On September 30, We’ve conducted an AMA in Official KardiaChain English Community, The AMA was held with Huy Nguyen – CTO of KardiaChain, and Lew Tran - KardiaChains' Head of Engineering.

The AMA session took place over the KardiaChain community on Telegram where Huy Nguyen and Lew Tran Discussed the Q3 update of KardiaChain and vision for Q4 also covered lots of interesting topics and the Future plans of  KardiaChain.

CTO Huy Nguyen's foreword

Our dear Kaisers, thank you for being with us in this wonderful evening!

Lew and I are happy to be here in this AMA to provide you a quick glance at KardiaChain accomplishments in the last Q3 and share our plan and vision for the rest of the year.

Overall, Q3 was a wild ride for the whole team due to the Covid-19 aggressive spread in Ho Chi Minh City which caused a prolonged lockdown. The situation affected many of our ongoing and new projects, especially with the traditional businesses as most companies must suspend their operations.

With that being said, KardiaChain has flexibly adjusted our priority and was able to achieve several significant-tech/product launches and business progresses: 

Let's look at a few highlights in Q3:

On the technology front, we are proud to have:

  • Completed KAIDEX launch with Limit order, new UI, charts, and support for 10+ new tokens with 20+ pairs.
  • Successfully launched ETH- KAI Dual Bridge in mid-August and BSC - KAI Dual Bridge in late August.

On the product’s front, we have:

  • Incubated the launch of Thetan Arena - the first MOBA blockchain game - developed by WolfFun. The launch of $THG was vastly successful.
  • Introduced KAIMOND program and DKAI tokens to incentivize our long-term holders and true believers of KardiaChain.

On the business front, we have successfully:

  • Partnered with many top Vietnam game studios like WolfFun, IMBA, Topebox (and many more revealing soon) to create a whole new GameFi platform on our network.
  • Partnered with LaunchZone to have one of the hottest IDO platforms coming for KRC20.
  • But maybe the most significant for KardiaChain in Q3 is our partnership with Decom Holdings, a giant and reputable organization in Vietnam, whose network and experience in dealing with both business and government will massively propel our plan to become the national blockchain solution in Vietnam.

Moving into Q4, there are already several pieces of good news that I want to share with you:

  • Vietnam will start lowering lockdown restrictions from tomorrow 1/10. That means not only can our team come back to work normally, but our traditional business partners can also resume their operations and return to work with us to achieve our mass adoption goal.
  • We recently announced Chief Executive Advisor, Mr. Trung Phan, will officially take charge and execute his master plan to position KardiaChain as the #1 blockchain solution in Vietnam and SEA.
  • While I cannot comment on the details yet, I can assure you the plan will be very exciting with you all have been asking for such as business alignment, ecosystem fund incentives, and traditional VC investment into blockchain space.

In general, Q4 should see a harvest of many of the seeds we have been planting since the beginning of 2021.

A few of our technology/products concrete goals are:

  • Complete the mainnet v2 upgrade which enables more validators.
  • Upgrade KVM to be KSML-compatible.
  • SDK/API fully supports Web3 -> Metamask/TrustWallet compatible.
  • Support for hardware wallets such as Ledger.
  • Complete KAIDEX v2 which would enable a comprehensive cross-chain experience from ETH to BSC and vice versa.
  • Adding more blockchains like Polygon, Hecochain, Matic to our ecosystem.

On the ecosystem front, we will continue accelerating our work to:

  • Help our existing business partners to deliver and launch their products or services to our mainnet.
  • Expand the working models and business templates to new partners, so we can scale faster in terms of new users.

On the crypto front, we will leverage the achievements in business and adoption to gain more exposure and attention from a wider audience.

  • Media Coverage on prominent news outlets for all of our significant business developments.
  • Expansion to local communities in countries that getting good momentum on blockchain and crypto adoption.

Community Questions

Q1: How far the team has come in developing the KSML, what are the advantages it has compared to other chains, your plans to acquire new users, and how the project will utilize the cross-chain interaction? 

Lew - The KSML is still in Beta Testing, currently we support EIP20 Token Format for all cross-chain interactions. Some of our partners have used KSML Technology to deploy and manage cross-chain assets such as Thetan Arena, Kephi Gallery. Not just transfer tokens via Dual Node Bridge, with KSML you can directly execute a transaction on a chain and receive the result on another chain. For example, you can use BNB on Binance Smart Chain to buy NFTs on KardiaChain via Kephi Gallery NFT Marketplace or transfer NFTs between chains. That’s the ultimate goal to bring more liquidity and new users to KardiaChain.

After launching Dual Node Bridge, we’ve archived 10M USD in volume, here are some numbers to look at

Q2: Do you feel that Kardiachain is uniquely suited to taking on the project of a national Vietnamese stablecoin (CBDC)? How can it stand out from other companies competing for this amazing opportunity? 

Huy- When it comes to a project of national scale like CBDC, beyond technologies, there are other critical requirements that are equally challenging such as legal opinions, marketing strategies, and national policies to name a few. Technology-wise, we are confident that KardiaChain infrastructure can tick all the checkboxes such as safety, speed, and reliability.

Indeed I am the technology leader of the Vietnamese X-vision team participating in the Monetary Authority of Singapore (MAS) competition to find the best retail CBDC solution.

In addition to our concrete technological foundation, we have partnered with Decom Holdings, the top-notch corporation in the financial world and legal banking system in VN to empower other aspects of CBDC such as national policies, marketing strategies, etc.

I strongly believe that with the best combination of both worlds, we are the forerunner to tackle any challenges or requirements from Vietnam CBDC if/when the time to come.

Q3: Interoperability has become a common theme in the entire crypto industry. Judging from the density of bridges, there are two main factions: Solidity based ecosystems (FTM, ETH, Polygon, BSC) and Cosmos SDK based IBC (Osmosis, ATOM, Terra...etc), as well as some upcoming ecosystems such as ADA and DOT who also market themselves as interoperable with other blockchains.

Given the limited resources and fierce competition, how does Kardiachain 1) select/prioritize what blockchains it connects to and 2) attract users/developers into Kardiachain given all these liquidity incentive programs from other blockchains?

Lew- We’ve successfully connected with Bitcoin Network all other EVM-compatible blockchains. We will keep the development and support other blockchains and protocols such as Neo3 (Neo2 already compatible in our testnet), Cosmos, or ADA.

Our consideration of which blockchains to connect with is its base users. We attract new users to come to KardiaChain because of its innovation and new kind of dApps.

With the marketing of each project and support from KardiaChain. We already bring a lot of users from BSC to use KardiaChain Network. There are over 3700 transactions that transfer assets from BSC to KardiaChain and It’s just the first step. A strong network needs a DEX (KAIDEX), good Farm (BECO), auto-compound service (SEN), Leverage/Lending Platform (Karpos), and the new revolution of NFT Gaming (KABA, Thetan, DPET, Dragon Wars - DFL), NFT Marketplace (BECO NFT, Kephi), Businesses (FADO, DeHR, Moonka…).

When new investors come to the network this will be the front that they will look at and I’m happy that the KRC20 Alliance already has a strong based Defi Ecosystem and it keeps growing. With the success of the first KardiaChain Pioneer Program, we will host the next one soon with bigger prizes to attract new developers and dApp to build on KardiaChain. Please stay tuned for our detailed announcement!

Q4: What is KAI’s plan to compete and appeal to other projects and become the national blockchain in Vietnam?

Huy- Our plan to get adopted in Vietnam has been already implemented since 2020. KardiaChain is now a go-to blockchain for Vietnamese businesses and projects. Although we are facing competition from more established blockchains such as Ethereum and BSC, our offers are unique and tailored to the local needs. Our competitive advantage remains strong in terms of local network, business know-how, and customer support. Take the real estate industry as an example. We are the biggest blockchain provider for real estate companies as of now. Either using KardiaChain public blockchain or private solutions, 80% of businesses in this industry, who decide to do blockchainization nor tokenization, are working with us. We will be seeing not only successful projects launched on KardiaChain, but more importantly, successful businesses bringing their products and services to the blockchain through our solutions. Please note that while the most crypto community is looking only from the crypto project lens, we are only less than 5% of the total population.

KardiaChain ultimate goal has always been to onboard the non-crypto population and traditional business world. This process takes much time and effort, but once it’s mature, we will grow exponentially. 

Q5: Can I ask if the team is promoting marketing? Because I feel that the project's marketing is ineffective.

Huy- Since 2020, our business is prominently B2B2C. In layman terms, we work with other business partners to build products and services for the consumers. Thus, our marketing strategy focuses mainly on institutional players and partly on end-users. A large portion of our marketing effort is not available to the public eye. There is a limit to what we can share due to competitions. Having that said, here are three main activities and results:

  1. Private talk shows and Seminars: our board and key members have been organizing or joining a variety of private events for different institutions across industries in Vietnam and South East Asia. These are our opportunities to convey the right messages and guide the interests towards KardiaChain.
  2. Word of mouth: a sophisticated system created by us to expand the network and build credibility for each of our core team members. We employ a wide range of tactics from ones as personal as brand ambassadors and VIP membership; to mass targeting such as niche PR articles.
  3. Social media: we target specific groups of high-profile individuals, business owners, and professionals. Their groups are often private with discussions that are in-depth and business-oriented. Key results from this approach are partnerships and deals from institutions like Decom Holdings, Hung Thinh,  Geleximco, Mai Linh, HPT, FADO, Viettel, Vecom, Yeah1, and top game studios. We do acknowledge that our International exposure is indeed not as great as other infra. But now as we are able to set a strong stand in our homeland, we are working more aggressively in the plan to later focus on public marketing.

Q6: What is KAI’s direction to be competitive with the new generations while your products are now more gaming-focused?

Huy- KardiaChain’s ultimate goal is achieving blockchain mass adoption, by onboarding the non-crypto population and traditional business to the blockchain space. While many people have questions about our involvement with GameFi lately, please note that it's only one of the fronts we are pushing and it's still aligned with our theme of mass adoption.

Based on our analysis, GameFi is taking the spotlights in Q3 for 3 reasons:

  1. GameFi is the super hot trend in crypto lately, and it has onboarded a lot of non-crypto gamers.
  2. Vietnam is known to home many world-class game studios for mobile such as Amanotes, WolfFun, Topebox, IMBA, Hiker, etc. so it's natural that they would partner with KardiaChain.
  3. Vietnam and SEA were in severe lockdown so many businesses we worked with can't progress much, which makes the game industry an attractive target.

Having said that, you will soon see our restructure to ensure our laser focus when the lockdown is over.

Q7: We've seen a large increase in the price of many layer 1 blockchains due to high Eth gas fees, however KardiaChain with the lowest of all gas fees has not seen any corresponding price rise and still seems to be off the radar for many in the industry.  Is KardiaChain missing its moment to shine, or is the best still yet to come?

Huy- This is true Q3 has been a good ride for many blockchain infrastructures i.e. SOL, AVAX, MATIC, etc; while Kardia is among the quiet ones. We have analyzed the data and there could be a few subjective and objective reasons. 

  • Vietnam has been in severe lockdown for the past 4 months which limits our ability to coordinate for any significant effort. In short, we have been playing mostly defensive, rather than offensive.
  • Unsatisfied marketing exposure from end-user perspective, when compared to other infras.
  • Product maturity of the whole Kardia ecosystem. Dapps built on KardiaChain still needs more time to achieve adequate user acceptance, growth, and critical mass.

Having said that, the good part is we have been allocating a significant amount of resources to develop our product technologies as well as the ecosystem. We have been accumulating hard and with no doubt, KAI is undervalued, the price is not reflecting the true potential of Kardia. Personally, I'm really NOT concerned at all, indeed being undervalued is a much better thing for me than being overvalued. When we have everything aligned, product development and growth will be smoother in Q4. And yes, we strongly believe the price will soon catch up with the value.

Q8: May I ask if KardiaChain’s upcoming plan is to legitimize blockchain in Vietnam, and how are you going to achieve that?

Huy- I assume the question is asking more on the "crypto" side than "blockchain". because blockchain as the technology is NOT prone to legal or approval from any government.

In any case, the short answer is yes, we have plans and are indeed rolling them out by pushing out for blockchain mass adoption, where crypto will be a part of that initiative. Blockchain mass adoption should be achieved in two directions: blockchainsing/tokenising traditional businesses AND transitioning blockchain/crypto solutions to the mainstream. We have done the first part quite beautifully so far. 2021 has been serving as an anchor year for KardiaChain to prove our blockchain infrastructure technology and build up the trust from our traditional business partners, enterprises, and the government. On the other hand, we are starting to standardize our business structure and solutions to match the caliber of the traditional world. We are reaching the point where reputable mainstream giants like DecomH have done their due diligence and decided to back us up on the path to becoming the blockchain infrastructure of choice in Vietnam. To us specifically, this may be a bigger partnership than anything KardiaChain has so far because, with all the connection and power DecomH has, they will help strengthen our position in terms of exposure, legal, media, and capital, in addition to our proven tech and products. If and when blockchain/crypto becomes official in Vietnam, KardiaChain will definitely be there, among the first.

Q9: will gas fees become higher when users of Dapp on Kardiachain are increasing (transact at the same time) and KAI prices someday becoming more expensive? Because as far as I know the main factors that determine gas fees are the current price of the coin itself and more people using the network. And how dev team maintains to keep gas fees are cheaper than other chains in a situation where KAI DApp users massively grow?

Lew- Currently users using Smart Contracts on KardiaChain are built on a hybrid version of KVM and EVM. It allows developers to build much more complicated smart contracts with optimized costs. With the continuous development of the blockchain’s cores, there is one thing that I could say: Higher TPS, Cheaper Fees and this is our goal for scaling the network.

The main point is to keep users focusing on the network/dapps functionality than being bothered about their “clicking fees”.

Network Fee tables can be easily voted via our government voting section and it does not require hard folk. That’s an advantage feature built for KardiaChain users.

Q10: Is there any update or progression on more exchange listings? Also does the new Chinese ban on crypto exchanges affect plans?

Huy- Let's be clear, we have always considered listing on tier-1 platforms such as Binance or Coinbase as one of the top priorities. For that, we have taken necessary actions e.g submitting the applications, providing legal opinions, growing our ecosystem, products, etc. However, unlike the popular beliefs that listing on tier-1 exchanges are about paying a hefty listing fee, it is actually a very complicated process in which the exchanges will look at the projects from all angles and only decide the listing when they see it all aligned and believe it or not, being a blockchain infrastructure like KAI would present many challenges, as most of the tier-1 exchanges nowadays also possess their own blockchain infrastructure. While we are confident about our qualifications, we see certain challenges in certain events this year.

Indeed, our plan is affected most severely by what happened recently in China. Most tier 1 exchange platforms are either based in China or have Chinese as their core user base.

To our best knowledge, listing becomes very limited as China-related exchanges focus all resources on relocation, i.e. moving out of the country. Data shows funds withdrawn from these exchanges, while users and volume are growing on other exchanges. But with that, the rise of DEX platforms like DYDX, much like Uniswap in 2020, gave us a hint to where the crypto trading world is heading. The only benefits that listing on Tier 1 exchanges give us are for getting more traders, more volume, and better liquidity. What we see now is that DEX can be an additional and promising solution, an inevitable trend.

In conclusion, yes, we are proceeding with all tier-1 exchange listings, and while the process is slow, we are definitely going in the right direction.

We will continue to monitor the situation, and see how to best improve on our volume and exposure!

CTO's afterword

I hope you all enjoyed the AMA this evening. As always, we are trying our best to share with you our honest opinion and receiving your questions/feedback as the motivation to perform better and stay true to what we set out for

We'd like to thank you again for all your love and support, to push KardiaChain thus far.

Q3 has been hard, but to be honest, we had been in much worst, and I'm very confident about our upcoming future!

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