Zurich, Switzerland -- (ReleaseWire) -- 03/30/2020 --The AMA (Ask Me Anything) held by the BW.com official telegram (following as BW) invited Edison SILK CEO this week. In almost 60 minutes, Edison answered all the questions which selected from BW users in terms of the recent progress of their project. He also shared his opinion on the street culture in the digital currency.
Section 1: Introduction
Host: Good evening, BW family members. Today so honored to invite SILK CEO Edison to be our AMA guest. Welcome, Edison?
Guest: Hi, good evening everyone.
Host: Edison, can you introduce yourself briefly please?
Guest?Hi guys, I'm Edison, from Malaysia, more than 5 years in street culture field, early of 2019 start developing and running The Silk Streets.
Section 2: Questions including social media and communities
Host? The first questions: As we all know, SLKC is choosing BW as your first debut so it is are relatively unfamiliar to users . Edison can you tell us more about SLKC?
Guest?SLKC as know as Silk Streets, it have 2 core section, the first is Silk Marketplace, the second is Silk Palace. At the moment Silk Marketplace still in developing, it is a free market open for everyone, for the early stage user can only use traditional currency ,but we'll add-on SLKC as currency in future.
Silk Palace only available for VIP and SLKC is the only currency in Silk Palace. This concept is similar to American Express Centurion Card a.k.a Black card, here's 3 main services we provide for our VIP, first will be our VIP pre-order sercvice for coming to release products, such as limited sneakers, luxury brand clothing and bags, we can save your times and effort. Second is our Auction house, we're always collecting rare items from all over the world, such as Nike Air Mag (back to future sneaker), Rolex discontinued GMT "batman", Hermes berkin and many more, all auction based price start from 0. Third is my favorites, VIP order, do you ever wanted an item so bad but don't know how to get it? No worries, we got your back, example 8 years ago Nike release a very limited Nike Yeezy 2 or celebrities signed jersey, you name it we got it.
Host: The application scenarios of SLKC are relatively rich. What is the source of inspiration?
Guest?The idea of The Silk Streets was inspired by the ancient history of "Silk Road Trading".How they centralize economic,cultural, political,religious and currency, let me give you an example, when you purchase an item on Overseas and you're from asia, when you check out, the first thing come in your mind is the exchange rate, me too, but what if everyone holding a currency that same value in everyone hands? Yes this is what Silk Market and SLKC build for.
Host? What technology did SILK break through? What is its core? Did you encounter any difficulties during the breakthrough?
Guest?There's a few things we have to take care of, the speed of networking and success rate. The early stage of our success rate in networking around 40-45%, we spend likely 2 years to upgrade our hardware, internet speed, coding modified software and finally the success rate is 80-90% now. The success rate of sourcing is huge improvement for this project and we want to thank you Nuls team for helping us in building SLKC, truly appreciated.
Host?The concept of "digital currency + e-commerce" has also been a topic of intense discussion in recent years. There are opinions that blockchain + digital currency = the next dividend period of the e-commerce industry. In this regard, do we have a relevant strategic plan for SLKC ?
Guest?We start developing Silk Streets on 2019 and almost end of development now, so we start develop SLKC on 2020. The first steps we take will be start Silk Palace for our VIP to enjoy their privilege, after this will be Silk Market place open to public and we've plan implement SLKC in it but still in development stage now. The third steps is SCO(Staked coin output), this project will collaborate with NULS network team. Because of retail closing down, we are inviting global brands to join our platform too.
Host?People say that the right choice of opportunity and key moments is the key to determining success. So can you share with us what decisive moments SLKC has in the development process to make such a high-quality project.
Guest?I believe most of you noticed "street culture" are start from the release of Adidas NMD, we start way before this. Business direction is important before you start, we used to try a lot of way back then, such as que-to-buy, open a retail store, we're struggling to do it or stop, so we made a decisions, stop all traditional way and start what we doing now, we always hope to give our best to our customers.
Host?In 2020, U.S. stocks melted down and BTC plummeted. People were generally optimistic about the crypto market before, but now the voice of decline continues. How do you judge the trend of the virtual currency market this year, or do you think this is an opportunity or a challenge for SLKC?
Guest?Demand and Supply is always there, I believe in self values, when you give your best to you customers, they start appreciated you, that's how your value grows and this is what SLKC looking for. However people always worried about bitcoin lost it value, but when you keep you eyes on it, the value is already there. In 2019, after a few years of Streetwear Hype, everyone keep telling others Streetwear is dead, Hype is dead, but on 21 of February Adidas sold 37,000 pairs of Superstar within 9 minutes and made 100 millions sale in a single country, so what's your opinion now?
Host? As we all know, SILK is a brand company focusing on Street culture. In recent years, the street market has issued a signal: the potential of trend consumption is unlimited, and the acceptance of street culture is also increasing. Where do street culture and digital currency meet?
Guest?Street culture start from rap culture and it had a long history, but not mainstream since it starts, so when did everyone notice HYPE?
5 years ago, the first Adidas NMD Red/Blue released, the sneakers is like a drug or something rapidly make everyone crazy about it and the next release is Adidas Yeezy, I think I don't have to further talk about this pair of sneakers, because even your grandparents know about this sneakers. I think the best thing about street culture and cryptocurrency is both happening for millennials, we all knows who is important for market in coming future. There's too many common between cryptocurrency and street culture, both going to digitals, both are new, both are limited, both valuable.
Host?Asset allocation is always a major concern for people. For BW users in the group and SLKC investors, what investment suggestions do you have?
Guest?We did a deep research in asset allocations, the liquidity is extremely important to our eco-system, when our customers spend SLKC on our platform, we'll take 25% from the profit for rewarding and burn. Take an example, our profit on March is 1,000,000 and we'll take 25% from here, 20% of it will reward to our investors, such as SCO, public and private investors. 4% will equally reward to all VIP members and the last 1% will be send to coin burn. We've did research and the gross profit will be 1-2 millions every month due to retail are closing down and customers need services like us.
Host?The launch of SLKC this time will be accompanied by the BW trading competition. It is said that the prizes for the first and second prizes this time are extremely excited. Can you introduce them in advance? Has SILK been so generous in giving back to users?
Guest?We're pleasure to collaborate with BW to organize Trading competition, Grand prize will be Dior X Air Jordan 1, the resell value of this sneaker is 27,000 USD for now or maybe higher, Worldwide limited 8000 pairs, this is not a normal collaborations between brands, but is the largest Luxury brand need millennials market and start getting into it, the retail price is 2,000USD.
The second prize is Off-White X Air Jordan 1, the resell value now is 5-7,000 USD, the retail price is 190USD, how many % increasement both sneakers? From here we can see the potentials about this market, the Supply and Demand rate is Supply 20%, Demand 80%.
Why we place the prize as sneakers but not coins, is because we want our user not only focusing on coin but also sneakers, the culture is happening.
Thank you everyone and appreciated!
Part two: questions selected from users:
What performance should we expect from SLKC in a possible bull run? Also How do you handle the issue of risk of the community breaking up when SLKC price falls? @ArdiantoGMBL
Guest: We are a retail+block chain company, the usage of SLKC is way more than others, if there's a Demand, there will be supply. When a coin can only be use for trading, the value is only in trading exchange, but when you can spend it to get Nike sneakers, Gucci handbags, Rolex watches, Investing in mining, the value of SLKC is in everywhere.
Liquidity, Privacy, Security of users Funds & Data are very important things for any similar platform! So, Can you share how #SLKC will overtake these problems from its Platform? @Keicham
Guest: As I said, we care about Liquidity, this is the only currency user can spend on SilkStreets, it can be mining in future and it can be trade as well, we already build the whole eco-system for better liquidity compare to others. Security of users Funds & Data will be taking care by our professionals partner wallets ,so no worries. The only Data we taking care is user Shipping details, we have Cloudflare as our DDos securities and Bitdefender as our server securities, both are top notch securities services.
What are your Future plans to attract users to use your product and have more&more of real world use cases?? @hidanghasera
Guest: Our main purpose is encourage user to spending by using our digital currency, SLKC is not only for trading, but is for Spending in reality, Investing in SCO, and many more.
What will be the fee to upgrade oneself to be a premium member and what are the benefits of being VIP member of Silk street? @Gany21
Guest: The fees of subscription of VIP membership is 10,000 SLKC for early bird offer, normal price will be 20,000 SLKC, why do we charge for this price? As you can see the benefits explanation above, let me give you an example: You are a VIP member and you purchase a limited release Nike sneakers, the retail price is 190$, when the sneaker price going up to 1900$, how much did you save/earn from this purchase? Spend 1 time for lifetime VIP membership subscription.
When is the marketplace going to be live? Is there a beta version or prototype already? @vinaykgowda
Guest: Marketplace will be go on live by April/May hopefully, Yes we do have a prototype but for better user experiences, we'll make an announcement when the marketplace is ready.
How does your road map look? Can you please explain more about the current status of the product?@SatishYR
Guest: 2019 we start developing The Silk Streets platform, because it have 2 section, so April 2020 we will be launching Silk Palace for our VIP members to enjoy their privilege and Silk Marketplace will be launch by May.
Thanks for watching this AMA. If you are interested in SLKC, please visit their
Official website : Slkc.thesilkstreets.com
Official Youtube channel: https://www.youtube.com/channel/UCs5lTpRtk1Vklcr_wNnyLCw
Official Facebook page: https://www.facebook.com/thesilkstreets
Official Instagram page: https://www.instagram.com/thesilkstreets/
Official Twitter page: https://twitter.com/TheSilkStreets
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