GAINS Associates
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GAINS Associates

Bullionix — Telegram AMA & QUIZ — March 25

On Wednesday, March 25, we had the pleasure to welcome to our Telegram chat:

Jesse Johnson, Creator of Bullionix

Cryptonaire, Social media lead of Bullionix

We asked them questions about the development of Bullionix.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

In this AMA, Jesse Johnson, the creator of Bullionix joined the GAINS community to discuss his project.

Bullionix offers gold-backed NFTs, allowing you to transform your stable coin stacks into cool tokens that will always have a bottom price: their underlying gold value. They can also increase in price a lot if they catch on, making this a near risk-free investment in regards to gold.

Bullionix will launch on March 30 on cryptovoxels.com. Everyone is invited to the party!

Introduction

Q — Alexandre R from GAINS: Can you tell us what you did before crypto, how you got into crypto and if you’ve had any other venture in crypto previous to being involved with Bullionix?

A — Jesse Johnson from Bullionix: In 2013, I was pursuing my master’s in commercial law when I went down the Bitcoin rabbit hole. I ended up so obsessed that I dedicated my thesis paper to researching the regulatory landscape for digital assets.

I’ve been working in Asia for most of the past ten years. Before crypto, I spent four years working at Lenovo and occasionally trading Bitcoin from my desk.

I also worked in mainland China during the first big ban on crypto so that was all great to learn from.

And I’ve been based in Singapore for the past few years.

In 2017, I went full time working on crypto. Either consulting, organizing events and eventually coming to meet Zach Burks (@spadedev on Telegram) who is the founder of Mintable.app.

Q — Alexandre R from GAINS: Can you tell us what your role is at Bullionix and what the project is about in a few simple sentences?

Where did the idea come from?

A — Jesse Johnson from Bullionix:

My role at Bullionix is the founder. The project combines the power of NFTs (Non-Fungible Tokens) which are digital collectibles like crypto kitties for example, with the power of stable coins.

Product

Q — @MamaDoubleOne1: “intuition + simplicity = joy”, did you say this formula and can you tell me more about it?

A — Jesse Johnson from Bullionix: I really like this question because it addresses our design principles.

We are using some complex technologies and creating an experience that has to be very intuitive for the users.

If I may, I’ll share a picture to demonstrate:

Most of the NFTs I’ve collected are just sitting in a wallet and they don’t do much else.

Our NFTs have a very simple but fun Display Case. We actually looked at the Nintendo Game Boy for inspiration. It will allow you to easily show off your Bullionix to anyone and everyone.

Q — @NguyenQ32225128: Why did you decide to board with DigixDAO and be a part of the project?

A — Jesse Johnson from Bullionix: So, this question addresses our origins. I was working on Mintable which is also a member of DigixDAO, one of the first DAO’s to launch on Ethereum.

The mandate of DigixDAO was to support any proposal that increases DGX gold token adoption.

I wanted to contribute in a meaningful, creative way and I spent months thinking about how best to contribute, because just having stable coins is kind of boring!

With DGX I own gold, but I don’t hold gold in the same sense as my actual physical coin collection.

And that’s when it hit me, NFTs are wildly speculative… and why not give them a foundation price, by staking DGX gold tokens.

In this way, we can achieve the best of both worlds. DigixDAO was very supportive and voted to fund our initial smart contract development work.

So Bullionix is a blend of DGX and NFTs, best of both worlds!

Q — @DustyLoooza: Why would you allow your product to have an option like melting, knowing that it’s gold valued and not an ordinary NFT?

A — Jesse Johnson from Bullionix: Yes, this is a key part of our user experience. Each Bullionix NFT has a specific amount of DGX staked to it. So for example, let me reveal one of our real tokens.

In fact, this is the first time I’m putting this out publicly.

Notice the weight. Meras has a 5 DGX weight, or we can also say 5 grams. 1 DGX = 1 gram of gold.

There will only be a maximum of 50 Meras ever minted.

Now consider this scenario.

You own 4 of them. You decide to resell 2 of them on the OpenSea NFT market for a profit and then you give one to your best friend for her birthday. You still have 1 left. If, for whatever reason, you need that 5 DGX, how do you get them? You push the burn button on our display case. That Meras coin gets melted away, and all 5 staked DGX are returned to the owner’s wallet. Now there is only a max of 49 Meras left in the world, she just became rarer for the holders.

Q — Yusuf: What are the benefits for people who will be using Bullionix NFT’s?

A — Jesse Johnson from Bullionix: The benefits are many:

1. turn your boring stable coins balance into beautiful gold collectibles

2. by being first to mint a rare item, you have the potential to resell and profit.

The structure is so that only a few goldsmiths may corner a popular NFTs market. Almost like an early bird for a good ICO.

The third benefit is having an awesome tool to increase adoption. Show friends, organize events and put the golden crypto right in their hands.

Q — HellomissLuffy: How will you explain this BULLIONIX project in a simple language to a guy who is not from a crypto background? How will you attract businesses from the Non-crypto field?

A — Jesse Johnson from Bullionix: This is exactly why we knew a good mobile experience was key, we want to have that phone in your hand and you see the beautiful collectible up close with its HD detail.

Q — Flusha Get_right: How will Bullionix be useful and be adopted rather than a useless NFT that is created for nothing?

A — Jesse Johnson from Bullionix: This is a fine question. Many NFTs don’t offer any utility. In our case, we are a great way to gain exposure to gold.

Business Development

Q — Dwi Saputra: Hi Jesse, what do you give to convince your customers to follow your project?

A — Jesse Johnson from Bullionix: I think it’s only a matter of increasing awareness. This is a very unique Dapp that people will grow as more learn about it.

The downside is reduced when compared to other NFTs. Currently, some crypto art NFTs are selling for 1,000 dollars worth of ETH but they have no backing if, for some reason, they fall out of favor.

We’re actually surprised by the timing of our release. Gold is the ultimate safe-haven asset.

Bullionix can give people a new way to become aware of DGX and protect their gains.

We have no native token or ICO, we simply use DGX as the standard currency throughout our platform.

Another way we are reaching out is via collaborations, crypto art, and digital artists that are extremely popular on twitter. We are partnering with a number of talented artists to produce rare, beautiful designs.

Uwe Dresemann is one of them and we’ll be proudly unveiling his first Bullionix design on March 30.

To raise awareness, we’ll be throwing a massive virtual launch party where the community is already gathered: cryptovoxels.com

You’re all welcome to join. A lot of focus in cryptovoxels is on art galleries and it’s a great place to explore.

A lot of our initial enthusiasm is coming from this very active and growing community.

Q — Titan: I want to learn more about Bullionix, but the information is very small, most of Bullionix’s social networks are less active, the community is relatively empty and less, what strategy does Bullionix have to develop the community and maintain long-term user?

A — Cryptonaire from Bullionix: We are currently putting a lot of marketing measures in place. If you observe, Twitter has been quite active lately. We just created a Telegram group a few days ago and will be looking to push much more content there. We are getting a YouTube channel in a place where we will post short concise and precise videos to help you and others better understand our value propositions. In no time, I believe that our community will grow, after all the project is largely focused on community-driven products and content.

Token

Q — Dian Adrianie Sutejda: Digix, the smart-asset company, implemented a dual-token system when it was established in 2014. Would you be able to give us a brief introduction to the 2 tokens, DGX and DGD, and how Digix ensures that every DGX is backed by 1 gram of gold?

A — Jesse Johnson from Bullionix: Good question. We’re building on top of DGX which is minted and managed by Digixglobal. Digixglobal is venture-funded from the likes of Fenbushi Capital and Global Brain. Of all the different gold ERC20 tokens that have been attempted, Digix is the first and leading.

Thank you for coming in today, Jesse and the Bullionix team. I think we all like to collect things and like to show off. NFTs are a good way to do that digitally in our new modern world. Making them nearly risk-free by being able to melt them for the underlying gold value in tokens is also a great touch that will differentiate you from other NFTs. Looking forward to all the cool art! Anything else you’d like to say?

Alexandre R from GAINS

Thank you all! Glad to share today, feel free to join our new Telegram group chat: t.me/bullionix, all are welcome!

Mark calendars for Monday, March 30🎩

Bye guys thank you!

Jesse Johnson from Bullionix

Join us now! Enjoy quality articles, daily curated news, insightful infographics and enter a vibrant, fun and knowledgeable community!

If you want to email us: contact@gains-associates.com.

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GAINS Associates provides you with the latest news and research in blockchain and crypto. It’s a community for everyone to learn and grow together.

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