13.04.2021

AMA with BANKEX CEO

What is going on with the BANKEX projects of asset tokenization?

The main problem of tokenization now is that very few people were able to learn how to use this product. Web interfaces for asset tokenization are too complex for most users.

Thus we are focused on the simplest and easiest to cope with interfaces – messengers. Now we are integrating the messenger interface, the backend of our custodian service and tokenization flows. This product will be ready very soon.The first cases will be short video and art tokenization.

Our goal is to ensure that you will get an tokenized asset ready to trade on OpenSea exchange simply by clicking a few buttons in MainWallet .

This will indeed increase the number of tokenized assets significantly.

Why your updates aren’t published on Github?

Updates are made every day, but since the code is proprietary (not open source), you don’t see them on Github. We will publish it later, the time hasn’t come yet.

What was done in a month?

  • Fail-safe deposit and withdrawal (now there are some bugs only on POA Network blockchain, we will eliminate them soon).
  • More than a hundred hacker and fraud attacks on the security contour were repelled, we won the fight and the team was able to return to work on the new MainWallet features.

What is planned for the next update?

Next week we will publish:

– Quizzes with the opportunity for the creator to earn money

– Claims system (based on BANKEX Smart Justice). Anyone can become a judge and earn money by making right decisions. This is a prototype of a more sophisticated solution for economically motivated mining of tokenized asset problems.

– The first paywall solution for group/channel publishers, the simplest one-to-one paid message

– A trade scenario where you can sell or buy a cryptocurrency or tokens with a single message for group chats

– We’ve connected several game-developers and one financial company through Mainwallet API, they’ll also present their solutions separately.

The main goal stays – to activate the fee engine and automatic generation of branded paybots. The core team works on this.

How many users do you have?

At the moment we have 17,000 MainWallet users and near 3,000 in other developer’s paybots. I’ll tell you when the number of users exceeds 100,000, it’ll be in November.

But there are only a handful of users in the MainWallet group

Only those who are interested in developing or proposing functions are in MainWallet group.

MainWallet can be added to any group or channel in telegram, and there are more than 100 such groups now. So each user of these groups can become a user of the MainWallet. We have a list of them, but we don’t know the administrators who add them personally.

Do you plan to partner with Telegram Open Network?

We will add Gram coin to the MainWallet in a few days, as well as a Libra coin or other coins. When they are ready. Not now.

I can remind you that BANKEX has invested thousands of developer hours and a lot of money in Ethereum infrastructure. No one thanked us.

Now we will not repeat this mistake and work only with those companies that have a finished product.

Is there a mobile app version of your wallet?

Yes, the mobile app for iOs and Android is ready, but will be published later. This depends on the problems of publishing in Apple/Google stores.

This is an important part of the infrastructure, as it allows you to create a backup key to restore access to coins in other wallets.

Products that you developed in 2018 didn’t took off. What happened and will you avoid this problem?

In 2018, we were all waiting for corporations in our market. They did not come, so the products made for corporations, we offer for regular users now.

This is a very powerful combination, because the quality and capability of our backend is at the level of BitGo or Binance, and in some parts – better than them. For example, we can process tokens without using gas.

Tell these great teams that tokens can work without gas, and they’ll laugh at you. But it’s what users want and it’s very easy.

There are a lot of wallets on the market. Why I should use yours?

Have you tried it?

Try it, it will be a great experience.

The main function of MainWallet is seamless integration with messengers.

At the moment we have seven competitors in global market, two of which are made by our ex-employees, and the other two are BANKEX assets.

I can not comment on this topic anymore now, but I can remind you that recently Binance announced its Binance Text Wallet product.

This means that we are moving in the right direction and that we are in serious competition.

Recently a large amount of BKX tokens were transferred from team’s account. What does it mean? Isn’t it dangerous for token price?

Large institutional buyer contacted us, but they don’t want to publish their name for now. It’s not just about us – it’s about everyone in our market now.

If you look now at the prices of many altcoins, the largest of which are BNB and TRX, you will see that their price trends are nearly identical to ours. Today token price does not depend on the circulation volume, team tokens or holder tokens. This is how the market works right now.

Cryptocurrency market changes drastically every 2–3 months, but for now price trend is exactly the same.

The only thing that can change the trend and make users fear is non-market events, as it was couple of days ago with Bitcoin.

But non-market events and actions can be positive too. That’s what our team is focused on. We develop utility token mechanics for merchants, and everyone of them who will freeze a small number of tokens – will make 2–4 times more money.

Last week I personally completed the first two Hold 10000 BKX deals with two third-party developers. It really works.

I told them: by connecting MainWallet you get the opportunity to earn 20% of the payments on your application in the system. But if you buy 10,000 BKX, you will earn 80%. It’s a great deal – they said – we’ll do it in 10 minutes.

Soon, this system will work automatically for any group administrator, channel or game developer. And it will have correct effect on the market and protect the price effectively.

Do you have a detailed manual for Mainwallet?

Yes, the documentation is being prepared, primarily for merchants and users who will make money for themselves. Our websites will be updated and new manuals will be published.

If I have 1 million BKX, will I get a reward in Mainwallet? Or how many BKX do I need?

We have ideas on staking, but they cannot be implemented in the near future because of legal restrictions. BANKEX works in compliance with US regulations. We can only do that by reducing exchange circulation through utility mechanics.

Update: part of the merchants’ profit will be distributed with BKX token holders, who will make a steaking in MainWallet. Wait for the announcement of the stacking function.

Is there a new white paper and a new product that will be available this year?

The document is 75% ready, the time delay is due to emergency work security

How many members does your team have?

There are 27 people in the team employed full-time, 14 of them – developers, experienced in Stack: Go, NodeJS and Solidity. In addition, about 10 people help the team part-time.

More than half of the team has been working with us since 2016, they are experienced and reliable employees, and in September and October we hired several new strong developers.

Igor Khmel is the CEO and currently works on preparations for SF Blockchain Week 2019

When your product will be available in other languages?

The language problem is being worked on, the solution will be ready in 2–3 weeks. Our wallet will be available in all languages supported by Telegram and you will be able to change the language on the fly.

How can i sign up to your wallet?

It is much easier to sign up to MainWalletr than to other wallets. You sign up automatically via your messenger ID.

How can your product be useful for communities?

It greatly reduce the cost of attracting users. I stopped using Custody Service web version because it cost more than $50–100 per user at the end of 2018. Our solution allows to attract a user for 0.4–0.9 us cents. This is a great result.

Why you are so slow on social media?

The team uses different products for maximum focus, such as StayFocused, FocusMate and so on. This makes it difficult to react quickly to social media messages.

But we work on improving the situation. This week we have also added a proprietary system of anti-spam moderation, and next week we will publish a feedback system via MainWallet. This will allow you to easily send a message directly to the core team.

NEO and GXS tokens have already been integrated into Express Wallet on WeChat to enter the Chinese market. BKX can also partner with WeChat for cooperation, after all, China does not use Telegram.

Chinese market is very important indeed and we study all the opportunities, including that one.

Is your wallet based on Custody Service?

Yes, the 6th generation of Custody Service is the core of the MainWallet, the Escrow flow from the Trust Service is also partially build in (its work can be seen by messages with the /dealid tag).

A Digital Deal will be added later. We have some ideas for real estate asset management, but not for the immediate future.

I do not have any experience with wallets in messengers. How do I receive coins?

It is extremely simple. Only one Telegram message is required:

/send 100 trx

I’ve just sent you 100 TRON token. Now you have to open @mainwalletbot and get them, its easy

I don’t know if the team has paid attention to the speech made by the Chinese leaders in the past two days and focused on the development of blockchain technology. Therefore, this is the big news of China’s policy.

Yes. We pay close attention to Chinese market and in touch with leading accelerator in Shanghai (Chinese YC). It’s remarkable that China outpaces US in number of unicorns and % of people in top10% of global wealth. We hope to find the right partner to develop active operations on Chinese market.

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