《Interview date: May 17, 2023》

1. You can briefly introduce yourself

Hello everyone, I am Qin Chuci, the founder of Yummy Ninja. Although I should have started my first year of graduate school this year, I chose to tear up the offer of graduate school at the University of Pennsylvania and also gave up the position at Deloitte headquarters in Rockefeller Center. I am currently fully committed to global entrepreneurship. Last year, I graduated from Pennsylvania State University with a bachelor's degree in computer science and obtained a double degree in CS+Math. Before that, I worked at Lenovo China and Lenovo Santa Barbara. I also interned at Deloitte China and Deloitte Rockefeller headquarters. At this moment, I am facing the third stage of entrepreneurship, facing huge challenges and pressure.

My last entrepreneurial experience was as CTO of Stonk. This is a short video social platform, similar to the combination of the American version of Xiaohongshu and Tonghuashun, covering short videos, social networking and the secondary market of US stock brokers. We successfully obtained investment from Taihe Capital, the company's valuation reached 20 million US dollars, and successfully raised 1 million US dollars in funds.

2. Can you share your opportunity to enter the circle?

The opportunity to enter the circle was actually a coincidence. When I was a sophomore, I happened to take a course on cryptocurrency. It was 2020, and it was also a period of booming cryptocurrency. At the same time, I also established a good relationship with the professor, who is also an expert currently doing research in this field. This situation gave me an opportunity and became a great opportunity for me to enter this field. The professor was very happy to communicate with me, and I was fascinated by the various grand concepts and decentralized ideas that emerged at the time, so I had the idea of ​​starting a business in this field.

In the past, I participated in many offline events as a guest speaker. For example, I attended the Wharton Summit at the University of Pennsylvania. From the beginning, as a passionate student, I saw many ugly sides of this industry, but I still insisted on my love for this industry and hoped to make substantial contributions to it. In this process, I am very grateful to many partners. They supported me in organizing several industry seminars. These experiences allowed me to meet many excellent founders of Web3.0 projects, which further strengthened my determination and motivation to continue to do practical things for the cryptocurrency industry.

Core content: It was a coincidence that I entered this circle. I took a cryptocurrency course in my sophomore year and had a good relationship with the professor. The circle was in a booming stage, and I was attracted by the concept and had the idea of ​​starting a business. I participated in offline activities and saw the current state of the industry, but I still loved it and wanted to contribute. With the support of many partners, I organized industry seminars and met outstanding founders, which strengthened my determination and motivation.

3. Can you tell us a little bit about what you are doing now?

We are carrying out a decentralized revolution, trying to subvert the platform economy with Web3.0+AI. Our primary goal is to try to subvert the centralized food delivery platform. This is our project, called Yummy Ninja. It is a decentralized food delivery platform, which can also be understood as the Web 3.0 version of DoorDash, and we have now officially cooperated with DoorDash! Our vision is to allow Web3.0 to be subtly integrated into everyone's daily activities, realize the population migration from Web2.0 to Web3.0, and become a growth point for Web3.0's billion users.

We found that there are currently two major problems with Web2.0 and Web3.0: the high prices of centralized food delivery platforms lead to a lack of user loyalty, and the number of Web3.0 users is limited and the acquisition cost is high.

In order to solve the high cost problem of centralized food delivery platforms, we use a decentralized approach to connect users, merchants, and deliverymen, and achieve efficient point-to-point connections through decentralized social graphs similar to the Lens protocol, avoiding intermediaries.

To highlight the price advantage of Yummy Ninja, we provide price comparison tables and price matching functions to help users save money. At the same time, we have added social-fi elements, so that users can share pictures and short videos of food, and establish a fan system to increase the spread on other social platforms.

To further cultivate user loyalty, we are committed to using strategies similar to WeChat to help users form usage habits and loyalty. At the same time, through Yummy Protocol, we help small businesses generate their own small food delivery platforms and apps to attract more users and natural traffic, and achieve a mutually beneficial relationship.

In this process, Yummy Ninja became an aggregator of the social graph. Every small merchant’s app has built-in Yummy Wallet and Yummy Pay, allowing merchants to save on commissions and transfer the cost of user acquisition to the small merchant’s own app.

Through templates and artificial intelligence, we have helped thousands of small businesses create apps. In the future, we will also provide more personalized customization services to give businesses more motivation to promote their own apps. In this way, we can solve the problem of centralized food delivery platforms and achieve continuous user acquisition and retention.

In Yummy Ninja's App and self-operated sites, we integrated Yummy Wallet to attract more users to the Web 3.0 field. We adopted a series of strategies, including airdropping NFT coupons, providing social incentives, providing learning opportunities and airdrop rewards for cooperative projects, to guide Web 2.0 users to gradually contact and understand crypto wallets. We also provide functions similar to Alipay, integrating multiple mini-programs to provide a convenient Web 3.0 experience. In addition, we provide Token payment functions on mobile phones and offline POS and Kiosk counters, and settle and record in a legal and compliant manner. Our profit model mainly relies on the protocol profit ratio, wallet fees, and the revenue potential of Web 3.0 traffic entrances. Our goal is to become a driving force for the growth of 1 billion users in the Web 3.0 field.

Core content: Yummy Ninja is a decentralized food delivery platform that combines Web3.0 and artificial intelligence, aiming to subvert the centralized food delivery platform economy. Through decentralized connection methods and social graphs, efficient point-to-point connections are achieved, avoiding intermediaries and high costs. Yummy Ninja provides price comparison tables and price matching functions, introduces Social-Fi elements, and helps small businesses generate their own platforms and apps to promote user loyalty and natural traffic. By integrating Yummy Wallet and Yummy Pay, as well as providing learning opportunities and airdrop rewards, users are attracted to the Web3.0 field. The goal is to achieve population migration from Web2.0 to Web3.0 and become the driving force for the growth of one billion Web3.0 users.

4. What areas do you think have the potential for development in Web3?

I think the most promising direction of development is who can better realize the population migration from Web2.0 to Web 3.0. At present, Web 3.0 is still only known and applied by a few people. At present, everyone is looking for the next billion users. If this question was asked ten years ago, it would be a good question. However, now that Web 3.0 has been developed for nearly ten years, it is still only a field understood by a small number of people in the mainstream society. Therefore, I think the track that focuses on solving practical problems is the most promising development direction at present, which can bring huge opportunities and potential business value.

At the same time, I would also like to mention the track that I am most pessimistic about, which is to keep reinventing the wheel and repeating the existing achievements. This is like continuing to reinvent the wheel of a carriage in the automobile era. This will only disperse resources and energy, and will not really promote the progress of the industry. Therefore, this is a track that I am very pessimistic about.

Core content: The most promising track is to achieve the population migration from Web 2.0 to Web 3.0. The track that focuses on solving practical problems has potential. I am not optimistic about the practice of reinventing the wheel.

5.What are your future plans?

In addition to the Yummy Ninja we mentioned earlier, we have established an association called "CPTTA" (Crypto Currency Payments Tax and Transfer Association) to promote the improvement of regulations related to token payments and provide support for new legislation in terms of scenarios and data. Our project involves many offline payment and tax filing scenarios, and the United States currently does not have a complete legal framework to regulate this field. Therefore, we pay special attention to compliance, and we are very cautious and may be too cautious. We will work with other project parties, whether they are wallet projects or token payment-related projects, to seek opportunities to promote relevant US legislation. This is also one of the directions in which we may develop further in the future.

Core content: We have established the "CPTTA" association to promote the improvement of token payment regulations and provide scenarios and data support for new legislation. In the absence of a complete legal framework in the United States, we are very cautious in compliance and work with other project parties to promote relevant legislation. This is one of our future development focuses.

6. Do you have anything you would like to share?

I would also like to share something actively, hoping that Web3.0 can get on the right track as soon as possible. I also hope that everyone can do more practical things and reduce their skepticism about Web3.0. The reason why I have reservations about some things is mainly because everyone knows that Web 3.0 is closely related to finance. The financial attributes of blockchain are very strong. This also leads to many people entering this field with full enthusiasm, but ultimately unable to resist the temptation of money.

Core content: I hope that Web3.0 can develop successfully, and I hope that people will pay more attention to practical actions and reduce doubts about Web3.0. However, the financial attributes may make it difficult for people to resist the temptation of money.