allows me to connect with industry leaders and stay at the forefront of technological advancements.

2. ChainCatcher: What motivated you to decide to establish Aura Network, and what memorable stories are there in this process?

Hoang-Giang Tran: One of the key motivations for founding Aura Network is quite simple; we believe that the barrier to entry for everyday users to use blockchain is too high. We hope to create a platform that makes blockchain more accessible, user-friendly, and applicable to real-world use cases.

At the same time, we also observed the potential of NFTs to change industries such as art, gaming, and finance, which led us to the decision to create a Layer1 platform dedicated to NFTs, enabling individuals and businesses to leverage the potential of NFTs more conveniently.

Looking back at the development journey of Aura Network, we secured two rounds of financing during a relatively sluggish crypto market. Especially in 2022, we raised $2.5 million in our seed round. Throughout the process of gaining support from investors and partners, there were numerous meetings, negotiations, and presentations where we had to repeatedly articulate Aura Network's value proposition and features. This was not an easy process, but it also proved that Aura Network's development vision was recognized.

Currently, Aura Network has numerous global partners including Hashed, LD Capital, SNZ, FPT, and Coin98.

3. ChainCatcher: Aura Network launched its mainnet at the end of March; can you share some operational data?

Hoang-Giang Tran: Since our mainnet launch, Aura ranks second in the Cosmos ecosystem based on developer activity.

At the same time, Aura is innovating in account abstraction and IBC proxy layers within Cosmos, and it is the only Layer1 building public infrastructure for a broader ecosystem (Pyxis Safe and Horoscopy) in Cosmos. We expect that by the third quarter of 2023, Aura will be among the top three chains in terms of users in Cosmos.

Currently, 30 NFT series have been launched in the Aura ecosystem, and the Top 10 games on the BSC chain have also been released on Aura.

Additionally, Aura's collaboration with FPT (the largest telecommunications technology company in Vietnam) and SBI is expected to bring a total exposure of over 10 million DAU (daily active users) and over 100 million MAU (monthly active users).

4. ChainCatcher: Earlier this year, Aura Network announced financing and mainnet launch news; what important developments are planned for the second half of the year?

Hoang-Giang Tran: In the coming months, one of our main projects is Halotrade, a decentralized exchange based on Aura Network. Through Halotrade, our goal is to provide users with seamless cryptocurrency trading using smart contracts written in CosmWasm. This project will allow users to trade a diverse range of digital assets in an open-source environment, ensuring efficiency and security.

Additionally, we continue to expand partnerships, establishing strategic alliances with industry leaders such as Hashed, Cosmos Daily, Matchbox DAO, Whalemap, Bware Labs, LD Capital, ONUS Chain, and Monsterra to enhance Aura Network's influence. At the same time, making NFTs easier for a broader audience to use is also something we plan to promote.

Why create an NFT-dedicated Layer1?

5. ChainCatcher: Why create an NFT-dedicated Layer1? Is it an inevitable trend for Layer1s in vertical fields like DeFi and NFTs?

Hoang-Giang Tran: We decided to build a Layer1 platform specifically for NFTs because we believe that by developing dedicated infrastructure, we can better support the creation, trading, and ownership of NFTs.

We believe that creating dedicated Layer1 platforms for different fields (such as DeFi and NFTs) is an inevitable trend. These platforms provide targeted features and optimizations tailored to the specific needs of their respective industries, thereby improving functionality, scalability, and user experience. As the blockchain industry continues to evolve, we anticipate an increase in specialized Layer1 platforms created to meet the diverse needs of various sectors.

6. ChainCatcher: As an NFT-dedicated Layer1, what technical features does Aura Network have? Compared to other mainstream Layer1s like Ethereum and Solana, what optimizations has Aura Network made that are more suitable for NFTs?

Hoang-Giang Tran: This can be viewed from several aspects.

Optimized for NFTs, the infrastructure, consensus mechanism, and smart contract capabilities of the Aura Network are customized to meet the unique requirements of NFT transactions, storage, and metadata.

In terms of scalability and throughput, Aura Network employs transaction optimization to enhance scalability and throughput, processing a large number of NFT transactions with faster confirmation times, reducing congestion, and improving overall network efficiency.

With low transaction fees, Aura Network aims to provide NFT users with cost-effective transactions. By optimizing the underlying infrastructure and transaction processing, the network minimizes transaction costs, making it easier for creators, collectors, and traders to participate in NFTs without being hindered by high costs.

Enhanced security is ensured by Aura Network through the implementation of robust encryption protocols, secure smart contract frameworks, and ongoing auditing processes, creating a secure environment for NFT transactions and storage.

In terms of interoperability and cross-integration, Aura Network achieves the transfer and interaction of NFT assets across different blockchains by adopting cross-chain communication protocols and developing bridges, expanding the coverage and utility of NFTs.

Compared to mainstream Layer1 networks like Ethereum and Solana, Aura Network's transaction optimizations include faster confirmation times, lower transaction fees, and scalable infrastructure designed to efficiently handle a large volume of NFT transactions.

7. ChainCatcher: Why did Aura Network choose the Cosmos ecosystem? What are the advantages and disadvantages of building on Cosmos?

Hoang-Giang Tran: We carefully weighed our options before choosing which chain to build on, and we chose Cosmos for several key reasons:

First, the Inter-Blockchain Communication (IBC) protocol of Cosmos allows for easy communication and asset transfer between various blockchains within the Cosmos network, enabling Aura Network to connect and collaborate with other NFT-focused projects, expanding the coverage and utility of our NFTs and creating a vibrant and interconnected ecosystem.

Second, scalability was also a key factor in our choice of Cosmos. The modular architecture and customizable blockchain design of Cosmos allow us to efficiently handle transactions and provide a smooth and efficient user experience. The Cosmos ecosystem is developer-friendly, with powerful tools, resources, and documentation that enable more effective building and deployment of applications on the blockchain. This empowers our developers to create unique and engaging Web3 experiences that attract users and drive adoption.

Additionally, the proven Tendermint consensus algorithm provides a strong security foundation and ensures the integrity of the network, which aligns with our fundamental requirement for maintaining a secure environment.

Of course, compared to more mature platforms, Cosmos has potential disadvantages due to limited network effects, but this also presents an opportunity for us to break through.

8. ChainCatcher: The DeFi applications in the Cosmos ecosystem are thriving; what is the current state of NFT development in the Cosmos ecosystem?

Hoang-Giang Tran: Compared to DeFi applications, the development of NFTs in the Cosmos ecosystem is relatively in its early stages. However, the Cosmos ecosystem has laid a solid foundation for the growth and innovation of NFTs.

Currently, we have been expanding partnerships within the Cosmos ecosystem, such as our collaboration with Nois Network, which ensures true randomness for Dapps on our platform, thereby enhancing the user experience and security of NFTs.

In the NFT winter, how is Aura breaking into Web2?

9. ChainCatcher: Aura Network is committed to promoting NFT culture to Web2 companies; what successful cases do you have in this regard?

Hoang-Giang Tran: One is the FOX NFT series. This series is a collaboration between Aura Network and FPT Play, one of Vietnam's leading online TV streaming applications. With their large user base, the FOX NFT series sold out in 33 minutes.

The second is the Trinh Cong Son stamp collection. This is a series of NFT stamps we created in collaboration with the heritage management agency of Vietnamese songwriter Trinh Cong Son. This stamp series was sold out in just 1 minute. This collaboration reflects the potential of using NFTs to pay tribute to cultural icons and attract music enthusiasts.

Additionally, we partnered with the well-known logistics company Ahamove to launch the Greenovative Collection. This series incorporates environmental protection initiatives and offers exclusive discounts related to Ahamove's delivery services, exploring the potential of using NFTs to support social causes and drive positive change. We will continue to build partnerships and promote the adoption of NFT culture in the Web2 world.

10. ChainCatcher: In recent months, the floor prices of blue-chip NFTs in Ethereum and major public chain ecosystems have continued to decline, and crypto users seem to be losing interest in traditional NFT series like BAYC and Punks, turning instead to new stimuli in the Bitcoin ecosystem. What do you think of this phenomenon? How should NFTs break the unsustainable curse?

Hoang-Giang Tran: The shift in interest from traditional NFT series to the Bitcoin ecosystem reflects the dynamic nature of the market. The popularity and familiarity of Bitcoin help users explore Bitcoin-related NFTs.

To break the "curse" of unsustainability, NFTs need to continuously innovate , enhancing real-world utility and achieving broader adoption beyond speculation.

11. ChainCatcher: How much impact does the cooling of the NFT market have on Aura, and how do you plan to respond?

Hoang-Giang Tran: We believe that in the long run, NFTs will become increasingly popular. Our top priority is to offer a variety of unique and high-quality NFT series through collaboration with artists, creators, and content providers. This approach ensures that our ecosystem meets diverse preferences and attracts a wide audience, thereby maintaining engagement.

Additionally, we strongly emphasize the practical applications of NFTs, not just as collectibles and artworks. We are exploring various verticals where NFTs can provide tangible value, such as gaming, the metaverse, sports, and music. By focusing on real-world use cases, we believe we can demonstrate the long-term viability of NFTs beyond market fluctuations.

More specifically, Aura Network plans to engage deeply with the global NFT community this year through events, and by closely collaborating with these communities, we hope to foster collaboration and creativity. Recently, the NFT marketplace SeekHYPE, built on Aura Network, launched NFT collections and gained significant attention from buyers and collectors, leading to a considerable increase in Aura Network's transaction volume.

How to interact effectively with the local crypto community in Vietnam?

12. ChainCatcher: Vietnam has always been an active crypto region, giving rise to many well-known Web3 projects like Axie. Has their attitude towards crypto changed in light of the ongoing bear market and turmoil?

Hoang-Giang Tran: In light of the ongoing bear market and turmoil, the Vietnamese cryptocurrency community has become more cautious and discerning in researching and evaluating projects before investing. However, from another perspective, despite market volatility and fraud prompting a cautious attitude, it has also led to enhanced investor education.

13. ChainCatcher: What is the attitude of traditional internet giants or financial giants in Vietnam towards crypto? Are they also involved in Web3/crypto initiatives?

Hoang-Giang Tran: Many traditional giants in Vietnam have made strategic investments in blockchain projects and are beginning to explore developing their own decentralized applications (DApps). They are increasingly interested in and recognizing the transformative power of crypto in various industries such as finance, e-commerce, and technology. For example, the Vietnamese logistics giant Ahamove provides a service similar to Uber, and it recently launched an NFT series on the SeekHYPE Dapp, allowing NFT holders to receive discounts when booking vehicles.

14. ChainCatcher: How does Aura interact positively with the local crypto community? What advice do you have for crypto projects looking to enter Vietnam?

Hoang-Giang Tran: Aura Network actively interacts with the local cryptocurrency community in Vietnam through events, workshops, and partnerships. We collaborate with influential local figures, artists, and content creators to promote the adoption of NFTs.

We also seek partnerships with local businesses and platforms, such as the NFT series developed in collaboration with Web2 companies like FOX, Trinh Cong Son, and Greenovative, which provide unique utility and value to users, further increasing interest and participation in the Vietnamese market.

For projects looking to enter the Vietnamese market, I believe it is crucial to have a spirit of dedication and sincerity, along with a long-term vision. Establishing strong relationships with local partners and understanding cultural differences to meet the specific needs and preferences of the Vietnamese audience is key. Additionally, investing in local marketing and engaging with the community can build trust and credibility.

15. ChainCatcher: What are your impressions of Chinese crypto/Web3 projects or entrepreneurs? With the gradually friendlier regulatory environment in Hong Kong, do you have new market plans?

Hoang-Giang Tran: China has always been at the forefront of technological innovation, and the Chinese Web3 ecosystem has seen significant growth and development. I have great admiration for Chinese Web3 projects and entrepreneurs.

Regarding new market plans, Aura Network has been exploring opportunities to expand its influence and collaborate with various global ecosystems. The increasingly friendly regulatory environment in Hong Kong presents interesting possibilities, and we are closely monitoring the evolving regulatory landscape. We look forward to supporting the Chinese-speaking Web3 community.