On 23 July 2019, Infinito’s Director, Mr. Jack Nguyen and Co-Founder of Ontology Network, Mr. Andy Ji took part in a special 45-minute AMA on Youtube LIVE to answer questions from crypto users around the world on the topic of creation and adoption of blockchain apps and services.
Before the AMA, Infinito team gathered many questions from communities via Google Form for a special giveaway of 100 ONG reward each for the two best questions. Congratulations to 2 winners with Telegram IDs @MaheShrestha, picked by Jack, and @Amenwell, picked by Andy!
View the full AMA via Youtube here: https://www.youtube.com/watch?v=ZJn5y0pYG2w
For your convenience and inquiry, we’ve compiled the first part of this article to summarize all questions answered LIVE during the AMA. We will release part two as well to cover those we could not answer then due to time limitations. Please enjoy!
Questions Answered LIVE in the AMA
Q1: What is the development direction of Ontology and Infinito on decentralized finance (Defi)? For example, staking ONT?
Andy: Defi is one of our focus areas in 2019. Actually, we have already provided loan, regulated stablecoin, payment, debit card, and wealth management products to our end users. For the next step, Ontology is going to lower the barrier of Defi and build a real inclusive finance ecosystem. Thus we can engage more traditional users to try our crypto services on ONTO wallet and ecosystem wallets. For example, the minimum staking requirement is around 500 USD now. We want to decrease this to 1 USD through smart contract so everybody can participate in our staking economy in the near future.
Jack: Infinito has always been supporting decentralized finance services since the launch of App Square. By welcoming our partners to integrate their services into this gateway to DApps, users can easily access and choose any service of their choice, including crypto lending, payment, exchange, stablecoins, utility and security tokens. We are also introducing Infinito Token, INFT, that will bring more features to people, with payment, reward and staking.
Q2: There is great interest in decentralized applications from both user and developer communities. How can Infinito and Ontology help developers who want to build, launch, or promote DApps?
Jack: We want to help developers, even those coming from traditional technology without knowledge about blockchain and cryptocurrencies, to build and launch their DApps in a fast and efficient manner. That’s why we have launched Infinito Blockchain Platform. Together with our global partners and development community, we provide development modules & tools, either for common purpose or specific usage, so that any developer utilize them & thus never have to build blockchain apps from scratch again!
We also understand that getting active users is a common challenge for any DApps. To help developers solve this, we create the gateway to app user communities, Infinito App Square, where their DApps can meet thousands of active users on Infinito Wallet.
With the token economy of INFT, users will be incentivized for actively using and rating service quality of Apps, which will also help us provide only the best apps to the community. We will also build an incubation program to reward developers & startups for building useful modules and DApps on Infinito Blockchain Platform.
Andy: We really care about our DApp developer community. Last year, we launched the Ontology DApp Incentive Program – Renaissance that includes four schemes: Early Bird Scheme; Worker Ant Scheme; Angel Investment Scheme, and Developer Support Scheme.
With Early Bird Scheme, 50% of all transaction fees (ONG) generated by a DApp will be returned to the app developer and operator. Ontology hopes this model will encourage intuitive and effective DApps. As for the Worker Ant Scheme, the most popular DApps will receive extra incentives. The top 5 DApps will share a prize pool of 10,000 USD in ONG each week based on their user activity and daily transaction volume, and community activity.
For developers who start developing without funding, Ontology launched a customized loan program. After the loan application is approved, Ontology will provide developers with financial support for development and operation, and allow them to repay the loans in the method they choose. In addition to financial support for development and operation, Ontology team further provides developers with technical, marketing, and operations support.
As you can see, we provide comprehensive support and incentives for DApp developers and users. For the next step, we will incubate some groups of developers to empower our tech community and find more high-quality games and DApps to attract more users.
Q3: What’s your outlook on the future of cryptocurrencies? What can we do to keep increasing adoption?
Andy: Each public chain project has to bring more real adoption to the whole industry while we are focusing on the gaming, attention economy and DeFi applications. Ontology’s aim is to increase user experience, performance and lower the barrier. We believe that cryptocurrencies will lead the new digital economy evolution.
Jack: Cryptocurrency has been making great progress in the past few years, and personally I believe the outlook is very positive.
Regarding adoption, the experience with crypto and blockchain for users in general is still quite limited. Inaccessibility, difficulty when using cryptos, and poor payment experience are among the top issues in the way of adoption. This is why we started Infinito project to solve these problems thus promote mass adoption.
Q4 – Ontology’s pick for Best Question: In regards to Ontology sharding, what kind of real-life application or adoption will sharding improve to help bring masses to Ontology and crypto in general?
Andy: The real-life application we are working on is an ecosystem project called ALLIVE. They have an AI training-based platform which requires a great amount of computing and storage resources. This is a common issue in the distributed computing area. Ontology sharding solution can help solve this with great efficiency and quality. Their AI and big data frameworks can be smoothly linked with our sharding network to create tasks, run jobs and use each shard’s resource by paying ONG token.
Q5 – Infinito’s pick for Best Question: To Infinito. There are so many crypto wallets out there on the market and all of them can do almost the same job. In what aspect Infinito is unique from the rest?
Jack: Infinito Wallet is recognized by various communities as one of the best crypto wallets for users. Its mission is to provide a single gateway for users to freely access all types of cryptocurrencies and blockchain-based services.
We believe wallets should have a critical role in the whole blockchain ecosystem. Wallets should not only be the tool to keep private keys and make transactions. Everyone with a wallet at any time and from anywhere should be able to easily access and consume different types of blockchain apps and services for their daily needs, and this is critical to increase blockchain adoption.
To clarify, Infinito itself is an ecosystem of crypto wallet, payment platform, DApp store, and developer platform. Infinito Wallet serves as a major component to create a great experience for users with cryptos and blockchain.
Q6: To Ontology. What criteria Ontology look at for integrating ONT and ONG into multi-chains wallets, and If supporting and adopting the blockchain apps is important, would Owallet and ONTO also consider supporting other public blockchains’ coins or tokens in the future and why not?
Andy: We have already supported multiple native coins and tokens on our ONTO wallet and we will involve more assets (no matter tokens or NFT asset). It will be opened for our eco partners through Dapi protocol. In our plan, BEP-2 tokens, Kakao Klaytn, Facebook Libra coin and Bitcoin is on-going.
Q7: How long do you think it will take for cryptocurrency to become mainstream?
Jack: Right now, we’re going in the right direction with Amazon, Microsoft, Walmart, Paypal, Singapore Airlines, and many more enterprises working to integrate blockchain into their business model. The initiatives to introduce Libra and JPM Coin are great signals for the coming future when crypto will go mainstream. I believe it will happen in the next 2 years.
Andy: I guess every industry will implement the new architecture based on blockchain technology within 3 years. Libra is a positive signal for that. I fully support cryptocurrency and definitely believe it will become mainstream. When we start to value trust and learn more about the benefits of globalization, fair and transparent business model, and inclusive finance, a brilliant future will come.
Q8: Will Infinito launch their own crypto rather than a current strategy for Infinito Points?
Jack: Yes, Infinito is launching Infinito Token, INFT. The main features of the token will be the universal currency, providing simple access and staking reward schemes for ecosystem members. Infinito Point has a slightly different strategy than Infinito Token. Points allow users to claim membership, thus enjoy a wide range of rewards and discounts provided by the ecosystem services.
Q9: Will Ontology DApps become mainstream? How are you going to compete with the popular DApps from Ethereum, Steem, EOS, and TRON?
Andy: Yes, certainly will. I have the confidence that they will become mainstream. I found that every project met the same problem. Although there are so many exist DApps, they are all lacking active users and trading volumes. And most of them are creating wash volume and fake users. So we will focus on the quality of the DApps and make the bridge between traditional users and new crypto users. We are looking for excellent teams to incubate massive adoptions, especially in Gaming and Defi. And traditional users also can approach our DApp service with effortless transfer functions provided by Ontology. Bring high quality, useful and user-friendly applications to our ecosystem is the key to defeat our competitors.
Q10: ONT is already top #25 coin on Coinmarketcap, but why is ONG so far behind ranked at #1876?
Andy: Refer to the Dual Token model. The ONG token is self-mining and only generated by ONT token. I remember ONG token has an 18-year distribution table. Right now the generation rate is around 4% per year. So the circulating supply of ONG token is much lower than ONT. Don’t worry about the rank.
Q11: How has Facebook’s Libra affected crypto adoption and what is its impact on the future growth?
Andy: I think Libra will be the 1st massive adopted cryptocurrency. Facebook has 70 times more users than Bitcoin so it helps the whole industry to educate the traditional users (the old guys who hasn’t any digital wallet or who doesn’t have any bank account). People would like to learn more about crypto and try to use it. Even if Libra looks “centralized”, I believe it will be a great attempt to accelerate the whole industry and make Facebook great again.
Jack: It definitely has a huge impact on crypto adoption. Public interest in crypto has surged tremendously since that news came out. Think about what Facebook can bring for crypto adoption with Libra. Billions of users are actively using Facebook, Whatsapp, and Instagram on a daily basis. There are 7 million advertisers on Facebook network, 90 million small businesses who are using Facebook infrastructure to promote and conduct their business.
Another important thing is Librais backed by the largest payment networks including Visa, Master, and Paypal. Think about the billions of Facebook users can use Libra for payment and spending on goods and services.
Think about the future when 1.7 billion unbanked people around the world can use Libra as a form of digital bank account to join the global financial system. That will be a huge adoption for cryptocurrency and blockchain.
Q12: If you were to summarize your project in one word, what would it be?
Andy: In one word, it would be Trust, this is the key value of blockchain. “TRUST” has been the greatest challenge for human collaboration throughout history. Ontology is willing to work with all our partners who share the common goal to redefine trust. That will be the foundation of a new era of the world – A digital economy world based on next-generation internet.
Jack: For Infinito it is about “Universal EXPERIENCE”. Towards mainstream adoption, cryptocurrencies and blockchain innovations must offer people a friendly interface with easy access to its full potential.
Q1: Ontology and NEO recently announced a partnership to build a cross-chain platform and establish the foundation for an exchange internet. What makes this partnership different from other projects? And what are Ontology and NEO’s duty in this collaboration?
Andy: We just announced the new project. It is a global chain cooperation project. Right now, all public blockchains are separate and in single ecosystem. And we are separate from the competition with Neo. It’s a new ecosystem from the traditional world. It’s the time for the public chains to share and collaborate for the real world together. I remember the Top chain from Vietnam has already joined the group. And other leading public block chains will join later. We will build a real global public blockchain world together.
Q2: Will InfinitoPAY work like Apple and Samsung Pay so users can use crypto to physically pay in stores?
Jack: We are building InfinitoPAY and the first version will enable payment feature for users but our vision is to enable and facilitate payment inside our Ecosystem, between users, business and applications. We want to create a seamless payment experience for users of various cryptocurrency and blockchains.
Yes, InfinitoPAY will function in a similar way like ApplePAY in the Ecosystem. We are looking forward to enhanced speed, interoperability and a payback reward scheme for active users who contributed to the growth of Infinito Ecosystem.
Q3: The biggest dilemma as of now on crypto is volatile and liquidity issues. What steps have been taken by both of your companies to overcome it?
Jack: From Infinito perspective, we want to encourage users to use cryptocurrency more on their daily basis to pay for goods and services, spend on apps, games, and exchanges. This will increase usage and circulation of crypto and increase user’s demand to hold and buy, therefore, increasing the liquidity of cryptocurrency in general.
Andy: I consider it from two parts. For individual users, we have to bring more real adoptions to the users and bring more value to our token. So the more you use the more you gain. That’s the value of token economy. And for institution, to be honest, Ontology is focused on the institutional player in 2019, we focus on bringing more qualified or verified infrastructure to the institutional investors and banking or any financial institution. So actually you see the new signal predict the BAT, the NYSE, the Bitcoin and other new players in this crypto world. So we need to meet their demands, both for individual and institutional players. The more players join, the more liquidy you will have. It will be a mature market in the near future.
Q4: Can you tell us about something that blockchain or crypto that has excited you recently or anything new coming up in your respective projects?
Jack: As I shared in the previous question, what is happening to Libracoin is great news for the future of blockchain adoption. The public has been educated about blockchain and crypto through the news and discussion with Congress between Libra and other media and to me this is a very exciting thing to see.
Andy: I think apart from the similarity with Jack’s answer. I saw a new trend in the crypto industry. You see Facebook’s new project – Libra, the Telegram network and Line, Kakao and Signal such big internet company will launch their cryptocurrency project. Calculate their users, there are over 3 billion, almost half of the citizens in the world. It will help educate people. People are using their traditional services and we need to find the balance of centralized and decentralized. Now the centralized player will become much more decentralized. We are all at the same goal and building up the real crypto world. I believe the real adoption or killer DApp will come in the near future.
Q5: Can Ontology share some update regarding your partnership with Paxos. When can we expect to have PAX Stable coin based on Ontology network as OEP-4 token?
Andy: Actually we are promoting the OEP PAX as a stable coin. We think that we need to promote stablecoinS with suitable use cases or scenarios. So we will bring the loan, wealth-related product and debit card to Southeast Asia. We are ready to launch our products, so you will see the product soon. It will be easily integrated with the Infinito Wallet, our wallets and any partner wallet. We can provide you areal card, real payment, real loan with fairly fees. The amazing point is backed by the real US dollar. So it will attract people from the globe.
Q6: When will Point Sale start?
Jack: We wanted to introduce Points to user community with prioritized access for our existing users and then for newcomers. We have been looking into all the necessary preparation and carefully follow compliance requirements as a business. Infinito Point Sale is coming and we are finalizing all the KYC and compliance processes. With that being said, Point Sale will be conducted towards the end of July or early August. We will give you all the updates very soon on our Telegram channels so please stay tuned!
Watch the full AMA now:
We would like to sincerely thank everyone who participated in Infinito’s first AMA with our partner, Ontology. Especially everyone who submitted your questions for the AMA. Thank you so much for your support and we hope our answers were clear and helpful for you. In the future, Infinito will definitely be hosting many more AMA with our blockchain partners to meet and interact with crypto community around the world.
Please stay tuned for part 2 of this recap where we will cover all unanswered questions asked during the AMA live stream and via Google Form.
Ontology is a high-performance public blockchain project & a distributed trust collaboration platform. Ontology blockchain framework supports public blockchain systems and is able to customize public blockchains for applications. Ontology also supports collaboration among chain networks with protocol groups.
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