Yesterday on May 8th, DragonBite team was invited by TradeCoinCommunity for an ‘’Ask Me Anything’’ AMA series. It was a great pleasure to be hosted on their channel and get to introduce DragonBite to its community. A giveaway campaign was organised with 100 USDT to be shared among several winners. Read the transcript below to learn more about our project and check if you are one of the winners!
asaskun | moderator, [8 May 2021 at 9:01:39 PM]: Today we will do an AMA with an amazing project. We will get so much information about Dragonbite today. Let’s meet our guests today: DragonBite. Before we start to discuss this project, please introduce yourself to our community
Florence | DragonBite 🏵: I am Florence, the CFO of DragonBite, now based in the UK. I have been very excited about Blockchain technology since 2017 and organised Blockchain seminars since 2019. I have been working in Fintech company, Bloomberg, for over 12 years…. built trading platforms for Money market, FX and short term debt for the world.
Mickael Costache: Hi everyone, it’s a pleasure to be here today.
My name is Mickael and I’m the CEO of DragonBite. Previously, I was the Regional Director for the Middle East, Asia and Africa at Espeo Blockchain, one of the leading blockchain development and consultancy studios in the world.
I’m based in New York but spend a lot of time on the ground in blockchain hubs such as Singapore or Hong Kong. I really enjoy assisting companies and entrepreneurs to turn their ideas into working decentralized solutions, ranging from ICO development to conceiving complex blockchain solutions for large enterprises, as well as blockchain advisory.
Elvan | DragonBite 🐉: 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 been involved in the loyalty industry for years. During the time I worked in AsiaTop as the director of Product, I realized there’re intrinsic problems with digital assets as the interest of the program providers are usually not the same to the end user.
asaskun | moderator: Wow you guys have so much experience. We can see DragonBite have a great team.
Questions from Twitter
Q1. Ok we start with a very basic question. Can you explain to us what DragonBite is ? And what unique idea will DragonBite bring to investors?
Mickael Costache: Great question! DragonBite is a truly open decentralised Asset Management platform for customers to store and swap all kinds of digital assets in One App with One password!
Our vision is to disrupt the loyalty market with innovative business models and technology.
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. 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 (crazy isn’t it? 😀), 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. Our investors have definitely seen a lot of value in this as our private round got oversubscribed in 48 hours!!
asaskun | moderator: Wow it was a lot of assets we can store. It was such a unique idea we can see the biggest future on DragonBite. And we will get more information about DragonBite tonight during this AMA.
Q2. Let’s discuss DragonBite token. DragonBite has 2 Tokens. Can you explain what is their difference and benefit for each of those tokens, e.g $BITE vs $BiTE Point ?
Florence | DragonBite 🏵: Our secret recipe is our dual token system. This may be the reason why other loyalty projects failed before us.
$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 programs and promotion activities, will be charged in the form of $BITE. $BITE is also required as a transaction to bid valuable assets in our auction platform, to access our privilege services, to exchange $BITE Point, to purchase coupons or gift cards, and to pre-pay with a DragonBite debit card.
On the other hand, a user or partner, who participates in trading activity and makes a 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.
b) $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.
asaskun | moderator: Hm now I understand. It was such an amazing idea, as I see Dragonbite has a lot of features too. And wait for the Dragonbite card ? So you mean like a credit card but on crypto. Wow amazing!
Elvan | DragonBite 🐉: Yeah we are bringing real life use cases to crypto
asaskun | moderator: It was the best idea. Not many projects think about it. They just focus on price and development of their crypto. I am more excited now…
Q3. Now let’s discuss the DragonBite App. Can you explain what it is all about? What are the best benefits from the DragonBite app?
Elvan | DragonBite 🐉: Let me first give you some background stories: Loyalty programs are literally everywhere. Today, more than 95% of the population owns loyalty points. This triggered us to investigate further and realized there are more value in digital assets (loyalty points, gift cards and gaming assets) than US dollars in circulation in the world. The existing mechanism is set to discourage you from using them.
Therefore, The utilization rate of these assets is only 7%. You may already realise, there is an intrinsic problem in these digital assets,
1. they are difficult to be exchanged and the gifts are usually not attractive
2. they are hard to be consolidated and
3. they have an expired date.
DragonBite allows Idle loyalty points from different programs can be stored in 1 single application, can be transferred and redeemed to whatever form of digital assets you wish
You may turn your loyalty points to Bitcoin with upside instead of a kettle. We lower the barrier of entry for small size crypto investors.
“Liquidity” is the gift we bring into the crypto world. Majority of blockchain projects facilitate only speculation purposes. The use cases are limited in the blockchain industry. DragonBite provides real life use cases. With DragonBite, users could actually convert cryptocurrencies into merchants cash vouchers / gift cards.
Today, Bite Point could be spent in 50,000+ merchants point of sale and the number will grow exponentially, this existing merchants network makes us ahead of our competitors and saves us years of time in merchant acquisition. We are strong and ready.
Q5. @savermoney100: Security is always the top task of projects. But lately, a lot of cryptocurrencies and blockchain have been appropriated by hackers. What security measures does DragonBite have in place to avoid the possibility of being appropriated by hackers?
Elvan | DragonBite 🐉: We implement our technologies based on the banking practices to boost our security level.
Our tokens are protected by a 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. Furthermore, biometric detection technology should give a higher security protection than passcode access.
Audit will be completed before TGE by hex trust.
asaskun | moderator: Wow it was awesome. We get so much information about DragonBite on this segment too. But hey, last segment is the most awaited segment. We will start the live session:
Florence | DragonBite 🏵:
🎁 DragonBite is launching its first #GIVEAWAY campaign! 🎁
Help us to raise awareness about our #Dapp and get a chance to win $ETH and $BITE! 💰
You have until May 16th to participate. How? 👉 Follow those 3 steps:
♥️ Like and retweet this post: https://bit.ly/3uxNlY2
🔁 Follow us on Twitter (@DragonBiteDB) and Telegram (https://t.me/DragonBiteLike)
➡️ Register to the #lucky #draw here: https://eth.dragonbite.win and access extra entries!
Questions from Telegram
Q1: @Ahamed333: Many projects rug pulled and exit scam recently. Why should investors trust DragonBite would not do the same?
Elvan | DragonBite 🐉: DragonBite’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, DragonBite has collaborated with leading companies in the field of blockchain, loyalty points and gaming.
Today, $BitePoint 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.
We aim to grow with the community and create mutual benefits!
Q2: @nadilesirmu: What makes your project different from others and what are some of it is practical usecases?
Q3: @swagncool: Do you have a plan to attract non-crypto investors to DRAGONBITE and how? What actions to raise awareness about DRAGONBITE in the non-crypto space especially for new users?
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.
Q4: @Sangdz: Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Florence | DragonBite 🏵:
1. Large customer base. DragonBite’s key competitive advantages lie in its comprehensive partner ecosystem as well as its characteristic of open looped and decentralized.
2. Partner with many merchants. We have already gained access to over 50000 merchants point of sale with 1 million user based.
3. Truely open loop decentralised system:
Bakkt is one of our competitors. It acquired bridge2solution to cater for Loyalty + Crypto. The new loyalty+ crypto app has not yet launched. Supported by only a few banks and less than 50 merchants.
Points.com is another competitor. It is a closed loop loyalty program which is not growing, focusing on airline, bank and hotels.
Asiamile and Hotel are other competitors. They are also Point issuers, closed loop loyalty programs for their own members Airline and Hotel focus respectively
DragonBite is the only decentralized loyalty program that is governed by its members and caters to crypto and loyalty points. With 1 Million members and 5,000 branded merchants since 2018. Growing 3x faster than the Points.com
Q5: @fuctele: What is your marketing strategy to attract customers and investors to DragonBite geared towards blockchain users and newbies?
Great question Anna! While our initial marketing outreach is geared towards blockchain and crypto inclined users and investors (a lot of PR, AMAs like this one, influencer work etc), we will quickly evolve towards a more inclusive marketing strategy aimed at “newbies’’ which will enter the crypto world through DragonBite (one of our biggest focus). Our problem is global and understandable by most of the worldwide population so we will rely on more traditional mass digital marketing as soon as the last quarter of this year
asaskun | moderator: Alright, we have passed all the AMA segments smoothly. And we got a lot of important and interesting information about DragonBite
Mickael Costache: Thanks everyone for a great AMA! Amazing questions and a big thank you to the moderator 😉
asaskun | moderator: Thanks to @DB_Elvan @mcostache @FlorenceDragonBite who has provided explanations and answered many questions in a very clear and understandable way :)
I will close today AMA. Do you have some words before I close today AMA @DB_Elvan @mcostache @FlorenceDragonBite ?
Elvan | DragonBite 🐉: It’s our pleasure @piyorins . Thanks for your hospitality and thank you guys for all your support @tradecoincommunity
Mickael Costache: Looking forward to continuing the conversation on our channels and always happy to interact via DM as well 👍🏻 take care everyone and thank you!
DragonBite is a fully integrated ecosystem of decentralized financial services built on interoperable technologies, and with many aspects of the ecosystem collectively controlled by its members. Its governance mechanism is predicated upon 2 digital tokens called BITE and BITE Point.