[AMA] MiL.k’s 2020 1st AMA Highlights
07 July 2020
MiL.k Team had the 1st AMA in 2020 with Bihu which is the biggest blockchain community in China on 7th July, last Tuesday. In this AMA section, Samuel Yun, head of international business at MiL.k team, introduced MiL.k project and answered questions about the project.
Question and Answer
Q1: Why is the project named MiL.k?
Many think it has something to do with drinking milk, but it actually is an abbreviation of mileage token. Since the platform integrates many rewards, in other words, mileage points, we named the project MiL.k.
Q2: What are the benefits of using MiL.k for customers?
Firstly, you can exchange different reward points into one asset Milk Coin. With Milk Coin, you can buy many rewards with discount or cash them out at exchanges.
Q3: what your advantage vs Chinese competitors, given there are a lot of similar projects here in china doing mileage token
At the moment, which is the beginning phase of the project, I would say that the partnership with the top travel & leisure service in Korea is the differentiator.
In the near future, when you can trade Milk Coin in China, you can not only invest in it but also bring it to Korea when you travel. Many travel and lifestyle rewards can be earned in Milk Coin as well as coupons that I mentioned earlier.
In the long term though, we will make partnerships with global services and projects. You can utilize the service not only in Korea but in the global market
I hope I answered you question. Thanks for the great questions, and I look forward to collaboration opportunities with Chinese local projects.
Q4: Is it legal in Korea, do you think it will encounter legal problems in china?
Trading reward points in crypto have no legal problems at all in Korea. We have our in-house lawyer who is in charge of our business strategy, so we will look deep into the local markets.
Q5: how do you guarantee the value of MLK, since it has dropped a lot in value.
A: With the effect of the pandemic, the value of MLK has dropped. Being a utility token, however, the value of the token depends on how many services it can provide. We already have concrete service partners with more than 10m combined user base, so I expect the value of the token to gradually increase with the increase of partners and services on the platform.
Q6: Yanolja is MiL.k’s initial partner, can you tell us how did you first started collaborating with them?
It has been 2 years since we started collaboration with Yanolja. At the start of the collaboration, Yanolja was already the top OTA service in Korea. It had a plan of offering blockchain based services and MiL.k was a Hyperledger fabric developer in the market. Both parties had a common vision of offering blockchain based services and that was how the collaboration started.
Q7: Has MiL.k completed integration with Shinsegae Duty-free?
Shinsegae’s GOD points has been available for trading on MiL.k platform since May 2020. Shinsegae Duty-free is the duty-free brand of the retail giant Shinsegae group, and it is one of the top duty-free brands in Korea. I especially expect huge synergy with the integration because the main customer base is consisted not only of Korean tourists but many foreign tourists including Chinese.
Q8: How does the reward trading work on MiL.k platform? Can you specifically elaborate on the discount effect?
When you use Milk Coin to buy reward on the platform, MiL.k will provide a discount. The discount ranges from 5%-40%, and the discount rate will be calculated by the platform’s algorithm taking into account supply and demand of each vendor.
Q9: Adoption is one of the most important factors that all sustainable blockchain projects must focus to be more attractive to investors. How is MiL.k working towards mass adoption?
Mass adoption is the very reason we chose rewards as the main medium of MiL.k service. For many people, rewards points are existing assets, but the utility of them have been low. By adapting blockchain technology, the same asset’s utility can increase tremendously, and yet, people don’t have to take any further actions to obtain them since they already have them. I think this is the key for the mass adoption; finding an existing medium whose problems the technology can solve.
Q10: Can you talk about your team?
Our team consists of 16 experts and 8 developers. Details are as follows:
1) Jayden Jo/CEO: Jayden is an expert in digital payment who has directed and managed FinTech business at Kakao, digital payment at Samsung Electronics, and strategic business initiatives at Danal.
2) Shawn Woo/CBO: Shawn is a lawyer with deep expertise in IT and Blockchain. He has worked as a technical/corporate consultant at a law firm, S&L Partners and as an in-house lawyer at Hyundai AutoEver.
3) Samuel Yun/Head of international business: Samuel has rich experiences in international business in the IT industry. He used to work at Samsung SDS as an international sales representative covering China, India, and Sri Lanka. At MiL.k team, he is mainly working on international matters of the project.
1) Rooney Jung/CTO: Rooney has led various projects including video games, search engines, and web/application services at SK Planet, Kakao, and Danal. Rooney was the one who designed and developed Kakao Talk, Korea’ s №1 messenger with over 31 million MAU.
2) Sam Lee/Software Developer With almost 10-years of professional software development experience from the U.S. IT/Financial companies, Sam’s role is to build highly secure web services which will deliver various financial data in secure manner.
Q11: I would like to ask you about your plans for the near future, milestones for the rest of the year and 2021.
Let me tell you about our plan service-wise and token wise.
To activate and expand MiL.k service, we will add more and more service partners, both domestic and international ones to the alliance. As I mentioned, lifestyle services that you use in daily lives will be added, and those global vendors that you would use for your travel abroad will certainly be added to the platform gradually.
As we globalize the service, of course, the currency of it should be available in the global market as well. To do so, we will launch Milk Coin on global top exchanges, and discussions for that have been already initiated. As for the Chinese market specifically, we are prioritizing the market and getting ready for the token to be traded by our potential users in China. I’m sure Milk Coin and MiL.k service will benefit Chinese users in the near future.
Again, our vision as a company and as a project is to bridge blockchain technology to everyday lives. We will do our best to prove the mass adoption of the technology by offering beneficial service to our users.