Jun 16, 2021
AMA Recap of Crypto Legacy x Dragonbite by Florence
Our vision is to disrupt the loyalty market with innovative business models and technology.
Alfred [16.06.21 10:04]
We welcome all those who join us in this prestigious AMA event with DragonBite
How are you?
Florence
Bian
Alfred
Well, what do you think if we start with the AMA
Florence
I am fine
Sure
Let’s start
Alfred
Introduction Questions
P1. How big is the Loyalty community?
Florence
Woow… Loyalty community is hugh…
My mum has loyalty program in supermarket !!
According to statistic research by Access in 2020, 90% of companies have some sort of loyalty programs, 90% of people in developed countries join membership for at least 4 brands. 61% of customers are loyalty to 1–5 brands. Loyalty programs are literally everywhere.
I join many many loyalty programs…. i have a bag to keep my VIP card and I have to count my VIP cards almost every year.
Alfred
P2. What is the value of reward point ?
Florence
In fact, the redemption rate of loyalty program is just 7%. Most people do not spend the value of their loyalty points. As a result, many loyalty programs have a timeframe, and loyalty points will usually expire by the end of each year. In fact, each program costs at least USD4 to a merchant.
Alfred
Interesting
Next question
P3. What is DragonBite ?
Florence
DragonBite is a digital wallet for all customers to store their digital assets, including Loyalty points, E-vouchers, E-coupons, Gift cards, Air mileages, In-game assets and Cryptocurrencies. DragonBite can preserve the value of your loyalty continuously and aggregate all your scattered assets into one wallet with one password.
Alfred
Next question
P4. What will DragonBite offer in its ecosystem?
Florence
In DragonBite ecosystem, you are allowed to convert vouchers to gift cards, send loyalty points to top-up air miles for flight ticket, sell E-voucher for Bitcoin and also use your digital assets to pre-pay our MasterCard for daily consumption in real life. You can deposit in-game assets into our digital wallet. We will keep them safely using our advanced technology system.
Alfred
Great!
Next question
P5. What security does DragonBite wallet provide?
Florence
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.
System security is the utmost importance for DragonBite, reducing security risk is an essential topic. We implement our technologies based on the banking practices to boost our security level. Our tokens are protected by mix of hot, warm and cold technologies in order to maximize our security protection.
Anyway, we will not handle customers’ assets but safely keep them in our custodian, Hex Trust, all the time.
Alfred
P6. Does DragonBite compliant with regulatory rules?
Florence
We are compliant with compliance regulatory rules such as the General Data Protection Regulation (GDPR) & the Personal Data Privacy Ordinance (PDPO), the Anti-Money-Laundering (AML) standard and the Know-Your-Client (KYC) standard.
Alfred
Very important
P7. What Online-to-Offline solution does DragonBite provide to its merchant partner?
Florence
DragonBite also contains an analytics tool for Sale performance evaluation, running statistic data and generating sales reports. Promoters can easily access the performance of Sales campaign from lead generated sales, token generated sales, response perspective and the actual sales figures.
Those data and reports are produced automatically upon request. Merchants do not need to spend time or human power to prepare, but they can adject their sale strategy as quickly as possible according to our sales data.
Alfred
P8. How does DragonBite help merchant partner to reach out to the right target customer in sales campaign?
Florence
Reaching the right target customers is the essential element to success. DragonBite has advanced geographical targeting engine which will able to detect users’ locations. Sales promotion advertisement can be received by customers, who have satisfied the pre-set criteria of demographic, preference and spending behaviour, within the target zone in real time. As a result, merchants are able to reach out to the right target customers within their radar instantly.
Alfred
P9. What is the addition benefit for merchant partner to use the O2O solution of DragonBite?
Florence
Merchants can concentrate on their core businesses without worry about loyalty program and admin work
Alfred
Next question
P10. Who are the merchant partner of DragonBite?
Florence
DragonBite partners with a large loyalty management company, AsiaTop, in China. AsiaTop manages loyalty accounts of over a million customers of 5,000 brands with 50,000 points of sales. Our partners are MacDonald, Pizza Hut, Burger King, Champion, …etc.
Alfred
Amazing
Pizza hut
Next question
P11. What technology does DragonBite adopt ?
Florence
Dragonbite also has a licensed gateway to connect directly with Crypto-Exchange to trade Cryptocurrencies.
DragonBite leverages polkadot technology stack and implements new contract to extend the logic such as staking reward algorithm which will give a higher speed and interoperability than most current implementation. In addition, our Prototype has gone through multiple rounds of review by leading industry players to confirm our business model and technology viability.
We plan to migrate to RioChain by the end of Q3 2021. RioChain enables lower transaction fees and faster confirmations. Also, with the cross-chain interoperability, we can work across many different blockchains. RioChain is built on Substrate, which is a high-performance blockchain framework developed by Parity Technologies for the Polkadot ecosystem.
RioChain enable lower transaction fees and faster confirmations. It is essentially important for DragonBite has a goal to disrupt a $1.6T industry and to provide liquidity of loyalty points, gift cards, gaming assets and crypto. We allow these assets to be converted to different assets at a high number of transactions in our system, due to the intrinsic problem of the industry. Therefore, low transaction fee with fast confirmation are important. We found ourselves have great synergies with RioDeFi and the RioDeFi team has given great insights to us during early stages to embrace crypto world.
All other transactions, including point redemption at the point of sale, the loyalty program transactions and the E-voucher issuances are handled by the back-end server without blockchain. Ensuring sufficient protection to our users and partners, our Chief Technology officer will manage regular security of both on-chain and off-chain components to make sure which are properly audited and protected.
Shall we start Twitter questions ?
Alfred
Yes
No problem
Thank you for your answers, we just finished the segment of:
Introductory Questions
We go to the segment of:
Twitter Questions
@PolathannKoc
Dragonbite offers 2 cards to its users: Standard Dragonbite Card, Premium Dragonbite Card. What requirements do I need to obtain each of them? What benefit does each one offer? and how is one different from the other?
Florence
1. Standard DragonBite Prepaid Card
To access this card, users should stake a minimum of 500 $BITE on DragonBite (https://dragonbite.asia/) Dapp, MANTRA DAO (https://mantradao.com/) or PolkaBridge (https://polkabridge.org/).
For every USD spent, earn 0.10% $BITE.
Cash withdrawal in ATMs is free up to USD$ 250 per month.
Trading fees when exchanging rewards points against $BITE on DragonBite’s Dapp are capped at 1%.
2. Standard+ DragonBite Prepaid Card
To access this card, users are required to stake a minimum of 2,500 $BITE on DragonBite (https://dragonbite.asia/) Dapp, MANTRA DAO (https://mantradao.com/) or PolkaBridge (https://polkabridge.org/).
For every USD spent, earn 0.20% $BITE.
Cash withdrawal in ATMs is free up to USD$250 per month.
Trading fees when exchanging rewards points against $BITE on DragonBite’s Dapp are capped at 0.8%.
Extra benefits:
Standard+ DragonBite Prepaid Card holders will be granted a FREE access to those platforms as long as they stake 2,500 $BITE in one of the three staking programs available:
YouTube Premium Membership: lets you watch millions of videos without any interference from advertisements, including in-title and in-film advertisements, video overlay advertisements, third-party banner advertisements, and search advertisements.
Netflix Membership: the world’s leading streaming entertainment service that offers a wide variety of award-winning TV shows, movies, anime, documentaries, and more than 5,000 internet- connected series.
Hulu Membership: a leading premium streaming service offering more than 2,0000 live and on-demand TV and movies.
3. Premium DragonBite Prepaid Card
To access this card, users should stake a minimum of 5,000 $BITE on DragonBite (https://dragonbite.asia/) Dapp, MANTRA DAO (https://mantradao.com/) or PolkaBridge (https://polkabridge.org/).
For every USD spent, earn 0.50% $BITE.
Cash withdrawal in ATMs is free up to USD$250 per month.
Trading fees when exchanging rewards points against $BITE on DragonBite’s Dapp are capped at 0.8%.
Extra benefits:
Standard+ DragonBite Prepaid Card holders will be granted a FREE access to those platforms as long as they stake 5,000 $BITE in one of the 3 staking programs available:
YouTube Premium Membership: let you watch millions of videos without any interference from advertisements, including in-title and in-film advertisements, video overlay advertisements, third-party banner advertisements, and search advertisements.
Netflix Membership: the world’s leading streaming entertainment service that offers a wide variety of award-winning TV shows, movies, anime, documentaries, and more than 5,000 internet- connected series.
Hulu Membership: a leading premium streaming service offering more than 2,0000 live and on-demand TV and movies.
Amazon Prime: Let you access a number of Amazon services and enhancements including but not limited to free delivery on your Amazon orders, exclusive access to deals and discounts before anyone else, an exclusive access to movies and TV shows on Amazon Originals, a library of songs on Amazon Music without any ads, thousands of books on Kindle, free games, in-game items, a free Twitch channel subscription.
4. Premium+ DragonBite Prepaid Card
To access this card, users should stake a minimum of 10,000 $BITE on DragonBite (https://dragonbite.asia/) Dapp, MANTRA DAO (https://mantradao.com/) or PolkaBridge (https://polkabridge.org/).
For every USD spent, earn 1% $BITE.
Cash withdrawal in ATMs is free up to 250 USD per month.
Trading fees when exchanging rewards points against BITE on DragonBite’s dApp are capped at 0.5%.
Extra benefits:
Standard+ DragonBite Prepaid Card holders will be granted a FREE access to those platforms as long as they stake 10,000 $BITE in one of the 3 staking programs:
YouTube Premium Membership: let you watch millions of videos without any interference from advertisements, including in-title and in-film advertisements, video overlay advertisements, third-party banner advertisements, and search advertisements.
Netflix Membership: the world’s leading streaming entertainment service that offers a wide variety of award-winning TV shows, movies, anime, documentaries, and more than 5,000 internet- connected series.
Hulu Membership: a leading premium streaming service offering more than 2,0000 live and on-demand TV and movies.
Amazon Prime: Let you access a number of Amazon services and enhancements including but not limited to free delivery on your Amazon orders, exclusive access to deals and discounts before anyone else, an exclusive access to movies and TV shows on Amazon Originals, a library of songs on Amazon Music without any ads, thousands of books on Kindle, free games, in-game items, a free Twitch channel subscription.
Airbnb: the global online and leading marketplace for lodging, primarily homestays for vacation rentals, and tourism activities.
To read detail information
https://dragonbite.medium.com/do-more-with-dragonbite-prepaid-card-spend-fiat-earn-crypto-3c08df375833
@Johana_CCV
What are the characteristics that this application fulfills? What is the central goal of DragonBite? Can you detail each and every one of the solutions they present? For which devices is this DragonBite app available?
Florence
As I have mentioned at the very beginning, the loyalty community is hugh. Many people hold a small amount of loyalty points in their program account. 93% of loyalty points go expire without value.
DragonBite offers a new channel for users to convert their expiring loyalty points into other digital assets, such as gift cards, e-vouchers, in-game assets and crypto currencies.
So, DragonBite provides a solution to solve a massive and global problem. There is more value in loyalty points, rewards and coupons in circulation in the world than the U.S. dollars, yet the majority of these digital assets are idle. Without an unified platform for users to redeem and spend their loyalty points means that hundreds of billions of dollar worth of assets become stale in every year.
DragonBite initiates a disruptive Revolution of Loyalty Customer. We have full confident to disrupt the loyalty community, gather customers into our new ecosystem. With DragonBite, users will be able to aggregate all their idle digital assets into one account, convert from one asset into another, sell assets and buy other assets, including cryptocurrency. We will give out $BITE to active users who make contributions in the ecosystem and provide incentive to maintain an energetic environment. Point expiration will not be any problem with DragonBite, as users can sell their expiring assets to buy other digital assets, to top-up other loyalty programs or to pre-pay DragonBite card for daily spending.
@HanceerBurak
I was checking part of your history and you’ve been around since 2018, I saw you were focusing on your prototype and partnerships and delayed your token sale until now, why took you so long? Also, what are the advantages of launching your token BITE as an ERC-20 token?
Florence
Good investor always do his/her own research.
We started in 2018 to find business partners and search for loyalty programs businesses.
We also do our own technology research and development to prove our business concept.
So, we spent sometime in developing our 6-in-1 solutions….. which is patented now
@JosuhannyM
Offer their users the opportunity to exchange reward points such as miles,game assets,vouchers and gift cards for cryptocurrencies such as bitcoin,ethereum,USDT? Does DragonBite allow users to access and manage all their loyalty points on the platform and exchange digital assets?
Florence
DragonBite app will have a direct gateway connecting with crypto exchange, ABCC, so users can convert their digital assets into crypto.
As mentioned before, DragonBite partners with a large loyalty management company, AsiaTop, in China. AsiaTop manages loyalty accounts of over a million customers of 5,000 brands with 50,000 points of sales. Our partners are MacDonald, Pizza Hut, Burger King, Champion, …etc.
DragonBite has partnered with many merchants but not all….
So, not all digital asset can be converted on DragonBite yet.
We will expand our territories and invite as many merchants as possible to get on board on DragonBite.
So, everyone can enjoy the benefit with us. !!
Florence
However, user and user can swap their digital assets within DragonBite too.
Alfred
Excellent answer
@ZamoraJoana
Considering that DragonBite is related to real world finance, there is a huge possibility that you’ll get non-crypto experts, so are you going to accept them? How will you educate them?
Florence
Since we promote DragonBite to the community, we have found there are plenty of new crypto investors interested in DragonBite.
Because of our business model is to convert loyalty points into other digital assets like crypto…we have educated many new crypto investors how to open wallet, how to get ETH for GAS fee, how to swap ETH to BITE, how to Stake !!
I can tell you that many beginners start investing into BITE now
We have create youtube video to teach people how to claim their token from launchpad too !!
Alfred
Ok
We just finished the segment of:
Twitter Questions
Now we move on to the segment of:
Live Questions
take the time you want to answer but please answer a minimum of 5 questions
@Asako
What role does the community play in the Dragonbite? What have you done and will do to attract people to join Dragonbite and build a thriving community?
Florence
The community who join DragonBite will be the users of DragonBite. They need to hold some $BITE in order to convert their digital assets into other digital assets.
Users in DragonBite can also participate as liquidity providers… E.g. when someone in the ecosystem wants to buy air-mile to get free air ticket, liquidity provider can sell the user some air-mile.
Liquidity provider will earn $BITE as rewards too.
The more members in the DragonBite ecosystem, the more digital assets can be converted, the more demand of $BITE too.
So, eventually the larger community, the high usage of DragonBite, the high value of $BITE.
Community can also refer new members and new merchants to DragonBite…. they will get rewards from referral too !!
@World_Crypto0022
What is PROJECT’s revenue model? In which ways do you generate revenue/profit?????
Florence
Indeed, revenue is our priority….first of all, our platform is bridging all digital assets. For that, we have already signed up with BITMART to issue and distribute crypto voucher for them to earn revenue. Users could use our Dapp to convert loyalty points into crypto voucher and then collect crypto from BITMART.
Other revenue comes from :
Digital asset SWAP
Tokenization of loyalty points
Sale campaign promotion service to Merchants
Sales revenue generated from Sale campaign promotion in our partnering merchants
@mamun11
Where can I buy your tokens right now what is your current contract and how can I buy them??” Will you have any other DeFI feature like staking, yiekd farm or NFT in the future?
-Can share a little about your roadmap???,”
Florence
You can buy $BITE from Uniswap now… Please be aware of the scammer tokens.
There are 4 FAKE $BITE trading on Uniswap and 1 FAKE $BITE trading on Pancakeswap.
The only real BITE contract address is:
0x4eed0fa8de12d5a86517f214c2f11586ba2ed88d
Please join our official group chat as we always remain our members not to be scammed.
https://coinmarketcap.com/currencies/dragonbite/
You can see our price chart on CoinMarketCap now.
U can also do the staking with PolkaBridge and Mantra Dao !!
@Fostar_RX
Q) At this moment almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Florence
Today, more than 95% of the population owns loyalty points. This triggered us to investigate further, and we realize there is more value in digital assets (loyalty points, gift cards and gaming assets) than the U.S. dollars in circulation in the world.
The existing loyalty program mechanism is set to discourage the loyalty customers from redeeming points. People find difficult to swap the points between loyalty programs. Those points will expire. The gifts for redemption are usually not attractive. Loyalty programs are fragmented into many different account without a consolidating tool.
DragonBite is here to solve the billion dollar problem. DragonBite will aggregate idle loyalty points from different programs into one single application and allow users to convert their digital assets into other digital assets. You may turn your loyalty points to Bitcoin instead of a kettle.
DragonBite lowers the barrier of entry for small crypto investors.
The success of DragonBite ecosystem and also the value of $BITE tokens depend on 3 factors:
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 increasing size of digital asset in our pool. The more assets supported for conversion, the more users would be acquired. These 3 factors would create a virtuous circle and as a result more transactions happen in DragonBite platform. More $BITE would be needed for transaction fee due to higher demand, so $BITE value rises. We are very confident in DragonBite, and our community will grow and get mutual benefits. As a result, our investors definitely would get benefit from holding $BITE in long term.
@Michael.D
What is your strongest advantage that you think will make your team leading the market? In contrast, what is your weakness? How do you plan to overcome it?
Florence
DragonBite has three main advantage against its competitors
1. Partner with many merchants. DragonBite has a comprehensive partner ecosystem. We have already gained access to over 5,000 merchants with 50,000 points of sale.
2. Large customer base. DragonBite can penetrate into the customer base of its merchant partners. They have serviced over one million customers in China.
3. Truly open loop decentralised system. Users will interact with each other and govern the ecosystem by themselves. Whereas, Points.com, Asiamile and Hotel are closed loop loyalty programs, focusing in airlines and hotels industries only. Centralised loyalty programs are controlled by the operators. Users do not have control and the interests between users and loyalty program providers do not align.
Bakkt is one of our competitors. It acquired bridge2solution to cater for Loyalty and Crypto. The new loyalty and crypto app has not yet launched. It is supported by only a few banks and less than 50 merchants.
DragonBite is the only decentralized loyalty program that is governed by its members and caters to crypto and loyalty points. With one Million members and 5,000 branded merchants with 50,000 outlets since 2018.
Alfred
thank you very much for sharing your successful project with our community, we will be waiting for the news and milestones of your project!
