The following is a transcript of the questions and answers featured in the third Luxcore AMA, posted to our YouTube channel on November 12, 2018. You may watch the AMA in its entirety below. And don’t forget to subscribe!
johnnystar: Hey guys, John here from Luxcore. I’m here to do another AMA. I am your chief strategy officer for Luxcore. You know, first off I’d like to thank you guys — the community — for tuning in first of all, and also asking us questions. Without your questions we obviously wouldn’t be able to answer them and give you guys any heads-up or any information that you guys would want to know.
Today with me I have another colleague that’s going to be moderating this AMA. His name is robertp and Rob why don’t just go ahead and introduce yourself?
robertp: Sure thing. Hello everybody! My name is Robert Pando. I’m the Director of Marketing and Content, and I originally came and coming over from the Vertical project. My duties now for Luxcore, I help with the daily efforts of the entire marketing team; I deal with any detail-oriented problems together with the team; I also help in researching the impact of the in-progress and past marketing campaigns and use that data to improve future campaigns, as well as determine quarterly and yearly marketing goals and help complete them.
J: Awesome. It’s great having you on the tea, Robert. So why don’t we get started with this AMA?
R: Sounds good! All right, so our first question we have here is, “We all know that crypto investors are waiting for decentralize exchanges. This will probably bring about the death of centralized exchanges. So why should a T1 centralized exchange lists Lux if this coin potentially could bring future damage for the economy of centralized exchanges?”
J: So let’s talk about decentralized exchanges and centralized exchanges for a second here. Obviously we’re in a very early stage of blockchain, and unfortunately decentralized exchanges aren’t as big as we’d want it to be. I think in the future, obviously, we want it to be the biggest thing since, you know, that’s why Satoshi wrote his whitepaper and whatnot — for things to be decentralized. But you know, at the end of the day we’re at a stage where centralized exchanges are way bigger than decentralized exchanges, and obviously getting listed on the T1 would be a pretty big deal for us and we’re still trying to accomplish that.
But why would a T1 exchange list us? Obviously we are making LuxGate, which is decentralized exchange. But that’s not the only product of service that we own or are going to create. Obviously, we’re a coin that’s a product that’s trying to help enterprises get into blockchain and we’re also, you know, have POS web wallet and we have other things coming that doesn’t necessarily only go towards decentralized exchange. So there’s a lot of reasons why T1 exchanges would list us. We’re not solely a decentral exchange coin.
R: Yeah, you’re right, and one thing that I want to point out as well is that you know some of these big centralized exchanges are coming out with their own decentralized exchanges so if they add us naturally onto any of these T1 decentralized exchanges, once they launch their own decentralized exchanges we would naturally navigate to that. So I don’t see any reason why they wouldn’t want to add us.
J: Yeah, definitely agree.
R: Okay, so our next question asks, “Any news about the Proof of Work every 1 minute?”
J: Some of you guys might be disappointed by this answer, but we did have talks with our dev team and the main thing that they were stressing is chain stability, and I think you know we can all agree — not just us, but miners and also the consumers — that chain stability is probably the most important thing. Because we want to keep that chain stability, the devs have recommended that we stay with POW for two minutes, and I don’t think that’s going to change, unfortunately, in the future.
R: Yeah, I agree. Chain stability is of the most importance. Okay, so our next question asks, “The decentralized exchange space is growing. Binance announced its plans to launch its decentralized exchange in Quarter 1, 2019. Bitfinex has several decentralized initiatives — things like Aurora are ramping up. How does Lux plan to beat them? What makes Lux unique over them?”
J: That’s a good question. So LuxGate obviously is… you know, everyone here is trying to be unique in their own way especially you know with their products. So all these ICOs out there are trying to be unique but they all probably are trying to save a similar solution. Being a Dex, obviously, we’re aiming for one solution. Which is to be decentralized as an exchange. So I think the question is what unique features are we going to have that compares to Binance or Bitfinex initiatives and IDEX or EtherDelta. I can’t speak for Binance and Bitfinex but decentralized exchanges like IDEX and EtherDelta they’re obviously run on a web app primarily. That’s all you can find it at, all right? LuxGate is going to be all done through the actual wallet or through the software wallet so I think that’s a huge unique feature that we’ll be having. You’ll be able to store multiple coins on a software wallet rather than on just your web app. I think that’s what makes us unique over other DEXs.
Once again I can’t say how Binance or Bitfinex is going to be doing it.
R: Yeah, very true. I think having the software wallet decentralized exchanges… very, very promising. The next question we have here is, “The community is looking forward to the first of its kind LuxGate, the flagship product. Not much info is available on its internal working. For a successful decentralized exchange, mass adoption is key. Based on what we have seen and heard so far, LuxGate will operate inside of a desktop wallet. This will make it very hard for quick and successful adoption. Are you planning to support a responsive web-based solution for LuxGate that will not require users to have desktop wallets? If not, can you?”
J: There’s a very simple answer for this one, and the answer is, “Yes!”
We will have a web-based solution for LuxGate, obviously, along with the software wallet that will have LuxGate on there as well. There will be more than one use cases for the actual web wallet… Sorry, for the decentralized LuxGate on the… which platform it’s being used on. So the first version that’s going to be coming out is only going to be on Luxtre, which is our light wallet. In the future there are definitely plans to be creating a web-based solution. So yes, the short answer is, “Yes.”
R: Great! So on to our next question. We have, “Can you share any news regarding partnerships, product end users, or income-producing relationships? McAfee is working with many projects and initiatives. He has his own company and is about to start a campaign to run for President. From the outside, it would seem he is working on everything but Luxcore. Behind the scenes, is McAfee contributing to Luxcore?”
J: So there’s two questions here. Let me go ahead and answer the first question: if there’s any news I could share regarding partnerships, product end users, or income-producing relationships. A lot of this stuff is you have to keep quiet on our side, so… But I can tell you that we are working with partnerships on partnerships and we do have a couple of product end users or income-producing relationships — however you want to spin it — we do have a few up in the air. Obviously, due to legality reasons on the web wallet it’s gonna take a while for them to come into fruition. We are definitely working on those.
And as far as McAfee and what he does to contribute to Luxcore… First of all let me — as you guys know — me and a couple of other members of the core team, we were able to visit John McAfee at his house to record the shoot for the TV segment. We had a long conversation, obviously, about Lux and what direction that will be going towards. He has a lot of things planned for us so he is definitely contributing. Obviously you can’t see it yet but it’s definitely there.
R: Yeah, I’d have to say that I’m looking forward to the segment that you guys filmed with him on the InnovationsTV show, and I want to tell everybody to keep their eyes on the lookout for when we announce that it’ll be airing.
J: So the next question, before we ask it, it’s directly related to marketing, and who better to answer it than you, right Rob?
J: All right so this flip this roll and let me ask you the question real quick, okay? “Can the community have an insight into plans for promoting Lux to new buyers? The increase in social media efforts is certainly notable however items such as Lux Academy and the increased Twitter traffic mostly targets people already aware rather than new buyers. What is the plan for getting Lux out there and kick starting the journey off the very small market cap shelf it currently sits on?”
R: Yeah, it’s a very good question. Right now I would say that our main focus is to get Lux noticed in the Asian market. It’s obviously — as everybody knows, if you’ve been in this field for a while — the Asian market is a huge chunk of… for these projects, for everybody. So right now one thing I could tell you is that we’re working; we’re talking directly with some conferences; we’re trying to find the best influencers that would help the project that would be invested in the project that are in Asia to help us. Once we finish talking with these conferences and things like that we’ll announce some. We hope to get a lot more of the Asian exposure right now in terms for Luxcore.
J: Yeah, especially with the addition of being added to Coinbene, which is primarily an Asian market, I think the direction that we’re heading in in the marketing areas it’s a pretty good idea to hit Asia, right?
R: Yeah. That’s one of the main things we’ve noticed right now is the volume on Coinbene is very low, so we want to focus our efforts on that, increase that, increase the focus and exposure in Asia. It’s definitely where we’re targeting, as you can see by getting on Coinbene, it’s the beginning of the marketing towards that.
J: Awesome Rob, thanks for answering that question. You can go ahead and ask me the next question.
R: Sure thing! So our next question we have is, “Has anyone expressed interest or, even better, entered talks about paying for the use of the web wallet?”
J: So, as you all know, we did announce on our Discord and our Twitter that we did testing on a different coin called Espers and it did successfully go through. The web wallet worked perfectly on there so people were able to stake on that web wallet with using a different coin. And after that successful announcement we did have a few coins come to us asking if they could use the web wallet as a service. I previously answered this on one of the questions before but due to legality reasons which I can’t say what obviously, but there are some issues that we’re going through that we need to get tidied up, and hopefully once we get past that we’ll be able to reach back out to these users and to these teams and these projects and give them a package deal or whatnot to see how we can deal with this.
R: Yeah, that was very exciting about Espers and the successful testing. So all right, we have our last question of the night, and it asks, “Will you guys have beta spots open for LuxGate so we can try it?”
J: Quick answer is, “Yes.” But, obviously, there’s still a lot of things going on with LuxGate. I can’t give you a timeline, obviously, and there will be the internal testing. But I can promise you that once we do have beta testing open we will let you guys know through our social media channels on Medium, Twitter, our Discord channel. So just stay tuned and watch out and hopefully we will launch a beta session soon.
Thank you guys for joining us on this AMA. Without you guys’ community we obviously wouldn’t be able to answer all these questions that you guys ask. Just continue asking questions and hopefully we’ll be able to answer them all. The channel will open again soon for November’s AMA so just be on the lookout for then, and Rob do you have anything you want to say before we hit the switch?
R: Just wanted to say I had a good time answering and/or helping answer these questions. I just want to say to the community look out for the next AMA opening of the questions. We value your input. So that’s about it for now. Take it from there.
J: Awesome, thanks guys!