RiveX — AMA @ The Topic Room
RiveX envisions a decentralized enterprise economy, supported by three main pillars such as Blockchain as a Service (BaaS), Enterprise Solutions and Decentralized Finance (DeFi). RiveX bridges different segments of clientele base from enterprise users to public users. Collectively, a wide array of clients from all walks of industries are able to experience end to end products and services offered by RiveX.
Aljaz: Hello people from The Topic Room or ExNetwork community 👌🏻 My name is Aljaz and I am the CMO at RiveX. Today I will be here to help with the flow of AMA session with Mark, Alex and Liam👍🏻
As Alex mentioned https://t.me/RiveXOfficial is our official channel. Winners will be picked from those who join our telegram and are present in the AMA :)
Alex: Hi everyone, I’m Alex, CEO of RiveX. I graduated from a local Malaysia University with Bachelors degree in Electrical and Electronic Engineering. Prior to launching RiveX, I served as a systems administrator and systems engineer at Dell for 5 years. My passion in blockchain or distributed ledger technology is what led me to start RiveX as I want to build a solution that can bridge the gap between the centralized and decentralized space.
do remember to join our official channel @RiveXOfficial as well to stay up to date
Liam: Hello community! My name is Liam, I got into the crypto space in early 2016, and have been passionate ever since. I currently work for Wanchain as the community lead for Africa and I am the global community lead at RiveX. I am here today to assist Mark, Alex and Aljaz with the AMA session. Goodluck and have fun!
Mark: Hey, pleasure to meet!
Q: so Alex tell us what RiveX is? What is it and how did it start?
Alex: Rivex envisions on the core of a decentralized enterprise economy, further enhanced and supported by three main pillars such as Bockchain as a Service (BaaS), Enterprise Solutions and Decentralized Finance (DeFi). RiveX aims to bridge different segments of cliental base from enterprise users up to end users where they will experience end to end service. We basically want to mature the DLT space via accelerated growth through enterprise solution.
Q: Can any of you explain what a BAAS is?
Alex: BaaS stands for Blockchain as a Service. BaaS is one of RiveX’s core components. BaaS is the modernized Software as a Service (SaaS) in a decentralized world enhanced with the strength and uniqueness of blockchain technology. Customers are able to leverage cloud-based solutions to build, host and use their own blockchain applications, smart contracts and functions on the blockchain while the cloud-based service provider manages all the necessary tasks and activities to keep the infrastructure agile and operational. It is an interesting development in the blockchain ecosystem that is indirectly aiding the blockchain adoption across businesses.
Q: Interesting. How did the co founders meet?
Alex: Well I have known Mark since high school and we basically expose ourselve in this pass since 3 years back and we have been discussing and brainstorming with a project that can help mature DLT space that is why we founded RiveX.
Q: At what stage is the project now? Is the tech all built up? are there customers already?
Alex: It is currently on development stages with our first products release soon and subsequently at the end of the year. While we are on development stages, we are already securing partnership deal which we will be announcing soon our our official channel so do stay tune.
Q: Where is the project located? how big is the team?
RiveX is a Singapore base project. Our main operation arm at the moment is at Malaysia however our team has global presense. We are close to 20 man team now.
Liam: We also recently released two articles,
And meet our advisors: https://medium.com/@RiveXOfficial/meet-the-rivex-advisers-25a11f7a9f9a
Q: What advantages will your decentralized enterprise solution offer over current centralized solutions?
Mark: Enterprise solution is meant to be centralised till a certain extend.
Alex: Our Decentralized solutions are build around user privacy and security. RiveX envisions an economy where both individuals and enterprises can securely store their data using blockchain or decentralized ledger technology. Using blockchain coupled with a common networking and database solution, there will be no single entity governing user data which eliminates any single point of failure. The RiveX hybrid chain model allows individuals and enterprises to selectively choose which data sets are made public, and which are made private. This model allows for bridging centralized and decentralized solutions which allows businesses to continue using their current processes and only migrating data sets which require the RiveX solution.
Q: How’s the crypto scene in Malaysia?
Alex: Government is in the midst of regulating the space however they is no definite framework release as of yet albeit for some under digital exchange.
Q: What are some of Rivex major achievements and what milestones are planned ahead in the next 6 months, 1 year and 5 years?
Liam: You can view the roadmap on our website, but some upcoming releases include mobile/desktop wallets, EROX our enterprise super solution and a crosschain DEX dually developed by RiveX and Wanchain.
Q: Is EROX the first RiveX’s product? Can you tell me some of the outstanding features of EROX?
Aljaz: EROX is RiveX’s Enterprise super solution. Enterprise File Share and Sync — (EROX) is a product by RiveX under the BaaS model which comprises of an online office suite, featuring tamper-proof digital signatures, blockchain name service (BNS) and Interplanetary File System (IPFS) technology.
Q: In traditional market, users can earn money by doing PTU (Paid to Upload), do data providers have any benefits if they contribute data to your SaaS?
Liam: The RiveX BaaS pillar allows individuals to be either a provider (network contributer) or a user (using RiveX solutions). By being a provider, the individual will be incentivised for assisting the network by pledging their own unused storage (becoming a storage node) or by assisting in securing the network during data retrieval (becoming a validator node). Being a user, the individual will be given assurance on data availability as well as the option to share their data set publicly or privately (encrypted).
Q: Are you guys going to make a DeFi app with a “lend and earn” feature? Any plans to compete with existing DeFi apps such as Compound, Celsius, and etc.?
Alex: At the moment nope but we hope service provider under this segment will be using our solution to scale further i.e. data analytics. RiveX do not aim to compete but co-exist where we assist with each downfall. Having said that, we will be releasing new product that is yet to be seen under the DeFi space.
Q: What are differences between your Xoffice compared with other office softwares on martket that can make user to switch?
Liam: xOffice will offer support for all major document, spreadsheet and presentation file formats which can be integrated into your own infrastructure. It will also offer flexible pricing and increased security and privacy as data will be stored across a peer to peer blockchain network rather than a centralized server.
Q: It is known that the streaming services provided by the decentralized nature of RiveX will be faster, cheaper and anti-censorship. So is this the advantage that helps RiveX attract users?
Alex: You got most of the feature right. Via decentralize cloud storage core adding with the arcitecture we are drafting, we can ensure that those content is always available as well.
Q: I see in the web the roadmap in the fourth quarter of 2019, RiveX will launch the first cross-chain exchange in the world. Can you tell us about the special features of this upcoming exchange?
Liam: RiveX DEX is a joint partnership and development with Wanchain. This DEX utilizes Wanchain’s cross-chain strength and capabilities. It will be the worlds first cross-chain DEX, backed by Wanchain’s storeman nodes. There will be BTC, ETH, EOS, WAN and RVX pairings. More details on the DEX will be released later on in Q4.
Q: Is this Proof of stake? can anyone earn from running a node in Rivex?
Mark: Yup. POS Based on Galaxy Consensus by Wanchain.
Q: Fast transaction speed, high security is what is indispensable for RiveX. So how does RiveX always keep these factors stable?
Liam: Since RIveX is open to anyone becoming a storage node, this enhances security as data will be encrypted, split up and spread across storage nodes.
Q: The RiveX hybrid chain is a great idea that allows individuals and businesses to choose which data sets are made public or private, but this can also be controversial issue. Do you think this will inadvertently allow criminals/ bad companies to hide their sensitive data?
Alex: Our vision is to enable start-ups to have the scalling opportunity when their solution is build on our platform as it enables the communication with other enterprises on the public chain while also maintaining internal process on the private chain. We will always be against data tampering and will advise against that on the public chain.
Q: Your road map says that every quarter you release RiveX releases, will this go so fast in this stage of development?
Liam: We have big team of dedicated devs working around the clock to deliver releases. Development is going great so far and we aim to keep it that way to ensure future releases meet set release dates
Q: At present, the enterprise economy is dependent on centralised. Why do you think that the enterprise economy should be moved to decentralized And What are the advantages and disadvantages, which is we need consider.
Liam: Centralized service providers give customers network access to these applications and store user data either locally or on the cloud. Businesses have to rely on the SaaS provider to facilitate a secure environment for their data. This leaves data vulnerable as locally stored and cloud based data are at risk of being stolen by hackers, being damaged or even lost. A security breach could have a profound effect on a business. Decentralized cloud-based solutions alleviate this risk by distributing data in chunks over a peer-to-peer blockchain based network.
Q: RiveX announced its first partnership with Wanchain so what benefits will this partnership brings? And why you choose Wanchain is your first partnership?
Mark: I am from Wanchain and leading Wanchain enterprise solution businesses in south east asia. With RiveX involvement, both parties (Wanchain and RiveX) can scale even faster with the strength of our tech and business development efforts.
Q: There are a lots of competitors in Blockchain as a service, DeFi and Enterprise Solutions so how will RiveX beat thems and what is RiveX “Secret Weapon”?
Mark: Pls visit our website and check on our bio.
Q: Rivex Cross-Chain Decentralize Exchange will be an impressive product of Rivex. However, Binance Dex will support ERC-20 token soon, Ferrum will also have a Dex with interoperable assets supporting, Troytrade also supports cross-chain feature. Do you feel pressure from these and have a plan to be out standing compared to them?
Mark: Most if not all DEX supports ETH and ERC20. But this DEX we have supports all protocols Wanchain has cross chained with
Q: In the crypto sphere it is very hard for a project/crypto company to generate income/profit which makes it harder for them to run the project in the long run, how does Rivex plan on creating revenue/cash flow into its project/company? ((Some projects do have 10% dev share (10% of transaction fees goes to project) to keep their project up and running).
Alex: Your statement is true thus we are fortunate enough to have education partner in the blockchain space that requires our expertise thus we are able to secure partnership by having their solution be build on top of our platform.
Q: Adoption is one of the most important aspects of all crypto projects, without adoption/user base it cannot be function-able in the long run, how does Rivex tackle this problem at which it would still make it up and running?
Alex: We are already in the midst of securing partnership deal that is why @frenchie is at bangkok at the moment. Having said that we will also be adopting the freemium model so individual user can benefit from our product as well.
Q: What do you think is the importance of community development? Does RiveX have any plan to thrive its community? For example, are there promotions, rewards, … for new users or loyal users? I think that will help RiveX attract more users. To evaluate whether a project is strong and lasting, people often focus on two factors: project idea and development partners. As I see it, the idea of RiveX is very good and special. What about the development partner of RiveX?
Aljaz: For our community we will have a quest ready this month. It will be something similar as Akropolis quest. We will give away 200.000$ worth of Rivex so please follow our telegram @RivexOfficial for more information.
RVX will also be given out as a reward for usage of our services (like BAT in Brave browser)
Alex: We will be releasing a community program real soon which will enable community to enjoy while obtaining rewards. As for the latter question in regards to development partner, we are in talks with some now and all this will be release on our upcoming roadmap.
Yes community growth is super important in this space, we have an upcoming quest for our community that will be announced in due time. We value each and every member of our community and will look into implementing a rewards system to show our appreciated for long standing community members. We have an incentive model for users to run storage nodes and contribute to network stablility where they can earn RVX for renting out their unused space.
Q: What are the highlights on the Rivex project?
Q: Where is major partner role in RiveX ecosystem. From now to end 2019 What partner your team are planing to work with?
Aljaz: We have already partnered with Wanchain and signed some partnerships that we will announce in following weeks :)
Q: When do you plan to launch the mainnet? Is the mainnet your main plan now?
Aljaz: TBD. Our priority at the moment is develomplent or EROX and cross-chain DEX.
Q: Can you introduce the simplest and easiest way to understand about Enterprise File Share and Sync (EROX)? What problems can it solve that businesses are facing?
Q: What is StratoX all about? Care to explain what is Twin Strike Contracts? Why develop a private chain when you can have a public one to provide transparency?
Liam: Stratox is an Investment Token Offering platform. With a investment token offering platform, users are able to reach a wider range of potential investors, which enables them to attain their funding targets faster.
Twin-Strike is a special variant of the bonus certificate that generates a positive return on their investment in bullish as well as bearish markets, as long as the underlying asset price doesn’t decrease and breaches through a predetermined barrier.
The RiveX hybrid chain model allows individuals and enterprises to selectively choose which data sets are made public, and which are made private. This revolutionary model bridges centralized and decentralized systems by allowing businesses to proceed with their own current processes and only migrating data sets that require the RiveX solution.
Q: Will RiveX have Staking? And if so, what requirements are you planning to ser? How does Rivex plan to get their project adopted worldwide?
Liam: RiveX is currently running a validator node for Wanchain, be sure to join our channel for more info on that.
Q: Nowadays, as stable coins are appearing more and more, BTC is dominating the market, starting a leading crypto project in the world. RiveX can tell us about what difficulties your team has encountered and how they have overcome it. In terms of technology, what are RiveX advantages compared to modern coin projects?
Alex: Well from speculative perspective you can mention that however we are fortunate that we are currently privately funded and is able to continue on with our development stage. Of course adotion rate is what all project faces and we are fortunate in this as well by going together with our education partner. In terms of technology, we want to be able to co-exist with project under the same niche to mature the space.
Q: I see your Advisor with Mark Tan from Wanchain, Will Wanchain assist in the development of Rivex? And about which array?
Aljaz: Mark is actually co-founder and advisor. We partnered with Wanchain on many areas (private chain, DEX and more) and we are already working together on given subjects.
Q: When do you plan to launch the mainnet? Is the mainnet your main plan now?
Alex: Definitely our major roadmap plan and we hope to be tentatively ready by Q2 2020.
Q: Will your baas solutions be plug and play ? How will it merge with existing business softwares and enterprise systems? How does rivex guarantee tamper proof and privacy for enterprise integral data ? And how would rivex compete with existing centralised cloud services? What makes you secure , faster and better?
Liam: You can read all about our our BaaS here: https://medium.com/@RiveXOfficial/erox-the-enterprise-super-solution-explained-c5c776c0e6c0
Q: What sparked the creation of RiveX and was it hard to actually start it? What kind of marketing strategy are you following at getting the project adopted!?
Aljaz: It is never easy to start a new company 😀. RiveX was started as a new solution to stagering market. At the moment we are doing offline marketing in SEA. We have been present at Korean Blockchain Week and Consensus Singapoore — next week we are going to Devcon Japan. Ror the online part we have just started with AMAs that will be followed with 200.000$ Quest.
Q: With this good technology idea, what has RiveX contributed to the development of the economy and blockchain technology?
Liam: BaaS is the modernized Software as a Service (SaaS) in the decentralized world enhanced by the strength and uniqueness of blockchain technology. Customers are able to leverage cloud-based solutions to build, host and use their own blockchain applications, smart contracts and functions on the blockchain while the cloud-based service provider manages all the necessary tasks and activities to keep the infrastructure agile and operational. We believe it is an interesting development in the blockchain ecosystem that is indirectly aiding the blockchain adoption across businesses.
Q: China and India are populous and very potential countries. Do RiVeX have any plans to develop in those two countries? Do RiveX also have a running plan for Asia, China(CNY), Japan(JPY) or Korea(KRW)? Those countries are hard to regulate. RiveX service is likely to suffer a lot depending on the regulatory situation in each country. Does RiveX have a team that specializes in legal work?
Alex: We have plan to expand to the mention country as the amount of builders with expertise is astonishing there. Having said that, I share your concern however I am looking at this in a positive way as with regulation means accelerated adoption this me and my team is always ready to have discussion with government entity to ensure compliance. Our team does have John who specializes in legal work and understand global jurisdiction.
Q: Any sneak peeks or info about your staking economic model?
Alex: not at the moment as we are in the midst of drafting our architecture model.
Q: Currently, some project have policies for their ambassadors to create a contribution and attract recognition for the project! So the Rivex team plans to implement policies and incentives for Rivex ambassadors?
Liam: We are open to ideas from our community that can attract recognition, we may form an ambassador program at a later date for community members interested in being a part of the cause.
Alex: At the moment we are not looking to pick ambassadors yet however we will be releasing a fun task where we can get community involvement while community will be able to earn rewards from so stay tune.
Q: Why do you think your idea needs the BLOCKCHAIN?
Liam: We need blockchain for our solution as we are tackling centralized solutions by providing decentralized enterprise solutions for increased security and privacy. We believe blockchain is the way forward :)
Alex: We want to create a decentralize enterprise economy thus there are certain processes or action in everyone’s life which can benefit with the use of blockchain technology.
Q: Who is RiveX focused on developing application guidelines for? Business user or public user?
Liam: Both businesses and public users can use our BaaS products.
Q: About Defi on Rivex, can you let us know if it will work like a feature of project or it will be a platform which is opened for integrating other open-sourced Defi projects?
Alex: We want existing project to utilize our platform to further grow their solution, offering more features to their existing userbase. Besides that we also would be releasing new products to the space and also operating the DEX that Wanchain and RiveX is building.
Q: When was RiveX officially launched? Where did the idea come from to build RiveX?
Aljaz: Idea of launching Rivex came in late 2018 and the project itself has been launched in Q1 2019 :)
Q: One of benefits for development partners are hands-on advisory, in case of huge number of such partners, how would you distribute time to advise them?
Aljaz: At the moment we are not facing any issues with this — so we will look for an answer when that happens.
Q: Where is RiveX headquarters? In the future, where does RiveX focus on development?
Liam: RiveX is based in Singapore, and current development is focused on delivering EROX and our DEX with Wanchain. Interoperability is super important for crosschain communication.
Q: Since inception, what is the biggest challenge facing RiveX? What does RiveX do to overcome this difficulty?
Liam: We haven’t faced any major challenges yet as we are still in early stages of development.
Q: Blockchain interoperability is a popular function that many blockchain is going to build right now since its effectiveness. So, how many blockchain is Rivex going to support? Is there a criteria for your team in choosing these blockchains?
Liam: Since RiveX is being built on Wanchains private chain, it is already cross-chain with Bitcoin, Ethereum and soon to be EOS in Q4.
Q: Will Defi of the RiveX attracts the market in future? And what do you think of Defi’s potential? How will it contribute to the current blockchain industry?
Alex: We are definite that our solution and DeFi pillar will be attractive. I believe product that is currently release under this space is assisting DLT to go mainstream as changes seems to always occurs from financial sector.
Q: RiveX is new project so what have you learned from other projects in past to create RiveX?
Alex: We know that in the past, projects suffer from low or non-adoption thus RiveX is using another approach to ensure our rate of adoption is high.
Q: Can you please highlight more on the decentralization aspect using your technology. Also in the future, is it possible to quantify the level of decentralization and economic incentivization?
Alex: We envision for startup and even enterprise to take advantage of the data communication on the public chain to scale up their bussinesses. With chance of scalling thus it brings revenue and that is how we can see the linear growth between them. With that said, we also would like to ensure the supporters that supported our network is incentivise to keep contributing and hosting.
Q: That was fun. but unfortunately we have run out of time! Alex, Mark, Liam, Aljaz, please invite everyone to join the group and a parting message.
Aljaz: Our time is sadly up! All unaswered questions can be posted again in @RivexOfficial where we will give out 50$ to 5 best questions that have not been answered here. Thank you Eric for having us 👍🏻
If you will have unanswered questions post them in our Telegram. Have a nice day Topic Room community :)
Alex: alright that is indeed fun. For those who have yet to have their question answered, feel free to join @RiveXOfficial and we will ensure your query is answer there.
Thanks Eric again for hosting and everyone here for the question
Liam: Thanks for hosting! It’s been a blast. Thanks to everyone for the great questions :)
Mark: Thanks Eric for the kind accommodation here.