07 Sep 202013:08
Radix AMA Recap
Harper (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Elvan, COO of DragonBite!
Welcome, Elvan, thank you for your time)
Our team has prepared several questions to start with!
let’s begin with the introduction
Q1: Can you introduce yourself to our community?
Elvan YauHello @harpercryptodiffer and CryptoDiffer fans. So glad to be here today!
My name is Elvan Yau and I am the COO of DragonBite. I am a serial entrepreneur. I bought my first bitcoin back in 2015 and found the first Blockchain startup in 2017, it was a payment infrastructure allowing people to buy Bitcoin and Ether with Visa and Mastercard. I have also involved in the loyalty industry for years and realized the intrinsic problem of digital assets as the interest of the program providers are usually not the same to end user. Dragonbite is going to disrupt the loyalty industry and unlock the value of the assets.
Harper (CryptoDiffer)Great! Thank u for an answer
Let`s move forward
Q2: Can you introduce DragonBite to us?
Elvan Yaufor sure
DragonBite is the solution to a massive and global problem: there is more value in loyalty points, rewards and coupons in circulation in the world than US dollars, yet the majority of these digital assets are idle. The lack of a unified platform for users to redeem and spend their loyalty points means that every year hundreds of billions of dollars worth of assets become stale. 😔
This is where we come in (💡) DragonBite is a universal digital asset management platform powered by Blockchain technology. We leverage cryptocurrencies and DeFi to help loyalty points holders consolidate their earnings, interact with a global ecosystem of merchants and unlock the value of their digital assets.
last one before community part
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
As the vision of DragonBite is to disrupt the loyalty industry using blockchain and DeFi. We aim to remove the intrinsic inefficiencies of loyal points by allowing loyalty points turn into cryptocurrency. The whole idea is to facilitate loyalty points’ owner. 95% of the population owns loyalty point but the adaption rate of cryptocurrency is only 5%. DragonBite provides an easy and straight forward way for non-crypto users embrace the crypto space. DragonBite’s key competitive advantages lie in its comprehensive partner ecosystem as well as its characteristic of open looped and decentralized.
We have already gained access to over 50,000 merchants point of sale with 1 million user based.
We have been working on acquring blockchain / loyalty partnership. After TGE, our main goal are:
1) Provide utitlity asap, i.e. launching our dApp before end of 2021. We also decided to move faster and will launch our dWeb before the dApp.
2) Acquire more merchants, and programmes to facilitate a real swap in digital assets
Harper (CryptoDiffer)Great! Thank u
Harper (CryptoDiffer)That's was the last before community part
Harper (CryptoDiffer)@DB_Elvan choose the questions you like and answer them! If you wish to have additional rounds, just let me know
Elvan YauHow many am i choosing?
Harper (CryptoDiffer)As u wish
Harper (CryptoDiffer)Usually 20-30
Cryptodiffer CommunityWhat are the benefits of holding BITE token as long term investment? Can you tell us about the motivation and benefits for investors to keep the BITE token in the long run?
Elvan YauI have encountered a lot of enquires about what is the benefit holding $BITE long-term. I believe the success of DragonBite ecosystem and the value of $BITE aligns.
It depends on 3 KPIs:
1) Number of merchants / partners
2) Size of digital asset pool
3) Number of users
The more merchants / partners would provide larger liquidity and hence an increase size of digital asset in our pool. The more assets supported for conversion, the more users would be acquired. These 3 KPIs would create a virtuous circle and as a result more transactions happen in DragonBite. More $Bite would be needed for transaction fee and as the demand increases, value rise. I am very confident in DragonBite and I believe we will grow with the community and get mutual benefits, investors definitely would get benefit from holding $BITE in long term.
Cryptodiffer CommunityHi sir. I understand there are many projects rug pulled and exit. No offence, but would you mind convince us why DragonBite is not doing the same.
Elvan YauDragonBite’s founders have over 20 year’s experience in payment, digital banking and investment banking. We have good reputations and good track records in our industries.
Our goal is to build a legitimate and healthy ecosystem to grow with our community.
Our mechanism protects every stakeholder in the ecosystem as the teams’ token will be locked up for 30 months.
Since its inception in 2018, DragonBite has collaborated with leading companies in the field of blockchain, loyalty points and gaming.
Today, Bite Point can be spent in 50,000 merchants point of sale. We are also partnering with Banks & major financial services, cryptocurrency exchanges and different blockchain ecosystem. We are the reseller of Steam, Google Play and Apple Giftcard.
Cryptodiffer CommunityI am quite intrigued by the Ferrari giveaway on the Dragon bite platform. Is it true that the winner is going home with a Ferrari ? How can I participate in the Ferrari giveaway ? How many $Bite do I have to stake to be able to participate ?
Elvan YauYes. The 1st prize will be a Ferrari California, including international warranty and service package for 1 year
2nd Prize: x10 Test Drive of any of the following supercars — Lambo, Ferrari, McLaren, Porsche, Aston Martin and more
3rd Prize: x5 iPhone 12 Pro
4th Prize: x5 set of APPLE AIRPODS
5th Prize: x10 10,000 $BITE
There are 2 ways to participate.
Option 1: “Buy and Stake”
Buy 20,000 $BITE and stake them in one of the 3 DragonBite Staking programs available on MANTRA DAO, PolkaBridge and (soon) Bitmart to secure 1 entry in the lucky draw.
Option 2: “Exclusivity DragonBite LP” (Will be live tomorrow)
Join the DragonBite — MANTRA DAO LP Staking Program by providing liquidity in staking Uniswap LP token worths of 0.25 ETH and secure the 1st entry to the lucky draw.
Please see the details here: https://dragonbite.medium.com/dragonbite-announces-uniswap-ido-with-a-ferrari-8beebe4f0f13
Cryptodiffer CommunityWhat is the maximum total supply of $ BITE ? Am I happy if you share tokenomic?
Sure, we are migrating to RIO Chain in q4 2021, where users will enjoy cheaper and faster transcations
Cryptodiffer CommunityGood afternoon Elvan
DragonBite's roadmap started since 2018 and have 3277 people signed up already... What are the marketing strategies by the DragonBite team to further publicize DragonBite?
Elvan YauAs the vision of DragonBite is to disrupt the loyalty industry using blockchain and DeFi. We aim to remove the intrinsic inefficiencies of loyal points by allowing loyalty points turn into cryptocurrency. The whole idea is to facilitate loyalty points’ owner. 95% of the population owns loyalty point but the adaption rate of cryptocurrency is only 5%. DragonBite provides an easy and straight forward way for non-crypto users embrace the crypto space.
I believe a strong product & solution would attract community members & supporters as they feel the same pain and will be support the solution which benefit themselves. Alongside with the legitimate and long term solution for mutual benefits with the community. We will focus on marketing in order to let more people know about us and join our community. Gaming industry is one of the sector our marketing efforts will focus in as there are synergies between gaming and the crypto world. We are partnering with different Ambassador / crypto KOL from different community / youtube channels / media all over the world. As they feel the pain and the problem of loyalty points. Our team are confident and our supporters believe in us. We all know the problem and we are ready to tackle it.
Cryptodiffer CommunityHello , Elvan Yau
There are so many scams going in the maket . And your app store and swap all kinds of digital assets in one App + one password. So , Security is the most important thing to consider when starting up a project , how secured is your DragonBite for users and Investors ?
Elvan YauWe implement our technologies based on the banking practices to boost our security level. Our tokens are protected by mix of hot, warm and cold technologies in order to maximize our security protection.
DragonBite does not handle the assets of our clients. All of their assets will be safely kept in custodian, Hex Trust, all the time. The infrastructure of DragonBite Wallet adopts the state-of-the-art security features which protect all transactions inside the platform through several methodologies, that are biometric fingerprint, facial recognition, pattern-recognition and passcode access.
Therefore, users, who cannot remember their passwords, can still log into their accounts by using their fingerprints or head portraits on mobile devices. Last but not least, biometric detection technology should give a higher security protection than passcode access.
Cryptodiffer CommunityIs it difficult to use DRAGONBITE in an existing infrastructure, do you have to follow certain rules to be able to use it?
Elvan YauThe user experience was designed by world class designer. The concept is easy and straightforward. You are allowed to deposit and swap digital assets with few clicks. You may found our prototype on our website.
Cryptodiffer CommunityDo you have AUDIT certificates or are you working, to AUDIT your project to make it more secure and reliable????????
Elvan YauSure. Smart contracts were uploaded and are public on github. Audited by hex trust
Cryptodiffer Community💟How did you came into existance? What inspired you to take this project onboard? 💟
Elvan YauLoyalty programs are literally everywhere. Today, there are more than 95% of the population owns loyalty points. You might not ised, the value of digital asset has exceeded US dollar in circulation in the world. The market capitalisation of digital assets in 2020 was 1.6T dollars, including 700B in giftcards, 300B In loyalty points and 50B in gaming assets.
The existing mechanism is set to discourage you from using them. Therefore, The utilization rate of these assets is only 7%. Most of the time, loyalty programs are bounded by Terms & conditions, your purchasing power would be discounted, also the products or services offered to be redeemed are limited and are always not attractive.
Generally, your digital assets come from different providers. As a result, they are scattered, usually forgotten, left idle and would eventually be expired.
I saw the problem and thought blockchain would be right the solution and came up with this DragonBite idea. I talked with Mickeal, that we met in a crypto event in Dubai in 2018 and I pitched Andy the idea and Andy agreed to support me with his business knowhow in loyalty industry and to share resources and network.
Cryptodiffer CommunityDo, you have plan to burn or buypack, your tokens to increase the popularity and value of tokens???,"
Elvan YauWe do not have plans to buy buyback and burn at the moment. However, eventually we will become a DAO. This could be proposed and vote by the community and steer us to new direction.
Cryptodiffer CommunityDragonBite is for customers to store their digital assets. You also this very new innovative with your token $BITE ‘Dual Token’ system which other project don’t have, could you introduce to us how does it work for Dual Token system?
Elvan YauOur secret recipe is our dual token system. This maybe the reason why other loyalty projects failed before us.
A) $BITE, is our incentive token, which has limited supply. It will be publicly traded on Crypto Exchange. Merchants and partners, who utilize our platform to provide loyalty program and promotion activities, will be charged in the form of $BITE. $BITE is also required as transaction to bid valuable assets in our auction platform, to access our privilege services, to exchange $BITEPoint, to purchase coupons or gift cards, and to pre-pay DragonBite card. On the other hand, user or partner, who participates in trading activity and make contribution in our ecosystem, will be rewarded with $BITE. $BITE holders will earn more $BITE from staking, too. We provide sufficient incentive to our active users to do asset conversion, member referral and business referral. The more $BITE you hold, the more $BITE you will get and the greater voting power you will have in the DragonBite ecosystem.
😎 $BITEPoint is DragonBite’s universal stablecoin, pegged 1:1 with the US Dollar back by all the digital asset in the ecosystem BITE Point acts as a medium of exchange between Digital Assets and provides liquidity to buyers and sellers of their digital assets on DragonBite’s ecosystem.
Cryptodiffer CommunityI see that DragonBite offers 2 pre-paid cards (DragonBite Standard Card and DragonBite Premium Card). How can these cards be ordered and used? Are these cards virtual or physical? Also, what are the differences between the 2 pre-paid cards?
Elvan YauOur pre-paid card allows users to spend at more than 30 million merchants and withdraw money from
2 million ATMs worldwide. To order a DragonBite Card (physical or virtual), users can request directly
through the DragonBite App or website. All issued DragonBite Cards will be connected to our
multi-currency conversion engine and DragonBite App. Clients will have the choice to order a virtual
card and/or a physical card.
Using DragonBite’s MACE (Multi-Asset Conversion Engine) Module, the DragonBite Card enables all
supported cryptocurrencies to be spent in real-life consumption
Cryptodiffer CommunitySTAKING is one of the STRATEGIES to ATTRACT USERS and KEEP, them in the long run. What do you think of your project ?????????
Elvan YauFor sure, it creates win - win situation for the entire community. First of all, Staking reward incentives members to buy and stake, that would increase buying pressure and decrease selling pressure. At the same time, we are working hard to deliver the utility so that member will enjoy the upside while holding the tokens
Cryptodiffer CommunityAre you a global project, or a local project?? Can anyone use your project, anywhere without any restrictions????????,"
Elvan YauDefinetly a global project. Although we begin in Asia, but our team also based in the UK and the US. We have been acquiring resources and relationships globally. We also aim to recruit global partners and services like youtube, amazon digital assets
Cryptodiffer CommunityDragonbite has the 6 in 1 solution which has the following characteristics: D UAL token, pre-paid card, a conversion of sset, governance, loyalty pool, analytics. Can you explain each of these characteristics in a simple way?
Elvan Yau6-in-1 solution includes Dual token machanism, pRe-paid card, Asset conversion, Governance, lOyalty Pool and aNalytics.
As mentioned, Dual Token, $Bite is for utility purposes within DragonBite ecosystem and Bite Point uses as the medium of exchange between assets.
Our pre-paid card allows users to spend at more than 30 million merchants and withdraw money from 2 million ATMs worldwide.
To order a DragonBite Card (physical or virtual), users can request directly through the DragonBite App or website
Multi-Asset conversion engine (MACE) is a protocol system that matches buy and sell digital assets through DragonBite App
For Governace, eventually DragonBite will be migrating and become a DAO. In order to submit a proposal and vote within the DragonBite ecosystem, a member must first hold BITE. Each staked BITE represents 1 vote.
A loyalty rewards platform allows the converting of reward points from one brand to another. Customers can select their favorite loyalty program from our list. After entering their credentials for the login process, the app would return available points or air mileages to their accounts (and the equivalent amount in BITE). Exchanges are secured by our blockchain technology. • Exchanges are visible within a few seconds • Everything is performed simply through the DragonBite app with a user-friendly and seamless experience
Our Online-to-Offline (O2O) execution platform is an advanced geo-targeting tool. Merchants who connect to our platform using API and design their own campaign to drive online traffic to their physical stores. End-users who are near the targeted location will receive real-time promotion notifications from our merchants based on the customers’ demographics, preferences and spending behaviour.
Cryptodiffer Community💥Have you explored integrating more types of tokens, like as NFTs, in addition to offering services connected to your bite token and bite points? Is DragonBite going to use NFT technology?
Elvan YauNFT is definitely an excited topic. As a digital asset marketplace, allow assets class to swap and convert. NFT, unique assets would also be supported on DragonBite platform in the future. We will partner with dApps / existing NFTs also would eventually provide values (sotheby's) to non-fungible assets, such as cinema and concert ticket, art works and tokenise them. Liquidity would be provided to these NFTs in DragonBite! In the future, I believe we will see more use cases for NFT and the application of NFT to identify identities that could be useful in certain scenarios.
Cryptodiffer CommunityWhere can I buy your tokens right now what is your current contract, and how can I buy them ???,"
Cryptodiffer CommunityAre you planning your project for future BSc or TRON. Do you plan to add your project, to different blockchains in the future??,"
Elvan YauPlanning to migrate to RIO Chain
Cryptodiffer CommunityPartners are very important for every project today. Which partners do you have now and who will you go to Dragon Bite in the future?
Elvan YauThank you everyone
@harpercryptodiffer I think I have cover most of the questions and some are repeating
Thank you very much!
I hope my answers have given you a better overview of the project
Thank you for an AMA @DB_Elvan
we were pleased to host it)