24/10/2021 — Preceding RICE Opening Sale on Kaimond, we recently joined KardiaChain for an AMA session on Telegram! RICE CEO Kn (Kent Nguyen), shared detailed information about the upcoming product and RICE’s direction and plans in the future. Catch up on the details below:
Note: some of the text may have been edited for clarity and grammar.
Part 1: Introduction
KardiaChain Admin: Could you introduce yourself as well as RICE Wallet project to our community, please?
Mr. Kn: I have more than ten years of experience as a startup founder and senior marketing management at large corporations in Vietnam. Rice Wallet is a decentralized financial application that allows users to store and manage their digital assets with absolute control. Besides, Rice Wallet will help make it easier for investors to access the decentralized financial market. With the carefully selected decentralized applications (Dapps) and customized UX/UI such as Swap, Staking, Invest, Farming,… you can explore the entire Defi market from one place.
KardiaChain Admin: Defi is now known as the future of finance, and there are many crypto wallets on the market. So how does Rice Wallet work, and what makes Rice Wallet stand out from others?
Mr. Kn: Rice Wallet is a user-controlled, non-custodial wallet that helps store all your cryptocurrencies and NFTs in one place. Rice Wallet does not hold or control any crypto but gives the user access to assets. RICE helps users manage the addresses, send and receive crypto with high-security assurance. RICE’s motto is “Investing in DeFi for everyone” so the user experience is what our team focuses on. Rice Wallet provides selected and customized UX/UI Defi applications that help simplify all in-app operations.
KardiaChain Admin: What is the RICE token? And what are the incentives of RICE?
Mr. Kn: Rice Token (RICE) is a utility and governance token that can be used within Rice Wallet application and the Rice Decentralized Finance ecosystem with the following purposes:
- Governance tokens will be used by anyone who wants to participate in the decision-making procedures of adding new blockchain support, tokens, and product features. It will also be collected as fees for submissions to the Rice Wallet application.
- Discounts on DEX (Decentralized Exchange) services and purchasing crypto within the application.
- For affiliate and bounty rewards, the token can be converted to BNB or ETH, which can be used for Network Fees.
- RICE will be used in Dapps in the RICE Finance Ecosystem and will be public in Jan 2023.
- Collectible Marketplace – anyone interested in trading, selling, or buying digital collectibles can utilize the token in a user-friendly environment.
Part 2: Question from the survey
Q1: Vietnam has C98 as the first unit and developer of a crypto wallet and has achieved certain success. As a start-up “born late”, what features does RICE Wallet have compared to C98 to compete in the market and get users?
Mr. Kn: Those at the forefront have the advantage of the number of people who know them, but that doesn’t mean they are the best. Taking the lead also means that many weaknesses need to be improved gradually in the development process. The advantage of RICE is that it is a latecomer, has the opportunity to research the market, and realizes the disadvantages of today’s wallets to offer a better product for users.
Recognizing that the user experience on the market today is still poor, RICE Wallet provides consumers with a simpler, more familiar, and easier-to-use interface than current crypto wallets. RICE enhances security through the internal encryption technology in the device, making it more acceptable for investors and reducing obstacles and dangers in entering the decentralized financial market. We aim to ensure that every user can trade digital assets safely, easily, and quickly right from the first use.
Rice Wallet is everyone’s wallet, not just for experts like Trust Wallet or MetaMask, which require lots of experience in the crypto market.
Q2: What’s RICE long term plan or Road towards making the token to be listed on major exchanges like Coinbase, Binance, Webull, etc.?
Mr. Kn: RICE’s first step towards developing and perfecting RICE’s core values was to create a product that was easy for everyone to use. Recently those interested will see that the RICE team has begun to focus on community development in preparation for the product launch on November 20. Our partners have already experienced RICE’s product demo, and they are very excited about RICE Wallet. Partnership announcement will take place soon after RICE launches the product to the public.
RICE is also doing procedures to prepare to get listed on more exchanges. Kaidex is coming soon. You will see RICE on major exchanges soon when our ecosystem is complete.
Q3: Audit plays an important role in enhancing the stability of any project. Do you have audit certificates? Or are you working on auditing your project to make it more secure and reliable?
Mr. Kn: Safety and transparency are what DeFi and RICE are all about. RICE has been audited by Certik – a leader in blockchain security auditing, through careful and thorough analysis and comments to reduce the risk of RICE being hacked or using errors affecting the token price. We are working hard to make it better by following the Certik report.
The pricing on getting audited by a third party is quite high. But that’s the price RICE willing to take to minimize damage for RICE investors.
Q4: What features will RICE have in RICE Wallet after launch?
Mr. Kn: Rice Wallet is a user-controlled, non-custodial wallet, so you don’t need to do your KYC. The first thing Rice Wallet will ask you is to remember your 12 seed phase as a backup password for your wallet.
Like I said earlier, Rice Wallet is focusing on user experience. All in-app features are designed to simplify all actions by customizing the UX/UI for each individual use case such as Swap, Invest, Earning (Staking, Farming, etc.), Borrowing.
Q5: Almost 4/5 of investors are focused purely on the price of the token in the short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in the long term?
Mr. Kn: RICE has a maximum supply of 1 billion tokens and cannot be created more, thus avoiding the factor of future inflation. RICE tokens are also used to reduce transaction fees and are used in Dapps of the RICE ecosystem. The value of RICE will increase when the supply is limited, and the ecosystem of RICE is growing. In addition, RICE is also used for staking to bring profit, creating an incentive for people to hold RICE in the long term. Right now, we are aiming to build a bigger and better RICE community with the upcoming launch of RICE Wallet on 20/11. New farming and staking pools will be added in the near future. Stay tuned, guys.
Part 3: Live questions from the Telegram community
Q1: An experienced team is the most vital thing in building company growth. A project will not develop without being managed by a professional team, whatever it is good. So, how about the project? Does your team have good experience in the cryptocurrency world?
Mr. Kn: RICE founding team is mainly experts in the blockchain domain. But as CEO, I have held many senior management positions at big corporations such as TOPICA, PTI, MB BANK. After successfully raising $500,000 from Shark Tank VN for Miin Asia with a micro-insurance product, he was offered to sell the company for $4,000,000 from one of the top 5 banks in Vietnam.
Q2: Can you explain how is your Token Distribution? How many tokens will be minted? And How many tokens will be locked by the team?
Mr. Kn: All early investors and founding team tokens are locked for at least five years to guarantee commitment. Right now, RICE is available in KardiaChain, Binance Smart Chain, and Ethereum.
You can check out RICE Distribution here for detail: https://drive.google.com/file/d/1rTYKFUqF2bq_KcVYVZnY96AtwDjnUVl3/view
Q3: Do you have an ambassador program available? If yes, how can I join it? And may I know what’s the benefit available for the ambassador?
Mr. Kn: Yeah, after launching RICE Wallet in 20/11, we will build an ambassador program to expand our ecosystem. We aim to connect all people over the world by easily using our app. Let wait for the news from us in the future.
Q4: Since NFT is popular nowadays, is there a plan for NFT integration?
Mr. Kn: Yes. Collectible Marketplace will be available on RICE Wallet after the launch – anyone interested in trading, selling, or buying digital collectibles or NFTs can utilize RICE token in a user-friendly environment.
Q5: when will Rice be listed on Kaidex? What exchanges is RICE currently listed on Kai?
Mr. Kn: RICE is now available on PancakeSwap, VNDC Wallet, Attlas, and Nami Exchange. Then Kaidex, exactly at 00:00 (UTC+7) on October 25 will be allowed to buy. After the opening sale, KAI will announce the specific list time to the community later.
AMA Recap Summary
More than 400 interesting questions about RICE were sent before the AMA, with over 6000 people participating. We could only choose ten people with the best question to give rewards from RICE. We will answer all questions from the survey so everyone can have a better view of the project. We are glad to have received much attention from the community. In the near future, RICE will hold more AMAs to answer all your questions.