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AMA Satoshi Club x DragonBite, May 21st

We were delighted to welcome our guest from DragonBite. The AMA took place on May 21st, 2021 and our guest was @DB_Elvan .

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Маry Satoshi CLUB: Hello Satoshi Club! We are happy to announce our AMA session with DragonBite! Welcome to Satoshi Club

D. Папа Роуч: today our guest — @DB_Elvan ! welcome to our club!

Elvan | DragonBite

: Hello

D. Папа Роуч: hello! welcome!

Маry Satoshi CLUB: Hello, Elvan! Welcome here!

Elvan | DragonBite

: Hello @Cool_as_Ice @madamlobster and our buddies in Satoshi club. I am so pleased to be hear today!

D. Папа Роуч: good to have you here! how is your day going?

Маry Satoshi CLUB: It’s a pleasure to have you as Satoshi Club guest today

Elvan | DragonBite

: Thanks TGIF, I had a really productive week, as all of the DragonBite Team are busy preparing our launch in 31/5! How you guys doing?

D. Папа Роуч: awesome! very good, thanks!

Маry Satoshi CLUB: We are fine! Excited to have our AMA today and want to know about DragonBite as much as possible

Elvan | DragonBite

: Fantastic!

Маry Satoshi CLUB: So, Elvan, could you please introduce yourself and tell us more about DragonBite!

Elvan | DragonBite

: For sure, I will try my best to get you know the whole picture of DragonBite

D. Папа Роуч: nice! then let’s begin with intro!

@DB_Elvan could please introduce yourself and tell as about DragonBite

Elvan | DragonBite

: Sure.

My name is Elvan Yau and I am the COO of DragonBite. I am a serial entrepreneur. I bought my first bitcoin back in 2015 and found the first Blockchain startup in 2017, it was a payment infrastructure allowing people to buy Bitcoin and Ether with Visa and Mastercard. I have also involved in the loyalty industry for years. During the time I worked in AsiaTop as the director of Product, I realized there’s intrinsic problems of digital assets as the interest of the program providers are usually not the same to end user.

Loyalty programs are literally everywhere. Today, there are more than 95% of the population owns loyalty points. You might not realised, the value of digital asset has exceeded US dollar in circulation in the world. The market capitalisation of digital assets in 2020 was 1.6T dollars, including 700B in giftcards, 300B In loyalty points and 50B in gaming assets.

The existing mechanism is set to discourage you from using them. Therefore, The utilization rate of these assets is only 7%.

Most of the time, loyalty programs are bounded by Terms & conditions, your purchasing power would be discounted, also the products or services offered to be redeemed are limited and are always not attractive. Generally, your digital assets come from different providers. As a result, they are scattered, usually forgotten, left idle and would eventually be expired.

I saw the problem and thought blockchain would be right the solution and came up with the DragonBite idea.

D. Папа Роуч: nice! so i know you guys building DragonBite since 2018? right?

Маry Satoshi CLUB: Awesome experience! How did you get involved with DragonBite?

Elvan | DragonBite

: We have been preparing Dragonbite by acquiring merchants / partners and resources.

I saw the problem and thought blockchain would be right the solution and came up with this DragonBite idea right…

I talked with Mickeal, my buddy that we met in a crypto event in Dubai in 2018 and I also pitched my stategic advisor Andy about the idea and Andy agreed to support me with his business knowhow in loyalty industry and to share resources and network.

Elvan | DragonBite

: Thats how we started DragonBite

Маry Satoshi CLUB: Historical events! I like to listen to such kind of stories how people connected and started something special!

Elvan | DragonBite

: Me too, its always interesting to know how the chemistry bonded and started

Маry Satoshi CLUB: Sure! Thank you for your intro, Elvan! Do you want to add something or we can dive deeper into the questions from our community

Elvan | DragonBite

: Sure. Lets dive deeper. I am ready

Q1 from Telegram user @imwiiw27

DragonBite Announces First Major Listing on BitMart. Congratulations guys. What will be the benefits of this new partnership? Could you mind tell us what will be your next steps? Do you have any particular plans to have presale or IDO?

Elvan | DragonBite

: “Liquidity” is the present we are bringing to the crypto world. Many of the blockchain projects facilitate only speculation purposes. The use cases, are limited in the blockchain industry.

DragonBite provides real life use cases. We aim to remove the intrinsic inefficiencies of loyal points by allowing loyalty points turn into cryptocurrency. The whole idea is to facilitate loyalty points’ owner.

95% of the population owns loyalty point but the adaption rate of cryptocurrency is only 5%. DragonBite provides an easy and straight forward way for non-crypto users embrace the crypto space.

With BitMart, users will be able access BitMart’s features including all the cryptocurrencies listed on Bitmart to purchase and sell, without having to leave DragonBite.

On the other hand, users could also convert cryptocurrencies in to merchants cash vouchers / gift cards on DragonBite.

Crypto exchanges are often confusing for non-native crypto people due to the specific vocabulary and lack of trading knowledge. Having access to the cryptocurrencies at real time prices listed on BitMart from DragonBite without requiring users to create a new login will certainly motivate users of the DragonBite platform to explore what BitMart has to offer. We think this would allow more people to experience cryptocurrencies comfortably without getting confused by a change of UX and habits.

Regarding the $BITE sale, We have closed our private round, we have 3 launchpads coming up on MANTRADAO, PolkaBridge and DUCKDAO. We will be listing on Uniswap on 31/5

Маry Satoshi CLUB: Can you give us more details about upcoming Zendit launchpad? Which requirements to participate?

D. Папа Роуч: yes, are there some special requirements like holding projects’ tokens or something? to be able to participate

Elvan | DragonBite

:

https://dragonbite.medium.com/dragonbite-announces-its-first-token-offering-on-zendit-mantradaos-launchpad-8adb7ef168b7

Маry Satoshi CLUB: It’s clear! And we still have time to apply for whitelist

Elvan | DragonBite

: For anyone interested, please go ahead and follow the instructions

Маry Satoshi CLUB: Satoshiclubbers

pay attention! Thank you for your answers! Ready to go to the next question?

Elvan | DragonBite

: Yes for sure!

D. Папа Роуч: let’s go!

Q2 from Telegram user @meml97

On DragonBite, we can turn our Idle Reward Points into Crypto, which is something really interesting, but I wonder, how is this possible? How is the process of turning this reward points into crypto and is there any kind of convertion fee we need to pay for this? Is there a certain min. and max. limit of points I can turn into crypto at the same time? Also, on what kind of tokens I can turn my points into?

Elvan | DragonBite

: Thats a very good question. You cannot convert Apple to Orange. That is what DragonBite is solving for you with our Duo Token Mechanism.

https://twitter.com/DragonBiteDB/status/1384824258845622274/photo/1

Elvan | DragonBite

: Let me begin with introducing the utility of our tokens

Маry Satoshi CLUB: Sure! We are very interested in this!

Elvan | DragonBite

: a) $BITE, is our incentive token, which has limited supply. It will be publicly traded on Crypto Exchange. Merchants and partners, who utilize our platform to provide loyalty program and promotion activities, will be charged in the form of $BITE. $BITE is also required as transaction to bid valuable assets in our auction platform, to access our privilege services, to exchange $BITEPoint, to purchase coupons or gift cards, and to pre-pay DragonBite card. On the other hand, user or partner, who participates in trading activity and make contribution in our ecosystem, will be rewarded with $BITE. $BITE holders will earn more $BITE from staking, too. We provide sufficient incentive to our active users to do asset conversion, member referral and business referral. The more $BITE you hold, the more $BITE you will get and the greater voting power you will have in the DragonBite ecosystem.

b) $BITEPoint is DragonBite’s universal stablecoin, pegged 1:1 with the US Dollar back by all the digital asset in the ecosystem BITE Point acts as a medium of exchange between Digital Assets and provides liquidity to buyers and sellers of their digital assets on DragonBite’s ecosystem.

Маry Satoshi CLUB: How many tokens will be $BITE total supply?

Very interesting system! For now i see only benefits

D. Папа Роуч: so i can convert all my $BITE into $BITEPoint and leave them there to avoid the volatility of crypto? if i want to

Elvan | DragonBite

: To answer your answer in short. $BITEPoint (our stable token peg 1:1 to usd) will be used as the medium between different assets, in this case reward points and Crypto, assets will be given a value in backend by our Multi-Asset conversion engine. And yes, convertion fee will be charged for end user enjoying the swap with $BITE.

Маry Satoshi CLUB: Ohhh, that’s idea

Elvan | DragonBite

: Multi-Asset conversion engine (MACE) is a protocol system that matches buy and sell digital assets through DragonBite App. It utilises our digital asset pool and platform to rapidly convert any supported digital asset into the other digital asset at prevailing market value. So, digital assets, such as loyalty points, e-vouchers and in-game assets will be spendable in any place in the world. The MACE will be linked to no less than five top loyalty programmes and crypto exchanges when we launch

$BITE Total supply will be 1B

exactly!

D. Папа Роуч: very nice!

Маry Satoshi CLUB: When DragonBite app will be available for usage?

D. Папа Роуч: do people have to share some personal information with DragonBite app?

Elvan | DragonBite

: Yes, we do basic KYC to protect our user, ecosystem and stakeholders

D. Папа Роуч: got it

Elvan | DragonBite

: and users may deposit their digital assets and enjoy the swap

. haha sorry miss that. It will be available in Q4 2021! will be on appstore available for download!

Маry Satoshi CLUB: We will wait for this event

Google play?

Elvan | DragonBite

: Very exciting!

Elvan | DragonBite

: Google play and Apple appstore of coz

Маry Satoshi CLUB: Fantastic

Маry Satoshi CLUB: Thank you for your answers! Ready to proceed?

Elvan | DragonBite

: Yes Lets go

Q3 from Telegram user @Josegamboac

Dragonbite offers 2 cards to its users: Standard Dragonbite Card, Premium Dragonbite Card. What requirements do I need to obtain each of them? What benefit does each one offer? and how is one different from the other?

Elvan | DragonBite

:

DragonBite pre-paid card allows users to spend at more than 30 million merchants and withdraw money from 2 million ATMs worldwide. To order a DragonBite Card (physical or virtual), users can request directly through the DragonBite App or website. All issued DragonBite Cards will be connected to our multi-currency conversion engine and DragonBite App. Clients will have the choice to order a virtual card and/or a physical card. Using DragonBite’s MACE (Multi-Asset Conversion Engine) Module, the DragonBite Card enables all supported cryptocurrencies to be spent in real-life consumption.

Маry Satoshi CLUB: Will you cards be available for all regions or some will be restricted?

D. Папа Роуч: i want this!

Маry Satoshi CLUB: Me as well, that’s why i am asking, my country often restricted from such kind of cards

Elvan | DragonBite

: We are trying our best to facilitate to every single corner around the globe, however we do understand there are restrictions from countries that we have to comply. We are working on it, details will be announced on our twitter, medium and our telegram group. Stay tuned! I know right!

Маry Satoshi CLUB: Thank you, i am watching

i definitely want your card! Ready to jump to the next question?

D. Папа Роуч: as do i

Elvan | DragonBite

: Me too, i just love how it looks

Elvan | DragonBite

: For sure

Q4 from Telegram user @victorogb

Sticking to it’s mandate of unlocking the true value of digital assets, DragonBite also aims to extend this service to the gaming industry by working to unlock the value of gaming assets, made achievable by allowing BITE point as the common currency running through the various gaming platforms. However, most gaming platforms are particularly strict and wouldn’t permit such actions on their franchise products, while a majority of them already have features to cater for such customer needs. How will DragonBite effectively achieve this, and considering that most gaming platforms run an entire system mostly with their native token, how would BITE point be relevant here?

Elvan | DragonBite

: I believe gamers are one of the most crypto-friendly communities as gamers have been living in virtual world, they have been looting, fighting, trading all digital weapons and in-game assets for decades online and offline. Speaking of trading, I know there is market and economic value for unique assets (Weapon, Loots) in online games, people sell online on forums or even eBay.

I understand enjin has been working to disrupt this idle gaming assets by minting weapons, in game-assets into NFT. They have been working on it and the idea is proven work. Gaming platforms understand there will be beneficial to them by allowing in game assets recycle, that would increase the engaging rate, stickness and allow players come back to the version 2.0 of the same game.

DragonBite understands theres value in gaming assets, players work hard for weapons which are unique and same as loyalty points, the value should be secured and should not be stolen away. Dragonbite will collaborate with NFT — dApps gaming partners, onboard them as merchants and provide liquidity to them by bridging gaming assets to other digital assets in our ecosystem!

Маry Satoshi CLUB: Do you approximately know how it will work? I have some weapons in some games and really interested in this

Elvan | DragonBite

: Same gaming companies will allow weapons to be minted into NFT, then you may sell or auction on DragonBite into $BITE / $BITEPoint

D. Папа Роуч: that’s make sense

Elvan | DragonBite

: Enjin is actually doing a good job!

Маry Satoshi CLUB: That’s nice! Now i am waiting for this also

Thank you for your answers, Elvan! Are you ready for the next question?

Elvan | DragonBite

:

https://enjin.io/blog/how-nfts-bring-realness-to-virtual-card-games

Маry Satoshi CLUB: It’s connected to previous, btw

Elvan | DragonBite

: Yes!

Q5 from Telegram user @Ruttiee

Do Dragon Bite have any plans to include NFTs as part of the digital assets users can buy and sell?

D. Папа Роуч: we already touched this a bit

Elvan | DragonBite

: haha yes

NFT is definitely an excited topic. As a digital asset marketplace, allow assets class to swap and convert. NFT, unique assets would also be supported on our platform in the future. We will partner with dApps / existing NFTs also would eventually provide values (sotheby’s) to non-fungible assets, such as cinema and concert ticket, art works and tokenise them. Liquidity would be provided to these NFTs in DragonBite! In the future, I believe we will see more use cases for NFT and the application of NFT to identify identities that could be useful in certain scenarios.

Маry Satoshi CLUB: Btw, which partnerships in crypto do you already have?

D. Папа Роуч: will user be able to swap NFTs into your app? you also have plans on this? i know some projects think about this — NFTs swap, aggregation etc

Маry Satoshi CLUB: Wow! Great job

Elvan | DragonBite

: Yes of coz we do, NFT will be available as it is classified as one of the digital assets

Elvan | DragonBite

: Users may buy / sell / swap and auction

Маry Satoshi CLUB: Which blockchains you will support?

Маry Satoshi CLUB: Ohhh, i think we can talk about this while answering next question

. @DB_Elvan ready for the 6th and last question from this part?

Elvan | DragonBite

: We are built on ERC-20 right now and planning to migrate to RioChain in Q4. Sure!

Q6 from Telegram user @yellowchamp

DragonBite will migrate to RioChain this coming 3rd quarter of this year,so what is the reason of migration? Why does your platform choose to migrate in RioChain? What advantages and strong points that RioChain will bring to DragonBite users with this migration? Thank you!

Elvan | DragonBite

: RioChain enable lower transaction fees and faster confirmations. Also the cross-chain interoperability so that you can work across many different blockchains. It’s because RioChain is built on Substrate, which is a high-performance blockchain framework developed by Parity Technologies for the Polkadot ecosystem.

Elvan | DragonBite

: We are expecting high amount of transactions as we facilitate 95% of the populations who owns loyalty points. We have to ensure a lower transaction fee and effcient user experience.

D. Папа Роуч: after migration you will still support erc20 standard? and do you have plans to explore other blockchains as well? BSC, Cosmos, Avax ?

Маry Satoshi CLUB: Yes, this will be great, as transaction fees is a real problem now

Elvan | DragonBite

: Yes, it is likely for us to support erc20, we do not have plans exploring more blockchains as this moment.

Elvan | DragonBite

: yes the gas fees are very volatile when i transfer

Маry Satoshi CLUB: I am feeling like a real whale when i am telling that i transferred or swapped something on Ethereum

Part 2 — live questions from the Telegram community

Q1 from Telegram User @Shaa93

“DragonBite” — I want to know : What is the meaning of this name?

@DB_Elvan

Elvan | DragonBite

:

There is a myth long time ago about a magic dragon

……who has the ability to turn the object into gold

after just one bite. In our galaxy

, we have many planets which are named after different loyalty programs……our magic dragon, who see opportunities there, will give the loyalty planet a “bite” and turn it into “crypto”.

Not all dragons blow fire, some bite!

Q2 from Telegram User @swagncool

How secure is DragonBite?

Elvan | DragonBite

:

We implement our technologies based on the banking practices to boost our security level.

Our tokens are protected by mix of hot, warm and cold technologies in order to maximize our security protection.

DragonBite does not handle the assets of our clients. All of their assets will be safely kept in custodian, Hex Trust, all the time.

The infrastructure of DragonBite Wallet adopts the state-of-the-art security features which protect all transactions inside the platform through several methodologies, that are biometric fingerprint, facial recognition, pattern-recognition and passcode access. Therefore, users, who cannot remember their passwords, can still log into their accounts by using their fingerprints or head portraits on mobile devices. Anyway, biometric detection technology should give a higher security protection than passcode access.

Q3 from Telegram User @zxcvbnmnbvcxza

Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?

Elvan | DragonBite

:

DragonBite’s founders have over 20 year’s experience in payment, digital banking and investment banking. We have good reputations and good track records in our industries. Our goal is to build a legitimate and healthy ecosystem to grow with our community. Our mechanism protects every stakeholder in the ecosystem as the teams’ token will be locked up for 30 months. Since its inception in 2018, DragonBite has collaborated with leading companies in the field of blockchain, loyalty points and gaming. Today, Bite Point can be spent in 50,000 merchants point of sale. We are also partnering with Banks & major financial services, cryptocurrency exchanges and different blockchain ecosystem. We are the reseller of Steam, Google Play and Apple Giftcard.

Q4 from Telegram User @liamnoah456

Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some reasons why they should buy and hold your token in the long term?

Elvan | DragonBite

:

I have encountered a lot of enquires about what is the benefit holding $BITE long-term.

I believe the success of DragonBite ecosystem and the value of $BITE aligns. It depends on 3 KPIs:

1) Number of merchants / partners

2) Size of digital asset pool

3) Number of users The more merchants / partners would provide larger liquidity and hence an increase size of digital asset in our pool.

The more assets supported for conversion, the more users would be acquired. These 3 KPIs would create a virtuous circle and as a result more transactions happen in DragonBite. More $Bite would be needed for transaction fee and as the demand increases, value rise. I am very confident in DragonBite and I believe we will grow with the community and get mutual benefits, investors definitely would get benefit from holding $BITE in long term.

Q5 from Telegram User @Josegamboac

Dragonbite has the 6 in 1 solution which has the following characteristics: D UAL token, pre-paid card, a conversion of sset, governance, loyalty pool, analytics. Can you explain each of these characteristics in a simple way?

Elvan | DragonBite

:

6-in-1 solution includes Dual token machanism, pRe-paid card, Asset conversion, Governance, lOyalty Pool and aNalytics.

As mentioned, Dual Token, $Bite is for utility purposes within DragonBite ecosystem and Bite Point uses as the medium of exchange between assets.

Our pre-paid card allows users to spend at more than 30 million merchants and withdraw money from 2 million ATMs worldwide. To order a DragonBite Card (physical or virtual), users can request directly through the DragonBite App or website

Multi-Asset conversion engine (MACE) is a protocol system that matches buy and sell digital assets through DragonBite App

For Governace, eventually DragonBite will be migrating and become a DAO. In order to submit a proposal and vote within the DragonBite ecosystem, a member must first hold BITE. Each staked BITE represents 1 vote.

A loyalty rewards platform allows the converting of reward points from one brand to another. Customers can select their favorite loyalty program from our list. After entering their credentials for the login process, the app would return available points or air mileages to their accounts (and the equivalent amount in BITE). Exchanges are secured by our blockchain technology. • Exchanges are visible within a few seconds • Everything is performed simply through the DragonBite app with a user-friendly and seamless experience

Our Online-to-Offline (O2O) execution platform is an advanced geo-targeting tool. Merchants who connect to our platform using API and design their own campaign to drive online traffic to their physical stores. End-users who are near the targeted location will receive real-time promotion notifications from our merchants based on the customers’ demographics, preferences and spending behaviour.

Q6 from Telegram User @BANGLADESHAWAMILIG

What are your plans for global expansion? Currently, which markets to focus on, or is it focused on building and growing to get customers, users and partners?

Elvan | DragonBite

:

I believe a strong product & solution would attract community members & supporters as they feel the same pain and will be support the solution which benefit themselves. Alongside with the legitimate and long term solution for mutual benefits with the community. We will focus on marketing in order to let more people know about us and join our community. Gaming industry is one of the sector our marketing efforts will focus in as there are synergies between gaming and the crypto world. We target globally although we have already acquired 50,000 merchants points of sale in Asia. However, our team based in US, UK, Singapore and Hong Kong. Our reach will be in these are area and grow simultaneously.

Q7 from Telegram User @Steffiiigray5

What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally?

Elvan | DragonBite

:

Our team is extremely confident, we never worried about survival and sustainability. Growth is the only word in our dictionary. The confidence is back by the real life problem we are tackling. 95% of the population owns loyalty points and the intrinsic problem with the digital assets are obvious with 1.6T value yet to be unlocked.

Our project is legitimate, we aim to grow along with our community and seek for mutual, long term benefits. We treasure every single member in our community, the feedbacks are very important and we are open to comments and make improvements.

The character of blockchain is decentralised, as strong believers of blockchain, we hold tight the values and embrace the trend happening in the world. Eventually, DragonBite would become a DAO. The more $BITE you have, the voting power you have to make major change to the ecosystem! Everyone would become the stakeholder of DragonBite and you too!

Q8 from Telegram User @potentialsake

What is going to be the first blockchain that your token support and did you audit your smart contract?

Elvan | DragonBite

:

We are on ERC-20, Audit was completed by hex trust.

Q9 from Telegram User @tubakhalid

Could you please elaborate more about your tokenomics?
What’s the total supply and what kind of plans do you have regarding the token unlocks in the future????????????????

Elvan | DragonBite

:

Q10 from Telegram User @highpee

From the interesting stats you gave, 95% of population have one form of loyalty point or the other, but the utilisation rate is about 7%. How then will you make it possible for users to be able to put their idle loyalty into action? What will users be able to do with these vouchers on your platform bearing in mind that they were not issued by you?

Elvan | DragonBite

:

The utlisation rate was low simply because the existing mechanism is set to discourage you from using them. Most of the time, loyalty programs are bounded by Terms & conditions, your purchasing power would be discounted, also the products or services offered to be redeemed are limited and are always not attractive. Generally, your digital assets come from different providers. As a result, they are scattered, usually forgotten, left idle and would eventually be expired. DragonBite allow users to deposit and convert the digital assets, they may manage all their digital assets in 1 app 1 password and convert to cryptocurrencies so they will never expired with upside. According our survey with AsiaTop 1m userbased, over 50% of users are willing and will be enjoy using DragonBite. BitePoints will be able to convert to cash vouchers in 50,000+ merchants point of sales, as we are partnering with AsiaTop which the merchants already have formed partnership, all we have to do is to connect our backend and settle to different parties via our partner.

Part 3 — Quiz Results

In the final part we tested your knowledge in terms of DragonBite. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

DragonBite Website — dragonbite.io
DragonBite Telegram — @DragonBite

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