On July 13, ChainLabs got an opportunity to have a AMA session with our partner Nabox. During the AMA, Nabox community manager, Clinton shared lots of info about Nabox. Below is the full-recap of the AMA.
ChainLabs: Would you please introduce yourself to the Community? Your background and why do you created Nabox?
Clinton: My name is Clinton, I am the official community manager of the Nabox Community, Right now cross-chain is a big trend, and we believe it will carry on being a big trend with the number of high-potential blockchains that are coming online in the next 6 months. Hence the reason we created Nabox, to become THE cross-chain wallet of choice for DeFi users to handle their assets across different chains
ChainLabs: Can you describe what Nabox is in a few sentences?
Clinton: Nabox is a cross-chain DeFi wallet with decentralized identity technology for Web 3.0, with more than 40,000 product users, many technologies for Defi and NFT users
Kyle: It must be a great project!
ChainLabs: What is the vision and mission Nabox?
Clinton: Nabox’s mission is to become the wallet of choice for any user looking to get into DeFi. The user experience to manage assets across various chains seamlessly will reduce so much confusion to the end user, and more people can experience the wonderful world of DeFi
ChainLabs: There are already several wallet projects currently in the industry. Why another one?
Clinton: Wallets are a gateway to the blockchain ecosystem and are extremely important. Security, user-experience and meeting the various needs of users is a never-ending pursuit and we are confident of creating a great product, Nabox was initially created as a dedicated wallet for NULS, and already has its userbase. This year, Nabox has undergone a massive restructuring and has re-emerged with brand-new capabilities with cross-chain capabilities, Also, current wallets are still a little bit too complicated for novice users, especially if users do transactions across different chains
Nabox’s objective of being the only wallet a user needs for all the different chains would allow users to have a much better user experience
In the longer term, Nabox plans to adopt a digital identity (DID) system. Users only need to have a blockchain identity on Nabox to freely transition between various on-chain and off-chain applications
ChainLabs: What are the competitive advantages that Nabox has over other wallets?
Clinton: We see ourselves as a potential complement to most existing wallets
Currently, most wallets are done through three-party DApps, and we think that there is space for cooperation where Nabox can provide cross-chain functions for other projects, just as an example
ChainLabs: What are the use cases of the NABOX token? Could you explain the user cases of the NABOX token?
Clinton: NABOX is a functional governance token that will be applied to DID to obtain different identity levels in the future, and the handling fee for registering DID will be burnt
More importantly, when the cross-chain exchange reaches a certain scale, a part of the exchange fee will be charged, and 40% of the fee will be used for repurchase and burning of NABOX tokens
You can see that the total amount of NABOX is relatively large, and the economic model design is very suitable for new users to give tips, so that new users can quickly experience the difference between decentralized products and Internet applications, and understand encrypted assets and blockchain Application logic
NABOX can switch and transfer at will on multiple blockchain networks through its own cross-chain function. For example: put it on the Nerve network without Gas fees, or put it on Ethereum, which has the most DeFi applications
ChainLabs: Nabox has received financing from many well-known investment institutions. In which directions will these financing be used?
Clinton: We have received investment from more than 30 well-known institutions around the world
Investors are also very optimistic about this track and will support the development of the Nabox project for a long time
We have made disclosures to participating investment institutions, and you can follow our news
Kyle: Whoa that’s awesome!
Guys you can check the following links to get the latest update:
Website: https://nabox.io/
Twitter: https://twitter.com/naboxwallet
Telegram: t.me/naboxcommunity
ChainLabs: Last question from me! What do you think is the next development trend of the crypto wallet industry? What is the development goal of Nabox?
Clinton: Encrypted wallets are the user portal for blockchain applications. With the maturity of various DApps, many people have gradually adopted decentralized encrypted wallets to manage assets directly from centralized platforms
The development goal of Nabox is to use the most convenient product design to allow ordinary users to use various blockchain applications DApp friendly. With the future development of Nabox, we hope that Nabox will become a user’s digital identity portal for Web3.0 applications
Community Questions Answered Times:
The first question from @JuliaWhite22: Today everyone who works with cryptocurrencies needs at least one digital wallet, but the first options we think of are TrustWallet, Metamask, TronLink, etc. What features does Nabox wallet have that can compete with the most popular wallets today? Why should people use Nabox?
Clinton: Being built on our own blockchain, NULS, means that our transaction fees are within our control to a certain extent, and can really be kept low. The fact that we have an existing userbase also means that we have existing feedback to build on, a team that has done all these before. NULS has been cross-chain friendly way before cross-chain was a buzzword, so we are experienced with the intricacies and problems that are encountered, giving us an advantage in terms of tech
The second question I picked from @Nic1Cool: As a new user, we are always looking for manual or guidelines when entering the platform. The manual of course will reduce the risk of trial and error. Can you please tell us about Nabox Wallet platform? Is it user friendly and provide manuals?
Clinton: Our Nabox chrome extension is very easy to use and we have made various tutorial on how to set it up and use. Please join our telegram channel and ask any of the admins for these tutorial videos.
The third Question from @KSerbesti: Where is the $NABOX road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?
Clinton: Right now cross-chain is a big trend, and I believe it will carry on being a big trend with the number of high-potential blockchains that are coming online in the next 6 months. Hence Nabox’s primary goal is to become THE cross-chain wallet of choice for DeFi users to handle their assets across different chains. While we are developing this capability, we will also add more functionality to the wallets, so that users can manage their staking and view more comprehensive analytics on their asset usage and breakdown right from the wallet dashboard
The fourth question from @Ductrung753951: Security is the most important, thing to consider want starting, up a project how secured, is this project for users?
Clinton: Nabox does not take custody of user assets at all. We routinely remind and alert users to take good care of their private keys as that is the best way to ensure security
The last question from @Sammy123vn: Is NABOX a global project? Is there a plan to cover Korean, European and African communities? will you launch multiple language lines for non-native English speakers?
Clinton: Nabox is developed by a Singapore company, with devs and advisors from China. We are definitely looking to be an international project, with plans to develop the Vietnamese market and Korean markets. The apps will be launched in English and Chinese with more to come later on
ChainLabs: Likewise! Alright that would be all of our AMA today, thanks again to Clinton!
More info of Nabox
Website: https://nabox.io
Twitter: https://twitter.com/naboxwallet
More info of ChainLabs
Twitter: https://twitter.com/labs_chain
