On June 6th 2021, our community had a chance to welcome Mr. Ben Fairbank - CEO and Co-Founder of RedFOX to join in an AMA to give fruitful information about the key features and roadmap of RedFOX Labs – a tech-forward venture builder delivering companies & platforms that are secure, scalable, and innovative, bringing the world into a new era of technology and prosperity.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from leaders, as well as discuss and share investment experiences in the crypto space.
At this AMA, Mr. Ben directly greeted the community and provided detailed information about RedFOX as well as some key products and future plans.
Time: 14:00 PM (UTC + 7) on Sunday, June 6th, 2021
Airdrop: 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
1. Firstly, can you give me brief introdution about your managerment team and RedFOXLabs.
A. We have a world class management team from around the world, most of which have run and scaled global organizations.
I am the Co-Founder and CEO, and have work at C-Level for global brands such as Virgin, Ooredoo and GRAB, I have also been a CEO, CEX expert, turnaround and start-up specialist in more than 10 countries, and an expert in cultural change management.
Glen Pearce, is also a co-founder and chief strategic officer, who Besides working as a Marketing and sales specialist with international experience in a career that spans more than 15 years, Glen has degrees in both Finance and Commerce.
We have a notable set of international investors, including extremely prominent names like Mike Novogratz of Galaxy Digital out of the states and Brian Cu who is a household name around Southeast Asia having built massive companies like GRAB, Zalora and Go-Jek.
The other C-levels all come from world class backgrounds and are a bunch of rock stars in their own rights.
2. Could you tell us about your first steps in the cryptocurrency and the achievements of RedFOXLabs so far?
A. We have successfully launched two MVPs currently available in market, namely KOGs www.kogs.gg which is our very own NFT (non fungible token) project that is currently available on atomichub. We will be launching a pretty cool game entirely built on the blockchain, called SLAM! The game will be released in a few weeks’ time.
Most recently we have successfully launched our very own participate to earn DEFI platform rfox.finance. This platform is where user can earn rewards, stake, and participate in liquidity pools. So, we its be an amazing success with over $50m TVL and on average about 400% APR. This platform is key not only as it will act as the economic backbone to our ecosystem but also provide users a real means to earn income…something we at RedFOX Labs is very proud of being able to offer.
We have a few more important milestones but the two above are live and available in market.
3. Please tell us about the short-term and long-term goals of RedFOXLabs in the future.
A. Great question, firstly our short-term goal is to simplify the blockchain and DEFI experience. We have always felt that our industry so far too complicated which makes it hard for mass adoption or true digital inclusion.
This is the great challenge in terms of making blockchain and new technology mainstream.
Our short-term goal and which will always be our continued goal is to improve is the customer experience. We want to make it easy for old and young digital users to get onboard and thrive within the new digital economy.
That is our mantra – to unlock value in the new digital economy for ALL.
As for our long-term goals…we intend to completely revolutionize a digital experience combining gaming, shopping, entertainment and earning potential. We are building the new digital economy where everyone is welcome.
Questions for Part 2 - Pre-collected questions from Twitter
1.You mention that you founded RedFOXLabs in 2018 with the intent to be Southeast Asia's first blockchain venture. So why did you choose the Southeast Asian market to develop your platform? @luna1112021
A. SEA has approximately 10% of the worlds population. A very large percentage of this population remains to be excluded or left behind in terms of earning potential. We strongly believe that our business model of participate-to-earn or play-to-earn can address this growing gap between the haves and the have nots.
We want to service the large population of unbanked individuals in SEA and abroad. It is just that our heart and HQ happens to be in SEA. We have also seen first-hand the hard impact covid has had to this region and we want to address this and provide new economic means to the average person that might not be able to seek traditional means of income.
2.Please name your strategic partners and what role do they play in your ecosystem? What marketing plan have you been implementing to become a leader in the Southeast Asian market? @Bigcityboy90
A. We have chosen some of the worlds best agencies, designers, builder and developers. In saying this we are not going to give up too much of our secret recipe, but we can tell you this…we are constantly seeking out best of breed when we need to outsource.
However…ALL critical functions are all in-house. We will never outsource our heart or what is critical to our business.
We have activated several media and PR campaigns, including AMAs in SEA and have seen an extremely positive response. This solely proves and backs our strategy to be based and service one of the most exciting regions on this planet.
3.Can you tell me more about the streaming and cashback application of RedFOX Labs? This application will work independently or support for e-commerce platforms, online media or social networks, ...? @Aberzika
A. The new video and streaming platform will plug straight into RedFOX Labs' other ventures, and will be the backbone for bringing content creators and consumers together in an interactive way.
It will also be key within RFOX VALT our metaverse being launched later this year. All media, be it audio, video etc will be delivered in a seamless fully integrated manner, with a real-time overlay ad experience.
Cash back, although being a mainstream in terms in e-commerce, resonates back with our fundamentals of participate-to-earn business models. At the end of the day we want to provide an enriching experience but also make sure our users benefit financially from our ecosystem.
4.Does your project support the staking program? If yes. How does your staking system work, what is the requirement for the user if they want to stake on your platform? @frknkyar
A. We have recently launched out rfox.finance which is our very own DEFI platform, for staking, farming, rewards, Liquidity. This is where you will find our $VFOX token, which is essentially our rewards token.
VFOX is important as it will serve as our receipts token to the metaverse RFOX VALT our very own metaverse, being launched later this year. RFOX VALT is going to be a fully immersive, truly engaging shopping experience where we will combine many forms of entertainment and leisure into one amazing virtual experience.
5.In your security related article I read that RedFox Labs have implemented the required changes and now have a new audit pending with Hacken since the upgrade to V2. Do you have any updates to share with us regarding the audit, has it been completed already? @Lidiamga
A. To be clear, the audit has been entirely completed or we would not have launched at all. Security is our absolute priority! To be clear, all the flash loan attacks has been on tokens that have a mint on demand mechanism with no limit to the supply. What this means is that if there are lot of transactions, more of the tokens will be minted.
In the case of bunny, the exploiter did a flash loan for a lot of BNB and started to manipulate the BNB/BUNNY price and did a lot of transactions that caused a lot of BUNNY tokens to be created (from 600k total supply to 9 mil total supply during that duration) which was then all sold to the pool crashing the price of the token.
RFOX and VFOX have fixed supply (preminted). VFOX are locked in contracts which have a fixed emission rate per block so there is no one that can "steal" those tokens. they will all be given out in the 20 week period.
The BUNNY token doesn’t have a max supply. For every 1 BNB earned in the performance fees, 5 BUNNY is minted, so supply is not capped at the moment.
This hack, in a way proves that our strategy is absolutely the right way to go.
Questions for Part 3: Best live questions in Crypto Family Group
1. Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn? @momo_chab
A. Yes we actually do a token burn each week. We take the tokens we earn for providing liquidity to the RFOX/VFOX pool and we turn them back into RFOX and burn them. Each Wednesday we have a burn party!
2. What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year? @oplus6
A. To build larger audiences, to deliver our metaverse and quality products that enhance our ecosystem and to ensure we increase the utility of the RFOX token. We focus very heavily on digital inclusion and in the developing nations of Southeast Asia.
3. Revenue is an important aspect for all projects to survive and maintain the project / company. What is the way to generate profit / revenue of token? What is the income model? @Lethanh77
A. We have multiple revenue models and ways for the project to generate income. Unlike most projects we are able to rely on a network of companies that form a very stable and reliable form of income.
4. At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it? @Pro_falo
A. We are focusing on a combination of these. We are about to announce some big partners and we are also delivering more products and ventures. Its always a balance of marketing, working with partners and delivering products and we are at a stage in our journey where all of these things can be done in conjunction.
5. Can you list 1-2 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about? @dungproz
A. We are a network and ecosystem of companies and products, all leading into and out of our metaverse. I think the killer features we have are that you will soon be able to do pretty much everything you want through one of our products or ventures. Not many projects could boast that. We are building an entire digital ecosystem.
CF: Thank you so much for taking your time to join our AMA today, as well as thanks for hundreds of good questions from our community.
Seems like there're many things to exchange, but I'm afraid the time is up now. For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below: