[AMA] MiL.k’s 2nd AMA Highlights
29 November 2019
MiL.k Team had the second AMA with CryptoDiffer on 29th November, last Friday. In this AMA section, Shawn Woo, the CBO of MiL.k Partners participated as the speaker again and answered the 15 best questions selected from pre-questions event.
The common questions were answered as FAQ the same as the first AMA. Please see the FAQ of the 1st AMA highlights.
15 BEST QUESTIONS
Q1. Where did the idea of MiL.k come from or what was your inspiration to create this project?
We thought about a platform to share customers with Yanolja, a travel and leisure unicorn, and were inspired by the forex trading system in relation to its specific methods. In the process of exchanging currencies between countries, the role of banks (platforms) and dollars (Functional currency) became the motif of MiL.K platforms and Milk Coins, as well as ideas for mechanisms for trading or exchanging different points.
Q2. What are the main markets that MiL.k is focusing and What is your strategy to access to these markets?
MiL.K plans to gradually expand its service areas, focusing on travel/leisure/lifestyle markets. Our main strategy is largely about customer sharing on the platform and avoiding internal competitions. Since customers of travel and leisure companies tend to use various services within one period of activities, MiL.k could be marketed to the same customer base among different companies. In that sense, integrating reward points is an efficient marketing method that benefits customers directly. And to prevent companies from competing on our platform, we will not allow multiple companies out of the same sector be on the platform. So, as the platform grows, service companies in various industries will expect the preemptive effect and become more motivated to join MiL.K Alliance.
Q3. How will MiL.k platform stay ahead of its competitors that already offer point integration services?
Existing point integration systems are commonly done by integrating the affiliates of the same company group. However, in addition to cross-using points from different companies, MiL.K also offers customers a much greater customer benefit because customers can trade (buy or sell) points themselves. Plus, there are no restrictions on the scope of the company joining the platform.
Above all, travel/leisure/lifestyle industries generate a wide range of small-sized points as customers use multiple services for a single activity. That’s how the reward points-integrating service will benefit both customers and service companies much more, which makes a huge difference from other point integration platforms.
Q4. Many traders are interested in this project. What will the team do to make consumers interested in this project as well?
MiL.K platform is just another blockchain platform but a platform that integrates reward points that an average consumer getting from traveling, drinking coffee, and watching movies. So, the main users of the platform are the average consumers, not the traders.
Therefore, securing a large number of partners and increasing the effectiveness of the point integration that consumers feel are important factors in increasing consumer interest. MiL.K will appeal to consumers who want various point-to-point uses.
Q5. Partnerships and marketing seem to be focusing on Korean market. How will MiL.K appeal to foreign investors?
The project begins mainly in Asia, but we plan to expand globally by making partnerships with global travel/leisure/lifestyle companies and listing Milk Coin on global exchanges in the near future.
Q6. How do you plan on marketing comparing to other mileage point programs?
We plan both traditional and crypto marketing methods:
1) Traditional marketing: To reach to the general public, we will do the traditional marketing such as Ads on buildings in Seoul.
2) Marketing thru our service partners: For example, Yanolja platform will reveal about MiL.k platform by doing air-drop promotions and such.
3) Crypto-marketing: To appeal to potential investors that are crypto users, we will do AMA events and meet-ups periodically.
Q7. How do you get your partners onboard? Many companies are still hesitant to adapt blockchain.
Many companies we’ve encountered have been positively considering to adopt blockchain technology, and MiL.K is the best platform to engage many businesses by using the technology.
By joining MiL.k, companies can increase the effectiveness of their reward point program by allowing their existing customers to trade the point with other services. In the mean time, a service company can acquire new customers from the neighboring comapnies on the platform.
Q8. What is the benefits to users and consumers of MiL.k platform?
First of all, you can combine mileage points scattered here and there. You can also convert them into MLK and cash it at an exchange.
Furthermore, when using MLK to purchase mileage points, you can get a discount. (minimum 5%, maximum 40%) These benefits are available thanks to MiLK’s innovative idea of a point transaction system.
Q9. How do you plan to get different businesses onto MiL.k platform and let their reward points to be traded with other points?
Point transactions on MiL.K platform are to be done through the platform’s functional furrency, Milk Coin.
For example, users can exchange company A’s points for Milk Coin on the platform and purchase Company B’s points using the purchased Milk Coin.
Through this process, customers will be able to collect and use their points.
Q10. Please explain whether reward points can be purchased directly from the service company on the MiL.k platform.
Service companies do not sell their points on the platform. The points will be granted to their users, and it is those users that bring the points to MiL.k platform. So, users will be able to make transactions using their reward points.
The transactions are not to be made directly between users. Rather, MiL.K platform will be the counterparty of each transaction. (Think of the same role of banks in forex trading)
In short, users purchase reward points from the platform itself, not from the service companies.
Q11. Due to the restriction that mileage points are only valid till the expiration date, it seems difficult to make transactions between them. I’m curious about how MiL.k platform will operate considering the restriction?
A new expiration date gets to be set when a point is traded on MiL.k platform.
For example, if user A buys a point from user B, the point’s expiration date gets renewed for a certain duration. Same duration will be applied to the same company points.
However, if user B gets a point directly from a service company, the point’s expiration date won’t be affected by the above policy of MiL.k platform until it gets to be actually traded on the platform.
Q12. If company A’s points are used more actively, the company’s debt is likely to increase as other companys’ points are changed to those of company A. What is the clearing process?
Point transactions on MiL.K platform have nothing to do with the corporate debt. When a user buys Company A’s points with Milk Coin, he or she doesn’t buy it directly from company A. It is sold by another user who has gotten the points either from a purchase on the platform of from the Company A as a reward.
In other words, Company A has nothing to do with this transaction and does not require additional debt issuance and clearing. Only the ownership of the points change.
Q13. Why did you choose Hyperledger and Luniverse as your blockchain platform?
MiL.K platform uses Hyperledger Fabric and Luniverse.
As for Hyperledger Fabric, it is a permissioned, private blockchain system that can prevent indiscriminate sharing of sensitive information as only authorized users by the authentication management system can participate in the network, and ledgers can only be created between authorised nodes.
Luniverse is a BaaS platform operated by Lamda256, which ensures both the stability and reliability of the toKen system.
Q14. How does MiL.K protect users’ privacy?
MiL.k does not collect sensitive personal information and does not receive any personal information from partner companies. After the users sign up for MiL.k platform through e-mail authentication, the company and MiL.k platform will exchange information on the basis of the mileage point wallet address, which is created randomly, and do not share any personal information such as user ID, name, or contact information.
Q15. Scalability, Security and Data Privacy are three important things. How does MiL.k plan to overcome these issues?
Issues relevant to personal information is already answered before. The solution to problems with scalability and security is Hyperledger Fabric, used by MiL.K platforms. As a licensed private blockchain, high TPS performance has been implemented and a separate network for each company has been established to increase the security of the partner companies’ customer information. This high performance, reliability, and security will also benefit the scalability of the MiL.K network.
