KuCoin AMA Series - Crypto.com - Full Transcript
11/15/2019, 11:40:37
(UTC+8) 16:00:00, November 12, 2019, KuCoin hosted the AMA(Ask-Me-Anything) session with Crypto.com in English Telegram group, Indian Telegram group and Arabic Telegram group.
The AMA session was composed of 2 sections: 1. Q&A from KuCoin 2. Q&A from audiences. During the last section, there were 10 question slots for KuCoin users to share14,000 CRO from the selected questions in the English Telegram Group.
The rewards will be distributed to winners who got full 5 points within 7-14 days.
*Winners must have filled in KuCoin accounts.
Introduction of Crypto.com
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. With over 1 million users on its platform today, Crypto.com provides a powerful alternative to traditional financial services, turning its vision of “cryptocurrency in every wallet” into reality, one customer at a time. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 200+ strong team.
Official Website:https://crypto.com/en/chain.html
*For ease of reading, some text has been deleted
Section I - Q&A from KuCoin
KuCoin: The purpose of building the CRO, as well as its Vision & Mission
Eric: The Crypto.com Coin (CRO) enables movement of value across the Crypto.com Chain, a high-performing native blockchain powering Crypto.com Pay, our mobile payment solution.
Crypto.com Pay allows users to pay or get paid in crypto. While customers receive generous cashback rewards through Crypto.com Pay, merchants also benefit from greatly reduced processing fees and near-instant settlement. The Crypto.com Chain Thaler testnet (alpha version) was launched in September 2019.
We strongly believe that decentralisation is an important part of building a better society for everyone and by accelerating the world’s transition to cryptocurrency we are helping the world move in this direction.
KuCoin: What services do you offer?
Eric: The Crypto.com Coin (CRO) has strong utility across the Chain ecosystem: from staking, settlement, payment and decentralized finance.
Staking: Earn up to 18% interest on CRO staking in Crypto Earn, Council Nodes hosting with our staking validator partners such as Staked and AllNodes.
Settlement: Receive block reward for transaction settlement and fiat off-ramp
Payment:
1. Checkout - Up to 20% cashback paying merchants online, Merchants accepting CRO enjoys zero transaction fees.
2. Gift cards - Earn up to 10% cashback on Gift Cards on Crypto.com Pay
3. Peer-to-peer - Earn up to 10% when paying friends with CRO
DeFi: Unlock decentralized finance features
KuCoin: Pay and be paid in crypto, anywhere, for free it is real ?
It is for crypto! The Crypto.com Pay value proposition is truly disruptive for the traditional payment infrastructure.
Value Proposition for Merchants to integrate Crypto.com Pay
Free - 0% Transaction fees for crypto, 0.5% for fiat
Fast - Instant settlement
Easy - Integrate with just a few lines of codes
Rewarding - Get access to high-value customers
Flexible - Accept crypto and get paid in fiat currency. No volatility risk
Value Proposition for Customers to use Crypto.com Pay
Free - Pay in Crypto for Free
Fast - Immediate Payment Confirmation
Easy - Effortlessly buy online in 2 tap
Rewarding - Get generous cashback of to 20% cashback
Flexible - Spend your favourite crypto including BTC, ETH, LTC, XRP, CRO and more.
KuCoin: What makes this crypto so special what is it that makes it stand out from all the others like BTC, BCH, ETH, LTC or ETC.
Eric: The key differentiator for the Crypto.com Chain is its clear go-to-market strategy, which will result in rapid adoption. There are four disruptive forces that underpin our strategy:
- great offers for customers to financially incentivise usage of crypto;
- no transaction fees for merchants;
- seamless user experience;
- decentralized protocol to process the transactions.
On the technical front, our blockchain team has developed innovative technology to provide low latency, secure and privacy-protected solution catered for mobile payment.
In particular, we are leveraging Trusted Execution Environment (TEE) thanks to our commercial license for the use of Intel® SGX.
I invite our audience to:
>read our technical whitepaper (https://www.crypto.com/images/chain_technical_whitepaper.pdf),
>follow our regular Dev updates on the Crypto.com blog (https://blog.crypto.com/crypto-com-chain-dev-update-6/),
>join us on our technical Gitter channel
>follow our progress on github: https://github.com/crypto-com/chain
KuCoin: What is the difference between CRO & MCO?
Eric: MCO token is an ERC20 powering all our custodial App products (MCO Visa card, Crypto Wallet, Crypto Invest, Crypto Earn and Crypto Credit).
Crypto.com Coin (CRO) is the native token of Crypto.com Chain, our high performing blockchain solution which enables users to pay and be paid in any crypto, anywhere, for free.
Check out the CRO token utility below:
KuCoin: How can CRO became a bridge to another finance payments?
Eric: Traditional fiat payment systems are built on legacy infrastructure that makes it difficult to embrace new innovative payment forms like cryptocurrency.
Traditional fiat payment systems have key characteristics:
>Heavily centralized, controlled by strict rules
>Costly for participants (in particular merchants); and
>Limited flexibility (e.g., challenging to onboard new innovations/ currencies easily)
In several countries, more modern fiat payment solutions have already emerged and nearly replaced the traditional fiat payment system (e.g., Alipay/WeChat Pay in China).
Additionally, in our view existing decentralised cryptocurrency systems/ blockchains are not yet efficient or customized enough to provide a good alternative to traditional fiat networks.
The Crypto.com Chain is addressing those challenges head-on and creating a new crypto payment ecosystem for the whole industry, including traditional fiat institutions (e.g., card networks, payment gateways, banks). We are extending an open-invitation to any party who would like to easily add cryptocurrency as an accepted form of payment in a secure, compliant and cost-effective manner.
KuCoin: Do I convert fiat to CRO to spend it, or other cryptocurrency? Can I use my existing crypto.com wallet?
Eric: Utilizing CRO in the Crypto.com app gives you access to a number of benefits such as cashback of up to 10%, cashback when purchasing Gift Cards via Crypto.com Pay and receiving cashback when sending CRO to your friends. Users can also pay with other cryptocurrencies such as BTC, ETH, XRP & LTC. Then App converts it into CRO and sends it on the Chain.
KuCoin: What are the advantages of crypto.com (CRO) that makes us have to buy it and keep it?
Eric: Crypto.com Coin (CRO) is a token with live and robust utility, in particular it generates generous rewards for staking, up to 18% p.a. With CRO, you can HOL and get rewards!
We are planning to continue adding utility to CRO in the future!
KuCoin: Is the network used by CRO really fast? even though it is used in a very large number of transactions? Can you explain in more detail and examples of comparisons with other projects?
Eric: Crypto.com Chain is highly scalable and fast. It’s a performant payment network that handles immediate confirmation and scales with a large number of transactions. We are targeting confirmation time within a few seconds and several thousand transactions per second (TPS). We are already seeing promising results on our Thaler Chain Testnet!
KuCoin: In the near future, are we able to see paying merchant directly with CRO in a physical store by scanning the QR code that they have display? Or it has already happened, if yes can you name some store. Thanks.
Eric: We are definitely looking to expand Crypto.com Pay services to offline merchants (physical stores)! We did a successful pilot in HK with Starbucks. More to come in the future.
We have already started to onboard hundreds of online merchants, (like Ledger and Woo-commerce merchants) as well as digital gift card merchant (like Amazon, Nike), and will relentlessly expand our merchant coverage in the coming years both online and offline.
Section II - Q&A from Audiences
Q1: Scalability, Security and Data Privacy are three important things. How does CRO plan to overcome these issues?
Very true.
1/ Scalability we address it by leveraging the Tendermint BFT Consensus protocol with our own customization to make it more performant.
2/ Security is covered by using a very robust programming language: Rust, and by using best practices and security audits for review.
3/ Privacy is managed using TEE, all transactions are encrypted at the hardware level, in the CPU.
Q2: Can you tell us the motivation and benefits for investors to CRO token long term?
We always build for the long term. The Crypto.com Chain & Pay network aims to have 10m merchants & 100m customers in 10 years. A real alternative to traditional payments leveraging the power of crypto!
Q3: What are the main utilities of CRO tokens ? Can we use CRO tokens as payment method? where CRO tokens are currently accepted as payment ?
You are correct, CRO is first a payment token. You can already use it to buy at many online merchants or on the Crypto.com App to buy gift cards or pay your friends and receive great cashback. We have hundreds of merchants live like Amazon, Nike, Adidas etc... With CRO, you also get great staking benefits, up to 18% p.a. for supporting the network.
Q4: Have you meet all your goals in the roadmap till now? And were there any difficulties that you didn't expect and were not prepared for?
We are quite fortunate to have met all the goals we have set in our whitepaper, and delivered them earlier than initially planned. With the Crypto.com Chain, we are in control of our destiny, our team works day in and day out to push the technology, onboard new merchants, increase our partner ecosystems. This is a very exciting journey so far!
Q5: How does Crypto.com ensure stability of CRO for merchants to accept it and quote price in CRO, or is that not the goal and just a payment gateway?
Merchants can decide to receive CRO or Stablecoin/Fiat. If they prefer Stablecoin/Fiat, we have a list of Settlement Agent & Stablecoin partners who have agreed to perform the settlement for a fee of up to 0.5%. We have both merchants who wants to hold CRO (it is a great token and other who wants to have fiat. We provide the flexibility
Q6: Can you elaborate on the DeFi product that will be integrated with CRO ? What are the first apps that we can expect on this front ?
Happy to do so. The first product on our journey is to develop a non-custodial wallet, fully decentralized and supporting the CRO token. After that, we will include decentralized token swap functionality and later more services around borrowing and lending. DeFi is a fascinating space and we want to make our contribution to it!
Q7: How will you grow your current userbase with CRO? Any plans to expand CRO globally?
We already have more than 1 million users in the Crypto.com ecosystem who can participate in the CRO project. Our community is growing and is global! In the US, in Europe and in Asia. CRO provides real use case and people are using it everyday!
Q8: I hope CRO can be even greater, what services are available at CRO now?
We aim for nothing lower than outstanding! You can pay merchants and friends using CRO, you can help merchant settle with CRO, you can stake CRO and get 18% p.a. to support the network. All this is LIVE and being used every day by our growing community
Q9: The CRO rewards offered are mindblowing. 18% p.a. is basically unheard of. Will these rewards remain unchanged for the foreseeable future, or do you expect them to be tweaked eventually?
It is definitely attractive. We believe to drive adoption, you need to provide incentives. This is the Alipay & Amazon expansion playbook. Making staking and payment attractive for customers and merchants is our priority!
Q10: Please tell us what happened new after alpha release of the testnet, what are you working on now and what have you already done?
We are now working on the next version of our testnet, coming up in December, and 2020 will be mainnet time. We are expanding liquidity and utility for the CRO token and we will share more soon. Every day, we onboard new merchants with Crypto.com Pay, new validators on the Chain network who stake CRO! This is just the beginning! So much to come for the Crypto.com Chain & CRO.