KuBitX organized a live Telegram Ask Me Anything (AMA) on the 24th of August 2018.
During the AMA session which lasted for 1 hour from 15:00 GMT to 16:00 GMT, the team received a lot of questions from the community and responses were given to the questions from KuBitX team members.
For the benefit of those who were not present during the AMA, you have an opportunity to go through the Q and A below.
We have compiled the questions from community members and responses given by the team exactly the way it happened on telegram without editing the conversation, there were some missed questions which we have also captured in below compilation in blue and have given the answers as well.
We will make the AMA session a regular activity in our community to ensure that our community is carried along with development in our project.
AMA Q and A
Q: Can the minimum contribution be reduced further?
A: Unfortunately, we might not be reducing the minimum ETH contribution for this round further. However, there is still a good chance to come in at the public Round.
2. Q: Why do you guys plan to do multiple fiat to Crypto when we want to move away from fiat ?
A: Thank you for the brilliant question sir.
First of all, fiat is not fading out anytime soon. Hence as a Vision to get critical mass adoption through education to create massive inclusion, it was so imperative to design a product and an exchange to work seamlessly with the known currencies so we can get easy understanding of the future. One can always get a new system to work by having the existing one work hand in hand, hence having a robust plan to do Multiple fiat to Crypto seamless transactions. Of course it’s the first and purely by KuBitX as major entry point for our target market which is emerging markets and Africa been our entry point.
Also note that, a lot of people do ask how can I access my money if I buy Crypto, hence our deep research and human centered exchange to solve this major headache most Crypto lovers often ask.
3. Q: What does KuBitX mean for the Africa economy?
A: Someone once said that amongst others EDUCATION/AWARENESS and ECONOMIC power are two key things that can help a people.. KuBitX having this exchange to start strong in Africa will create huge awareness and economic power to its people. Through our core value proposition.
What KuBitX mean for the African market is, Through the Blockchain we will connect the continent and it’s people to access boarder-less financial services at an unimaginable lower cost. At the moment 10 out of every 50 African receives remittances from a family or a friend outside the continent. It’s cost averagely 8–11% to send money using the existing remittance companies. With KuBitX, we can do that at less than 4% and also create a demand for most of our local currencies by using our native utility token KBX to do that seamlessly.
We understand also that, almost half a billon Dollar is used to buy different Crypto assets from Africa on a monthly basis, this can be channeled to our continent if we have a purely Pan African Exchange like KuBitX. We through this Exchange will connect the continent to have massive Adoption and create wealth for our people and beyond.
Note! We are building this for the emerging markets and Africa is one of our major markets with over 1.2 billion people.
4. Q: I see where the dream is heading towards but you have no government issues ?
A: Hence we started in Malta and operating where we have a more friendly government acceptance So we are also very aware of these hence we make efforts to engage the regulatory bodies before we do any significant set up
5. Q: Hi, Are you guys going to allow US funding?
A: Yes at the moment we can allow US Citizens that are accredited investors
We are registered with the SEC:
Since you are focussing on emerging markets, why did you register in Malta?
We decided to register in Malta administratively because Blockchain and Cryptocurrencies is regulated in Malta and we are concerned and want to protect our investors
So indirectly your see yourself as an empowerment channel for the people in Africa ?
6. Q: Another one for you guys… Will the exchange serve africa market only?
A: Although our focus on crypto adoption will focus initially on Africa and emerging markets our exchange will be a global one. We will be the fastest most secure and easiest to use exchange that nobody who trades crypto globally will be able to resist. We also have plans to ensure adequate liquidity
KuBitX is here to serve all
No. Global Servicing but kicking off with Africa
Yes indeed , KuBitX is a globally oriented Ecosystem that will span other continents. It may seem . I am Ayo Popoola located in Latin ‘America to serve KuBitX and also extend our reach to the markets beyond. And Asia , USA etc will be serviced too.
7. Q: Is AFRICA continent crypto friendly and ready to accept the tech?
A: I will say big YES . It is in the benefit of the continent to accept it now. Why as we all may know we cannot be left behind again like the early 1995’s. To help life our awareness and empower our continent we have to take charge and this is an opportunity to build dividends in terms of esteeming lifes , upholding economic barriers and Enlighten the World . And why a group of people from different regions are here to help Build KuBitX.
Africa is more than ready. Our wealth is our people and our people are ready to learn and take on the challenge. Let me share some stats
8. Q: Another thing I need to know why do you have your own token? Why can’t you use existing ones like ETH or BTC?
A: At the moment the KBX token runs on ethereum blockchain, however we need a separate token to run the KuBitX ecosystem because of the services that we provide which will require a separate economy from that of ETH.
Because we are going to create value through our offerings/services, we want to be able to manage this value within the KuBitX ecosystem, it is a sharing economy which will incentivise our community of supporters and users of our services as the value of our services increases. Having a separate token from ETH will also make it easy for us to move to another blockchain if we do not want to remain on Ethereum blockchain.
9. Q: What has been the trade capacity of crypto in Africa before KuBitx?
A: Guys. People used to be worried about the implication of Chinese decisions on the price of Bitcoin. Just wait till KuBitX starts. Africa will become a force like no other in the cryptocurrency space
This is a selling point diagram shows a lot of African countries and also Asian , Latin American so it is global .The market share just taking African at 1.29billion and Latin America at 650 million people we have 2billions people adding other regions we have the world in our hands to build an ecosystem . And most importantly educate along the way.
10. Q: Come on is crypto this large in Africa
A: Sure it is, the statistics don’t lie
Imagine 2 billion people and most of them need also to be financially inclusive. Why will pick up that market , if KubitX does not build now. There is abundant potential .
11. Q: I see where the dream is heading towards but you have no government issues ?
A: Hence we started in Malta and operating where we have a more friendly government acceptance So we are also very aware of these hence we make efforts to engage the regulatory bodies before we do any significant set up
12. Q: You welcome.. personally as a Global ambassador what do you think about situation in Africa relating to KuBitX ?
A: Been a consuming continent, KuBitX intend to change that idea when it comes to crypto. That’s why we shall embark on education.
13. Q: What potential does your token have that will make me buy it?
A: Look at what other exchange tokens did. Not only the big one everyone talks about but even the smaller ones. Now consider what we are telling you we are implementing on our exchange in terms of attraction of use and that can give you an indication of what happen to the price
These aren’t just pie in the sky ideas. We have our Global Channel Ambassadors currently located across Africa, USA, Canada, Latin America and England right now. Everyone in the crypto community complains about a lack of adoption but KuBitX is actually doing something about it
The reason we are going to focus on adoption in Africa is because of the mass of liquidity we know we will bring to the exchange through Africa and emerging countries as well as a wanting to give back to our continent
14. Q: Are there any concrete plans or even property acquisition for the first education center or will it primarily rely on meetups and conferences initially? Additionally: Will the costs of education and centres be covered by the part of comissions set to be spent on operational costs?
A: KuBitX will cover the costs of our global channel ambassadors teaching crypto to the masses. As for the acquisition of property, @Vmaac do you want to take this one?
Yes, we have plans for property acquisition (rent to start) for our learning centers.. Two African cities are being considered and we will keep the community updated
15. Q: The development with Modulus or just partners?
A: Modulus is the our partner as well as the developer of the trade engine, the CEO of Modulus is our Trade and Exchange Advisor, Modulus is 100% with us in this journey.
16. Q: Are you interoperability with local banks or using a gateway approach ?
A: Depending on regions and regulatory boundaries we use both
For instance in Nigeria, the payment gateway approach is used
Whilst in the Southern Africa, payment gateways are not used..
KuBitX is somewhat poised to scale out when it comes to bank interactions..
17. Q: Also will I be able to send money abroad for business ?
A: Our plan is to create a system which will make it easy for people to have seamless transaction and conversion of crypto and fiat, KBX is going to have several use case.
Our strategic partnerships with banks and payment providers are helping us to create a full service financial institution with cryptocurrency integration. This entity will provide all of the traditional banking services and more:
- Funds transfer (wire and peer-to-peer)
- Payment processing
- Merchant servicing
- Debit cards
- Bill payment
- Debit cards
- Checking
- Savings
- Issuing credit
18. Q: Will you ever move away from ETH to create your own blockchain eventually where say African Devs and others can run their own ICOS from a completely African Blockchain? Would be ruddy cool!
A: Sure that is Part of the broader road map of this project.
The Exchange is first to create that gap of adoption, Inclusion using massive master plan Global Channels Ambassadors. Once we achieve that, other part of the project will be implemented which of course Kubitchain is part.
Also centers across the continent to train and bring up developers in our hubs in
19. Q: Can You please explain what will be the advantage of long term Kubitx token HODL?
A: Just like we have explained severally, we are here to create value through our services and the market we are targeting has a lot of potentials if we create value through our offering, it is expected that the value of our token will also increase with time. So for long term HODLers, they will benefit from this value as well.
Comment: So far I am happy with all response the team are acting like robots programmed to bring success to Africa and should I say recognition
20. Q: Any plan to give bonus to KBX token holder’s like kucoin?
A: Yes.. that’s all part of our plan and the Product Development Team will soon announce this
21. Q: Kubitx is focusing on African countries that speak English only?
A: No. We are open to both francophone the and anglophone regions
No our Global Channel Ambassadors will be able to speak to the people of their country in their home language. We eventually plan to enlist enough channel ambassadors on the platform to answer customer support queries in the customer’s language of choice.
Kubitx is not language biased and is a global group. So will be catering to all French, English, as you know we have Portuguese too and a bit of Spanish all in Africa so.
No, we are for all Part of the emerging markets including everywhere! All languages will be taken care of by our GCAs dotted across the region. As we speak we Portuguese speaking GCA, Zulu/African GCA, We have French as well. Is all inclusive platform.
KuBitX is focusing on both the Francophone and the Anglophone regions and will achieve this by our Education & Awareness Initiative and our Global Channel Ambassador program which will ensure we have local dialect presence.
22. Q: Victor :+1::+1: how long will it take for the platform to be life ?
A: We are carrying out internal test on the trade engine at the moment we hope to have the exchange go live in Q3.
23. Q: what makes kubtiX better than other exchanges out there in Africa like Luno?
A: Note, Luno is not a pure full stack exchange. It’s purely OTC, KuBitX is building a much more robust Exchange able to pair over 1600 coins/tokens.
KuBitX will also have an OTC that will be available for anyone anywhere to buy normal BTC, LTC, ETH, KBX, ADA, EOS using your card.
So we are not just an exchange we are deeper than any existing ones.
We are deliberate and very thorough in our vision and highly dedicated to deliver.
In addition to what the CEO said, KuBitX has a native token called the KBX token that our users for now in some parts of Africa can use to make bill payments and other value added services..
24. Q: What are the criteria for becoming a global ambassador
A: We are looking for leaders, motivators, good speakers, those who could successfully teach others crypto and lead and manage channel ambassadors. If you want to apply or know anyone that wants to apply send queries to zulekha.cara@kubitx.io! We will only ever have 40 global channel ambassadors but an unlimited number of channel ambassadors
25. Q: There is a huge market in Asian countries , Don’t you have any plant to come to Asia?
A: Without a doubt we do! As mentioned we are a global exchange! Users from all over the globe will flock to our exchange because of our amazing platform customer support levels etc.
We will even be hiring global channel ambassadors in Asia as well
As mentioned it is global and Asia is also included .But the focus if it may mentioned said is that the orientation of the exchange is just like we have in other regions Built and Cultivated in Africa. Conceived in Africa
26. Q: Thanks. If for example I leave in Russia but I have a network of ppl in an African country, and reach with existing business, can I apply to be an ambassador for that country?
A: You can! We would even love to have you spread the word in Russia as well
Yes we do.. remember our CSO is Chinese.. and we have a Chinese WhitePaper.. if you have a good lead we will be there
27. Q: Does Kubitx have their smart contract audited?
By who?
A: Yes we do have our smart contract audited.
28. Q: will kubitx be organizing any seminar to let people know more?
A: Invite us Moore and we can plan to be there for you and your Team
Meet ups, workshop, daily training schools, conferences will be the major driving force to achieve our three core value, EDUCATION, ADOPTION & INCLUSION . Hence having GCAs across the globe
29. Q: I think KBX will be more valuable than BNB
A: The token will have value due to it’s numerous use cases such as remmitances as well as other value added service.
Well with the way this community is pumping.. I think we stand a real good chance
The idea is to be a company or ecosystem built on the passion and love of giving back. Which other exchanges caters to education people or empowering lifes.To be Unique one stands alone KubitX wants to be recognized as an entity with a legacy.
30. Q: Are you working with any universities in Africa to promote blockchain technology?
A: Once we set up our learning centers we are drafting a channel approach of train the trainer
That is a huge plan to have, but we have not yet begun our campus meet ups. Note that AFRICA has the largest active young population. And we know the future is all about technology and Blockchain is one that we need our young population to be a part by helping to create onsite jobs and entrepreneurs, so yes we will have that.
But if you have that special niche kindly reach out to our Lead Global Channel to Plan it.
Thank you sir.
I can add to the thoughts of this . It was in plan to consider these to be added to schools .Say I know a few universities globally are beginning to add these. The crossroads of finance and technology- and also programming classes . As blockchain encompasses a range of areas and speciality.
31. Q: Would you sponsor or support any community effort that want to host educational events for the universities?
A: We would absolutely consider this. Our aim is to grow crypto adoption globally
32. Q: Is Kubitx going to do an ama with Ian Balina?
A: We have his Team Member Ugo Nduaguba as our Advisor.. not sure about an AMA but we can have Ian as a Guest Speaker
33. Q: the use of KBX to make Bill payments will it be only available on the kubitx platform?
A: Yes it will be available on the platform via APIs with one Africa’s largest payment processors that have about 3,000 merchants
34. Q: Just learned that this restricts USA? You mean restricted from TGE or exchange use?
A: We can accept US Citizens that’s accredited investors
35. Q: Can we buy coins in your platforum using VISA cards?
A: For the ongoing TGE, you can only contribute with ETH. But if you want to contribute through Visa Card Kingly reach out to @Vmaac and @KudiBos or business@kubitx.io
36. Q: Can we earn dividends or stake if we hold KBX?
A: There is no such plans at the moment as our token is a utility token for the KuBitX ecosystem. The KBX token will primarily be used to pay trading fees on the KuBitX exchange platform. Execute other financial services product offering like payments, remittance and other use cases stated in our whitepaper based on the roadmap.
37. Q: Is beta version going to be tested out by investors?
A: Yes we will announce so we can have some of us here.. Currently internal tests ongoing for you all to have an excellent Exchange
38. Q: Hi ! I heard the beta version is already being tested/run atm.Is there a chance we can join in, and test the platform, or the team handle the testing by themselves?
A: We are already running internal test on our trade engine.
39. Q: Is Akon invested in Kubitx?
Akon might secretly do that lol
A: Okay.. quite frankly I reached out to Ryan Scott the CEO for his coin he is yet to respond to me.. But since our community wants Akon we will try.. If you have leads @theinnercore let me or anyone know
40. Q: I am excited to join as tester
A: Please show your interest once we open the forms Andres would love to have you
41. Q: Will there be bounty programs or airdrops?
A: You can get tokens by registering and getting a referral link and advertising it on your platforms. You will get paid kbx tokens in commission for any sales done through your link
For more info details:
★ Web ★ Whitepaper ★ Twitter ★ Facebook ★ Medium ★ Telegram ★ Reddit ★
Author BTC talk: pasukanbounty
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