At 26th of August 2020, we held the First KavaTipBot-AMA.
Brian Kerr (CEO of KAVA) and Sarah Austin (CMO of KAVA) were answering on a questions from different users.
The KavaTipBot-AMA was held in Telegram-group of KavaTipBot.
We are glad to present you a report from the First KavaTipBot-AMA!
— BEGIN —
Brian: Hello everyone, happy to be here for the first Kava Tip Bot community AMA!
Sarah: Hello everyone. Thank you for your thoughtful questions and committment to the growth of the KavaTipBot-community!!
We can’t answer every single one, but the best questions win. If you scroll up you will see two articles I shared before the AMA started to give you a head start in asking the best questions. Please read and share those articles with your friends for extra chances of winning. Thank you.
Can you tell us some of the goals you’re looking forward to accomplishing the most with KAVA? What biggest challenges do you face after starting this project?
In response to this question, as someone with a background in Marketing, I can speak to the marketing vision for the company. Kava will enable the mass adoption of Bitcoin elevating the entire crypto industry. When the lay person thinks of Bitcoin, in the future, they will immediately think of Kava, their decentralized bank and become a user. New users will pour into crypto for the first time and Kava will be there for them to offer the most comprehensive decentralized financial services.
Question1: KAVA is currently going well and is receiving positive attention. What will you do to get more exposure and adoption? What is the KAVA message for the Community today?
Brian: Things are going well for KAVA because we thankfully are a project well positioned in DeFi and interoperability — both hot topics in the market right now.
We have launched the lending platform and if you see kava.io/overview we have $40M USD of BNB already locked in the platform and $17M USDX created. Not bad for two months if I say so myself.
So far accessing Kava or DeFi generally is hard — you need a ledger, you need to use weird apps. This is all changing as centralized exchanges like Binance integrate Kava and bring our platform to their users in a seamless experience.
Additionally, we prioritized this past quaerter launching the app.kava.io so people can easily access Kava lending and rewards.
Going forward we will attract more attention and users by expanding exchange listings, expanding integrations, and growing the collateral types offered on Kava. We will also be rolling out some new features on Kava that will grow its DeFi capabilities to offer several services seen in the Ethereum ecosystem.
Question2 : Community support is important for the success of a project. How does the #KAVA team maintain sustainable community support?
How important is the Global/Bangladesh community to #KAVA?
Brian: There are several community questions here asking what Kava plans to do to grow local communities and support them.
Kava’s communities grew a lot over the past year expanding to India, South Korea, Turkey, Bangladesh, and many others.
We grew wide, deep in some, but others not so much. We want to prioritize quality over quantity going forwad.
I hired Garlam Won, ex-head of marketing at Harmony to help with Kava’s community efforts going forward. He is organizing a structure for all local Kava community groups so that they can get resources and support to grow awareness of Kava and be a good resource for users to learn more about Kava in those regions.
He will be in contact with the local groups soon to inform you all about the details.
Question3: Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the investors’ eyes. What #KAVA has done and plans to do to achieve real world adoption?
Sarah: Absolutely, $KAVA cares about growing the #KAVA community, gaining new users, and joining the overall crypto movement. Thank you to everyone for your time and dedication to this project. It’s impossible without your contributions!!
We plan to achieve real world adoption by continuing to ship our products on time and hit our milestones.
This is the year that will make a huge difference on the wider crypto space. As you’ve seen since our launch supporting $BNB that shortly after 1% of all of BNB went on Kava. Think about what 1% of $BTC on Kava will look like? And 1% of XRP. However, it’s very likely that in two months from today more announcements of progress will follow. The DeFi industry currently manages over $6.9 billion in assets. This is without the involvement of Bitcoin directly. Primarily Wrapped Bitcoin gives BTC holders an option to explore these projects, yet it represents a market cap of just $362.9 million.
Bitcoin has a market cap of over $217 billion. Capturing 0.5% of this market cap represents a $1 billion increase in assets. It is equally possible that 5% of the Bitcoin supply will find its way to this platform, yielding a $10 billion increase in assets. That would, in turn, yield a KAVA token increase by anywhere between 500% and 5,000%.
Question4: Which incentives for holders KAVA for their long term investment and how to encourage them to buy and hold?
Liquidity is really important points for a cryptocurrency coin, what will you do to improve ability for people to both enter into and exit from positions in KAVA?
Brian: Some people are BTC maximalists or ETH maximalists. I am a liquidity maximalist. I have spent a lot of time and resources making the Kava markets very healthy, deep, and liquid so anyone can enter or exist a position, even if it is quite large. Even if early backers decided to sell today, with over $27M in volume daily, it will be a drop in the bucket and not shake our market. No single user can control the Kava market any longer. I’m really proud to have built the market up to what it is today.
This is a huge reason why KAVA has performed as well as it has.
Question5: Apart from Staking rewards are there any other benefits of hodling KAVA ?
Brian: As a holder of KAVA, you can earn staking rewards, but more importantly you own a piece of the decentralized bank that is Kava. Any profit of fees the platform makes ultimately get returned back to Kava holders.
As lending on the Kava platform grows, Kava is burned becoming more scarce.
Question6 : as we know, cryptocurrency is a potential future payment, including $ KAVA. What is your strategy to attract people who don’t know about cryptocurrency, especially $ KAVA?
Brian: We will be doing some very wide education campaigns in the next month. It will help raise awareness of Kava. I cannot say what we will do, but it will be very large 😊
Question7 : Hello team , first of all I like to say congratulations Kava project , after entering defi filed project goes to moon , so now you are intergrate with Tipbot , This is also amazing . So i now i have quation , are you will create new token for Tipbot system ? related with Kava main token . because lot of the projects now made this type of Token for Tipbot system .
Brian: Tipbot has KAVA, USDX, and can support other assets. We do not control the Kavatipbot, so it will be up to the organizers here if they want to add support for other tokens going forward.
Question1: What are your plans for marketing activities in regional communities? Will you use KavaTipBot for this?
Sarah: As far as regional community marketing goes #KAVA has some fun activities in the pipeline. For example, more KavaTipbot #AMA’s, Also we host a monthly Co-Founder #AMA that streams live to the Kava YouTube channel. We collaborate with our partners such as Binance to hold Telegram #AMAs. We hold contests on our Twitter where users earn $KAVA in giveaways and are rewarded for their contributions. We launched a content campaign that we invite our regional communities to participate in with their local customs and culture. We plan on doing more diverse social media content and community AMAs for each region as we build out more channels on TG and Twitter. In the meantime, be sure to follow http://twitter.com/kava_labs on twitter.
Question2: I wonder where you could use (real) bitcoin as collateral and are we in the #defi bubble? How does $kava Help in this case ?
Brian: Kava-4 Gateway release scheduled for October will enable BTCB, (binance custodied BTC) as a collateral type. This is like wBTC on ETH. “real” btc, or a trustless BTC bridge is a bit more complicated to issue, but we believe we can accomplish this towards the end of Q1 2021.
Question3: In your opinion, what are the barriers that make it difficult for Businesses to adopt the usage of blockchain? What makes KAVA so friendly for individuals and businesses?
Sarah: In my opinion, the barriers that make it difficult for businesses to adopt these technologies, such as DeFi services, is that there are a few bad actors out there who give DeFi a bad reputation in the wider business community that enevitably creates a barrier to entry for 3rd party integrations. Coming from an enterprise background from Oracle Financial Services, I understand enterprise marketing for business development goals. However, after having 17 years experience in startups as a 3 time VC backed founder, I know how to tell the difference from a project that will sizzle out and die in 6 months and one that has the potential to be around for the next 100 years. That’s why I left my very comfortable position at Oracle to join Kava because I took a bet on @brianhkerr as a CEO I belive in and the entire team of Kava developers. Because Kava is in the bucket of projects with the potential to be around for the next 100 years, larger financial institutions are starting to integrate Kava for their DeFi services. For example, https://www.coindesk.com/binance-launches-defi-staking-with-cryptos-kava-and-dai
Question4: We all know that KAVA is a DeFi landing project. Which reasons/factors forced you to choose this subject/platform for the KAVA project? Why did you choose this lending concept, Because we all know that this is becoming a very popular concept on crypto now?
Brian: We caught the head winds in our sales for sure because we were developing in DeFi when DeFi wasn’t cool. After we launched it seems that everyone is a DeFi protocol now, even when they are not.
Kava first started as a research and development company working with ripple, makerdao, and others on layer 2 scaling solutions and interoperability via payment channels. At that time we believe interop was all about value transfered. The 2018 bear market made us realize that crypto payments is a small market and was going to take a lot of time to mature. We learned from Maker’s success in 2018 and to some extent bitshares early experiments with CDPs(before Maker) that collateralized loans on digital assets was going to be big.
We pivoted and launched the generalized lending platform or decentralized bank that Kava is today. Thankfully, DeFi became cool shortly after 🙂
Question5: Users can buy and sell KAVA and USDX with their linked bank accounts using Swipe wallet platform which recently partnered with KAVA.
What level of convenience can this offer to the users and will this greatly help in Crypto adoption?
Brian: USDX in swipe, in kavatipbot, and other applications greatly expands the reach and utility of Kava and USDX assets.
I am so excited to have USDX offer 4.5% APY to users holding it in Swipe and be able to spend it anywhere Visa Cards are accepted. It makes stablecoins like Cash. This is really what DeFi in 2021 will be all about.
Question6: What is KAVA roadmap for this year 2020? Are there any new partnerships and interesting upcoming use-cases?
*2020 — Q1
-Don’t live in the past!
*2020 — Q2
-Integrate BNB & start BNB Rewards
-Launch Chainlink Oracles
*2020 — Q3
-Launch Kava-4 “Gateway” Testnet
-List USDX on major exchanges
-Integrate financial services (exchanges, wallet, etc) directly to Kava.
-Binance.com DeFi Staking
*2020 — Q4
-Launch Kava-4 “Gateway”
-Integrate BUSD & start BUSD Rewards
-Integrate BTC-B & BTC Rewards
-Integrate LINK-B & LINK Rewards
-Integrate XRP-B & XRP Rewards
Note: ATOM depends on (1.) IBC (2.) ATOM Futures Token implentation.
Question7: Marketing is the leading factor that helps the project thrive. So what is your strategy to attract customers and investors ?
Sarah: $KAVA gets marketing. This is a project that has put extra emphasis on marketing because $KAVA understands how important communication to the financial world is and really cares about empowering the people to have the community bank of the future that we all partake in, grow in and share together. Every user is now empowered through decentralized blockchain technology to remove the middle men and $KAVA’s strategy to get the word out there comes from a strong marketing team who can get a lot done, but also depends on the community. We need you to tell your friends and help us to get the word out by creating content!!
Question8: What makes Kavatipbot different from other tipbots? why should choose kavatipbot?
Brian: Kavatipbot has USDX, which is the only crypto-backed stablecoin, trustless, and earns interest automatically in your wallet. It transacts in seconds — no gas fees.
Nothing comes close to USDX right now.
Question9: What is so special about KAVA compared to other ?
Sarah: $KAVA is built from the ground up. It’s not a “Y’ project that is dependent on a mash up of various APIs. It’s a native blockchain. It’s not built on any other blockchain without the limitations of the Ethereum network, for example.
Question1: You said kava was partnered by Ripple,Cosmos,Hashkey, and Binance is there any chance to find another partners to make Kava more Famous?
Brian: We have plans to list on major exchanges that open new regions, like Coinbase and Huobi.
Outside of crypto, the major partnerships to look out for are with financial institutions and fintech apps that want to support USDX as an alternative cash account product. USDX offers superior yields to checking accounts and has no lock-up like a bond.
Banks, apps like Robinhood, are perfect fits for USDX — especially now with the Swipe Visa Card integration
Question2: Please explain more details about $KAVA ecosystem and who are now using this & plans to attract users who don’t know cryptocurrency?
Sarah: Great question, thanks for asking. $KAVA understands the value of the #KAVA ecosystem. However, beyond this niche that is DeFi there are many crypto curious potential users who want to jump in but are scared. Kava wants to say to them, hey, the pool is warm jump on in. That’s why we prioritize not only educational content, but building trust with our existing users. Kava is built from the ground up. Kava can handle speed and scale. Kava can be trusted because of the strong engineering team, technology, userbase, ecosystem, and strong partners, advisors, and investors.
Question3: It is possible to integrate #KAVA project technology to build DeFI product?
Brian: Kava offers safe deposits of crypto assets on the blockchain, loans, and stablecoins. It also has infrastructure such as Chainlink oracles that provide price feed data securely on chain.
Kava is a foundation for many new DeFi apps to be built. Even blockchains like the Binance Chain, OK Chain, and KuChain building their dexes can use Kava to offer users stablecoin trading pairs, extra capital for margin trading on their assets, and use the chainlink data to create derivatives products.
Question4: What are the main factors influencing $KAVA prices and how can $KAVA be different and become a potential business,main benefits,economic model,quick time achievements,vision and what’s new with $KAVA?
Brian: Kava has a very unique economic model, or as many call it token economics. If you’re interested in learning more then please read this well documented article in CoinTelegraph addressing that concern. Entrepreneur Magazine also writes about Kava’s strong economic model as being akin to Uber’s growth by decentralization model, calling Kava the Uber of Bitcoin. https://cointelegraph.com/news/proposing-an-uber-like-growth-model-for-blockchain-incentives
Question5: How do you plan to get attention about your project in different countries where English is not spoken well? Do you have local communities for them to let them better get a idea about your project?
Brian: We have local teams in Korea and China because these are major markets. We need to grow out our capabilities in Russia, Vietnam, and Turkey as they are large markets. For now, we rely on our excellent community managers to help bring content to those users.
Question6: The modern world has witnessed the tremendous development of blockchain technology and Game industry. Do you consider to bring a perfect payment solution in the field of games?
Brian: USDX is pretty nice for game payments.
Question7: It is possible to integrate #KAVA project technology to build DeFI product?
Sarah: Yes, it absolutely is. That’s what Binance did with a Kava integration to launch Binance Staking.
Question8: Does the KAVA team have a training and guidance system for newcomers to cryptocurrency? How do you attract and reach them?
Sarah: Kava has a medium blog where we like to share tutorials about our products, integrations, and partnes. You can read more and follow the Kava Labs blog here. https://medium.com/kava-labs