Inflow-Crypto hosts Jaden Park, CEO of Donocle (Q&A)

Inflow-Crypto hosts Jaden Park, CEO of Donocle (Q&A)

 

Jaden Park, CEO of Donocle

 

Q: Could you make a short introduction to the project you are working on?

A: Donocle has its focus on the circulation and utilization of cryptocurrency and entertainment. A business that sells chances to become a Cinderella with a single ticket in this bear market, doesn’t it worth trying?

For our background, we have 20 years of experience in developing various games in Online/Mobile game market, so we know how to create easy and fun entertainments using cryptocurrencies.

Q: There are already some cryptocurrency lotto projects out there. How are you differentiate from the pack and what makes you better than the rest?

A: Sure. There are already at least five similar projects out there. But most of them are designing their structure overly complicated. They are all about buying their lottery tickets using the tokens that they issued. To focus on the utilization of issued tokens, Donocle provides easy access by allowing users to pay coins/tokens that are already circulating in the market, and the Donocle Token itself is used for the proof of our POS(Proof-of-stake) profit distribution system for its usability.

Also, our system has C/S environment that is constructed between the lottery server and the clients, and the fairness is increased by transparently disclosing the purchase, deposit, withdraw, raffle, and distribution using the blockchain. We have spent more than 20 years to develop and prove our C/S environment which is now integrated with blockchain technology that brings faster speed, stability, security, and transparency.

Let’s go back to the beginning of 2000. Every system that was slow and inconvenience are now all gone, whether it be fun or well-made. The answer is always here for us, a fast and well responding system, that is a hybrid base with blockchain.

Q: Why will your token have value and what would make the value appreciate? What is the
benefit for the investor?

First of all, investors will receive 10% of total lottery sales through Donocle POS system. This system is not a security token according to the law and our POS system will be used to enable the system. Investors will receive total 30 kinds of coins. Once a ticket is sold, they will receive all 30 types of coins by airdrop. Many people around me are all sick of major crypto coins that rarely gives airdrop. We are going to airdrop dozens of coins every week. The second is about the trading market. What we realized after listing MIB on global crypto exchanges is that coins/tokens that cannot run a profitable business by themselves cannot survive the cryptocurrency trading market. It is impossible to survive only with marketing, good events, mou, loi that they bring to attract investors in the trading market after their public sale. And I doubt if such an artificial value is genuine or not.

After all, it will be the profitability of Donocle that will prove its value. The trading price of Donocle will increase as its winning prize becomes bigger.

Q: What is your plan to make Donocle the most widely known global crypto Lottery?

A: First, we have experience in designing and running SportsTOTO in Korea. The business license is limited to only one licensee by the government. We acquired the license, we legislated, we created the system and provided the service. The annual revenue reached 3 billion USD every year. Also, we participated in a lottery project that the government managed and we consulted an audit system of a lottery project that was run by the Korean government recently.
We are the only team with the knowledge of the lottery ecosystem, how to run the service, and how to create the legal basis for it which our competitors are lacking.

Also, we are experienced in blockchain technology as we have been developing MIB Blockchain Mining Platform and we have developed Coinsys, a crypto exchange. We are able to control and manage dozens of crypto coins at once.
With a little bit of exaggeration, it is impossible to survive the lottery ecosystem only with blockchain technology. We are likely to start from an online lottery and grow it to a lottery business that will be based on a certain area. And other teams without this experience will not be able to make it.

Q: Any partnerships that will leverage your business model? Any that will help expand Donocle
to a wider audience?

A: First, we have IDCM as our partner. This cryptocurrency exchange is based on Hong Kong, they will conduct IEO(Initial Exchange Offering) and they will also provide a listing for us after some time. The next is KwangJang, one of the top 3 legal firms in Korea. Total 460 lawyers are working in the company. They are handling our legal base and they are also providing legal services for Bithumb(4th in the world) and UpBit(12th in the world).

And there is BountyHunters who are running marketing platform business, also we own corporate body of BountyHunters Korea/Japan. And on November 16th, we will be introducing Donocle exclusively in front of 30 VCs in HongKong. We will be constructing a strong partnership for our investment and service. Also, we are pushing on making partnerships with lottery companies in the national project for our marketing alliance. The purpose is to construct a prepaid payment system in places like SouthEast Asia.

Q: How does your staking model work? How much is projected to be the annual ROI for the
token holders?

A: Just holding the token does not give staking. Token holders will be required to warming(deposit) their tokens in our designated POS System for at least 15 days (The security of the hot wallet from the risk of loss/security will be guaranteed by us), and their airdrop will be decided for the first time when someone hits the jackpot. The airdrop comes with every winning of the lottery.

The price of the coin should be interlocked to measure the ROI, but Donocle holders are not receiving Donocle from their token staking, instead, they will receive all the coins that were used to purchase the lottery ticket in their airdrop. Therefore it is hard to know how much it needs to fill the 10% of the POS System share.

Q: Where will you get your Lottery License? And how do you intend to expand this so you can
achieve global coverage?

A: The work is proceeding in Gaminingmalta in Malta and First Cagayan in the Philippines. We will be acquiring required licenses before we start the service. The licenses will be an online casino and an online lottery service.

Q: Please tell us about your roadmap up until your lotto system is fully live and after it is fully
live. What are the things to look out for?

A: There are two big steps. First, we have separately composed pre-procedures for the main launch, such as test process and beta service. The software QC will be conducted by software QC professional OrgoSoft (https://orgosoft.com/en/) following the QC regulation procedure.

1. Design of the service
1.1 Developing the Core and designing the API Block of the coin.
Stability is the first priority, monitoring and maintenance should be followed after the
development.
1.2 Designing the issuing server and the client.
1.3 Designing over 10 marking UI/UX of the buyers.
1.4 Designing optional services such as membership/login/winner checking/prize money and etc.
1.5 Designing the management system and the audit system.
2. Construction of developments
2.1 Developing issuing server(Tcp/ip)/Client (Web client)
2.2 Developing service website
2.3 Developing POS System
2.4 Implementing deposit/withdraw system

2.5 Implementing purchase/winning/verification/audit system
2.6 Queries and monitoring system implementation (for normal users to audit)
2.7 Developing the management system

Q: What kind of experience does the team have in this industry?

A: We SportsTOTO system in Tiger Pools. It is the only lottery system the Korean government runs. We are composed of expert developers who worked in online game development fields for about 20 years and we provided the development service in the provider consortium of Nanum Lottery of the Korean government.

Also, we either developed or joined in the developing of Everybody’s Marble(Serviced by Netmarble Games), Warms World Party, Operation Flash Point, Dispatch of Army, Fortress. Our IOCP based mass server technology provided over 100K concurrent users and created blockchain such as MIB Coin Blockchain. Above all, our main members are armed with experiences in market analyzing and product designing and service providing.

Q: Why do you need such a big reserve – 8.3%, compared to the Marketing and Bounty allocations? Can you explain “Reserve” in funding structure a bit better? And the same goes to Token allocation structure, the reserve is 33.3% there.

We reserved 8.3% for our further service development. We plan to provide more games and users will use coins and tokens for them. Same follows with 33.3%. Software development is the basis of our business. This structure requires
us to go through fundamental tech development first and look for partners, rather than searching for partnerships to grow our business. Therefore we took some proportions for our development and reserve. Donocle will be gaining momentum through constant tech developing and expanding our structure.

Q: When do you think we will be able to play our first real-time lotto game on Donocle? Will we be able to buy a ticket with DOL token?

A: We have Beta Service planned in March 2019. The first ticket will be available in March 2019. The tickets will be purchased using DDL and other 50 coins circulating in the market. The price is set at 0.0001 BTC.

Q: How is the donation system set up? Who decides who gets the donation?

A: There will be a foundation that will administrate and manage Donocle donation. You must know that establishing a foundation is way more complicated and takes a longer time than a commercial business corporation. We will take a verified and transparent procedure so people can check.

Q: What kind of transparency mechanisms will the Donocle foundation have?

A: We will handle the foundation as transparent as we can. Lottery business is highly a gambling business that is under regulation, so the service requires fairness and transparency to stay constant. We will keep most of our data revealed and the blockchain based system will take the role. We will manage and administrate based on our revealed data along with our users and other external people.

Q: Why can your system be fully trusted?

A: We will take snapshots of all the coins that were sent to our website to purchase the ticket or who bought which number and who won the prize, they will all be stored permanently. Also, we pick winning numbers from the Bitcoin Block Nonce value for the fairness of our lottery raffle. Purchase data will be all recorded and disclosed in the blockchain transactions which is part of the Donocle Audit system.

Source: Official website of Donocle

Q: On what exchanges will people be able to buy the token? And can you only buy the ticket
with DOL token?

A: The first trading will be available in IDCM.io. Listing cryptocurrency on here and there is useless, and we know that because we have listed MIB Coin before. Donocle will be listed on an exchange of each continent.

Also, you can pay 50 kinds of coins circulating in the market to purchase the ticket. Of course, we also accept DDL.

Q: Any closing thoughts that you would like to communicate to investors?

A: Donocle project is an entertainment content in respect of consumption and circulation of the coin market. There is no more long line of people waiting at the counter to win a lucky number, instead, someone with interest in cryptocurrency will be the lucky person in this lottery system, that is what Donocle project seeks for. What we wish to see is the first winner after the completion of this project enjoy their blissful time with their beloved people.

With the best wishes for the Donocle team, and our participators and every people with us.

PARTICIPATE IN THE DONOCLE PRE-SALE HERE. IF YOU HAVE ANY ADDITIONAL QUESTIONS, YOU CAN CONTACT US AT INFO@INFLOW-CRYPTO.CLUB.

Inflow-Crypto hosts Jaden Park, CEO of Donocle (Q&…

by Peter ICC time to read: 9 min
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