HYCON AMA Review
Hello Everyone. It’s been so long.
This is HYCON team.
HYCON AMA which is held each month was conducted on June 4, 2019 this month.
The details of Q&A are shared herewith for the guardians who could not participate in the session on site.
1. What’s the reason why the real-time broadcasting is not carried out for AMA?
The exchanges of cryptocurrencies typically monitor the communities of cryptocurrency which has the listing pending in the future in fairly considerable cases. The reason why we decided to change the method and not to progress AMA by the streaming method is because the video screens can be captured even while the streaming is under way, though the service is not provided for storage or replay of contents, and the unclear facts could be dispersed by rumors or there could arise the parts which can be misunderstood by the exchanges.
2. What’s the reason why the launch timing of the services is delayed?
We are always carefully listening to the opinions suggested from the communities. It is frequently commented in the chatting room why the launch timing is so much delayed and why the matters are treated like this maybe in the manner of amateurs, however, in the standpoint of HYCON, we do not mean that we don’t have any further responsibility since the part we had promised went live but, rather than that, it is our belief that we have to actually lead the revenue market through the launch of the services. That is, we have to aim the business which can be operated in a steady and unremitting way and that’s the reason why we have always worried and considered about when will be the optimal timing for launch and in which form they should be progressed.
3. Can you kindly let me know the plans for listing with the exchange?
We are not waiting only for the listing with Bithumb. We are also preparing the listing with the other exchanges. Generally, if it is not the exchange with a convenient environment for trading and a high level of liquidity, it may not matter if I tell you in advance. However, the listing with an exchange does not necessarily serve as a positive news and therefore we have difficulty in disclosing the exchange with which we are progressing the discussions.
However, the circumstances may not hold us to wait until the end of the year. Though it is normally hard to talk about the schedule for listing, the progresses are planned to be made so that HYCON may be listed with an overseas exchange which can be considered convenient and easy for trading of HYCON around July or August. We have been preparing for it from February of this year and passed through the period when the diverse and detailed examination for listing was carried out.
Moreover, the listing of HYCON is under review with the exchange where the transactions are executed by the local currency. So far, there are a number of countries where the public consensus could not be developed in relation to the cryptocurrencies. Indonesia and Africa are part of them but the case of Brazil which recently led the price hike with Bitcoin may be representative of them. Therefore, the exchanges where the transactions can be executed by the local currency amidst the environment of equality are being sought. It is not clear whether the exchanges to allow the transactions based on the local currency will serve as a positive news at the time but, in the second half of this year, the cryptocurrency transactions based on the local currency are expected to gather momentum in these varied countries.
4. There are lots of blockchain services under progress with the government and the public agencies but are they related to the HYCON public blockchain?
Let me show you the answer to the question if the projects have any relationship with the public HYCON blockchain at the end of the year. You will come to see why Glosfer and HYCON are paying their attention to the private sectors. This month, we have the plan to visit Ethiopia for development of the application services on the basis of the blockchain. Since the messages communicated in advance through the online channel might be interpreted in different ways and partly because we are approaching this issue in a fairly prudent way, we would like to communicate the detailed information next time.
5. What is HYCON Go?
“HYCON Go” is a KYC platform. The HYCON participants will be required to undergo the process of KYC once again in the future. Under the objectives of “HYCON Go,” the procedure for KYC will be progressed once again through “HYCON Go” and KYC will be processed once again overall. It will be used for varied purposes such as obtaining the answers to “Who has HYCON?” and “How much do they have?” and for the function to service HYCON staking and others. Rather than the airdrop platform, it will give rise to the festival to be enjoyed by those who possess HYCON. As the first event, a diversity of benefits are planned to be awarded to those who participated at HYCON ICO on the basis of the holding period determined as of the current point in time.
6. Then, how will the case be treated whereby the person who participated at HYCON ICO has sold and does not hold any HYCON and how will the period be determined?
The period will be determined on the basis of the time of KYC. When the related notification is posted, the calculation formula for the period of participation at HYCON ICO will be included. The decisions will be made on the basis of the holding period of HYCON, the time of KYC for participation at ICO and the quantity of HYCON possessed. The users who do not possess any after selling will be given the options for selection.
7. Won’t it be helpful for enhancement of HYCON value to let all of the persons know about this event who used to possess HYCON?
Though it may not be possible to give the information to thousands of persons over the phone, we will arrange to give the guidance through the contact information (e-mail address, SNS channel) submitted at the time of ICO. Particularly, in the case of overseas residents, the communication through e-mails may be more effective.
8. What’s the relationship between FOBLGATE and HYCON?
The causal relationship is being segregated between FOBLGATE and HYCON at present and it will be the same in the future, too. You may wonder how they could be segregated. To be frank, they are difficult to be segregated. It is our position that the business areas should be segregated in an official way. Some of you may have the experience to have played the games at FOBLTALK within FOBLGATE but we are targeting 100 thousand members. The general users, but not blockchain users, are supposed to play the games shown at FOBLTALK. It is the very Glosfer of ours which is connected to all of these systems directly and indirectly. We will provide the justifiable value to these and pursue the improved relationship in the future rather than no relationship. Now, in the standpoint of FOBLGATE, there may be the curiosity why they should give these big benefits to HYCON. Partly it may be thought possible because they share the same representative but, as I disclose this for the first time, we even have the plan to donate a specific part of the quantity allocated to HYCON Team. In addition, I would like to inform you that we don’t have the plan to distribute the quantity allocated to the team this year either. We always bear deep in our mind the thought “We are all HYCON Team.”
9. Could you let me know your plan for enhancement of the value since the price has fell greatly?
As the direct effort, we are progressing the listing with the exchanges. In the case of H.PAY too, we are striving to go into the direction for formulation of the trend to allow the settlement by cryptocurrencies with the focal role assumed by HYCON so that it may be immediately and actually used at the varied affiliated stores.
10. As in the case where the advertising expense was disbursed by HYCON at Premiere League, do you have any additional plan to pay HYCON as the publicity fees?
The advertising expense at Premiere League was paid in full at that time. Moreover, you will all know that there is a quantity (500 million EA) allocated to HYCON Team. We don’t have the plan to distribute the 500 million HYCONs this year either. However, there might be a plan to distribute them for the benefit of you, the guardians of HYCON. I will not talk about the plan in an official way. I would like to remind you there could be the interactions with FOBLGATE. Otherwise, the quantity planned to be disbursed as the advertising or publicity fees may be sourced from the quantity for events and others at the time of listing with the exchanges. However, since the plan may or may not be executed depending on the circumstances, let me just ask for your reference to the possibility. With respect to the cryptocurrencies listed, since there may or may not be the plan of airdrop depending on the exchange, the execution will be progressed at a reasonable level. Accordingly, since the execution of all related transactions was completed, there is no quantity of HYCON remaining as payables or receivables outstanding.
11. Please pay more attention to the price than the development.
We will pay our attention to the development and price simultaneously. That’s because, without the development activities, the company does not have the need to exist. In terms of the marketing, I think the communities related to the cryptocurrency have not only to conduct the banner advertisement aggressively but also to actively get involved in the administration. Though the marketing activities cannot be conducted by anybody, however famous the cryptocurrency may be, in the domains of blockchain where the government is interested, we will keep the activities going for further proliferation to a sufficient level.
12. If it is difficult to list HYCON because it is a main-net, don’t you have any plan to develop the plug-in program to enable the listing at least with the exchanges without the technology as a resolution?
Even if the plug-in program is developed, it cannot be interfaced. Moreover, though a cautious issue, it could pose the problem if there arise any hacking accidents at the exchange. All of these should be taken into consideration. It is a cautious subject because the incident caused actually by the internal staff or any third parties could be interpreted differently as the internal problem of HYCON. In the case of a certain domestic exchange, the interface with the wallets was completed in 3 days. Then the test was progressed for about 1 month by conducting the varied tests such as the creation of blocks or transactions and others. The tasks to enable the interface with the main-net cryptocurrency wallets are never difficult. But it has a strong impression as a difficult work since there may not be the cases where the developers of cryptocurrencies and blockchains are close to ERC-20 or the main-net cryptocurrencies.
13. When will HYCON be listed with Bithumb?
I am waiting for it, too. The reason why we have to wait as much as possible at present is because there were special circumstances internally within the exchange as you might all be aware of. With a sense of responsibility as a representative director, I get involved with lots of activities in this respect with the hope that the progress will be rounded out at least within June.
14. Do you have any plan for buy-back? I wonder if there is any policy for defense of the price when the quantity in circulation increases due to airdrop.
At the current stage, we are focusing more on the accomplishment of business outcomes as a replacement to the buy-back rather than the buy-back itself. The policy for defense of price relative to the increase of circulation quantity due to airdrop is to cause the staking and spreading of HYCON as much as possible. For instance, maximizing the staking of HYCON through “HYCON Go” may be an option.
15. I think it could be a good idea to publicize HYCON by utilizing the people within HYCON SNS channels.
There are five thousand and odd persons in Telegram and there are more than one thousand persons in Kakao Talk group chatting room. I know well that there is also an unofficial channel with more than 200 persons. And I really wish to encourage them for their publicity activities. We have not refrained from the publicity activities with the people within the SNS channels. But there was little response. At that time, in terms of the HYCON parody images only, more than 2 thousand pieces were received. So, in relation to this part as well, we will let you know should there be any considerations to mind in the future by any chance but I would like to ask for your active participation. However, above a certain threshold level, the HYCONs may give the influence on the price and therefore the payment may not be possible.
16. Please let me know the outcomes from the business progresses at Glosfer in percentage terms.
I would like to tell you that we will disclose the information after first establishing the clear plans beginning from H.PAY. Once I said this, if we could have the internal decision concluded, the information could be immediately disclosed right on the Monday this coming week. Moreover, thanks to the earnest sales activities for Glosfer private blockchains, there are even the cases of entry into the overseas markets. We aim to have the public cryptocurrency HYCON be used in all private sectors. It’s the same with UP Music that we have completed the preparation of system. We are progressing the test of system quality. And we are watching the timing for maximization of support and for the most sensuous approaches. However, before that, as I said already, it is our opinion that we had better start from H.PAY.