Date : 29 April 2021
Host : HunterX & GemFlair
Guest : DRAGONBITE Team (Mickael Costache — CEO, Elvan | DragonBite — COO, Florence | DragonBite — CFO, Andy Chen | DragonBite — strategic advisors )
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with DRAGONBITE, on 29 April at 1:30 PM UTC. So here we are up with AMA transcript, for those who missed the live session, this post will be saver & feeder of knowledge for them.
Round 1 — Introduction Questions Asked By Spykefast
HunterX — Q1. Kindly give brief introduction about yourself, Crypto experience and your role at @DragonBite?
Mickael Costache — Yes sure: 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.
And here’s a quick intro about myself: my name is Mickael Costache 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 am based in New York but spend a lot of time on the ground in blockchain hubs such as Singapore or Hong Kong. I love helping 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 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.
Florence | DragonBite —I am Florence, the CFO of DragonBite, now base in 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 platform for Money market, FX and short term debt for the world.
This is Andy. I am the strategic advisors for DragonBite. I have founded 3 companies and elected the top 100 entrepreneur by Forbes under the age of 35 in 2010. I have heaps of experience in loyalty and payment (e.g. GM in Mastercard, Airline and hotel loyalty).
Andy Chen | DragonBite — This is Andy. I am the strategic advisors for DragonBite. I have founded 3 companies and elected the top 100 entrepreneur by Forbes under the age of 35 in 2010. I have heaps of experience in loyalty and payment (e.g. GM in Mastercard, Airline and hotel loyalty).
HunterX — Great exposure and really highly experienced team we have here for DragonBite covering wide range of fields.
Gem Flair — It’s a pleasure to be talking to you all.
One of the best team with vast experience overall.🔥🔥
Gem Flair — Q2. Let’s talk in detail about #Dragonbite project. What are the main features of the project?
HunterX — How can team make the most of the loyalty rewards program Industry? How many merchants already tied up? ( second part of question)
Elvan | DragonBite — 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, 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 dollar worth of assets become stale.
Today, Bite Point can be used in 50,000+ merchants point of sale
Florence | DragonBite — https://twitter.com/DragonBiteDB/status/1384476983019687937?s=20
HunterX — Infact this is an interesting area the team is targeting with the help of blockchain technology.
I mean it could really benefit each one of us out here.
50000+ merchants is a real big number. 👍👍😍
Florence | DragonBite — https://twitter.com/DragonBiteDB/status/1382591690876198916?s=20
HunterX — Can we list out some of the major Merchant partners.
Andy Chen | DragonBite — just a few here….can’t list them all
Elvan | DragonBite —
Florence | DragonBite — https://twitter.com/DragonBiteDB/status/1383076485339185154?s=20
HunterX — Yeah.. Fantastic to see.. 🌟
HunterX — Q3. What are the major utilities of holding the $BITE token? How does team plan to enhance it value so as to attract users onboard?
What would $BITEPOINT token do?
Florence | DragonBite — DragonBite adopts dual token system, consisting BITE and BITE Point.
BITE, which has limited supply, will be created during the token generation event, and it will also be publicly traded on Crypto Exchange. Merchants, who utilize our platform to provide loyalty program and promotion activities, will be charged in the form of BITE. BITE is also required 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 DragonBite card. On the other hand, any 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.
BITE Point is our token acting as medium of exchange among digital assets. Consumer will exchange BITE Point to purchase other assets available on our platform. All exchange transactions will firstly convert to BITE Point which is pegged 1:1 to the USD, ensuring a less volatile conversion rate in the ecosystem.
The usage of BITE :
1) Transaction fee. When people convert asset to another digital asset, transcation 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 have
3) Staking reward. We provide staking option for our users in the ecosystem for passive $BITE reward
https://twitter.com/DragonBiteDB/status/1384824258845622274?s=20
HunterX — $BITE has a lot to offer..
Florence | DragonBite — DragonBite is solving a Trillion dollar problem. So, we have confident to attract a lot of customers to join our community and get them to aggregate their scattered digital assets into our ecosystem. We have confident to reach out to online game lovers to store their in-game assets into our ecosystem. Irresistibly, we aim to provide an easy and convenient channel for small investors to purchase Bitcoin or other cryptocurrencies with a reasonable transactional fee. Our customers will be benefit from diversify their investment into alternative assets.
The more users on board onto DragonBite, the BITE token price will have demand. Price will be supported by market.
HunterX — Really nicely explained.
I sincerely hope DragonBite can prove to be a leader in making the most of this market. 👍👍🌟
HunterX — Q4. Since when the project development has started? What is the present progress of DragonBite Platform development?
Tying up with so many merchants is not a day’s job.. Real hard work of team to be here in what you guys have achieved so far.
Mickael Costache — Excellent question! We put a lot of efforts in R&D since 2018 and have filed our patent for our 6-in-1 solution for applying blockchain to loyalty. In addition, we have pioneered our AR and 5G technology by showcasing our prototype in the 5G-alliance summit. Along with the development of our platform, we put an emphasis on heavy testing both on the security side and functionnality side. We are building a state of the art platform that I’m sure you’ll all enjoy using
Gem Flair — Thats great to know that you are working on this project since 2018 . It’s been 3 years now.👏
Florence | DragonBite — https://twitter.com/DragonBiteDB/status/1382576835997822976?s=20
HunterX — I am sure.. I would want to use this platform to make the most out of my loyalty rewards points.
HunterX — Q5. Does #Dragonbite have any competitor? How is #Dragonbite different from other similar platform?
Elvan | DragonBite — Yes DragonBite has competition. We analysis the competition in 2 dimension Open looped vs Closed Loop | Decentralised vs Centralised.
First, our major compeititors Points.com is centrally governed with close loop ecosystem, focusing only on airline bank and hotels.
While Bakkt is open looped but it is centrally governed. It has Completed $300 Million Series B Financing in March 2020 and will IPO in 2021, It is supported by only a few banks and less than 50 merchants.
Asia Miles and Hilton Honors are points issuers, definetly closed loop with their own member and centralied.
Compare with these 1st-tier loyalty programs, The only decentralized loyalty program ecosystem which is governed by its members and cater for crypto + loyalty points. With 1m members and 5000 branded merchants since 2018. Growing 3x faster than the Points.com
Florence | DragonBite — https://twitter.com/DragonBiteDB/status/1385194186022981633?s=20
HunterX — Despite all the competitors, I am sure, DragonBite will sail through all competition and establish a name of its own.
Courtesy great experience of all team members.
HunterX — Q6. What major events can we expect in the 2021 #Dragonbite Development Roadmap? Also can you mention about DragonBite Standard and Premium Cards
Florence | DragonBite — We are going to launch DragonBite app in coming months. At the beginning, we will focus in getting Chinese customers on board. Hopefully, we can expand the user base to over a million within one year. Later, we will go to Asia then Europe and U.S.
In other non-English speaking countries, we will partner with their local brands in order to penetrate into their community.
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. 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.
In order to receive a DragonBite Premium card, the user must hold 5,000 BITEs in their DragonBite Digital wallet. Supply is limited.
DragonBite Premium cardholders will also receive 0.5% of their spending in BITE as a reward. Those rewards can be redeemed or converted into other currencies or digital assets. Shopping and travel insurance will be offered up to USD100,000.
In order to receive a DragonBite Standard card, the user must hold 2,000 BITEs in their DragonBite App. Supply is limited. DragonBite Standard cardholders will also receive 0.1% of their spending as a reward. Shopping and travel insurance will be offered up to USD100,000.
HunterX — An interesting read.
Basic thing, the community here needs to understand.. Hold minimum 2k BITEs to be an eligible card holder.
Gem Flair — Quite interesting. wish you all the best for succesful launch of #DragonBite app.👍
HunterX — Q7. With the recently closed private sale? Can the team share details about public sale? Any partnerships to mention?
Elvan | DragonBite — We are very pleased to close the private sale within 48 hours. The round closed was actually faster than we expect. I would like to say thank you to everyone supporting DragonBite and we are very confident to bring mutual benefit to our community. We have gained trust from Mantra Dao, RIO DeFi, Plutus.VC, AsiaTop, SMO Capital, LABS, Point95Global, ZW online, Association of Blockchain development, Redspots, HunterKing Group, WeFi, Summit33, TimeBank, ACH worldwide, Hex Trust, Molecular hub, FIO and so on
HunterX — We at SpykeFast Group are really proud of our investment in DragonBite ❤️❤️
Round 2 — Questions Asked on Twitter & Telegram For DRAGONBITE
!!! — Apparently, many blockchain projects are not solving any real problem, they just exist to sell their competitor tokens. What problems exactly is token solving, and solutions are you provide?
Elvan | DragonBite — Loyalty programs are literally everywhere. Today, there are more than 95% of the population owns loyalty points. This triggered us to investigate further and realized there are more value of 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 realised, 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 will be expired.
DragonBite allows Idle loyalty points from different programs can be stored in 1 single application, can transferred and to be redeemed to whatever form of digital assets you wish.
You may turn your loyalty points to Bitcoin with upside instead of a kettle for example. We lower the barrier of entry for small size crypto investors and solve real life problem.
Tom — I believe DragonBite is really a great project that can be applied to our real life. However, it seems like the target market is mainly in Hongkong and Singapore. Do DragonBite have any plans for global expansion strategy? If so, which countries will be the target after this?
Mickael Costache — Excellent question Tom! Our project is global because the problem is also global. We are indeed starting with China and Asia Pacific but quickly going into Southeast Asia afterwards followed by Europe and the US.
Elvan | DragonBite — yes, we do. In fact Mikael is in US and Florence is in UK…..besides, loyalty points are really virtual and there are many online merchants too
Amina Peter — How confidence are you in securing and retaining large adoption of users and big investors to your platform?
Mickael Costache — The investors’ appetite has been extremely strong thus far and we are very thankful for this. We definitely believe that our marketing plan to attract an extremely high number of users to our platform is very strong and while we are mainly reaching out to the crypto community at the moment, we will also put a lot of strategies in place to attract the more “regular users”. DragonBite’s aim is to drastically reduce barriers to entry for crypto investing for those smaller investors.
SpaceMan — Can you make a simple breakdown of your 6-in-1 solution with someone detailed explanation on Loyalty pools?
How do you intend to merge/integrate the loyalty/rewards system with blockchain technologies especially since the field has not really been explored
Will I be able to swap several loyalty points to one another without having to first convert to BITE token?
Florence | DragonBite — DragonBite 6-in-1 solution can offer you. D.R.A.G.O.N
D — Digital Asst:
DragonBite gives you the Convenience to Buy, Sell and Swap your digital assets, including Loyalty points, E-vouchers, Coupons, Giftcards, In-game assets and Cryptocurrencies.
R — Recognition:
DragonBite Wallet adopts the State-of-the-Art Security Features to Protect your Assets and Transactions using Biometric fingerprint, Facial recognitions, Pattern-recognition and Password access.
A — Asset conversion:
In the Multi-Asset Conversion Engine, Loyalty points and other Digital assets will be given the market values. So, Digital assets are Convertible anytime.
G — Global:
DragonBite issues Pre-paid card. You can use your Digital assets to Top-up the card In-advance and Spend at Retail Shops in the Globe.
O — Online-to-Offline:
DragonBite provides an Online-to-Offline analytics tool to Merchants. Our Tool will help them to reach out the Right Target customers. Merchants can adjust their Sales Strategy as soon as they Generate the instant sales Report from our System.
N — Native Token:
BITE is our native Token which will be traded on Crypto Exchanges. We will give BITE to our Active users as Incentive for Participating in our Ecosystem. BITE holder will earn more BITE from staking. BITE Point is another Native Token acting as a Medium of Exchange among Digital assets. It is pegged 1 to 1 with the US Dollar.
DragonBite is a wallet for all digital assets, in One app and One password.
You will be able to convert one loyalty point from one to other. Those loyalty point will be valued in Multi Asset coversion engine and given a market value at BITE POINT.
CLOSING REMARKS:
Mickael Costache — Thank you everyone and looking forward to connecting on our channels to continue the conversation!
Elvan | DragonBite — See you all on the moon 🚀
sourav — Nice AMA
Gem Flair — Thanks #DraginBite team for your time and efforts. It was a really an enlightening experience for us.
Wish you all the best for timely achievements of all the major milestones as per your roadmap.🚀🚀
HunterX — It was great to communicate with DragonBite team
Important Links
1) DRAGONBITE Website : https://www.dragonbite.io/
2) Telegram : https://t.me/DragonBite
3) Twitter : https://twitter.com/DragonBiteDB/
4) Spykefast TG : https://t.me/spykefastofficial
Contact Spykefast Group (TG Members — @realsch & @Gem_Flair) for promotions and AMA!!
