[THE INVESTOR] BeeChat, the world’s first blockchain-based mobile messenger service, has recently launched a Korean version and is planning to officially launch here on June 30. The Investor sat down with founder and CEO Sonny Sun for an interview. The following are excerpts.
The Investor: Can you please tell us more about your team and investors?
Sun: Our company is headquartered in Silicon Valley but our team members are all over. They include former employees from well-known technology companies such as Google, Facebook, Alibaba and Tencent.
Our major investor is Qtum. BeeChat’s early research and development was based on Qtum. By combining instant messaging and digital currency, we are greatly reducing the entry threshold for ordinary users. At the same time, we have an active investor community.
TI: Among the new services that are based on blockchain, there are a lot of innovative ones unfamiliar to ordinary people, partly due to the lack of understanding of the underlying technology. Messaging is a fairly easier concept to understand. Is this why you decided to launch the first blockchain-based messenger service?
Sun: First of all, high-definition, no-delay instant messaging involves a lot of core underlying technologies. The research and development of instant messaging requires a long period of accumulation. Our team has experience developing instant messaging services for 80 million users, so we were able to quickly adopt it for BeeChat.
Secondly, the combination of instant messaging and blockchain can help ordinary users access blockchain beginning with messaging. You only need to register your mobile number to have your own digital currency wallet. Then you can easily send and receive cryptocurrency red packets and use DAPPs, which greatly improves user experience. Finally, as a blockchain communications community, BeeChat serves as a link between projects, users, media and DAPPs to make them mutually beneficial.
TI: How do you plan to compete with other instant messaging services, such as Telegram that are showing interest in blockchain and cryptocurrencies?
Sun: Telegram is far behind WhatsApp in the global market, and is a follower. BeeChat, on the other hand, is the creator of the value internet instant messaging and will no doubt become a leader.
For other instant messaging services, Vitalik Buterin, the creator of Ethereum, once said that 90 percent of blockchain companies will struggle to survive. Only a few of the most competitive ones will remain.
TI: How do you choose the coins for your digital wallet? And how do you compete or cooperate with other digital wallet service providers?
Sun: BeeChat has a set of criteria and procedures for choosing cryptocurrencies. We plan to add more mainstream, high-circulating coins, in addition to promising newbies. As for competing with other wallets, we have a very strong R&D team that is continuously updating iteration on security and transaction speed.
TI: What’s your profit outlook like?
Sun: Currently, some of BeeChat’s profit comes from the DAPP profit-sharing. Others are advertising revenue and from value-added services, such as pay-groups, media subscriptions and paid live streaming.
TI: What’s BeeChat’s ultimate goal?
Sun: Our long-term goal has always been “Link people, Link blockchain.” Our short-term goal is to create the most active blockchain communications community for everyone in the industry. Services like self-media and trading can build a community of 1,000 people within 10 minutes on our platform. Ordinary users can immediately access blockchain knowledge, investment skills and good investment projects. Ultimately, we hope to provide a money-making platform for both individuals and organizations.
By Park Ga-young (firstname.lastname@example.org)