DragonBite is an open decentralized asset management platform for customers to store and swap all digital assets in one app.
Retail customers have always been big fans of loyalty programs, not only to express their approval of a product or a service but also because of the exciting perks that come with them. The problem is, the rules of these programs are often restrictive, and their rewards are too limited resulting in slim benefits for consumers, which they cannot enjoy. Fortunately, blockchain can change all of this.
Mickael Costache, a co-founder of DragonBite, currently serves as the company’s Chief Executive Officer. Behind his back is a team of seasoned experts in various fields, including technology, marketing, fintech, payments, banking, and loyalty.
Costache and his dynamic team aim to provide an innovative service for consumers by converting their loyalty assets into more valuable assets, which they can truly enjoy earning from.
The company’s team members come from some of the world’s most tech-forward countries, including the United States, United Kingdom, China, and Hongkong.
What is DragonBite?
DragonBite is an open decentralized asset management platform for customers to store and swap all digital assets in one app and one password. The platform aims to bring blockchain technology to the overly centralized loyalty market and offer new services that would bring more benefit to the consumers.
DragonBite is a platform that aggregates users’ digital assets, including loyalty points, gift cards, coupons, cryptocurrencies, e-vouchers, in-game assets, and more. Protocol users can then convert their digital assets into other assets they prefer and spend them using a DragonBite-issued prepaid card.
RioChain offers a high level of security to the platform and helps DragonBite decrease its blockchain transaction costs while increasing the speed of its system.
Proof-of-Authority (PoA) Algorithm
DragonBite will support Proof-of-Authority (PoA) algorithms, which can help the platform decrease transaction cost and upgrade its scalability performance. Another great feature of PoA is that it also reduces the risk of individual miners influencing the consensus of the entire network.
Dual Token Mechanism
The DragonBite platform has two governance tokens called ‘BITE’ and ‘BITE Point.’
BITE serves as a reward for users’ contributions to the platform, including buying, selling, C2C trading, converting, and sending digital assets inside the DragonBite Ecosystem. This token also links users to various incentives that can further boost their funds.
It is also a publicly tradable financial asset and can be stored within the ecosystem as a stake to acquire more BITE tokens.
BITE Point, meanwhile, serves as a medium of exchange between Digital Assets and gives liquidity to buyers and sellers of their digital assets.
Compared to DAI (a stablecoin cryptocurrency), which can only use ERC-20 assets to back it, BITE Point could be backed by any cryptocurrency as long as the Polkadot network supports them. These cryptos include BITE, BTC, ETH, KSM, RFuel, ERC-20 tokens, ADA, EOS, and many more.
Each digital asset will be given a market value using BITE Point and it will also act as storage and valuation of a token in the DragonBite wallet.
The platform intended its value to be near USDT to ensure that the exchange rate between different tokens’ values will not slide into high volatility.
DragonBite plans to support BITE staking in the near-to-mid term and add custodial staking-as-a-service for other PoS assets like ETH 2.0 and DASH.
The policies for the staking of assets will vary by the chain and by the asset. For example, the platform will not charge staking-as-a-service fees for Polkadot assets initially, but it will implement a fee on certain DPoS assets.
The fees will depend on the staked asset, which can undergo the voting process on the DragonBite governance token. Here’s an example:
Shane is staking $1,000 worth of BITE and generates a 20% return on the assets. DragonBite will return her principal, including the 20% or $1,200 in BITE. It will also provide her with at least an additional 50% of the U.S. dollar value of the BITE interest generated in the form of the BITE token.
In this scenario, Shane would receive $1,300, a 30% return in USD value on her underlying principle.
Token Allocations and Use
|5%||Future Strategic Sales|
|18. 4%||Private Sale|
|17.5%||Team and Advisor|
BITE holders may download the DragonBite app and validate the blocks by running the DB node. Any user who provides a verification service to the community (Proof of Stake) will receive an incentive through the built-in blockchain reward mechanism.
BITE holders who will stake their BITE tokens will have the privilege to propose changes to the Dragon Bite ecosystem, which includes, but is not limited to, the following areas:
- A change to the economics of the system
- A change to the functionality of the system
- Membership tiers
- Adding additional staking assets
- Adding merchant partners
- Inviting new vendors (such as hotels or airlines) where users can earn rewards.
Delegated Proof of Stake (DPoS)
DragonBite will offer non-custodial services for its initial staking business line through Delegated Proof of Stake (DPoS) to provide platform users with an extra layer of protection.
By using cryptos that are DPoS, the platform can effectively reduce security risks that might happen on users’ funds because it won’t have any first-hand management of their digital assets.
DragoinBite’s wallet offers a unified frontend for users to allow them to manage and trade their loyalty assets (like coupon or reward points), gaming, and cryptocurrency assets.
Let’s now get to the technical side of this wallet. The platform’s digital wallet employs the standard of BIP-3211 to generate as many wallets currency as the user wants to use. It also uses BIP-392 to implement a simple and secure way of backing up the randomness generation of private keys for all supported cryptos. Users will be authorized to see the BIP-392 compatible mnemonics set encrypted with their password.
These high-level security measures ensure that users’ assets will have strong protection from possible attacks to funnel their digital assets.
Bite Prepaid Card
The platform’s prepaid card connects users to more than 30 million merchants and enables them to withdraw their cash from 2 million ATMs all over the world.
Users interested in purchasing a physical or virtual prepaid card may send a direct request on DragonBite App or its website.
Each issued DragonBite Cards will directly connect to the platform’s multi-currency conversion engine and DragonBite app. Another great thing about its prepaid card is it allows users to spend supported cryptocurrencies in real-life consumption through its Multi-Asset Conversion Engine (MACE) Module.
Users who want to have a DragonBite Premium card (which is only limited) must first have 5,000 BITES holdings in their DragonBite wallet.
Premium cardholders will receive 0.5% of their spending in BITE as a reward, and it can be either redeemed or converted into other digital assets and currencies.
To acquire a DragonBite Standard card, a user must have 2,000 BITES in their app. Standard cardholders will receive 0.1% of their spending as a reward.
DragonBite isn’t just about changing the face of the loyalty industry; above all, it brings consumers to the top and highlights their value by providing rewards and expanding the potentials of their loyalty assets which they truly deserve.