LBank AMA Recap with CC
On 14 June we held an AMA with the CC team, hosted on LBank official telegram channel. If you missed this telegram session, here’s another chance to get a full transcript of the AMA event.
Host
Mr Tong, good day. My name is a biggie. I’ll be your host for today.
Mr. Tong
I got it。
Host
Mr. Tong, please, can you give us a quick introduction about yourself and basically the project?
Mr. Tong
Thank you very much for having me here. As part of the speaker for the Lbank AMA for cloud chat project. My name is Tony Tong. I’m from hong kong block chain association and the co-founder, co-chairman, the advisor for cloud chat. And it’s my pleasure to be here.
So I started graduated from the college, which is in the us university of minnesota in 1991. I was one of the earliest guys to pick up the menu of a hypotax transfer protocol, html menu and started building web based applications at that. It’s called wet one. Now at the time it was web based application. Soon after that, I built rather than static websites, I was one of the earlier guys to build dynamic database driven web applications. And I was an earlier co developer of confusion, which was a very popular tool back in the wet 1 days. It’s aa dynamic web application development tool, scripting language that allows developers to quickly use a tag based a similar to htmla tap based language to build connections with database. The other co founders are germany and jj alert. And jeremy earlier is a very well known guy now in the web, in the web three industry, because he’s the founder and ceo of circle dot com and usdc one of the top two, a largest staple coins.
Jeremy a layer and I went back to 1993 in minneapolis we were working together on code fusion, developing dynamic web play based applications. And I graduated from the university of minnesota with engineering and computer science degree. I after graduating from the ui worked for accenture. At the time, it was called Anderson consulting, uh uh, arthur anderson consulting, and we were building web based applications for the banks, such as the us bank, northwest airlines will build their web. These applications using a lot of s sql database tools.
I’ve moved from web one to web two, now to web three for the last 6 years. I’ve been heavily involved with the crypto mining and also a public block chain projects. I co foundered aa few angel and venture groups in hong kong. So i’m based in hong kong and which is a very active crypto community. Very, we have many popular projects such as anymore cup brands, which invested heavily in the nft and game five that’s based right here in hong kong. The founder, his name is yaxio. I’ve known him for over 10 years. He’s also coming from web one now into web three is made a lot of investment from animal cup brands to send box to exit infinity, crypto kitties, YGG so all these projects are from hong kong. Another project that’s also from hong kong is ftxftx dot com started in hong kong back in 2019 is only been 3 years.
Now it’s the top three largest, maybe the top two largest crypto exchanges in the world after by nest. I’ve also gotten to known cz finance and he yi. The ceo of finance over the last few years have spoken with them at many meetings, conferences as co speakers. So we also know justin son, he spent a lot of time in hongkong is also very active right here in hong kong. In addition, we also have like hobby is also based in hong kong list the company on the hong kong stock exchange.
And also this on the, hong kong stock exchange. And so i’m very much involved with the exchanges and nft and the mining projects right here in hong kong. I got involved with the cloud checks. Uh a. While ago. I’ve downloaded the app, tested on my huawei mobile phone on android, and it’s it’s a wonderful app. And I believe it’s better than wechat and what’s up. Now it’s gone through a lot of test. It’s got over 20 million register users, 200,000 daily active users. And the cc token and cc wallet has just gone through a beta test of over 6,000 users. It’s ready. It’s a chat app started as a chat app, but now is a very powerful social finance or social-fi. Mobile app that supports crypto block, chain fungible, and non fungible tokens supports ideas.
Ii believe it’s an integral part for many crypto projects, and especially if you’re building your user communities. So it’s a very, very useful projects. It’s already been here with lots of users. And I welcome all of you to download the app from cloudchap.com, and you can read the white paper on the cloud chap.com and learn about the to economics. Thank you. That’s my beginning.
HOST
All right, man, thank you so much. I must say, you’ve actually shown that you have such a great wild experience. I must say thank you very much for being a member of AMA, because I am honored to have such a great person.
Today also talked about cloud chat just from the brief introduction you gave. Believe me, I really, really want to know more about the project. I’m sure we’ll learn more as we go into the second half of the year, and we’ll learn more about the future of cloud Chat. Thank you very much.
Jump right into the first part, a set of questions posed by our Lbankers. I hope you’re ready to answer our questions.
Tong
please. Welcome l bankers. I’m ready.
HOST
Regarding the current market situation, So can you give some good reasons why we should buy your tokens in the current market situation? And also why should your token holders continue to hold?
TONG
The biggest reason ii think for all the token investors is that they believe in the project and the project is already has strong utility. It’s functional, it’s not conceptual, is not like a air coin sheet coin. The project, the app is already here with over 20 million register users, 200,000 daily active users. You can use it to do business, to do e-commerce, to make live videos and get paid to do payments.
I think that’s the number one thing. If you’re holding a token and the project behind the token is really lacking funds to continue. Or if it only exist on the white paper and in needs to continue to raise fund and dilute the token investor's interest, then I think those projects are in great jeopardy. If their project is not out. So for cloud check, the project is out. It has been already been in use since 2019. We started as a chat app is moved from web two into web three. And it has grown very quickly. It started in Asia and now is growing into all over the world. We’ve done over 10:00 am as more users and token investors are coming in to support. And I think as you start to use the app, you find out all the good features and you find out ways to support your user community, whether you’re doing play to earn or game five or move to earn or defy, or ido. cloud check can be an integral part of your project to drive your social community and also to handle your payments in rewards.
So i’m very confident that as the user base continue to grow, the investors should be rewarded, especially the early investors.
The project is life. We don’t need a whole lot of money to build a project, like many other projects if they don’t get funded. If they don’t get enough funding that their project may die, our project has already been alive for a few years. So you don’t have to worry about project going dead. So it’s already got 20 million register users and 200,000 active users and growing activity.
So this is definitely, I think bear market these couple days. A lot of people are in fear. It’s actually started with a luna crash.. You have to be backed with solid features, functionality, utilities and user base. And uh, i believe cloud chat has very strong user base as well as its features and utilities for the users. So that’s why I believe the token holders should see its reward. Thank you.
HOST
Thank you very much. So basically, as you said, cloud chat already has a very large user base. It’s been around for a long time. It’s not just a startup. So basically, it’s just a solid project. So basically, it teaches you how to stand the test of time. What strategy will $CC implement to bring non-crypto-natives into its ecosystem? Do you have any Ambassadors programs running?? I want to be one of the Ambassadors of your project
TONG
Yeah, that’s a good question. Any good project that they rely on strong user community and which relies on community leaders from different industries and different geographic regions. We do have programs, ambassador programs. We are always looking for good ambassadors and kols and community leaders.
Over the last ten, am as we have talk to and partner with kols and ambassadors from different industries and different regions. Some uh. I remember we did different am as with guys from australia, north america, south america, india, africa, europe. And we are continue to expand. So if you’re kol and you like to join this cloud chat community and become our ambassador and kol please talk to me or talk to my team. We will definitely work with you, and we welcome you to grow with us and help us grow together. And i believe cloud chat because it’s a social finance app. It can be very useful for the kol or if you’re doing live video, live audio channels, you can try it on cloud chat and you can even get paid. You can easily issue your own token. You can even get paid by doing being a content generator on the cloud check platform.
So cloud chat can be Like tick talk can be like youtube. So you can do your own program, you can generate your content. You can also issue your own token. With the culture token and culture wallet, you can do swaps. And you can also do e commerce, you can get paid with cc token and others swaps such as the finance token, like that was support with us.
We ii just thought of you talked about it’s a bear market. Many other tokens and coins have dropped tremendously. Even big corn has, i’ve seen a huge drop, big coin and etherrium. But over the last I i’ve seen, I think earlier today, I looked at acc tokens price. Ii don’t look at it every hour, but I looked at it earlier today and yesterday. And I think it’s still up since it’s public sale. So it’s up a quite a bit. So I think still doing well compared to many other coins and tokens that are suffering. Recently.
HOST
thank you very much for that. So basically, all those are actually love to be a part of the cloud chats program. Thank you very much for that.
So moving on to the next question, it says, before investing in any crypto, most people wonder what’s the power and the team behind the coin they will invest in.
Now, my question is this is there a power standing behind you? And what is the most important feature that makes the team stand out? So basically, what the question is trying to say, who are your advice as what your sponsors, what a strong power hands, what are the wheels are? Behind out, the project that we actually want to drive an investment busy to clouds. Thank you very much.
TONG
Good question. It’s a good project. It’s all depends on the good people behind it. The cloud chat started in Asia, and developers are from the biggest Asia based chat apps. So our developers started in Wechat days. So Wechat currently has over 1 billion users all over the world and started in china in Asia. And even I use Wechat and in addition, I also use what’s app. But both these two popular chat apps, have a lot of restrictions. I have even gotten banned by WhatsApp for maybe creating too many groups or sending too many links or messages I got banned for like 3–4 months. Took me a long time before I could recover my WeChat. What app has pretty strict restrictions and censorship? So I really don’t like it same with facebook and what’s that? They have a lot of censorship.
So any keywords they have AI system that would detect these keywords that they don’t like, and then you get banned and they don’t even tell you why they ban you, just get banned you. You try to get customer service. It takes weeks and no, nobody will reply. Eventually it takes months to get to get your account. And then Wechat. I also use it quite a bit even nowadays, because most people in asia still use wechat, but it started in china, and it has to abide by the Chinese strict government regulations, so which doesn’t allow crypto exchanges in china and doesn’t allow any company that provides crypto exchanges even pricing information.
All these are not allowed. China has a very strict law that bans crypto mining, crypto exchanges, capital crypto information services in china. So wechat has to abide by the policy. So if you talk too much about crypto stuff in wechat, you also get banned as well. So when the cloud chat team first started, it was a simple chat app just similar to the others like what’s app and wechat. But then it discovered that the the problem that the crypto guys block chain guys are facing by the traditional web two companies. For various reasons, they decided to ban and censor crypto. That’s when the cloud chat had decided over the last few years to completely support crypto. It developed the couch of token and the culture of wallet. Now is working with finance smart chain. It will support more chains and more coins later. And so we started very strong in the social and chatting community side, but now we have a strong in the payment in crypto side.
So I think that’s the strongest utility behind of. The behind us is the team we started in asia. We have guys in taiwan, in hong kong, in singapore and dubai. Our developers are very experienced, very strong programmers. If you, because for years, we have to compete with a wechat and what’s app as a chat app. But so we believe the product itself is very strong. We have all the features that wechat and what’s app that have, but we have more that they don’t have such as our wallet in our payment system. They don’t have, and I don’t think wechat would do that because of the policy. For what said I heard that they are trying to do that. Maybe they’re gonna add what’s that at some point. But that’s from what I heard. That’s still not quite there yet. So we are ahead of whatsapp and wechat in terms of social community chat apps. And we have a very strong payment features and crypto wallet.
So that’s why I believe the earlier doctors and ambassadors can quickly use our utility, our apps to drive profit for your projects. So we are also working with different communities and even outside of the crypto community. In china, there are a lot of iot internet of things, iot gadgets in shenzhen. They make all kinds of wearable in iot gadgets. And cloud chat has support for iot internal things. software development kids that allows all these wearable products. So if you wanna do play to earn move to earn link, to earn shop, to earn all these other projects, you can use our sdi,sdk and api to link with culture platform.
So it’s has strong extensions in api links that can be linked to other projects, crypto projects via api so I think that’s the power behind. We have very strong developers and the products already very stable. It doesn’t crash like many other products. It’s a very stable product. You can use it, you can rely on it.
HOST
Thank you very much. So basically, maybe you just said it’s basically an application that has been tested for a long one now. So it’s actually standing strong plus compared to wechat. And you’re telling me it’s actually very, very, a competitive and very well. So basically, the power behind the cloud chats app is quite powerful and strong, whatever what you want to use this. So i’ll give you guys a big terms upon that. Now, the next question, With all that is currently happening on the crypto space right now, do you think the people still has trust in NFT/P2E/M2E/CC projects? How would you keep the supporters confident/engaged long-term?
TONG
It’s like ii even warren buffett has said that when everyone is fear, you should be greedy. So i’m not giving investment advice, but i’ve coming from web 1 days in the 90s. We’ve seen aol we’ve seen pets dot com, we’ve seen amazon dot com, all went through the internet crash of 2,000 year 2000. We’ve seen stocks that sank 20–30 % in one day.
But that doesn’t mean that the technology is bad technology. So just like in recent days, we’ve seen people are seeing huge by straps in nft or all these block chain and coins. And whether your pow, pos or play to earn, move to earn these projects. Yeah there, some many people, their confidence, maybe shaking right now. But i’m still confident about the technology just like tcpip the internet hyper text transfer protocol http they’ve been around for over 30 years by now. And we’ve seen the stock market gone up and down in the wet 1 days. And now we’re seeing in the web 3 days, we are seeing the crypto and coin prices, roller coaster up and down. But you should doubt about the technology there. This is a web three technology revolution, definitely to economics. They decentralized autonomous organization, dao nft , erc 721.
All these new protocols, I believe they are gonna be here. And there may be new block chains that are coming out there to challenge the area as so on, a such as even finance chan bsc to address some of the latency and congestion issues of of etherrium. But I think the move is definitely moving from web one to web two to now web three.
And now with even the bigger metaphors picture, all kinds of business are moving to the metaverse to nft I know, real estate companies, education companies like stanford university, their master program. They’re issuing nft for their diploma for master program.
So the technology is here. There may be new version of the nft technology. There may be new faster block chain. But I think there’s like icp right internet computer, there’s icp this ipfs i’m right here in hong kong. I’m also quite involved into planetary file system, ipfs distributed storage using foul coin. Even though i’ve seen foul coin prices drop from $80 to now what? 5 or $6. But i’m still a believer. I believe the distributed storage should be there to supplement the centralized storage. And right now, people using open sea to store a lot of the nft objects and open sea provide storage, but that’s a centralized server. But in the future, I am confident that we’re gonna see more decentralized distributed storage using protocols, such as ipfs or cloud chat, cloud chat will even support distributed storage.
So i think that right now, the bear market, we should focus on doing good product. If your developer focus on your product and get it ready, get it really tested, and build a community, build a user base, build a product. And when the market recovers, we should we’re gonna see we’re gonna right or wrong. So you have to focus on building the ship. Right now, you imagine it’s a bear market, you’re stuck on the land. You have to focus on getting the ship ready. And once the ship is ready, then you wait for the wind to come and the wind comes, you sail, and you take your profit.
So right now focus on doing good work. And i’m a developer every day. I’m doing new web projects, web three projects. I’m looking at new investment projects. I’m also doing my web development and web three development. So focus on really building things. And there are lots of that business concepts that will be moving from traditional, limited liability company or listed company, join stock company into decentralized autonomous organization, into dao structure. In the future. If you’re only providing your annual report on the annual basis or quarterly basis, you’re not gonna be competitive enough. Everything can be on small contract. And real estate are moving to that. And there’s also security tokens. There’s even v cs. They’re token nice in it. They’re moving onto a dao structure. And there’s like games. I’m also very confident that all kinds of game, i know the guys who built uh, angry bird, for example, fruit ninja, pokemon go used to be play for fun, play for points, play for your high ranking, satisfactory ranking.
And then now this the play to earn model will be there to economic will be there. Actually, infinity maybe may not always be there, because if it’s not interesting enough there, we will be more interesting games. But we are working with lots and lots of more interesting games. Mm or rpg games moving from web two to web three. We’re working with them to construct uh to economics. And cloud chap is also working with them to help them build their play to earn community and move to earn community and wearable gadgets iot communities.
I think the big wave of business transformation from web one, web two into web three is still there. Despite the roller coaster ride, in terms of token and coin prices. And in terms of investment, I tell people don’t get too speculative. Don’t leverage too much. I unfortunately, ii know some people like to do 5 times 10 times leverage. And when you do that, then you’re playing with a risk. You may lose everything if the market drops 20 %. And if you don’t come up with additional funding, and you’re gonna lose everything. So invest with what you have and don’t over leverage and build good products and good community. That’s the way to get rich.
HOST
so the last questions, It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its development?
TONG
That’s a good question. I think you should ask most other projects that are based on white paper. They don’t have a product. They need to raise fund to build the product, give me the money, and we build the product. That’s many other projects. I like that. We are not like that at cloud chat. We’ve already built a product without your money. Without funding, we’re self funded, we build the product. We’ve already got 20 million register users and 200,000 daily active users. Now we are doing public sale and only doing minimal dilution. If you look at the public sales very small amount, because we don’t need a lot of money the products already built with our internal funding from the seed investors.
So with you don’t have to worry about investing into a white paper, conceptual product, and then worrying about the product not coming out.
Normally, you have to worry about that because most of the startup projects, according to the venture capital statistics, 95 % of all the startups will fail within 2 years. And for lack of funding, for the founders there, they have an unstable team or their key developers leave the company. But for cloud checks, we’ve already had a stable team. Since 2019, the products has already been built. There are already millions of users. So it’s now we are doing some funding to build a community to also to allow our earlier. Doctors are earlier users to get rewarded so that they can participate as part of the token investor community. That’s important. So, yeah, so for us, you don’t have to worry about now having the product. The product is already here. But for others, you have to definitely be concerned about that.
HOST
Thank you very much.
So already for those, I don’t know clout, that’s really functional application, which you can download and actually, so you don’t have to worry about the developers going halfway not completing the project because the project is actually very functional and usable as of now, as he said, you don’t brought out a portion. We quite a small percentage of token for public sale. You can buy what you can at the same time. You don’t need to be scared when it comes to matters. They have to do is the project to complete the products or not because the products really completed. So I must tell you, mister tony, thank you very much for asking those questions from our twitter page.
Now we’re moving down to our communist questions.
Fermi
good afternoon. Yeah, some please. This is one of the amas I really enjoyed on Lbank. My question is to Mr Tong, sir, I this camp that we are experiencing in crypto currency market, I want to know the security condition of your projects.
TONG
we are ordered by sotic.
If you look at our website and in our previous amas we talked about that, our small contract out, we have gone through security audit by so tick.
We are very concerned about the security. I believe we are very good programmers, and we’ve gone through a lot of data tests, security test, and stress tests. And we’ve gone through the ordered by so tick. So I think every day we’re monitoring our the the security of our product. Thank you. Ii think we are confident about the security.
HOST
Thank you, mister. Family for such an awesome question. Please, if you have any question for Mr tong, it’s feel free to signify now due to. So give me a circle, please also have to.
So as I also saying, if you have any question you signify and I will meet you, I can actually go ahead and ask your question. Thank you very much. So Mr wellington, and that’s a question, please.
Wellington
Thank you. Can you hear me? Sure.
Okay, I just have two questions, Mr. Tong, this is the first. I’m coming on your community so I just wanted to be sure it’s. maybe can i see your face. Yeah, that’s the first question. I wanted to ask you.
TONG
we can do the deal if you want to see my face. Because in many other am as i’ve shown my face, if you go to my twitter, you see my face, tony tang, hkba that’s my twitter. You can see my face, but there’s some am as we’ve recorded video, you can see the video recording on some amas。
Wellington
okay, i’ll check that.
So since your project is also, you guys have had had a long way coming. And you really have a product, is there a new map for your talking to be launched on to finance?
TONG
We have talked to finance for a long time. Ii i’ve known cz for many years have met him a few times and our team have met his team in singapore, in dubai and with their his so we already on the finance marching uh on pancake.
We are very confident that we will be listed on finance when the time is appropriate. And they have given us advice, even cz and miss He yi gave us advice just to do good work. Focus on the product, focus on the community. If you have a strong product and we have a strong growing community, it’s they should be asking us to join their community, their finance platform.
We have talked to them, and i’m very confident that we will be listed with finance. So far we are on l band, we’re on next seat. We also talked to as azp and huobi and others. Ii believe you’re gonna see cc token on many of the best highest ranking, centralized exchanges and decentralized exchanges as well. Okay.
Host
Thank you very much, Mr. Tong. I will tell you that you are free to ask questions. If you have any questions, please feel free to ask. Thank you very much.
If you have any questions, please let us know while we wait, as we have limited time.
So I thank you very much, thank you for the simplicity of your question
Speaking of which, I would like to thank you for taking the time to attend our AMA. Is there anything else Mr Tong would like to say？
TONG
ii as I said earlier, Cloud chat had as a history, it’s in use, it’s got lots of users. So please join the cloud chat community. You can discover new ways of using cloud chat
Right now, we have many project teams that are doing nft malls and fte commerce, somewhat doing gold exchanges and swaps and somewhat doing ido platforms.
Basically, we currently already support the red envelope or hongbao or the airdrop features. We support busd, usdt culture token, we are also gonna plan to support other public chains. In our, according to a white paper, our timeline to economics, we have uh the. Total supply is 10 billion. The public sale, which we just went through, is very small, is 200 million. It’s very small, 2 % of the total. Because as I said, we didn’t have to raise a whole lot of money. So I think we are working with community leaders and ambassadors. Please join us as community leaders, ambassadors, kols and help us promote cloud check to different regions to geographical regions and different industries. And we love to work with you and please go to cloud chat.com to download app and read the white paper.
And i’m in hongkong and actually hong kong we connecting with the world. International projects are coming to hong kong for the next 2 days tomorrow and the day after we are doing two big events at the hong kong blocks association. Tomorrow at 6:30 pm we have zoom event, also a land based wine event hosted by hong kong blocking association, and also we are gonna be promoting cloud chat to our hong kong community. We also have events in LAN kwai fong, which is the bar crypto drinks, air area. So we we’re gonna be doing some happy hour events with the local communities, the crypto communities. And on june 16, which is the day after tomorrow, we have hong kong blocks association has a live event at the kerry hotel, which is a five star hotel from like 1:00 pm to 5:00 pm we have a conference. If you’re in hong kong join us. And in september amid september we are going to dubai, the met a week dubai. It’s a week long event in dubai and I also hope to see you in dubai. Thank you very much.
HOST
Mr Tong, thank you very much for being a part of ours ama
Mr. Tong
to make sure with cz and someone can drop my picture with cz to your chat group.
But otherwise, II love to see your face to a video chat with you when you have。
HOST
Thank you very much. Thank you very much. So please send out the link to the cloud chat community on the album group. So that would like to get in torture, be a part of the community can actually do that. thank you very much and see you guys. Next time I’m your host, Mr biggerdip. See you again soon. Thank you. Very much thank you.
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