XinFin (XDC) Network - WadzPay AMA with Blockchain Hustle
On November 9, 2021, Meenu Sarin from Blockchain Hustle held an AMA (Ask Me Anything) session with Anish Jain, WadzPay's Managing Director & CEO. In this AMA, Anish shared the latest developments from WadzPay, the Partnership with XinFin, and discussed digital asset-based payment.
We would like to thank the community for your passion and support and also the question, as well as your love for our vision. You can watch the full interview here.
Please note that Blockchain Hustle is not affiliated with us. All AMA responses are the personal opinion of the interviewee and do not in any way constitute financial advice.
WTK ON XDC NETWORK
1. How does WadzPay relate to XDC?
In essence, WadzPay is a digital asset payments infrastructure and technology layer enabling digital asset payments and with interoperability as its core principle, with the aim of working across numerous protocols such as ERC-20 and in the very near future XRC-20 protocol. The integration with XDC’s Protocol is an obvious choice with its high TPS, reliability as well as network members which is complementary with the projects and initiatives that WadzPay is working on for its operational needs.
2. When can we expect WTK on the XDC network?
You can expect WTK on XRC-20 this year. We can't wait to experience the numerous benefits that XRC-20 /brings including fast TPS, a favourable fee structure and collaborations with other businesses operating on XRC-20.
3. If you have deployed a token on XinFin network, please share the TX hash and the contact address?
WTK has not yet been deployed on the XinFin network. We are working hand in hand with XinFin on the deployment and look forward to sharing the news soon.
4. How will the XRC-20 migration work?
XRC-20 details will be announced at a later date. We are working directly with XinFin on this.
5. Are there other areas of synergy and potential collaboration between XinFin/XDC network and WadzPay — apart from WTK finding another home on XDC network?
We are already in talks with multiple other businesses operating or planning to operate utilising the XRC network. We have one MOU in place already (yes, we work fast) and are waiting for joint approval to make this announcement.
The opportunities with XDC's members are limitless with no boundaries on the impact that these members jointly with WadzPay are able to achieve. We are talking e-wallet solutions, payments, remittances, trade finance, buy now pay later and securitization related products and services across numerous industries, use cases, and geographies. We cannot be happier with the synergies with the XDC Network and its members. Stay tuned for further collaborations and announcements! We are only scratching the surface with our partnership.
1. Is WadzPay going to list on a new exchange in Oct as they said in the AMA with Crypto Eri?
WTK was listed on Bitrue exchange, which is a top 20 volume exchange.
2. More exchange listings needed urgently?
We can't discuss specifics about future exchange listings, but this is one of our priorities.
1. When will the revised white paper and updated tokenomics be released?
Most of the work is completed on these and now comes the part where we have to ensure due diligence, obtain independent expert reviews, and legal/regulatory clearance. A key question we have received is whether the supply will be affected with updated tokenomics — we have no plans to increase supply. Our principle is that all updates to tokenomics should be either beneficial or at parity with current ones for current supporters.
2. What is the total and max supply of tokens? Any airdrops?
250 million. We may utilize airdrops in the future for loyalty rewards, for competitions (such as our recent design competition), and for growth incentive plans.
3. Tokens burn schedule — When will token burn take place?
Our first burn is coming later this month.
1. When will there be a debit card available and app etc.?
The pre-paid card is already a product that is offered as part of our white-label solutions to partners. We also have App integration live with a key partner. We are customizing multiple iterations of the App to some of our partners as we speak.
2. How are businesses using your network to save money?
I'll give a few examples. Cross-border payments are forced onto the current inefficient systems that cost both banks and consumers eye-watering amounts, while also being slow. The architecture we are developing and our concept of tokenising assets allow for the cheapest, fastest solutions to be offered.
For payments, both credit card-based and digital payments currently jump through multiple loops and multiple ‘middle men’. Costs are often passed onto consumers, while the bottom line of businesses can also be impacted.
3. Any short-term plans utility-wise for WTK?
We have just launched staking on Bitrue, but let's talk about business utility. WTK has a function to play in our full suite of offerings including remittances, buy now pay later products, microloans, welfare disbursement, asset tokenisation, and more.
PROGRESS & GROWTH
1. Timeline for future to know what to expect and when?
We are working around the clock to deliver products for each of our multiple partners. For some partners (especially at a government or banking level) the details are kept under strict NDAs, while for others, we of course want to share the news as soon as possible. To ensure we are diligent, all such announcements require legal approval from both of our companies as well as detailed plans to support these announcements. Our planning is complete for two such announcements, and as soon as we get the legal green light, we will make them.
2. Existing team, team growth plans. You recently announced the new development center in New Delhi. Any other?
While we are a very globally dispersed team, capturing talent from all around the world, we found that it makes sense to base a service delivery center in one location to enable efficient collaboration, a team learning-based environment, and also to pool the top talent in a large country within a desirable location.
We have also opened or are in the process of opening multiple regional headquarters to better serve our partners in each geography.
Thank you for also noticing that we have a great team. We will be making multiple top-tier talent announcements this month after trying to headhunt these individuals for a while: they're ready to join us on our journey #WeAreWadzPay.