AMA with Indonesian community (Hotbit) Recap
t.me/hotbit_indonesian
Mr. Tri Pham, CEO&Co-founder of KardiaChain and the team joined the AMA with Hotbit Indonesian community at 16:00, May 22 (UTC +8). Please join our KardiaChain Indonesia community t.me/KardiaChain_Indonesia if you are Indonesian Kardians 🙂Place: t.me/hotbitindonesia
Host (Hotbit Angel): Hello everyone. KardiaChain is a hybrid blockchain platform, connecting public and private blockchains, KardiaChain mainly provides solutions for businesses as well as governments to adopt blockchain for their products and services and increase practical use cases for blockchain.
KardiaChain is the public blockchain platform focusing on interoperability and providing hybrid blockchain solutions/infrastructure for enterprise and government, not only in Vietnam but also in other countries in Southeast Asia.
They are working with major service providers (enterprises and government) to decentralize their existing solutions. KardiaChain’s goal is to reach millions of users without the immense cost of educating the market. Their Dual Node technology allows cross-chain communications between any public and/or private blockchain regardless of protocol, which provides easy-to-adopt solutions for institutional clients.
KardiaChain has successfully completed IEO on Gate.io with a total of $19m oversubscription. Based out of Vietnam — KardiaChain boasts a lineup of top Enterprise and Blockchain partners, which can be named: BlockCrafters Capital, Matic, Band Protocol, Tokoin Contentos, CertiK, TOP network, VTVCab, Vietnam Football Federation, Geleximco and has formed a partnership with Vite Labs.
More information about KardiaChain be found here.
Useful link
Website: https://kardiachain.io
Twitter: https://twitter.com/KardiaChain
Telegram: https://t.me/kardiachain
Official Announcement: https://t.me/KardiaChainOfficial
Medium: https://medium.com/@KardiaChain
Github: https://github.com/kardiachain/go-kardia
Question 1: Can Mr. Tri express your opinion on the current situation, and does this pandemic affect Kardiachain’s development roadmap?
This disease adversely affects the world economy in general, although this is a shock to the whole world, many countries have got the right strategy and have quick response measures. Over time, the economy will be revived very quickly. However, social distancing will surely affect labour productivity. In fact, KardiaChain’s activities are all online, so this pandemic is an opportunity for partners to see the importance of online access with KardiaChain and blockchain. For example, public service companies will receive a lot of procedural support if they work on blockchain.
This disease adversely affects the world economy in general, although this is a shock to the whole world, many countries have got the right strategy and have quick response measures. Over time, the economy will be revived very quickly. However, social distancing will surely affect labour productivity. In fact, KardiaChain’s activities are all online, so this pandemic is an opportunity for partners to see the importance of online access with KardiaChain and blockchain. For example, public service companies will receive a lot of procedural support if they work on blockchain.
KardiaChain has recently successfully been listed IEO on Gate.io with 18X oversubscription rate, listed on ViteX via Vite Labs as our partners and Hotbit with trading competition. Being listed at this time can be considered an achievement for KardiaChain, because the liquidity of KAI token is necessary to deploy product launch projects with partners who have worked with KardiaChain throughout 2019. We will definitely continue to list on other exchanges. Our goal is to be listed on the largest exchanges in the world this year, and on any smaller platforms that offer us the opportunity. In 2020, I am very happy to launch new applications of KardiaChain, such as ON Sports in collaboration with VTVCab Sports to bring new blockchain-related features such as more transparent voting or predicting games by applying token. Another product is going to take off tomorrow — a beta livestream to donate to streamers, help streamers receive donations and use KAI tokens to increase rank and interaction with users. This product is suitable for the present time because most people are at home watching livestream and helping streamers earn more income. This year I have many other products with the telecom and other partners, but I would like to keep it a secret and try to launch new products monthly.
Question 2: In terms of interoperability, do you think that COSMOS is one of your biggest competitors? What value is the project expected to bring?
First of all, KardiaChain and Cosmos though focus on the Interoperability, we do not compete because KardiaChain will helping businesses to adopt blockchain easier while Cosmos focus on existing public blockchains or parties who already adopt blockchains and want to link those blockchains to other blockchains. We are aiming to blockchainise the existing services to add more value; for example, when users who already have a tipping demand for streamer, KardiaChain will help bring the activity on blockchain to make things easier, transparent and more attractive. Another example is our project with a Vietnamese telecom, normally users logging into Facebook or applications will have to verify their phone number via OTP code which costs more for the service providers and cannot secure the OTP code. Instead, KardiaChain uses blockchain to help users verify phone numbers directly with the telecom to solve this problem, helping businesses reduce SMS costs and increase security.
We are technically ready for the mainnet, we are just working on a few things, and will switch to our own mainnet. Currently, apart from ERC20, many platforms also offer us to cooperate with them, but all are still just temporary because we will eventually switch to our mainnet.
Question 3: How actually KardiaChain provide non-invasive interoperability and how can able to connect all blockchains to single protocol?
“Non-invasive” interop means participating blockchains (ETH, NEO, TRX etc.) don’t have to make any change to their protocol and infrastructure in order to participate in cross-chain operations. Indeed, when we talk to NEO tech team, they don’t even know we already cross-connect them to ETH. You can compare this with some other projects which use sidechain or atomic swap where the participating chains need to support these protocol.
Another example is Cosmos, which doesn’t have strong requirements, but still request other chains to confrom to IBC protocol.
For second part of you question, since KardiaChain support cross-chain operations through smart contract, we need to add some CISC instruction like “hold-and-release-at-certain-time” which ETH doesn’t need to support. DApp developers using KardiaChain would be able to write these command in the smart contract, whereas in ETH they can’t.
Question 4: Do you think that Vietnam has much potential for a booming economics and blockchain industry? Is the government staying supportive? What have you been preparing for this landscape?
Vietnam blockchain landscape is still positive in blockchain this year when enterprises and government bodies are having more activities regarding blockchain. Thanks to the blockchain borderless and real-time features, the current pandemic would not be so hard when KardiaChain as well as other blockchain projects can still do business online, hoping to bring more value to Vietnamese people, especially those interested in the blockchain and cryptocurrency markets.
Several governments are paying attention to blockchain industry and creating favourable opportunities for this market. In terms of China, in October last year, Chinese President Xi Jinping delivered a “1024” speech raising blockchain technology to unprecedented heights. China is surely leading the blockchain adoption in terms of policies. Meanwhile, Korea has made good progress in applying blockchain in businesses and daily life. One of our target markets is Korea. We can see Korean government DID joint by enterprises. They have “Initial DID Association”: Hyundai Card, BC Card, Shinhan Bank, NH Bank, SK Telecom, LG Uplus, KT, Samsung Electronics, KEB Hana Bank, Woori Bank, Koscom. Furthermore, in July 2019, Dubai is also building their smart city with $8 billion spent, joint by 24 government departments and private sector partners joined to aim at 100% digitized government transactions. These are some countries that consider the importance of blockchain. We at Vietnam, also witness huge impact of the digital transformation. In a nutshell, I would say Vietnamese government is very favor of general technology 4.0. It is a chance for blockchain projects here to continue developing because of 3 reasons:
1. No system exists yet; Vietnam has not finished digitizing data.
2. The population is large and young, with fast technological uptake.
3, State support in startup policies and high technology application (for example project 844).
KardiaChain is learning from the China and Korea market and constantly making suggestions to Vietnamese government whenever possible. We have active and former government officials in our advisor board. We work with several government bodies on applying blockchain to existing and new services. We are involved in multiple discussions with the government on blockchain/token/crypto policies and legal frameworks in Vietnam.
For example, we cooperate with Vietnamese National TV (VTVCab) is a State-owned TV channel, who are using KardiaChain tech to tokenise their ON Sports mobile app. They position ON Sports as a top sports content platform in Vietnam. KAI holders will be able to play predicition games, donate to their favorite football players, and win exciting rewards. Another partner of us is Vietnam Football Federation (VFF) — Official Organisation for Pro Football players. We help them blockchainise data of players, clubs and matches as well as monetise it.
We are involved a lot on government side as well to make sure being updated with new policies and somehow contribute to the process. Most recent I was giving speech about blockchain and cryptocurrency to Vietnam Deputy Minister of Justice. We are well-aware of the status in legal framework in Vietnam for crypto and blockchain. KardiaChain has involved with the government since 2018 and constantly pushing for blockchain-favourable policies.
Question 5: It’s clear that blockchain projects are striving to achieve the “massive adoption”. What’s your mass adoption definition? What’s KardiaChain going to do to achieve this, not only in the Vietnam market but also worldwide?
Mass adoption for me means a large enough number of users to bring meaningful interactions on the blockchain
I like the idea of “tipping point”, where enough of people use blockchain services or possess the tokens will lead to a dramatic shift of behavior.
We are working in Vietnam first because it’s our home market. I want to make a strong case for the world about blockchain adoption.
Although China is very well ahead of the rest of the world, I still believe there is more space for blockchain in Vietnam. Especially because we have no legacy system to compete with.
For example, in developed countries, they already have a system in place for digital services. Blockchainisation will be a headache due to all the data migrations and changes in workflow.
Vietnam is still opened for that, we are in the golden population structure, a Young workforce that is tech-savvy and ready to learn.
Question 6: What were the main challenges that you faced in these times & how do you see these Developments helping Kardiachain to Attract Investors from around the globe? & Also talk about the positives?
We have a grand vision for KardiaChain and have been working to well-position our company to become the dominant player in Vietnam. So there are three points:
First, Vietnam is a great market for blockchain and KardiaChain will be number 1 in Vietnam. Second, we focus on building adoption and real-life applications for the token. Last, fixed supply and increasing demand will drive token value steadily. So KAI holders will both having great returns over a long time and become the early supporters for a decentralized future, starting from Vietnam.
Moreover, KardiaChain is proud to have many existing revenue streams by collaborating with major international and domestic strategic business partners like our first ADapp announced: ON Sports with 200,000 registered users. So how exactly do our partnerships with major organizations benefit investors?
ADapps in collaboration with major enterprises have a profit sharing model, KardiaChain will use these funds for business and tech development as well as buying back our tokens on the secondary market to reduce the total circulating supply and thus directly benefiting our investors.
Learn more about our ADapps here
We are applying KAI tokens into multiple industries. By getting more users in different market segmentations, we can increase the demands for KAI. Blockchain for Gaming industry includes several aspects: payment, single sign-on (SSO), and game items (NFT). KAI token usage will focus on SSO and NFT (but there are legal concerns). For Payment we already have a mobile payment channel with telecom.
KAI is mainly used in staking, paying for transactions, deploying smart contract, and participating in services in KardiaChain ecosystem. KAI is good for long term holders because we focus on expanding the usage of our tokens and our user base. We are looking at 1 million KAI users at the end of 2020 acquired via a series of products and services from our partners. The longer you hold, the more places you can spend your KAI tokens. Limited supplies and increasing demand will drive the value up.
Question 7: One of your ecosystem products is “ESWIM” can you explain in detail how this ecosystem product works on your project?
ESWIM (elastic sharding with incentive mechanism) is a key feature to guarantee the whole network (KardiaChain + groups of Dual Nodes) can always operate at its optimal state in terms of fee, performance, and security. The way ESWIM works is we collect the signals from all participating chains (ETH, NEO, TRX) to estimate the transaction traffic and fee in each chain in real-time. From these estimations, we combine machine learning models with our computed formula to figure out the right amount of validators that should be in each Dual Node group to ensure the most efficient state for the whole ecosystem. Then we can incentivize the validators to stay in one group or move to other groups through different methods such as increasing staking awards for the groups with fewer validators, or increasing deposit requirements for groups that already have high number validators etc.
Indonesian version:
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