DuckDAO
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DragonBite — AMA Summary

On Wednesday the 9th of June, the DuckDAO community had an AMA with the team from DragonBite.

“Turn your idle reward points into crypto”

DragonBite is a decentralized asset management platform that allows users to store and swap various digital assets with one app, and one password! Users of the platform are able to consolidate and convert digital assets such as loyalty points, e-vouchers, coupons, gift cards, in-game assets and cryptocurrencies into other assets, which they can then spend at dedicated Points of Sale and Merchants.

The DragonBite ecosystem utilises a dual token model. At its heart is the BITE token, which acts as a reward token and governance mechanism. The BITE token can be staked and used as collateral along with other digital assets to back a native stablecoin: the BITE POINT. BITE POINTS can then be traded for vouchers and redeemed on exchanges.

Helpful Links:

Participants:

DragonBite — Florence IP — CFO

DragonBite — Mickael Costache — CEO

DuckDAO — Pep — DuckDAO community representative

Please note that the following summary has been edited for clarity.

Pep

Welcome everyone to another DuckDAO AMA.

We are joined today by the team at DragonBite! CEO Mickael Costache, and CFO Florence Ip.

On behalf of the DuckDAO community, I’d like to welcome you to our channel :)

Florence

🤓

Pep

Can we start with an introduction for yourselves; what are your backgrounds/experiences both in the traditional and crypto spaces.

Can you also talk a little bit about some key team members that are not here with us today for this AMA?

Mickael

Sure! My name is Mickael Costache and I’m the CEO of DragonBite. I’m based in New York and was previously the regional director for a large blockchain consultancy and development studio. Prior to that, I co-founded a very successful consumer tech startup out of Dubai (eCommerce / On-demand delivery).

Florence

I am Florence, the CFO of DragonBite and located in U.K.. I have been very excited about Blockchain technology since 2017 and formed an Association of Blockchain Development with a few experts in HK in 2019. I have been working in a Fintech company, Bloomberg, for over 12 years to build a trading platform for Money markets, FX and short term debt for the world.

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.

😁

Pep

Amazing Backgrounds! And I love the diverse global locations! Truly what crypto is all about!

Mickael

Indeed 😄

Pep

Let’s start with a very broad question about your project — can you give us a high level summary of what DragonBite is all about? What are you building, and what is your target audience in the crypto space?

Mickael

Sure thing. Our mission at DragonBite is to provide a solution to a massive and global problem. There is more value in loyalty points, rewards and coupons in circulation in the world than the U.S. dollars, yet the majority of these digital assets are idle.

Without a unified platform for users to redeem and spend their loyalty points, hundreds of billions of dollars worth of assets become stale every year. So that’s where we come in: 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. We are not only targeting the crypto crowd but everyone who has ever experienced the problem that I just mentioned which means 9 out of 10 adults worldwide 😄

Pep

Wow I feel like you were speaking directly to me. I have so many reward points that just go to waste because I don’t have the time (or memory) to even address it.

This would actually be a game changer for people like me!

At first glance, it seems like Brand Token points issued by offline merchants have the same or similar features as Bite Points issued by your project.

Also, considering that the merchants need to understand and accept cryptocurrency, it may be hard for DragonBite to gain adoption over existing their Brand tokens/points. Why should merchants use DragonBite instead of their own point systems?

Florence

DragonBite offers advanced and comprehensive Online-to-Offline business services to merchants, including Sales promotion, Reward program management, enabling them to reach the right target customers, and Sales evaluation.

DragonBite is a Reward program management tool for merchants, taking over the administrative work of rewarding customers. Merchants can utilize DragonBite platform as a Sale promotion tool to advertise their brands, to distribute E-Discount coupons and to drive online traffic into their physical shops. We will handle all membership accounts and manage the Reward program on behalf of merchants. So, their administration expenses can be reduced, and merchants can focus on their core business.

Pep

This will ease the pain for so many ….everything in one place!

Florence

😎

Pep

After studying your project, one of the biggest advantages of using DragonBite for the store owners is providing additional services based on a consumer’s purchase data, such as purchase preference and behavior analysis.

What makes DragonBite better than traditional big data and AI analysis providers? Also, will DragonBite plan to provide customized information to the stores differentiated by the industries or services?

Florence

DragonBite does not only have big data and AI analysis, it has a Multi Asset Conversion engine for users to swap digital assets, a direct gateway connection with crypto exchanges for users to trade crypto, and loyalty management tools to help merchants to manage their loyal customers’ accounts.

Users can aggregate their scattered points of hotel rewards, gift cards and in-game assets into DragonBite accounts and convert them into crypto assets. With your data, DragonBite will provide information that you will be interested in. So, DragonBite provides more fun than just an analysis tool.

Pep

That sounds ideal tbh. I’m just thinking about everything that I can potentially use that I know is there…but too lazy/don’t have time/memory to utilize everything.

Florence

🤣

Pep

Which stores can the $BITE token be used at right now? And how do you integrate the $BITE payment method for all stores in the world in future? I am sure DragonBite will move more around the globe, so can you tell me which tentative markets DragonBite will aim for?

Mickael

“One of our biggest achievements thus far has been to build partnerships with merchants allowing us to be in tens of thousands of locations from the head start, when we release our App to the public.”

This puts us years ahead of the competition and drastically decreases barriers to entry. To talk specifics, we partnered with a large loyalty management company, AsiaTop, in China. AsiaTop manages loyalty accounts of over a million customers of 5,000 brands with 50,000 points of sales. Our partners are McDonald, Pizza Hut, Burger King, Champion…etc. We put a lot of effort into business development and integrating with major brands but also small businesses. We want to give freedom to our users in terms of redemption methods.

We are definitely looking to expand quickly around the globe. China and Asia Pacific are our first priorities followed by South East Asia, Europe and the US. It definitely helps to have team members understanding different markets and different cultures.

As I mentioned, the problem is global and our aim is to cover all continents 😀

Pep

This is a great approach. I also really like the fact that you’re reaching out to normal every day retailers/brands like McDonald's because these rewards will be small but they’ll add up.

Mickael

Yes absolutely!

Pep

Brilliant!

Your team seems to be very in touch with the global needs …..Very forward-thinking!

Pep

Do you have plans to add features like direct payments to say, credit card bills by converting the BITE into fiat currency?

Florence

DragonBite will offer a Debit Card to users. Users need to prepay the Debit cards in order to spend digital assets on daily consumption! You can apply for a physical Debit card as well as a virtual Debit card on www.Dragonbite.io

Pep

Would users need to KYC?

Florence

Should be done on the application form already !!

Pep

Gotcha!

Revenue and adoption are key for all projects, Can you tell me DragonBite’s business model and how you generate revenue?

Mickael

Yes, sure. We are definitely aiming to build a very profitable and sustainable business. I invite you all to go through our tokenomics on our website (www.dragonbite.asia) but to directly answer your question, DragonBite will generate revenue from:

  • Digital asset transactions
  • Sale campaign promotion services to merchants
  • Sales revenue generated from promotions from our partner merchants

We will definitely be adding more revenue streams as our user base grows as well. With this type of venture, if you do things properly, revenue generation comes naturally

Pep

Good to see that there will be revenue from different avenues.

Florence

Pep

I was reading on your website that there are 2 types of DragonBite cards: Standard and Premium.

Could you tell us more about them? What would be the possible uses of these cards, what is the difference between the 2, and how can users get them?

Florence

The DragonBite prepaid card allows users to spend at more than 30 million shops and withdraw money from 2 million ATMs worldwide. Users can request directly through the DragonBite website to apply a DragonBite Card in either a physical form or a virtual form. All issued DragonBite Cards will be connected to our multi-assets conversion engine and our App.

Premium cardholders are required to hold 5,000 $BITEs in their DragonBite wallet. They will also receive 0.5% of their spending in $BITE as a reward which can be redeemed or converted into other digital assets.

Standard cardholders are required to hold 2,000 $BITE in their DragonBite App. They will also receive 0.1% of their spending as a reward. Both the DragonBite Premium card and Standard card have a limited supply. Shopping and travel insurance will be offered up to USD100,000.

Pep

This looks really enticing. So these cards could be used globally? How would a user pay their bill? Would it be through $BITE tokens?

Florence

Yes… they can be used globally. Users need to pre-pay the Debit card before spending and $BITE Tokens can be used to top up the card!

Pep

Oh right. Sorry, I was thinking of it as a credit card, but it’s a debit card.

Yes.. perfect!

Pep

DragonBite operates a dual token system, consisting of BITE and BITE Points. What necessitates a dual token ecosystem? What are their utilities and values?

Mickael

Excellent question! Our dual token mechanism is the special element that makes DragonBite possible: we will have $BITE and $BITEPoint on the chain.

$BITE is our incentive token, which has limited supply. $BITE will be created during the token generation event and it will also be publicly traded on crypto exchanges. Merchants utilizing our platform to provide loyalty programs 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 cards.

On the other hand, any user or partner participating in trading activities and making contributions in our ecosystem will be rewarded with $BITE. We provide sufficient incentives to our active users to do asset conversion, member referral and business referral.

$BITE holders will earn more $BITE from staking, too. The more $BITE you hold, the more $BITE you will get and the greater voting power you will have in the DragonBite ecosystem. You will have a greater decision making power of the transaction fee, the invitation of new partnerships, etc.

Here are the usages of BITE :

  1. Transaction fee. When people convert an asset to another digital asset, the transaction fee will be charged with $BITE.
  2. Governance. We aim to become a DAO eventually. The more $BITE you have, the more voting rights you get.
  3. Staking reward. We provide a staking option for our users in the ecosystem for a passive $BITE reward.

$BITEPoint is our utility token acting as a medium of exchange among digital assets to provide liquidity to buyers and sellers in their transactions within the DragonBite ecosystem. Consumers will exchange $BITEPoint to purchase other assets on our platform. All exchange transactions will firstly convert to $BITEPoint which is pegged 1:1 to the USD, ensuring a less volatile conversion rate in the ecosystem.

Pep

Ok …I’m liking this dual system. Seems like more opportunity

Plus love the staking option. Staking offers so much opportunity in crypto and I really feel that’s one aspect that differentiates us from the FIAT world.

DragonBite aims to help members manage and increase the value of any digital assets. How do you handle risks associated with digital assets? Do you have risk management strategies for members?

Florence

The infrastructure of the DragonBite Wallet adopts state-of-the-art security features which protect all transactions inside the platform through several methodologies: biometric fingerprints, 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.

System security is of utmost importance for DragonBite, and reducing security risk is an essential topic. We implement our technologies based on 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.

Anyway, we will not handle customers’ assets but safely keep them in our custodian, Hex Trust, all the time.

Pep

Thanks for touching on the security aspect. In this day and age, security is one of the hottest features and Glad you guys have it covered.

Ok, that’s all we have from our prepared list of questions. We will now open the floor up to the telegram community to see if there are any additional questions.

I will unmute the chat for 1minute and let the questions flow in. I will then re-mute and let Florence and Mickael address.

Duck (User @SunSun77)

Is the data stored completely public? Does DragonBite have a mechanism to protect the user’s personal information? How will DragonBite deal with the privacy issue on the blockchain? I am curious if there’s any government policy or DragonBite team’s plan for regulation regarding this issue.

Florence

We are compliant with compliance regulatory rules such as the General Data Protection Regulation (GDPR) & the Personal Data Privacy Ordinance (PDPO), the Anti-Money-Laundering (AML) standard and the Know-Your-Client (KYC) standard.

Duck (user @Ayh406)

We can turn our idle reward points into crypto, which is something really interesting, but I wonder, how is this possible?

Mickael

Great question! We are partnering with crypto exchanges which allow our users to redeem what we call “crypto vouchers”. Those vouchers are received by our users on our App in exchange for other digital assets. It’s a system that works seamlessly as we have the right partners to make the transaction possible

Duck (user @HancerBurakk)

Now a lot of fake defi projects are promising insanely high APR, but ended up pulling liquidity or minting. How does your project respond to this case? Explain the reasons why we should invest in your project because we know you’re a team without a name?

Florence

DragonBite is going to solve a real life problem. Today, more than 95% of the population owns loyalty points. This triggered us to investigate further, and we realize there is more value in digital assets (loyalty points, gift cards and gaming assets) than the U.S. dollars in circulation in the world.

The existing loyalty program mechanism is set to discourage the loyalty customers from redeeming points. People find it difficult to swap the points between loyalty programs. Those points will expire. The gifts for redemption are usually not attractive. Loyalty programs are fragmented into many different accounts without a consolidating tool.

DragonBite is here to solve the billion dollar problem. DragonBite will aggregate idle loyalty points from different programs into one single application and allow users to convert their digital assets into other digital assets. You may turn your loyalty points to Bitcoin instead of a kettle.

DragonBite lowers the barrier of entry for small crypto investors.

The success of DragonBite ecosystem and also the value of $BITE tokens depend on 3 factors:

  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 increasing size of digital asset in our pool. The more assets supported for conversion, the more users would be acquired. These 3 factors would create a virtuous circle and as a result more transactions happen on the DragonBite platform. More $BITE would be needed for transaction fee due to higher demand, so $BITE value rises. We are very confident in DragonBite, and our community will grow and get mutual benefits. As a result, our investors definitely would benefit from holding $BITE in the long term.

Duck (user @okgood2405)

What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?

Mickael

At the core of our business model are the transactions from our users and the different campaigns generated by our partner merchants. Business development is crucial for our venture because we need to grow our user base very fast and our partner merchants pool very fast as well. Both go hand in hand and both are crucial for us to generate revenue. Thankfully, we’ve been very successful at attracting users’ interest so far and our business development efforts on the merchants side are going extremely well too. I invite you to go through our whitepaper to review our business model in detail.

Duck (user @cengizhantekin)

DragonBite has a real life reflection and combines it with the digital. This is actually very rare in the crypto world, so congrats! Therefore, real life connected projects usually have local and regional barriers such as regulations, different cultures, different technical infrastructures, etc. How do you plan to overcome this problem?

Florence

We are also partnering with different Ambassadors and crypto KOL from different communities, youtube channels and social media all over the world. Since everyone knows the problem and feels the pain of loyalty points, we are confident and our supporters believe in us. We all know the problem and we are ready to solve it and help everyone to unlock their values. Our partners in different counties will help us to solve the local regulation problem !!

Pep

Thanks for taking the time and answering so many questions guys!

I think the community has a much stronger grasp now on what DragonBite is really about.

Florence

Check out our Telegram!

Pep

Thanks!

Pep

Well thank you one again for your time and giving our members access to this unique project.

We wish you well and look forward to your launch!

Thanks again Florence and Mickael!

Florence

DragonBite channels in different languages :

And of course, the official Announcement Channel!

Find Out More About DuckDAO🐥

DuckDAO is a community-backed digital asset incubator that provides promising early-stage crypto startups with the expertise, financial resources, and marketing power needed to fast-track their progress on the path to success.

Who will win? One VC or TWENTY thousand ducks?

Official Links:

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