This is Crypto Core Radio discussing the ideas people and projects building the new digital economy get the latest on blockchain technology and cryptocurrency updates with you host LooTz
LooTz Hello and welcome to crypto core radio this is you host lootz coming to live from NYC and we have today, Bitcoin Benny from the Bronx and he is another project similar to the interviews we have done in the last few days. Chainmakers and ChainZilla and this is the third and the last because their atm is only 3 chain creation services. Redfox is a chain creation service and they also have a DEX coming out if I am correct, I have Bitcoin Benny welcome Bitcoin
Benny: Thank you very much, thank you. Yea you are rite I am also the GM of Komodo in parallel and Redfox is actually a venture group, what we do is we build out companies on top of the Komodo technology.
LooTz: I am not big on titles, what does GM stand for ?
Bitcoin Benny: General Manager, We font have a CEO in Komodo base on the fact that it is a decentralized consensus driven organization. They are not big on titles but they all sort of look after different sectors of the business. So some of use look after the business, some looks after marketing, look after Tech. So its divided into strengths.
LooTz: I used to work for Komodo, I was on the marketing team.
Bitcoin Benny: So you probably understand. Komodo always been considered to be rite up there with the best tech and the most innovative technology. But the ones we have always been criticized for is getting the name out there more. They don’t have the same type of marketing and advertising budgets that a lot of then bigger projects have like electroneum and neos have but on the same token they don’t have the same revenue stream so why would you spend heaps of money on a marketing something that you are never going to get back.
LooTz: I think one of the basics is education. Education is marketing for me, even when putting up a banner on the website and you just put komodo, you are not doing anything. If you can educate someone in the smallest amount of time then that person will walk away knowing something and they are going to think. oh thats Komodo, Thats that decentralized platform that’s separated from all the other platforms because all their tokens are not tokens they are actually separated chains. So if Komodo died one day all the tokens will still be alive. Those chains.
Bitcoin Benny: I spent the last 2 years educating people on Komodo from the end user perspective. I don’t come from a deep technical background I come from a business background so for me its been about… this is what it can do this is what you can use it for and the one thing that we noticed is a lot of people saying what product do you got ? or show me how it can be used ? or show me how I can integrate it into my business and Komodo is like a fantastic wonderful spirited organization. When I say organization its a project it not an organization as such.
LooTz: My biggest difficulty back then was the fact that they kept making names for every gear on the komodo platform. Like every mechanism had a name and its already hard to learn for an average person. You can ask even cryptoblog me and him were on the same side and everyone else was changing names all over the place.
Bitcoin Benny: The way I have grown to see it is one thing is a nut one thing is a bolt one thing is a screw and the way I explain it to people is Komodo is like 40 parts on a table and people are saying what is that ? and you are saying That’s a watch and you are explaining what each of the parts are called but what I need is to use it is. I need a face and a band on it and then I say ahhhh that something that I use everyday and wow its better than what I use
LooTz: Yes. Just tell me what the watch does.
Benny Bitcoin: That’s exactly how Redfox came about we said we don’t want to disrupt anything that komodo is doing but you think of komodo as Linux as an open source platform. What is need is a Red Hat hence Red Fox. To come along and say we get the tech we understand those parts lets put watch faces and bands on it. Lets build companies out so that people are using the tech but the way we wanted to do it is our big differentiator is we are saying to use the products that redfox and companies that RedFox makes. You wont even know you are using blockchain. so you can still be paying in fiat you can still be paying, it can replace services so we replicate unicorn companies. for example we copied Uber cause that famous in the states. you get in your car, you pay your cash to the driver, you get out of the car but what would happen is we would have cheaper transaction processes, better recording of data. No manipulation of data and rides. We would have a much better system backed by blockchain without the end user ever knowing that they are using the technology. We figured that is the fastest way to adoption.
LooTz: OK and this is Redfox so people can follow along ?
Benny Bitcoin: redfoxlabs.io
LooTz: That was a great description, I was under the impression it was just a chain building service.
Benny Bitcoin: We are you you call a venture builder or a startup studio. what we are doing is not trying to reinvent the wheel. what we do is take successful unicorn models and we have a 9 point system so for example we have to grow the the 25 million in revenue over the course of the first 4 years. we have to feed the market. their is a whole lot of exceptions and rules we have to meet before we choose something and we only stick into that economy in four sectors so we only look at e-commerce, e-media, e-travel and transport logistics. that’s all we look at. we look as massively successful businesses we replicate and copy those and then we put blockchain behind it.
LooTz: If I was a client of yours and I come to you. What would I be asking you for ?
Bitcoin Benny: That’s a very good question ? so technically speaking you would not be a client of ours in general terms we do offer consulting and service but what how we do it is we come up with the idea. we build the core structure and go to market. we find people that are experience in that industry to run the company. We give them 20% of the equity and Redfox keeps 80% of the equity and then we hand over the company to those people. Then we basically help advise them and help continue to raise money for their ongoing purpose. So we are a build in and out. So we are a build from in to out model. Not a taking outside businesses and then helping them from within. we do get that from the consulting perspective. to help people integrate Komodo into their business. So for example an existing chain that is stuck and the technology does not work properly. So we can say ok we can come and help integrate komodo in there cause we can solve those problems for you. But our core business is us building out companies that function on komodo in the background.
LooTz: ok so say im a failing blockchain which I have seen in recently a lot of migrations going on. What is the trade off when move to komodo blockchain and getting those great features of the blockchain. Is there a trade off, like am I losing something when I bring an X16r algorithm to an equihash.
Bitcoin Benny: Its a good question and I will talk about it in a very simplistic terms. Sometimes they can lose some o9f the network affect or they can some of the community aspects. a lot of people choose to go on ethereum because it is popular and everyone know what ethereum does in these projects. Well I am stuck!! I cannot expand, I cannot scale, I have got all sorts of problems and I know that ethereum for example is working hard to resolve those. I am not speaking poorly of them, I am just saying it might not suite what the company started out to do and may not be able to finish due to the technical limitations. You have an end to end framework on komodo thats is functional and I can actually build dapps and things on Komodos technology and integrate it into my existing chain. This is something that sort of has not been tapped into. We just signed a partnership with electreus today, they are a classic example of a platform that has been around for a few years. Rather large community. Never did and ICO, Never did an IEO, Never did a raise and they are a fair launch. They are in the same type of situation of you know we have some great tech and great stuff. they are exciting considering they been plowing threw bear markets and rely on the community. At some stage the projects turn around and say we need to generate revenue, we need to make income so we can market and advertise and get better listings and build better products. So this is a perfect opportunity for RedFox.io and say we will help you do that. We will help you build your models, help you define revenue streams and integrate Komodo tech onto your existing platform without you having to move.
LooTz: When you say you are going to build models are you talking about software, can you build software applications on the komodo platform.
Bitcoin Benny: Yeah we can !!! we can built software applications that can integrate into the Komodo technology. We can have a look at each of those project for example if we are you that same analogy and say What have you got ? we are a payment platform. OK so do you realize if you have X,Y and Z function you can actually open up a whole new market in south east asia because of the way it is set up because of the way you offering. They say normally that has not even occurred to us. So what we say is, we will help you be able to do that and integrate some of komodos technology onto your platform which unlocks that door. Then RedFox would say is it does not cost you anything to do that and we will do some sort of revenue share or equity spread on anything that you come up with and build through our consulting and our negotiations. This whole space is full of bad actors and komodo has been really good at attracting projects that are serious and have good tech. Seriously wanting to do something wanting to innovate and integrate. So what we have decided is we should not be like these rip-off artist that charge you something to deliver that does not work… what we rather do is say if it provides value then we share in that with you and if it does not then you have lost nothing and gained nothing. Our proposition is the completely the opposite of what you are seeing in the crypto space and we are happy with that.
LooTz: I am thinking at that there is a software playground called EOS. You ever heard of EOS ? There are a lot of projects suffering over there like you have no idea. I tried to wake them up but they just don’t seem to want to. The whole reason why they stay there is because every transaction is free so it is easier to build on.
Bitcoin Benny: You can set whatever fee you want on technology like komodo. If you want to set a 0 fee then you set a 0 fee. You just have to run the servers. You can charge whatever you like.
LooTz: That’s something people do not know. This is the whole reason why they build on it. Every execution from an application uses some type of tx fee when it executes and they can do more executions on the platform allowing them to build a bigger application that doesnt cost alot in fees.
Bitcoin Benny: There is a Niche there for sure and there’s also you have to take into consideration that those platforms had some very creative lockings in the beginning where they would offer tokens to projects to come across and call that a development fund of some sort and those people have to be locked into staying on that chain for x Period of time but we are seeing it already now with a couple of the big ones that I wont name but obviously their are murmurs that are about to come out. some of these bid chains have realised that they are crippled. They cannot get off of the chain. So they are forking their own projects. I don’t blame them, some one can come across and replicate their own project. which is exactly what we do is we are a replicate company. Replicating real world. That someone can come across and replicate all those top ten projects on komodo and have none of the issues that they got. Scaling, lockings, fees, 51% attacks.
LooTz: What if people wanted to get off Komodo with there chain ?
Bitcoin Benny: Yes of course the platform is completely interoperable.