[Meetup] MiL.k’s 1st AMA Highlights
15 November 2019
On November 15th, last Friday, MiL.k Team had the first online-meetup on the channel of Coinko Lounge.
Shawn Woo, the CBO of MiL.k Partners, participated in the meetup as the speaker and ran the meetup&AMA for about 40 mins. The AMA was composed with FAQ and Top 11 questions that we gathered from pre-question event.
FAQ
1. Why is it named MiL.k?
Many of you will probably think of a beverage when you take a look at our project’s name. But, MiL.k is an abbreviation for Mileage Token, and it is purely a token-based project.
2. When is the public sale?
We will not have a public sale that indiscriminately attracts large-scale funding. There will only be institutional investments through private sales to create a healthy token ecosystem.
We are also strictly monitoring reselling of MLK. Please read the following notice regarding this issue at https://t.me/milkplay/52 for details.
3. When is MLK listing and product release?
The service launch as a mileage point integration platform is planned to be in the first quarter of 2020, and it is being actively discussed with our partners. Regarding MLK, we hope to have the listing within this year, although there may be slight changes to this schedule. We are doing our best to release the wallet in accordance with the listing of MLK.
4. Can we expect partnerships with foreign companies?
Currently, our leisure life spans over a very wide area. Doing leisure activities such as shopping overseas is also very common. We are discussing with foreign companies to expand consumers’ mileage point utilization and increase its convenience. They are expected to become a part of the MiL.k Alliance in the near future.
5. What differentiates MiL.k from other blockchain mileage point platforms?
There are already many mileage point integration projects in Korea using blockchain. They all aim to maximize the user’s point utilization. MiL.k wants to take a step further and provide partner companies with the same benefit of using the MiL.k platform as consumers. There will be a positive cycle where the greater the benefits of the companies, the greater the participation and the greater the participation, the greater the benefits that consumers will receive.
TOP 11 QUESTIONS
Q1. When exchanging MLK with mileage points, how will price and conversion ratio be determined?
A1. The cash value of each mileage point is determined by the demand & supply within the platform. For example, if there many users who want to buy Yanolja mileage points, the price will go up.
However, since the platform offers a minimum discount of 5%, the upper limit for purchasing 10,000 won worth of mileage points would be 9,500 won worth of MLK.
Then, the conversion ratio is determined by reflecting the price of the mileage points, which is based on the supply and demand, and the price of MLK at the external exchange. (There will be a small transaction fee)
Q2. If the transaction between mileage points and MLK is biased, how do you plan to solve the problem of imbalance in the volume of mileage points or MLK?
A2. Basically, MiL.k platform is a market where you buy and sell mileage points (product) with MLK(currency). So, I guess you are worried about situations where the product is sold out and there is too much money, or vice versa. To prevent these situations, we are going to change the price of the product, which is the mileage points, according to an algorithm to regulate supply and demand. Additionally, since 28% of the total MLK are allocated to provide liquidity in mileage point transactions, there will not be a situation where we run out of MLK. MiL.k project will try to maintain a vibrant market with enough currency and products by adding more diverse products.
Q3. Even if there is an equal amount of mileage points for each company, the consumers will value each of them differently. How can we address concerns about one-sided exchanges of one company’s mileage points to another’s taking place?
A3. The price of each mileage point is determined separately on MiL.k platform. For mileage points that are used widely, the price will increase due to high demand, and for mileage points that are used less, the price will decrease. Thus, the price of each mileage points will be different and there will not be a situation where one type of mileage point is only purchased, and another is only sold.
Q4. Why did MiL.k Alliance companies enter the blockchain field?
A4. Companies distribute membership points to attract customers or to induce repurchase. The MiL.k platform will increase the value of those mileage points and enlarge benefits for customers, thereby amplifying the effectiveness of companies’ membership marketing strategies.
Q5. When exchanging/using company A mileage points for company B mileage points on MiL.k platform, what are the benefits for company A or B?
A5. MiL.k is a mileage point market where you buy and sell mileage points from different companies. Thus, if a user exchanges mileage points from Company A to MLK and then purchases mileage points from Company B, Company A has provided the user with increased utilization of mileage points and Company B has attracted a new consumer, the user from Company A. In this case, it may seem like Company A is losing money, but because someone else will buy and use Company A’s mileage points that were sold, the partners companies can benefit in various ways depending on the situation.
Q6. You are currently working with companies in the travel and accommodation area, but are you also planning to partner with companies in other lifestyle areas that actually generate much more mileage points?
A6. Of course. It’s true that Yanolja is a platform specializing in leisure and travelling, but in the near future, services closer to the lifestyle sector such as credit card companies and movie theater franchises will join the MiL.k platform as well. We’re going to try to partner with services that hold many mileage points and are widely used.
Q7. What are the benefits of using MLK for consumers?
A7. 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%)
Q8. What solutions does MiL.k offer for protection of personal information?
A8. MiL.k does not collect sensitive personal information and does not receive any personal information from partner companies. After the users signs 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. This system offers two major benefits: first, the privacy issue that you were concerned about, and second, since users can connect multiple IDs to a single MiL.k address, it is possible to integrate mileage points between family and relatives.
Q9. What kind of marketing strategies do you have for ordinary people who don’t own cryptocurrency?
A9. MiL.k implements or plans to implement various marketing strategies.
- Marketing through the companies of MiL.k Alliance: The platform of the companies (Yanolja, Delivery car, SEOUL airport limo, etc.) will encourage its users to sign up.
- Outdoor advertising, etc.: We will secure a wide range of users using marketing means such as advertisement on city buses and buildings.
- MiL.k will strive to become an IT service that can be used conveniently without understanding blockchain technology.
Q10. What are the expectations for price changes in MLK, and from an investor/holder’s perspective, is there a possibility for revenue besides capital gains?
A10. We expect the price of MLK to rise gradually.
As more consumers join MiL.k through companies that are part of the MiL.k Alliance, and as the service company grows, increasing the number of points issued, and as new partnerships are formed, the value of MLK will increase.
We hope that investors of MLK will share this long-term vision and stay with us for a long time.
We are also thinking about how to provide additional benefits to those who own MLK in the future.
Q11. Why did you choose Hyperledger?
A11. The Hyperledger Fabric is a licensed blockchain platform with high performance and security. It is also widely among many Enterprise. When trying to bring together companies of different industries, sizes, and even nationalities, security issues such as leak of unnecessary information are always important. This is why MiL.k used Hyperledger Fabric to build the platform.
We’ve been receiving reports of unofficial transactions of MLK. We do not allow prior reselling of MLK and when necessary, we will legally cancel the contract. I’d like to inform you that MLK that has been purchased through such process will not be legally protected. You could easily become a victim of scamming. Please keep this in mind.
