BlockTalks x TKNT Foundation AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with TKNT Foundation, on September 23rd at 1PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Benjamin Woo, CEO of TKNT Foundation. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
INTRODUCTION
Benjamin Woo: My name is Benjamin Woo, CEO of TKNT Foundation. TKNT Foundation is operating a Blockchain Venture Captial supporting, investing, and incubating various blockchain platforms in South Korea. I have worked in this field for the past 5 years and have invested in over 150 projects.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce TKNT to our community in layman’s term?
Ans — TKNT stands for TKN Token. We are currently in alliance with gaming platform called TKN.COM, where you can mine TKNT just by betting inside the platform with cryptocurrency.
Q2. What are the advantages of TKNT to other alternatives in the Blockchain field?
Ans — TKNT provides Defi wallet service within its own platform. It will be an optimized platform for users who are looking for any decentralized financial service such as landing, staking, swap, insurance, etc. Originally, there was no concept of returning profits in Defi. However, starting with Compound platform, they have recently been rewarding their governance tokens. Of course, you can build yield farming within our platform as well. However, while Defi projects use it for promotion to increase their TVL (Total Deposit Volume), TKNT does not require unreasonable interest payment for it can be simply mined through Bet-Mining at TKN.COM, active within existing user base. Plus the value of the token continues to rise due to the half-life coming from Bet-Mining.
Q3. What are the major milestones TKNT achieved so far & what are in the future pipeline?
Ans — Now we have about 3 months until the end of this year, but TKNT has done and grown massively throughout the month.
The technical team will work with UYT to improve the completeness of the platform currently being developed and complete the cross-chain Defi mechanism through an independent blockchain, and the marketing team will secure strong users in Asian markets including China and Korea. After that, we plan to focus on the European and South American markets.
Accordingly, after listing BKEX today, we plan to further list on exchanges such as Europe and America. To this end, we plan to publicize the project through offline and online events around the world.
Questions Asked on Twitter For TKNT Foundation CEO!
Q1. Can you briefly explain about TKNT Foundation mining? About how we can join and what APR we will get?
Ans — TKNT mining is a system where you can simply mine TKNT just by betting insde TKNT supporting game platforms. The current existing TKNT supporting gaming platform is TKN.COM: https://www.tkn.com/
The total issuance of TKNT is 1 billion. 60% of 1 billion, or 600 million, can be played on TKNT-compatible gaming dapps (for example, TKN.COM), where you can mine TKNT. Currently, the 1st double half-life has passed in early September, where 1TKNT can now be mined for 8USDT bets. The next half-life is expected around December 2020, at the current rate.
In the case of bitcoin mining or POS rewards, usually expensive hardware or large capital is required for staking (e.g., 32 Ethereum), whereas these factors are not mandatory conditions for bet mining.
Q2. You mentioned that there are many Defi project without tech capability or marketing ability. So how is TKNT different? How does TKNT empower DeFi?
Ans — As we said earlier, originally, there was no concept of returning profits in Defi. However, starting with Compound platform, they have recently been rewarding their governance tokens. Of course, you can build yield farming within our platform as well. However, while Defi projects use it for promotion to increase their TVL (Total Deposit Volume), TKNT does not require unreasonable interest payment for it can be simply mined through Bet-Mining at TKN.COM, active within existing user base. Plus the value of the token continues to rise due to the half-life coming from Bet-Mining.
Q3. TKNT’s fixed mining can be carried out through platform games. Which games are included and can get TKNT’s native tokens? Which are the most attractive main participants?
Ans — Currently, we support TKN.COM to mine TKNT. Anyone who signs up to play inside TKN.COM can mine TKNT. We currently have
Coinflip, Roulette, Linear Dice, Wheel classic, Wheel, Plinko Neo, Keno, Diamonds and Slots in TKN.COM. You can mine 1TKNT per about 8usdt of betting.
Q4. Why does TKNT still use Ethereum blockchain while it has a slow speed and high gas fee?Do you have any plans to launch your mainet or convert to other blockchains in the future?
Ans — TKNT was created initially on Ethereum blockchain due to its convenience and scalability. Currently, it is proceeding on the Ethereum blockchain, but through collaboration with UYT, which has successfully developed its own blockchain using Polkadot’s substrate technology, TKNT also has its own blockchain technology and can always be moved to another mainnet. By integrating a decentralized liquidity pool, we plan to enable cross-chain lending and landing with built-in synthetic assets, and use various mechanisms to ensure maximum liquidity.
Q5. The major partner of TKNT is TKN, what are the functions of these platforms separatedly, can they work independently?
Ans — Yes. TKNT Foundation and TKN.COM platform itself is a seperate project, but we are in alliance to grow together. The functions of TKNT as said earlier is a compound DeFi project supporting mining, staking, payment, lending, swapping, preparing for the future of common asset. TKN.COM platform is a blockchain based gaming platform where you can mine TKNT just by betting inside the platform. Stay tuned for massive updates soon, because they are about to launch sports/e-sports betting and live casinos installed within this quarter.
Questions Asked by our BlockTalks Community Members during live Session for the TKNT Foundation CEO!
Q1. How does TKNT Mining work? Do I need big machines like bitcoin antminer to mine TKNT?
Ans — TKNT mining strategy is simple. All you have to do is bet inside gaming blockchain platform tkn.com. Win or lose, you get your TKNT. All you have to do is bet.
Q2.What are the benefits of holding TKNT tokens?
How does TKNT Foundation plan to dominate the DeFi market?
Ans — TKNT provides Defi wallet service within its own platform. It will be an optimized platform for users who are looking for any decentralized financial service such as landing, staking, swap, insurance, etc. KNT does not require unreasonable interest payment for it can be simply mined through Bet-Mining at TKN.COM, active within existing user base. Plus the value of the token continues to rise due to the half-life coming from Bet-Mining.
Although TKNT is not an STO token, we believe that each TKNT token holder is a shareholder of the TKNT Foundation. Of the current total issuance of 1 ths to 2 years, and after the lock-up period is released, 5% is distributed every month.
billion, the total circulation volume on the two exchanges in Korea and China does not exceed 20 million. The amount distributed to the team and partners has a lock-up period of at least 3 mon
Existing tokens and future tokens will enter the automatic staking and swap pool for one year. This will prevent unexpected tokens from being released to the market.
In addition, through collaboration with TKN.COM, the TKNT Foundation buys back and burns 15% of TKN.COM’s commission income every month from the exchange.
Through these methods, we plan to create the value of TKNT, and the incinerated tokens will be sent to the address 0x000000000000000000000000000000000000dead. This will be continuously notified through the website and official channels.
Q3. I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose your project over the existing one ? What is your coin advantage that can convince me to change from my favorite token ?
Ans — Good question. As a cryptocurrency investor and VC owner, I do not invest in just one project. Although I don’t recommend this method of management, I do find it important to building own portfolio to hedge risks, because the cryptocurrency market is not yet stable.
The most obvious factor that stands out in TKNT is that the foundation is very transparent. As mentioned above, all distribution quantities will be announced through the website or community.With this policy, we listed on a small exchange in Korea and created more than 5,000 TKNT holders in two weeks. Of course, it may be insignificant compared to the Chinese market or BKEX, it caused quite a sensation in Korea.
Currently we are spending the outmost energy on marketing and technology development to grow the platform to the best.
Q4. What’s your plans for global expansion,on building and developing or getting customers and users, or partnerships?
Ans — Last Sunday, we had one offline event in Bangkok, Thailand. Our CTO and CMO participated and made a speech over there. Since the world is in Covid-19 crisis, we are working hard on the online first. And you can see, we are targeting whole Asia, including China, Korea, Japan, SE Asia, and Europe, middle east, and other countries time to time. For China, we are exclusively working with some major partners. And we have more than 5 Chinese staffs who can directly talking with all Chinese holders. We welcome all participants.
Q5. What is the next large MILESTONES prepared in your project? Do you want to convince big companies? What about community development? Is the plan on schedule? Are you developing well on social networks and experts?
Ans — Crypto currency is quite unstable. It is from many reasons. But one thing we can make sure is that TKNT foundation is very transparent. We will announce every single move that we are going to do, and we hope it can bring successful story for many people.
Regarding the event, we are holding quite big event with BKEX this week. 50,000USDT worth of event. In Korea, there is another big event for Korean users. By doing those event, we will communicate with our holders and payback as much as possible to be one of the successful project.
Q6. How do you create those games? You have any sub partner to work on this regard? Thank you!
Ans — TKN.COM works with BetProtocol, our serivce provider. Betprotocol is in charge of our security and development. We will soon implement Sports and Esports betting, live casino to the platform. Please stay tuned:)
Closing Note — TKNT will continue to froward to the next level. Please look forward to our progress currently skyrocketing in BKEX. TKNT is currently recording 1300%+ rise in price in BKEX. Stay with us in our wonderful journey. We will soon come back with staking services along with officially laucnhing DeFi services in the near future. Stay tuned!
Here are some important links of TKNT Foundation 👇
Official Website — https://www.tknt.io/
Medium — https://medium.com/@tknt
Twitter — https://twitter.com/tkntfoundation
TKNT Global Official Channel: https://t.me/tknt_official
TKNT Official Indonesia: https://t.me/TKNTindonesia
TKNT Official Bangladesh: https://t.me/tknt_bangladesh
