LaLa World Reddit AMA-01 (Ask Me Anything) – Excerpts from the AMA

By April 11, 2018LaLa World
Reddit AMA

What’s new with LaLa, What all is going on?

We’re building a Global Digital Banking Ecosystem for financial inclusion of the Underserved – unbanked, immigrants, travellers and international students. This is possible because of our Global Network and partnerships.

LALA World facilitates a single digital Bank account based on Blockchain technology that would help us to retain one bank across the world.We have a focused product suite built around around 3 Business Models: send, spend & Lend

Send – Cross Border Remittance (LaLa Transfer)& LALA Pay for utilities

Spend – Pay your bills & get rewarded for each transaction

Lend – P2P and Direct Micro Lending

We are commited to deliver value for money and in order to do so we have developed processes that eliminate the middlemen. With LALA products you would get instant remittance facilities at the lowest price.

 

Ethos Partnership and what it’s going to bring?

Ethos is Universal wallet and one of our prime associates. LaLa World would be among the first ones to be on Ethos Wallet. Ethos is inclined towards wealth management and we are tilted towards securing services for the unbanked, so how we will bridge this gap. We would be taking the concern together in helping the world.

Apart from this we are exploring various opportunities with Ethos.

 

Auction FUD- Why were people buying the tokens at so high rates?

LALA World has had support from the crypto community as well as the masses in general ever since its inception. Not only the people but governments, organizations, local communities and universities etc, We have had an amazing response for our vision to bring technology to the use of people.

As we closed our ICO very quickly, there was a huge demand in the market for those who missed out on the sale. The demand kept on lingering on our Social media channels and we kept on receiving queries and messages from people who asked for next round of tokensales.

Being one of the few ICO to be successful in a short amount time and with our strict KYC we were left with 2.37 million tokens that failed the compliance. Seeing the great response & demand, we decided to put in reverse Dutch auction.

Honestly, we were also surprised that the auction lasted only for 6 hours. These were the people who actually missed out during the tokensale.

Unfortunately, just after 15 days the market turned bearish. It was unfortunate and could have been other way around.This is something uncertain and out of control, we don’t have direct control over market conditions.

 

How is LALA tackling the Multi-Faceted Marketing challenge for– crypto and fiat people?

We are going to be a fiat wallet for the world for which we are securing licenses to operate in various jurisdictions in a gradual manner.We are rolling-out LALA where companies can buy LALA ID as a service for which they pay in LALA tokens. So there is a demand being created for LALA ID and free tokens being given for consumers and referrals. This ensures liquidity from both sides.

Initially there is going to be a lot of funding through our reserves which is why we kept them in anticipation.

We are integrating every possible traditional or new blockchain remittance model available and build that into one-widely compatible and competitive engine which gives you the best price at that point in time.

For Micro Lending – we are in process in buying a very large Money lender in India; will start lending in Sri Lanka, Myanmar, Thailand, Nigeria & Dubai

P2P lending site will be out in another 2 months. This is a backdrop to understand that every product will have a different audience and will require different marketing. We don’t intend to sell all the products to same set of consumers at the same time.

So in traditional form our audience is the Unbanked workers and migrants which we already have access to through our partners. We are conducting camps locally to research and understand more on their needs. For example we’re already working with these workers on ground level In Malaysia.

Also we’re organizing various events with many local bodies and NGO’s. We have an event coming up in India on 13th April with Clothes Box Foundation (CBF) for which you all will be informed very soon. So there’s a grassroots level marketing happening: we’re going to conduct multiple camps in multiple geographies to educate these primary consumers on LALA Wallet ecosystem.

On Crypto side: We’re going to various conferences, events and are tying up with more crypto influencers in the coming time. We’re organizing joint-meetups with our partners like Stellar and Ethos which increase our reach to various crypto communities.

We are looking to list on larger exchanges in better times. We hear you everytime you give feedbacks and are trying our best to take our next steps wisely so that it benefits everyone.

For Me Sales is everything, Tech is secondary. What is use is tech for if you can’t sell it? This is why we’re focusing on a great product and marketing its usability in the best possible way to the most relevant audience. This is not going to happen overnight and we’re working to strive for better than our current best everytime.

 

On the point of 200k users

200,000 is nothing;we are targeting to engage 100 Million workers by 2020.

The first 200,000 is our in house workers who are on our payrolls in Malaysia. Through our partners we have access to 1 million workers but that does not mean we want everyone on day one or for the same product.

We are working on forging many more such partnerships which let us do so.

 

Will LALA use reserve tokens or buy from exchange to reward an app user?

We have reserved a very large number of tokens for initially rewarding the people who complete their KYC and we have also added a lot of rewards for referrals.

But now when LALA ID services are being rolled out, these will give us revenue in the form of LALA tokens which can be then used to reward the app user.

But for time to time, if and when required, we will keep an incentive fund for the same.

 

Will other cryptos be used on app?

We are not a crypto wallet.

However L+ rewards will be converted to Lala Tokens which will be able to be redeemed at Crypto Wallets like Ethos, Argo Wallet where this is possible.

 

How Does Current Bear Market have effect on development of Lala?

Once we are self sufficient and are able to attain a seemless growth with geographical expansion then there is no stopping us to reach the pinnacle.  In the next 12 months we would be focusing on Asia, Middle East and then going on to Europe , America & Africa.

There is no one other than us in the market who has been able to achieve as comprehensive a product as we are trying to do.

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