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Kroma Network & Alchemy Pay
Recorded: May 23, 2024 Duration: 0:51:19Space Recording
Short Summary
Chroma Network is making waves in the crypto space with its recent mainnet launch and strategic partnerships, particularly with Alchemy Pay, to enhance user accessibility in the Web3 gaming market. The introduction of innovative protocols like Spectrum and the Chroma Creative Universe aims to bridge the gap between traditional gaming and blockchain technology, signaling a significant trend towards user-friendly applications in the crypto ecosystem.
Full Transcription
Music Thank you. Thank you. Music Thank you. Thank you. Music Music Music
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Music Music Music Music Music Music Music Music Music Music Music Music Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. I'm going to go to the next video. Thank you. Thank you. Music Thank you. Music Thank you. Music Thank you. Music Thank you. Thank you. Music Thank you. Okay, welcome everyone. Thanks for joining us today. Today we're going to have Chroma.
Derek from Chroma is our special guest today. We're going to chat all about Chroma Network.
We're going to chat all about Chroma Network. It's an exciting new blockchain, particularly aimed at Asia gaming market and the gaming scene.
So that's casual games, but also more deeper RPG simulations, first person shooters, so all sorts of things.
So we're really excited to be working with them.
Really excited to be working with them.
Alchemy Pay has just started providing on-ramp payments for the Chroma platform.
So that's for developers building on Chroma, also for the games, for example.
And we're supporting the Chroma token for on-ramp payments on other Web3 platforms as well.
Not only with Chroma, but it will be found elsewhere on other platforms that use our on-ramp
payment service okay derek first of all let me check everything good for you technically do you
want to say hello hello can you hear me absolutely derek good news yeah all the technical problems
seem to be gone so that's good isn't? After last week. And thank you very much.
Thank you, everyone who joined us last week. And apologies for the technical difficulties.
Not really much has changed, but it seems to be working today. So there we go.
We tried a few things, rebooted a few things. So it seems to have worked.
So, Derek, yeah, I said I was very excited for us to be working with Chroma.
You know, we're based in Singapore.
A lot of our team is very interested and excited by the Web3 gaming scene, the crypto gaming scene.
And particularly, I think a lot of the development is happening in Asia.
And so, yeah, perhaps you want to say hello at this point, Derek, and give us a little introduction about yourself and how you got involved with Chroma. Hello guys, thanks for having me before we start. Sorry for
the technical difficulties we experienced last time. Thank you Robert for the warm welcome.
Also with my intro, my name is Derek. I'm a CEO of LightScale.
LightScale is a company that's making Chroma.
I'm in charge of business and operation of Chroma.
Before LightScale, I was a CEO and the CSO
of a Korean startup called Vendus.
It was a B2B meal management solution.
And unfortunately not for me,
the Vendus itself was sold off to Hyundai department store.
So I made an exit.
Before the startup, I started my career in finance and did it for a year and a half.
It really wasn't for me. Before my career, I was in the States for nine years through middle school,
high school and the university years. I got into the blockchain space because I had some exposures
in the blockchain industry when I was running the startup for seven years.
And the vendor system was run basically on the point system and relied heavily on the traditional payment services such as the payment gateway.
And in the middle of time, my college friend recommended me to start a new blockchain startup for the payment services.
So that's how I first started my career in the blockchain
space. Now I'm in charge of business in the layer too. Fantastic. Yeah. Okay. So you've been quite
closely involved in the payment scene yourself, which is where Alchemy Pay is, you know, that's
our sector. So yeah, it's interesting. Also, you said, I mean, it is interesting people's different
career paths. Some of it is our choice. Some of it is just how the business that we with go so you said about
vendies was sold off um what did you you mentioned about how um you found that the traditional uh
business scene or traditional finance was not quite for you um and yet you find what do you
find appealing then in the blockchain space
oh yes um i was in finance of course it was pretty well paid as most of you guys would know uh that was a good good part of the finance industry but most of the most of the finance
scenes were pretty um restricted restricted in a way it's heavily regulated everything has to go
through the legal team and the uh the risk team which is which is fine and which is it's heavily regulated everything has to go through the legal team and the uh the risk team
which is which is fine and which is it's very needed in the crypto scene as well and those are
the things that um wasn't it wasn't helping out with the innovation in in the financial spaces
and as you can see in the blockchain space there's a lot of financial uh innovations and uh new tries
and new startups coming up every day like Alchemy Pays
are also trying in terms of payment gateaways and helping out with the different products about how
they can grow the ecosystem through providing the payment services and things like that. So those
are the things that draw me into in the blockchain in the first place. Yeah absolutely I think there's
more room to experiment there's more room to try the alternatives. I mean, this is really what blockchain and crypto is. It
is alternative. It is experiments with alternative forms of finance, you know, and you don't really
find that happening anywhere else. You know, it is the traditional financing, the traditional
business scene, and that is what you've got you know crypto is is working
kind of on the edge of what is possible you know for us as a as a payment gateway you know we're
we have to stay fairly strictly within you know the compliant what's compliant and what's within
regulatory um possibilities uh but at the same time we're working at the cutting edge you know and I think crypto and web 3 is an exciting space to see finance evolve you know tell us
about chroma then chroma network how and when it was founded and yeah let's say
the the missions and the concepts behind chroma chroma is a layer to end up with
erium we're focusing on the aia and gaming and restart for korea
most of the teams are in korea um chroma is currently an optimistic roller with the zk evm
and then for the fall proof and we plan to be a zk roll up sometimes next year
light scale the company itself is backed by a korean gaming company called remade
they're known there for their tokens called Wemix,
which is the Remade company itself
is listed in a Korean stock exchange
valued at about $1 billion.
And Chromebook currently has a 45 DS up and running
with a hundred plus DS in conversation
for possible onboarding.
The TVL is at about $17 million USD and is increasing. As you know, L2 by
definition is connected to the Ethereum community because we're
the L2 on Ethereum. So, currently my place to be work as a
connector between the Korean gaming society and the Ethereum
community. And I personally believe that the blockchain needs more
use cases and more users coming from the real world, the Web2 world. And the game
itself lowers a lot of bars for a lot of gamers to enjoy the blockchain
technology. And game is one of the easiest way to implement the blockchain
technology to connect the Web2 and the web 3 world. So that's our mission,
to bring more people into the blockchain space through gaming.
Yeah, okay. I think that's true. I think with gaming, it is an area where crypto makes sense,
where having native tokens, digitally native tokens, makes sense i think also um the idea that casual gamers can get
involved from you know a friend's recommendation or a particular game that they're interested in
and not necessarily come in because they're interested in crypto but actually you know
they're beginning to understand and and see how crypto creates a sort of viable set of rails to play games and have that kind of experience.
So, yeah, I think that the gaming space is one which everyone's been sort of holding their breath,
waiting for the one big sort of breakthrough game to happen.
But I think it's also a slow build out of the general infrastructure in the sector.
And I think, you know, what we're doing,
Alkym Pay, making the tokens more available by allowing users to buy and sell the tokens that
are used for specific games, for the Chroma token as well, I think just makes it easier,
more user friendly, particularly for people who yet have come from outside of the crypto space,
you know. Could you explain maybe some of
Chroma's key USPs
then perhaps? Something like that
for gamers, users and developers.
Yes,
we are super focused on the gaming and
Chroma is, like I mentioned, and by the company
is a remade, which
has been around more than 20 years making
great games such as Miro
4 and Neekros.
They're also helping us out with the publishing new games
within the Korean gaming spaces as well.
So when we meet the new games,
we can definitely intro to VMAID for those kind of help.
And VMAID is also known for their community size.
They have 9 million wallets users
and they already have 60 plus games
on their ecosystem and so on.
So their token valuation at $1.5 billion is put in FTV
and community support,
it may be possible for all the onboarding games.
Those are the unique selling points on our side.
And also most of the events we run in Chroma Network
and the community are super game focused.
And there will be another game marketing campaign coming up in June to further promote all the games in Chroma.
We're talking to a lot of games who would like to participate in this marketing campaign as well.
So that's going to be out there. And we also have a grant program for the games. And we also have transaction,
what we call transaction incentives,
where the incentives are given to the builders
or the users who are enjoying all the games
and the DApp ecosystem on Chroma.
And yeah, those are the things that they can outshine
other L2s out there yeah okay so that's that's pretty awesome um by the way derek mentioned we made there you can check out we made by going to
we made.com uh and find out a lot about not just uh the games there but also about the whole gaming
scene in asia and in korea yeah, and yeah, you're right,
like you say, you know, been around for more than 20 years. So quite a sort of heavyweight in the
industry and in the sector. Yeah, so the past 18 months, how has that been for Chrome? I mean,
for us, you know, we found that there's been a lot of
development, even while it was the crypto winter for us in the payment space. You know, we've seen
MasterCard and Visa get more and more involved. For example, we've seen the ability of ourselves,
for example, to integrate payments from Google Pay, from Apple Pay. You know, we've acquired new licenses for crypto payments, for
crypto exchange and wallet licenses. So it's actually been a really strong period for us in
terms of expansion growth and expansion of market share and things like that. For Chroma,
what's the past 18 months been like? Has it been focused on specific launches or specific developments or is there an overall growth? How has the past, let's say the crypto winter, how has it been?
because of the winter and everything.
Okay.
The Chrome actually started a year and a half ago
as a testnet and the maintenance started last September.
So it has been mostly building and building.
So on the business side, of course,
we focused on the ecosystem building.
We have onboarded 45 DApps so far
and are talking with, like I mentioned,
more than a hundred DApps out there for possible onboardings, mostly games.
And we also focus on doing a lot of...
Thank you. Derek I've lost you could you just say something again I think there's some technical issue again
could you just say something hello and you're back right I don't know what that was. I have no idea if it was my end or your end or what was that?
Oh, yeah.
So, yeah, we were talking.
Oh, I sort of lost my track a little bit then.
So where had you got up to there?
Were you talking about, I wanted to talk about Halo 2.
I was talking about the Alchemy Pay.
I was talking about the partnership that we had with Alchemy Pay.
Oh, fantastic.
How exciting that is.
Yes.
And one of the exciting part is to, like I mentioned, we would love to have more Web2 users who are coming into the Web3 world.
And Alchemy Pay is doing a great job being the gateway of doing so.
And we would like to be part of it.
And it's very difficult to have a lot of
Web2 users coming in and Ultimate Pay is helping out.
So those are the things that I'm super excited about.
On the technical side, we successfully, we launched our mainnet in September, like I mentioned,
and we successfully, we're working on a project called Tachyon.
Tachyon is the GPU acceleration in order to speed up the process of making the ZK proof itself.
We've done a POC on our part and we successfully replaced Scrolls Halo 2.
Scrolls ZK, we were using Scrolls Z EVM on on the fault proof side of our layer
two and we successfully replaced scrolls and the two on our uh with tachyum wow so that's so
and that's uh that's something that could be provided to the other partners who are using
scroll Ziki EVMs a little too and they can have it they can have uh a faster
and they can have a faster ZK-proof generation mechanism from then on.
And on top of that, I'll check it out on.
No, I was going to say, and just so people know where to go,
definitely go and check out chroma.network.
Go to the actual website of Chroma and check out all their latest,
because there are a lot of exciting things going on. yeah sorry derek do do carry on uh and one of the things i'm i myself as a user of chroma
is super excited about is that uh following the op other op stack we've done a equaton upgrade uh
uh following like i said following other op stacks out there. And by doing so, now we have thousand times cheaper gas fees than Ethereum.
So the simple transfer is at about, I think, 0.3 cents at this moment.
So all the users, like I said, we're serious about having a lot of games in Chroma.
We're serious about having more people coming from,
not only from Web3, but for the Web2 as well.
So lowering the gas fees is our dream.
So we did it with the Echo Tonal upgrade,
and now it's so cheap so everyone can enjoy the ecosystem more.
So those are the things that we're working on.
You're mute.
Robert, I think you're on mute.
OK, fantastic.
Yeah, so you guys have been busy.
Now, I was looking recently at some of your announcements.
Do you want to explain a little bit about Spectrum?
Yes, that's one of the exciting news on our side.
We launched our new liquid restaking protocol called Spectrum a week ago.
Spectrum is, like I mentioned, a new restaking protocol we're building uh we've built and it was
it was released in may 14th uh it's a week ago and it is to incentivize all the eat holders in
ethereum network uh to move their liquidity from ethereum to chroma user can by by staking, user can stake ETH, STETH, and ETH from Etherify to Spectrum, and user would get ETH staking APR.
In total, six rewards, ETH staking APR, staking rewards, Etherify loyalty points, and eigenlayer points, also uh spec chroma spectrum point as well as
the remix.e airdrops uh we call this the hexa rewards and anyone who's interested in participating
in this uh staking uh i would like to enjoy the staking reward please come check out the
chroma.network and also user, users may have do different tasks regarding
the restaking to earn more rewards.
You can check out them on our website as well.
Tasks vary from providing liquidity to playing games.
It is to expand our horizons of the Chroma network altogether.
And we also have the referral program
where any referred friend that's taking more eat then everyone gets additional points for future
airdrops and we have less than five you can just come and enjoy and bring your friends by
referring each other so please come check it out on the Chroma Network
for further details.
And on top of that, we are working on a project called
Chroma Creative Universe.
It's a universe that we're creating for the users
and the game developers.
We are going to have five different characters for PFPs.
And what we're doing with the marketing campaigns,
we're giving out ores, which are NFTs.
They're given to the users who finished
different quests on the questing platform.
Well, what other users can do with ores,
they can forge the ores,
they can forge ores into one another and create different types of items that can be used on the profile PFPs.
And the place they can forge the ores is called Chroma Factory.
It's most of the
marketing campaign platform for all the games on chroma so user can enjoy the chroma creative
universe and use the chroma factory for or forging or participate in the different marketing campaigns
in ortopia on Krama Creative Universe.
You can read about Krama Creative Universe on our Medium.
There's interesting stories about it.
And the Krama Factory and the Krama Creative Universe
webpage will be open sometime in June.
So you can come and check it out.
And as soon as that is up up the teaser website will be up
as soon as possible will be i think up less than 10 days from now on so
please stay tuned and come visit the chroma.network whenever you can
Robert, you're mute.
Awesome.
I think you're speaking some.
Thank you very much, Derek.
Yeah, I mean, you guys have been really busy.
Do go check out Chroma.network, see what's going on in terms of the gaming scene,
see how you can get involved as well.
It sounds fantastic, and I been looking at through your platforms
and yes really great ideas and great games and I think it's it's a community
that's really strong and building and speaking of which you know how you've
been going about bringing new users into your ecosystem and bringing it to a
bigger community making it more accessible How have you gone about that?
Yes, the few things we're doing.
Number one is, of course, onboarding more games, more interesting games who are very easy to play
and, of course, the fun to play.
Those are the things that we're working on.
And we are thinking of running a another uh marketing campaign in june uh and that's going to
be right before i believe the uh the tge of crow which is the ticker of chroma uh if that happens
there's going to be a lot of games participating in the marketing campaign a lot of a lot of users
going to participate in the Quest platforms.
And those are the things that we're working on.
And we are thinking of doing a lot of partnership
in the small, rather small studios,
all over the places in the world,
in order to have interesting games on Chroma.
Those are the things that were the breach that I decided about.
okay so um yeah there's just a little delay um at the moment derek but um uh we shall carry on
so just let's go to a bigger sort of macro outlook shall we um what do you see as the
next big sort of catalyst for growth in the in the crypto scene let's say in the next you know year or a couple of years
that's a big question that is one of the things that everyone's asking one another
um of course there's going to be uh more um
projects that actually solve the real world problems. I think the way I see it, the lower gas fees such as, you know, layer twos
are have to exist in order to make the the blockchain itself
is more accessible through lowering the gas fee,
increasing the throughput and increase the speed of the block speed and things
like that of course those infras gonna uh prevail from from now nowadays but uh the one of the
things that i focus on is of course um the games that's gonna bring more web to users and web 3s
aside lowering a lot of bars um within this ecosystem and i because i think it's because of
where i started my career i'm i'm super excited about all the uh experiments that people are
doing with the real world asset um i think this is because i came from a finance background i i
understand how the information and symmetry uh can bring a lot of difficulties when onboarding different users into the different industry.
And the finance industry is very heavily regulated, which means all the people within the regulation itself understand what's going on within finance.
But not only the other will understand uh the finance itself
because they have to go through a lot of understanding the industry from the start but
blockchain is solving most of the problem uh by doing a lot of experiment with the uh the real
world asset people can access and buy a piece of i don't know piece of land piece of real estate on
on blockchain and can they can receive a new reward afterward.
Those are things that people usually cannot do with,
I don't know, let's say $10 in their pocket.
And those are the things that blockchain can actually
help out.
And like I mentioned, those are the things that
the blockchain actually solve in the real world,
in the real world, real life world.
And that can bring
a um next billion users in in the blockchain and those are the things that i'm super excited about
and of course it's not talking to it too um i think in terms of catalysts for growth in crypto
and blockchain i i kind of think the last um you know year or so has seen a lot of the obstacles
perhaps disappear i think you know, some judgments around Binance,
some judgments from the SEC. We've just seen that bill, the crypto bill passed in the USA.
Hong Kong come back into the sector. So I think it is not only about what crypto is doing,
but it's also about the idea that society and various regions are accepting
crypto and finding a place for it. And, you know, you see that as well with the Mika
regulations. I think sometimes with crypto and blockchain, you know, the progress is
continuous, but actually the more dramatic stuff is often happening in the macro
scene, economic or political scene. And then actually sometimes it's around regulations as
well. So it is a kind of a fascinating time. But yeah, there's so many things that are also
catalysts, but also, you know, what do you think? Do you think there's, on that note,
do you think there's anything that is holding back crypto at the moment, Derek?
Of course, I think we're in the middle of current ease.
I think we're in the middle of being accepted within the, I would say, traditional industries. I think having the Bitcoin ETF was a pretty big jump
for the blockchain as a whole.
And nowadays, traditional finance or people
who wasn't able to participate in this Bitcoin rally
wasn't able to participate in this Bitcoin rally, was able to participate through the
regular and regulated system, which is a huge jump for for for blockchain and the people
in transition finance. And they're also talking about having the Ethereum ETF that's going
to bring more users into the space as well and bringing more,
well, those two assets are being accepted
as part of the traditional finance.
Of course, there's a irony in that
where blockchain was not supposed to be regulated
in the first place, but well,
everything has to live together.
I mean, they have to adapt to one another.
Blockchain cannot just live their own life by themselves,
not caring about the regulators or regulations
or different kinds of aspects that's happening in life.
And I think this is a great step forward
for all the cryptos being somewhat regulated.
And that gives more credibility
and about the blockchain industry as a whole and which means it's going to it's going to bring
more users in the next billion into the space and I do not really think that regulation itself is holding the crypto back at this moment
like you mentioned some of the sentiments about towards some of the projects from the regulator
does hold back but i believe that's that itself is a good sign it's it's uh i believe the uh the
regulator are trying to accept and adapt and understand what the blockchain
is all about.
And we have to come within the industry and in terms of how, yeah, different governments,
different regulatory bodies, different regions,
different groups of people are integrating crypto
and learning what it can do, what it can't do,
what needs to change, what does need to be regulated,
what can actually benefit everyday people in terms of transactions,
in terms of transaction fees, costs,
overseas remittances, that sort of thing, cross-border transactions can all be improved,
you know, and I think we are seeing that, we have been seeing that, and it continues to get better.
So I think we've covered a lot of things here today. What i would say um first of all is do make sure to go
and check out both uh the website of um derek's project which is chroma.network and that's with
a k you guys obviously know from twitter um and then go check us out at alchemypay.org
um you will see uh we have four of our services listed there, payment services. So those are on
ramp, off ramp, white label, MasterCard and Visa cards. We also have crypto payments there
and our NFT checkout as well. So these are all kind of fascinating aspects of the payment space
and kind of the cutting edge, I suppose, of modern digital payments.
Derek, it's been a pleasure to have you. I shall let you have the last word because,
as I said, you're on a delay or I'm on a delay. I'm not sure. But yeah, it's been fantastic. Thank
you for joining us, everyone. I hope you enjoyed today's episode and plenty to look into there, plenty of progress
going on. Also, from an Alchemy Pay point of view, we're going to be at Consensus in Austin, Texas.
We'll have a booth there at the main event. So do come and chat with us, find out more about our
payment solutions. I will also be at Money 2020 in Europe, so you can come and
meet me there and chat with me about AlfaPay. That will be in Amsterdam in June. Derek, over to you.
I'm going to give the last word to you. Okay, so thank you very much everyone and thank you,
Derek, for joining us. Over to you, Derek. Thank you, Robert and Alu Pei as a whole to have me on the awesome AMAs.
It's been a pleasure talking about Chroma and introducing myself and before anything
guys, before we end, please come check it out on Chroma.networks, all the interesting marketing campaigns and Spectrum,
the one that mentioned doing the AMAs.
Please come check it out.
And you can ask any questions on my Twitter.
You can ask questions on our Discord.
So, yeah, I think that's pretty much it. Thank you for having me, Robert. Thank
you for having me. How can we pay as a whole? We would love to have this again whenever
possible. Thank you guys. Thank you. Thank you for coming in and listening to our AMA.
Have a good night. Thank you.
