Crypto Wizards AMA With Dragon Bite
Guest : Mickael Costache
1. Could you please provide a quick self-introduction for the community?
Ans- Of course - My name is Mickael and I’m the CEO of DragonBite. Previously, I was the Regional Director for the Middle East, Asia and Africa at Espeo Blockchain, one of the leading blockchain development and consultancy studios in the world. I’ve also been advising companies on their ICOs. I am based in New York but spend a lot of time on the ground in blockchain hubs such as Singapore or Hong Kong.
2. Can you briefly introduce the project Dragon Bite, what are some of utlities of $BITE ? How do you think you stand out among the competitors if there are any?
Ans- 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.
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! Our vision is to disrupt the loyalty market with innovative business models and technology.
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.
DragonBite is the solution to a massive and global problem: there is more value in loyalty points, rewards and coupons in circulation in the world than US dollars (🤯), yet the majority of these digital assets are idle. The lack of a unified platform for users to redeem and spend their loyalty points means that every year hundreds of billions of dollar worth of assets become stale.
I love the fact that we are working on a massible problem that’s also a global one!
3. Can you share the achievements the team has made so far ? what are the major achievement target Dragon Bite is yet to achieve . If possible also share your roadmap.
Ans- Great question - we've been working on our technology and partnerships for over 2 years now. A huge achievement is the fact that Bite will be accepted in more than 50,000 locations from the very beginning (thanks to our great partnership with AsiaTop).
We are going to launch the DragonBite app in the coming months. At the beginning, we will focus in getting Chinese customers on board. Hopefully, we can expand the user base to over a million within one year - right after, we will expand throughout Asia and then Europe and U.S.
In other non-English speaking countries, we will partner with their local brands in order to penetrate into their community.
On the technology front, we are preparing to move to RioChain in Q3 of this year which will drastically reduce costs.
With my great team, we are always trying to advance on multiple fronts at the same time: improving our technology, working on partnerships, expanding geographically and of course working on marketing to increase our user base.
4.Why did you name the project Dragon Bite ? How does it correlate with the idea of the project ?
Ans- Another excellent question: we chose the term Dragon for its great symbolism (especially in our launch market which is Asia) and the fact that a lot of very interesting marketing ideas can be implemented around this figure. Our goal is also to enable our users to exchange their digital assets for other digital assets, no matter the size of those assets. One particularly interesting case (and that we are marketing a lot) is exchanging loyalty points for crypto. We expect a lot of people to do this in "bite" sizes and we are definitely looking forward to lowering the barriers to entry for smaller and newer crypto investors. Think about it: wouldn’t you like to exchange your soon to expire airmiles for a bite of crypto instead of a useless tea kettle? 😄
5. Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution
Ans-Absolutely - the total supply is 1 billion tokens and you can take a look at our tokenomics on page 7 here: https://dragonbite-media.s3-ap-southeast-1.amazonaws.com/media/DragonBiteWhitePaper_8c67.pdf
We use what we can a dual token system that's very unique
Ans- Yes sure thing - our community is tremendously important and we are moving towards a DAO. We want our users to be able to participate in the long term strategic decisions of this project and you will definitely have the possibiity to get rewards for referrals. This is something we really believe in! You have a lot of benefits for holding ini the long-term as our project solves a massive problem and our tokenomics are extremely well conceived to maximize profitability for our token holders and us as a company
Ans- Sure - DragonBite is the solution to a massive and global problem: there is more value in loyalty points, rewards and coupons in circulation in the world than US dollars, yet the majority of these digital assets are idle. The lack of a unified platform for users to redeem and spend their loyalty points means that every year hundreds of billions of dollar worth of assets become stale. 😔
This is where we come in (💡) DragonBite is a universal digital asset management platform powered by Blockchain technology. We leverage cryptocurrencies and DeFi to help loyalty points holders consolidate their earnings, interact with a global ecosystem of merchants and unlock the value of their digital assets.
We have about 15 team members currently involved in the venture and we are mainly based in Hong Kong, New York, Singapore and the UK.
We are working very closely with RioChain and will be fully transitioned on there by Q3 of this year.
Ans- Excellent question! I would definitely mention our state of the art technology and the fact that it’s already working as well as our partnerships (already in place) which make it possible to operate in over 50,000 locations in Asia at launch. At the end of the day, the success of such venture relies on things working seamlessly on the tech side (and actually making it extremely user friendly even to people not familiar with blockchain and crypto) and to have distribution. This last part is very important because our users need ways to redeem their digtial assets. You can have the best App in the world but without distribution, growth can’t happen. And we have it 😉
Ans- Our secret recipe is our dual token system. This is perhaps the reason why other loyalty projects failed before us.
$BITE is our incentive token, which has a limited supply. It will be publicly traded on Crypto Exchanges. Merchants and partners that utilize our platform to provide loyalty programs and promotional activities will be charged in the form of $BITE. $BITE is also required as transaction to bid for valuable assets within our auction platform, to access our privilege services, to exchange $BITEPoint, to purchase coupons or gift cards, and to pre-pay DragonBite card.
On the other hand, users or partners who participate in trading activities and make contributions in our ecosystem will be rewarded with $BITE. $BITE holders will earn more $BITE from staking as well. We provide sufficient incentives to our active users to do asset conversion, member referral and business referral. The more $BITE you hold, the more $BITE you will get and the greater voting power you will have in the DragonBite ecosystem.
b) $BITEPoint is DragonBite’s universal stablecoin, pegged 1:1 with the US Dollar back by all the digital asset in the ecosystem.
BITE Point acts as a medium of exchange between Digital Assets and provides liquidity to buyers and sellers of their digital assets in the DragonBite’s ecosystem.
1.At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?
Ans-Great question! Currently fine-tuning our App for the launch (but this is mainly done) and continuing to work on our partnerships. This is a never ending endeavor as we aim to constantly increase the number of quality partners working with us. At the same time, with our listing coming up, we have ramped up marketing activities and will continue to do so ongoingly from now on
2. What was the biggest milestone your project has? What is plan in the future ?
Ans- The biggest milestone for us was managing to sign a partnership giving us access to 50,000 locations in Asia. This is major and putting us years ahead of any sort of competition. Our next big milestone will be our listing coming up in just a few days now. Our team is extremely excited about this and so our our early investors! I also want to mention that we raised close to 3 million dollars in our private round (which got immediately oversubscribed) and we definitely also see this as a big milestone because it’s a sign of faith and belief in our project from very sophisticated investors.
3.Could you please tell us more about your Staking Program and Marketing Roadmap?
Ans- Great question!
BITE holder will earn more BITE from Staking and here’s the usage:
1) Transaction fee. When people convert an asset to another digital asset, transaction fee will be charged with $BITE.
2) Governance. We aim to become a DAO eventually. The more $BITE you have, the more voting right you have.
3) Staking reward. We provide staking option for our users in the ecosystem for passive $BITE reward.
BITE, which has limited supply has been created during the token generation event and it will also be publicly traded on Crypto Exchange. Merchants, who utilize our platform to provide loyalty program and promotion activities, will be charged in the form of BITE. BITE is also required to bid valuable assets in our auction platform, to access our privilege services, to exchange BITE Point, to purchase coupons or gift cards, and to pre-pay DragonBite card. On the other hand, any user or partner, who participates in trading activity and make contribution in our ecosystem, will be rewarded with BITE. BITE holders will earn more BITE from staking, too. We provide sufficient incentive to our active users to do asset conversion, member referral and business referral.
4. 😎😍Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users towards your project? Is there any upcoming partnership that will brings non-crypto user and real-use case???????????
Ans- Great question Alex! We are definitely aiming to attract a lof of non-crypto users or new crypto users to our community. The amazing thing with DragonBite is that it’s a global problem that most people can relate to as more than 9 out of 10 adults hold some sort of digital assets (usually loyalty points). We actually see ourselves as the company that will lower barriers to entry for crypto investments and get new people into the crypto world. We definitely have a lot of marketing iinitiatiives in the pipeline aiming at promoting our project to people outside of the crypto sphere. Stay tuned!
5 . What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Ans-We are currently focused on China and Asia but because the problem we are solving doesn’t really have borders, our aim is to expand as quickly as we can throughout all continents. Of course, geographical expansion is not everything - we need to keep evolving our technology at the same time to keep relevant and to reamain the top player in this fiel