Community AMA Recap With KardiaChain CTO

9 min readDec 24, 2020

We’ve recently conducted an AMA in Official KardiaChain English Community, The AMA was held with Mr Huy Nguyen — CTO at KardiaChain

The AMA session took place over the KardiaChain community on Telegram where Huy discussed several exciting facts about KardiaChain and the upcoming Mainnet.

Q-1: When we delegate our KAI, will the time required to return them back to us remain 24 hours like it is on testnet?

HUY- Yes, when you delegate your KAI, you can un-delegate and get back your KAI in 24 hours.

Q-2: Is there a minimum time for a validator to lock up its funds? Or can he withdraw at any time thus closing its node?

HUY- Validator will have its stake amount lock for the whole staking period (1–3 months).

Q-3: How often does the staking payout?

HUY- Staking pays out per block (~5s)

Q-4: How easy will it be to stake or delegate? Will it be accessible through the membership app and can it be done on mobile tomorrow?

HUY- In order to be the validator (stake), you would need to register and go through the process of voting for every staking period. This is somewhat similar to the process of choosing 5 community genesis validators.

The process of delegating is much simpler, it is similar to what you see in the testnet. You only need to create a KAI wallet and delegate your KAI directly from there.

We will introduce the KAI master wallet in the next few days.

Q-5: With regards to the locking periods How long do you have to lock your tokens for in order to be a validator?

HUY- Similar to question 2, as the validator, you have to lock your KAI for the entire staking period (1–3 months).

For delegator, you can un-delegate your KAI anytime and wait 24-hour before you can get them back.

Q-6: Regarding validators, If there is a power cut, will my node be safe? what’s the penalty for it going offline for a few minutes to 24h?

HUY- We don’t penalize validators for unexpected circumstances but if you don’t perform well as the validator, that would harm your reputation.

There are different requirements on being available (99.999% or 99.99% of the time), which will be voted by all validators. Violating these would result in some bad history and prevent you from getting elected the next time.

Q-7: if I am doing a shared validator node and someone pulls out (for example in a bull run and someone wants their units if the price goes high) will that lose our group slot?

HUY- If you are the validator (regardless of shared or own), you can NOT pull the money out before the staking period ends.

Q-8: Will KardiaChain expand telco partnerships outside Vietnam?

HUY- There are a few ways of interpreting “partnership” with telco:

1. We can partner with them to build solutions like DID, Mobile Banking etc.

2. We can partner with them to distribute their services using KAI e.g. top-up, 3G/4G/5G etc.

We will definitely do 2. as we are expanding our KAI Membership app through the whole region.

For 1, we are open to collaboration but would like to focus on Vietnam first.

Q-9: Do KardiaChain consider India one of its next markets?

HUY- We focus on Vietnam and SouthEast Asia now, and maybe throughout 2021. You can see we start having new users for KAI membership in Indonesia and maybe the Philippines next.

India is a very attractive market, and we are looking into it, but will not be a priority until at least the 2nd half of 2021.

Q-10: What is next with Mai Linh?

HUY- There is much collaboration going on with Mai Linh recently. It is just overshadowed by our mainnet, but we will bring many announcements soon.

I can sneak peek that Mai Linh services will be fully integrated into KAI membership app, so you can book taxi/transportation there, you can use your Mai Linh Green card there, and you can even pre-pay for other services in the Mai Linh ecosystem using KAI.

Q-11: Will KardiaChain be Expanding its gaming section of KAI to China eventually?

HUY- By gaming section, not sure if you mean Livestream or gamification?

In either case, we are focusing on Vietnam and SE Asia at this point. If anything happens in China, it will be through our crypto partners.

Q-12: What is the Current progress with the government and how closely are we working with them?

HUY- We are still working closely with the Government. Please stay tuned for the new update.

Q-13: Will KAI on Kaidex have the same function as BNB on Binance?

HUY- KAI Dex is a demo of what we can do with the Dual Nodes interop technology. It is only the PoC and not meant to be the end-product yet.

Yes, Dual Nodes can achieve similar functions like BNB on Binance, but we would need to dedicate a team to build an end-to-end product like that!

Q-14: Will there be a Geleximco app built on KardiaChain and how will all that with real estate work? Can we have any details on that yet?

HUY- Geleximco Labs will have further updates after mainnet, please stay tuned for our announcement there.

But in short, not only for Geleximco but any other traditional business partners, they are free to build any app on top of our private and public blockchain.

Q-15: How much KAI needs to be bought and locked by a user in Vietnam in order to get free Gigabyte every month to top up data on phones?

HUY- We will introduce VIP-tier for KAI membership soon where you can start getting free Gigabyte for mobile by locking your KAI up.

Sorry, I don’t have a specific number in mind (that would be from our CBO Johnny Tri Dung), but I know the VIP tier will start with 100k KAI and Super VIP starts with 1M KAI.

Q-16: What are the main targets in the South Korean market?

HUY- we have many valuable partners in Korea, both traditional and crypto (e.g. LG CNS, BlockCrafters, CoinPlug etc.) so our goals are to exchange technology i.e. we offer interop technologies for them, and they offer their trademark technologies e.g. DID to us.

On many occasions, that opens up a new market entry as well e.g. smart city, manufacturer etc.

Q-17: Will KAI work with local authorities to add KAI payment to city public transport?

HUY- In general, we work with local authorities to add KAI payment to everything possible. It is not done yet but it will be a long process to help the government come up with a legal framework on how to accept and legalize KAI payment.

Q-18: How is KAI going to partner with the banking sector to support Fiat to KAI directly from the Bank. Would there be any Dapp for this?

HUY- Currently users in Vietnam can use either NAMI or VNDC app to perform fiat gateway: direct transfer from Bank -> crypto.

KAI already partnered with both of them to take advantage of these features.

Q-19: What’s the role, progress of the other offices?

HUY- Our new focus is to grow the Vietnam office, we won’t expand our offices outside of Vietnam in 2021.

Q-20: In regards to the DID Alliance and all members involved, are there any plans to reach out to any of the big names? (Samsung/Hitachi)

HUY- Yes, of course, the intention of joining big alliances like DID or EEA is to reach out to new clients.

However, we want to make sure we have a good working product here in Vietnam first, before selling to more clients. In 2021 you will probably see us launching DID solutions in Vietnam, and if successful, will expand to other regions.

Q-21: Can we expect any updates with LG?

HUY- LG became our genesis validators is quite a big update IMO. For other fronts, due to COVID situation, we can’t make much progress. We will definitely re-engage after the mainnet and when the pandemic situation is better.

Q-22: Is KAI going to be used as a currency for Vietnam and enterprise ( meaning like a stable coin fashion ) or is it going to be used more in a DeFi fashion where we can expect some of its supply to be locked up and constrict supply?

HUY- Our technology would be used to build stablecoin (like VNDC will issue their stablecoin on our platform) and hopefully we are good enough that the Government might consider us for CBDC if any.

However, I’d refrain from saying KAI trying to become the “currency” in Vietnam, because Vietnamese law is clear that VND is the official currency in the country.

Q-23: Does KardiaChain have plans to work with Vietnamese blockchain competitors in the future ?

HUY- We consider the blockchain world and Vietnam, in particular, to be “blue ocean”, so we don’t consider other blockchain projects as “competitors”, but rather collaborators because we are all pushing this technology forward.

We always welcome new partners, as long as there are clear collaboration models. If we have a clear partnership plan with Tomo, we will definitely do.

Q-24: Will we have a T1 exchange AFTER mainnet?

HUY- There are very few exchanges bigger than Kucoin, e.g. Huobi, Binance, Coinbase, Kraken.

We are working with all of them to get KAI listed there, but there are different conditions to be made, and we will consider the pros/cons. Our focus is to have the best blockchain mainnet first, and we are sure the listing will follow sooner or later.

COMMUNITY ASKING SESSION

Q-1: How will companies get kai? Will they buy from exchange or KardiaChain will use the reserves for that? Or sell as OTC at market price?

HUY- There are different agreements/contracts with different companies so they gather KAI from a few methods: some buy from the market, some buy OTC, some were private investors as well.

Q-2: I do have a KAI in my Ledger wallet. Can I directly send KAI from ledger to KAI smart contract for staking as a delegator?

HUY- After the mainnet, you can only delegate “native KAI” token, not ERC-20.

We will provide our master wallet and you can delegate from there. Until Ledger supports the new native KAI token, you can delegate from Ledger too.

Q-3: With the early community delegating, who are we delegating too?

HUY- Early Delegator pool allowed you to swap your ERC-20 to native tokens early (before we introduce the token swap bridge next month).

So for that period, you can use your “native KAI” to delegate to any of the 20 validators before everyone else.

Q-4: Do we need to do anything at this stage to swap ERC20 KAI in our cold storage for the new Mainnet KAI?

If we have Kai currently on some exchanges like IDEX, anything needs to be done by us before the upcoming swap?

HUY- You don’t have to do anything at this stage.

We know token swap is a nightmare for the community and try to make this process as slow and convenient for you as possible.

After the mainnet, there will be two types of KAI: ERC-20 KAI and native KAI, but the total is still 5B. We will introduce the token swap bridge so you can bring ERC-20 to native KAI when you want to. You can still trade the ERC-20 KAI as normal so it should be seamless to you.

Q-5: Is there a fixed APR for delegates?

HUY- Delegator APR really depends on the validator you delegated to, because the validator sets the commission fee.

Validator APR varies from 12–30% APR, we think early on, it will be roughly 15–18%, so as a delegator you would need to subtract from the commission fee.

Q-6: What is your strategy to get them involved? What was your motivation to build Your Project? What are your vision and mission now?

HUY- About vision, I’m a tech guy, so I’m not too much into “cryptocurrency trading”, but I’m a strong believer of blockchain technology. I believe in 5 years, Blockchain technology will be the cornerstone for many industries, similar to AI, ML, Cloud computing today. That’s why I want to be an early part of this technology movement.

We chose Vietnam because it’s our homeland and also offers many opportunities as a developing country.

Our mission is to make everyone equally accessible to this new technology and drive toward a more equal world.

Q-7: May I ask if the master wallet will also be compatible for ERC-20 tokens?

HUY- It is not in the first version, but we will consider adding it in soon.