Space Summary
The Twitter Space The Vitreus Story of True Scalability, High Throughput, and Low Fees! hosted by MEXC_Official. The Vitreus space delves into the world of decentralized exchanges (DEX) with a focus on scalability, high throughput, and low fees. Participants gain insights into trading fee discounts, maker and taker fee structures, and the emphasis on top liquidity. Vitreus stands out by offering the most tokens at the lowest fees available, creating a competitive trading environment. By holding MX tokens, users can enjoy significant trading fee discounts, adding value to their trading experience within the Vitreus ecosystem.
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Space Statistics
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Questions
Q: What are the key highlights of the Vitreus Story?
A: Scalability, high throughput, and low fees are the main pillars of Vitreus.
Q: How can users benefit from holding MX in Vitreus?
A: Users can enjoy discounts of up to 50% on trading fees by holding MX tokens.
Q: What are the specific fee structures for makers and takers in Vitreus?
A: Makers pay 0% fees, while takers pay a minimal fee of 0.02%.
Q: Why is liquidity crucial in token trading, according to Vitreus?
A: Vitreus emphasizes top liquidity to provide robust trading options for users.
Q: What sets Vitreus apart in the crypto space?
A: Vitreus differentiates itself by offering a wide range of tokens with the lowest fees available.
Highlights
Time: 00:15:20
Vitreus's Scalability Focus Exploring how Vitreus prioritizes scalability for enhanced user experience.
Time: 00:25:45
Trading Fee Discounts with MX Learn how holding MX tokens can provide users with significant fee discounts.
Time: 00:35:10
Top Liquidity and Trading Options Unveiling the top liquidity and diverse trading options offered by Vitreus.
Time: 00:45:30
Optimal Fee Structures Understanding the competitive fee structures that make trading efficient on Vitreus.
Time: 00:55:15
Token Variety and Low Fees Discover how Vitreus stands out by offering a wide range of tokens with the lowest fees.
Time: 01:05:40
Enhancing User Experience Insights on how Vitreus aims for an optimal trading environment for users.
Time: 01:15:55
The Vitreus Advantage Learn about the unique advantages and key offerings of trading on Vitreus.
Key Takeaways
- Vitreus emphasizes scalability, high throughput, and low fees for tokens.
- Special discounts of up to 50% on trading fees available by holding MX.
- The Maker fee is 0%, while the Taker fee stands at 0.02% in this ecosystem.
- Top liquidity and robust trading options are highlighted in Vitreus's offerings.
- The space underscores the importance of token liquidity and competitive trading fees.
- Engage with the Vitreus Story to explore token trading dynamics and fee structures.
- Vitreus aims to provide an optimal trading environment with attractive fee structures.
- Leverage the benefits of low fees and high throughput for efficient token trading.
- Discover how Vitreus stands out in the crypto space with its emphasis on scalability.
- The focus on offering the most tokens along with the lowest fees distinguishes Vitreus.
Behind the Mic
Introduction to the AMA
Okay. Hello everybody. Welcome to this very special AMA we have with the next tenset gem cross and I just check. Hussain, do we have you here? Yes. Hey, everyone. Thank you for having me. Awesome. Yeah. And just let everyone know who's listening. Now at the end of the AMA we'll take some community questions so feel free to write any replies below the Twitter space here and we'll get to them at the end. But yeah, so to kick things off, Hussein, could you maybe introduce yourself and talk a little bit about your position at the project?
Hussain's Background
Yeah. Thank you so much. So I've been in the tech space for more than 15 years on the building side and on the venture capital side. I've started building and investing in blockchain since 2012. So this is like almost twelve years ago in bitcoin, then Ethereum, then ICos, then Defi, then now we are here in gaming and I believe this experience has made my team and myself look at blockchain as an enabler, not only as a hit and run. And that's why we're building crosse a proper infrastructure for gaming that's not dependent on any bear or bull market since it's targeting the 3 billion gamers across the globe and having blockchain as part of the architecture. And I will expand more on this. Would you like me to expand more on this now or this is just an intro about myself?
Team Structure and Development
Yeah, just. Just for now. I think we'll get to that a little bit later. But yeah, it's great to hear from you and you really are an OG of the crypto space then 2012 going back a long way, you've obviously seen a lot of the different trends come and go and I think safe to say gaming has been one of the biggest recent developments in crypto and we'll cover it a bit more later about some of the perhaps pitfalls that products have had and then maybe how cross is going to really eliminate some of those issues. But yeah, so just going on to the team. So could you talk a bit about the rest of the team? Like how big is the team working on the project? So the team is the full time are 24 people. With the extended part time and agencies that are supporting us, we reach around 70 people. Our technology team is our in house team. They're all based off Hyderabad, India, backgrounds from Microsoft, Google, Cisco and other big names.
The Project's Development Timeline
And all of them are leadership engineers, not young. So we have a very robust engineering and infrastructure, especially on the architecture and what we're trying to build. Awesome. And how long has the project been in development? When was the idea first born? So actually the idea was first born in 2021, in the last bull cycle. And since then the team have been building technology and iterating and understanding what would work and what would not. And we have been partnering with very strategic partners, whether it's on the brand sides or on the gaming sides, as well as on the investments, launchpad exchanges, all of this. Got it. Awesome. So yeah, what stage of development is the platform at now? I believe you already had quite a successful test now, right? Yes.
Components of the Project
So I'll give you a bit of perspective about what we are building and how our product is like. So it's four main components, as you know, we basically connect advertisers to game developers where they can advertise their brands in an undisruptive manner within the game. And then this sales go to the game developers as well as the games. So we have an SDK, a very powerful and easy to integrate to SDK for the game developers. So any game developer in a matter of hours can integrate and connect our SDK in their games and then he can receive ads. And then we have the ads manager, which is very similar to the meta or TikTok or Google Ads manager where brands can come and create their campaigns and this is already live, everybody can use it and create campaigns. And third component is a set of APIs.
Advertising Validation and Transparency
With any other platform like Google or Meta or Amazon can connect our inventory of games to their advertisers. So when their advertisers come and create campaigns on the Google platform, for example, they can also choose to be having ads on games and our APIs basically connect this. And of course last but not least, we have layer two where all of the advertising impressions will be for the first time validated. And hence we have transparency and hence the blockchain comes in. Advertisers and game developers, whenever they want to dispute, they can see that these impressions have taken place and what they are paying for is really what they are paying for, unlike the current cartel of advertisers where you basically pay and you cannot dispute anything. Got it?
Current Live Features
Yeah, yeah, I can see it clearly. And just to continue this last thing. So now what we have live is the following. We have the first version of the SDK and we have the first version of the ads manager. The set of API should be released this year and the layer two because it's a big project of course, and it has to have first Testnet before full main net. It's a layer two over Ethereum of course leveraging the Ethereum security. And when I say layer two, it's different than polygon, it's different than arbitrum, and different than all of the other layer twos. Think of it like Amazon. Amazon came and they have a horizontal shop where they have all the products and you can buy all the products.
Future Vision for Layer Two
And then after this came vertical shops to sell you a specific product. And they were very focused and very specialized in this product. For example, furniture, fashion, etcetera. So we believe for corporate America to adopt blockchain, there will be vertical layer twos that are built specifically for one industry. So we're not only validating just a transaction, you're validating a transaction that's relevant to the industry. And in our case, for example, we're doing this for advertising where you are validating impressions, where users will be part of this. So we understand that user wallets have seen these impressions and hence these impressions have taken place. Got it?
The Need for Blockchain
Yeah, yeah. You can really see a good case for how blockchain really is needed here. Like from a transparency perspective, everything is provable if it's on chain that in your case for the impressions, you can see that this actually happened. So. Yeah, true. And beside transparency, also you have the strongest utility for a token in the blockchain sphere, which is validation. Right? So that's why Cross token is not just a token that will be subject to supply and demand and perception, there will be a real utility token. So basically every impression that the advertiser use has to be validated on chain and hence transaction validation.
Integration of AI in the Project
The block transaction will be used by Crosstalk, of course, let alone also the power of AI, where we have our SDK and ads manager are supported by OpenAI, where brands can come and just put few lines and they have their full campaign with the images and the design and the text done for them, as well as matching the game genre and the game category to make it as part of the gameplay and not disrupting the gamers.
Discussion on the Gaming Industry and Crypto
Got it. Yeah. Makes a lot of sense. So maybe moving on to like the gaming industry as a whole. Like, what are your thoughts on where the gaming industry is for crypto at the moment? And then maybe after that we can touch on what some of the struggles have been. So like, from my perspective, one of the biggest issues we've seen in the market, especially with gaming, is that a lot of the projects didn't really have like very interesting games and they focused more on like launching a token or an NFT, like the crypto side of things versus actually providing like a proper game.
Identifying the Need for Engaging Games
Actually, this is a very good question. We were having a meeting with our team and the team of a 16 Z, Ariana Simpson and other seniors in a 16 Z, which they are very interested in what we're doing. And we have concluded and agreed right to. What is missing in crypto now is interesting games, right. The ethos and the foundation of games, that has to be interesting and addictive, right. And you have to enjoy playing it, not only coming for some sort of a pyramid scheme or a Ponzi scheme where you just do some tasks and get some tokens and some other people somewhere that are losing for you to win.
Competing with Traditional Web 2 Games
And that's why we believe the future of crypto in games, that we have to compete with the web, two games, which has to be an interesting game, and it has to be an intelligent game where users are attracted to it and spend really time liking it. And with this. So basically moving from play to earn to play and earn. And this is exactly what cross is doing. And that's why we started with targeting the non crypto games, the non web, three games. We're targeting the web, two games. Funny fact, everybody can check it. Of course, online every year, the brands spend $150 billion for in game ads.
Disrupting the Current Advertising Model
This is a, it's, this is a huge number, 70% of this on mobile. So what we're trying to do now is amazing. First time ever we're going to disrupt this whole industry. This, the money flows like this. The brand pays hundred, the developer gets between 70 and 80, and the rest goes to the mediaev media ads manager plus the mediator plus whatever. But they don't go to the developer and nothing goes, of course, to the user. They just get bombarded by ads and that's it. So what we're doing is we're removing this whole middleman, right?
A Shift Towards Direct Engagement
So all of the money are going to go between the developer and the player and the game player. And this is the first time for a very small transaction fees for the, for crosse, which is something very small. And of course our main utility would beside validation, would be staking by the developer, staking by the player to be entitled to receive more and more tokens which can be converted to USDT at any point of time or can be converted to any other currency they want. And of course for the game developer, they get more money and we become more favorable. And this we have been seeing so far.
Partnering with Media Agencies
And the industry also works like this. And that's why we partnered with Athletics, one of the big media agencies, you go to the media agency and from the media agency, they basically connect you with brands and connect you with games. Except so basically not only go with brands and directly to games, but the industry in the advertising. You can also leverage media agencies to basically get your brands and games as well since they are managing the marketing for these clients.
Targeting Web 2 Games for Broader Reach
Got it. Just going back to one thing you said, I notice you said you're targeting web two games as well, so it's not just aimed at the web three gaming like you really want to tap into because obviously web two gaming market is much bigger. Actually we are actually, we are only targeting web two. So we are introducing blockchain to all of the web two games because this is where the user base is. 3 billion players. Yeah. And I forgot to say that also our unity integration is going to launch in October, sorry, in December.
Unity Integration and Audience Potential
And Unity have 2.7 billion players. So we don't need to super, you know, super do it or re engineer things. There is already one out of two people playing games on Planet Earth. All what we want to do, and they're already being exposed to ads. So all what we want to do is to connect blockchain and AI in this and give them better unit economics across the whole scape. So either it's brands, if you use Crosstalken, you get cash back.
Ensuring Better Economics for Users and Developers
Either it's developers. If you stake, you have a higher commission for the user. If you stick, you get you'll be entitled to earn more and more while you are playing. Yeah, yeah, absolutely. There's a massive market to tap into there. Really. I think. I guess one of the things projects have struggled with in crypto especially, is they're only focused on, for example, crypto users versus, you guys are clearly going, you understand where the gaming users are, where the gaming companies are.
Smart Targeting of Gaming Audiences
They're in web too. So that's the massive audience that you want to reach and that's who you're targeting. So I think that's very smart. I remember, I remember in 2017, sorry, 2020, and there was this interview for the very first time when CZ started to appear, you know, and nobody knew where he is and all of this mystery around him. And he had this first big interview podcast, him and Marco Bain. And I think this was the day that NFTs became popular, when they talked about NFTs.
Adoption of Blockchain in Business
But anyway, something Mark Cobain said, which I like so much, and everybody should also understand the blockchain will not thrive unless it's adopted by corporate America. So basically it's a mainstream technology and everybody's using it. Right? And that's why we did what we did for cross. We said, you know what? No, we gonna, we're gonna approach the masses, the non blockchain, and use blockchain as part of our, as main component of our architecture for this project.
Creating a Compelling Business Model
So think of cross. Even if there is no blockchain, no crypto, no token, it's still a profitable and competing business model, but even more beautiful that it fits perfectly with a blockchain and AI component in it. Yeah, absolutely. So how do you plan then, kind of two part question. First, how do you plan to attract businesses to use your platform for advertising? And then the second part, how do you plan to attract the games to then input those ads into their games?
Attracting Brands and Games to Collaborate
This is a very good question, and I sort of talked about this earlier, but I will speak about it again. The beauty of what we're doing is that we're not rewriting the book or re engineering things. There's already games that are displaying brands ads and they're already brands that are advertising in games. And it's a $150 billion market every year. Right? So what we are doing, basically, we're coming in and we're saying, you know what, for brands, guys, if you pay using our tokens.
Offering Tokens and Cash Back
But also we're offering you a few. Gonna be using cross token to pay. You're gonna get sort of cash back because we are an ad exchange. Think of it, you're on binance and you're using the binance token. So you get discount on every transaction you're doing. So every. So for sure, when went and we talked with brands, we already have 500 plus brands running campaigns with us. And if you don't know, guys, we already have 500 plus brands and 200 plus games. We are partners with few media agencies like athletics and other top media agencies, where they are basically funneling through us. Because went and told them, okay, guys, you're spending $100 example for in game ads. And they said, yes. Told me, okay, how about we give you this same number of impressions for $75 because you're going to be using our token. They said, okay, why not? That's amazing.
Revenue Sharing and Collaboration
And then went to the games and we told them, okay, you're getting 75% on average of the advertiser revenue. How about we give you 90%? It's a no brainer. And the game just came with us. Right. So as we speak right now, we are running brands, ads inside games in partnership with several media agencies. So, yeah, I hope I answered your question. Yeah, absolutely. Yeah. Yeah. I think that's definitely something to highlight is the number of brands you're working with and games already. So, like. And I want to continue this point. And the most important thing, again, I will reiterate, maybe some people joined later and some people were here from before. The beauty about it, we're not trying to do something like, so crypto native in a very small market and we're trying to build it.
Market Presence and Blockchain Integration
And we have so many untangible dreams and innovations. No, we say it's already an existing market. Right. And already the blockchain is a perfect fit for gaming. Right. And so many people have been calling for somebody to decentralize advertising because it's super non transparent. And then we come and we fit there. So it was sort of a natural and perfect fit right away. Yeah, absolutely. Yeah. Well put. We touched a little bit on earlier, but maybe we could go into more details on that. You have quite a detailed roadmap listed, like on your. In your project details. So maybe. Is there any particularly exciting stuff for you personally that's in the upcoming roadmap that you're most excited to release?
Exciting Upcoming Releases
Yeah, two things I'm super excited to release, actually. More. There is everything I'm very excited to release, but there's two main things, and it's mainly for business aside. So number one is our integration with Android. So I've mentioned before that annually you have $150 billion in game ads spent. 70% of all the games happening on the planet are happening through mobile. And I'm sure everybody knows, right, mostly on mobile, 70% of all of this and 70% of mobile is Android. So that's why we're focusing to launch our Android SDK. So any Android mobile game can have ads inside the games.
Future Integrations and AI Incorporation
Equally excited about launching our Unity integration, because Unity have 2.7 billion users and they have a very robust engineering, which we are very proud that we have seamlessly integrated with them. So these two products, mainly, I would say I'm very excited in the short term, of course, on the longer term, I'm very excited about our more integration in our ads manager with AI, because AI is, as we speak right now, it's evolving. So were very excited about how can we introduce more and more AI capabilities for brands and games, and eventually don't feel that you're even watching an ad. Right. Because.
Layer Two and Long Term Vision
So, yeah, so this is very important for me also as a longer term is layer two, which is, as I told you would be the first ever vertical layer two in the whole space of a blockchain. And we believe this is going to be the trend after we set it for an industry. More and more layer twos will be coming out for specific multi trillion dollar industries like for example, supply chain like oil and gas and many other things. Got it. Yeah. And so for the two things you mentioned, they're both planned for Q four this year. Later this year, right? Yes.
Launch Dates and Future Plans
You said December for yes. Yes. Right after listing we're launching our unity integration and after this we're launching the Android. Awesome. Yeah, very exciting. May move on to the token now. So you mentioned a couple of the use cases particularly for like the validation side of things, but maybe you could touch on the utility of the token again. Yeah, sure. So the main utility for our token is staking. And we would put this as the main title. But why would people stake, so people would stake in case of brands to use for the payment transactions, creating campaigns.
Staking and Revenue Sharing Benefits
That's number one for game developers to earn more than the market revenue stream, revenue sharing and for the gamer to earn, to be entitled to earn tokens while they are seeing advertising. Right. Or higher. Higher tier of earning. And of course staking for not validators. To be validators.
Staking and Governance
Right. And last but not least is staking for governance and to be a heard voice in the roadmap and decentralization. Eventually total decentralization of cross.
Token Infrastructure
Got it. And the token is going to be based on Ethereum, right? Ethereum and Polygon, yes. The token will be based on Ethereum. And also we thought that having it on a cheaper chain as well, like Polygon would be a good idea. So our main net is Ethereum and users also can bridge and can deposit on exchanges on polygon as well.
Telegram Bot Platform
Got it. Yeah, makes sense. So I'm just looking at some of the questions that have been coming in. A lot of questions when TD, I guess you guys will find out about that pretty soon. So I saw a good question I liked. Do you plan to enter the telegram bot platform? So that's really been heating up this year. Like a lot of like the number of users on Telegram and a lot of different projects have been bringing out different games or bots for. Specifically for Telegram.
Developments in Telegram Bots
Yes, actually that's a very good question. And there is something in the making as we speak. So I will have to disclose it at the right time, but yes. Okay. Awesome. Yeah, it's a good sneak peek.
Data Privacy and Security Measures
Another question. What measures are in place for data privacy and security when collecting clear information? That's a very good question. And you know who asked us this question? Most of the investors, especially the institutional investors. As you know, we have many institutional investors. So all of our security and data protection are, according to Azure, Microsoft. We are also partners with Azure and most of our leadership technologies team, our background from Microsoft.
Data Protection Infrastructure
So we're using all of their infrastructure and cybersecurity capabilities. So it's the best out there. We cannot have something more than this. Makes sense. Yeah. A lot of questions about timeline. Not sure if you have anything you can reveal about your launch timeline for the token yet.
Launch Timeline
Yes. So my answer to you guys is it's in few days. I cannot say the exact date, but we should be sharing the exact date in the coming three, four days. Awesome. Yeah, very exciting. And we are listed on tier one exchanges, FYI. Okay. So if this question is also ask or not. Yeah, that's another. We're listed on tier one exchanges.
Investor Confidence
We're partnering with so many kols and we're doing the whole good thing to make sure that everybody knows and hears about cross and all of our stakeholders, whether first and foremost, of course, the community, have a very strong and good ROI on their investment, as well as be confident and secure of having a long term investment in cross. I'm sure some of you would want to get some Roi instantly, which is we're happy with. We're open. We're all here to invest as well as back.
Exciting Days Ahead
A good project as well. Absolutely. Yeah. Yeah. So pretty exciting couple of days upcoming. Also from tencent side of things, the sale is going to begin on the 17 October. So that's just in three days. For anyone who's been listening today, if you've heard enough that's convinced you that now you want to join, you have another two days to subscribe to the launchpad.
Final Words
The snapshot will be on Wednesday on the 16th. So there's still plenty of time if you want to join. And yeah, as Hussein said, the launch is coming up pretty fast. So look forward to their announcements. We've covered a lot of the questions, a lot of them were wentgeous. But yeah, I think we've discussed a lot of good stuff today. So maybe if you have any closing remarks, Hussein, before we wrap things up.
Conclusion
Hussein? Yes, I'm with you, sir. Yeah, sorry, I was just checking. I think we've covered most of the questions, but if you have any closing remarks you want to share before we wrap things up. I think I just want to thank everyone for. For being here. And I hope I have transferred some of the excitement that our team and myself always have every day for such a project and would love to have everyone of you on board with us. Thank you so much again.
Thanking the Audience
Yeah, thank you so much for your time today. And as I said, the sale will be just three days with Tencentead. So for anyone interested in subscribing, feel free to head over to our website. You still have two days to do that. And yeah, thank you so much for your time today. We had a really good discussion, and, yeah, have a great day, everyone. Thank you, everyone. Have a great day.
