September, 18th 2020, COO Hellenic Coin Nikos Kakaniaris join a live Ask Me Anything session in Forum Crypto Moonlight Indonesia.
The AMA had 3 Segment which are the following:
- Twitter Question
- Free Asking
SESSION INTRODUCTION PROJECTS
MOD: Q1, can you explain a little about what activities you did before entering the crypto world, and what was your role in Hellenic Coin?
Mr. Nikos Kakaniaris: A: From 1997 to 2009 I used to be a certified investor advisor (stocks, bonds, derivatives) in major Security Houses in Greece.
From 2009 to 2011 I was advisor for go public companies at OTC market in U.S
From 2012 to 2015 I was trader on CO2 carbon emission.
From 2015 I was involved in crypto industry as a trader and from Feb 2020 I am the COO (Chief Operating Officer) at Hellenic Coin (HNC).
For more info visit my linkedin profile: https://www.linkedin.com/in/nikolaos-kakaniaris-a0772b40/
MOD: Sound great
Mr. Nikos Kakaniaris: thank you!!
MOD: Q2, so what are Hellenic coins? What is the background of this project?
Mr. Nikos Kakaniaris: A: Hellenic Coin was established on Feb 2015 by Greek developers, in the middle of the financial crisis in Greece. At that time a haircut on the banks deposits was possible than ever and capital controls were accused by Greek Banks. A crypto currency was necessary in order for people to find a solution to manage their funds without banks’ control.
MOD: Q3, Can you explain what are the benefits for hellenic coin holders? And how is it different from other projects?
Mr. Nikos Kakaniaris: A: Hellenic Coin made a fork on Feb 2020 and changes the algo from X11 to Hybrid PoW & PoS for many reasons. The main one is for security purposes; with no mining left we avoid the 51% attack by hackers who use huge hash power. Also, hnc became environmental friendly since there is no mining available. Hellenic Coin holders (on HNC’s native wallet) can earn 1% per year as a reward.
Another advantage of Hellenic Coin is transaction speed. It takes only few seconds for a transaction to be cleared.
MOD: Next question
MOD: Q4, what can we expect from Hellenic Coin in the long term?
Mr. Nikos Kakaniaris: A: Hellenic Coin’s mission is to enter real economy in Greece and worldwide afterwards. We have already closed deals with some major merchants in Greece in order to accept HNC as a mean of payment for their goods and services. One of those merchants is the biggest coffee chain in Greece with more than 240 coffee shops all over Greece. Now we are working hard to implement this process in order to release the announcements.
We are estimate that more than 1,500 merchants in Greece will accept HNc as a mean of payment by Q2 2021.
A legal opinion from Delloitte will be developed by the end of Oct 2020 and listing on one or more major exchange such as Kraken, Coinbase, Bittrex, Bitpanda is within our plans by the end of Q2 2021.
Development of native exchange is also in progress, we estimate that it would be ready by the end of the year.
Also, by the end of Q2 2021 HNC will be traded only with fiat trading pair, euro mostly
MOD: Last question from me
MOD: Q5, Security, scalability and data privacy are three very important aspects at the enterprise level, how does Hellenic Coin solve this problem?
Mr. Nikos Kakaniaris: A: The primary thing that separates HellenicCoin from Bitcoin is its Proof of Stake protocol. Essentially, this allows security through ownership of coins, rather than through a very expensive “mining” process – bitcoin’s market is diluted by a couple million dollars’ worth of new coins created every day. While the technical way these differing security methods work is similar, Proof of Stake limits you to only a few staking attempts per minute, but amplifies your probability of creating a block by the number of coins you hold.
In other words, bitcoin = security through computing power, HellenicCoin = security through ownership of the coins.
Speed. Bitcoin is slow, taking at least 10 minutes per block and sometimes, much, much longer. HellenicCoin has blocks in less than a minute. HellenicCoins speed makes it more practical to use in real economy
Proof of Stake. Bitcoin is difficult to mine. More and more computing power goes to mine it, causing a high cost of mining and high carbon footprint. HellenicCoin is Proof of Stake and not “mined”. You will earn 1% annual interest by staking HellenicCoin, which also helps secure its network. That also makes HellenicCoin a good altcoin “savings bond”.
Security. Bitcoin is vulnerable to attacks by those who control 51% of the mining power. This potential is already possible due to mining pools. HellenicCoin is not susceptible to this attack because it is not mined. Proof of Stake 2.0 is far more secure, requiring someone with 51% of the coins to make a similar attack, and coin age issues addressed by Proof of Stake 2.0 dilute the effectiveness of such an attack as well. Using asdffsdf’s and check points on how that someone who purchased 51% of the existing HellenicCoins has far less incentive to ruin the network.
SESSION QUESTION FROM TWITTER
MOD: Q1. from @masnunwau
I saw the Hellenic coin was founded in 2015, then what missions has Hellenic been accomplished, and what is the next mission that Hellenic Coin will develop?
Mr. Nikos Kakaniaris: A: hnc was developed in the middle of the financial crisis in Greece. We had capital controls and haircut on banks deposits was close than ever. People feared about their savings and they wanted to have the control of their funds. People in Greece had to know that crypto currency was the best option for them in such a stressful financial environment. They were looking desperately for an alternative management of their funds.
We tried to provide them with the best alternative by developing hnc.
The next mission of Hellenic Coin and we are strongly committed to that is to enter real economy in Greece and then globally by making hnc an alternative mean of payment for buying goods and services, accepted by as many merchants and consumers.
Already, we have closed some deals with major merchants in Greece and I believe within the next couple of months we are going to release the announcement.
MOD: Next question
MOD: Q2. From @_rhythms29
The recent hack on one of the exchanges was something definitely unexpected. Did this dwindle the market price? What can we expect from the team in any case this thing happens again in the future?
Mr. Nikos Kakaniaris: A: exactly, as you said it was unexpected. Our team acted immediately, we deactivated trading at once in order to investigate what was going on and protect our investor’s funds and ours too. Within 2 hours we found after collaborating with our exchanges, the number of hacked hnc coins. Thanks to the exchanges most of the stolen coins were found and banned. The rest of them have sold by hackers and withdraw their btc balance before we could stop them. This amount of HNC coins were replaced from us immediately to investors accounts and we are going to settle the issue with the hacked exchange.
Our first priority is our investors’ safety and protection.
MOD: Q3. From @weloveyoukl
Investors seem to only care about the price of the token instead of the
real value of the project, how does $HNC attract newcomers and keep members long-term with the project? What is the real value of $HNC?
Mr. Nikos Kakaniaris: A: this is a very interesting question. Investors so far, have approached crypto currencies the same way they approach stocks. They only care about the price and not if they can use it as an ordinary currency. They miss a crucial point. The Crucial point is that a crypto currency the more is used for buying goods and services and the more merchants and consumers are using it for their transactions, the price of this crypto currency only one way. Up. That’s exactly what we are trying to do with Hellenic Coin. To enter real economy and make as many consumers and merchants as we can to use HNC for their transactions.
MOD: Q4. From @untillthemoon
Greece has very few users in the crypto space. How do you will bring and introduce crypto to Greek people and the other non-crypto users?
Mr. Nikos Kakaniaris: A: Indeed, Greece has few crypto users for the moment. The number of crypto users is getting bigger and bigger day by day but still is not so big as we wish. People are afraid anything new and innovative. Remember hi-tech stocks? Remember when world famous startups were looking for fund raising how difficult it was for them?
But, those who believe in such evolutionary ideas and invest and were patient after a few years became millionaires.
Moreover, in order to make Hellenic Coin a well known brand in Greece for the beginning, we have taken a lot of actions. First, Hellenic Coin is the official sponsor of a Greek Basketball League team, Ionikos Bc and the official name for the season 2020-21 is Ionikos-Hellenic Coin.
Also, live webinars are taking place every 15 days by our team.
Our legal advisor, Mr. Kostantinos Botopoulos, if a former member of the European Parliament, former president of the Hellenic Capital Market Commission and present member of the Central Bank of Greece.
Presentations all over Greece are taking place from time to time provided by our team. You can watch material to our website.
More aggressive promotional campaign will take place from Oct 2020.
By the end of the year, everyone in Greece would know about Hellenic Coin.
MOD: Last question from Twitter
MOD: Q5. From @XunT65548316
Why did Hellenic choose to use Scrypt Hybrid Pos / Pow? What benefits does it bring to Hellenic?
Mr. Nikos Kakaniaris: A: as I said previously the main factors that made us to choose Scrypt Hybrid Pos & PoW were:
Mining requires a lot of power, expensive miners and obviously most people can’t afford that costs, which means that mining is only for rich people.
By providing the staking option, everybody has the chance to stake his/her coins and get a 1% bonus per year. We are all the same on that.
In addition, the blockchain is constantly a potential victim of 51% attack by a hacker who is able to use big hash power. So, security of our blockchain is for granted.
Without mining available the coin became environmental friendly.
SESSION FREE ASKING
Q1 From @Eva990: What is the GAP you are addressing in the market? What is the opportunity you are exploring? What is the problem you are trying to solve?
Mr. Nikos Kakaniaris: Hi Eva, thank you for your question. Almost everyone in crypto world is facing crypto currencies in a totally wrong way. They only care about the price, but not only this. Guess what. When they sell their crypto currencies they instantly convert the balance in fiat money (euro, usd, etc). Which means that they don’t care to adopt and use crypto currency as a currency but only to speculate on them and get a profit. The thing is, that we, in Hellenic Coin, are trying exactly to do what a crypto currency was meant to do. To be used for transactions for goods and services between merchants and consumers. That’s exactly the GAP we are trying to fulfill. Be an alternative mean of payment and not only for speculating reasons.
Q2 From @Concutrangxoa: Tell us about your plans for 2020, what are you currently working on, and are you going to expand the list of big exchanges?
Mr. Nikos Kakaniaris: Our plans within 2020 are: 1. Getting a legal opinion from Delloitte and after that establishing a legal entity. 2. Developing our own exchange 3. Trading pair with euro on more exchanges, pretty soon hnc/eur will be available on P2PB2B exchange. 3. Development of a Pos Terminal 4. Announcement release of our first deals with major merchants in Greece for accepting HNC as a mean of payment
Q3 From @RoZerius: Apparently, many blockchain projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is Hellenic solving, and solutions are you provide?
Mr. Nikos Kakaniaris: this is the most right to the point question so far. You have got exactly the point. We, on Hellenic Coin don’t want to sell our coins. We are here to do our best in order to enter real economy. Our vision is to deal with as many merchants as we can in order to accept HNC as a mean of payment. Then and only then we’ll be able to say that we have succeeded. This is the problem that HNC is trying to solve. It’s not an easy issue but we are working hard for that to be accomplished and i’m very optimistic about that. We will score, believe me on that.
Q4 From @Zhirmanwahid21: Many investors hit and run in the sell and sell session after listing on the first exchange, How did $HNC prevent early investors from selling their tokens and what benefits would $HNC give them?
Mr. Nikos Kakaniaris: Good question, easy answer. we can’t prevent and also is not within our intentions to prevent them selling their hnc coins. Those who sold their hnc coins immediately regret it because its price went up and not down as they wish in order to buy again them back. If you believe on the long term story os the project it’s up to you if you wish to gain some peanuts or to perform something better. All investors are welcome from us. First we want from them to understand completely our project and what we are trying to do and then to invest on HNC. And believe me, if they understand our project no one will sell his/her coin.
Q5 From @DiegoRME: COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says??…
Mr. Nikos Kakaniaris: Thank you for your question, apparently Covid-19 made people think more positive about digital economy so it was good for crypto currencies. Particularly, corona virus had no affect to our project. We executed our roadmap in time. Please visit our website, check our white paper and our roadmap and you can easily confirm it.
MOD: Before we close this event, do you have a closing statement to our community?
Mr. Nikos Kakaniaris: I hope to had a great time with our AMA, we on Hellenic Coin are strongly interested to enter Asian market and we’ll be glad to hear from you in the future. If there is a merchant that wishes to accept HNC as a mean of payment in Indonesia, please contact with me. We are going to set up a network in Indonesia so your help would be much appreciated.
Mr. Nikos Kakaniaris: Nice to meet you all, have a nice weekend, bye bye!!
MOD: Thank you sir @Nikoskakaniaris
for attending this event. I hope all this knowledge will make us understand more about Hellenic coin
to all members I thank you for participating in this event.
- Website : https://www.helleniccoin.com/
- Twitter : https://twitter.com/CoinHnc
- Telegram : https://t.me/Hellenic_Coin