AMA Recap: Elvan Yau, COO of DragonBite on Satoshi Club
Yesterday, Satoshi Club hosted an AMA with our COO Elvan Yau. The event was a real success with more than 17,000 members who attended it and we would like to thank you all for your questions and support! We were pleased to organise a giveaway with a total reward pool of USDT $ 500 for this special occasion. Below is the transcript of the Telegram event. Scroll down to see if you are among the winners and contact our Admins in DragonBite Telegram channel (https://t.me/DragonBite) to claim your rewards!
Mary | Satoshi Club:
Hello, Elvan! Welcome here! 😀
Elvan | DragonBite 🐉:
Hello @Cool_as_Ice @madamlobster and our buddies in Satoshi club. I am so pleased to be here today!
Elvan | DragonBite 🐉:
Thanks TGIF, I had a really productive week, as all of the DragonBite Team are busy preparing our launch in June 2021! How you guys doing?
D. | Satoshi Club:
very good, thanks! ☺️
Mary | Satoshi Club:
We are fine! Excited to have our AMA today and want to know about DragonBite as much as possible 😉
Elvan | DragonBite 🐉:
Fantastic!
Mary | Satoshi Club:
So, Elvan, could you please introduce yourself and tell us more about DragonBite!
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’s intrinsic problems with digital assets as the interest of the program providers are usually not the same to the end user.
Loyalty programs are literally everywhere. Today, more than 95% of the population owns loyalty points. You might not realise, the value of digital assets has exceeded US dollar in circulation in the world. The market capitalisation of digital assets in 2020 was 1.6T dollars, including 700B in gift cards, 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 bound 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 the right solution and came up with the DragonBite idea.
D. | Satoshi Club:
Nice! So I know you guys have been building DragonBite since 2018, right? 😇
Mary | Satoshi Club:
Awesome experience! How did you get involved with DragonBite?
Elvan | DragonBite 🐉:
We have been preparing Dragonbite by acquiring merchants / partners and resources.
I saw the problem and thought blockchain would be the right solution and came up with this DragonBite idea right…
I talked with Mickeal, my buddy that we met in a crypto event in Dubai in 2018 and I also pitched my strategic advisor Andy about the idea and Andy agreed to support me with his business knowhow in the loyalty industry and to share resources and network. That’s how we started DragonBite
Mary | Satoshi Club:
Historical events! I like to listen to such stories about how people connected and started something special!
Elvan | DragonBite 🐉:
Me too, it’s always interesting to know how the chemistry bonded and started
Mary | Satoshi Club:
Sure! Thank you for your intro, Elvan! Do you want to add something or we can dive deeper into the questions from our community 😉
Questions from Telegram
Q1 — @imwiiw27
DragonBite Announces First Major Listing on BitMart. Congratulations guys. What will be the benefits of this new partnership? Could you mind tell us what will be your next steps? Do you have any particular plans to have presale or IDO?
Elvan | DragonBite 🐉:
Liquidity is the present we are bringing to the crypto world. Many of the blockchain projects facilitate only speculation purposes. The use cases are limited in the blockchain industry. DragonBite provides real life use cases. 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’ owners.
95% of the population owns loyalty points but the adoption rate of cryptocurrency is only 5%. DragonBite provides an easy and straightforward way for non-crypto users to embrace the crypto space.
With BitMart, users will be able access BitMart’s features including all the cryptocurrencies listed on Bitmart to purchase and sell, without having to leave DragonBite.
On the other hand, users could also convert cryptocurrencies in to merchants cash vouchers / gift cards on DragonBite.
Crypto exchanges are often confusing for non-native crypto people due to the specific vocabulary and lack of trading knowledge. Having access to the cryptocurrencies at real time prices listed on BitMart from DragonBite without requiring users to create a new login will certainly motivate users of the DragonBite platform to explore what BitMart has to offer. We think this would allow more people to experience cryptocurrencies comfortably without getting confused by a change of UX and habits.
Regarding the $BITE sale, We have closed our private round, we have 3 launchpads coming up on MANTRADAO, PolkaBridge and DUCKDAO. We will be listing on Uniswap on in June 2021.
Mary | Satoshi Club:
Can you give us more details about the upcoming Zendit launchpad? Which requirements to participate?
D. | Satoshi Club:
yes, are there some special requirements like holding projects’ tokens or something to be able to participate
Elvan | DragonBite 🐉:
For anyone interested, please go ahead and follow the instructions here: https://bit.ly/33P5pRR
Mary | Satoshi Club:
Satoshiclubbers 😉 pay attention! Thank you for your answers!
Q2 — @meml97
On DragonBite, we can turn our Idle Reward Points into Crypto, which is something really interesting, but I wonder, how is this possible? How is the process of turning these reward points into crypto and is there any kind of conversion fee we need to pay for this? Is there a certain min. and max. limit of points I can turn into crypto at the same time? Also, on what kind of tokens can I turn my points into?
Elvan | DragonBite 🐉:
At the ❤️ of the @DragonBiteDB ecosystem is the $BITE token. This token can be #staked and used to back BITE POINTS, our native #stablecoin 🐉 Learn this plus much more on our WP available now! 📑 — bit.ly/DragonBiteWP. That’s a very good question though. You cannot convert Apple to Orange. That is what DragonBite is solving for you with our Duo Token Mechanism.
Let me begin with introducing the utility of our tokens
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 a transaction to bid for 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, a 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.
b) $BITEPoint is DragonBite’s universal stablecoin, pegged 1:1 with the US Dollar backed by all the digital assets 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.
Mary | Satoshi Club:
How many tokens will be $BITE total supply?😀
Elvan | DragonBite 🐉:
$BITE Total supply will be 1B
D. | Satoshi Club:
so i can convert all my $BITE into $BITEPoint and leave them there to avoid the volatility of crypto? if I want to.
Elvan | DragonBite 🐉:
To answer your answer in short. $BITEPoint (our stable token peg 1:1 to usd) will be used as the medium between different assets, in this case reward points and Crypto, assets will be given a value in backend by our Multi-Asset conversion engine. And yes, convertion fee will be charged for end user enjoying the swap with $BITE.
Elvan | DragonBite 🐉:
Multi-Asset conversion engine (MACE) is a protocol system that matches buy and sell digital assets through DragonBite App. It utilises our digital asset pool and platform to rapidly convert any supported digital asset into the other digital asset at prevailing market value. So, digital assets, such as loyalty points, e-vouchers and in-game assets will be spendable in any place in the world. The MACE will be linked to no less than five top loyalty programmes and crypto exchanges when we launch
Q3 — @Josegamboac
Dragonbite offers 2 cards to its users: Standard Dragonbite Card, Premium Dragonbite Card. What requirements do I need to obtain each of them? What benefit does each one offer? and how is one different from the other?
Elvan | DragonBite 🐉:
DragonBite prepaid 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.
Mary | Satoshi Club:
Will you cards be available for all regions or some will be restricted?
Elvan | DragonBite 🐉:
We are trying our best to facilitate every single corner around the globe, however we do understand there are restrictions from countries that we have to comply with. We are working on it, details will be announced on our twitter, medium and our telegram group. Stay tuned!
Q4 — @victorogb
Sticking to its mandate of unlocking the true value of digital assets, DragonBite also aims to extend this service to the gaming industry by working to unlock the value of gaming assets, made achievable by allowing BITE point as the common currency running through the various gaming platforms. However, most gaming platforms are particularly strict and wouldn’t permit such actions on their franchise products, while a majority of them already have features to cater for such customer needs. How will DragonBite effectively achieve this, and considering that most gaming platforms run an entire system mostly with their native token, how would BITE point be relevant here?
Elvan | DragonBite 🐉:
I believe gamers are one of the most crypto-friendly communities as gamers have been living in a virtual world, they have been looting, fighting, trading all digital weapons and in-game assets for decades online and offline. Speaking of trading, I know there is market and economic value for unique assets (Weapon, Loots) in online games, people sell online on forums or even eBay.
I understand enjin has been working to disrupt this idle gaming assets by minting weapons, in game-assets into NFT. They have been working on it and the idea is proven work. Gaming platforms understand there will be beneficial to them by allowing in-game assets to be recycled, that would increase the engagement rate, stickiness and allow players come back to the version 2.0 of the same game.
DragonBite understands there’s value in gaming assets, players work hard for weapons which are unique and same as loyalty points, the value should be secured and should not be stolen away. Dragonbite will collaborate with NFT — dApps gaming partners, onboard them as merchants and provide liquidity to them by bridging gaming assets to other digital assets in our ecosystem!
Mary | Satoshi Club:
Do you approximately know how it will work? I have some weapons in some games and really interested in this
Elvan | DragonBite 🐉:
Same gaming companies will allow weapons to be minted into NFT, then you may sell or auction on DragonBite into $BITE / $BITEPoint. Enjin is actually doing a good job!
From the Table to Screen: How NFTs Bring Realness to Virtual Card Games | Enjin Blog
Digital trading card games have graced our screens for years, but have missed an essential feature now possible with non-fungible tokens: collectability.
https://enjin.io/blog/how-nfts-bring-realness-to-virtual-card-games
Q5 — @Ruttiee
Do Dragon Bite have any plans to include NFTs as part of the digital assets users can buy and sell?
Elvan | DragonBite 🐉:
NFT is definitely an exciting topic. As a digital asset marketplace, allow assets class to swap and convert. NFT, unique assets would also be supported on our 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, artworks and tokenize 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.
Mary | Satoshi Club:
Btw, which partnerships in crypto do you already have?
Elvan | DragonBite 🐉:
D. | Satoshi Club:
Will users be able to swap NFTs into your app? do you also have plans on this? i know some projects think about this — NFTs swap, aggregation etc
Elvan | DragonBite 🐉:
Yes of coz we do, NFT will be available as it is classified as one of the digital assets
Users may buy / sell / swap and auction
Mary | Satoshi Club:
Which blockchains will you support?
Mary | Satoshi Club:
Ohhh, i think we can talk about this while answering next question 😉
Elvan | DragonBite 🐉, [21 May 2021 at 7:39:02 PM]:
We are built on ERC-20 right now and planning to migrate to RioChain in Q4
Q6 — @yellowchamp
DragonBite will migrate to RioChain this coming 3rd quarter of this year,so what is the reason for migration? Why does your platform choose to migrate in RioChain? What advantages and strong points that RioChain will bring to DragonBite users with this migration?
Elvan | DragonBite 🐉:
RioChain enables lower transaction fees and faster confirmations. Also the cross-chain interoperability so that you can work across many different blockchains. It’s because RioChain is built on Substrate, which is a high-performance blockchain framework developed by Parity Technologies for the Polkadot ecosystem.
We are expecting a high amount of transactions as we facilitate 95% of the populations who owns loyalty points. We have to ensure a lower transaction fee and effcient user experience.
D. | Satoshi Club:
After migration will you still support the erc20 standard? and do you have plans to explore other blockchains as well? BSC, Cosmos, Avax ?
Mary | Satoshi Club:
Yes, this will be great, as transaction fees is a real problem now
Elvan | DragonBite 🐉:
Yes, it is likely for us to support erc20, we do not have plans exploring more blockchains at this moment.
Elvan | DragonBite 🐉:
yes the gas fees are very volatile when i transfer 😄
Mary | Satoshi Club:
I am feeling like a real whale when i am telling that i transferred or swapped something on Ethereum 😂
Questions from Telegram
Q1 — @Shaa93: “DragonBite” — I want to know : What is the meaning of this name?
Elvan | DragonBite 🐉:
There is a myth long time ago about a magic dragon🐲……who has the ability to turn the object into gold🥇🥇 after just one bite. In our galaxy🌠, we have many planets which are named after different loyalty programs……our magic dragon, who see opportunities there, will give the loyalty planet a “bite” and turn it into “crypto”. 💰💰
Not all dragons blow fire, some bite!
Q2 — @swagncool: How secure is DragonBite?
Elvan | DragonBite 🐉:
We implement our technologies based on 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. Anyway, biometric detection technology should give a higher security protection than passcode access.
Q3 — @zxcvbnmnbvcxza: Many project rug pulled and exit scams recently. Why should investors trust your project not to 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 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.
Q4 — @liamnoah456: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some reasons why they should buy and hold your token in the long term?
Elvan | DragonBite 🐉:
I have encountered a lot of enquiries about what is the benefit holding $BITE long-term.
I believe the success of the 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 increased size of digital assets 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 fees and as the demand increases, value rises. I am very confident in DragonBite and I believe we will grow with the community and get mutual benefits. Investors definitely would benefit from holding $BITE in the long term.
Q5 — @Josegamboac: Dragonbite has the 6 in 1 solution which has the following characteristics: DUAL token, prepaid card, a conversion of asset, governance, loyalty pool, analytics. Can you explain each of these characteristics in a simple way?
Elvan | DragonBite 🐉:
6-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 Governance, 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.
Q6 — @Asif20010: What are your plans for global expansion? Currently, which markets to focus on, or is it focused on building and growing to get customers, users and partners?
Elvan | DragonBite 🐉:
I believe a strong product & solution would attract community members & supporters as they feel the same pain and will support the solution which benefits 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 sectors our marketing efforts will focus on as there are synergies between gaming and the crypto world. We target globally although we have already acquired 50,000 merchants points of sale in Asia. However, our team is based in the US, UK, Singapore and Hong Kong. Our reach will be in these areas and grow simultaneously.
Q7 — @Steffiiiza0: What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally?
Elvan | DragonBite 🐉:
Our team is extremely confident, we never worried about survival and sustainability. Growth is the only word in our dictionary. The confidence is back by the real life problem we are tackling. 95% of the population owns loyalty points and the intrinsic problem with the digital assets are obvious with 1.6T value yet to be unlocked.
Our project is legitimate, we aim to grow along with our community and seek for mutual, long term benefits. We treasure every single member in our community, the feedbacks are very important and we are open to comments and make improvements.
The character of blockchain is decentralised, as strong believers of blockchain, we hold tight the values and embrace the trend happening in the world. Eventually, DragonBite would become a DAO. The more $BITE you have, the voting power you have to make major change to the ecosystem! Everyone would become the stakeholder of DragonBite and you too!
Q8 — @potentialsake: What is going to be the first blockchain that your token support and did you audit your smart contract?
Elvan | DragonBite 🐉:
We are on ERC-20, Audit was completed by hex trust.
Q9 — @tubakhalid: Could you please elaborate more about your tokenomics?
What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
Elvan | Dragon Bite 🐉:
Q10 — @highpee: From the interesting stats you gave, 95% of population have one form of loyalty point or the other, but the utilisation rate is about 7%. How then will you make it possible for users to be able to put their idle loyalty into action? What will users be able to do with these vouchers on your platform bearing in mind that they were not issued by you?
Elvan | Dragon Bite 🐉:
The utilization rate was low simply because the existing mechanism is set to discourage you from using them. Most of the time, loyalty programs are bound 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. DragonBite allows users to deposit and convert the digital assets, they may manage all their digital assets in 1 app 1 password and convert to cryptocurrencies so they will never expire with upside. According to our survey with AsiaTop 1m user based, over 50% of users are willing and will enjoy using DragonBite. BitePoints will be able to convert to cash vouchers in 50,000+ merchants point of sales, as we are partnering with AsiaTop which the merchants already have formed a partnership, all we have to do is to connect our backend and settle to different parties via our partner.
Mary | Satoshi Club:
Thank you for your answers) We will have Quiz part now! @ciupidos the stage is yours 🎉🎉
