AMA Result.
When is the date for the domestic listing?
In April, we applied for a listing to the domestic exchange, but it was rejected. The detailed reason is as below. There are three types of Berith coins which include BRT, BERA, BERS. In this situation, coin swaps occurred frequently, and this makes difficult to figure out the exact number of coins.
Therefore, the listing was rejected, since the transparency issues in management methods. For this reason, we decided to integrate it into BERS which is the main-net(POS) coin of Berith, and conducted swaps at Berith Wallet and Bitmart.
In case of the Bitmart, it required a development fee for swap processing on Main-net. And then, Berith made a contract about the swap process and paid the development fee immediately.
The SWAP plan which was expected to finish on 25th Aug, is still in process and we expect to finish soon. (Currently, BRT transactions are suspended at Bitmart, and Bitmart is generating Main-net accounts and identifying the amount of BRT on the exchange to check the quantity with BERITH.)
On September 25, as soon as the Korean ‘Crypto Regulations Related Law’ is executed and Berith’s swap is completed, we are planning to apply listing BERS to Korea’s Major four exchanges.
For this reason, we decided to integrate it into BERS which is the main-net(POS) coin of Berith, and conducted swaps at Berith Wallet and Bitmart.
In the case of Bitmart, it required a development fee for swap processing on Main-net. And Berith made a contract about the swap process and paid the development fee immediately. The SWAP plan which was expected to finish on 25th Aug, is still in process and we expect to finish soon.
(Currently, BRT transactions are suspended at Bitmart, and Bitmart is generating Main-net accounts and identifying the amount of BRT on the exchange to check the quantity with BERITH.)
On September 25, as soon as the Korean ‘Crypto Regulations Related Law’ is executed and Berith’s swap is completed, we are planning to apply listing BERS to Korea’s Major four exchanges.
I wonder when Berith is going to sell the Berith foundation’s coin.
If you want to check detail Q&A, please visit our Medium blog as below.
We will not sell it all in a short period of time.
If we sell more than 30 million won, we’ll let you know in advance.
Unlike the ICO case, what is the reason that you do not provide information properly about Berith? Also, it seems that it is not possible to fix the bug, and there’s nothing better than other cryptocurrencies.
First of all, we are not developing anything related to Berith Wallet, now.
Since the Ethereum updates frequently, we are only patching with problems caused by updates.
The Main-net and Wallet development have been already completed and we are now focusing on business areas such as BaaS, Membership, electronic contracts and payments.
There are many errors on JavaScript in PC wallets,
I wonder if you could not fix the problem or not fix it intentionally.
We are also aware that script errors are occurring during POS mining. However it has not recurred on the development team’s PC, so we are prioritizing other developments now, we will fix the mentioned error part soon.
We would like to know the future roadmap of the Berith.
As you all know, Berith is already operating major company’s services such as Samsung Display and Lotte Fine Chemical. Although it is not a big amount, the two services are continually generating sales. As we mentioned about the ICO before, the most important point is the SURVIVAL of Berith.
In order to survive, the Berith should generate its own business sales and profits.
First of all, we are planning to attract investment by activating BaaS. Then, we are going to participate in ‘Recruitment of non-face-to-face support business’ as a supplier company in the second half of the year, and we will delegate them to external sales organizations.
In the case of the electronic contract platform, we plan to apply for a “non-face-to-face voucher business,” as a supplier company, and we will delegate it to corporation cards organizations or POS-operating organizations.
On this part, we are suggesting exceptional conditions to secure references rather than profits, and we already finished conversation with the sales team. In addition, we are currently developing the government’s “NIPA Blockchain BaaS Service” task.
In this process, we plan to start businesses using BaaS services in several companies apart from Samsung and Lotte. At the same time, we continue sales to existing IBizsoftware customers, public institutions, and other companies which are interested in blockchain business.
The above mentioned part is what we are most focusing on now. We thought that the part of the ‘point’ and ‘wallet’ is no longer competitive in the market, so we put it as a subordinate in our priority.
It seems that there are too many Berith coins. Do you have plans to incinerate them?
As far as I understand, there will be a problem if the foundation issues or incinerates more coins discretionally. In the worst case, it could be a reason for the delisting. For that reason, we do not have plans to incinerate the Berith.
Do you have any plans to attract investment?
After finishing the ongoing development “NIPA Berid BaaS” project and signing contracts with several large companies, we will proceed with attracting investment. We are trying to attract investment from companies that specialized in blockchain.
Actually, companies such as Icon or Mediblock have also attracted investment from venture capital.
Once we attract the investment, we can invest more resources in development and marketing. Above all things, the investment attraction performance will be very helpful in the listing process.
What is the main competitiveness of Berith?
We think the BaaS public chain is the most competitive part. For reference, we suggested it to Samsung Electronics, but it was pushed back by the SDS’s private chain. As we mentioned earlier, the private chains have issues in various fields such as effectiveness, reliability, security and so on. So, we are preparing for the public chain to raise market competitiveness.
Currently, major companies used to encourage private chains to their affiliates, so many affiliates of large companies use private chains. However, there are few problems. First of all, the cost for development and operating is much higher than public chains, and there are not many nodes that they can use.
In the early 2000s (period of dot-com bubble), there was a lot of news about ‘Internet will change the world.’. Based on this background, many companies were established which are related to internet business. However most of them disappeared and only a few companies survived. As a result, the whole market is dominated by them.
At that time, there was a company that wanted to do business like webtoons or web novels. But at that time, there was no proper market for cartoons on the Internet. Everyone used to buy books at bookstores or go to comic book cafes to watch cartoons, but there were no consumers who wanted to watch cartoons on the Internet.
Now, as you all know, various businesses are running on the internet and we can not really live without it. We think the blockchain is in a similar situation. As the coin market rises due to the blockchain, many people say that the blockchain will change the world. However in reality, the blockchain market is not mature yet.
That’s why even if we propose more than 10 projects, we barely get the approval for one project.
Even though a few businesses have been done until now, the process for each step was quite difficult. And many companies still prefer private chains.
What we always claim is that “If a company uses a private chain with their own nodes, no one will admit that private chain. It should be regarded as a DB not a Blockchain”. In the past, even though we claimed like this, the companies did not accept our opinion, but now, they are contacting us to do business with our company.
And now, those companies are showing a lot of interest in our BaaS service. This is because those companies pay a lot of money for node operation, maintenance, and management to operate private blockchains. But at the same time, their private blockchains are not admitted as blockchains.
If these companies decide to use Berith BaaS, they will be able to use our API to develop blockchain services with much lower cost than their own private blockchain, and it will be much easier to manage and operate. As you can see
We believe that this market will be opened soon. The dot-com bubble occurred in 2000, but it actually took more than five years to establish itself in the internet market. We definitely understand that many investors have been waiting for a long time, and how frustrated they are, we are very sorry for that.
However, as we mentioned at first, we will keep our promise to become a coin that survives until the end. Also, we would like to say that when the market opens, you can get massive benefits from it.
I heard that all the ethereum raised during the ICO was exhausted, and you raised EOS at the same time. Then do you still have EOS? If you are planning to sell, when will you sell it?
We still have a lot of EOS. We regard EOS as the last resort. If we can’t get investment or no way to do something, we have to sell it.
Is the tax investigation being completed without any problems?
Berith and Ibizsoftware are under intense tax audits, and there seems to be no big problem, and we will pay some additional taxes.
I heard that Berith is discussing collaboration with an airline, how is the progress?
Currently, we had a meeting with an airline and an exchange.
In order to develop an airline’s cryptocurrency payment service, a meeting was held with three companies. At that time, we decided to settle and pay through the exchange. Also, the chairman agreed to sign an MOU with the three companies, so we were in the beginning step.
However, at that point, suddenly there was news that Elon Musk will remove the Bitcoin payment service, so in the process of signing an MOU contract, the chairman decided to hold it. This part is just on hold and may proceed again.
After completing BaaS development, we are going to start developing a cryptocurrency payment service. If we ask to add functions after the development is completed, it will be easier to proceed.
A proposal to apply what has been developed is much easier to proceed than a proposal to develop.
Once we secure a reference for airlines to build cryptocurrency payment services in the form of payments, we can expand to businesses worldwide and utilize it to various markets.
Is the CGV case ongoing?
Yes we are still collaborating with them.
Do you have any other business plans for Berith Coin?
We are planning to use the BaaS for electronic contract platforms and future memberships first, and then we will expand the business field.
How do you plan to communicate in the future?
We will communicate through the community manager as before.
Shouldn’t changes such as roadmaps be continuously uploaded on the website?
We will continue to update the homepage and SNS.
Thank you
