On 27 January 2022, KardiaChain's CEO Huy Nguyen and the newly appointed CTO Lew Tran had a special evening with the Kardian community to conduct the New Year 2022 AMA to give all attendees insights on KardiaChain's insights of 2022 and more.
Overall, KardiaChain will aim to achieve mass adoption through 3 methods: Metaverse and GameFi, Enterprise & Traditional Businesses, and Legal Compliance. All will be attainable with the upcoming NFT cross-chain marketplace and bridge as the foundation of an Open-metaverse and eliminate all boundaries between chains. And it is the KardiaChain's advance infrastructure with security and scalability that will turn all goals into reality.
CEO Huy Nguyễn's opening remarks:
Good evening our beloved Kardians!
Thank you for your time this evening!
Lew and I have been looking forward to this official engagement with all of you as part of this Lunar New Year AMA!
Firstly, I want to again congratulate @lewtran on his new role as KardiaChain CTO. Lew has been my loyal brother-in-arm and and with all of our community since the beginning.
I'm looking forward to continuing this journey together with him in his new role.
Today, we’re excited to share with you updates regarding the successes from 2021 as well as what we have in store for 2022.
With many of both the challenges and growth that 2021 brought, we’re happy to see that our community is thriving and here with us today to continue showing support as well as our team members who got us to this point.
And with all the formalities out the way, let’s get this AMA underway
I. Questions from host
- KardiaChain's goal is "to create a unified platform that combines all participants' collective strengths to lay the foundation for global blockchain mass adoption". Other than those GameFi projects, do you have any upcoming products or ideas that will accelerate this goal of mass adoption?
Huy Nguyen: Our strategy for achieving mass adoption is centered around 3 key initiatives:
1 - Metaverse & GameFi:
We already see millions of users active in popular P2E games including My Defi Pet, Thetan Arena, Axie, Mytheria, Alien Worlds…..and Metaverse projects like Sand and Decentraland.
And as you can see in our recently updated Road Map, building a healthy ecosystem for our open Metaverse and GameFi projects is our key objective this year.
So in terms of mass adoption, we see this as a key channel to acquire retail users looking to the Metaverse and GameFi as an entry point into blockchain and crypto.
2 - Enterprise & Traditional Businesses
Much of the crypto community is still dominated by investors, traders, and users (both good and bad), looking for primarily monetary gain.
And we can even see evidence of retail adoption already beginning w/ bigger, institutional entities entering the space, such as Twitter, Paypal, Robin Hood, (and of course Elon + Tesla)....monetary gains only drive short-term adoption.
True mass adoption will be achieved when enterprise & traditional businesses rely on blockchain technology to solve real-world problems and use-cases.
We here at KardiaChain have always known this as this was our initial focus when we first launched years ago.
And we were able to successfully onboard major local partners including Fado (major e-com partner in SE Asia), Moonka (Real Estate Investing), MCV (Media), and more (check out our Partners page)
Thus, continuing to onboarding key partners from enterprise and traditional businesses so that we can bring their existing traffic and users to our own ecosystem, is another vital step in achieving mass adoption for the KAI Ecosystem.
3 - Legal Compliance
We can see compliance and clear relationships w/ governing bodies have been a challenge for even the biggest entities in the crypto space including Binance, Coinbase, Ripple
And the slightest news related to legal challenges produces major emotional swings in the market….leading many users to still have doubts about the space…being another major obstacle to mass adoption
So it’s critical in establishing a clear relationship w/ governing bodies and legal compliance.
Fortunately, we at KardiaChain always believed in having a healthy relationship w/ local government, and this has been an initiative of ours from the beginning.
While we’ve made major progress on custodial projects such as the KAI Wallet and Membership app, it’s crucial to ensure legal compliance is in place before we can fully scale these.
As you may already know, w/ legal and governments is not a quick process, but this is an area we have been and are actively working on.
We are very confident that with the recent partnership w/ Decom Holdings, we are making big achievements that will be shared with you all soon, when it is publicly available
- What is the main role of some members from KardiaChain or Whydah in other GameFi projects such as Mr. Tri Pham as a Blockchain advisor in Thetan Arena and Mr. Thien Nguyen as CTO in Mytheria.
Huy Nguyen: KardiaChain and our “gaming entity” Whydah help to incubate previous and upcoming GameFi Projects into our ecosystem. The existence of Whydah is to help traditional game developers and studio to understand the technology of blockchain and how to integrate game with blockchain to create GameFi projects.
Tri and Thien serve vital roles in onboarding such projects and ensuring their successes.
Tri brings his expertise in crypto economics for the games to have the best Play-to-Earn environment, while Thien offers his experience in blockchain and tech to help such projects integrate, optimize and assimilate into our ecosystem eventually.
- Is the ultimate goal to adopt any blockchain like BSC to their game or adopt KardiaChain network in the future? If the latter, do you have any rough ETA of adopting KardiaChain network to both Thetan Arena and MyTheria? Also do all upcoming Iron Sail projects have a plan of adopting KardiaChain network like MyDefiPet?
Lew Tran: Absolutely. All games we incubate are to be built on the KAI blockchain.
My Defi Pet, Thetan, and Mytheria were incubated before the KAI Ecosystem was fully complete, so we were unable to fully onboard them onto our chain. However, it is also good that they gain exposure and support with a large user base from BSC.
At the moment, Kripto Galaxy Battle is a sci-fi game title that built only on KardiaChain.
Eventually, as we fully optimize and complete our Dex, Dual-Node Bridge, Web 3 Integration, Cross-Chain NFT Bridge (currently in progress), those games as well as future games will be easily onboarded and seamlessly integrated into our ecosystem.
It’s important to note that when working with such gaming projects and studios, there are several challenges outside of tech, such as legal, expectations, and other administrative-type terms that also need to be established. So fully onboarding such projects aren’t as simple to do as most of the general public would expect.
Nonetheless, as we come close to completing and upgrading our tech while addressing some of the admin challenges associated with onboarding new gaming partners and defi projects. We’ll see a seamless and quicker integration onto our network.
Establishing the KardiaChain as the go-to platform for Metaverse, GameFi along with Traditional Businesses and Defi are our key initiatives this year for 2022.
- Do you have any new update on the marketing strategy compared to the one explained in AMA held at the end of Sep 2021 which was to focus mainly on 1) Private talk shows and Seminars 2) Word of mouth 3) Social media?
Huy Nguyen: In regards to our previous marketing campaigns, we were able to make progress on several including:
- Conducting several interviews on talk shows (see a few from including Interview with VTV, Vietsuccess, and Securities.io Interview w/ Huy etc)
- Local/ International Word of Mouth Marketing (VnExpress Top 10 Young CTO, Interview w/ Tienphong),
- Achieving 40% growth on Twitter
However, growing our Marketing Team has been a core focus for the past few months, and we’re excited to share some upcoming news regarding our marketing strategy going into 2022.
In short, you can expect to see and hear a lot more about KardiaChain this year
So stay tuned for those updates as we’ll be sharing those once we’ve finalized some internal decisions surrounding our marketing plans this year.
- Regarding KAI Treasury, is it possible to have a certain day each month when the team adds the income to the Treasury earned by that time so that the community can track the progress? Also, is it possible to have some kind of dashboard where the community can see the accumulated amount for 1) KAIDEX fees and 2) KardiaChain network transaction fees?
Lew Tran: Yes, the KAI Treasury is reviewed quarterly as funds are added. We will have official announcements of the amount of KAI transfer to the Treasury when it happens.
And that’s a good suggestion regarding some dashboards to display fees from our Kaidex as well as a summary of general network transaction fees. We’ll work with the team for the implementation.
In the meantime, please continue sharing such suggestions to help us improve our products and user-experience.
- Compared to before like in 2020 till the first half of 2021, team members like Mr. Huy, Mr. Lew, Ms. Astrid were more active in the community for answering questions and updating the project progress which I think helped to maintain the good momentum of the community but do you have a specific reason for recently not being active like before? If it is difficult then I would like to request to secure some time for a regular AMA like once a month where you answer questions from the community and update the status/progress of the development. I think this is important since the communication between the team and the community is getting less compared to before and this will definitely help to retain and educate current investors.
Huy Nguyen: We want to express a great deal of gratitude and thanks for remaining patient w/ us in terms of activity and presence with our Kardians.
As you can see, the KardiaChain team has experienced explosive growth in the past year, so much of our time has been spent on managing this growth.
Giving interviews, recruiting and facilitating relationships w/ partners, improving the product, optimizing the tech, while managing the growth of our organization and ecosystem….are much of where our energy and attention has been spent.
Thus, the role of a CEO requires attention to be spent on the most urgent priorities within an organization, and as a result, I haven’t been able to engage with our Kardians like before.
As a result, we haven’t been able to be as active within our community, social, or general marketing efforts as we’d like to.
But as mentioned prior, building out our marketing department and processes is a key initiative for us this year.
And part of our marketing plans to increase engagement from the KAI Team include:
- Interviews with mainstream media, making blockchain the topic everyone focus on with KardiaChain as the forefront.
- Increased online presence from key members within the team
- Regular updates regarding our ecosystem, product, team members, and news
- Quarterly engagements from our high-level, core team members to update the progress.
We certainly agree that active communication and engagement w/ our Kardians as well as new members is vital to a healthy relationship and growth of our ecosystem.
So expect our social channels to be more “poppin” this year
- Although the metaverse narrative is interesting, I am more interested in the interoperability/cross-chain capabilities, especially trading. Please explain what changes will come to KAIDEX specifically. Can we expect more token pairs from other chains? And how will the voting work; can we list/choose/propose our own tokens/projects or do you still select projects that we can vote on. What happens to the KAI after voting?
Lew Tran: We’re constantly optimizing our KAIDEX and intend to further optimize it during the first half of this year.
And we’re always working on onboarding more token pairs from other chains, so expect that to be an ongoing process. You all know that new trading pairs need liquidity. We will have more incentive programs for liquidity providers in the near future such as partner up with yield farmings, compounding services as well.
Feel free to submit any token pairs, projects, or features you want to be added, and we’ll allow the community to vote to see what gets approved.
Should any projects or changes get approved as determined by our governance community, then we’ll work to get such projects implemented.
- Looking at KardiaChain's 2022 roadmap, I see the focus on metaverse, gamefi, NFT without the unfinished stuff of old roadmap like Mobile Banking Integration in KAI Member, DID Integration in KAI Member, Launch of PoKAImon NFT. So kardiachain won't develop those features anymore?
Huy Nguyen: Sure
The purpose of a Road Map is to serve as a “guide” to get to your final destination.
But sometimes as we travel towards our destination, we run into expected turns, events, or obstacles along the way. Flexibility is a necessity in a dynamic environment that could change hourly like crypto.
Maybe you get a flat tire or maybe you come across a more efficient route as you travel towards your end point.
So to the question, we actually completed all the milestones mentioned, but not in the manner that may have been originally planned or expressed when we planned our road map.
- Mobile Integration goal (fiat gateway deposit, withdrawal) was completed, but through our partners like ONUS, which serves as a gateway to local fiat deposits and withdrawals with VNDC. Also we have the gateway of VNDT and KAIDEX bridge to bring USDT to other CEX like Binance/Kucoin etc.
We figured that would be the best way to have gateways that were functioning as our partners rather than a direct gateway as intended.
- DID Integration was also completed but we’ve decided to do more with this and have plans to further enhance this feature through our SocialFi initiative in the Metaverse
- PoKAImon NFT at first was just to create simply NFTs with minimal features but as we got further into this project, we felt that this could actually lead to a game and thus, MyDefiPet was born even before the GameFi trend actually began.
So in terms of completing all our features and milestones, we actually achieved this but in a different manner as planned.
The most important thing is that we reached our destination and while along the way found some new turns, people, and sights along the way
- Security is the most important thing to consider when you want to start up a project, how secure is this project for users and investors? Everyone cares about the real-life application of the project. What are the most prominent applications of KardiaChain?
Lew Tran: It's a little unclear on this question but it seems like the main point is how KardiaChain is doing in terms of network usage and the applications on our protocol.
Here are a few highlights of our network include:
- 100K active weekly users
- 50% GameFi
- 35% DeFi
- 15% BaaS (enterprise + traditional business)
- 500K+ wallets
- 25M+ transactions
Those numbers should be the statement of how the users trust our network and how they are secured using our products.
While crypto users serve as the prominent application of our network, we hope to continue building out our BaaS usage, providing more real use case applications
Just in case you don’t know, BaaS stands for Blockchain as a Service
- Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Lew Tran: As KardiaChain is a DPoS system, token holders contribute to the governance of our network through delegating which validators to stake KAI.
The validators are the ones responsible for proposing and voting on projects and features on the network.
If you’re familiar with how the Presidential voting process works in the US, you can think of “token holders” as the regular public voters and “validators” like the electoral college.
Citizens vote for those in the electoral college…and the electors cast their votes for the President.
In terms of what decisions can be made about the network, you can submit proposals to be voted on here: https://legacy-explorer.kardiachain.io/proposals
Here is the screenshot of current network profiles that can be changed via government voting.
- The KardiaChain Cross-chain NFT Marketplace is coming soon. Can you tell us some of the features of this marketplace? When do you expect it to go live for everyone to access?
Huy Nguyen: Our highest priorities are those that ensure KAI has a strong foundation for Metaverse and games to be easily and seamlessly integrated onto our network.
So ensuring our support and integration for Web 3.0 is our biggest priority.
And as the question mentions, the Cross-Chain NFT Marketplace is an important priority for Web 3.0 integration.
We’re excited for this feature as it’ll allow for easy transfer of NFT assets across multiple chains and networks.
Fortunately, this feature is well underway as we already have the Dual-Node bridge in place so we expect this to be completed before end of Q2 as indicated in our Road Map.
And with the explosive growth last year for our ecosystem, we’re confident we have the resources and fundamentals to achieve these milestones.