Zeex Team Live: Ask Me Anything Transcript!
Our first live video AMA was crammed with questions and our broadcast couch was crammed as well! Despite the close quarters, we had a great conversation with the community and we really enjoyed answering everything. For the full video, you can visit our facebook page here: https://www.facebook.com/Zeexme/videos/219274485333639/.
We’ve also taken the best questions and answers and included them here to make things even easier!
Q: What have you been up to?
A: We’ve been running around Consensus NY, there’s more than 8000 people here! We’ve met lots of new people and invited our friends to visit us in our suite! Probably next year they’ll have to choose a new venue for the event because it’s so packed.
Q: Did you do a live demo?
A: Yes, we had a great live demo! It’s not a common thing, but it was very popular and great for people to see how our solution will actually work in real life!
Q: How will you deal with the high volatility of the different cryptos and BTC?
A: When you make a purchase you’ll get the current rate at that very moment, and we’ll also support our suppliers with hedging and other financial services to protect them from the volatility! As a consumer, you won’t feel it!
Q: What suppliers can you announce?
A: We have already announced Giftery.ru and we’re looking forward to launching with several other geographies and suppliers in the near future. The token sale will largely determine which geographies we launch in initially, but we hope to announce other suppliers in the coming days.
Q: Why do you think it’s taken so long for a solution like this to arise and actually be positioned to succeed?
A: We’ve taken the gift card infrastructure and connected it to the crypto world directly and in a decentralized way. It’s not a simple thing to do or even to understand, but we have the support and expertise from our sister Zeek and from our backgrounds to put ourselves in the best position.
Q: Is it possible to use Zeex to sell crypto for gift cards as well?
A: It’s in the roadmap! It’s not our main use case so we’re not launching it from day 1, but it’ll happen about 6 months down the line. There are security issues to solve there regarding double spending, and it is important to us to get to the market as soon as possible, but we’ll be releasing that functionality at a later stage.
Q: Where can I join the Beta?
Q: How fast will a transaction be?
A: It depends on networks etc, but from our side we use ZIX as collateral to ensure the transaction speed will not be entirely dependent on those networks. We aim to make it instant, one of our use cases is that you’ll be able to buy a gift card in line at Starbucks and pay with it 10 seconds later! Even with 10,000 people buying at the same time, it shouldn’t affect transaction speed because most transactions will happen off-chain. When you make an actual purchase with your Gift Card in Starbucks, that transaction is off-chain as well, on their proprietary Gift Card infrastructure.
Q: What gift cards/brands do you think will be most popular in the near future?
A: Brands like Amazon that have everything under the sun are popular everywhere and of course there are regional differences, but one of the biggest applications we see is buying everyday things like groceries with crypto. In the UK for instance, we have Sainsbury’s, Tesco, and many others, so you can live completely off the app! We are very data-driven people though, so we’ll likely release statistics on the most bought and sold brands!
Q: Can you explain what your plan of action is to get into regional markets, like Indonesia where it’s less easy to just use Amazon? South America too, I’m curious!
A: We are speaking with suppliers in these geographies and more. It’s a challenge not only from the perspective of which brands are available but also from the crypto use perspective. We’re working with locals to navigate the best way forward!
Q: Question on the video, you talk about providing a solution for CRYPTO to FIAT, what happens if Amazon or Starbucks start to accept Bitcoin or Litecoin directly? How does that impact the demand to buy ZIX to purchase a gift card and do you have contingency plans in place if that happens?
A: One of our promises is that you’ll never pay conversion fees, and that’s something that will always be attractive. Our vision is to be a direct line between crypto and products, so we want people to accept crypto. Gift cards are just a means to an end, a way to jump-start our economy, but eventually we want to go straight from crypto to products and services. The more companies that accept crypto directly, the better it is for us, and we’re going to help to create liquidity to make that a reality.
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