We had the pleasure to invite DragonBite last evening for an AMA hosted on our Telegram channel. Moderated by Katerna Volkova, Co-Founder and VP of RioDeFi, this online event was an opportunity for Mickael Costache, Andy Chen, Elvan Yau and Florence Ip to disclose more about their upcoming decentralised Asset Management platform for customers to store and swap digital assets in One App with One password! DragonBite is the latest project incubated by RioDeFi and will provide the dApp cross chain functionalities via RioChain’s technology.
A giveaway campaign was organised to engage further with our community and 10 winning questions from the following participants were shortlisted:
@SAKU_NI
@marketingvn1
@Amygdaloid
@bropropher
@starshades007
@ghuibs
@Dotishjack1133
@dangjusticeq
@Tuberiferous
@Vengolina
Congratulations to them! Each of them won 800 $BITE.
Below is the transcript of the AMA for those who missed it!
Katerina: So we are starting now! Today we have an amazing project DragonBite with us!
Dear DragonBite team,
Would you introduce yourself and tell our community a bit about your project?
Andy Chen | DragonBite🐉: DragonBite is founded by a talented team of blockchain enthusiasts. The team has accumulated over 50 years of experience in digital marketing, technology, loyalty, payments, banking, consulting and fintech. The DragonBite team is based in China, Hong Kong, Singapore, the United Kingdom and the United States.
Mickael Costache 🐉: Hi everyone, it’s great to be here today. I am Mickael, the CEO of DragonBite. Before this venture, I was a senior executive at Espeo Blockchain, one of the leading blockchain development and consultancy studios in the world. I am based in New York but spending a lot of time on the ground in blockchain hubs such as Singapore or Hong Kong. I successfully assist companies and entrepreneurs to turn their ideas into working decentralized solutions, ranging from ICO development to conceiving complex blockchain solutions for large enterprises, as well as blockchain advisory.
Elvan | DragonBite 🐉: 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 and realized the intrinsic problem of digital assets as the interest of the program providers are usually not the same to end user. Dragonbite is going to disrupt the loyalty industry and unlock the value of the assets.
Andy Chen | DragonBite🐉: This is Andy. I am the strategic advisors for DragonBite. I have founded 3 companies and elected the top 100 entrepreneur by Forbes under the age of 35 in 2010. I have heaps of experience in loyalty and payment (e.g. GM in Mastercard, Airline and hotel loyalty).
Katerina: Thanks a lot for the introduction! Now our community knows the team of such a promissing project as DragonBite 😎
Dragonbite is a project incubated by RioDeFi
So before proceeding with the details about DragonBite, I would like to ask you @LibertyBuddhist and @stephanelaurentvilledieu , could you tell us a bit more about the collaboration between RioChain and DragonBite? Why did you select this project in particular?
James Anderson: I met Andy Chen and the DragonBite team last year and was very impressed with what they’ve been building for the past couple years. I think loyalty points are something almost everyone has globally, whether it be from a shopping center, grocery store, gaming company, or with major airlines. To have a DEX platform for swapping loyalty points will hugely open up the industry and draw many new people to blockchain technologies. Imagine buying Bitcoin with your unused Airline miles!
Stephane Laurent Villedieu: The loyalty program industry is completely ubiquitous which most people don’t realise. Loyalty points are commonly found across various industries, from hospitality to gaming. To bring loyalty programs to blockchain is a tremendous business opportunity and we believe DragonBite is going to be at the forefront of this movement!
James Anderson: We decided to bring DragonBite into our incubation hub because their technology has massive scalability potential. It’s definitely a dApp that can encourage millions of people to use RioChain to swap out their points for Bitcoin, or for those crypto investors, to cash in their crypto earnings for loyalty points.
Stephane Laurent Villedieu: For RioDeFi, to work with DragonBite also represents a great opportunity to showcase the capabilities of our technologies, specifically the scalability and cost efficiency of RioChain.
Katerina: From my side, I was amazed by such a simple and brilliant idea of turning loyalty points in something that everybody would like to obtain and can change to something really worthy while you don’t need them anymore while they are still on your loyalty card…Now they could be on the platform that you can easily get into and be converted in BITE points that you can use in multiple ways!
RioChain is the right place for such a project as it shows once again that traditional world could be easilly bridged with DeFi and give access to people worldwide for such great oportunities
Dear DragonBite team, would you share with our community the current roadmap for DragonBite and when the integration to RioChain is expected to be completed?
Elvan | DragonBite 🐉: Since 2018, DragonBite has been collaborating with leading companies in the field of blockchain, loyalty points and gaming. The DragonBite platform has been under development for 18 months and is being audited by a top cybersecurity firm. By the end of 2021, The most popular loyalty programmes and game assets and other digital assets will be acquired and held in DragonBite ecosystem, which will benefit the token holders in the long term.
We have planned to migrate to the RioChain by the end of Q3 2021.
Speaking of partnerships, we are going to partner with more crypto exchanges and loyalty programmes, details will be announced shortly on our telegram group. Stay tuned!
Katerina: DragonBite is a truly open decentralised Asset Management platform for customers to store and swap all kinds of digital assets in One App with One password!
Use Bite Point in over 50,000 merchants: Pizza Hut, Burger King, McDonald’s and Champion…
Please follow up the telegram
There are many big name merchants, such as Macdonald’s, Starbucks, Champion’s, even some airlines mentioned as the places where you could spend your BITE point. Would you tell us a bit more about it?
FlorenceDragonBite
Turn your IDLE rewards to LIVE #cryptocurrencies Fight depreciation and gain appreciation 📈$BITE got you covered! Be heard and join our Telegram community t.me/joinchat/QgR_O. You’ll also get the latest updates on our upcoming developments 🚀
https://twitter.com/DragonBiteDB/status/1384476983019687937?s=20
Elvan | DragonBite 🐉: Thanks to our partner AsiaTop, BITE POINT can be used in 50,000+ merchants point of sale today. The conversion of Bite Point to AT point happens in the backend with parameters and settlement previously agreed with the merchants.
Katerina: Exciting! And what is the list of the current partnerships you have?
Mickael Costache 🐉: Excellent question: we are extremely proud of the trust our partners put in us and we definitely believe in win-win collaborations which will drastically accelerate our expansion plans, both in terms of technology and marketing.
Katerina: Wow such a nice illustration of the partnership ecosystem!
But our community wants to know more…Would you share with us any upcoming partnerships or initiatives? So RioDeFi will be the first to hear it, actually the first to read it
Elvan | DragonBite 🐉: Speaking of partnerships, we are going partner with more crypto exchanges, big name merchants and loyalty programmes, details will be shortly announced on our telegram group. Stay tuned!
The next announcement I could disclose to our dear Rio Community Buddies is we will be proudly partnering with RioClub.
Katerina: DragonBite is a truly open decentralised Asset Management platform for customers to store and swap all kinds of digital assets in One App with One password! Use Bite Point in over 50,000 merchants: Pizza Hut, Burger King, McDonald’s and Champion…
For more updates and partnership announcements everyone could follow up DragonBite telegram group chat https://t.me/DragonBite
And now I guess this is the time 🎉 to announce RioClub 😎 and tell our community all the details about it! 😉🦾
James Anderson: RioClub is a new initiative being offered by RioDeFi for those staking large amounts of RFUEL. RioDeFi’s philosophy is that a Blockchain network and its supporting dApps should bring mutual benefits to each other. This is best exemplified in RioChain’s economic model whereby 20% of the transaction fees collected by the network are distributed to the decentralized applications built on top of it.
RioClub aims at extending this collaboration to the fundraising stage of those various application projects by giving to the stakers of at least 70,000 RFUEL the possibility to interact directly with those projects to get allocations from their initial private round of investment.
The first project to be accessible to RioClub members will be DragonBite! We’ll be sharing more details about RioClub in an upcoming article 😁
Katerina: Brilliant! I am sure this is indeed what our followers wanted and excited about! As it gives fantastic opportunities to invest in great projects on early stage. And as DragonBite is the first project that is going to be presented there, let’s unmute the chat and let DragonBite team answer all your questions 😉
QUESTIONS
@SAKU_NI: Having a good work team is important to achieve the success of any project, which expert professionals make up the #DragonBite team?
Mickael Costache 🐉: Thanks for your question! This is 100% true — the team is a tremendously important aspect of any project’s success. With DragonBite, we wanted to build a team with expertise ranging from blockchain, the loyalty industry, consumer tech and finance. If we go one step further, we also make it a point to choose advisors and partners that can add a lot of value to the venture and bring complimentary skills. I invite you to visit this specific page on our website listing our team members with their associated LinkedIn profiles: https://dragonbite.asia/aboutus/ And of course, feel free to message us directly at any time! We are here to answer all your questions
@marketingvn1: Security is very important and valued by today’s users. Can you describe the security that Your project ??? And if there is a hack, is there insurance for investors?
(Because nothing is impossible ,,,, If God said it happened ,, well it happened)
Elvan | DragonBite 🐉: Our platform has features such as 2FA and 128 bit encryption standard…..in addition, we will inherit the security protection offered by RioChain blockchain service. It allows us to drive down the cost of our blockchain transactions and speed up the execution of our transactions.
In addition to custom smart contracts, we will also make use of a highly secure standard library, which is similar to the OpenZeppelin library, to ensure all our smart contract code is properly audited and tested.
@Amygdaloid: ✨Community is the key to the success of projects, so besides organizing AMA, what strategy does Your project have to reach out and exploit new investors?
Mickael Costache 🐉: Community is key indeed Maria. Thanks for your question. AMAs are a great way to communicate our vision but we use a multi channel approach to reach out to investors and users. From PR to social media marketing, partnerships with key influencers in the industry or live events (when possible), we make it a point to diversify our reach in order to capture the attention of the most diverse set of individuals.
@bropropher: As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?
Mickael Costache 🐉: Thanks for your question! The beauty of what we are building is that we are offering a very low barrier to entry to smaller investors looking to get into the crypto world. Our interface is extremely user friendly and not as intimatidating as a crypto exchange/wallet. We thing this is one of our biggest strenghts and revenue generating opportunities.
@starshades007: Can you explain how your Tokenomics Distribution is? How many tokens Will be minted ? And How many tokens Will be locked by the team??
Andy Chen | DragonBite🐉 Total supply is 1bn BITE tokens and most will be minted up front. All founders and advisors’ tokens will be locked for at least 12 months!
@ghuibs: Can you talk about the future plan of $BITE ? and How can I contribute to the development of $BITE ?
Andy Chen | DragonBite🐉 First of all, thank you for your support. I believe the success of the 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 rises.
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 the long term.
We have a referral reward system helping DragonBite to go viral.
5% of the $Bite token are reserved for refereeing purposes. Referrer and referee would both benefit in the referral scheme. You could contribute by first using and enjoy the conversion services and refer the project to your buddies.
@Dotishjack1133: How will you ensure that you gain new users steadily? Do you have any strategy to attract people?
Mickael Costache 🐉: Thanks for your question! Yes indeed — we are building a real B2B2C venture where constant user acquisition and retention will be key. We will attract users by being laser focused on presenting our value proposition (which most people worldwide can relate to) but also by working with our merchant partners. A lot of our users will join after hearing about DragonBite from their favourite merchants. What’s fairly amazing is that Bite will be accepted in over 50,000 merchants points of sales straight away, making it an extremely enticing value proposition for our users
@ghuibs: What are the next planned steps to increase adoption and awareness among people and more specifically among professional asset management?
Mickael Costache 🐉: We are extremely confident about adoption as we have a large number of users in our partner’s database. Besides, think about the number of users who have idle air miles lying around….we are the only platform that can turn idle reward points into Crypto!
@dangjusticeq: Southeast Asia is a very vibrant market and many many Projects developed over there. So, What you think about Southeast Asia and Do you have any plans to develop there?
Mickael Costache 🐉: Yes absolutely! Asia as a whole is our focus at the moment (starting with China) and Southeast Asia is definitely a market showing key characteristics for a successful business there (market dynamics when it comes to the loyalty sector, demographics, crypto, tech penetration etc.) But we won’t stop there! Europe and the US are on our roadmap as well and more generally, our business has global ambitions. We aim to be on every continent as the problem we are solving is not restricted to just a handful of regions…
@Tuberiferous: How you ensure us about the security of DragonBite. What will you do if your project is hacked?
Elvan | DragonBite 🐉: We implement our technologies based on the banking practices to boost our security level. Our tokens are protected by a 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. Compared with traditional or centralised loyalty programmes, I believe blockchain has massively reduced the chance of being hacked.
@dangjusticeq: Southeast Asia is a very vibrant market and many many Projects developed over there. So, What you think about Southeast Asia and Do you have any plan to develop in there?
Andy Chen | DragonBite🐉: We plan to have a large presence in SEA. Our research shows, dragonbite adoption will be high in vietnam, india, singapore, cambodia and thailand
Katerina: Any plans to go to Europe or USA after SEA?
Mickael Costache 🐉: Yes absolutely — we are working on a global problem and Europe and the US are definitely on our roadmap. Taking a step further, we want to be on every continent as the problem we are solving doesn’t have borders 🙂
@Vengolina: How do you plan to spread awareness about your project in different countries where English is not spoken well?
Elvan | DragonBite 🐉: I believe a strong product & solution would be the key to attract community members & supporters as they feel the same pain and will 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 sectors our marketing efforts will focus in as there are synergies between gaming and the crypto world. We are partnering with different Ambassador / crypto KOL from different community / youtube channels / media all over the world. As they feel the pain and the problem of loyalty points. Our team are confident and our supporters believe in us. We all know the problem in the industry and we are ready to tackle it. Therefore, language will be the last thing we care about.
Katerina: These were indeed great and detailed answers. Thank you DragonBite team for joining us tonight.
Important information for our community: the winners of the AMA will be announced soon by DragonBite team. To receive the reward you should follow up DragonBite telegram and twitter ❗️
James Anderson: Thanks to the DragonBite team for joining the RioDeFi ecosystem and sharing with our community via this AMA 😁
Mickael Costache 🐉: Thanks a lot everyone! It was a pleasure to be here today!
Elvan | DragonBite 🐉: Thank you very much Team RioDeFi and community! See you on the moon!🚀
Andy Chen | DragonBite🐉 Thanks all…..luv ya!
