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XRoad x Satoshi Club AMA Recap from 5th of September

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from XRoad and our guests were @hideken2 — representatives of XRoad. The AMA took place on the 3rd of September.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with XRoad! Welcome to Satoshi Club

D. | Satoshi Club:
Today our guest — @hideken2 !

Hideki Fujii:
Hello, everyone! My name is Hideki Fujii.
I am a leader of the project called XRoad initiative.
It is a great honor for me to explain the project in detail.

D. | Satoshi Club:
Welcome to Satoshi club!

Hideki Fujii:
Thank you!

Mary | Satoshi Club:
Hello, we are happy to e-meet you today

Hideki Fujii:
I have a strong background in technologies especially in the Fintech space (over 20 years).
I have managed several insurance companies as a senior executive at AIG, Prudential, MetLife and Zurich. I was also a senior partner at EY which is a global consulting firm and a CEO at Pactera consulting which I founded in 2015.

Based on the past experience, I found a smashing idea of starting this project which could change the world and make the world a better place when I met several great projects of the crypto asset industry.

1 Background

There are many great projects in the crypto-asset industry.

One example is Defi, which began with the idea that it would be interesting to implement a DAO like Defi in society.

Mary | Satoshi Club:
Yes, that was a great idea!

Hideki Fujii:
Thank you indeed!

In order to do so, we needed a mechanism to exchange data accurately, a mechanism to classify (score) data,
and a concept like DAO, which is now in widespread use, and the crypto asset industry has all of these.
The crypto asset industry has it all, and we started with the belief that many of the technical aspects are already in place.

Since the current crypto asset industry and digital industry is not ready for everyone to use,
we believe that in order to realize the concept of legal compliance and at the same time for everyone to be able to use
it safely, we need a way to manage personal information and a mechanism to return the reward from that information
to the individual. I came up with the idea and started the current project about three years ago, aiming for digital inclusion.

Mary | Satoshi Club:
So, i see that you’re deep in tech and clearly see all problems in crypto and are looking how to improve this space!

I like this visualization on your site!

Hideki Fujii:

2 Our vision and passion for achieving it

We named our company X (cross) Road to express our desire to be a road where various projects and stakeholders cross.

Our vision is to apply the many great projects in the crypto asset industry to the real world. We aim to be the crossroad between the crypto asset industry and the existing industry. We aim to provide a mechanism to collect real-world information and feed it back to the real world, called Oracle, and to provide society with an extension of the already existing DAO concept, such as Defi, through Oracle-based scoring.

3 Our challenges (What kind of social issues or problems does the project solve?)

Our goal is to create a global finance system. We hope to be one of the means to realize the SDGs, which aim to eliminate poverty from the world while at the same time being sustainable.

There are contradictions in the world’s current monetary system. Fifty years have already passed since the gold standard was abolished in 1971, but currency is based on the belief that what is actually worthless has value. In this project, we aim to solve this contradiction by copying the real world into a virtual space and redesigning or optimizing it. We will reconstruct the real world into a virtual space using Oracle and scoring, and create new value using an autonomous decentralized approach (DAO).

Specifically, we would like to reproduce the value of the real world in the virtual space using the NFT technology that has already been introduced (the GDP of the earth is about 9,000 trillion yen, but we aim to achieve the same level of economic scale).

Mary | Satoshi Club:
Who helps you realize all your goals? Who is in the core team?

Hideki Fujii:
We have talented members and let me explain later on.

By doing so (making the digital space truly valuable), we aim to realize a more stable financial system (based on the value of the digital space as well as the real world) and prepare the ground for the emergence of a more stable global currency.

Mary | Satoshi Club:
Sure!

Hideki Fujii:

4 Business model

In a nutshell, it is a model that constructs a metaverse (assuming multiple metaverse can be constructed) and provides various financial services (so-called DAO or Defi) based on the value of the metaverse.

We would like to provide various services in stages, but for the time being, we would like to realize a model in which every event in the real world is reproduced in the metaverse using NFT, and in the metaverse, we would like to provide autonomous decentralized (DAO) services based on scoring (feature values).

The service that we plan to announce as a business model (revenue model) in the near future will be the NFT market. In addition, we are planning to announce our own DAO (Defi) type service.

5 Our strategy for scaling our business

As for key strategy, we believe that an important growth factor for XRI is the effective utilization of business alliances.

We want to be able to utilize the results of our technologically superior crypto-asset projects as much as possible, but we also place importance on effectively utilizing alliances with existing groups of companies that are influential in our business.

In fact, we are planning to form alliances with promising companies and celebrities in the future, and we believe that we will be able to quickly increase our name recognition, and at the same time, the services we provide in the project will be utilized in a short period of time.

Since the concept is to develop a virtual space, we are not competing with existing companies in this area, so it is important that we can become a leader in this field. The key to scaling the business is to quickly become the leader in the business domain of virtual space development, which is XRI.

6 The biggest obstacles to making this XRI project a reality

Considering the future roadmap of the project, we believe that the biggest challenge will be to coordinate with the intentions of each country (if possible, to create a cooperative system), as seen in the case of Facebook’s Libra initiative.

This is also a challenge for the entire crypto asset industry, and we would like to take on the challenge to overcome it.

On a global level, if the technology of Defi, which is currently available, can be used correctly on a national level, it will be possible to make more effective use of the funds on the planet, and it will be possible to develop infrastructure in developing countries with support from the payrolls of developed countries, while paying taxes to the developing countries themselves.

This is a way to realize the SDGs. (We believe this is a shortcut to the realization of the SDGs. We believe that the goals and visions of the regulators of each country and the direction of XRI are in line with each other, and that we can create a cooperative relationship, but we believe that the biggest challenge will be whether we can actually achieve this.

Mary | Satoshi Club:

Hideki Fujii:
Thx.

Mary | Satoshi Club:
So, please tell us now about XRoad team

Hideki Fujii:

7 Our competitors

X Road’s vision is to further develop the crypto-asset industry.
Therefore, as we believe that there are many great projects out there, we would like to actively partner with them in the future. What sets us apart from other projects is our commitment to legal compliance, obtaining KYC certification, and creating a platform that can be used by people who have been outside the virtual currency industry.

I will answer shortly!

Again, we named our project “X (cross) Road” to express our desire to be a road where various projects and stakeholders cross.

Our team
Let me explain our team. I am proud of our strong and talented team.
We have a strong team consisting of various backgrounds. For example, a member has a strong academic background. He is a doctor of psychics. Our law team members are from global law firms. The other members are experts for arranging financial structures and transactions globally.

8 Partnerships

Let me explain some cases of partnerships.
Firstly, Jasmy and I have been discussing the possibility of a business partnership for some time now, as we have a lot in common in terms of the vision we are aiming for. We plan to announce specific details in the future, but we are considering first conducting a demonstration experiment to provide a decentralized service for an individualized data management system that utilizes Data Locker.

We are currently developing our own wallet (to manage crypto assets and other XRI-related assets), which will be released soon. It can be accessed via the Internet. The difference between this service and existing storage services is that it is designed to be managed in a decentralized manner, and we aim to distribute and encrypt the data using our own distributed technology.

We are planning to use the technology of our partner Jasmy, who is ahead of us in this area (and has invested a lot of R&D costs). We are also researching the technology (secret calculation) to perform the necessary data processing (scoring, etc.) while encrypting the data, and are planning to form a business alliance with a company that possesses the technology.
We would like to discuss various use cases with Jasmy and other related partners and implement them, so please stay tuned.

Secondly, with regard to our efforts with eGame, we are aiming to develop our own decentralized gaming platform by building a mechanism to share oracles with eGame. In this unique decentralized gaming platform, we would like to implement a system that allows players to enjoy playing games with professional eSports players with a precise handicap. We have already applied for a patent for the idea of a unique gaming platform, and we plan to complete the creation of a unique and decentralized gaming platform around the world. The details of the concept will be discussed and progress will be announced periodically.

9 Token listing at Coineal

We are pleased to announce that we have reached an agreement with Mr. Woo, the global CEO of Coineal, to collaborate on various future initiatives. Specific details of the partnership will be announced in the near future, but it will include new proprietary initiatives such as NFT(already announced) and Defi, as well as initiatives utilizing Coineal’s upcoming Mainnet.

As for NFT market, we call the new market place SAKURA NFT PLATFORM.

10 Marketing strategy

We are considering utilizing the global strategy of EGI, our (XRI’s) partner. Specifically, we are considering expansion into Europe (Switzerland) and New Zealand. In the area around Japan, we hope to expand into Southeast Asia such as Vietnam and South Korea, where Coineal has a strong market, as soon as possible.

11 Our milestones

We have two milestones in mind for the next six months: the opening of the NFT market is targeted for October 1st, and the realization of our own Defi model is scheduled for January next year.

We are planning to launch our own Defi model in January next year, using our tokens on the proprietary mainnet being developed by our partner Coineal. In addition, we are currently in discussions with Jasmy, with whom we recently announced a partnership, and we plan to conduct a demonstration experiment of our own service utilizing Jasmy’s strengths by the end of this year.

12 Short term roadmap (NFT services)

As a short time roadmap or goals, we are currently working on two types of NFT services: first, we are negotiating with celebrities to offer their autograph rights to our NFT market.

The second is the development of the metaverse. We believe that the metaverse needs a worldview and characters, so we are currently negotiating with creators to design a variety of metaverse art. Since the development of metaverse requires time and money, we aim to make the NFT market a place where we can test what kind of metaverse there is a need for. Naturally, we will aim to actually develop and release some of the metaverse projects. If the Metaverse is successful, we would like to consider a mechanism that would benefit the early purchasers of the Metaverse titles.

We will gather content around business partnerships. What is attractive to business partners is that it is an unprecedented funding scheme. In parallel, we are considering providing our own content, but basically we want to focus on developing content through business alliances. There are three model plans.
(1) This plan is based on the premise of real estate development, and we are considering using a large-scale (180 acre) project in Japan as a model case to build a track record.

(2) This plan is based on the use of movable assets, and we are studying the model of converting business-use movable assets into NFTs and operating them. Although we are not sure if we will be able to realize it, we are studying a scheme to convert excavators used in gold mining in Africa into NFTs and operate them.

(3)The NFT market (SAKUFA NFT PLATFORM) is scheduled to open in the near future, and we are also researching the possibility of creating an NFT model for projects such as celebrity concerts. All schemes have one thing in common: NFT and management (governance), so we are working on the NFT+DAO (Defi) model while making adjustments to make it legally effective, as the laws and regulations that apply to it vary depending on the actual project.

13 Business model on Gold Debit

Other than NFT market opening, Gold Debit is another important initiative for us.

Currently, we are mainly negotiating with celebrities in Japan. We are also negotiating with people from Japan who are active in the world to cooperate with us. Outside of Japan, our team has close ties with Vietnam and Korea, and we are planning to negotiate with them to become influencers.

14 Business model detail on Metaverse

We call it a virtual town, or metaverse, and we have two major revenue models in mind.

The first one is a game. The metaverse has a worldview, and we want to make sure that people can enjoy the metaverse as entertainment and grow. We are thinking of researching and applying billing methods in the game world, but basically we are thinking of using business alliances to achieve this. (We have already started negotiations with some of famous gaming companies and creators)

Another important thing for our game is that we would like to implement the concept of earning money from the game . We are referring to Axie Infinity, the first famous game in Vietnam, and we will continue our research to realize play-to-earn. The other is business.

Facebook has recently mentioned business using the metaverse, and CEO Zuckerberg has announced that in the next five years, Facebook will be a company that does business in the metaverse. We, too, believe that the metaverse has unlimited business potential, and we would like to create our own economic zone in the metaverse space. We aim to implement advertising and EC, which are the easiest to understand and the mainstream of the current Internet world, in the early stages, and to realize a unique finance model backed by the value of the metaverse.

16 Project Finance

We do not have any VC investment at this time. As our business expands, in addition to VC funding, we have team members who are strong in financial structuring, and we plan to raise funds by setting up our own funds in Micronesia and other countries. We also plan to raise funds through partnerships with leading sponsors.

17 Conclusion

In order to stabilize the price of XRI tokens, we are currently working on three major initiatives to stabilize the value of XRI tokens.

The first one is the use of gold, which we have already announced, and the Gold Debit NFT, which will reflect the value of the NFT and the value of gold in the XRI token. We intend to create an economically stable exchange model between XRI tokens and Gold Debit NFTs.
The second one is the creation of a fund. We are working to secure liquidity by creating a fund that invests in XRI tokens through private placement.

The third one is that we are working on our own Defi, which we are planning to launch at the beginning of the year, in addition to our partnership model with Coineal. We aim to create a scheme to stabilize each other’s value by creating a currency mix with multiple virtual currencies that are already recognized for their value.
We are currently negotiating to partner with other tokens with high liquidity, and will make an announcement as soon as it is decided.

Thank you for reading our presentation today.
Our project is really unique. Firstly, we have strong partnerships already and announce partnerships with famous companies in the near future.
Secondly, we can make use of gold, NFT assets, metaverse economics, and other partner tokens for ensuring our token value
Thirdly, we have YOU (i.e. strong promoters)

Be the change you wish to see in other people. Mohandas Karamchand Gandhi

End of my presentation, Thank you indeed, everyone!

Mary | Satoshi Club:
And thank you! It was incredible

so many useful info

D. | Satoshi Club:
Big thank you for an impressive intro!

if we can call it ‘intro’

you gave us a very deep overview of your project

Mary | Satoshi Club:
But we still have questions from our community for the first part

@hideken2 ready?

Hideki Fujii:
Yes, why not!

D. | Satoshi Club:
I think all those questions were already answered in one way or another

Let’s goooo!

Q1 from Telegram user @Cheriemike
Data privacy is one of the main limitations of blockchain and on a public blockchain,new participants can join the blockchain network freely and access all the information recorded on the blockchain.Since XRoad is the Intersection for management of users data from off-chain to on-chain and back,How do you ensure confidentiality of the data stored on a blockchain?What solution have you provided to preserve the privacy of users on your platform and with what benefits? Thanks

Hideki Fujii:
We will not put all sensitive personal data on a public blockchain for sure. Please bear in mind that it is still in a design stage. We plan to publish either generic enough information or public keys that allow service providers to verify users’ identities. Service providers pay to get your permission to link your data and what’s on the blockchain for their business.

Mary | Satoshi Club:
What about your platform security? Did you pass any audits?

Hideki Fujii:
Not yet, but we will get audited in the near future when it is ready

Mary | Satoshi Club:
We will wait for the results

Thank you for your answers! Ready to proceed?

Hideki Fujii:
Yes, please.

Q2 from Telegram user @DK177
You have allocated a 20% portion from your total supply for token sales. However, there is no information available on a private sale or a presale. What are the utilities of this allocated token amount? To whom do you sell the tokens? Can’t the community buy your token before listing it on an exchange?

Hideki Fujii:
Our token, XRI, is already on Coineal for you to buy. Actually we have not sold 20% of the tokens to others yet. We hand pick people who will hold the token for the long term only to avoid strong sell pressure in the short term.

D. | Satoshi Club:
So you not planning any token sale?

Mary | Satoshi Club:
So, that tokens will be locked for some period?

Hideki Fujii:
No, and we will think token bulk sales in the near future and as for some tokens, they are locked (i.e. reserved)

Mary | Satoshi Club:

Thank you for your answers! Ready to jump to the next question?

Hideki Fujii:
Yes!

Q3 from Telegram user @Jonahapagu
One of the most relevant parts of Xroad is the XRoad Locker which will allow users to own their data and decide how data is used, This is said to include control over What information of theirs is registered, Which service providers have access to the data, What data to disclose to specific service providers, and the value of the disclosed data to providers… So how will users be able to access and use the Xroad Locker for each of these mentioned actions, what will be the requirements, and will all users of The Xroad Locker be able to carry out all of these actions, or will some be reserved for those who might belong to a premium group of individuals, what will users of the XRoad locker get in return for their Data and information, and what will be the gain of Xroad when users sell their Data using your platform.

Hideki Fujii:
We will build an app for data locker access from your device. There are no pricing groups for intended classes of services for the time being. Our business model is to get paid from service providers to access your data. Hopefully there are no or at least very little fees on users. We may start with an app which is centrally managed, but plan to make it decentralized so that some of you may join operating nodes to gain additional benefits.

D. | Satoshi Club:
When do you planning to launch that app?

Mary | Satoshi Club:
Can you tell us more about additional benefits?

How user can join operating nodes? Is it easy process?

Hideki Fujii:
We are trying to release some apps this year-end as a beta version.

As for operating model, we are studying now, therefore please wait but we’d like to be simple and easy to use and access for any user.

D. | Satoshi Club:
Got it! we will wait

Mary | Satoshi Club:
Thank you for your answers! Ready to go to the next question?

Hideki Fujii:
Yes!

Q4 from Telegram user @Arisabela
I was reading about the XRoad’s decentralized storage and I understand that initially the data will be encrypted and then splitted and distributed among multiple nodes, so how secure will this mechanism be against external attacks? Considering that data will not be encrypted at the end of the process, how secure is this storage among nodes? Who’s in control of this process?

Hideki Fujii:
Users are in control, and only allowed service providers can read corresponding data. Owners of storage nodes cannot understand what the data mean as they do not know how the data split and encrypted.

Mary | Satoshi Club:
That’s great! Did you already tested everything? Or tests are ongoing?

Hideki Fujii:
Not yet, We are planning to conduct an initial test with Jasmy (our partner).

Mary | Satoshi Club:
Nice! Hope you will get only positive results!

Hideki Fujii:
Thx.

Mary | Satoshi Club:
Thank you for your answers! Ready for the next question?

Hideki Fujii:
Yes

D. | Satoshi Club:
Thank you for your answers! let’s move onto the next question

Q5 from Telegram user @victorogb
At some point during the XRoad project development; precisely Q4 2021 to Q1 2022, XRoad would start it’s Gold Debit Credit service in Japan and gradually expand these services to East Asia, and also start a DeAD (decentralized advertisement) service. Even as these services are innovative and highly commendable, can you shed some light on them, what exactly is the “Gold Debit Credit” service, and why have you specifically chosen Japan for its launch? Finally, with plans to starting a DeAD service by the first quarter of next year, how best will you structure these services to the benefit of prospective clients, businesses, and consumers?

Hideki Fujii:
The reason why we chose Japan for Gold debit launch is that we have connections to purchase an adequate amount of gold from Switzerland. Also there are many foreign workers there, and so they need a service to send their ‘money’ to their families overseas. Gold debit is like a store of value backed by gold. Historically it was like that but abandoned. We try to revive it.For DeAd, we are in talks with ad agencies for better deals. We may start with a centralized service, and later switch to smart contract based service for automatic ad viewing fee calculation for all relevant parties.

Mary | Satoshi Club:
Do you plan to add more countries?

Hideki Fujii:
Yes, we plan to expand our services to Vietnam and South Korea shortly once it gets ready.

Mary | Satoshi Club:
That’s nice! One day your services will be available worldwide

Hideki Fujii:
I hope so!

Mary | Satoshi Club:
Thank you for your answers! Ready for the 6th and last question from this part?

Hideki Fujii:
Yes!

Q6 from Telegram user @Asela1112
Recently you have announced a long term partnership with COINEAL Exchange & XRoad ($XRI) already listed in COINEAL. Along with this Collaboration, XRoad is going to build a NFT market. So Could you please give more details about this Partneship with COINEAL Exchange & about the Upcoming NFT marketplace with COINEAL? In which manner will XRoad discover the final destination of XRI through this Long term partnership with COINEAL Exchange? How did this partnership impact on scarcity of Your Community?

Hideki Fujii:
We plan to open the NFT market in Oct or so. The great aspect of the partnership with Coineal is their large user base. We hope to put attractive NFTs for them and our token to be used there to buy NFTs.

D. | Satoshi Club:
Can you give us some info about your upcoming partnerships?

or it’s a secret for now

Mary | Satoshi Club:
It will be the only payment option or users will have a choice?

Hideki Fujii:
As for partnerships, we are under negotiations, so it is secret for the time being.

D. | Satoshi Club:

Hideki Fujii:
As for the payment options, we are starting from famous tokens such as BTC, ETH, USDT, and we will add our token of XRI.

D. | Satoshi Club:
Good for start

Hideki Fujii:
Thx.

Mary | Satoshi Club:
I like your strategy

Hideki Fujii:
Smashing at

Ta sorry.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @King_Raja
What are the opportunities user will get on NFT social Park?
What kind of NFT’s will be there?

Hideki Fujii:
Japanese celebrities such as sports players, classical music players, etc.

Q2 from Telegram user @Mercury654
I am impressed by your project name ” XROAD “
Can you tell us the reason to choose this as a project and is there a specific
meaning to the “ROAD” used in the project name?

Hideki Fujii:
Road where digital and physical world cross.

Q3 from Telegram user @vedamatrix
After the Gold Debit Credit service do you plan to add more like Silver and Platinum?

Hideki Fujii:
So far, Gold only thank you.

Q4 from Telegram user @Ratash97
Can you tell us how the xroads oracle verify and authenticate the data?

Hideki Fujii:
We will implement DAO model. We will ask everybody to check with the incentive model.

Q5 from Telegram user @Saif12123
Can I purchase your tokens right now and also which wallet supports your token?

Hideki Fujii:
Yes, you can buy it at coineal and our token in on ERC20.

Q6 from Telegram user @Crypto_84
I see The team & Project is from Japan,
Are you Focusing in Japan only or your aim is to cover globe?

Hideki Fujii:
Our team is basically Japan base but our scope is not only Japan but global.

Q7 from Telegram user @alptrader
Can you explain us and how can you convince us that XRoad will not exit scam and rug pull token on us?

Hideki Fujii:
We are already designing some of the systems and going to have a testing phase soon. Additionally, we are going to release NFT platform next month.

Q8 from Telegram user @Rose_b21
XRoad is using blockchain technology and the Xroad Locker is designed with the core belief in user-controlled data. For the sake of user’s convenience, how can they have control over particular service providers which have access to their data?

Hideki Fujii:
Users can select service providers. Users can select which services they want to use and stop using.

Q9 from Telegram user @pope10007
What is the motivation for you to create the project? Do you want the project to achieve achievements in the future?

Hideki Fujii:
Be the change you wish to see in other people. Mohandas Karamchand Gandhi
Please join us!

Q10 from Telegram user @Kargil1999
Xroad did a Partnership with Coineal, How it’s going to help Xroad in its future development?

Hideki Fujii:
We will collaborate coineal not only with NFT but original mainnet and Defi please stay tuned.

Part 3 — Quiz Results

In the final part, we tested your knowledge in terms of XRoad. They’ve prepared 4 questions for this part. The total reward pool for the 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
XRoad Telegram community: https://t.me/xroad_initiative
Twitter: https://twitter.com/XRI_Ltd_info/
Website: https://exroad.io/?ltclid

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Satoshi_storyteller

Satoshi_storyteller

Storyteller for Telegram community @satoshi_club