Roxe Chain AMA Recap— 24/06/2021
Thank you to the Cryptowid for participating in Ask Me Anything (AMA) with Roxe Chain June,24th 2021 at 3:30pm UTC. This guest star,
Josh Lie ( Chief Business Officer )
Before we start the AMA main segments, we really want to know some informations about yourself. Could you do a little introduction for us to know better about you, Josh Li ?
I’m Josh Li and I am the Chief Business Officer for Roxe, where I lead our go to market teams.
Previously I was the Chief Operating Officer for Selfiecoin, and before that I was an executive at Google and Google X, where I held roles across diverse businesses and geographies.
Prior to Google, I held management roles at RichFx, nMatrix, Avery Dennison and Accenture. I have a BA degree from Harvard University in East Asian Studies and an MBA in Marketing from the Anderson School of Management at UCLA.
Q1. What is the Roxe Payment Network? Can you describe its purpose?
Roxe provides a comprehensive infrastructure and rich ecosystem from the consensus layer to the application layer.
Currently, it includes a B2C product, Roxe Pay, and two B2B products, Roxe Commerce and Roxe Instant Settlement Network (RISN), as well as the underlying Roxe module protocols and the hybrid chain Roxe Chain. Let me share a diagram and explain the diagram in more detail.
Roxe Pay is a smart payment wallet based on blockchain technology that provides users with optimal path payments, real-time cashback, deposit and debit, peer-to-peer real-time remittance, and crypto-IM pay-as-you-go micro-payments.
Roxe Commerce is a merchant service platform that provides merchants with SaaS services such as e-gift card issuance, cross-border payment, and T+0 settlement, aggregated cashier network, and merchant management platform.
Roxe Instant Settlement Network (RISN) is a peer-to-peer real-time clearing network consisting of banks, cross-border transfer (remittance) companies, payment service providers, digital asset exchanges, and Central Bank Digital Currency (CBDC) issuers.
Our infrastructure is supported by Roxe Chain, a hybrid chain with high-speed, low-cost transfers, fast clearing, and cross-chain, cross-asset performance. Roxe Chain uses closed smart contracts to provide the corresponding clearing protocol and middleware components.
Currently, Roxe Chain can confirm a block every 0.5 seconds, i.e. confirm a transaction as fast as 0.5 seconds. It can support at least 2,800 transactions per second and 240 million transactions per day.
Currently, the maximum daily transaction volume of traditional payment is around 20 million, which is sufficient for the current Roxe network to support. For some of the technologies on the chain, Roxe has also applied for relevant patents.
Q2. There are many blockchain projects in the field of payment and remittance. Taking a star project like Ripple as an example, what are the differences and advantages of Roxe compared with it?
Roxe has done a lot of precise research in the payments track, Ripple is a payment network controlled by a centralized node, and remittances are exchanged multiple times using XRP as the intermediary medium.
Because of the over-reliance on centralized nodes (such as cryptocurrency exchanges), XRP may be at risk of being delisted because it is defined as “security”. The Roxe RISN business uses the CBDC model currently endorsed by regulators (e.g., the Office of the Comptroller of the Currency (OCC)).
The remitter hosts the fiat currency in a local settlement node, minting a stable coin anchored to the local fiat currency and acting as a vehicle to complete the transfer, exchange, and settlement of assets on the Roxe Chain.
For example, for the USD, the Roxe stablecoin that is minted is called “roUSD”. The final redemption of stable coins and the “Last Mile” settlement of fiat currencies is done through the local settlement node in the recipient’s country.
In addition, compared to Ripple’s use of XRP as an intermediate currency and the risk of foreign exchange loss caused by its price fluctuations, the Roxe network is based on the Roxe set of stablecoins (ie roUSD) as the remittance medium, backed by fiat currency 1:1, ensuring that users will not be affected by the risk of foreign exchange loss.
The part of the exchange occurs on the Roxe Chain main chain and the FX oracle engine does the price execution, feeding prices from the mainstream global forex market without the layers of markups from intermediate FX brokers, making Roxe products cheaper. Specifically, our pricing is divided into three parts: Send Fee + Currency Swap Fee + Destination Delivery Fee.
Take the example of a “USD to Mexican Peso” transfer. The Send Fee is priced at $1.50 per transaction, the Currency Swap Fee is 0.08% of the send amount, and the Destination Delivery Fee is 15 Mexican pesos. If we send $500 USD, the total cost is only about $2.65 USD.
This cost optimization is due to the reduction of foreign exchange fees and fixed costs for clearing services, and the data in-chain storage dramatically reduces the cost of data reconciliation and audit compliance. If you are interested in a deeper understanding, take a look at this article：
Q3. I learned that Roxe also has many DeFi modules? Can
you tell us more about them?
Here is a diagram of Roxe’s remittance path, and I will explain three of the modules in more detail.
Module 1: Roxe Payment Protocol
In the “exchange” business scenario of cross-border remittance, we adopt the Automatic Market Making (AMM) mechanism and borrow the Order Book model to upload the foreign exchange market price directly through the oracle engine, avoiding the intermediate markup of FX brokers and making the cost of currency exchange more favorable.
At the same time, the exchange of one fiat currency with another is realized, and the liquidity of the exchange pool comes from the local settlement nodes and Roxe Corporation. roUSD is directly used as a settlement currency for payment and transfer business within the ecosystem.
Module 2: Gift cards, collocation, and micro-payment agreements
Roxe Chain technology powers the circulation of gift cards & points without any barriers in the Roxe Pay application. One feature of the Roxe Pay app is an innovative “gift card” grouping functionality using a smart contract to collect money.
All information is available on the chain and is open and transparent. In addition, it also creates a micro-payment business scenario, for example, watching VIP videos, which can be charged by the minute through smart contracts and booked on the chain through the set of passes. Finally, the Roxe Earn function on the app is actually LP mining.
Module 3: Daollar Protocol
Daollar is the world’s first self-contained blockchain economic system and truly stable central bank algorithm stablecoin protocol, a fundamental component of payments, as a universal medium for free, frictionless, real-time exchange and free global payments with national fiat currencies.
The core of the Daollar protocol is to maintain price stability by adjusting the smart contract of the supply and demand algorithm to automatically expand or tighten the money supply, while Daollar is managed by governance token ROC holders.
ROC holders in the community can perform community governance of the Daollar protocol, thus ensuring the stability, transparency, and efficiency of the protocol.
Q4. What is the current progress of Roxe’s business ?
Roxe’s business partners are primarily banks, cross-border payment, and remittance providers. Currently, Roxe has partnered with ECS Fin, a top banking technology service provider, to provide clearing systems for its bank clients.
ECS Fin, founded in 1999, is a fintech company focused on process optimization, holds a SWIFT service license, and is one of the largest banking technology service providers, serving more than 220 banks.
In addition, Roxe has signed formal partnership agreements with regional top partners such as IPay Remit, N2Xpress, BuyUcoin, Fairexpay, and Aberdeen to provide real-time remittance services. Roxe has also partnered with custody providers such as Onchain Custodian to explore the Roxe series of stable coins to explore more application attributes.
In the future, our business team globally will continue to sign high-quality institutional customers. Currently, Roxe already supports real-time remittances in USD, HKD, and GBP, and will complete the connection to the Nigerian and Philippines markets soon.
Q5. We see that there are multiple digital assets in Roxe’s business logic or in the entire Roxe ecosystem, can you tell us about these digital assets and how they are connected?
There are three types of digital assets within our ecosystem.
- Roxe Cash (ROC) is the only token and governance coin of the Roxe Chain, and ROC is the only token that generates the algorithmic stable coin DO.
- The Roxe version of a fiat currency is the fiat value carrier in the Roxe network. For example, roUSD, 1:1 mapping to USD, and roEUR is 1:1 mapping to EUR, etc.
- Algorithmic stablecoin DO is issued only through pledged ROC, and maintains price stability by adjusting the supply and demand algorithm’s smart contract Daollar Protocol to automatically expand or tighten the money supply, while it’s pegged to USD stablecoin roUSD and pledged ROC and can be interchanged on the chain, mainly used as an intermediary medium for remittances in foreign exchange restricted countries.
These three assets have different roles within the Roxe ecosystem and serve different Layers. ROC serves as the consensus layer of Roxe Chain’s Gas, supports public chain operations, and is used in the creation of underlying Roxe business accounts and node elections.
In addition, ROC is the only asset that generates the algorithmic stable coin DO, which is a functional stablecoin used in Roxe products, and can be used in Roxe Pay and Roxe Commerce as a payment currency, deposit, remittance broker, and enjoys platform privileges.
In addition, we often use an interesting analogy when designing the project, ROC is like US Treasury (United States Treasury Bond), and DO is like US Dollar.
Currently, ROC Token can be traded on several exchanges such as Bittrex, Bluehelix BHEX (formerly Hobbit HBTC), BKEX Global, Bilaxy, Uniswap, and Mercurity.Finance.
Q6. How does ROC Token work? Are there any institutional investments? How is it distributed ?
ROC Token is partly issued on the Roxe Chain public chain and partly issued on the Ethereum chain. Let me share another diagram.
The total circulation of ROC is 100 million, 35 million of which are issued in Roxe Chain, 15 million of which are used for supernode pledge; 20 million are used for contract pledges and main chain operations.
The remaining 65 million are ERC-20 Tokens, which are circulated in the secondary market, of which 25 million will be released gradually in the first 12 months. 40 million will be released after 12 months.
The Daollar contract will execute the release, releasing 50,000 hardtops per day. The release of the contract is triggered by the market price, with an increase in price triggering the release and a decrease in price not triggering the contract.
Currently, we are circulating in the secondary market with ERC-20 ROC, with 18 institutions participating, we will announce the specific investment institutions afterward. Please follow our telegram RoxeChainGlobal to get first-hand information.
Q7 - What are your thoughts on the future of cross-border payment networks and what are your plans for the future of the Roxe project?
Roxe provides cross-border remittance services, creating data-based value for customers, reducing costs from 7% to less than 1%, improving the FX rate, and adjusting transaction time from 3–5 days to real-time.
Cross-border or not, there is no difference at Roxe, it’s all about the peer-to-peer optimal path to real-time transfers, not just exchange rates. The same goes for the payment field, we combine the payment business with consumer cashback, social grouping; making payments more convenient, cheaper, and smarter.
In addition, we have thought deeply about Roxe’s business. In fact, there are many additional points that we have not mentioned so far. Here is one example.
The Roxe ID is designed so that every customer using in-network payment and remittance has a unique identity that cannot be tampered with, replacing the complex and cumbersome messaging transmission in traditional business.
Rather than perfecting the functionality of existing financial systems, Roxe has spent nearly two years building Roxe into a new, flexible, and highly scalable next-generation payment network.
In the future, Roxe will continue to explore the flexibility and optimize pluggable interface technology based on the improvement of the functional modules mentioned above, so that traditional financial institutions can easily access and do not need to touch any cryptocurrency.
Currently, our Roxe Instant Settlement Network (RISN) product is already live, and the Android version of Roxe Pay is inviting internal testing which will go live for public testing in Q3 2021.
Q1. From : @Plevnes
What are your thoughts on the future of cross-border payment networks and what are your plans for the future of the Roxe project?
In the short term, we are continuing to build out our partnerships from around the world. We’ve signed 19 partners globally, and will continue to expand that number.
We have also recently announced the innovation of using our DeFi, P2P based liquidity pools to provide wholesale FX rates for our partners. In the long term, we have lots of new product announcements, and we hope to partner with Central Banks to have them use our platform to launch their own CBDCs.
One advantage of using our platform is that the CBDCs are interoperable.
Q2. From : @hina_eman_khan
During, the build of your project. Do you take into account any of the community feedback or demands to furthers, expand the new ideas for the project ?
Thank you for the question, community feedback is always welcome, you can join us on telegram Roxe Chain Global if you have any feedback or questions you’d like to share/ask about our ecosystem.
Q3. From: @AhmedSamna6
Token burning is beneficial to any project because it can control the number of tokens in circulation and provide investors with greater incentives. Does your great project have a plan for token burning?
Q4. From: @Niqabna
I would like to know the working of ROC token, How does ROC Token work? Are there any institutional investments? How is it distributed?
Great question. Here is more information about the ROC token. The total circulation of ROC is 100 million, 35 million of which are issued in Roxe Chain, 15 million of which are used for supernode pledge; 20 million are used for contract pledges and main chain operations.
The remaining 65 million are ERC-20 Tokens, which are circulated in the secondary market, of which 25 million will be released gradually in the first 12 months. 40 million will be released after 12 months. The Daollar contract will execute the release, releasing 50,000 hardtops per day.
The release of the contract is triggered by the market price, with an increase in price triggering the release and a decrease in price not triggering the contract. Currently, we are circulating in the secondary market with ERC-20 ROC, with 18 institutions participating, we will announce the specific investment institutions afterward. Please follow our telegram Roxe Chain to get first-hand information.
Q5. From: @luckyjem02
A strong community not only brings interesting ideas to the project but also attracts larger partners. So how is Roxechain planning to build its community? And is there a plan to recruit people with Blockchain experience to the Roxechain team?
We believe that community is what makes crypto, crypto. That being said, we’re tackling this focus head on, implementing strategies to make our community feel like they’re part of the journey.
There is even a group where token holders can submit ideas and feedback to the team directly, if you hold 100 ROC, contact drewawise.
Lastly, we host events and engage with our community on a daily basis, communication is a key piece to the puzzle of community building.
Q1. Can you give me a list 1-3 of the deadly features of your Project that make it stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?.
Let me reply to this great question. Our top competitor is Ripple. I think we’re better than Ripple because of 3 reasons.
- The Roxe Chain mints a block every 0.5 seconds, whereas Ripple mints every 3 to 5 seconds.
- Our understanding is that Ripple charges partners a setup cost and annual maintenance cost, whereas we do not. Roxe’s low costs are priced into every transaction.
- Ripple uses 1 crypto, XRP, which fluctuates in value, so partners using it have a risk of FX loss. For Roxe, each Roxe token is backed 1:1 by the underlying fiat, so there is no chance of FX loss.
Q2. I’m new to crypto, and I trust a project.Iended up investing my hard-earned money; and some of them turned out to be SCAMMED, what guarantees will you give to a lay investor like me. that you won’t SCAMMED?
Thanks for your question. I think the best way to answer this is based on the strength of our team and partnerships, and also the fact that we are building a real world alternative to the SWIFT payment network.
Our team is composed of talented individuals from some of the best tech, fintech, blockchain, and payments companies from around the world.
In terms of our partnerships, we sign established SWIFT service bureau partners, as well as banks, remittance partners, payment companies, and we’re talking with Central Banks. So we are building a financial services infrastructure for the 21st century, based on blockchain.
Q3. Is Your project a Global project ?
Is any of the local communities restricted from contributing to the project ????
Our project is a global project. We are building a global network that will someday be an alternative to SWIFT, to faster and cheaper payments.
We have signed partners in Mexico, Brazil, Nigeria, UK, India, and the Philippines, and these are our 1st wave target countries for faster payments, but our plans are to roll Roxe out globally in the coming months.
Q4. What is the main vision and goal of your project and who are your targeted customers?
Our vision is to build a global payment system that is a strong alternative to the SWIFT Network. We want this to be super fast (within a few seconds, and low cost (<1% of the send amount).
Our target partners are banks, remittance companies, payment companies, and Central Banks.
Q5. According to the website and Roxe is self defined as the next-generation blockchain purpose-built for payments, the main features that payment currencies need are scalability and low cost, how is the performance of Roxe in these terms?
Let me share this image to compare our platform.
Here are some additional links for more detailed information:
Follow Roxe Chain social media :
Telegram : https://t.me/roxechainglobal
Twitter : https://twitter.com/RoxeChain
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