Recap of the Reitio AMA with Blockchain Space
On Wednesday, September 14th, we had the pleasure to welcome to our Telegram chat:
D K, Growth Lead at Reitio.
We asked him questions about the development of Reitio.
Q~ Thanks for joining us today, can you please introduce yourself and your team ?
A~ It’d be my pleasure!
To start off, I’m D K, Reitio’s Growth Lead. Been in the space since 2019, and before falling deep down into the crypto rabbit hole, I had stints in various “tradfi” roles, from auditing to investment banking.
But enough about myself, the team here at Reitio is one of the best bunch of people that I’ve ever worked with. Galen, Reitio founder and Project Lead, is a serial entrepreneur with successful exits to his name. He is Polkadot’s Head of Ambassador for the SEA region. In addition, he is formerly the Chief Brand Officer for BingX, a top 10 crypto derivatives exchange, as well as being an Advisor (Sales) for Aave Protocol in 2018, back in the days when it is still known as ETHLend.
Also, we have Bryan leading development efforts as Reitio’s Operations Lead. A Certified Advanced Scrum Master and Product Owner of Scrum Alliance, he is previously an Executive Project Engineer for Land Transport Authority (a statutory board under the Ministry of Transport of the Government of Singapore), where he leads the design and development of Mass Rapid Transit (MRT) projects with 3D design experience via Solidworks and professional BIM experience via Autodesk’s Revit.
Being a remote-first start-up, our team members hail from vastly different regions around the world — Western and Eastern Europe, as well as East and Southeast Asia to name a few. This is something that we are proud of, and we will continuously strive to be culturally diverse, as it prevents us from being trapped within our own echo chambers.
Q~ What is Reitio aiming to solve ?
A~ To give you a better perspective, let’s get into why we started Reitio in the first place.
We all know that user-generated content (UGC) is the lifeblood of all networked services. For example, Twitter feeds off user-generated tweets, Instagram feeds off user-generated posts, YouTube off user-generated videos, and etc.
The Metaverse isn’t an exception. Without a thriving UGC base, it is no more than a barren wasteland, driving no user traffic whatsoever.
The problem lies in the tools and infrastructure for generating Metaverse UGCs. Right now, to create even a half-decent 3D asset, existing 3D editors like Blender, Maya, or even VoxEdit (The Sandbox’s native 3D editor), impose a steep learning curve on its users.
Reitio democratizes the Metaverse’s UGC creation process to the masses. Being an intuitive and user-friendly 3D design tool at its core, Reitio enables users to create their own fully customizable 3D assets and bring them to life on their virtual world of choice, regardless of background or experience.
What Canva did to Photoshop, is what Reitio will do to existing complicated 3D editors 😁
Q~ How does Reitio work ?
A~ These pre-made 3D templates (or “3D Legos”) are fully community-sourced, meaning that people who are actually proficient in fully-fledged 3D editors like Blender or Maya can upload their templates and contribute to Reitio’s 3D content base. Each individual template will be represented as an NFT, which allows for real-time royalty distributions to contributing 3D artists as a 3D asset is created by a user in Reitio.
Through all this, what you get is a self-reinforcing positive feedback loop, where the more contributing artists on the platform, then the more 3D content will be up, which means the more users that the platform itself will garner, which in turn attracts more artists to come into Reitio and monetize their skills.
To sum up, Reitio will enable a decentralized 3D creator economy, with an ever-growing 3D content library that is fully community-owned!
Q~ Do you have a native token, If so, can you explain its tokenomics ?
A~ The $REIGN token (shorthand for “Reitio Governance Network Token”) is an integral part towards the functioning of the whole Reitio ecosystem. Some examples include:
- Fixed “creation fee” payment for each 3D asset created;
- Royalty payments to 3D artists for usage of their premium templates;
- Network transaction fees (gas);
- and other ad-hoc use cases.
In addition, $REIGN serves as the primary means for holders to accrue value from Reitio itself as well as the proxy vehicle directing Reitio’s governance process upon its successful shift towards autonomy and decentralization (once the protocol has reached a sufficiently mature stage).
I mean, I can go on and shill some more, but I’ll just let you do your own research before I become the first guest to be banned from the group in the middle of an AMA! 😂
But one thing is for sure - $REIGN is built on solid fundamentals. Without $REIGN, the Reitio platform can’t function. So value accrual will definitely be proportionate to the actual user traffic of the platform itself.
In any case, feel free to visit the tokenomics section of our documentation - everything is laid bare over there ⬇️
Q~ Any news or updates that the community should look forward to in the coming weeks ?
A~ Yup. In fact, we have been building in stealth for almost one year, and now with development of the Reitio platform coming along nicely behind-the-scenes, we expect to officially launch our first MVP iteration together with our TGE between Q4–2022 to Q1–2023, bar any unforeseen events.
As such, expect a lot of activity from us in the near future. We have lined up quite a few partnerships and campaigns that are just waiting to be rolled out and announced to the public.
Since you guys have been so welcoming, I’ll give Blockchain Spacers a special inside story to what’s next. We’ll have our maiden NFT release within the next two weeks. Stay tuned for more details on its concept and utility! 😜
Obviously I’m treading on thin ice here, but you bet that our community on Telegram and Discord will be the first to know as soon as it happened!
Reitio : discussion
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QUESTIONS FROM TWITTER
Q~ I read on your FAQ that the team doesn’t consider Decentraland nor The Sandbox as metaverses, and the same with VR-enabled virtual worlds. With this in mind, what is the concept of Metaverse for the team of Reitio ?
A~ We notice that especially in the past year, many projects have launched and claim to be a “metaverse”.
The thing is, not one virtual world can be considered as a “metaverse”. Just like how wikipedia.org or facebook.com are webpages forming part of the overall World Wide Web, Decentraland or The Sandbox will ‘only’ form part of the overall Metaverse.
Essentially, if the World Wide Web is a network of interconnected webpages, the Metaverse is a collection of interoperable virtual worlds.
Q~ What kind of devices and tools will we need to do 3D modeling on the Reitio platform? Will high hardware devices be needed ?
A~ Aligned with our goal to democratize user-generated content to the masses, we don’t require any specialized hardware to use the platform.
Reitio will be fully web-based, meaning that all you need to have to do 3D design on Reitio is a desktop browser. That’s it!
Phrased differently, all you need is a computer with internet connection and decent hardware specs to support the graphic engine (e.g: Unity3D).
QUESTIONS FROM TELEGRAM
Q~ According to what I’ve read, Reitio’s 3D assets are simply comprised of templates that have been layered on top of one another like Lego blocks. Does designing characters and stuff in Minecraft have anything in common with this experience ?
A~ Not exactly similar, but yes, it is comparable.
Minecraft’s creative mode is a world builder, where you move as avatars and stack in-game blocks with it. Rather than Minecraft, I’d say that the design experience in Reitio is more similar to Canva, where you have a fully browser-based UI, and you simply drag-and-drop and mix-and-match templates on top of one another (like how you choose multiple templates and mix it in a way to form a decent 2D graphic).
Q~ They are specific that it is not necessary for users to have a lot of specialized expertise to be able to create their own 3D assets in your ecosystem, so do you have your own Metaverse where users can practice bringing their 3D assets to life or can they do it in any metaverse ?
A~ This is a good question, and it actually relates to our upcoming maiden NFT launch 👀
To answer your question, yes, we have a native 3D sandbox environment where users can bring their Reitio-generated 3D asset and test it out, prior to actually deploying it to supported virtual worlds.
Q~ I am interested to know exactly if Reitio actually plans to execute a plan to ensure some combustion feature to reduce the supply of the $REIGN token and keep it sustainable ?
A~ Yes. As a matter of fact, 100% of our PROTOCOL REVENUE will be burned. In effect, this will ensure that value accrues back to $REIGN holders via this deflationary mechanism.
In the long run, as usage of the platform grows, more TX fees will be generated, which means more protocol revenue, which will cause further reduction in $REIGN supply.
The Reitio team believes that the Metaverse must remain open and free-to-participate. To do that, it is critical that we have a user-generated content middleware that is able to support the Metaverse as it gets realized.
If you resonate with our vision, join us on our social channels. We’ll be more than happy to have more Reitiooorrrs on board!
It’s really nice having the Reitio project in here!!!
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