In case you missed out, here is a recap of the Red Kite X TribeOne AMA.
Date: 15th June 2021
Guest: Luong Hoa, Product Manager, Red Kite
Q1) Could you give us a brief introduction about yourself and your platform?
Hello everyone, I am so happy to join today's AMA. I am Co-Founder and Lead Engineer at PolkaFoundry — a one-stop production hub for decentralized applications on Polkadot. At the same time, I am also in charge of PM for Red Kite.
Red Kite is a cutting-edge launchpad, as part of our growing PolkaFoundry ecosystem. In our opinion, there are 2 big reasons why solid projects failed were “poor marketing” and ‘lack of investors’ interest” due to the fear of scams. Red Kite launchpad will solve both of these problems by offering new ways to raise capital. For marketing matters, we are supported by a network of tier-1 marketing partners, top influencers, and communities to help the project soars. Besides, to launch an IDO on Red Kite, all crypto projects have to go through a robust vetting process, and they’re hand-picked to protect investors’ interests. Red Kite is part of the PolkaFoundry ecosystem and uses the platform’s native $PKF as a utility token. The investors can hold $PKF tokens to join the Red Kite platform and participate in the token sale rounds.
For more information, you guys can read this link: https://medium.com/polkafoundry/introduction-red-kite-a-cutting-edge-launchpad-by-polkafoundry-51707a446eea
Q2) Can you explain the whitelisting procedure?
To participate in the IDO whitelist of projects on Red Kite, normally participants will need to take the following steps:
1. Register a Red Kite account > Connect your wallet (we support both ETH and BSC Network) > Do KYC on Blockpass.
You only need to do this step once.
2. Stake PKF or PKF/ETH LP to claim your tier.
There are 4 tiers on Red Kite:
Dove tier: for users who stake 500 $PKF and above
Hawk: from 5,000 $PKF and above
Eagle: from 20,000 $PKF and above
Phoenix: from 60,000 $PKF and above
3. Choose the pool you want to join and apply for whitelists.
All projects on Red Kite are listed in the project pools: https://redkite.polkafoundry.com/#/dashboard
4. After all those steps are completed, the whitelist winners will be announced to the community usually on the day after whitelist closing day.
The completed guideline for using Red Kite can be found at: https://medium.com/polkafoundry/what-to-do-before-joining-idos-on-red-kite-de9b0d778dbe
For example of a typical whitelist procedure, you can refer to the IDO guideline of TribeOne’s $HAKA here:
https://medium.com/polkafoundry/whitelist-for-haka-ido-pool-on-red-kite-is-now-open-98089c8cb95f
Q3) How would TribeOne benefit by launching on Red Kite?
Firstly, other than other launchpads, Red Kite is receiving enthusiastic attention and support from the Web3 and Polkadot communities.
Secondly, because Red Kite still has a lot of room for development and improvement, we always listen to the contributions of our members. Then, gradually improve Red Kite both in user experience on the launchpad as well as in benefits and policies for both the project and IDO buyers.
Finally, we are proud of our dedicated and enthusiastic technical and community team, who always available to support Red Kite users 24/7.
COMMUNITY QUESTIONS:
Q1) What is your strategy for building a strong community? Do you agree that the power of the community will lead Red kite to develop globally? What services do you provide to the community?
You’re right. Community is an essential part of our development, both nationally and globally.
There are some of the promising features of Red Kite, which will set it apart from the rest of the ecosystem players.
1. Parachain Crowdloan
Red Kite will not only be the first launchpad on Polkadot, but it will also support the crowd loan campaigns for parachain auctions on both Polkadot and Kusama. Projects interested in securing a parachain slot can collect KSM or DOT tokens to win the auction. PolkaFoundry will be the first project to run a parachain campaign on Red Kite.
2. Tier and Reputation
To further strengthen the platform, our bot system monitors every participant’s behavior and sets reputation points. This mechanism punishes behaviors that are considered negative to the token’s healthy pricing. The reputation score will affect the participant’s tier and their ability to participate in future launches.
3. Fairness (lane-based swap system)
With Red Kite’s lane-based swap system, every participant will get an opportunity to join based on their tier without indulging in a ‘gas war’ to ensure fair and efficient participation.
Q2) How do Red Kite PolkaFoundry list projects on the pool?
All projects holding IDO on Red Kite are carefully hand-picked by our evaluation team.
They have to go through a vetting process that considers everything all aspects of the projects, from teams’ profiles to legitimacy and execution capability. This vetting process helps build investor’s confidence and protect their interest, so they can know their money is secure.
Q3) Could you tell me 3 criterias that you look for in a futuristic project?
1. Project team’s origin and legitimacy
2. Innovation of idea
3. Capacity to execute their vision
Q4) One of the primary barriers to blockchain adoption is the complex UI/UX nature of most Dapps, making it difficult for normal users to use them. How does PolkaFoundry plan to solve this problem?
Current dApps put burdens on users. Foreign and complex concepts and steps ruin the user experience and confine the usage of dApps inside the small crypto circle. PolkaFoundry will change that. Every dapps need to be easier so it can approach normal users. By normal users, I mean my parents, my friends, etc. The Crypto community is the main user of dapps, but it is a small population though. Therefore, better UX will benefit every dapps.
We include many “UX-enabling” features in our project. Just some examples:
1. Signing key: Used in place of the private key, each signing key has an expiry time and a limited set of permissions. Thus, leaking yields much less serious consequences.
This more efficient signing process improves both dApp security and the UX safeguard the keys.
2. Flexible Payer: DApps can pay transaction fees for users in a decentralized manner.
As a result, dApps can employ much more flexible monetization strategies, such as free, freemium, pay-to-unlock, and in-dapp-purchase models. Onboarding becomes seamless.
3. PolkaID: An off-chain service that encrypts a user’s key, splits it into parts, then distributes the keys to multiple independent and secure key management services.
This shifts the burden of keeping keys from users, while still preventing illegal access from any single central authority.
Q5) What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?
Red Kite is starting as a launchpad, and this is just the beginning. It will transform into a platform offering a full suite of DeFi & NFT services in the future.
Because you are asking about the most ambitious goal… It’s becoming the launchpad of billion-dollar projects. We are always striving for it.
Q6) Is this platform suitable for Crypto beginners? Or does it only appeal to professional users?
Yeah, sure. It’s easy to start with Red Kite. Please follow the guideline here: https://medium.com/polkafoundry/what-to-do-before-joining-idos-on-red-kite-de9b0d778dbe
Since it now works on both ETH and BSC networks, some basic knowledge about blockchain is required. But don’t forget to join our Telegram channel at https://t.me/PolkaFoundry as well. Our admins & mods team is so supportive and happy to help.
Q7) Does your project support the staking program? if yes. how is your stake system work, what is the requirement for users if they want to stake in your platform?
Currently, we haven’t supported any staking program rather than staking PKF to get Red Kite tier benefits. Please stay tuned to PolkaFoundry’s official channels for the latest news about Red Kite.
Q8) Is your project listed on coingecko and coin market cap or not???
Definitely yes.
Please refer to the links below:
Coinmarketcap: https://coinmarketcap.com/currencies/polkafoundry/
Coingecko: https://www.coingecko.com/en/coins/polkafoundry/
Q9) Binance Smart Chain BSC is trending right now. Is your project interested or is there a plan to enter the world of BSC?
Since we commit to Polkadot and strongly believe in its future, we don’t have any plan for BSC.
Follow our channels to be updated on all our developments:
Twitter: @tribeonedefi
Medium: tribeone.medium.com
Telegram: t.me/tribeone
Website: www.tribeone.io
