AMA RECAP : Crypto Infinity & Dragon Bite.
🏆 Crypto Infinity Together with Dragon BITE to hosting the AMA 🏆
🗓 AMA Date: 20th May 2021
⏰ Time AMA: 1 PM UTC | 8 PM (GMT +7)
🏚Venue For AMA: @CryptoInfinity_Community_VN
INTRODUCTION .
Emily:
Before starting with phase 1, can you introduce yourself to the community?
Florence | DragonBite 🏵:
I am Florence , the CFO of DragonBite. I locate in U.K.. I have been very excited about Blockchain technology since 2017 and formed an Association of Blockchain Development with few experts in HK in 2019. I have been working in Fintech company, Bloomberg, for over 12 years to built trading platform for Money market, FX and short term debt for the world.
Now, I become a DragonBiter to build a platform for people to convert their loyalty points into crypto.
Our CEO Mickael is based in New York. He has been involved in many Blockchain projects for many years.
Our COO Elvan and CTO Peter are based in HK. They are both blockchain enthusiasts.
DragonBite is founded by a talented team of blockchain enthusiasts. The team has accumulated over 50 years of experience in digital marketing, technology, loyalty, payments, banking, consulting and fintech. The DragonBite team is based in China, Hong Kong, Singapore, the United Kingdom and the United States.
Emily:
👉 Q1: Can you explain a little bit about #BITE? And what makes it different from another Project?
Florence | DragonBite 🏵:
$BITE is our Native token which will be listed on Crypto exchange, Uniswap and more to be announced.
The usage of BITE :
1) Transaction fee. When people convert asset to another digital asset, transaction fee will be charged with $BITE
2) Governance. We aim to become a DAO eventually. The more $BITE you have, the more voting right you get
3) Staking reward. We provide staking option for our users in the ecosystem for passive $BITE reward
According to statistic research by Access in 2020, 90% of companies have some sort of loyalty programs, 90% of people in developed countries join membership for at least 4 brands. 61% of customers are loyalty to 1–5 brands. Loyalty programs are literally everywhere.
To provide a solution to solve a massive and global problem. There is more value in loyalty points, rewards and coupons in circulation in the world than the U.S. dollars, yet the majority of these digital assets are idle. Without an unified platform for users to redeem and spend their loyalty points means that hundreds of billions of dollar worth of assets become stale in every year.
DragonBite initiates a disruptive Revolution of Loyalty Customer. We have full confident to disrupt the loyalty community, gather customers into our new ecosystem. With DragonBite, users will be able to aggregate all their idle digital assets into one account, convert from one asset into another, sell assets and buy other assets, including cryptocurrency. We will give out $BITE to active users who make contributions in the ecosystem and provide incentive to maintain an energetic environment. Point expiration will not be any problem with DragonBite, as users can sell their expiring assets to buy other digital assets, to top-up other loyalty programs or to pre-pay DragonBite card for daily spending.
Emily:
👉 Q2: Could you please provide some information about #BITE Roadmap? What #BITE has achieved so far ?
Florence | DragonBite 🏵:
Since 2018, DragonBite has collaborated with leading companies in the field of blockchain, loyalty points and gaming. By the end of 2021, The most popular loyalty programmes, game assets and other digital assets will be acquired into the DragonBite ecosystem, which will benefit the token holders in long term.
DragonBite is a digital wallet for all customers to store their digital assets, including Loyalty points, E-vouchers, E-coupons, Gift cards, Air mileages, In-game assets and Cryptocurrencies. DragonBite can preserve the value of your loyalty continuously and aggregate all your scattered assets into one wallet with one password.
The DragonBite app will be launched by Q4 2021 !
At the beginning, we will focus on getting Chinese customers on board, in order to gain a large user base in a very short period of time. Then we will go Asia. We would love to partner with the local merchants in non-English speaking countries to penetrate into their community. Later on, we will go Europe and US to get more users on board! Nonetheless, Our team based in U.S., U.K., Singapore and Hong Kong, and we will target the international market.
Emily:
👉 Q3 : Nowadays there are many projects that develop their own application but it is a useless application, often crashes and vulnerable to hacker attacks, before launching the #BITE application you are tested for security. yet? And is it really safe?
Florence | DragonBite 🏵:
Our CTO, Peter, has spent a lot of afford to develop our patented 6-in-1 solution, which are:
Dual Token system — $BITE & $BITEPoint.
Pre-paid Card — users can applied for DragonBite card to spend their digital assets for daily consumption.
Asset conversion — Multi-Asset Conversion engine (MACE), which is a protocol system, matches the bid ask prices of digital assets. MACE utilises the digital asset pool within the system to convert one digital asset into another digital asset at a prevailing market value. Therefore, all digital assets in DrgonBite platform can be exchanged anytime.
Governance — The more $BITE token user holds, the more voting right he will have to determine the term and condition within the DargonBite system.
Loyalty pool — to provide liquidity to digital assets in any transaction.
Analytics — generate a sales report for merchant to evaluate sales campaign.
This 6-in-1 solution will let users to convert their idle loyalty points into other digital assats, especially crypto currency.
Emily:
👉 Q4 : What is the biggest goal that #BITE is aiming for for 2021? Can you let us know?
Florence | DragonBite 🏵:
Sure… DragonBite app to be launched by Q4 2021.
By the end of 2021, The most popular loyalty programmes, game assets and other digital assets will be acquired into the DragonBite ecosystem, which will benefit the token holders in long term.
Regarding to partnerships, we are going partner with more crypto exchanges and loyalty programmes. Today, we are partnering with Banks & major financial services, cryptocurrency exchanges and different blockchain ecosystems. We are the reseller of Steam, Google Play and Apple Giftcard and have gained access to merchants point of sales. We will focus more on partnering with the online merchants, e.g. Netflix,….etc.
Emily:
👉 Q5. Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution
Florence | DragonBite 🏵:
Sure.
There will be 1 billion $BITE token issued on 31 May 2021.
20% — Token sales
32.5% — Ecosystem / Staking
10% Partners — 10%
Promotional Rewards — 5%
Future Strategic Sales — 5%
Reserves — 5%
Team 17.5%
TWITTER QUESTIONS.
Emily:
Q1 : Can you give us some insight into #BITE’s strategy and future? and what is #BITE long-term vision? From : @tanlongan
Florence | DragonBite 🏵:
DragonBite will focus on 3 main developement.
1. Number of Users
2. Numbr of Merchants
3. The size of digital asset pool in DragonBite ecosystem.
The bigger of those 3 areas, the more people will need $BITE. So, demand of $BITE will be higher. The $BITE will be attractive to investors too!
As we mentioned already, we will also target online game lovers as well as online merchants to expand our territories.
We are also partnering with different Ambassadors and crypto KOL from different communities, youtube channels and social medias all over the world. Since everyone know the problem and feel the pain of loyalty points, we are confident and our supporters believe in us. We all know the problem and we are ready to solve it and help everyone to unlock their values.
At the beginning, we will focus on getting Chinese customers on board, in order to gain a large user base in a very short period of time. Then we will go Asia. We would love to partner with the local merchants in non-English speaking countries to penetrate into their community. Later on, we will go Europe and US to get more users on board! Nonetheless, Our team based in U.S., U.K., Singapore and Hong Kong, and we will target the international market.
Emily:
Q2 : Can you tell us about DRAGONBITE’s listing plan? Especially those plans involving major exchanges, CEX and DEX. What types of Partnerships are DRAGONBITE looking for and what value will they bring?
From : @tieubinh2003
Florence | DragonBite 🏵:
DragonBite is doing a sales at RioClub on 17 May
then sell on MANTRA DAO Launchpad — NENDIT on 26 May
On 31 May $BITE will be sold on PolkaBridge Launchpad, DuckDAO launchpad
Then listed on Uniswap on 31 May 2021 (Same date)
Emily:
Q3 : What really MOTIVATED you to bring such a great PROJECT into existence?
From : @Zafiyakhan2
Florence | DragonBite 🏵:
There are over 90% of people in the developed country have loyalty programs, but only less than 2% of people invest into crypto.
In fact, the redemption rate of loyalty program is just 7%. Most people do not spend the value of their loyalty points. As a result, many loyalty programs have a timeframe, and loyalty points will usually expire by the end of each year. In fact, each program costs at least USD4 to a merchant.
We here to build DragonBite to solve the massive global problem.!
Loyal customers can store their loyalty points into DragonBite app and convert their idle points into crypto.
DragonBite lower the entry barrier of crypto market for small investors. People can buy small amount of crypto with a reasonable transaction fee
Emily:
Q4 : DragonBite is a digital wallet for storing several types of digital assets safely, including Cryptocurrency, in-game assets, air mileage, Loyalty points, E-vouchers, E-coupons, will it support bank use? Then what is the security system in it?
From : @OutOfRa42490321
Florence | DragonBite 🏵:
DragonBite will partner with commercial banks. At the moment, we do the loyalty program for the banks, but later we will be able to link up with banking services….
Join our Telegram group and our Twitter to keep update!
@DragonBite
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. Anyway, biometric detection technology should give a higher security protection than passcode access.
System security is the utmost importance for DragonBite, reducing security risk is an essential topic. We 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.
Anyway, we will not handle customers’ assets but safely keep them in our custodian, Hex Trust, all the time.
Emily:
Q5 : Not every crypto user understands technical issues well enough. Has Your project prepared any informative material that could facilitate the use of inexperienced users?
From : @MdFaysa32472178
Florence | DragonBite 🏵:
DragonBite app aims to have a very simple design. Also, there will be a video on our website to guide you how to convert loyalty points into other digital assets. I have watched that. Hopefully, the video will release on our website soon.
So, no worry, you can contact anyone of us via Telegram group or chat room on our website.
LIVE AMA QUESTIONS.
🔶Q) Do you have any plans to add Nft to your ecosystem as it is the hottest topic in the crypto space?
Florence | DragonBite 🏵:
We have NFTs plan.
NFTs can be stored in DragonBite.
We will also sell NFT poker cards in Q3 2021! They will be very attractive digital poker cards!
NFT is definitely an interesting topic. A digital asset marketplace will allow different assets to be swapped and converted, so NFTs, single assets, will also be supported in the DragonBite platform in the future. We will partner with existing dApps or NFT marketplaces to provide an auction platform that sells concert tickets, artwork and digital content. Liquidity will also be provided to NFT in DragonBite! In the future, we will see more NFT transactions and applying NFT to define property rights could be useful.
Q. Tell us the top 3 facts why investors should choose your platform?
Florence | DragonBite 🏵:
Today, more than 95% of the population owns loyalty points. This led us to investigate further and we realized that digital assets (loyalty points, gift cards and game assets) are worth more than the US dollars in circulation in the world. gender.
The existing loyalty program mechanism is set up to discourage loyalty from redeeming points. People find it difficult to swap points between loyalty programs. Those points will expire. Redemption gifts are often not attractive. Loyalty programs are split into different accounts without aggregators.
DragonBite is here to solve the billion dollar problem. DragonBite will aggregate idle loyalty points from various programs into a single application and allow users to convert their digital assets into other digital assets. You can convert your loyalty points into Bitcoins instead of kettles.
DragonBite lowers the barrier of entry for small crypto investors.
The success of the DragonBite ecosystem and the value of the $BITE token depends on 3 factors:
1) Number of sellers/partners
2) Size of the digital asset pool
3) Number of users
More merchants/partners will provide greater liquidity and thus increasing digital asset size in our pool. The more assets that are supported for conversions, the more users there will be. These 3 factors will create a virtuous circle and result in more transactions happening in the DragonBite platform. More $BITE will be needed for transaction fees due to higher demand, so the $BITE value increases. We strongly believe in DragonBite and our community will grow and benefit together. Therefore, our investors will definitely benefit from holding $BITE in the long term.
Q. Can you share about your token utility? What is your token usage in your ecosystem? Do you have a farm or stake feature?
Florence | DragonBite 🏵:
The Dual Token system is the secret of DragonBite’s success, there will be $BITE and $BITEPoint on the chain.
$BITE is our incentive token, which has a limited supply. $BITE will be generated during the token generation event and it will also be publicly traded on Crypto Exchange. Merchants, who use our platform to offer loyalty programs and promotional activities, will be charged in the form of $BITE. $BITE is also required to auction valuable property in our auction platform, to access our privileged services, redeem $BITEPoint, to purchase coupons or gift cards and prepayment DragonBite card. On the other hand, any user or partner, participating in trading activity and contributing in our ecosystem, will be rewarded with $BITE. We provide enough incentive for users to actively perform asset conversions, member referrals, and business referrals.
$BITE holders will also earn more $BITE from staking. The more $BITE you hold, the more $BITE you will get and the more voting power you will have in the DragonBite ecosystem. You will have greater discretion over transaction fees, new partnership invitations, and more.
$BITEPoint is our utility token that acts as a medium of exchange between digital assets to provide liquidity to buyers and sellers in their transactions within the DragonBite ecosystem. Consumers will exchange $BITEPoint to buy other assets on our platform. All exchange transactions will first convert to $BITEPoint pegged 1:1 to USD, ensuring a less volatile conversion rate in the ecosystem.
Who are your real competitors? How can you capture the most value from this nascent market?
Florence | DragonBite 🏵:
DragonBite has three main advantages over its competitors
1. Cooperate with many merchants. DragonBite has a comprehensive partner ecosystem. We’ve got access to over 5,000 sellers with 50,000 points of sale.
2. Large customer base. DragonBite is able to penetrate the customer base of its trading partners. They have served over a million customers in China.
3. A truly open loop decentralized system. Users will interact with each other and manage the ecosystem themselves. While, Points.com, Asiamile and Hotel are closed-loop loyalty programs, focusing solely on the airline and hotel industries. Centralized loyalty programs controlled by operators. The user has no control, and the interests between the user and the loyalty program provider are heterogeneous.
Bakkt is one of our competitors. It acquired bridge2solution to cater to its Loyalty and Cryptocurrency Customers. The new crypto and loyalty app is yet to launch. It is only supported by some banks and less than 50 merchants.
DragonBite is the only decentralized loyalty program that is managed by members and caters to cryptocurrencies and loyalty points. With a Million members and 5,000 branded merchants with 50,000 stores as of 2018.
Are there any major partnerships going on? Which companies are you working with or want to cooperate with in the future?
Florence | DragonBite 🏵:
Good question!
DragonBite received a vote of confidence reflected by the overwhelming response in its private round investments. With the wave of interest in the crypto space in general and the platforms that will serve as its infrastructure layer, DragonBite has received a huge amount of interest from potential investors, ultimately. ended with $2.7 million in private sale fundraising within 48 hours.
We believe that oversubscribing in private circles has many different factors. First of all, we are talking about a major global problem that everyone can relate to. Our opportunity here is huge, and our value proposition is clear and easy to understand. Investors look at our market, team, competitive landscape and roadmap. On top of all these, we have an extremely solid venture with incredible talent from the blockchain and loyalty sectors as well as great partnerships that are taking us through all kinds of competition painting.
As demand was higher than expected, only a fraction of the requests were met, especially from teams that could also act as strategic partners in their platform. DragonBite has received investments from some of the most prominent blockchain-based investment firms in the market, including Molecular Hub, Mantra DAO, Duck DAO, SMO Capital, Rio Fund, Brilliance VC, Summit 33, AsiaTop, LABS Group, ACH Worldwide, Blockchain Development Association and many more.
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