AMA with Kala | Transcript
We have held an amazing AMA session with Kala on the 3rd of November. It featured Curtis Olayan, the COO of Kala, and Andrew Kovalenko, our Head of Project Relations.
Check out the answers to the questions we discussed provided below.
Q: What does your project name mean, and what innovations is Kala bringing to the crypto industry?
KALA: The meaning of our project name ‘Kala’ is wealth. We aim to ensure wealth by securing proof of ownership, whatever assets an individual has. This is why we have created our own blockchain instead of using someone else’s one.
Q: I know that apart from traditional PoW, you also have PoE (Proof of Effort). I would like to hear more about it, as I am not sure I completely got the idea behind it. Why did you decide to use it?
KALA: Proof of Effort is an easy way to help people get into crypto and blockchain. The idea was that anyone could do simple activities, such as surveys, share a post, or give feedback, and they would get KALA in return for their efforts. It can be difficult or intimidating for many people to understand blockchain and cryptocurrency, so PoE was a simple way to help people get involved.
Q: At present, DeFi and NFT are two very popular and lucrative domains. Does Kala have any plans to get involved in the DeFi and NFT sectors?
KALA: Yes, we do. Kala is already involved in the NFT sector, as we have insurance policies on the Kala blockchain, with more enhancements coming in 2021. We definitely have plans to join the DeFi arena with our community loans next year.
Q: You say that industries like retail, healthcare, and humanitarian initiatives are already looking to implementing blockchain. In the future, you could offer them a ready solution for that, meaning business applications could use an existing framework instead of creating their own ones. Please, provide a simple example of how they could implement it.
KALA: A simple example of a business application using the existing Kala framework is what we are already doing. We notarize insurance policies on the Kala blockchain, so there is an undeniable record that the policy was created at a specific time and that it belongs to a specific owner. We have created a Notary Hub that any business can connect to with simple APIs in which they can notarize an asset and insert it into the Kala blockchain.
Q: What are the сompany’s plans for the near future?
KALA: We are going to enhance our ecosystem through the new features in our wallet and strategic partnerships. These features include a business version of our wallet, the ability for Pro Wallet users to create new BTC receiving addresses and add an assets page in the Kala wallet, as well as add a business to the Notary Hub.
Q: I would love to hear more about your ecosystem, which is Symatri, if I am not mistaken. Besides Kala, you also have CORE and REACH. How do they all interact?
KALA: CORE is the application of the PoE concept, and REACH was a marketplace where KALA could be used, which has since been replaced with Kala Deals. The Kala ecosystem is about creating ways for people to use their KALA coins in everyday life and interact with the Kala blockchain by notarizing their assets. Symatri is the actual company name, while the project is Kala.
Q: Kala has its own cryptocurrency wallet, which was launched in 2018. Users are curious why you preferred to have your own wallet and if you are planning to or already competing with other wallets. This brings up other questions. Does it support only Kala or other tokens as well? Is Kala wallet a cloud one? How are you going to secure users’ funds, as cloud wallets are vulnerable to cyber-attacks?
KALA: The main reason we decided to build our own wallet was so that we could continue to improve our ecosystem at a faster pace and with greater flexibility. Our wallet will be the main portal for interacting with the Kala blockchain. Currently, one can hold KALA and BTC in our wallet. It is a hot wallet different from many others in that we offer Bitcoin users their own private keys, a 3rd party key recovery, and individual hot wallet insurance policies. We also notarize the insurance policy on the Kala blockchain for our users to be sure they are being taken care of.
Q: Your website says you can use Kala to buy literally everything, from cakes to dance classes. I wonder why you have such proposals. Do you have your own bakery or dance school? 😄
KALA: We have numerous proposals like these, aimed at using the Kala coin for everyday life. We strive to not only help individuals but to assist businesses with entering the blockchain world. Here are the links to some of the businesses we are now working with:
Thanks for your questions, more exciting activities are on the way!