Q&A with Birake CEO-project interview
Yesterday Birake CEO held an interesting interview with Vladimir, the owner of the youtube channel Mr. Hold. https://www.youtube.com/channel/UC-6jMJIcfDBPk-dDIRYsS_Q?reload=9
Below you can find the whole interview with interesting questions, answers and info about Birake.com
Reporter Question: For a start, I’m interested in your goals for 2019. What results do you intend to achieve and what are your focus on?
In our business model everything is connected.
To be part of the one of the top ten exchanges in the world, we need trading activity, volume, for this we need traders and to obtain traders we need marketing/partners.
This volume can be achieved by deploying new exchanges!
Also we need coins and strong communities, we need also marketing, achieving top aggregators like CMC, Coingecko, Coinlib.
Coins can be also brought to our network by new exchanges. The coin projects can be very valuable to an exchange because once listed they come with all their traders community.
So to answer to your question the most important part is to be visible (especially on aggregators) then we will be an interesting tool / exchange network for coins and also for webmasters.
Target for 2019 is probably 30–50 exchanges launched and about 100 coins listed, and probably about 200–400 BTC volume.
Reasonable and ambitious strategy. I like it.
My next question will be about BIR.
What features does BIR have and what is its value for investors? What are you planning to add in the future?
BIR is the main asset in our exchange network. Our exchanges are running on a separate blockchain where BIR is the base asset.
- For now network fees are reduced to 0 but we can apply network fees for the platform and charge a small amount for each trade in BIR. Exactly how Bitshares is doing
- We pay our exchange owners in BIR. At end of the month we convert all the fees in BIR (basically are converted to BTC, with that BTC we buy BIR from market to pay the webmasters). So BIR is the main asset for paying our collaborators from the network and in the same time BIR is backed by all the assets listed in our network.
- BIR can be used for buying an exchange and probably will be used for coin listing.
- BIR has masternode capabilities and investors can receive rewards creating masternodes.
- Masternode holders will receive also part from fees generated within Birake network.
The business plan is already made for the future and is more connected with the business development and not coin related features.
If we succeed to grow our network automatically all the investors will benefit from that.
What do you think about current level of inflation? Do you plan to burn coins or use other similar methods?
We are still in a “normal mode” and the inflation will decrease weekly. The big problem now is the lack of exposure, because of the delayed time of implementation of aggregators.
We will not burn any coins, is not considered (still debatable) fair/legal for a company to be involved in the price of its asset.
Maybe it would have been a strategy to reduce the rewards per block simply because it could have been replaced by the rewards generated by the exchanges, but still is too risky now to take any measure like that.
“We pay our exchange owners in BIR. At end of the month we convert all the fees in BIR (basically are converted to BTC, with that BTC we buy BIR from market to pay the webmasters). So BIR is the main asset for paying our collaborators from the network and in the same time BIR is baked by all the assets listed in our network”
I see that this question worries many people in Birake community. How exactly does the protection mechanism function, which prevents all these coins from re-entering the market and adversely affecting the exchange rate?
“all these coins” means maximum 75%. There is still 25% our share.
So even if we consider that all of them will enter again in market (which is not likely to happen) this will be probably around 75%.
Maybe a webmaster consider that he wants to increase his revenue and builds some MNs for him, or he wants to upgrade his business package (share revenue).
There are still lots of alternatives for them.
If this is not a commercial secret, tell me a little about which part of earned money do you invest in project development? And for what purpose in the first place this money goes?
For now Birake is funded from other sources (not crypto related). We aim first to cover our costs then of course we will distribute certain budgets for development, marketing, support and everything necessary to grow our business.
When do you plan to integrate a referral program in Birake ecosystem and how will it work?
I don’t have a plan for it. We already have something like “referral program”. You get the smallest package and you get 30% from trading fees.
I assume that you are asking about traders referral program. In our situation from technical point of view is something like a second layer of referrals which can be exhaustive for IT resources at certain point.
To answer to your question, we are still thinking if is possible to implement it without affecting too much the infrastructure.
On the other side we are working for a referral program from selling point of view (exchanges, coin listings)
Ok, I have the last question left, I heard that you are planning to share part of your income with the masternode owners, when the Birake ecosystem reaches 10 exchanges. How exactly will this work?
We are converting daily the fees in BTC then in BIR. At the end of the month we have the result how much exchange X has produced. From this amount we will send to MN public addresses (you can view them all in wallets so theoretically are public) the percentage (5% or 10%) distributed equally to each of them.
Probably in this process we will include as a criteria the age of MN. Minimum age time will be for sure a filter and also we are thinking if to split the amounts equally or to create a differentiate rewards scheme based on age of the masternode.
Thanks for the detailed and timely responses.
I learned a lot of useful information that I will definitely share with my Russian-speaking community.