Participants: Orange Crypto
Recording Link: https://twitter.com/i/spaces/1jMJgmlRApgKL?s=20
Topic: Launch and Future
Date: 02/02/2024
Length: 1:09:57
Summary: In their first AMA, Orange Crypto introduces their vision and upcoming projects. Damon, with a solid background from Microsoft, alongside Kevin, the COO with a diverse skill set in marketing, growth, and operations, and Yiming, the CTO with deep expertise in blockchain technology, unveil their journey and plans for Orange. The team highlights the development of the Orange Wallet, aimed at simplifying access to Bitcoin and supporting a wide range of Bitcoin-centric protocols and standards. They emphasize collaboration with partners to enhance wallet functionalities and introduce unique features, including an AI assistant for seamless transaction and instant information. The AMA session also touches on compliance, user rewards, and their commitment to community engagement, signaling Orange Crypto’s ambitious roadmap and focus on becoming a key player in the Bitcoin DeFi ecosystem.
Damon Nam: What’s up everyone? Hope everyone had a great week. Let’s give it another minute here for more people to join and then we’ll get started just to do a quick audio check. Can everyone hear me? If anyone could just throw up an emoji sign, that would be great. Perfect. All right, let’s go ahead and get started here. Want to be respectful of everyone’s time. Sincerely appreciate everyone for joining. Hopefully everyone’s had a very good and productive week. So this is our first AMA and Kickoff for us at Orange. We want to do these on a frequent basis. We’ll figure out the frequency based upon the feedback from our community. But one of the things that we wanted to do today was just talk more about Orange, share just our story, our journey on how we’ve gotten here, some progress updates, things to look forward to as well. And then from there jump into some, some questions. So before we kick off, what I’d like to do is just go through and introduce other members of our team as well, some of our core executive team here and then I’ll introduce myself and then we’ll just go through the regular agenda. We’ll start off real quick. First with our CTO, Yiming, very talented, someone I’ve worked very closely with here for the past few years, very valuable resource on our team. Yiming, if you don’t mind unmuting and just doing a quick intro, that’d be great.
Yiming Liu: Hi, everyone. So yeah, my name is Yiming and I work for Orange right now. So before Orange, I worked with Damon for a couple years with some article projects. Yeah, since the earlier, you know, 2021. So I joined Crypto since 2017 in the end of 2017 start from mining and also doing some BTM machine development and also working on UV smart contract on Ethereum community. But yeah, right now we switch back to we transit to PRCBTC part. And before I join, I do crypto. I work for company ,mostly companies such as Oracle and also some Internet companies. Yeah, that’s basically my experience.
Damon Nam: Yiming, thank you. As I mentioned, very valued resource on our team. I think Yiming probably understated his experience as well. Extremely talented, especially when it comes to Solidity development and even managing A-Team. So prior to meeting Yiming, he was also AVP at Coinberry and helped lead teams in developing a lot of infrastructure specifically around Ethereum and Ethereum Evms. So Kevin, if you don’t mind introducing yourself real quick.
Kevin Huynh: Sounds great. So I am Kevin. I am the COO of Orange. I’m based in Texas here in the States, but essentially my experience consists of starting and consulting, and did a lot of marketing and data related projects while I was there. And then from there I went to go get my masters at Carnegie Mellon and data analytics as well. While I was there I was working at Expedia leading a lot of their user growth for a lot of their partners.So spending hundreds of millions trying to acquire users, running a lot of our PPC campaigns and a lot of the strategy there and then after that is when I met up with Damon and and joined him in the blockchain space in 2017. So did a lot of great projects there, brought a lot of products to market and did a lot of building from there. I kind of dabbled in a few different projects as well, was in the start space and was also growing my family and just really love the start space and got a lot of companies the product market fit and you know some of those in the blockchain space, some of those not. And then rejoined Damon here at Orange Crypto not too long ago. So really have a Jack of all trades skill set with marketing and growth operations and efficiency and of course that data foundation and background. So doing what I can just to grow the business and remove all roadblocks, but happy to be here and happy to be at the fun part which is building and growing Orange.
Damon Nam: Thanks for that Kevin. Appreciate the introduction and you know similar to you mean very, very talented resource for us, very valued at the company. And as Kevin mentioned and as we view them as kind of a Jack of all trades, he certainly helps us in a lot of different aspects of the business including growth, a lot of operations. But certainly we’re very data-driven and so, you know, having a data science degree and being a data ninja is extremely helpful for us. For myself, real quick, I’ll quickly introduce myself. My name is Damon Nam, one of the Co founders and CEO for Orange. I started my journey in corporate after graduating from college, worked at Microsoft for 17 years in different business management roles and in my last role I was the Partner Director for all of North America. A very sizable book of business decided to leave in 2017. To start my own ambitions I recruited a really good friend of mine at that time. He worked at Microsoft, very technical. He worked there for 10 years and then he joined and became our CTO. And we started solving and building different solutions in the blockchain space around 2017. So that included our own efforts as well as consulting for other projects as well. And companies, we’ve even done technology solutions for companies such as Republic in New York as well as even Binance. So we’ve built some solutions for them as well. For the past year, we’ve been very focused on the build on Bitcoin narrative. So all of the energy and excitement that’s happening right now on Bitcoin, we kind of anticipated a couple years ago when we started seeing a lot of institutional interest and adoption alongside that. Obviously we’ve seen tons of ETF at the time two years ago and a lot of ETF applications. So at some point we knew that you know these would be approved and then there’d be a lot of more energy and excitement around what’s going on, on Bitcoin. And then as many of you saw many, many summers ago with Defi Summer that was happening on Ethereum and some of these other side chains and Ethereum based Evms, a lot of different solutions were being built from a Defi perspective on those respective chains. And what we saw with that was that it was an opportunity. Everything that could be built there would eventually come to Bitcoin because the technology is certainly going to mature. Bitcoin tends to be the gold standard and the first asset the average consumer obtains when they first join the industry. And then on top of that there’d be more mature tooling and technologies such as L2s and things like that coming to Bitcoin. So we saw that as an opportunity because when we observed the market surprisingly as popular as Bitcoin is and is the gold standard of crypto, the tooling and the tools that are available to support the, the chain itself are still still fairly limited. So when you look at let’s say Ethereum as an example, we have household names already, right? When you think of a wallet, you think of Metamask on Ethereum, when you think of swap, you think of UNISWAP and those types of things. But on Bitcoin, there’s still, while there are some, some strong players there, the market’s still fairly wide open and we saw that as an opportunity to be able to enter that space as well. And considering the potential of Bitcoin and where we think it’s going to go, especially with all of this experimentation that’s happening on Defi on Bitcoin, we wanted to be an infrastructure provider, infrastructure layer for the chain itself. So we started our journey about a year ago and from there we started building our own wallet and we’re at the stage where we’re ready to release it. It’s going to be audited soon here. It’s actually in progress of being audited by hacking very reputable third party auditing company, a security company and we’re scheduling it for release immediately after the audit’s completed. So we expect to be able to release it at a very major level this month, but we’ll certainly keep everyone updated on that progress.
We also went down the path of starting to build out our own DEX to be able to support swapping of assets specifically on the Bitcoin chain as well as BRC 20s and all of these new standards that are opening up even alongside some of the L2 such as stacks and so on. So we’re working on that which we’re calling orange swap. And then the last component in a product that we’re very focused on right now is what we’re calling orange market cap. So essentially equivalent of Coinmarketcap, but specifically focused on Bitcoin and the other protocols. And one of the reasons why we’re going down that path, it’s kind of twofold, right. So one, they’re not really a good central place to find out all information regarding just all of the activity and energy that’s happening around Bitcoin. If for example you want to get pricing information for specific asset such as the SRC 20 token, it’s not easy to be able to ascertain that data, right. Even the giants such as coin market cap and things like that, they don’t have that information. And part of that is because of the issues around indexing and just you know aggregating a lot of these new tokens that are released on the market. The other reason why we’re launching that particular product is because again, as I mentioned earlier, we’re very data-driven. And so the data play is very important to us to the extent to where we actually leverage that data for all of our internal tools and apps. And then from there, we have a strategy to become a provider for businesses in the future, right. So we do have as part of our strategy to be able to provide and have this data presented in the form of API. We’re projects, businesses, corporations, institutions, they can pay for this information and we’ll be able to provide it for them. And then lastly, we have this concept of this assistant that we’re integrating into our wallet where a lot of these data points and the data itself we can leverage in order to be able to provide information at your fingertips as a user. So that’s kind of led us to where we are now. And just as an update for those that haven’t been following our journey more recently, over the past few months here, we’ve been very focused on business development and getting to market. And so you know one of our strategies was obviously to be able to bring to market not only our products but then a token to market so that we can accomplish a few different things. The first being community in acquiring users and drawing users into our ecosystem of products. And so as many of you are aware, we recently launched ABRC20 token called Orange and there was a lot of activity that led up to that. So in December we opened up a private seed round on which we were able to gratefully gain quite a bit of interest. We are 5X oversubscribed in a week’s time and we are able to strategically pick partners not only that contribute capital, but also contribute to other areas that will join us alongside our journey. So our investment partners also contribute in the areas of marketing, networking, advisory and so on. And even as experienced as we are, even though we all have corporate backgrounds and have been working in blockchain and so on, you know, this industry is ever evolving to the extent that we can always learn more, right? And so a lot of our strategic capital partners have been very closely associated with crypto for many, many years now and you know continue to offer us insights and things that we learn from so we can avoid mistakes, so we can help navigate and just kind of this ever changing landscape. We have some great names that are backing us including and NxGen ventures, MEXC Global which is one of the exchanges that were listed on as a backer as well. We have a great team at BRC20.COM and just a whole list of very you know great partners that we’re working with in order to just maximize our potential as much as possible. So alongside that we’ve been working with technology partners in order to begin the integration of our wallet into their DApps. I’m proud to announce that we already have five partners that are looking to integrate the Orange wallet into their platform. And obviously our goal especially when it comes to user acquisition and adoption is to be able to partner and collaborate with as many companies as possible in order to gain mass adoption. And so you know business development and being able to really create these collaborations and partnerships is a is a huge core tenant of ours and we’ll continue and our goal is to be able to be on every Dapp to the extent to where when you tap connect wallet on any of these orange wallet will be an option for you to be able to use. So we currently have 5, but we’re continuing to onboard more especially as we start to get more exposure and get more noticed in the market. With the support of our BRC20, we wanted to make sure that it was widely accessible and had deep liquidity of the market so that people would be able to effectively buy, sell, trade etcetera. So we’ve been working very hard over the past couple of months here to align with a lot of reputable exchanges to make that happen. And as many of you know, we could probably say that we were currently listed on five exchanges as well as three different marketplaces. So the exchanges that were listed on today include MEXC, BitGet, Gate, Bitmart and then Alex Labs is a decentralized exchange. And as far as the marketplaces are concerned, you can find Orange on Unisat, Magic Eden as well as OKX Marketplace. Our goal moving forward is to continue to ensure deep liquidity for the token and so we’re already in talks with other centralized exchanges as well. Some of those names include Buybit, Kucoin and some others as well. And our goal is just to continue to to try to make this as liquid as possible to gain the most exposure as well as to make it as easily accessible to any particular market or audience. As those developments happen, we’ll definitely keep the community up to date on it. But we’re very proud because we can officially say that we’re the 1st BRC 20 token ever that is venture backed as a product and had multiple listings on its first day of launch. So certainly milestones that we worked very hard to be able to accomplish and achieve and certainly proud of the results. You know anyone that follows this market closely, especially not just ERC20, right? It’s very rare for a token to even get a centralized exchange listing and be available on the first day, but it’s even more rare when it’s ABRC20 token. So you know through our extended network and our direct network we are able to accomplish that which we’re very proud of. So let’s switch gears for a second here. Let’s provide some updates, then we’ll go into our road map and then from there we’ll open it up for AMA here. So as an update, I just provided really our journey and where we’re at now, some of the things that we can look forward to here. As I mentioned, Orange Wallet is currently being audited by hacking and we’re expecting to be able to complete that here within the month and then move forward into a larger product launch. It is currently available in beta and it’s available for direct download within our documentation that’s on our website. It takes a little bit of instructions in order to install because it is a browser extension, an application inside of a browser extension.So in order to install it, you know, it takes a little bit of effort until we get it published and we launch it live by which then it’ll be available on the Google Chrome App Store.You can just press install and it says it’s easy as installing, for example, Metamask for those that are familiar with that experience on Ethereum.So once the audit is complete, what we’ll do is we’ll actually open it up for a community audit so the community could actually participate and maybe even discover bugs.
We’ll provide rewards for that and then at that point you know once we feel and we get good feedback from the community that it’s good to sign off and have public release then we’ll certainly move towards that milestone which will also be backed by you know some strong marketing and so on and so forth. At the core of our business, even though we are Defi ecosystem for Bitcoin, our focus and our primary objective will always be focused on the wallet itself.
We’re making great progress as well on Orange Market Cap. We’re looking forward to releasing that either late February or early March. That will also be dependent on just testing and the results of the testing and getting feedback from the community pending. No, there’s not many changes to the current experience and you know feedback is positive and we would target that for the end of this month. If we, you know, take into account bug fixes or any type of feedback and adjustments that you know, we collectively make as a community, then certainly it will take some time to address those things and it would probably be early March for that. The DEX we’re still working on quite a bit. Some of the architecture around that is not easy, especially considering that Bitcoin doesn’t have smart contracts, right. So a lot of the tooling that’s happening even not just us but others in the industry, a lot of the solutions that are being created out there right now tend to be a little bit more centralized. Our ambition is to build a DEX using or for Bitcoin and those associated protocols that takes obviously much more effort from a technological standpoint to be very frank, we’re running into some issues there and making that experience as smooth as we need it to be. And when I say that what I’m referring to is the user experience, right. So ideally from a technological perspective we can do certain things such as swapping between assets, even leveraging atomic swaps and hash time lock contracts etcetera.
But from a user experience perspective, no one wants to kind of wait for a swap to occur over a period of an hour, right, And for transactions to happen twice and to pay double gas fees and so on. So when we talk about optimizing and and trying to make that experience better, so the technology is possible, but you know realistically that use case needs to be improved upon because certainly I know even from my personal standpoint, you know I I don’t want to when I execute a transaction, I want it to go and flow through pretty smoothly and not have to wait. And you know the anxiety of watching the progress of a swap could certainly be it’s just not ideal. So we’re still addressing some of those things. We’ll keep the community updated on the progress of that and how we develop and when we expect to release that particular product. We have also been working on some other things in the background that we haven’t announced as far as our road map is concerned, things such as a bridge which kind of plays into a long term vision of even a launchpad and all of these things as well. So I won’t dive into those things too deep. We’ll leave that for a separate conversation, but know that you know we love to build over here and we like to build fast. We like to take upon the same methodology that VCs and you know what, what is typically expected in VC culture, right?
You build fast, you break fast, you get feedback, you iterate and then you just continue that cycle. And so we really take upon that as well. We like to build fast, break it, get feedback from the community, make adjustments and so on and then just continue and make sure that that’s it. Iterative process that includes, you know, feedback from our outside community. So even when it comes to a lot of these smaller tools that we’re expecting to release here, you know I think what you’ll see from us with Orange because we want to be an early participant and we want to be a leader in this space, especially this emerging category. You’re going to see us even do a little bit of fast building and experimentation so that we can try to maximize and gain as much exposure as possible.
So one of our strategies in general to be able to draw people into our wallet because we know not everyone just immediately goes to your wallet right or goes and downloads and you know but what we hope is for those that do not maybe we could build trust with them through one of our other products in our ecosystem, let’s say Orange market cap or the bridge etcetera. And then over time once we build that trust through a great user experience and all those types of things then maybe if they haven’t adopted our wallet already then we can be on board with them as well. So that’s certainly one of our strategies. The other thing that I’ll mention, not only will we continue to do marketing and all of that, but we will, we are planning some really cool campaigns to the extent to where similar to what we’ve seen be very popular in crypto over the past few months. You know there’s a lot of AirDrop programs and things like that. But we plan to have some campaigns in the future where if you execute kind of a quest or a number of different activities then you might get rewarded for it, right. So for example, we’re, we’re planning some surprise drops. We’re not going to say what those would be. It could be orange tokens. It could be other things as well where if you execute a series of quests including downloading our wallet, you know, depositing some funds and some other things and that might earn you a free mint to order those collections or or things like that. So we are exploring some creative things in order to ultimately help us with user acquisition and adoption. And we think the culmination of that as well as the release of our other products and obviously the great work that you guys are already doing as a community will continue to help us spread the word. So all of what I just mentioned, because we’ve been building this for the past few months, we are on the stage where we’re going to be releasing a lot of these items very, very soon.
So even in Q1 for Orange is going to be very interesting because all of these products will start to hit the market and we’re certainly very bullish on this because typically in crypto we’ve seen the trend where companies will market the fundraise and then from there they take months to be able to execute the road map. We wanted to take a different approach on this and start building and then you can see that our execution especially even through our beta for our wallet and earn the right to have that conversation so that we build trust. And then not only do you see our execution, but we have some tangible products and results that continue to just you know bring people into the ecosystem. So for us we are super bullish because it’s going to be an exciting Q1 for us as a company. But on top of that, if you look at the general market itself, you know over the past few months here, the sentiment has certainly changed and it’s become more bullish and optimistic, especially as the ETFs have been starting to get approved in the US Hong Kong is looking to get their own ETF approvals here soon. We have the upcoming event to look forward to as well. Ethereum ETFs are being used, there’s a lot of companies that are applying for that and those are expected to be approved in the next year or so. And overall it feels like that we’re on the cusp of a new potential bull market. So for us from a company perspective in order for us, we truly believe everything’s kind of timing is critical, right. And even if you have the best product and the best team and the best marketing, if it’s in the bear market, you’re just not going to see a lot of results. But if you can align that with an uptrend and an upmarket then things could certainly get really interesting. And so we’re really excited because you know this change in the market sentiment. But then on top of that we think we are in the most bullish and in the best emerging category that we see for this upcoming bull market and that itself is just Defi on Bitcoin.
So many of you on this call here obviously understand the importance of Bitcoin and many of you understand the potential that this has especially with all of this energy and all this excitement and building that’s occurring on Bitcoin. And so we anticipate that this is going to be probably the largest narrative that’s going to happen over the next couple of years. And so those that are holders of Orange, you know we’re certainly excited ourselves. But if you’re not, you know we certainly encourage everyone to be able to just jump into the space, learn more especially about Bitcoin, all of this building that’s occurring on it. Because we truly believe that over the next two to four years here, you know the solutions that are being built especially on Bitcoin are really going to trend transform the way that we look at blockchain and the way that we even look at transferring value, right and the potential disruption of of the impact that it’s going to have even against traditional finance. So again, super bullish here and and you know we’re very privileged and very honored to be able to operate at the infrastructure layer in this space. And you know our ambitions is to look back a few years from now and success for us looks like, you know if Orange could be a huge ecosystem player for Bitcoin and our wallet is considered the meta mask of Bitcoin, our our DEX is considered the unis swap of Bitcoin and Orange market cap is you know the the best data aggregator for the chain. That would certainly be our ambitions. So these are the updates that we wanted to provide today. We’d like to kind of keep these conversations as condensed and quick as possible because certainly we understand the value of your time as well. What we’ll do now is we’ll jump into some questions. I know that we received a lot through our community as well as our comments, so I’ll address a few of those now and then. From there we can even open up the forum and get some people to come up on stage and ask their questions as well.
So first question here, let’s see what are the main features and advantages of using the Orange Wallet? Are there any plans to expand the functionality of the Orange Wallet to support additional features and integrations? So for OK, sorry I had the connection issue for a second there. So for the Orange wallet, the way that we can think about Orange Wallet is obviously it supports all the standard features that you would expect out of a wallet, right you can send, you can receive. The main idea for a wallet is to be able to securely assets your funds, but then do it in a way that you have complete control and sovereignty. So the orange wallet for those that aren’t familiar or haven’t played with the beta etcetera, it is non custodial, it is decentralized. The wallet itself we can never access or touch your friends. When you install it, you receive a seed phrase which is BIP 39 standard fully compatible. You can use the seed phrase even in other competing wallets such as Unisat or Xverse, and then vice versa. If you’re currently one of those users, you can actually import that seed phrase into ours and use it with full compatibility, but the key here is to note that you know it’s like most standard cryptocurrency wallets that are non custodial.
We’ll never have access to your funds and essentially your seed phrase grants you access to retrieve and manage those funds directly from the blockchain. The platform is also completely anonymous and private. We don’t ever collect any personal information. You don’t have to register your e-mail address or anything of that nature. We don’t collect any data. We don’t even have a database that stores any information as well. We’re purely interacting with the blockchain and you have complete anonymity which we think is very important as well, especially from a privacy perspective. You don’t have to KYC on the wallet as well. So all of these features are kind of the standard right, which we think is a baseline that every wallet should employ. So we certainly have those.
We have some extra value added features as well including the ability to get a lot of the data that I mentioned earlier directly inside of the wallet. So envision having coin market cap, type of statistics, graphs and things like that so that you can get data as you need instead of having to open up another tab, you know go to a different site and then you know find out the price of a particular asset. So we think that’s extremely helpful. Obviously the wallet not only supports Bitcoin but it supports other standards and protocols as well. BRC20s ordinals, you can store your ordinals NFTS on it and then also stacks. We’re opening up support for a lot of the new protocols as well, SRC20s, ARC20s, etcetera. And we’ll continue to do that as we’re seeing a lot of experimentation happening. Hundreds of tokens are being launched on each one of these type of standards and we want to be able to support all of them. So that it also helps us out with user acquisition, right, because as we board or put a token on our wallet, usually each one of these has a community of hundreds to thousands and those could be potential new users for us.
Some other cool things that we’re doing with the wallet which offers some unique value proposition for us is we’re integrating other services into it so that it’s not just a wallet, but maybe in a sense you can consider it kind of like a super app. So for example, we’re working with a company, we’re speaking with a company called Liquidium right now that does loans on Bitcoin. And so we want to be able to support a lot of the great buildings that’s happening in space now. So that if you want to loan out any of your assets, you can actually do it directly inside the wallet. So it’d just be another button within let’s say the Bitcoin tab. You press that button and then you easily within the interface could potentially lend out your assets or you know obtain another function.The same thing goes with our bridge that will integrate into it, same with our DEX as well. So we wanted to be a one stop shop where you can manage all of your assets and you could do multiple different functions and services inside of it.
What we’re extremely excited about and we really haven’t highlighted this yet and that’s primarily because it’s you know when we do launch this we want a huge marketing push is the integration of natural language processing in AI. So our team has been experimenting around this for quite some time and building some tech around it. One of our advisors is Christina Apatow and she was previously a VP at API dot AI which was acquired by Google and then they ended up building out there AI solutions. For Google Cloud. We’ve integrated some of that technology as well as built our own and have instituted our own large language models to build our own assistant. And so we will be launching what we call the Orange Assistant and that’ll also be directly inside the wallet where our vision is as a wallet. You should be able to ask the assistant and find out any information you need at your fingertips.
So let’s say for example. You want to find out the 24 hour volume for a particular asset. We envision A use case where you can just ask the assistant and get the information very easily. So no longer do you have to open up another tab, go to a site that might have those statistics, and dig for that information. You can ask the assistant you get that information immediately, or let’s say another use case would be. You want to find out the last time you sent money and for how much to a particular recipient. So let’s say you know you can ask the assistant when was the last time I sent money to John dot BTC and for how much. And you can receive that information at your fingertips rather than having to thumb through your transactions. And for the average consumer, you know, reading a blockchain explorer is not a solution at all. We feel that this becomes very, very powerful because now you have that information, again, very simply at your fingertips.
Now where it starts to get extremely powerful is when you start looking at the use cases of using text or voice to be able to execute financial transactions. So we’ll be showing a demo of this here in the next few weeks. But we’ve created some technology around the Assistant to where once you install the browser extension to connect it with our wallet then you can actually start interacting with the assistant. And even instead of pointing and clicking and you know trying to navigate and do a transaction you can simply type in and say send $50 Bitcoin to John dot BTC and then from there it immediately takes you to confirmation. So now you no longer have to worry about entering things into input fields you know clicking confirm next a bunch of times and you know the the anxiety of of the traditional you know maybe send transaction that you would with a a normal wallet now it’s as simple as just executing a command. And we avoid having to go through an experience where we’re now tapping and and and clicking and doing all these other things which we think is extremely powerful because we envision a world one day where no different from how we use our voice or text to to communicate.
In the future, we’ll be using and doing the same thing with appliances, right and things like that. So we think that these use cases and being able to provide these type of services is what’s going to help on board the next wave of consumers, especially in this next bull run. And so you know, we’re extremely excited about what the integration of the Assistant could do. The Assistant again will be providing a demo of that even probably for testing here within the next few weeks. And then from there we’ll just continue to build upon it. We’re working some part with some partners already to help increase I would say the intelligence of the assistant with other language models from partners. But effectively our vision here is for the assistant to become kind of not only your crypto but your financial assistant. And so it’d be centered around all things finance.
So whether or not you just want that the price for Apple stock, you’ll be able to get that as well very quickly and just a lot of information that’ll save you a lot of time. So we would say that that’s the main feature in product differentiation with our competitors and something that we’re very, very excited about because that really transforms the entire traditional wallet experience that people are used to. The reason why I really wanted to highlight and expand upon that is because when I look at the list of questions here, there’s another one that was centered around how the integration of AI benefits users with the Assistant etcetera. So I kind of combined that all into one. Another question is when is mobile and web wallet coming? So what we have planned right now is just to focus primarily on the browser extension and our path is we’re going to focus there. And then once we feel that the build is stable and ready to be expanded upon, what we’ll do is we’ll actually expand that to other browsers including Firefox and Safari.
So our initial focus will be pretty narrow and just focused on the browser extension. And then you know as we feel very confident upon the stability, the performance scaling to a larger number of users at that point we’d be looking to scale to mobile users as well on iOS and Android. And the reason why we do this phased approach is because as you all understand, you know, the more users you have on the wallet, the the more you have to kind of grow and scale and then the more you have to support it even from a support perspective And then educating and training the teams in order to provide the appropriate support for for the right experience. And so we want to take upon this very careful phased approach. The other thing that can take into consideration as well from a development perspective is you know a lot of companies when they try to expand too quick and they tried to develop on too many platforms, Let’s suppose you have one bug fix, if you’re supporting a lot of platforms initially, that one fix has to go across all of the platforms generally, right. So you know that that could be five times the effort depending on where your platform exists, if you’re supporting multiple browser extensions and things like that. So we want to be very narrow in our focus and then expand as we get more stability and as we scale to growth.
So another question is, will you introduce any burning mechanisms to reduce supply in the future? We do not have any plans to do that at this time. So there could be the possibility that we might reduce supply. For those that may not be aware, our current supplies 100 million in tokens. It will never be above that amount because obviously once you create the token on BRC 20s or on the blockchain on the Bitcoin blockchain, you can’t mint extra at that stage. IUN But there could be the possibility of maybe reducing supply. At this time we don’t have anything planned for burning or reducing the supply.
Another question is how does staking orange tokens contribute to the growth of the platform and what rewards can token holders expect from staking? So before I answer that, I want to just highlight the utility that we have planned right now for the token. So if we look at the space in general, BRC20 tokens are pretty interesting because we’re still very early and a lot of the tokens that exist on the market today that are BRC20s tend to be very speculative. There’s not really any utility behind them. A lot of memes, none that have any product and I don’t know of very many that have any business revenue model, right or even a A Docs team that’s kind of pushing it for us. That’s why we think that there’s a huge opportunity for us in Orange because we have all of those components.
We do want to make sure that there’s strong utility within our ecosystem when it comes to the Orange Token as well. So we’ve devised a number of different methods to be able to support the token within the ecosystem, the first being governance. So we are going to be building out a governance portal for our holders to be able to create proposals as well as even vote on proposals. We do want to be able to facilitate a mechanism to be able to get feedback from our holders directly and this governance portal will help us accomplish that. And so for anyone that’s familiar with Snapshot on Ethereum, we’re building out something similar as well. And if you’re a token holder of Orange at any point that you are interested in, you can actually create your own proposal and you know the community will get note of it and holders, other holders can vote on those proposals to get feedback. So the first is kind of in the operations of governance, right. The second thing that we envision as utility for the token as well is fee discounts.
So the way that we make money, as I mentioned earlier within our business is through swap fees, on ramp fees and APIs. And so if you’re a token holder of Orange when you connect your wallet in the future and you execute any of these services within our particular platforms and then those certain fees would be waived and you’d be getting feed discounts as a token holder. And the last is just around the concept of loyalty rewards and the way that we facilitate that is through staking. So staking programs allows us to just have a mechanism for people to demonstrate their loyalty, you know, lock up their tokens for a period of time. And then from there we reward that loyalty and that can come through a number of different rewards as it’s planned right now.
And to answer that question, some of the rewards that we have in mind are obviously orange tokens. The other is we’re exploring potential revenue share, you know from what we gained within the platforms as well as you know any other methods of revenue that we have including potential ad revenue. If we open that up on Orange market cap and things of that nature. We’re still exploring that because of potential legal reasons, but that’s certainly a possibility.
There’s other rewards that we have planned that we can’t give details on yet, but we do intend to have some surprise rewards for our holders and I’ll just kind of leave it at that. It could be, it could come in the form of maybe some ordinals, collections and whatnot. But yeah, we’ll just leave it at that for now. So when it comes to utility again it’s around loyalty, rewards, fee discounts, governance. We may introduce more utility as we see fit and as we get feedback from the community, right, certainly very highly collaborative. So if folks and our holders have ideas around how we can increase the utility, the value and those type of things and we’re certainly open and all ears for it. Another question is when will the road map be added to the website? Yeah, great question. So we’re actually in the process of updating our website here already and a lot of that is because we’re going to break the, I would say, the structure in the design of the website to accommodate all of the the things that we’ve spoken about today. Right now the website is very wallet focused, which is great.
We are still wallet focused, but the way that we’ll present the data will be more towards the kind of the ecosystem of products that will be released at the same time. And so we’re restructuring that now and that would include obviously information around road map partners, etc. For those that haven’t seen it already, our documentation is pretty robust. So if you go to Orangecrypto.com there’s a link called docs and if you want to find more information including how to use the beta or anything around the products themselves or even if you want to look at things such as our go to market strategy and our overview of partners and the folks that we actually have involved, you can see that full list as well and you know get a lot of information from just the documents itself.
So highly recommend people to go there because we spent a lot of time building that so that in the event that you ever have questions. You can certainly even search quickly and get answers on it. Let’s see here. I think those are the questions that we had in the comments. I’m trying to look for any insight from our team. As they compiled as well. At the same time, I’m also happy to welcome people to the stage here. If anyone has questions that they’d like to ask, feel free to raise your hand, request to be a speaker. We can certainly bring you up on stage. Or even if you don’t have a question, you have a comment, you have suggestions, recommendations, comments you want to make about Orange. You’re up on stage, brother.
Guest 1: Hey, man. Good morning. Can you hear me OK?
Damon Nam: Yep. Hear you.
Guest 1: Thanks so much for letting me ask a couple questions. I would like to just give a quick shout out to you all. I had the privilege of hearing that you guys on pitch talk yesterday, featured by the council, was incredibly impressed with the limited time pitch that you had there, but the professionalism and everything you had to say was so well done yesterday.
Damon Nam: And I appreciate it and thanks for being here.
Guest 1:Yeah, I appreciate you. So a couple quick things again. Obviously the one stop shop for all things Bitcoin and from a wallet perspective is incredibly intriguing and that’s kind of what you guys are really trying to accomplish in a nutshell. I know you mentioned obviously BRC20 ordinals and some SRC20 integration potentially too. Two things that are kind of with that that are either upcoming or kind of the flavor of the week stamps is to SRC20 what ordinals just to BRC 20 and then also rare Satoshi’s obviously there’s different wallets for all those things that are kind of focused on that stuff. Do you guys have any plans to integrate any of the rare Satoshi stuff? Namely how to identify it easily within the wallet but then also separate it and then also stamps from an SRC 20 perspective?
Damon Nam:Yeah, great question and I love geeking out on some of these things as well because you know a lot of folks in this space are still kind of ERC20 focused. And so when we have the opportunity to go deeper on some of these things that I always like to geek out, great question. So we’ve actually already started the process of integrating both of those Rare Sats has been integrated already. We haven’t, it’s not included in the latest build that’s on the beta right now. We’re still testing that out. And the thing I should mention so that everyone has full visibility is even the beta right now it’s working on test net and mainnet. So even if you want to test it on mainnet, it’s fully functional. But when it comes to SRC20 stamps and even rare Sats in the latest build that we have from a development perspective, we started integrating that already.
We expect that in a future release probably it may be included within our scheduled public release this month. If not, it’ll come shortly thereafter. So yeah, those are things that are certainly on our radar and we know especially to the Bitcoin community and a lot of Degens, they kind of love to play in that Sandbox. So yeah, we already started going down that path.
Guest 1: Perfect, man. Super excited again about the potential for One Stop Shop. As far as the wallet itself, I know you mentioned a ton of features and things that are potentially coming. Will you also be able to, from a DEX perspective , trade within the wallet itself? And if So, what does that look like from potentially a bridge perspective to other functionality?
Damon Nam:Great question. So maybe I should, before I answer, clarify a few things. So one thing that I want to make sure that people understand is while we are looking at the wallet from a kind of an all one stop shop, we are highly collaborative to the extent to where a lot of this technology we integrate with other reputable partners as well. And so when we think about things such as lending and and you know some of these other features and stuff, we actually work with partners in order to help support it. And the reason why I bring this up is just to make sure that I, I don’t ever want people to think that we’re going too broad. We’re very focused on the wallet and really the assistant aspect of it and then our own DEX and bridge integrations into it. All the other functions leverage other service providers to help us. So you know when you want to buy Bitcoin, we go through a Fiat on ramp partner. You know, when you want to do lending, that’s going to go through another partner. So I don’t want people to get confused and be like, oh, these guys at Orange, they’re just not focused. They’re not, You know, to answer your question, when it comes to specifically the DEX and bridging, yeah, that will be our native technology. That will happen directly within the wallet experience as well. So let’s suppose you want to swap within the asset. Effectively that’s just an extra button within the wallet. Within the wallet card, we call them wallet cards. So in a wallet card you have things such as a send, receive, then you also have swap. Let’s suppose you tap swap. All that does is just open up another screen and then from that perspective you can easily select the asset you want to swap, the amount and then the receiving asset and then you know execute it directly within the wallet. And the same thing happens from a bridge perspective as well. So the user experience is fairly simple and kind of what you would expect if you were let’s say use UNISWAP on Ethereum. This just happens to be all in the same experience and and and just happening inside the wallet itself.
Guest 1: Thank you for that clarity because yeah, it can seem like you may be trying to boil the ocean with so much functionality. So, yeah, again, great that you’re again leveraging resources just. 1 final question there, it was made pretty clear in yesterday’s pitch talk too and you kind of touched on it today, compliance, right, and making sure that everything is aligned in that perspective. I’m assuming you’re referring a lot of that to the USA of course and the stringent restrictions that go along with it. What are you guys planning if you can share with us around any challenges that that might have been had that is posing but also how you’re trying to make sure that that can be incorporated and you can be in compliance but yet still reward folks effectively?
Damon Nam: So first and foremost, we always want to ensure that we are compliant. And so we’ve worked with our legal counsel as well as even compliance firms to make sure that we’re always within legal boundaries of this ever evolving changing landscape, especially from a legal perspective. And obviously the country in question when we talk about legal matters is always the US. So I’ll even start by saying you know if you look at our corporate registration, we recently, I say recently, but yeah recently not too long ago we ended up restructuring the corporate corporation so that we have two entities and this is actually public information on our documents as well. So we have two entities, we have US entity and then we have an entity in the British Virgin Islands. All the software development occurs within the US entity and that allows us to be able to you know, open source and even license our technology as needed. From there all cryptocurrency activities are rolled up through the entity in the British Virgin Islands as we look to you know have well before I start on that from a token perspective. So you know when we thought about and have executed just our token strategy as you will see in our disclaimers as well as even the pre sale agreements again listed on our website. A lot of those kind of outline the risk, the restrictions and all those things that is that as it applies to the US and other jurisdictions that have perhaps banned crypto. So certainly encourage people you know that have any concerns or or maybe want to understand some of those risks and disclaimers to you know go through some of those documents. As we move forward we look at making sure that we always remain compliant. You know, when we think about the staking programs and rewards for users, we will always make sure that we maintain some level of compliance as it applies to these jurisdictions. And as everyone knows, crypto is global. So now that means not just considering the US but also other jurisdictions as well. We’ll always work with different jurisdictions to make sure that you know to the extent to where we need to make adjustments to either the platform or whatever the case may be. Let’s suppose in the future, one day the US decides to come and says you need to implement KYC within the platform. Then those are things that we’ll have to just comply with and make sure that we adhere to. But as it stands right now, especially with the guidance of our legal counsel and all of those things you know where we’re playing within the legal landscape and sandbox that we can and we’ll continue to maintain that type of direction and stances as need be.
Guest 1: Well, thanks so much man for the detailed explanation. I know I said last but finally I really mean it. One last one and then I’ll again step down and again thank you so much for giving me the opportunity. How are y’all preparing for having runes and how it’s going to affect Bitcoin? Is there any plans for that to be incorporated into the wallet or what? What’s your guys’ plan for the rune situation?
Damon Nam: Yeah, there’s no plans right now for it to be very frank with you, but obviously we see that as a huge potential. So you know we’re still looking to see what our strategy is around ruins obviously huge communities and audiences around that. We certainly don’t want to disregard it at this time. We haven’t. We don’t have plans to incorporate yet, but it’s something that we are going to be considering for sure. Those questions are really, you know, really insightful. Obviously you’re very knowledgeable about the industry as well, would love to be able to connect offline, you know, maybe pick your brain or if you ever have questions of the future, let us know. Colombo just brought you up on stage as well, saw that you had some questions.
Guest 2: Yeah, so my main question was I bought some orange tokens on a centralized exchange, and I don’t like keeping my tokens on centralized exchanges. So I’m not really too familiar with the whole BRC20 ecosystem. This is going to be my first BRC20 token that I bought actually, and I’ve installed the Unisat wallet to get my tokens off the exchange, and I see that there’s a few options. There’s native SegWit and there’s Taproot. Can I send my Orange tokens to the native SegWit Unisat wallet? Will they arrived there basically or does it have to be a taproot wallet?
Damon Nam: Yeah, so Congrats for taking the Orange Pill. Great to have you in this space here, Love to see people adopting. So in that regard, you can send it to native SegWit, but we highly recommend sending it just to the taproot where that’ll ensure you know the right support for it. So whether it’s Unisad or even X first, or even our wallet, I highly recommend sending it to the taproot address.
Guest 2: OK is there a problem if I send it to native SegWit or would they still arrive there basically?
Damon Nam:No, they’ll still arrive there.
Guest 2: OK, so why is taproot better than out of curiosity?
Damon Nam: Efficiencies primarily, we actually have an article. So we’re creating a kind of a knowledge base, especially considering that a lot of folks don’t know a lot of these details as well. So we have a knowledge base even within our documents section on our website, and we actually have a document on there that kind of explains the differences between the wallet addresses, yeah. But for the most part you’ll find that it’s just a little bit more efficient. You save one fees and things like that.
Guest 2: OK. So it’s just basically to save on gas fees and whatnot and and the tokens would go to either or.
Damon Nam: Yeah, yeah. I mean it just aligns better from a high level terms, it aligns better from a protocol perspective and as a result it’s more efficient, faster and save one fees.
Guest 2: OK, awesome. Thank you so much. That’s all the questions I had. Super bullish on Orange going forward and I’m definitely going to put out a few threads as I learn more about BRC20s and more about Orange in particular.
Damon Nam: Love that man. Thanks for stepping up as well and really appreciate it. All right everyone. Well, I know we’re past the hour here, especially on a Friday night. For many of you who want to be respectful of everyone’s time, really appreciate everyone attending today. It looks like we had some pretty good numbers. Yeah, this is, this is great. As I mentioned, we want to do this on a more frequent basis in the future. We don’t know the frequency yet. Happy to take input from the community on it. We are doing some things not just from a product perspective, but we’re going to focus a lot on community and marketing, especially around community. We have some really cool things planned on that front, including even a show. We’ve been fortunate enough to be on board a lot of folks that have influence in this industry. And so we’re going to be appearing in not only their content, but they’ll be appearing in a lot of our channels and upcoming content that we will be producing. So you can certainly look forward to that. Otherwise we’ll continue to just provide updates alongside our journey and are really excited to have all of you on board as well. If you’re not a part of the Orange journey, no harm, no foul. You know, we certainly don’t take offense to it, but we highly recommend that everyone learn about this space, especially all the building that’s happening on Defi, on Bitcoin. We are super early about what’s happening now and we’re on the cusp of a new bull run. So you know, a lot of exciting things are going to be happening in this space and you’re all early. Everyone here is super early. And even if you’re not a part of our journey, if you’re a part of someone else’s journey that’s also building on Bitcoin, I will certainly think that that’s going to, you know, really, really bode very, very well for you. So thank you all again for your time tonight. We’ll certainly stay in touch and continue taking the Orange Pill. Thanks everyone.
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If you’re as excited as we are about the future of Bitcoin and DeFi, then it’s time to take a closer look at what Orange is building. Whether you’re a seasoned crypto enthusiast or new to the space, there’s something for everyone at Orange. With our innovative approach to wallet technology, DEX development, and a suite of tools designed to enhance the Bitcoin ecosystem, Orange is at the forefront of the next wave of blockchain innovation. Take the Orange Pill Today! Website | X | Telegram
