Klever AMA - Full Transcript

If you missed the live AMA with Klever's CEO Dio Ianakiara, no need to worry. Here is the full transcript where Dio addressed Klever's upcoming platforms, security and KLV's new burn mechanism.

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Question 1: Could you tell us a little more about what is going in development of Klever’s upcoming platforms, and address the current Klever Roadmap?

We are working hard to scale our products for the growing demand of new crypto users entering the blockchain space. At the same time, we have a big squad working around the clock to finish our new Klever Exchange and make sure it has a great experience for our users. 

During the past weeks we have tested the first releases of Klever Browser and Klever Exchange apps and many challenges are present in both apps. Klever Roadmap is an ambitious plan and it may take some time to be completed, however I’m glad to say that our team is more than capable of delivering new ground-breaking products that can impact the entire industry.

Question 2. Around two weeks ago, Klever burned over 9% of its circulating supply in a new annual gross revenue burn. Can you explain this burn in more detail and its potential impact on KLV, its total supply, scarcity and future value?

The fundamental idea behind the newly implemented annual revenue gross burn is to lower the total supply of KLV, make KLV a more scarce asset and increase its value over time as the revenue of Klever grows each year.

The burned 379 million KLV were generated from Klever gross revenues in 2020, and amounted to around $2 million at the price of KLV at the time. This burn will become an annual event, in which each beginning of the year in January the Klever team will calculate the revenue made from last year, and remove KLV from the token’s circulating supply at the equivalent USD value that previous year’s revenue amounted to. 

As the usage of the Klever Swap, Klever Exchange and other products increase over the coming years along with Klever’s revenue, so will the annual KLV burn amount. We want to make sure we are burning more KLV than we are creating with staking and foundation projects.

Question 3. Today there is a daily KLV burn of 10% of all Swap fees. Do you plan to have that in place or are there any other plans for the daily burn of KLV?

Yes. We have really exciting burning plans for KLV that will greatly reduce the circulating supply of KLV on a daily basis!

Up until today, we have been burning only 10% of Swap fees in our 4 daily burns, but this rate will increase ten fold.

We are increasing the daily KLV burn rate from the last week of February, when we are planning to implement a new daily burn mechanism of KLV that will burn 100% of all Swap fees (!!!) and remove those KLV coins from circulating supply. So this move will mean a 10x increase from today’s daily burn of KLV to amount to 100% of all Swap fees collected.

The goal with this new burn rate is to improve KLV’s utility and scarcity, and as more people use our Swap and Exchange services, the more volume will come through our products and more KLV will be burnt.

To summarize, Klever aims to achieve a deflationary model for KLV with this new burning mechanism, in which the annual burn of KLV generated from Klever’s gross revenue coupled with the daily 100% Swap fee burn will jointly exceed the newly minted supply of KLV created through Klever Staking.

Question 4. Currently a vast number of DeFi projects are built on Ethereum, as well as growing number on TRON. How is DeFi part of Klever’s future plans?

A: Klever Blockchain will be a pure DeFi machine, without the increasing fees plaguing the public blockchain industry. We understand that the value of a blockchain isn’t related to it’s fees but it’s benefits for the entire world. A blockchain cannot scale with high fees at the cost of the users, and this notion is what guides us as we build our blockchain’s architecture.

The goal of Klever Blockchain is to offer DeFi features that are safer and easy to use for anyone. We want to provide a simple platform for developers to participate and grow within, by removing the need to learn about complex subjects, advanced coding and or fear security issues. 

Question 5. Can you tell us more about KFI’s role in the Klever Blockchain? In this regard, what is KFI and what benefits does this token have for its holders and the entire Klever ecosystem?

A: Klever Finance Token (KFI) holders have complete control over the kapps protocol configuration (such as application fees and referrals), and over the approval of new apps using an on-chain voting system.

KFI is designed to serve as a governance token, and KFI enables our community to participate in Klever Blockchain’s essential decisions and gets an opportunity to earn unique rewards. 

KFI features include vote for new features, vote for new kapps, vote for blockchain proposals, earn rewards generated from kapps.

KFI is a rare token and only 1,000,000 units will ever be created, with just 150k KFI being minted upon first creation. The number of KFIs that can be distributed by KFI Network Rewards is fixed and will be carried out over the next 20 years respecting a HALVING event every 4 years. For me, KFI is one of the most exciting projects we’re working on today, with unimaginable potential and influence for KFI and KLV holders.

6. As there are countless exchanges already available on the market, how will Klever Exchange stand out from others? Why would traders choose Klever Exchange over others?

A: There are many components of the incoming Klever Exchange that will make it unique on the crypto market and set it apart from the current competition, making it attractive as a trading hub from traders around the world. 

First, Klever Exchange is a meeting of numerous technologies: Klever Exchange is built with the aggregated knowledge of our team’s experience in building blockchain architecture, security solutions using military grade systems for encryption, high performance swap and trading engines, banking solutions, and simple user experience. 

This means that we are not using one, two, or even three different technologies to build the Klever Exchange, but multiple different disciplines and technological solutions are meeting and overlapping to produce a scalable, fast and completely secure exchange for anybody globally to trade in. 

Second, unmatched speed: Our trading engine is built in an innovative way that enables it to handle 3 million transactions per second. To compare with one of the industry giants, Binance currently is able to handle 1 million txs/sec. We are able to achieve this speed by having each trading market and order book to act fully autonomous. 

This trading engine architecture also ensures that if one market for some reason temporarily goes down, it does not affect any other market or order book, which also increases the reliability and resilience of Klever Exchange significantly in case of an attempted entry or exploit. All scenarios have been taken into consideration, and the security architecture is built in such a way that our users will know that their funds are always safe with Klever Exchange. 

Third, ironclad security: Klever Exchange is using an innovative security architecture we have been perfecting for years through our work in the wallet crypto field, making the exchange wallets virtually impossible to penetrate or hack. We have built an autonomous and robust security mechanism that uses our own independent banking component to communicate with, but not interact with, our Hardware Secure Module (HSM), which in turn handles withdrawals and deposits end-to-end fully autonomously.

Since all components of the security architecture can communicate with one another, but not interact or affect the other components’ actions, this makes the entire system bulletproof against malicious actors, and ushers in a new era of wallet security for the crypto exchange industry.

Fourth, accessibility and low threshold for trading:
Klever Exchange is built to be a borderless trading platform where literally ANYONE CAN TRADE. Users from all over the world will be able to open a trade at low amounts and very low fees, and we have had the third world strongly in mind when building the exchange structure and low threshold for entry. 

Klever Exchange is meant to be a tool to give freedom to the little guy, who on other platforms is often forgotten or neglected as priority is primarily put on larger traders or whales. Like always, we will do it differently. Klever Exchange will be a fundamentally fair platform where our support team will give as much emphasis on new and small traders as on big and experienced traders, and the exchange experience will fit both newcomers as well as seasoned traders. 

After many years in the field we understand that even with many exchanges out there, only a small number of exchanges are really professional in what they do. We have witnessed that firsthand. This also means there’s a lot of room to improve user experience and deliver better services, which is exactly what Klever Exchange will do!


7. Can you elaborate on the fact that Klever App is a self-custody wallet that solely gives the user their private keys, while the exchange is custodial service. How does these two products complement each other?

We believe in self-custody services, and that is why we built Klever Wallet to empower our users with the ownership of their own private keys. But self-custody is not for everyone. We want people that are not yet in crypto to feel safe about it and without the many complexities that are involved when you do self-custody of your own crypto. The Klever Exchange and Klever Bank are the ultimate custody services for the people who want to have crypto and don’t know how.

We are also going to offer two services under one roof - trade with custody on Klever Exchange, and move long term holdings or profits to your self-custody Klever Wallet for more personal asset management purposes. This is a truly unique component of the Klever ecosystem, where we have over many years perfected self-custody through Klever Wallet and it’s used by millions worldwide today, while being able to offer secure and simple custodial service through Klever Exchange. This is a powerful combination. 

8. Klever Bot: Can you tell us more about Klever Trading Bot and Klever Subscription?

A:  Klever Subscription is the Netflix subscription for crypto. With it, you will be able to enjoy reduced swap fees, receive market analysis and trading signals, use trading bots and alerts for better and more klever trading strategies and performance. Human psychology has a better chance to make profit in the market if it is assisted by innovative technology. This is what Klever Bot and Klever Subscription will empower our users with.

9. Klever OS SDK: What is Klever SDK and how are the development stages of the product?

A: Klever OS is the core technology of all Klever products. It’s a complete and secure SDK (Software Development Kit) with all wallet features that crypto projects need. With more than 10 blockchains integrated, Klever OS can easily be ported into any platform, device, website, app, wearable, or even vehicle.

Klever OS SDK is a Wallet as a Service (WaaS) that offers military grade systems for encryption to any developer, but the unique security aspect is that the encryption happens locally inside the user’s device, in what we call the Native Core. The Native Core can be viewed as a Black Box inside Klever OS, and although this Black Box is able to communicate with the presentation or user interface element of the wallet system, it is completely isolated, making any exploit or hacker attempt impossible against the wallet. This security mechanism is what makes Klever’s products the most secure and reliable on the market.

10. What is Klever Bank? Klever Bank reportedly involves a local bank in Brazil, but what are the future plans for the world? Will it have more partner banks?

A: Klever Bank in Brazil is the main pilot in our banking products. We decided to start in Brazil because it’s our base country of operations, and there's’ a huge lack of good crypto services providers here. From here, we are talking with other bank partners to support global operations, which will be the next step after Klever Bank goes live in Brazil.

11. Referral Program: How is the relaunch of the Referral Program coming along, and what will be different in this version compared to the last?

A: Unfortunately the previous program saw some users cheating to earn more, which is a scenario that we have excluded through the new referral program structure. Now we are planning to release a new referral program that is instead based on Swap volumes and usage. The more volume your referrals create, the more earnings both will earn.

12. What is the overarching mission and ultimate goal of Klever and how is this different from competitors?

A: Our goal is to create the most secure and easy to use crypto products and accelerate the adoption of decentralized finance by empowering people to equal economic opportunities. This is what drives our team, now consisting of over 50 Klever developer ninjas, every single day. We will not stop until we have achieved our goals!

13. One can see on the Roadmap that you have lots of great upcoming plans, events and updates for Klever. So for you personally, what are you most excited to happen or what is Klever most eager to achieve and why?

A: I think each Klever product has its value and its unique goals. This is just the beginning of our journey and I’m sure we’re heading in the right direction. In the immediate term, I’m personally excited to see the Klever Exchange app ready. I think it will be a game change for the entire industry. The simple and elegant user experience, low threshold for trading, the speed of 3 million transactions per second for the trading engine coupled with the iron-clad security architecture ensuring the safety of users’ funds makes for a very potent and powerful product.

Sincerely,

Klever Team

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