PolkaBridge x DragonBite AMA Recap
This is a recap of the ask me anything (AMA) session held between the PolkaBridge and DragonBite team on March 27 at 02:00 PM UTC. 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!
The reward pool is 500$
Leading the AMA are the representatives of the project:
Cyclese — @cyclese_polkabridge — Co-Founder of Polkabridge.
Zeph Williams — @zephwilliams — Co-founder of PolkaBridge, also the UX/UI Designer
From DragonBite, we would like to welcome:
Elvan Yau — @DB_Elvan — Chief Operating Officer DragonBite
The plan of AMA session:
Part 1 — Introduction and preselected questions.
Part 2 — Live questions
Part 3 — The Quiz about DragonBite
PART 1. Introduction of DragonBite project and community questions.
Elvan | DragonBite 🐉
Hello everyone
Very honored to be here today with all the buddies on PolkaBridge. Happy Sunday!
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
Nice to meet you Elvan
how are you today ?
Elvan | DragonBite 🐉
Nice to meet you too Cyclese. I am doing good, Thank you. How about you?
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
Yes i’m good . Thank you
So can you briefly introduce yourself?
Elvan | DragonBite 🐉
Sure!
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.
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
Great
So are you ready for part 1 ?
Elvan | DragonBite 🐉
100% 🙂
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
There are 8 questions in part 1 of AMA
Q1 from @thanksdefi
Can you briefly describe what is DragonBite in 3–5 sentences? And what is your Mission and Vision?
Elvan | DragonBite 🐉
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 dollars worth of assets become stale. 😔 This is where we come in (💡) DragonBite is a universal digital asset management platform powered by Blockchain technology. We leverage cryptocurrencies and DeFi to help loyalty points holders consolidate their earnings, interact with a global ecosystem of merchants and unlock the value of their digital assets.
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
is that all , Elvan ?
Elvan | DragonBite 🐉
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. We lower the barrier of entry for small size crypto investors.
Yup. That is all! Thank you
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
i like “ loyalty points “ concept
Elvan | DragonBite 🐉
For sure, it is a massive market
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
it’s like: when i go to supermarket and buy goods, i will have loyalty points
it use for discount
Elvan | DragonBite 🐉
Definetly! when you travel, you get airlines Miles and hotel points. Basically, the longer you live, the more loyalty programmes you are opted in. 😄
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
so we should go next question
Q2 from @fanshinchan
Could you please provide some info about your Roadmap and how DragonBite is progressing so far?
Elvan | DragonBite 🐉
Since 2018, DragonBite has collaborated with leading companies in the field of blockchain, loyalty points and gaming. The DragonBite platform has been under development for 18 months and will be audited by top cybersecurity firm. By the end of 2021, The most popular loyalty programmes and game assets and other digital assets will be acquired and held in DragonBite ecosystem, which will benefit the token holders as we will sell these loyalty points and send the rewards back into the staking pool. Today, we are partnering with Banks & major financial services, cryptocurrency exchanges and different blockchain ecosystem. We are the reseller of Steam, Google Play and Apple Giftcard and has gained access to merchants point of sales.
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
So did you connect with Steam and Google Play ?
And when will the audit complete ?
Elvan | DragonBite 🐉
For sure, we have signed reselling contracts with the right to resell.
Audit will be completed before TGE by hex trust
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
it’s great
thank you for your information
a promising roadmap
are you ready for next question ?
Elvan | DragonBite 🐉
Yes sir!
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
Q3 from @sharktankbitcoin
Can you list some great features of DragonBite that makes it ahead of its competitors?
And what problems do you see occurring in the blockchain industry nowadays and how does your project aims to solve these problems?
Elvan | DragonBite 🐉
Good question. 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.
DragonBite’s key competitive advantages lie in its comprehensive partner ecosystem as well as its characteristic of open looped and decentralized. We have already gained access to over 50000 merchants point of sale with 1 million user based.
“Liquidity” is the gift we bring into the crypto world. Majority of the blockchain projects facilitate only speculation purpose. The use cases are limited in the blockchain industry. DragonBite provides real life use cases. With DragonBite, users could actually convert cryptocurrencies in to 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 be ahead of our competitors and save us years of time in merchant acquisition. We are strong and ready.
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
what a detailed answer !
Elvan | DragonBite 🐉
https://twitter.com/DragonBiteDB/status/1384476983019687937/photo/1
Thank you!
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
can you talk more about what is the relation between loyalty point and BITE token?
Elvan | DragonBite 🐉
https://twitter.com/DragonBiteDB/status/1385194186022981633/photo/1
https://twitter.com/DragonBiteDB/status/1384824258845622274/photo/1
Basically, loyalty points can be converted to other digital assets. $Bite will be the transcation fee during to conversion and $BITE POINT act as a medium between assets or asset classes
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
so that, BITE token will be more value
Elvan | DragonBite 🐉
Exactly! The value of $BITE aligns with our ecosystem.
It depends on 3 KPIs:
1) Number of merchants / partners
2) Size of digital asset pool
3) Number of users
While $BITEPOINT is a stable token ensuring a less volatile conversion rate in the ecosystem.
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
great
now let’s go ahead , for the next question
Elvan | DragonBite 🐉
Sure!
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
Q4 from @cryptokla
DragonBite whitepaper states it can be used with 50k+ merchants and partners around the world,
are there any contracts in place with such big international chains like PizzaHut, McDonalds or KFC or this will be achieved only through the DragonBite crypto card?
Elvan | DragonBite 🐉
Today, $BitePoint can be spent in 50,000 merchants point of sale. Since DragonBite is partnering with the large loyalty management company: AsiaTop, we manage to access to these merchants point of sale from our backend system, which handles technology, complex conversion, tokenisation and settlement.
This could be achieved not only through our DragonBite Card but also the mobile application launching before the end of 2021.
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
i think, in the future, it will be big success if DragonBite connect with PizzaHut, McDonalds or KFC — top Retailers in the world
Elvan | DragonBite 🐉
Yes, although $BITEPoints can be spent in these merchants. We are looking forward for more collaboration when adaption rate of blockchain increases and I believe this is happening as this is the trend!
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
Great
Q5 from @tungaddam
Collaboration and partnerships are one of the cornerstones to making DeFi more widespread,
Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Elvan | DragonBite 🐉
We 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.
and of course PolkaBridge!
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
so powerful
Elvan | DragonBite 🐉
I am very confident in DragonBite and I believe we will grow with the community and get mutual benefits!
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
Yes of course
So the next question is very interesting
Q6 from @Divanacrypto
What are the use cases and utilities of your token? will there be farming staking options too available in the future?
Elvan | DragonBite 🐉
DragonBite adopts dual token system, consisting $BITE and $BITEPoint.
$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 $BITEPoint, 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.
While $BITEPoint is our token acting as medium of exchange among digital assets. Consumer will exchange $BITEPoint 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.
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
sound good
What is the total supply of BITE tokens?
Elvan | DragonBite 🐉
1Billion
https://dragonbite.io/buybite/
You may see the detail of allocations
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
at PolkaBridge, we have Deflationary Farming program, people will farm others LP tokens and earn PBR token. I think we can add BITE token to farming pool
Elvan | DragonBite 🐉
Yes! That will be a good approach 🙂
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
yes. We will discuss more about it in the future
Elvan | DragonBite 🐉
For sure 💪
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
So the next question is about Loyalty Program
Q7 from @tandepzxai
Can you make a simple breakdown of your 6-in-1 solution with someone detailed explanation on Loyalty pools?
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 $BitePoint 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 Governace, 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 $BITE represents 1 vote.
Our Loyalty Pool allows the converting of reward points from one brand to another. Customers can select their favorite loyalty program from our list. After entering their credentials for the login process, the app would return available points or air mileages to their accounts (and the equivalent amount in BITE). Exchanges are secured by our blockchain technology.
• Exchanges are visible within a few seconds
• Everything is performed simply through the DragonBite app with a user-friendly and seamless experience.
Our Online-to-Offline (O2O) execution platform is an advanced geo-targeting tool. Merchants who connect to our platform using API and design their own campaign to drive online traffic to their physical stores. End-users who are near the targeted location will receive real-time promotion notifications from our merchants based on the customers’ demographics, preferences and spending behaviour.
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
so DragonBite will be migrate to Rio DeFi platform, right?
Elvan | DragonBite 🐉
Thats right!
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
great
The final question
Q8 from @polkapum
Can you tell me the details about public sale and IDO?
Elvan | DragonBite 🐉
We have launchpads on MANTRA DAO, PolkaBridge and DuckDao.
TGE will be in uniswap before the end of Q2 (It can be happening anytime!)
The exactly dates will be announced in our official telegram channel & Twitter. Join, Follow and Stay tune!
https://twitter.com/DragonBiteDB
Cyclese | CEO & Co-Founder PolkaBridge (Never DM First)
great .
IDO will ensure success at PolkaBridge 👍
PART 2. Questions about the DragonBite project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the DragonBite crypto project choose the top 10 questions. The 10 crypto enthusiasts would have earned the USDT cryptocurrency in the sum of 500$, once the segment is done.
Q — 1 from a telegram user @!!!
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?
Elvan | DragonBite 🐉
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.
Q — 2 from a telegram user @Y
What are your plans to raise awareness and adoption among the community to make more people understand about DragonBite? Why is this project going to outperform, outvalue and outprice other crypto projects?
Elvan | DragonBite 🐉
As mentioned, I believe a strong product & solution would attract community members & supporters as they feel the same pain and will be support the solution which benefit 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 sector our marketing efforts will focus in as there are synergies between gaming and the crypto world. We are partnering with different Ambassador / crypto KOL from different community / youtube channels / media all over the world. As they feel the pain and the problem of loyalty points. Our team are confident and our supporters believe in us. We all know the problem and we are ready to tackle it.
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 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 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.
We lower the barrier of entry for small size crypto investors.
Q — 3 from a telegram user @antalea
Many projects rug pulled and exit scam 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.
Q — 4 from a telegram user @SCRTislandJohn
I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose your project over the existing one ? What is your coin advantage that can convince me to change from my favorite token ?
Elvan | DragonBite 🐉
Loyalty community is a big community. 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.
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.
Q — 5 from a telegram user @CryptoDude
DeFi is great. But for DeFi, the gas fee is crazy high on Ethereum. So, any plan to move on BSC or other layer-2 solution?What will the role of the community play in the your project ecosystem? When developing and updating your platform, will you take into account the community’s requests and suggestions?
Elvan | DragonBite 🐉
Exactly. DragonBite will migrate to RioChain by the end of Q3 2021.
RioChain enable lower transaction fees and faster confirmations. Also, the cross-chain interoperability so that 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.
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!
Q — 6 from a telegram user @Martin
As a community based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System??
Elvan | DragonBite 🐉
First of all, thank you for your support. I believe the success of 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 increase size of digital asset 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 fee and as the demand increases, value rise. I am very confident in DragonBite and I believe we will grow with the community and get mutual benefits, investors definitely would get benefit from holding $BITE in long term.
Yes, we do have referral reward system helping DragonBite to go viral. 5% of the $Bite token are reserved as referring purposes. Referrer and referee would both benefit in the referral scheme.
Q — 7 from a telegram user @Ronggila
With regards to security, what measures are in place to prevent hacking? Has your smart contract been audited?
Elvan | DragonBite 🐉
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. DragonBite doesnot 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. We will put our code on github and then do audit on smart contract by hex trust before TGE.
Q — 8 from a telegram user @Pinza
many new users who do not understand how to operate your project, do you provide a website to provide tutorials for running your project?
Elvan | DragonBite 🐉
Yes. I believe prototype would give the most straightforward insight and allow you to visualise the project immediately. Please check our prototype with the preview of DragonBite App on our offical website: https://www.dragonbite.io/dragonbiteapp/
Q — 9 from a telegram user @Awyee
What is your plan to create awareness about your project in different regions? Will you create local Communities for local user or planning for an ambassador program?
Elvan | DragonBite 🐉
I believe a strong product & solution would attract community members & supporters as they feel the same pain and will be support the solution which benefit 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 sector our marketing efforts will focus in 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.
Also, our team based in US, UK, Singapore and Hong Kong. Our reach will be in these are area and grow simultaneously.
Q — 10 from a telegram user @WXA
NFT is getting more popular now a days. It looks NFT has bright future. So do you guies have any plan to include NFT to your project?
Elvan | DragonBite 🐉
NFT is definitely an excited 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, art works and tokenise 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.
Part 3 — Quiz about project
In the final part, we tested the knowledge in terms of the DragonBite project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 500$ was distributed between the winners.
