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Minggu, September 20, 2020

Recap of MANTRA DAO & Cryptowid AMA

Introduction Guest Star :

Mr. Will Corkin ( Co-Founder & Council Member Mantra Dao )

I am originally from Boston in the US and have been back and forth in China for over 10 years now, first studying in Beijing (Peking University and Language & Culture University), then moving fulltime to Shanghai over 5 years ago to work. I got into blockchain and crypto back around 2016 while in Shanghai and with my fellow Council Member John Mullin. Shanghai was such an amazing place then to be learning about blockchain and crypto as I was part of robust and engaging WeChat groups that were super active and a sharing ground for everything happening. Back then John and I were also hosting different meetups and events and having different projects come and share with the community there.

I moved to Hong Kong almost 3 years ago to start the HK office for another crypto project called trade.io where i set up and ran the cosulting and advisory division. consulting and helping launch over 20+ blockchian projects. more recently I was heading buisness development for a US broker-dealer that has the only license currently from the SEC to offer and compliantly distrubute tokenized securities. which all let me to DeFi having both the crypto/blockchain experience, as well as the traditional capital markets side.

SEGMENT 1 INTRODUCTION PROJECTS

1 Could you please describe in detail about MANTRA DAO ?

MANTRA DAO is a community-governed DeFi DAO that is focused on Staking, Lending, and Governance. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to grow wealth together. We have built our project on a substrate-based blockchain called Rio Chain, that is created by a sister business called Rio DeFi, which I am an advisory for as well.

MANTRA DAO offers:

• Multi-Asset Staking & Lending Platform: MANTRA DAO provides cross-chain access to DeFi products.

• Merit-Based Reward System: MANTRA DAO incentivizes its users to support the ecosystem through the KARMA Protocol

• Self-Governing Organization: Participants can vote on proposals to change the system parameters through their holding and staking of OM tokens.

Our vision and goal is to help people all around the world and from all different backgrounds gain access to financial services and opportunities that have not before been available or have only been available in the past to wealthier individuals. We want people everywhere to be able to store and grow their wealth together to be able to reach financial peace of mind!

2 There are currently a lot of DeFi projects out there. What makes MANTRA DAO different from other DeFi projects?

MANTRA DAO has a unique model that encompasses Staking, Lending, Governance, as well as offering cross-chain interoperability, which currently there is no one in the market with this mix. Additionally, we are well positioned to leverage other existing DeFi products such as the Compound lending protocol, which will be included in our lending product suite.

Another unique aspect of MANTRA DAO that makes it special and sets it apart is its KARMA Protocol. KARMA Protocol is a reputation system that plays a crucial part in the MANTRA DAO ecosystem by rewarding and incentivizing its members for performing positive actions within the organization. Members who carry out different actions within MANTRA DAO are rewarded in KARMA. The more KARMA a member has, the more benefits that member will receive within the ecosystem. There are 10 tiers within the KARMA Protocol that unlock different incentivization offerings that ultimately allow members additional opportunities to increase their OM holdings, decrease fees, earn rewards, and more.

Mantra dao

3 We’ve already seen that MANTRA DAO launches OM. What is the total OM supply allocation and where is it available to buy?

So the total supply of OM is 888,888,888 and as you’ll see we love the number 8… During our Token Generating Event (TGE) yesterday we distributed 108,888,888 OM tokens to the community, we launched on 18/08, and through some of our listed exchanges we are offering a Staking APR of 88.88% !!!

Currently we are trading on Uniswap, Bithumb Global, Poloniex, gate.io, and Hotbit. We have some more really exciting exchanges to announce in the future as well 😊

4 After reading on the Mantra Dao Webpage, we became interested in the Karma Protocol. Could you please tell us what is the Karma Protocol ?

Our KARMA Protocol is something that we are really excited about and that separates us from other projects in the blockchain space!

Users gain KARMA by supporting the ecosystem through:

• Staking OM tokens

• Taking out & paying back loans

• Submitting & voting on proposals

• Joining the MANTRA POOL savings game

• Referring friends to grow the community

• Receiving grants

Users with higher KARMA gain access to various benefits, such as:

• Increased OM staking rewards

• Decreased staking fees

• Free access to MANTRA POOL!

• Lower loan interest rates

• Loyalty Rewards, such as SWAG and community recognition

Mantra dao 2

5 On the MANTRA DAO roadmap, we see that MANTRA DAO will launch an app. Can you explain a little about the features of the application?

Mantra dao 3

We will initially launch with our Web platform and will soon after create a mobile APP as well (and of course our web platform will be mobile optimized so that even before the mobile APP is launched people can easily use the MANTRA DAO platform.

We will offer a wide range of DeFi services on the MANTRA DAO platform with Staking, Lending and Governance being the focuses to start, but also offering our MANTRA POOL which is a crypto savings game that allows users to participate in the chance to win a percentage of MANTRA DAO Foundation’s staking rewards. Every week, the protocol will select randomly generated winners. Users are able to enter the MANTRA POOL by burning OM to generate an entry.

We will also be adding a handful of other services and offerings as we go that we’ll be excited to announce and show. Because of most DeFi platforms now being very confusing and difficult to use, we focus a lot with our Platform on user-friendliness and being easy to understand and navigate. Our ultimiate goal is to allow non-crypto people to be able to easily use the MANTRA DAO platform and this only happens through an intuitive interface and clear definitions.

6 As a relatively new project, What is the MANTRA DAO strategy to stay on the road map ? whether by developing communities, attracting more investors or something else?

Our main focus now that we’ve finished our token sale and launched OM tokens on exchanges is continuing to grow our community and finalize our platform and get it ready to launch in the near future.

We have a lot of really excited announcements coming up about further exchange listings and other strategic partnerships that we have been talking with. We want to be an integral part of the this new global DeFi ecoysystem and that means working with some of the other up and coming platforms in the space… the industry and space is still very young, so we don’t see others as competitiors but as potential future partners for us to work with and grow together!

SEGMENT 2 FROM TWITTER

1 from @ajipangestu09

Many new projects make a good impression at first. Suddenly in a short of time experienced a decrease in demand finally left. Ask what plan do you have to help drive demand and security ?

Up to this point we think we’ve done a really good job of building an engaging and committed community and list of really strong and supportive partners and investors.

We have built a lot of hype around the project up through our TGE and listing yesterday and we plan to keep this going as we have some crazy amazing announcements to share in the coming days and weeks.

Almost daily we are working and partnering with other firms and people throughout the blockchain space and we will continue to share these with the community as they come along.

In terms of our security, it is of the upmost importance for us at MANTRA DAO. Leading up to our Initial Membership Offering, we partnered with Hex Trust as the MANTRA DAO digital asset custodian. Hex Trust is a licensed and insured trust and custodian and Asia’s leading institutional digital asset custody provider that works with many big name institutions. You can find the link here: https://medium.com/mantra-dao/uncompromising-security-over-users-assets-90ddaaf1e796

In addition, MANTRA DAO will focus on offering non-custodial services for its initial staking business line through Delegated Proof of Stake (DPoS) tokens. By utilizing and working with cryptocurrencies that are DPoS, we are able to greatly reduce security risk as we will not be handling any of the members’ digital assets, having them remain at all times in the members’ custody. As additional tokens are offered that are Proof of Stake (PoS), we will maintain these through industry-leading security solutions.

2 From @KongBlockChain

I was reading about yout last update on Medium and there was something I did not understand : parity substrate for the Polkadot ecosystem
What does MantraDAO mean by this and how important is this approach to the operation of your platform ?

Parity is the organization that built Substrate, and Substrate is the technology that makes it quick and easy to build the perfect blockchain for your needs. This is what powers the Polkadot ecosystem.

Rio Chain is substrate based blockchain built for the Polkadot ecosystem and eventually will be a parachain for polkadot. We chose to use Rio Chain as it allows MANTRA DAO to offer cross-chain and multi-assets to its users. . It also allows us to work with other platform and offer their services under the MANTRA DAO platform.

3 From @MohRafie2

Why did you guys choose a relatively new blockchain ( Rio Chain ) for the project and not battle tested blockchain like etherum wich appears to be the choice blockchain for most new Defi project seeing that etherum already has milions of users ?

That’s a great question, as there are still a lot of inefficiencies currently in the blockchain and DeFi space that ultimately led us to working with Rio Chain.

Existing blockchains (including Ethereum) are too slow, too rigid, and too foreign to traditional digital infrastructure to be used by most institutions and organizations. Blockchains must meet businesses’ requirements in order to be successful and implementable. Rio Chain iterates over previous generations of blockchain networks such as Bitcoin and Ethereum. Built with Substrate and focusing on security and usability, Rio Chain introduces greater interoperability, scalability, increased network speeds, and cross-chain transactions. It is for this reason that we have chosen to use Rio Chain to power the MANTRA DAO platform.

Unlike other DeFi platforms that only offer services for specific blockchain assets, like ERC-20 assets, by using Rio Chain and connecting with the Polkadot ecosystem, we are able to offer cross-chain and cross-asset services to our users.

4 From @Chintyazah

Currently we all know defi hype/projects are really trending could you please explain how what is the role of Mantradao in defi concept?

as i mentioned before there are a lot of DeFi projects at the moment, but where we fit in and fill the gap is by being a cross-chain, multi-asset platform. we are trying to bridge the gap in wealth inequalty and offer DeFi services to people all over the world. offering multiple DeFi services under one roof which is MANTRA DAO. being cross-chain we are also able to work with and offer DeFi services from other platforms like Compound, etc.

SEGMENT 3 FREE ASKING

What is really the mission and vision of this project? It is simply to develop a platform that can be managed by the community through web 3.0 and financially benefit everyone?

Our goal is to help people from all corners of the world gain access to previously inaccessible financial services and opportunities. Everyone should be able to find a financial peace of mind. There is still 1.7 billion people in the world who dont have accees to basic financial services. Through MANTRA DAO anyone with a smart phone can access our platform and all it takes is a few dollars to be able to save and earn interest on your money.

MANTRA DAO members holding OM tokens have full control over the ecosystem through systemic voting and governance rights.

How that’s mechanism. Could you elaborate more details?

Here is a bit of a longer answer for this but here we go:

Since we are a DAO and MANTRA DAO is set up as a Foundation, that means that the owners of the company are the token holders. Every holder of OM is an owner of MANTRA DAO and has voting rights within the ecosystem to decide how they want it to run and operate. We also are making the governance and proposal / voting process as straight forward and easy as possible so that anyone is able to participate in the ecosystem governance even if they have no crypto experience.

Here is how our governance process works:

In order to submit a proposal and vote within the MANTRA DAO ecosystem, a member must first hold and stake OM. Each staked OM represents 1 vote within the MANTRA DAO system. In order to propose a topic for voting, users will need to deposit USD $100 worth of OM as collateral. If the proposal should fail, they will lose the OM, but if the proposal passes evaluation from the council, then the vote will proceed. If the proposal receives a simple majority (51%) of the votes from the valid voters (staking OM), then the depositor will receive their OM back as well as an additional amount of KARMA for helping the ecosystem.

The process for voting is as follows:

– 1 week for proposals

– 1 week for evaluation of proposals

– 1 week for the voting of proposals

– 1 week for the implementation of proposals

so it total the proposal and voting process is a month long

The MANTRA DAO Council is currently comprised of 5 Council Members. The Council Members serve 2-year terms and will help guide the proposal, evaluation, voting, and implementation process for MANTRA DAO. Every two years, there will be a vote for the next MANTRA DAO Council Members, with the maximum number of Council Members being set at 9. The Council will always maintain an odd number of councilors to never allow for a tie during the evaluation of proposals. The maximum number of consecutive council terms by any Council Member is set at 5.

What are similiarites and dissimiliarites between mantradao and maker dao?

We are certainly similar to Maker in a few ways ie. crypto collateralized stablecoin loans, governance token, etc. And we are big big fans of Maker.. Maker was DeFi before DeFi was a thing. But we have many other features not included in Maker including staking, MANTRA POOL (our internal platform lottery game), cross-chain compatibility, KARMA Protocol, etc.

Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and investors to #MO and keep them long term?

we totally agree and we have a crazy robust marketing plan to try to hit as many people around the world as we can! To start we already have over 10 different language community channels.

so that we can best support people from all aruond the world. this will also stay true with our platform and optimizing it for multi-langauge support.

In addtion to that we work with different marketing groups, agencies, communities all around the world that believe in our MANTRA DAO project and our mission + vision and they are helping to spread the good wood and build partnerships

we are becoming partners with numberoous companies in the blockchain/crypto space as well as traditional space so this will also help us to continually reach new people and offer new servies

What is the greatest satisfaction you have received from your community? What makes you most proud of the Mantra DAO community?

I love this question as I could not be happier and more honored and humbled with the support that we have received from our Sherpa community around the world.

during our Initial Membership Offering, we had over 1000 investors and members join us from 81 countries around the world. that is over 40% of the countries in the world!

we can only achieve this with the help of our members and communities. just in the last almost 48 hours, our OM token holders have grown form around 1500 after our token generating event to over 6,000 people!

___

Don’t forget to follow official Media Mantra Dao

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