AMA RECAP : CRYPTO SQUAD X x DRAGON BITES
Venue : @Crypto_SquadX_Community
Date : 10th June 2021
Time : 2 PM UTC
Guest : MR. Elvan Yau ( COO )
MR. M. Costache (CEO)
MR. Andy Chen (Strategic Advisor )
Ragnar | CRYPTO SQUAD X
Hello Guys… Welcome To Another Fantastic AMA at SquadX . Today We Have @mcostache As Our Special Guest . Lets Welcome @@mcostache To The Most Energetic Crypto Community Out Here. Welcome @mcostache
Mickael Costache | DRAGON BITES
Hi everyone, it’s a pleasure to be here today
SEGMENT 1 — INTRODUCTION SEGMENT
Ragnar | CRYPTO SQUAD X
Q1. Could You Introduce Yourself And Your Team To SquadX Community?
Mickael Costache | DRAGON BITES
Yes sure thing. My name is Mickael Costache and I’m the CEO of DragonBite. I’m based in New York and was previously the regional director for a large blockchain consultancy and development studio. My team is located around the world, from the UK to Singapore and Hong Kong. We have some amazing talent including Florence our CFO, Chris our CEO, Elvan our COO or Andy our strategic advisor.
Ragnar | CRYPTO SQUAD X
Q2. Could You Briefly Explain About Dragonbites? What About The Project Do You Think That Will Attract Investors The Most?
Mickael Costache | DRAGON BITES
Yes sure. At DragonBite, our mission is 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 a unified platform for users to redeem and spend their loyalty points, hundreds of billions of dollar worth of assets become stale every year. 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. Our solution can preserve the value of your loyalty continuously and aggregate all your scattered assets into one wallet with one password. This is extremeley attrative to our investors because we are providing an extremely innovative solution to a real and massive problem
Ragnar | CRYPTO SQUAD X
Q3. What are your main features that distinguish you from other projects and what competitive advantages do you have?
Mickael Costache | DRAGON BITES
Our main distinction (and IP) which puts us way ahead of any sort of competition is our dual token mechanism. We will have both $BITE and $BITEPoint on the chain.$BITE is our incentive token, which has limited supply. $BITE (created during the token generation event) will also be publicly traded on crypto exchanges. Merchants utilizing our platform to provide loyalty programs and promotion activities, will be charged in the form of $BITE. $BITE is also required to bid on valuable assets in our auction platform, to access our privilege services, to exchange $BITEPoint, to purchase coupons or gift cards, and to use the DragonBite card. On the other hand, any user or partner participating in trading activities and making contribution in our ecosystem will be rewarded with $BITE. We provide sufficient incentive to our active users to do asset conversion, member referral and business referral. $BITE holders will earn more $BITE from staking, too. The more $BITE you hold, the more $BITE you will get and the greater voting power you will have in the DragonBite ecosystem. You will have bigger decision power of the transaction fee, the invitation of new partnership, etc. $BITEPoint is our utility token acting as medium of exchange among digital assets to provide liquidity to buyers and sellers in their transactions within the DragonBite ecosystem. Consumer will exchange $BITEPoint to purchase other assets on our platform. All exchange transactions will firstly convert to $BITEPoint which is pegged 1:1 to the USD, ensuring a less volatile conversion rate in the ecosystem.On top of this, we will already be present in more than 50,000 point of sale locations at start which is quite amazing
Ragnar | CRYPTO SQUAD X
Q4. Could you please provide some progress on your Roadmap and what results Dragonbites has achieved so far? And any sneak peek into 2021 plans for Dragonbites ?
Mickael Costache | DRAGON BITES
Sure — we’ve been very focused on getting our product finished and audited (we will launch our App later this year) and signing amazing partners and merchants. As I mentioned, we will be available in more than 50,000 point of sale locations at start which puts us years ahead of the competition. We’ve also put a lot of effort into hiring amazing talent and also working on our fundraising and exhanges listings. We are very thankful for the trust that investors put in us. Our private round got oversubscribed in 48 hours and we raised closed to USD3M which will drastically help us in reaching our next milestones. In terms of plans for this year, we are launching our App, pre-paid card, listing on exchanges and migrating to RioChain in Q3 of this year too decrease transaction costs. We will also launch a massive marketing campaign as we expand our operations accross Asia. Lots of work ahead!
Ragnar | CRYPTO SQUAD X
Q5. What are you looking most forward to doing in Dragonbites?
Mickael Costache | DRAGON BITES
Expanding our solution around the globe as the problem we are solving can be understood by everyone, no matter where you live! At the same time, we are looking forward to expanding our network of merchants and partners as this goes hand in hand with our user growth.
SEGMENT 2 — TWITTER SEGMENT
Ragnar | CRYPTO SQUAD X
Q1. Partners are very important for every project today, may I know which partners you have now? and which partners in the future you will be heading to ?
Mickael Costache | DRAGON BITES
Great question. In our case, we have two types of partners that are very important for our bisiness: our merchant partners and our ecosystem/industry partners. We are already partnering with banks and major financial services institutions, cryptocurrency exchanges and different blockchain ecosystems. We are the reseller of Steam, Google Play and Apple Gift cards and have gained access to more than 50,000 merchants point of sales. (DragonBite partnered with a large loyalty management company, AsiaTop, in China. AsiaTop manages loyalty accounts of over a million customers of 5,000 brands with 50,000 points of sales. Our partners are MacDonald, Pizza Hut, Burger King, Champion, …etc.)We also partner with MANTRA DAO, RioDeFi, Hex Trust, AsiaTop, PLUTUS.VC, Association of Blockchain Development, TimeBank, SMO, Molecular Hub (Mhub), Summit 33, ACH Worldwide, Labs Group, ZW Online, Redspots Creative (Hong Kong) Company Limited, FIO, WeFi, Hunter Group, Point95Global and more.
Ragnar | CRYPTO SQUAD X
Q2. How do you think with Asia market? Does your team have any plan approach ASEAN which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
Mickael Costache | DRAGON BITES
Yes sure thing. Our expansion plan for the near future is focused on China and Asia Pacific. We will then target South East Asia and move on to other continents afterwards. There is a huge appetite for our solution and we are getting daily inquiries for partnerships and expansion plans into other territories.
Ragnar | CRYPTO SQUAD X
Q3.DragonBite simplifies storage and exchange of all types of digital assets in One App, can you tell us how a Mechanism to turn all assets into one, namely Loyalty points, E-vouchers, Coupons, Gift cards, in-game assets and Cryptocurrency?
Mickael Costache | DRAGON BITES
Yes sure. I will actually expand on your question to tell you about something very interesting. We have developed somethign very unique called the DragonBite 6-in-1 solution:
- Dual Token system — $BITE & $BITEPoint (as explained earlier during this AMA)
- Pre-paid Card — users can apply for the DragonBite card to spend their digital assets for daily consumption.
- Asset conversion (what your question is aboout) — Multi-Asset Conversion engine (MACE), which is a protocol system matching the bid ask prices of digital assets. MACE uses 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 the DragonBite platform can be exchanged at anytime.
- Governance — The more $BITE token user holds, the more voting right he will have to determine the terms and condition within the DragonBite system.
- Loyalty pool — to provide liquidity to digital assets in any transaction.
- Analytics — generating a sales report for merchant to evaluate sales campaign
Ragnar | CRYPTO SQUAD X
Q4.Your roadmap shows soonish plans to migrate to RioChain. Please tell us why you want to migrate in the first place? What were the advantages that led you to select RioChain as the host and not more widely spread competing chains out there?
Mickael Costache | DRAGON BITES
Excellent question. We plan to migrate to RioChain by the end of Q3 2021. RioChain enables lower transaction fees and faster confirmations. Also, with the cross-chain interoperability, we can work across many different blockchains. RioChain is built on Substrate, which is a high-performance blockchain framework developed by Parity Technologies for the Polkadot ecosystem.RioChain enable lower transaction fees and faster confirmations. It is tremendously important for DragonBite as our goal is to disrupt a $1.6T industry and to provide liquidity for loyalty points, gift cards, gaming assets and crypto. We allow these assets to be converted to different assets at a high number of transactions in our system due to the intrinsic problem of the industry. Therefore, low transaction fee with fast confirmation are important. We found ourselves to have great synergies with RioDeFi and the RioDeFi team has given us great insights during the early stages of the venture. We have no doubt that this is the right partner for us .
Ragnar | CRYPTO SQUAD X
Q5. $DRAGONBITE OFFERS 2 CARDS TO ITS USERS. STANDARD $DRAGONBITE CARD AND PREMIUM $DRANGONBITE CARD. WHAT REQUIREMENTS DO I NEEED TO OBTAIN THESE CARDS. WHAT BENEFITS DOES BOTH CARDS OFFER? AND HOW IS ONE DIFFERENT FROM ANOTHER?
Mickael Costache | DRAGON BITES
Great question! We definitely believe that our cards will be extremely popular. Let me share a picture showcasing the differences between both cards
SEGMENT 3 — LIVE Q & A
Q1. FROM @chanduvai124
Now, what are DragonBite’s main products? In what cases is the current $DragonBite used?
Mickael Costache | DRAGON BITES
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. Our solution can preserve the value of your loyalty continuously and aggregate all your scattered assets into one wallet with one password. We provide a solution to 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.
Q2. FROM @Imranbro
Does your team have a good experience in the cryptocurrency world???
Mickael Costache | DRAGON BITES
Yes absolutely. We have an amazing team with years of experience in blockchain, financial services and loyalty. We believe we need key talent in all three sectors to reach our goals. Please visit dragonbite.asia to learn more about our full team!
Q3. FROM @Isra0047
Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?
Mickael Costache | DRAGON BITES
Yes absolutely! NFT are high on our list of priorities actually and I’d like to invite you to join our community as some announcements are coming very soon: https://t.me/DragonBite
Q4. FROM @mrjjrr
Can you share about your token utility? What are the use of your token in your ecosystem? Do u have farm or stake feature?????
Mickael Costache | DRAGON BITES
Great question! As I mentioned during the AMA, we have a dual token mechanism that makes this entire solution possible.
Here are the different usages of BITE, our utility token:
1) Transaction fee. When people convert an asset to another digital asset, the 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.Q4. FROM @Boult490
Tell community about our plans for 2021, what are we currently working on, and are we going to expand the list of big exchanges?
Mickael Costache | DRAGON BITES
Great question! We will be listing on Uniswap in the next few days and have made a big announcement recently: we are working with Bitmart for our first centralized exchange listing. In terms of plans for 2021, we will launch our App, move to RioChain, launch our DragonBite cards and expand our merchants network. There is a lot of work ahead of us but we are extremely thankful for the trust our investors and community are putting into us!
— AMA CONCLUDED —
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