Henry Onyebuchi (CPO at LEAD Wallet) was invited to attend an AMA in Crypto Media Telegram group on 25 Apr 2020. He has answered many question raised by the community and addressed the recent progress.
Hello fellow crypto and blockchain Heads , it’s a great privilege to be here in your great community conducting this AMA for Lead wallet. I am Henry Onyebuchi, the CPO of Lead wallet and I will be representing our CEO Obasi who is unavoidably absent at this time due to some impromptu delicate matters.
Following is the recap of this AMA.
Q1: Can you introduce yourself to our community? and how did you build Lead Wallet?
Henry Onyebuchi: I have been in the Blockchain space for about 4 years, working in different capacities as a marketing personnel, a technical support manager, and a smart contract developer. Some of the firms I worked for include cryptocoin.news, Amazix.com, and XYO.network.
The idea of Lead wallet started sometime in August 2019 when some of the core team members had a critical survey of the blockchain and crypto space and we found that one of the major barriers that hinder mass adoption is the fact that newbies get overwhelmed even when encounter cryptocurrency wallets which is the second point of contact in the industry.
So as a means to solve that in order to make life a whole lot easier for everyone joining the space, as well as already existing users who encounter difficulties utilizing wallets, we decided to build a solution that doesn’t only make assets management very easy, but one that also has a beautiful user interface and optimum security.
Q2: Can you explain what is Lead Wallet? And what are their special products?
Henry Onyebuchi: Lead Wallet is the simplest decentralized multi-cryptocurrency wallet that has multiple features for cryptocurrency and blockchain enthusiasts of different levels ranging from beginners to experts. It supports crypto assets’ holding, spending, and receiving of cryptocurrencies.
The Lead wallet application also supports innovative features such as crypto marketplace, multi-sender feature, cryptocurrency staking, multi-sig feature, crypto-to-crypto, and crypto-to-fiat swaps/exchange features in order to improve the crypto use-cases and further engender mass cryptocurrency and blockchain adoption globally.
3 Question From Twitter
Q1 : What kind of real-life application or adoption will sharding to improve & help bring the masses to LEAD in general?
Henry Onyebuchi: The Lead wallet app will have a C-marketplace to enable users to spend their cryptocurrency assets how they like without having to first convert to fiat. Some of these services include utility bills payment, hotel bookings, and other p2p payments which we will keep adding the wallet features.
This will go a long way in bringing the masses to Lead because one of the major pain points in the crypto space is the problem of not being able to spend crypto assets in a flexible way.
Users practically have to jump from wallet to wallet and from exchange to exchange in order to make conversions of their assets to be able to spend them. Lead wallet solves this problem
Q2 : Supplying main products is electronic wallet, security is a top priority. If in the case of cold wallets and Lead Wallet wallets are accidentally hacked, what is the solution of Lead Wallet to customers?
Henry Onyebuchi: Lead wallet is a non-custodial wallet. This means that our users are 100% in custody of their assets as we do not have access to their private keys.
However, to protect our users from hacks or any form of a security breach, the wallet has a 2FA integrated into it to give users an extra layer of security when they log into their account from their mobile device.
We also have a constant(non-spammy) reminder for users who haven’t yet verified that they have their wallet seed phrases stored. This is to ensure that they do not totally lose access to their funds assuming they lose their devices
Q3 : Staking right on the wallet is very convenient for users.However, it is also because of the convenience that users can un-stake. So LEAD has a way to prevent users from “stake” in bulk.Because this can directly affect the Nodes that LEAD is running for the project?
Henry Onyebuchi: As a means to encourage users from staking and leaving their funds in the pool for as long as required. We have come up with a reward system that incentivizes stakers from the profits made by Lead.
For the first year, stakers can earn up to 35% annualized staking rewards, and subsequently. The rewards will be adjusted based on our ecosystem reward handling and issuing capabilities.
4 Quiz From Henry (LEAD Wallet)
What are the purposes of LEAD tokens in the Lead wallet ecosystem?
Answer: It’s use as fee and also gives discount . When we buy Crypto and also stake.
In what exchange is Lead wallet currently having its IEO, and how much is the minimum purchase?
Answer: Emirex 125.00 LEAD
How many percent discounts do you get when you make purchases with Lead token in the Lead wallet?
Answer: Up to 20% discount
How many % of Lead token will be burnt by the team before it stops its token burn?
What are the benefits to users holding tokens in LEAD wallets instead of using other wallets?
Henry Onyebuchi: Beyond storing and exchanging your cryptocurrencies, Lead wallet has a built-in marketplace that allow you to spend your cryptocurrencies on items that you want without the need for fiat conversion.
Plus unlike majority of the crypto wallet, we will offer you the option of withdrawing fiat currencies directly to your bank account at a very competitive rate.
Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and investors to Lead Wallet and keep them long term?
Henry Onyebuchi: We have a vibrant community of over 70k members on all our social media channels including telegram, twitter, Facebook, Reddit, etc. We also conduct non stop AMA’s in different crypto and blockchain communities like yours.
Also, we have publications on hackernoon.com, Btc.com, and other crypto investment websites that have helped us this far in getting the attention of enthusiasts and investors from all around the globe.
Lead wallet is a community-based wallet, so our users play a vital role in the ecosystem and we believe that in delivering a product like ours that solves a lot of problems in the easiest manner while maintaining the best security practices, it’s only natural for users to recommend their friends and loved ones to utilize the wallet app
Can you tell us some recent achivement done by Lead project and Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
Henry Onyebuchi: This is really a nice question. Thanks for asking. We’ve been able to bring together 8 core team members with credible backgrounds in the Blockchain and financial space from different parts of the world like Nigeria, India, Russia, Columbia, etc.
Our token smart contract has been deployed and we have been able to secure significant partnerships that you can find on the website leadwallet.io.
We are also in the brink of partnering with a topnotch security company that will soon be announced to the community, so feel free to keep an eye on the announcement channel for the teasing announcement.
Other than this, we have built communities of crypto enthusiasts in different countries who are on standby waiting for the MVP to launch so that they can test and help create awareness in their different jurisdictions.
The application itself is currently being built, but major aspects of it will be completed after the end of the IEO currently running on emirex.com
What strategies do you have to attract users, and keep them stay with your platform for longterm? And whsy are the unique strategies that you have in order to create demand for lead token and the wallet application both?
Henry Onyebuchi: This is also a good question Shiwanka, thanks for it. Our wallet application has a beautifully designed interface that has easy usability at its core. It also utilizes the most standard and up to date security practices to ensure that users do not lose their funds.
In addition to this, we are building a system that will allow our users enjoy other features like exchanging of tokens, conversions to fiat, multi sending to multiple wallet addresses in one transaction at a competitive price, management of a single wallet address by different parties, payment systems, staking features and so on.
With this all in one solution, users would naturally want to use our wallet because really nobody likes to jump from one place to another when they can get all they need in a particular place that offers standard services with good rates.
What Will Be the Company’s MINDSET going Forward as People Starting to Realize Your Importance?
Henry Onyebuchi: We’ll keep making researches and looking for ways to add more features to make the wallet even more useful to our users.
Some of these would be the integration of other cryptocurrencies as well as partnerships with service providers to allow for subscriptions using Lead wallet.
We will also be at the top of our security game to ensure that every user is protected as it’s of major importance to us.
What tools does Lead Wallet have to compete with famous wallets such as Trust Wallet or Atomic Wallet? Do you have an interest rate for savings?
Henry Onyebuchi: We have a well-developed product with solid security features in it that will protect users funds from getting compromised. Our wallet is non-custodial but even at that, we are coming up with a system that provides users with an extra layer of security of assets.
This is how Lead wallet can compete with other popular wallets. For your second question, kindly check my reply above to see saving interests.
What’s the advantages of SIG TECHNOLOGY and how secure is the Lead Wallet Nigeria projects tends to scam, why won’t you scam?
Henry Onyebuchi: The multi-sig feature allows multiple users to manage one wallet without having to depend on the integrity of individual users. It provides the platform for the users involved to confirm transactions related to that particular wallet whenever a transaction is being made.
This solution can be utilized by businesses and other entities that need to manage funds collectively and it also provides an extra layer of security because a hacker who somehow physically gets access to a user’s wallet in location . A would also need to go to locations B, C, D, etc to get hold of their devices if they are going to steal funds
For your second question. It’s true that there are many projects that end up as a scam project in the Blockchain industry. Not only in Nigeria but globally at large. Lead wallet is a registered entity with an office building in Benin, Nigeria. We also have our core team members distributed all across the world in different countries like Columbia, India, Russia, etc.
Beyond being a business, our main goal is fulfilling our quota in achieving mass adoption and we believe that our solution will go a long way in making people embrace cryptocurrency and Blockchain technology. Easily because the second gateway into the space is crypto wallets and it is only right to have a solution that makes things easy for the average Joe to use. Hence, this is our major drive even though we look to make profit as a business that we are.
Let’s Finish the AMA!