Q&A session with IHC | Transcript
Q: What is your background, and how did you come to the idea to create your project? What problems do you see occurring in the Crypto industry nowadays, and how does IHC solve these problems?
A: I started working in the crypto sector full-time in 2017, becoming the CEO of then Mongolia’s only crypto exchange, Trade.mn. Since then, I have been a part of the various blockchain and crypto startups and created my own crypto community called Cryptocurrency Mongolia (currently with around 45k members). Since the beginning, I have always wanted to create my own crypto project. Something simple, something for everyone. And keep the “Bitcoin Revolution”, which inspired me to start IHC with my partners.
Crypto and blockchain technology to me always seemed a bit difficult to understand at the beginning for new people. We always talk about how great this technology is and how it will change our lives. But we still have a long way to go: scalability issues, real-world implementation issues, legal issues, and so on. Also another thing we always forget is that we don’t always focus on making our applications and the initiation of new people simpler.
IHC’s vision was always to be simple, fiat money in our wallets loses value over time due to inflation. Average Joe should have the power to control this with their peers. This is the perfect example of decentralization that lets us control our assets.
Q: Tell us about your ecosystem. What besides the token is included in your ecosystem, and what is IHC working on now?
A: To expand IHC by the inclusion of mainstream industries, for example, we have IHC Esports, who just competed at the PGL Major Antwerp in CSGO and ranked number 1 in the Asia-Pacific region. Our PUBGM team is ranked top3 in the South Asia region. One of the bigger parts of our ecosystem is the crypto exchange X-Meta.com which is powered by Binance Cloud. Also, our on-chain wallet, “IH Wallet”, enables users to stake and lend crypto. Currently, IHC is accepted at over 270k merchants and retailers in Mongolia. We are working to expand into South East Asia to promote our wallet and the integration of IHC utility to more retailers.
Q: What is the role of the IHC token and project in the entire ecosystem? Will it act as a simple payment currency across all your products? Or will its holders have some interest or vote in project decisions?
A: So, in the current model, IHC is the main currency of our ecosystem. People should benefit from the revenue the project makes. For example, our exchange’s 80% of net profit is used to buy back and burn IHC on a monthly basis. We have merchants in Mongolia that accept IHC for payment, which we are expanding. Going forward, one of IHC’s core solutions was to be adaptable to different situations, and we are working on a DAO project where IHC holders in the future will vote on major decisions and have a community-controlled treasury fund, and so on.
Q: Economic model is a very important thing for a sustainable development project. So what is the economic model of IHC? Does IHC have a balance between generating profits for the project and benefiting users for sustainable and long-term development?
A: As I said earlier, in our on-chain wallet IH Wallet, we are working to bring Lending and Staking to our users. The fees are then to be distributed among the holders. Also, in our whitepaper, we have a 5% transaction fee pooled together to be distributed back to the holders.
Going forward, IHC will be a community project. Decentralization is very important, so average Joe has a say and vote.
DeFi solutions will replace current financial instruments. We are developing and implementing these solutions, so the revenue is shared among the community.
Q: What strategy will IHC implement to bring non-crypto-natives into its ecosystem? Do you have any Ambassador programs running? I want to be one of the Ambassadors of your project.
A: We are planning to launch a blockchain/cryptocurrency knowledge campaign starting in Mongolia this year. The main goal is to let everyone understand the underlying technology and the possibilities it can bring by implementing it in our daily lives. Also, the important aspect of making crypto accessible to everyone. Not everyone is going to be able to sign up/pass KYC/deposit/trade on the order book. So we are working on making this process seamless and easy for newcomers, with Buy/Sell Now feature, for example, on both our exchange and our wallet. We currently do not have an Ambassador program, but we did think about this for a while. Maybe we need to restart this.
Q: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
A: We did not have a public hearing per se. But being in the industry for a while and being part of the community, we had a good understanding of what people wanted. As I said earlier, one of the core ideals of IHC is to be adaptable to different conditions. We should always be growing both as a company and community. That is why we are not afraid of big change. If the conditions require swift decisions, we have to make them as a community and as a company. Our ideal consumer is the average Joe. We have been a part of this old system where less than 1% controls the rest of the population’s fate, which has been perfectly challenged by Bitcoin. So IHC will be a community-driven company where the average Joe has control over his fate.
Q: Security is a fundamental factor. What are the security protocols that you have included in your platform to protect all the assets of your main commercial partners and users?
A: Blockchain itself is the security: the consensus mechanism and decentralized management. For our exchange, we are protected by the Binance security protocol.
Q: What are your major goals to achieve in the next 3–4 years? And What are your plans to expand & gain more adoption?
A: The first goal is to make IHC accessible to everyone around the world. As part of this growth, we have been listed on WhiteBIT. We are working on listing IHC on major exchanges so anyone can start trading IHC. IH Wallet, as I said, will start replacing traditional financial instruments. People can benefit from higher APYs than the traditional service providers, for example. We see that in the upcoming 5-10 years, crypto and DeFi markets will grow even more, and people will start to accept them as the norm. People will understand that we don’t need middlemen to benefit from these services. IHC will expand one country at a time from the ground up. We are not aiming to beat Bitcoin, but we are aiming to DeFi the unDeFied.