Q&A session with Kalycoin | Transcript

Published 27 May 2022
Q&A session with Kalycoin | Transcript


Q: What is the story behind the KalyPay Project? What was your biggest motivation that pushed you to build KalyPay, and how would you use this motivation to achieve a successful project in the end?

A: The idea came when I was a student on Ivory Coast and then in Europe. My parents always sent me money, and each time they complained about the high costs and the often lengthy procedure. Being a student in corporate finance, I said to myself that I would set up a system adapted to the African social and economic realities but open to the rest of the world by integrating the new technologies.

Q: Tell us about your ecosystem. What besides the token is included in your ecosystem, and what are you working on now? Will there be any platform releases soon?

A: Our ecosystem is called Kalyssi, which means the currency of value, and the ecosystem is made up of:

  •  Kalyssi: a crypto exchange and tokenized stock. The launch is planned for January 2024.
  •  KalyPay: our payment system, integrating bank cards, payment terminals, mobile money in Africa, phone call unit top-up, and many other payment services.

Q: What is the role of your 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: Our BEP20 token gives advantages such as reduced fees in our different ecosystems, and the token is usable at our merchants to accentuate its usefulness. We are planning to migrate to our own PoS EVM blockchain in January 2023 to give more possibilities and usefulness to our token, and the miners will participate in the life of the coin.

Q: What’s the business model for KalyPay? What business opportunities does KalyPay offer investors who are tired of traditional banks?

A: Our goal is to accelerate the adoption of cryptocurrency by adapting it to the needs of the real economy. We have planned offers of lending and borrowing with suitable rates. So our investors with a wallet have access to several financial services tailored to their needs.

Q: What is the difference between the KalyPay platform and other payment platforms? What benefits do your users get using the KalyPay platform? Tell us about the security of your platform.

A: Our platform is easy to use, and the fees for conventional payments are extremely low. With us, users have simplicity, security, and low fees. Regarding security, we have developed the following points:

  •  implementation of KYC procedure to verify the identity of customers;
  •  SSL certificate;
  •  a firewall to protect all network traffic, identify and block unwanted traffic;
  •  a two-step authentication process (authentication, transaction, …);
  •  regular data backups;
  •  securing APIs with OAuth2.

Q: Can anonymous transactions be performed on the KalyPay to hide transaction details to help protect the confidentiality of user information and tokens?

A: Yes, the transaction details are hidden to ensure maximum privacy for our users.

Q: It looks like KalyPay’s team and headquarters are located in Africa. So the project will focus on development in Africa, right? What is the potential of blockchain-based payments in this region? Will the project expand to the worldwide market?

A: The head office is in Estonia, and a good part of the team is in Africa. This choice is strategic because today, Africa has a very high rate of smartphone use and a need for financial systems adapted to the social-economic reality. We have planned to open in England, Dubai, and Hong Kong in the next 2 years. So we are in Africa, and our eyes are turned to the rest of the world.

Q: Collaborations and partnerships are some of the most important cornerstones to help increase adoption. Can you tell us about KalyPay’s current partners, the partnership plans, and what everyone will gain from this partnership?

A: We have several partners in several sectors:

  1. The Banks:
  •  UBA;
  •  Access;
  •  Orabank;
  •  Ecobank;
  •  LVH;
  •  WISE.
  1. Partners of payment systems:
  •  Visa;
  •  Mastercard;
  •  Contis;
  •  Pax.
  1. Mobile money:
  •  Orange Money;
  •  MTN Mobile Money;
  •  Moov Money;
  •  Wave Mobile Money.
  1. Exchanges:
  •  WhiteBIT;
  •  Azbit;
  •  Coinsbit;
  •  P2PB2B.

Other partnerships are in the pipeline to allow our customers to have personalized IBANs from their KalyPay account for Swift bank transfers.