On the 07th of December, 2023 at 12PM UTC, Decentralized Club had the honor of hosting Justin Yeo (CSO) from the MiL.k for an Ask-Me-Anything session on their Telegram page with a community of over 100,000 people. It was hosted by DC Host, Ella.
The session was divided into three segments. Introductions were made in Segment 1, questions from the Twitter community were answered in Segment 2, and live questions from the community members in attendance were answered in Segment 3.
If you missed this event and would like to know what MiL.k is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.
Segment 1 – Introduction
Hi COMMUNITY people
What’s up, GUYSS Hope you all are doing well!
Let me introduce myself to the community😌
My name is Ella and I will be hosting an AMA Session of. MiL.k. here.
Let’s. welcome our guest Justin. for this. AMA session @lv2nan
You’re welcome to the Decentralized Club! It’s our pleasure to have you!
Hi thanks for inviting me today. I’m Justin, CSO of MiL.k team
Hi Justin! you are welcome to Decentralized club
How has your day been going so far?
Amazing! Would you like to introduce yourself to the community?
I am in charge of strategy and business in the MiL.k team.
Let me give you a quick overview of the session before we get started.
AMA is divided into three segments:
Segment 1️⃣: Introduction Questions with the Project team
Segment 2️⃣: 5 best Question from Twitter Gets Answered
Segment 3️⃣: Live Telegram Questions,Best 5 Telegram questions get answered.
if you are ready, Let’s get started💪🏻
Yes, I’m ready!
Kindly “✅” when done
Cool Let’s get started
Starting with the 1st question
Q1. Could you provide a brief overview of what MiL.k is and the vision behind it?
MiL.k is the blockchain based loyalty integration platform which can be downloaded at Google play store and App store. On MiL.k, users can integrate reward points from different service companies into the single asset, Milk Coin (MLK). With Milk Coin, users can exchange reward points with discounts and vice versa. The main currency of MiL.k, Milk Coin (MLK) can be traded on global exchanges such as Bybit, KuCoin, HTX, Gate.io, Indodax and Korean exchanges such as Upbit, Bithumb and Coinone.
Thanks to its practical business model, MiL.k has earned over 1.5 million users and made strong strategic partnerships with representative service partners such as airasia (global airline), GetPlus (loyalty coalition program of Djarum group), OK Cashbag (loyalty integration platform of SK group, the second largest group in Korea), L.Point (loyalty integration platform of Lotte group), etc.
MiL.k is aiming to bridge the crypto and non-crypto world where users can experience blockchain technology and enjoy the benefits in their daily lives.
Q2. What are the major benefits of the MiL.k Project? How can a user get benefit from MiL.k? How does MiL.k benefit the Companies?
MiL.k is introduced to the world for solving the pain points of the current point exchange system.
From the user’s perspective, users cannot fully utilize their reward points as they often forget the existence of the reward points or cannot use it due to the redemption policy such as short expiry date, restriction of accumulated amount, etc. In this case, MiL.k can help users to easily manage scattered reward points from different service companies within one screen and fully utilize it by exchanging reward points and Milk Coin or cash out at exchanges. Additionally, users can get discounts when the point conversion occurs and join various marketing promotions with MiL.k’s partners.
For example, if you have 100 points of airasia and don’t have any plan to fly with airasia soon, you can exchange 100 airasia points to Milk Coin with discounts and with Milk Coin, you can choose whether you want to cash out Milk Coin at exchange or exchange to other MiL.k partners’ reward points for the usage.
Otherwise, from the view of the service company, the company used to spend a lot of budgets to operate their own loyalty system for preventing retention of users and creating loyal customers. However, if users cannot utilize the reward points well, it means the performance of the loyalty system is low. In this case, MiL.k can help to increase the utility of reward points and streamline the process of point conversion system without cash settlement. This could let service companies manage their loyalty system effectively.
Q3. Could you explain what the MiL.k Ecosystem is all about? What are the key features the user will get from the MiL.k Ecosystem?
MiL.k is based on the loyalty ecosystem which is connecting Web2 and Web3 worlds. MiL.k is taking the role of bridging partners’ superior services from each different industry into the platform where the blockchain technology can provide its unique experience and exclusive benefits. In order to do this, MiL.k has major key features which I will explain with the screen shot.
# Reward trading
When you open the app, you will see this page as the main. Partners will be shown with the discount rates and once you connect each partners’ account, you can also see the balance of reward points. If you want to exchange reward points and Milk Coins, you can simply click the partners’ tab and proceed to conversion in a short time. Including discount rate and market price of Milk Coin will be updated every 30 seconds.
Yess MiL.k is giving some amazing benefit to the user i must say
On the bottom of the screen, you will see 4 tabs. Once you click the second wallet tab, you can see how much Milk Coin you have in real time. You can send and receive Milk Coin using the QR code or the address of your wallet.
On the same page of the wallet, you can see the “Attendance check” button. When you click it, you can see the above attendance check page where you can do the daily check for collecting 0.05MLK every day. If you complete a full 1month, additional 1MLK will be rewarded.
# Membership, Offerwall, Market
As MiL.k started its business from Korea and has a huge Korean user base, there are several features that Korean users can enjoy. According to the user’s holding amount of Milk Coin, users can get exclusive membership perks, earn extra rewards from watching advertisements and exchange Milk Coin to the mobile coupons with huge discounts. Those features are one of the popular features of MiL.k which is planned to service globally soon.
Very well explained🙌🏻
Loved the concept of MiL.k🔥
Moving on to the next question
Q4. Can you give a brief about the Merit of using the blockchain in MiL.k?
Blockchain is the key technology of MiL.k which enables it to provide stable and robust service until now.
The technology is actually the key component of how MiL.k can grow its alliance with major players in each industry. For a company, the data of their reward program can be very sensitive sales information, so normally, it is very hard to connect multiple companies that differ in terms of their sector, service, type of business, or even belonging country.
On MiL.k platform, however, all the transactions are written on ledgers and encrypted on a blockchain. This way, companies don’t have to worry about any data leakage and just leverage from synergies from the alliance. This is how MiL.k can build mutual credibility between service companies.
And also, the blockchain technology allows MiL.k to grow as a global DApp. There is no border on blockchain, and no nationality on crypto. So, MiL.k can make global partnerships such as airasia or GetPlus to provide cross border service which lets users exchange reward points and Milk Coin while they are traveling around. This could happen because blockchain is an international infrastructure.
Great! Good use of technology🔥
Moving on to the last question
Q5. Point exchange system is not the new concept. What is the difference between current existing point conversion system and MiL.k?
MiL.k is enhancing the current existing point exchange service in various ways.
The biggest difference is providing discounts when the point conversion occurs. There will be discounts once the user exchanges their reward points and Milk Coin. Typically, the discounts are coming from the service companies but on MiL.k, the discounts are naturally formed by demand and supply. MiL.k’s patented unique algorithm will control the discount rates by checking the demand and supply of the points in real time which means the discounts don’t need to be charged by either service company nor MiL.k.
MiL.k also provides the solution for the service company to streamline the cash settlement between service companies. When the point exchange happens between service companies, both companies need to do cash settlement every month. However, with MiL.k, the reward points are not expired or disappeared; rather it will be circulated between users, MiL.k and service companies. In this case, service companies don’t need to do regular cash settlement.
Lastly, as MiL.k’s global alliance is gradually growing, MiL.k can provide new business opportunities which can help partners to generate marketing synergy. For users, they can enjoy exclusive and useful benefits with co-marketing activities which are only able to join through the MiL.k.
With MiL.k’s vision to become the representative use case of the blockchain technology, MiL.k team will keep developing its service, partnership and ecosystem.
With this we have come to an end of segment 1
Let’s now take some questions from our Twitter community!
Q1.What are your marketing strategies and how do you plan on implementing global adoption? How do you intend on getting more users, community and investments from all parts of the world including non-English speakers and communities?any ambassador or refferal program?@Miutsorma
Thanks for asking.
From Q3, 2022, we decided to expand our strategic partnerships and ecosystems globally, primarily in Southeast Asia. As we successfully earned 1.5 million users and built strong partnerships with representative service partners in Korea, we implemented localized marketing strategies for recruiting more global users and growing the community.
Firstly, we made a partnership with airasia, one of the largest global airlines in Asia in Sep 2022. And then, we got a chance to run a co-marketing activity for giving away Black Pink K-pop Idol’s concert ticket with Boost, Malaysian based top e-wallet service company from Axiata group. Continuously we made a new partnership with GetPlus, the loyalty coalition of Djarum Group, in Indonesia. In order to enter the Indonesian market, we advanced the KYC process with ID card verification, ran exclusive events such as the Korea tour raffle event and listed Milk Coin (MLK) at INDODAX, the largest crypto exchange in Indonesia.
Our main strategy is the core partnership with local companies who can let us penetrate the market and localize MiL.k app service which can be easily adopted in each local market. We will keep going with this localization plan to perfectly serve the best loyalty integration platform globally.
2) Right now, Market is adjusting sharply, the risks are very high but also a great opportunity for development projects. What are the characteristics of your project, and how is your development strategy to be able to compete and rise to. top among other projects?@Sumon144356
Yes, we all know that the recent crypto winter was the really tough one which has changed the crypto market for the most. As you said, we decided the crisis as an opportunity.
As MiL.k is the blockchain based loyalty integration platform, practical service, strong partnerships with brand companies and tradability of Milk Coin are important. During hard times, our team has been focused on those three things to be developed.
We advanced the MiL.k app by adding an offerwall function to take a role as a marketing platform and developed partnership with core partner who are airasia (global airline), Boost (e-wallet), GetPlus (loyalty coalition platform of Djarum Group), OK CashBag (loyalty integration platform of SK Group, the second largest group in Korea). For the crypto side, Milk Coin has been listed at HTX, INDODAX and Bybit. It was not easy to make those achievements in a bad market situation but it happened with all of our team’s sincere effort.
Compared to a year ago, our ecosystem has grown widely which can be fundamental to boost the growth of our project in 2024. Uniqueness of MiL.k’s business model, alliance with partner and global expansion will make MiL.k to become more solid and robust which will make MiL.k compete with other projects. Please stay tuned on our updates
3) Revenue is an important aspect of all projects to keep the project / company up and running. What is the way to get token profits / income? What is the revenue model?@sbsumon111
Let me explain about our business model which is linked to the revenue model. When you are using the service from a brand company, you will earn their reward points. But you cannot use it due to the forgotten of their existence or redemption policy such as limited amount or short expiry period. In that case, you can come to MiL.k where you can integrate reward points from different service companies into the single asset, Milk Coin (MLK) and exchange Milk Coin and reward points with discounts.
Whenever the point conversion occurs, MiL.k will take 1.5% of the conversion fee in Milk Coin. As much as our user base and partnership is growing, MiL.k can earn more revenue accordingly. Also, as MiL.k is bringing real benefits to users, we are expecting that our service can be widely used which means our revenue model is stable.
Nice! It’s great
4)Nearly 85% of investors focus only on short-term token value instead of understanding the actual value of the project. Can you tell our investors about the motivation and benefits of holding your tokens in the long run? @guplito5744
That is really a good question. The actual value of MiL.k is coming from our vision. The vision of MiL.k is to become the representative real use case of blockchain technology to be utilized in daily lives.
There are so many blockchain projects but it’s hard to find the real use cases in worldwide. Meanwhile, MiL.k is solving the pain points of current loyalty market and also, bridging non-crypto and crypto users, and Web2 and Web3.
MiL.k is helping service company to get great performance of running their loyalty program by increasing their points’ utility and also recruiting new users through co-marketing activities. For users’ perspective, they can experience Web3 service with exclusive benefits from various marketing activities. If you are the user of MiL.k or holder of Milk Coin, you can enjoy blockchain based loyalty integration and exchange service to utilize your reward points with maximized value. As long as you are using any service and earn reward points, MiL.k can always help you to easily utilize your reward points and cryptocurrency as well. The value of MiL.k will be gradually increased according to the expansion plan of its alliance and ecosystem and this is why you need to invest or use Milk Coin.
5)Could you tell us a little about #milk_alliance greatest achievements last month, what are #milk_alliance working on right now? What are the main thoughts you want to convey through today’s AMA? @Alexa9348
Thanks for your thoughtful question. You may know that Milk Coin was listed at Bybit on 4th Dec, just 3 days ago. Actually, our team has been working hard for participating as a speaker of GITEX Global Dubai and European Blockchain Convention to introduce about MiL.k, and preparing new listing last month and finally we can announce the news! Now, our team is focusing on various marketing activities including a new listing event on Bybit which you can check the details from this link:
Bybit x MiL.k Airdrop Event (https://gleam.io/NdRbo/bybit-x-milk-airdrop-event)
As Bybit is one of the most popular and largest CEX in global, the new listing is a quite meaningful footprint to us. We believe that Bybit can be a good channel to make Milk Coin to be acknowledged and widely accepted globally and it can be a proof that MiL.k keeps growing its presence in the global crypto market.
However, as MiL.k used to focus on the Korean market due to the Covid-19, there are many global users or investors who might not know much about the MiL.k project and Milk Coin. So, we want to inform you guys about the MiL.k project and why our project is meaningful to you. I’m really glad to be here today and hope more and more people can be part of our ecosystem.
Community People do check out the Airdrop Event 🤩 Goood opportunity for all
With this we have come to an end of 2nd segment
Time to take up some questions for segment 3 from our live audience! Guys be ready to shoot your questions😉
Guest! are you ready for live segment
Please pick five original questions to answer.
Try to ignore generic, vague, and copy-paste questions 😊
Dear community, as a measure to deter bots and reward hunters, please include the guest’s full name in your questions so the guest can tell original questions apart!
DO NOT TAG THE GUEST}
AMA Rules for the community
🚨DC AMA Rules🚨
1️⃣ Post your best questions first. Community members are allowed a maximum of three(3) questions per session but. do not repeat questions from the same account. People who break this rule will be disqualified even if the excess questions are deleted. WE ARE WATCHING 🙄
2️⃣ Post only original questions. Members with stolen questions from DC or other AMAs will be disqualified and banned.
3️⃣ There will be slow mode to prevent spamming.
4️⃣ Join the guest and host (DC) Telegram and Twitter pages to be eligible for rewards. Check pinned post during AMA for details.
5️⃣ Don’t tag the guest in your question or your question will be deleted.
6️⃣ Follow all the special instructions the host gives before the live session. Pay attention.
7️⃣ You can only win once in one segment no matter how many times your questions were picked.
8️⃣ Telegram username should be present in your Telegram Account, otherwise you will be considered as DISQUALIFIED.
9️⃣ Join Đecentralized Člub. Discord: https://discord.gg/ac5G5hBz
Please join our courtroom for disputes and to report copied questions and cheaters with relevant proof.
🔔 THERE ARE NO REWARDS FOR DISQUALIFIED QUESTIONS. DON’T CHEAT AT ALL 🙂
🔔 KEEP TO THE RULES AND COLLECT REWARDS. NO REWARDS ESPECIALLY FOR COPY PASTE. QUESTIONS.
THIS RULE APPLIES TO ALL AMA SEGMENTS, NOT ONLY LIVE SEGMENT, WHETHER IT WAS POSTED BEFORE THE LIVE SEGMENT DOESN’T COUNT AS AN EXCUSE.
TRY OTHER GROUPS IF YOU CAN’T COMPLY.
The group will be unmuted shortly 😊
Guest! are you ready?
Q1. I saw that you are recently listed at Bybit. Is there event going on?
Ans1. Thanks for asking this question! Yes, Milk Coin is listed at Bybit recently and now exciting new listing events are on live. Let me explain it step by step.
- You can newly register on Bybit with this referral link: https://partner.bybit.com/b/2023milk.
- 2. Please sign in and complete KYC to Lv.1
- 3. Please deposit MLK worth 100 USDT; Or deposit 100 USDT and trade any amount of MLK.
- If you complete above 3 steps in first 3,000 participants, you can get 40 USDT for joining the new listing event on Bybit~!
Well, this is not the end. Additionally, you can earn $20 in MLK as well!
Complete all Gleam tasks and earn $20 in MLK (Bybit x MiL.k Airdrop Event)
If you complete those 2 steps too, you can get MLK valued $20! As this event is also limited only for first 2,000 participants, please hurry up!
Q2. Hey Justin, I don’t understand how the MiL.k is operating. Can you explain it with some examples [@antares1959]
Ans2. Sure, let’s say you have a plan to visit Korea with airasia. When you buy the ticket, you will earn 100 airasia reward points which have a value of $10. However, if you don’t have any further plan for using airasia for a while, your credited reward points will expire and be wasted.
In this case, you can download the MiL.k app from Google play store or App store. You will see the airasia on the main page of MiL.k. If you click the connect button, your airasia account will be linked with MiL.k. Then, you can exchange 100 airasia points to Milk Coin (MLK). Generally, you will expect that 100 airasia points will be exchanged equal to the $10 in Milk Coin or less, but through the MiL.k, you can expect more value.
This is the key point of MiL.k ! When the point conversion occurs, you can expect more value due to the fluctuated Milk Coin’s price and also the discount that MiL.k is providing. Thanks to the MiL.k algorithm, MiL.k can provide discounts for exchanging Milk Coins and reward points based on the demand supply of the points.
When you earn the Milk Coin, you can exchange to MiL.k partners’ reward points such as CU, OK CashBag or you can cash out Milk Coin at CEXs. MiL.k is helping you not to waste your reward points rather earn more benefits on MiL.k.
Q3. These days, it seems to be rapidly targeting overseas markets. I feel so good as a Korean. What is the goal of the mil.k team in 2024?[@xxzinxx]
Ans: Currently, we have 10 strategic partners for point exchange service. When you see our partner’s list, you can realize that they are the top market players in each industry.
- airasia: Global airline
- OK CashBag: Loyalty integration platform of SK Group, the second largest group in Korea
- L.Point: Loyalty integration platform of Lotte Group
- Yanolja: The No.1 online traveling agency in Korea
- GetPlus: Loyalty coalition of Djarum Group, the top 3 largest group in Indonesia
- CU: The No.1 convenience store in Korea
- Shinsegae Duty Free: Duty free brand of retail giant, Shinsegae Group
- MEGABOX: Representative multiplex in Korea
- INTERPARK: Top e-commerce platform in Korea
- Dailyhotel: Premium online traveling agency in Korea
We have the purpose of forming an alliance with major players from different industries to provide various point exchange services. This alliance can also provide new business opportunities to partners with various co-marketing activities.
Making one partnership is not easy. From 6 months to 3 years, MiL.k spent a lot of time and effort to make partnerships, and partnerships with those big conglomerates that MiL.k made until now is the result of reviewing all business, marketing, legal and financial sectors thoroughly.
MiL.k has earned over 1.5M users, which is a remarkable figure in the blockchain industry. During 3 years from the service launch, MiL.k had grown successfully by making partnerships with major market players without any technical and operational issue of its service. Especially, based on the successful history in Korea, MiL.k aims to expand its service in Asia and is already actively developing and implementing its localization strategy with great partners in Indonesia and Malaysia. As what MiL.k did in Korea, MiL.k will form an alliance with great partners from each sector and connect each ecosystem by securing at least over 1 million users by each country in 2024.
Q4, Can you share your social media links? So we can keep ourselves updated?Can you share your social media links? So we can keep ourselves updated?[@Wilsons1sk]
Ans: Here are our community channel:
Thanks for your interest!
Q5. Can customers use their mileage points to purchase products or services directly through the platform?[@aponki]
Ans: Nope you cannot.
But you can exchange reward points to Milk coin and when the point conversion occurs, you can expect to get discounts. Let me give you more specific examples.
Let’s say you want to exchange 100 airasia points for Milk Coin. If the value of 100 airasia points is worth around $10, you will expect to get Milk Coin which has the same value of $10 or less than $10. But through the MiL.k, you can expect to get Milk Coin which has a higher value of $10.
When the point conversion occurs, the market price of Milk Coin will be updated every 30 sec and according to the price, you can expect to get more Milk Coin. Besides, you can check the discount rate of point conversion on the below of each brand partners tab like this.
This discount is from the demand and supply of the points which is controlled by MiL.k’s algorithm.
If there are more people who want to exchange airasia points to Milk Coin, it means the stock of airasia points will be increased. So, the algorithm will increase the discount rate so that more and more people will exchange Milk Coins for airasia points.
Same as above logic, if there are more people who want to exchange Milk Coin to airasia points, it means the stock of airasia points will be lower down. Then, the algorithm will reduce the discount rate which will make people to exchange airasia points to Milk Coin.
In other words, you can utilize your reward points with higher value from the fluctuating market price of Milk Coin and discount from supply and demand of the points. MiL.k got patent on this unique algorithm logic and it allows MiL.k to provide stable point exchange service which is differ from the current existing point exchange service.
Q6. I am interested to invest in your. project, When and where can I buy your. tokens.? Is it already listed exchanges…?[@Wilsons1sk]
Ans 6. Let me share with you the listed exchanges.
HTX (ex. Huobi)
it’s a wrap! 🥳
Your answers were brilliant!
Thank you. for your time 😊You were amazing! Loved to have you here! 🤩
Cheers🥂. to you and your team for their time and effort in making this project a success!
Thank you so much all of your interest on MiL.k. Please stay tuned for our updates!
Thankyou for choosing Decentralized club❤️o