AMA with Ripple Alpha (XLA) | Transcript
Our joint AMA with Ripple Alpha (XLA), which took place on November 3rd, was a great success!
Seth Lim, the Co-founder at Ripple Alpha, answered the best questions from our users.
Check out the transcript of the questions provided below.
Q: What problems does Ripple Alpha solve that others can’t, and how do you intend to change the world?
XLA: Ripple is IoV (Internet of Value), which means information and data, as well as financial assets, can be instantly transmitted and exchanged anywhere and anytime over the Internet. Ripple Alpha has started a project to implement “coins that can be settled for the first time with virtual currency”.
Q: As a trader, I put the safety of my funds first when choosing a platform for trading and investing. How secure is Ripple Alpha? What technology and programmable security did your team develop to build such a reliable platform?
XLA: The Ripple technology (XRP Ledger) presupposes a system called consortium blockchain. It is operated by multiple associations (7 locations around the world). Transactions are not processed on the blockchain in a decentralized way but are agreed by a majority vote of validators managed and certified by the Ripple Alpha Association.
Q: Many projects launch campaigns to interact with users. Does XLA FINANCE have any specific plans to attract and grow the community or improve user experience?
XLA: There are 1.5 billion people globally who don’t have a bank account. The Ripple Alpha Association wants to create a world where they wouldn’t need one to lead a rich life.
Q: As far as I know, the payment app will be released in December. Can it be used in Japan and serve as a wallet?
XLA: The pandemic has caused a delay, so we’re planning to release the application in January instead of December. However, that’s not a payment app; the main goal of XLA is liquidity. It’s used to promote sales among companies with a common philosophy and to establish new partnerships. We believe that increasing the number of environments in which XLA can be used will dramatically raise awareness. We will continue to develop partner companies of the XLA Association.
Q: I’d love to hear more about your cooperation with UnionPay. Congratulations on that, it’s a big step towards the integration of crypto into everyday life.
XLA: It has been available in China since November 1st. This was a daunting task with a series of difficult negotiations. Nevertheless, this is just the first phase of expanding into China.
Q: You have a program supporting children around the world. Do people who hold/deposit XLA have any influence over that or do project leaders personally allocate funds?
XLA: Next year will be very important for XLA. The programs supporting children globally are still in their infancy. The first step includes the support fund derived from the funds held by the association. In the future, I hope to distribute XLA directly to children and scale up the project.
Q: According to crypto market capitalization aggregators, there are more than 5K cryptocurrencies in existence today. I suppose that 70% of them have no utility, so could you please provide three pieces of evidence that your project is here for the long run and has real utility to increase demand for the token in the future?
XLA: First of all, I would like to highlight the technological advancement of our project. Unlike many others, we have completed the development before the launch, which makes us stand out. Thus, XLA can already be put to use. We will continue to operate so that XLA can be used in projects created by companies that share the same philosophy. Currently, with the support of multiple companies, the number of association partners is gradually increasing.
Q: Could you please enumerate the development stages of Ripple Alpha? Which stage is the most important one for XLA?
XLA: Currently, the association partner is working on a live game distribution platform. You will be able to use XLA in it.
Q: Speaking about the roadmap, what are your next priorities/milestones? Does the XLA team have enough funds and community strength to achieve these milestones?
XLA: An increasing number of companies are becoming association partners. We will be cooperating with many like these in the future.
Q: What is the Vision and Mission of the Ripple Alpha platform that creates such a big demand for the XLA token?
XLA: We wanted XLA to become a coin that is closely related to everyday life. It is intended to be simple and easy to use. Another crucial point is its liquidity. We will create an environment that can be used by many people.
Q: What do you think about the possibility of creating new use cases in the DeFi space for existing real-world assets with the help of crypto technology?
XLA: DeFi is interesting; however, XLA and DeFi are based on different ideas.
Q: If your target users are unbanked, are we talking about the third world countries? Which of them could benefit from this project?
XLA: Now, we are targeting China, but we hope next year, XLA will be integrated into many platforms around the world.
Q: You have an impressive and uniquely large enterprise ecosystem. Do you also work with specific technology companies?
XLA: Yes, we collaborate with certain technology companies and would like to continue building partnerships with medium-sized companies.
Q: On October 17th, 2020, the Ripple Alpha Association announced that it had burned 1,300,000,000 XLA. What was the purpose of this burning? Is it so that the price remains stable?
XLA: That’s a great question. The purpose is price stability. From now on, we’re planning to purchase XLA with some of the funds that have made a profit on the platform. The price will be more stable.
Thanks for your questions, and stay tuned for more!