Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Roxe Chain. Roxe Chain is a global payment network that allows businesses, banks, cross-border remittance companies, and third-party payment platforms to interconnect with each other and make instant, low cost, cross-border, cross platform payments and our guest were @LDA_Michael @HaohanApifiny @hackapreneur. The AMA took place on 2nd February.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Telegram community
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Roxe Chain! Welcome to Satoshi Club
D. | Satoshi Club: good day Satoshi club!
@LDA_Michael @HaohanApifiny @hackapreneur welcome guys!
Michael Huynh: Hello! Welcome everyone and glad to be here!
Haohan Xu: Hi Satoshi Club, how are you guys today?
Thanks for having us
D. | Satoshi Club: great! how are you?
Mary | Satoshi Club: Hello, guys! Happy to see you here
we are great! Hope you’re as well
D. | Satoshi Club: market is growing so everybody should be in a good mood
Haohan Xu: We’re doing well, excited for this and feel good to be here
Mary | Satoshi Club: So, we can start
Haohan Xu: Great, let’s do it
Mary | Satoshi Club: Could you please introduce yourself and tell us how did you start with Roxe Chain!
Haohan Xu: We are a global payment network that allows businesses, banks, cross-border remittance companies, and third-party payment platforms to interconnect with each other and make instant, low cost, cross-border, cross platform payments.
D. | Satoshi Club: sounds cool
Mary | Satoshi Club: We need more such projects! Payments should be accessable everywhere
Haohan Xu: I have a crypto background and use to trade aggressively
in college. But most of my background is traditional finance, I have always identified some inefficiencies with the payment world, especially how our settlement system is so outdated. We have a growing team of blockchain, IT, finance, regulatory agency veterans. Many members of the team have decades of experience in the payment industry. And they mostly come from SWIFT, DTCC, Google, Microsoft and a few other established companies.
Mary | Satoshi Club: It’s your time now, a big storm on the market
Haohan Xu: We want to try our best and yes indeed there’s movements in the market
Mary | Satoshi Club: How old is Roxe Chain?
Haohan Xu: Almost 2 years!
Mary | Satoshi Club: Wow! Long way!
And i feel that it’s a very good time to dive deep in details about Roxe Chain and start with the questions from our community
Haohan Xu: Yes fire away!
D. | Satoshi Club:
Q1 from Telegram user @meml97
Roxe Network will offer a lot of innovative features to your users, will any of this services be restricted to membership access only? Will Roxe have this kind of thing where they offer standard services to normal users and other ones to some kind of VIP members?
Haohan Xu: At the moment, we do not have a membership program for retail users who are using Roxe App. But we have thought of membership programs and membership based incentives, will perhaps implement in the future as we gain more ability to give value back to our users
D. | Satoshi Club: perhaps you have some affiliate program?
Haohan Xu: Yes we definitely have that, and that will vary depending on the region you are in
Mary | Satoshi Club: Thank you for your answers! Ready to proceed?
Haohan Xu: Yep!
Q2 from Telegram user @JesusFre1tes
Recently, Roxe Chain Foundation has launched a Supernodes partner program to drive a new paradigm for global value exchange with the American continent. How can users become part of this protocol and become a Roxe Chain Supernode? With this protocol, how will you streamline the way payments are made within the platform?
Haohan Xu: So our supernode program is only avaiable to enterprises such as banks, central banks, exchanges, payment and remittance companies, IT companies. We plan to have only 21 supernodes gloabally. However, for the normal nodes program, any company from the above categories can become a node. A node will empower the network and share its value. For the supernodes, each supernode will get 1% of the annual transaction fee revenue Roxe gets.
Supernodes will bring in their own use cases in the payment world, thus significantly empowers the network in the beginning. The network will then be able to draw in nodes even faster.
Mary | Satoshi Club: So, normal nodes also only for companies? Private person can’t become a part of this?
Haohan Xu: So the nodes program is not really open to individuals, but individuals can join as a businesses, and keep in mind, they are already interacting with Roxe Chain when they use Roxe App, since it is a decentralized wallet
Mary | Satoshi Club: But they don’t get shares of the 1% of the annual transaction fee revenue
Hope, you will have a lot of another incentives for private persons
Haohan Xu: You are right, nodes do not. But currently the nodes that have joined are very very very happy with what we bring in terms of speed and cost.
D. | Satoshi Club: so Roxe App is already available? can i download it and try?
Haohan Xu: yes we will definitely have that. We always pass on the value we get to our users as soon as we get to
No not yet available on App Store/Google Play yet, it is in testing stage, but more than 90% done
D. | Satoshi Club: nice!
Mary | Satoshi Club: Great! We will be waiting for it!
Q3 from Telegram user @esrarengizbtc
The Roxe Chain ecosystem is designed to use two digital tools, Roxe Cash (ROC) and DO. Can you give information about the technological structure and functioning between ROC and DO in a way that every user can understand without going into too much technical detail? Could you also summarize the financial returns to investors by holding ROC tokens?
D. | Satoshi Club: i think here, you can share info about your token as well, it’s a good question for this
Mary | Satoshi Club:
Haohan Xu: Yes, I will try my best. DO is the first central bank model algorithmic stable coin that has an economy of itself. I have to emphasize the fact that it has an economy of itself because it can be used just like the US dollar can be used in US economy. So for those of you familiar with relations between central banks and their respective currencies, taking US for example, ROC is like US Treasury, and DO is like US dollar.
So to explain in detail:
DO (pronounced “dough”) is a hybrid stablecoin collateralized by two assets: USD and ROC, implementing a central bank algorithm, and anchored 1:1 to the USD. What I mean by that is DO has a target price range of +/- 0.5% of $1 USD. Since it is not backed by USD, it can expect fluctuations. The price is automatically adjusted through smart contracts on decentralized exchanges (DEXs).
The issuance of DO is entirely based on smart contracts and is completely decentralized.
On other hand, ROC, in addition to serving as the gas for Roxe Chain, has a close relationship in value with DO. To expand on how DO is back by ROC in additional to USD. We first have to know one of the ways to MInt DO is by pledging ROC. Following this equation:
This ensures the stability in value for ROC as well. Roxe Reserve (“RR”) is just a set of smart contracts that is used to reserve roUSD, ROC, DO, and to implement DO issuance and price stability. The number of reserved and pledged ROC (at the weighted average issue price) in RR should be no less than twice the total amount of DO that has been issued following that equation.
Mary | Satoshi Club: So, it will be required for users to have ROC tokens to interact with Roxe Chain, right? For transportations, for example?
Haohan Xu: We are still doing ROC private sale at this stage and are speaking to many token funds out there many of us here have heard of
Mary | Satoshi Club: Can you tell us some names?
Haohan Xu: For nodes yes, but if strictly speaking, using Roxe App is interacting with Roxe Chain, and you do not need ROC to use the Roxe App
Mary | Satoshi Club: Got it
thank you!
Haohan Xu: Sorry not at the moment, but we will annouce it when both parties allow and I would say you guys would be hearing from us soon
But fair question @madamlobster
Mary | Satoshi Club: Ok, i understand! We can wait a bit
Q4 from Telegram user @KevSalom
Is Roxe really compatible with the traditional financial system? How do you get my money to my bank? Aren’t there any policies or regulations that need to be approved first?
Haohan Xu: To answer the first part “Is Roxe really compatible with the traditional financial system?”, yes. By design, Roxe can be integrated very easily for financial institutions. Roxe Instant Settlement Network (RISN) clears and settles each transaction in real-time. Banks, trading markets, and financial institutions can make fast, reliable, and automated clearing and settlement without intermediate service providers. We know how hard it is to educate the tradition market and thus we want to make the institutions comfortable, mostly importantly, removing the skepticism and fear in order for them to understand how powerful blockchain can be for certain applications. We offer very lightweight APIs to them, without them having to “touch” crypto
And to expand in detail on how we do that exactly, I will answer the second part “How do you get my money to my bank?”
So I will give an example of someone sending USD to someone in HK receiving HKD, showing the example process from our whitepaper:
https://esatoshi.club/wp-content/uploads/photo_2021-02-02_20-31-39-1024x430.jpg
Through Roxe Settlement Service (RSS), the minting and redemption of roFIAT (roEUR, roGBP, roUSD,etc…) can be done in real time. The following criteria are followed when digitizing fiat on-chain: (1) 1:1 Full Asset Anchoring (2) Real-time Minting and Redemption (3) Real-time disclosure of on-chain mapped fiat data and bank account balance (4) Having read the audit through a trusted auditor (5) The collateral bank or trust company is compliant with applicable regulations
Mary | Satoshi Club: Will it be possible to recieve USD in HK?
Haohan Xu: In the middle, the exchange happens in RPP which follows an AMM model.
of course, it works the other way around as well
D. | Satoshi Club: will you have any DAO mechanism or who will be make decisions in your project? what better for project and what is not
Haohan Xu: Yes we will:
Mary | Satoshi Club: Will users need to pass KYC to send money from USA to HK, for example?
Haohan Xu: This touches one of the previous questions regarding the relationship between ROC and DO. At the initial project starting phase, Roxe Reserve will allocate 100% of roUSD as a reserve. After the initial phase is over, DO will be handled by DAO. When RR conducts decentralized automatic issuance through smart contracts, RR will reserve roUSD at no less than 80% of total DO value. As the Roxe economic system grows, and ROC completes 100% of its public offering, the expectation is that the community will ultimately vote to revise the percentage of roUSD, or other asset class in the RR.
D. | Satoshi Club: gotcha
Haohan Xu: Yes of course. And that brings me to part 3 of the question “Aren’t there any policies or regulations that need to be approved first?”. Because we are dealing with fiat that can be spent almost everywhere, we have to make sure no bad actors are in the process. Banks and other financial institutions themselves are compliant to local standards, in addition we follow the compliance requirement from our partners and local governments.
Mary | Satoshi Club: Thank you! That’s clear
Are you ready for the next question?
Haohan Xu: Many investors use to asked me about the issue of time and capital cost to achieve compliance in so many countries, we have to know that sending money is considered “money transmitting” and each country has their own regulatory requirements for that. This is where our partners come in, since they are already compliant in that standard
yes
Q5 from Telegram user @Wormz28
Nowadays some Applications are offering CASH BACK for using their App. So in your platform, is there any EARN CASH BACK you offer to your users in using the ROXE APP? If so what’s the details & how it works?
Haohan Xu: Yes of course. I love this question and it is one of the best perks we offer to retail users. We can provide real time cashback up to 30% on certain payment/purchases. That is all in cash in whatever currency the user is using, not restricted to points or certain tokens
Mary | Satoshi Club: How it will work? Will it be instantly?
Haohan Xu: I know 30% sounds very high, but we have to acknowledge given the friction of today’s payment system, if you liberate the cost these tradition insitutions charge merchants in addition to the value merchants themselves are willing to offer for cheaper payments, you can get a lot more than the 5–10% on your creditcard
yes it will be instant. When you make a payment to a merchant, you will get % back immediately
Mary | Satoshi Club: It will be a pleasure to use an app with such cashback
D. | Satoshi Club: with insta cash back
Mary | Satoshi Club: Hope to see all this to go live vey soon!
Haohan Xu: Yes indeed, I can’t wait to release the app and have people see this can be real
Mary | Satoshi Club: Sure
Ready for the 6th and last question from this part?
Haohan Xu: Yes
Q6 from Telegram user @reinleoken
Time for each transaction is clocked at less than 24 hours with a transaction fee of about 1.5% from the example given in the site. But in the era of blockchains where using USDT TRC as an example, time is less than 5 mins and the fees are way lower. I’m hoping that the time and fee is something that you guys are working on to improve, and is your service truly global like it can be found everywhere including Africa?
Haohan Xu: Yes of course we are always looking for room to improve the fees. Less than 24 hours at 1.5% for total cost is very competitive in terms of time and cost for international remittance. Due to the fact that today’s payment system is outdated, transaction today can take up to a week to settle and cost up to 10%. But overall, as soon as we get a chance to improve our speed and lower our cost, we will past that onto our users. And yes it is truly global. We actually have lots of parnters from Africa, one of them is N2xpress whom many in the region have heard of for sure. And another big region we have a lot of partners in is Philippines
https://medium.com/roxepaymentnetwork/roxe-expands-to-africa-and-india-partners-with-n2xpress-to-launch-remittance-pilot-program-8cfe64184d51/
Mary | Satoshi Club: In which countries your services will be available and which will be restricted?
Haohan Xu: Besides the OFAC sanctioned list countries, the service is available in all countries. We have been receiving interest from and reaching out to partners all over
Mary | Satoshi Club: Gotcha
Thanks for great answers!
Haohan Xu: Of course, thanks for the great questions!
Mary | Satoshi Club: Ready for the live questions part?
Haohan Xu: yes, open the gate!
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @surendra040
How do I join ROC pending private sale , WHY and how long will it be pending and please drop me the all information and details about it.
Michael Huynh: For all private sale inquiries, please contact me. Also a reminder, All sales are prohibited for non-accredited investors in the U.S. and restricted countries
Q2 from Telegram user @JesusFre1tes
Q: How efficient is the cross-border payment platform that Roxe Chain has developed? Are FIAT currencies supported within your payment protocol so that it is adaptable to the country of origin or destination where the payment is made? Is it possible to convert and exchange my crypto for FIAT and vice versa to make this type of payments?
Haohan Xu: Fairly efficient to meet more than the needs of average retail users. And yes to both questions after. It supports roFIAT, (so roEUR, roUSD etc..) so it can support currencies from the origin and destination. And it is possible to convert crypto and exchange it. One thing I want to emphasize here is that Roxe’s duty is to enable fiat to pay more efficiently using blockchain technology, not so much enable payment for cryptocurrencies. A major problem we see here at Roxe is how hard it is to send value today, while we can send messages instantly. Many people have to eat massive cost just to send money home, and that is not right
Q3 from Telegram user @attilayeni
If I want to send money to my friend or my brother does he also need a Roxe account?
Michael Huynh: No. Receivers of cross-border remittances from Roxe do not need a Roxe account. The cash may be deposited directly in the recipient’s bank account, picked up at a local remittance partner office, and in some countries, delivered directly to your doorstep.
Q4 from Telegram user @asalas95
I am very struck by the fact that DO is the first “central bank model algorithmic stable coin”, when one of the reasons that people have to venture into cryptocurrencies is to flee from the influence of central banks. I would like to know: what exactly is Roxe Chain referring to when you say that DO follows a model similar to that of a central bank, and how do you achieve such algorithmic stability?
Haohan Xu: That is a very good question and the answers can get very deep. First, I want to point out DO just expand and contracts in value using a method that central banks use, and the rules/metrics can be decided by the community as I mentioned in one of the part 1 questions. So in terms of control, it is the opposite of what central banks in some countries are trying to do. We want to measure up the supply of DO propotional to the scale of Roxe, instead of over inflating it. So DO is the first central bank model algorithmic stable coin that has an economy of itself, the emphasis is placed on having an economy of itself. ROC is like US Treasury, and DO is like US dollar.
Q5 from Telegram user @mobilejii
Hello! @HaohanApifiny
Can I do a payment from mobile or not ? As for a beginner like me Do you have any guide of how to make a payment from Roxechain network
Michael Huynh: Yes. We’ll have a Roxe mobile app on both iOS and Android in development that will allow you to make, send and transfer payments on the go. You can view https://roxe.io/ and join the waitlist.
Q6 from Telegram user @csgonub
Sending money in 24 hours into the bank account looks promising but can’t you make it faster?
Haohan Xu: Actually, we do. Cross-border transactions with Roxe are settled in minutes, and even seconds. Roxe Chain is purpose-built for cross-border value transfer, and Roxe Instant Settlement Network’s smart payment routing ensures the fastest, least expensive route.
Q7 from Telegram user @warny
Why is Roxe Better than Ripple for Global Payments? @LDA_Michael @HaohanApifiny @hackapreneur
Michael Huynh: Great question Ho-jin! It’s a long and complex answer but we have released an article about Why Roxe is Better than Ripple for Global Payments.
Some key points:
* Seamless Compatibility with Financial Systems
* A More Flexible, Intermediate Currency Model
* No Foreign Exchange (FX) Loss
* A True, Peer-to-Peer Model
* Decentralization: More Secure and Transparent
* Better Transparency
* Lower Costs
* Faster Throughput Speed
* Different Product Approaches
* Different Business Models
* More Flexible Compliance
You can view the article here: https://medium.com/roxepaymentnetwork/why-roxe-is-better-than-ripple-for-global-payments-3802ba9eeab8/
Q8 from Telegram user @ubuntucoder
Did you made any partnership with stores or restaurants?
Haohan Xu: Great Question! Not yet, but please know once we start to the progress will be very fast, since we will have already onboarded supernodes and normal node partners who are banks, central banks, payment companies, etc. These nodes are the ones who dictate the transaction cost paid by merchants so we will have a lot of benefit that can be passed on to merchants, and then merchants can pass these to their users.
We will offer ‘Roxe Commerce’, which enables merchants to receive digital payments in real time.
Roxe Commerce, which is serviced by Roxe Instant Settlement Network (RISN, enables online and offline merchants to receive digital payments in real time?—?by joining the network for free and adding a snippet of code to their website for checkout.
Roxe Pay users can simply use the Roxe-generated QR code at checkout, and your bank receives the deposit in real time
Q9 from Telegram user @araceley
How is Daollar Protocol issued and can it be exchanged to USD-backed stablecoin?
Haohan Xu: Based on the Daollar protocol and the RR, there will be issues of doFIAT like doKRW,doJPY, etc Those stablecoin can be exchanged to roUSD at international market FXrate through an oracle. You can read in the whitepaper about how the exchange works and how it prevents slippage in the AMM model during the exchange.
Q10 from Telegram user @poorweirdokid
@HaohanApifiny Could you please tell me about the ROC usecase . What benefits will be for the long term holders of ROC?
Michael Huynh: Sure! A key function of ROC is to provide a convenient and secure method of payment and settlement for participants on Roxe Chain. ROC runs on Roxe Payment Protocol (“RPP”), an open, peer-to-peer payments protocol that enables any person, business, payment platform, or bank to make instant, low-cost cross-border payments. RPP is powered by an automated market maker (AMM) on a smart contract that executes automatic transactions between digital tokens. Instead of a traditional order book, RPP uses AMM pools to provide liquidity for faster, more reliable, and less expensive payment settlement. RPP is built on Roxe Chain, a hybrid blockchain purpose-built for payments.
A few takeaway points:
* An intermediate currency that can be quickly exchanged with foreign currencies.
* A universal currency for global payments that can be exchanged in real-time.
* As a payment and intermediate currency on the Roxe global payment network, including payments of deposits or fees to use the Roxe network.
* As a VIP token, required to access “VIP services” in the Roxe payment network, or as a payment of a deposit or fee to use the Roxe network.
You can view the full article here: https://medium.com/roxechain/use-cases-why-roc-is-a-valuable-utility-token-a13d656a15e8/
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