KuCoin AMA With Revuto (REVU) — Control Your Subscriptions With the First dApp on Cardano
Dear KuCoin Users,
Time: January 7, 2022, 10:00-10:54 (UTC)
KuCoin hosted an AMA (Ask-Me-Anything) session with the CEO and co-founder of Revuto, Vedran Vukman, in the KuCoin Exchange Group.
Revuto is a dApp built on Cardano to help you manage and pay for your subscriptions by leveraging crypto and DeFi services. The end goal is to help users manage their subscriptions and save money.
On average, we all use and pay for at least 2-3 subscriptions every month, but as the subscription economy is growing by 100% year over year, we’ll spend even more money on subscriptions in the future. The problem is that we’re losing money on subscriptions we forget to unsubscribe from, on free-trial traps, on subscriptions we don’t use regularly and/or forget about. Many of us use different cards (debit/credit) to pay for subscriptions, so more than ever, we tend to forget to whom, when and how much we’re paying.
In that regard, by introducing users with Cardano native token REVU, Revuto will help them pay for their subscription charges less than they would pay them with their personal debit or credit cards.
Ultimately, by staking REVU in liquidity pools to earn yield, Revuto users will be able to provide liquidity to other Revuto users on the subscription due date(s) and make their money work for them.
Official Website: https://crypto.revuto.com
White Paper: https://crypto.revuto.com/Revuto_Whitepaper_v1.7.pdf
Follow Revuto on Twitter and Telegram.
Vedran Vukman — CEO and Co-Founder of Revuto
Serial entrepreneur and founder of Vyoocam, a wearable communication device built to support in-field services. Vedran has international experience in product development and product launch in Silicon Valley. Vedran is an early crypto adopter, investor in several crypto projects, and a big supporter of Cardano. Member at UBIK, Croatian Union for Blockchain & Cryptocurrencies, member of CroAI, an AI organization.
Q&A from KuCoin
Q: Please introduce yourself and the team behind Revuto.
Vedran: Hello to everyone. My name is Vedran (can call me Vex) and I’m CEO and founder of Revuto, an app built on Cardano blockchain to help people manage and pay for their subscriptions while leveraging subscription payments with crypto and DeFi services.
In the core team behind the project, there are Josipa Majic (strategy and communications) and Marko Rukonic (CTO). Together, we’re a team of very experienced industry experts who met in Silicon Valley 3 years ago.
Just as an example of how good a match for the project we are, Marko has more than 25 peer-reviewed patents that were published in the most prestigious AI magazines in the world regarding the classification of financial transactions and credit scoring. His skills (https://getrevuto.medium.com/introducing-marko-rukonic-the-software-wizard-behind-revuto-ec27618ba077) are essential to building our subscription management service, especially the part with micro-lending.
You can check out Marko explaining his role in Revuto development at http://www.youtube.com/watch?v=OVKL4JuUYv0&t=50m23s
Q: What is Revuto and why Cardano?
Vedran: Revuto is an active subscription management service that is built on the Cardano blockchain with a goal to help people save their money on numerous subscriptions they’re paying every month.
The fact that the subscription business is growing 100% year over year means that soon you’ll be buying everything on subscription. As a result, people are already losing track of to whom, with what, how much and when they’re paying.
Additionally, they’re falling into the so-called free-trial traps, and by forgetting to unsubscribe or not knowing how to unsubscribe, they’re losing money every month. Revuto is here to help people avoid those situations, but at the same time, by introducing crypto and DeFi services to subscription payments, the end goal is to save them money as much as possible.
To help you understand Revuto: https://www.youtube.com/watch?v=pgYmXPdVZAs
Revuto is currently being built on Cardano, a 3rd generation blockchain offering fast and cheap transactions. One of the main reasons we chose to go with Cardano lies in the fact that the Cardano ecosystem is very young, ready to explode, and we found the opportunity to be one of the first projects running on the Cardano mainnet.
Additionally, within our team, we have people that are closely working with IOHK, which is helping us to keep a competitive edge compared to other Cardano projects.
Lastly, Cardano has one of the biggest communities within the crypto space on which we were counting for their support. In the end, our amazing ICO result (we sold out everything in minutes) showed us that we chose the right blockchain.
Q: What are the current and future roadmap targets of Revuto?
Vedran: In Q4 2021, Revuto team released the Revuto app for iOS and Android, which was already downloaded more than 300K times. More importantly, there are 3 million people on our early signup list who are waiting to get access to the app.
Due to very high demand, we allow only our investors, token holders, and Referral Program participants to register with the app.
Also, within our app, there’s a first native Cardano lite-wallet where users can hold or stake their REVU tokens. More about that at https://crypto.revuto.com/wallet
Later on, they’ll be able to use tokens from REVU wallet to top up their Revuto Virtual debit cards and pay for their subscriptions. The next big target for Revuto is to issue a full app functionality with subscription management and Virtual Debit Cards in Q2 2022. The full roadmap can be found on our webpage https://crypto.revuto.com and within our whitepaper (https://crypto.revuto.com/Revuto_Whitepaper_v1.7.pdf).
I must add that so far, we’ve been very good with executing on all our promises (roadmap).
Q: Is it true that you launched the first mobile native wallet on Cardano? If so, how did you do it and what makes it different from other payment apps or crypto wallets?
Vedran: Yes, with the help from our friends (AdaLite, Vacuumlabs), we managed to build into our app the first native Cardano lite-wallet, which is the basis for all our future products we plan to bring into the app.
At the moment, the Revuto wallet is a non-custodial wallet that brings power to our users to fully control their own funds. By the end of Q1 2022, we plan to expand our wallet functionalities with a staking center and a custodial version of the wallet as well.
I will conclude that even IOHK was amazed at what we did because we did it before they issued their Cardano lite wallet SDK (which is still not available for the developers).
More about wallet: https://getrevuto.medium.com/revuto-launches-a-non-custodial-wallet-to-deliver-the-best-and-safest-native-mobile-experience-to-870c2190284
Q: Tell us about the tokenomics and use case of REVU? Can you explain micro-lending and borrowing features?
Vedran: The total supply of REVU is 280,125,000. The distribution is set up to achieve full decentralization within 4 years after the ICO, which happened in May 2021. 32% of the token supply was reserved for the Revuto Token Sale (investors) and was sold out literally in minutes. 53% of the total supply is reserved for the project and 15% for the team and its advisors.
Recently we started releasing the first tokens to our investors, which they’ll be able to TRADE TODAY.
Only a small portion of the total supply will be released into circulating supply, so with the tokenomics we have, the price of REVU should rise fast. To those already holding REVU and to all future token holders, we’d advise them to hodl their REVU and stake them in DeFi setups which will allow them to maximize their profits.
With REVU tokens, we incentivize the Revuto’s ecosystem, and we give our users the opportunity to make their money work for them (DeFi setups) to actually save money on their subscriptions. There are many incentives built into the ecosystem through cashback rewards and an awesome Referral Program, which will allow our users to get passive income in REVU if their referred friends use Revuto for covering their subscription charges.
More about the utility of our token you can find out via our blog https://getrevuto.medium.com
Q: Let's talk about your target market. Who would use your subscription management service? Is it like paying for food delivery or other subscriptions online like Netflix?
Vedran: At the moment, we’re targeting the EU (EAA) market because with our bank and card issuing partner, we’re allowed to serve only EU citizens. Later on, we’ll expand our service worldwide but still, our users will from the start be able to use our service worldwide.
With Revuto, they’ll be able to control and pay for any subscription service worldwide.
When we talk about service providers we can work with, we’re talking about prepaid services like Netflix and similar online digital services people pay in advance for the next billing cycle.
Q: What is your business model and how will Revuto ultimately make money?
Vedran: Revuto has a very simple but sustainable business model which is designed not to depend on the crypto market conditions. That means that even if the crypto market crashes, people will still be using Revuto to control and pay their subscriptions (the ecosystem will work).
We have a freemium and a premium app. Freemium app is free of charge, but for every payment people make with it, they’ll be paying a small protection fee of 4% to be able to control (Block, Snooze, Approve) their subscriptions.
They’ll have protection even from the free trials (free-trial traps), which means that Revuto will protect them from unwanted charges even if they forget to unsubscribe on time.
In the premium app for which will charge a monthly subscription, there will be more advanced options, but instead of a protection fee, users will be getting a 4% of cashback in REVU for every payment they make with Revuto.
Then there are DeFi services like micro-lending options in which one user, by staking their REVU, will be able to provide liquidity to other users and earn yield for doing that. Those are setups where Revuto will take a small fee as well.
Q: Most investors are focusing on the token price with no real understanding of the use cases and the long-term value of the project. In this case, what are the benefits for investors in holding REVU tokens? Is there any plan to increase demand for the long term?
Vedran: By providing a useful and money-saving service that’s actually solving a real-world problem is something that should attract any crypto investor, but more importantly, new users.
Additionally, by building a sustainable business model that will work regardless of the crypto market sentiment, we believe we found a secret sauce for long-term success.
AGAIN - although we’re a crypto-related project, Revuto’s business model will work regardless of the eventual crypto market crash because subscription charges won’t stop coming and users will need to pay for them somehow. By using Revuto to cover and control their subscription charges, users won’t stop getting their cost-saving benefits.
Please read the white paper: https://crypto.revuto.com/Revuto_Whitepaper_v1.7.pdf
Free-Ask from KuCoin Community
Q: Is your project only for elite investors? How about others with small funds? Is it open to everyone?
Vedran: No, no, no. Totally opposite. We structured everything, even our ICO, to focus on small retail investors where we didn’t allow whales. We even avoided traps with Crypto VCs, which were dying to invest in the US but demanded such crazy terms.
Revuto is here for the people and to help them save money. Obviously, we want and need investors to support us, but anybody can (from today) jump in early and buy REVU.
Q: Do you have any coin burn/buyback systems or any token burn plans to increase the value of the token and attract Investors to invest?
Vedran: There are token burning mechanisms available at Revuto but Revuto is built to be a sustainable (profitable) business. We don’t have plans to use cheap shortcuts to keep the demand because the setup is built to grow our user base and keep constant buying pressure on REVU. We shouldn’t have a problem with demand, especially once the full app is out.
Q: How can users stay up to date with this project? Are there channels, including local communities, where users can get the latest updates?
Vedran: Yes, we have many local (international) Telegram channels where people can follow all news and announcements from Revuto in their local language. Also, there is a Twitter account https://twitter.com/get_revuto, there are Facebook, Instagram, Discord and our blog. I advise you to download the app and get a referral link to jump into our family because within the app, there’s a NOTIFICATION CENTER where you’ll be able to hear about the most important announcements from the team. Please, check our webpage and all our social media.
Q: Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Vedran: We’re under audit right now and from one of the best companies in the business. You’ll be able to hear about it once our audit is done. But still, luckily, although we’re building on Cardano, which released their smart contracts on mainnet most recently, we don’t depend on them directly. For our core use case, topping up Revuto Virtual Debit cards with REVU, smart contracts are not mandatory. They are for DeFi setups but those we’ll be introducing later in the year.
Q: What are your strategies to keep driving value to $REVU token long term?
Vedran: The main strategy is to bring you the product you’ll all be using. Nothing less. We all share the same problem with subscriptions stealing our money, so we shouldn’t have the problem with user acquisition. The numbers are already here. At the moment, starting from August, we’re grabbing towards 400K active users, with millions of people still waiting to get an early access to Revuto. Those are crazy numbers. Obviously, we’re letting people in gradually because we need to KYC everyone, which takes time and is costly. To conclude, we’re a long-term project, and if we execute everything we plan, we shouldn’t have a problem keeping our value growing.
Q: When will your tokens be listed on the exchange and which exchanges do you plan to list on in the future?
Vedran: THE TOKEN IS GOING LIVE TODAY, IN AN HOUR!!!
We’re already bringing our early investors big gains, so don't wait because the tokenomics are set up to sustain 200x growth easily. It will take time but we’ll get there. We believe we have an awesome product. Many other blockchains and partners are waiting to do business with us because we have a real-world use case for our product!
Q: Is there anything else you would like to share or you want us to know?
Vedran: Well, again, I’d advise people to check our whitepaper and especially our referral program, which is amazing and which will be bringing people passive income for life (in REVU) if their referred friends will be using Revuto to control and pay their subscriptions. It’s an amazing opportunity. Also, being early in this project will bring the most benefits (profits) for the token holders.
I’m so pleased to be here, so again, thank you all for your time and support.
KuCoin and Revuto have prepared a total of 2,000 USDT to give away to AMA participants.
1. Free-ask section: 75 USDT
2. AMA activity: 1,925 USDT
Activity 1 — Quiz: 1,500 USDT
Activity 2 — Price Guess: 300 USDT
Participation Rewards: 125 USDT
. . .
If you haven’t got a KuCoin account yet, you can sign up here!
Follow us on Twitter, Telegram, Facebook, Instagram and Reddit.