AMA series Midas Dollar With Cryptowid Telegram Community
On March 1,2021 at 2pm UTC 9pm WIB Indonesia Time in the Cryptowid Telegram Group, AMA Midas Dollar started with Mr David – Founder of Midas Dollar, Mr Phi long (COO) , Mr Phillip Phung (CMO).When campaign, 10 lucky AMA participants when best asking questions Twitter and AMA sessions will get a total prize of 50$ in USD The following is a summary of AMA questions and answers announced by the moderator and guest speaker.
Mr. Phillip Phung : Dr. David (Chairman), Phi Long (COO) and myself (CMO) have spent many years in management consulting, wealth management and past 5 years on fintech & blockhain.Midas CEO Thanh Le was the co-founder and former Chief Information Officer of CocCoc – the 2nd biggest browser in Vietnam. Thanh was responsible for building the technology behind CocCoc, driving it to become the biggest Vietnamese digital advertising publisher with 30 million monthly active users. Thanh Le has been the key driver behind Midas Dollar, and other Midas.eco’s key pillars – Midas Protocol & Vinex Network product development and growth.Midas CTO Ngoc P. Nguyen is our Midas Group Vice President for Technology. Ngoc brings to Midas.eco a wealth of knowledge and an array of experiences in blockchain space. SN has 25 years of programming experience under his belt. He has championed many prestigious international programming competitions such as International Olympiad in Informatics (IOI), ACM International Collegiate Programming Contest (ACM-ICPC), Imagine Cup and Google Code Jam.
SEGMENT 1 INTRODUCTION PROJECT
1. What is Midas Dollar? What is Midas.Eco? And how it can relate to each other?
Mr. David : Midas Dollar is a Decentralized Stablecoin with an Algorithmic Central Bank. Midas Dollar platform has 3 tokens system: MDO (Midas Dollar), MDS (Midas Shares) and MDB (Midas Bond).Midas Eco is a large ecosystem built by Midas for more than 3 years in the crypto space including Midas Universal Wallet App, centralized and decentralized exchanges, NFT market place, e-commerce and payment gateway and many games.With the newly launched Midas Dollar project, MDO will have many real life use-cases. In fact we are about to announce that MDO will be accepted by major advertising house in Singapore and Vietnam as payment mode. Soon, many partnering businesses will accept MDO.
2. We are aware you also have a wallet in existence, Midas Protocol, how does it benefit Midas Dollar?
Mr. Phi long: Midas wallet app is fully supporting Binance Smart Chain and Huobi Eco Chain at the moment, So basically MDO is ready to be accepted at our ecosystem. Meaning that many products such as gaming, NFT marketplace, Ecommerce will accept MDO, It helps us to quickly apply MDO to the real products, what’re ready to run in Midas Eco, Not only the Midas wallet, but also some interesting products what we’re running with our partner, such as multicoin.casino.
3. Could you provide some information about your Roadmap, and what are some achievements that Midas Dollar achieved so far?
Mr. Phillip phung : Only 3 weeks from launch but Midas Dollar has achieved remarkable milestones:
- Total Value Locked reached $15M
- 700K MDO in circulation, Expansion rate reduced to 3.5%, without a single contraction
- MDO & MDS LPs listed on bEarn’s bVaults with infinity APY: https://bearn.fi/bvaults
- Got on vfat https://vfat.tools/bsc/midasdollar/
- Midas Wallet now support HECO & more: https://twitter.com/MidasDollar/status/1366075258449526788?s=20
- Coin98 Wallet integration: https://blog.midasprotocol.io/midas-dollar-integrate-coin98-wallet/
- 2 great AMA with BSC Gemz and BSC.news community. And current one with CryptoW-Indonesia. Today, we are thrilled to announce another great news: launching of MDO-bCash pool on vFarm, thanks to great support from ValueDefi: https://blog.midasprotocol.io/faaspool-mdo-bcash-on-vfarm/, For more exciting stuff planned in our Roadmap, you can always read more here: https://docs.midasdollar.fi/protocol-1/roadmap.
4. I saw Midas Dollar are consists of three tokens: $MDO, $MDS, and $MDB, could you tell us what are the token difference, utilities, price, distribution, and where we can buy it?
Mr. Phi long: “Inspired by Basis and its predecessors (Empty Set Dollar and bDollar), Midas Dollar is a multi-token protocol that consists of three tokens: MDO (the algorithmic stablecoin), Midas Dollar Shares (or MDS, which holders can claim MDO inflation when the network expands), and Midas Dollar Bonds (or MDB, which can be purchased at 1:1 rate when the network is in contraction and can be redeemed with premium for MDO the network returns to its inflationary state, above the $1 peg).You can find more info here: https://docs.midasdollar.fi/“
5. Q5. What are the future goals of Midas Dollar?
Mr.David : The future goal of Midas Dollar as a back bone of Midas Economy together with MiDex, our decentralized exchange with Midas Gold incentive system to serve all the stakeholders and partners of Midas.In one word, MDO from the start already being planned to be accepted in many existing business partners.That is the reason why right after the project launch, we have received overwhelmed help and support from many partners such as: BSC News, BSC Gemz, Binance Chain community, Coingecko, Value Defi, bEarn and bVault.We are actively discussing our collaboration now with Autofarm, Jet Fuel, Beefy, Solaria etc. We are confident that the future of MDO, MDS, MBD and MDG is bright and having high synergy with our existing Midas economy and ecosystem.
SEGMENT 2 QUESTION FROM TWITTER
1. From @Siswa99867793
I have read an article on the medium that MDO will launch the Crosschain Algo Stablecoin between Binance Smart Chain and Huobi ECO chain. Can you explain a little about the plan? is there a reason behind it? and how to get $ MHDO?
Mr. Phi long : We believe that not a single chain can serve the whole world and each chain has its own market. By bringing MDO to both BSC and HECO which are supported by top 2 industry key players like Binance and Huobi, the value is hence much better for the end users, they can spend their dollar in many applications and platforms built on both chains. And Midas can provide the bridge to switch between MDO and MHDO on our own unique cross-chain dex UniDex. At the same time, MDS stakers will be able to earn both MDO and MHDO from the same boardroom. With this, we also can open the door for many more farming opportunities to MDO holders to cross to HECO and farm and earn addtional income if the possibility arises.We do have plan to expand further to other chain such as Polkadot, Solana. Check out our roadmap at https://docs.midasdollar.fi/protocol-1/roadmap“.
2. From @sonywed
How do you think with Asia market? Does your team have any plan approach INDONESIA which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
Mr. Phillip phung: Asia is such a vibrant, fast growing & exciting market, especially so for crypto and blockchain. Many of our partners, collaborators, community members are in Asia. Most of our core team are based in Asia too. So this is the market both so close and so important to us.Within Asia, Indonesia’s rising digital economy and fintech ecosystem is something that no one can ignore. Neither can we. We do have great partners and friends in Indonesia too and always open to new collaboration and partnerships so we could reach out to larger audience here. I personally travelled frequently and stayed in Jakarta for a while in my previous ventures. Beautiful country with so many talented people.
3. From @ryuuuubtc12
What role does the community play in the Midas Dollar? What have you done and will do to attract people to join Midas Dollar and build a thriving community?
Mr. David : Through the years, Midas Eco has been building a significant supporting community in the crypto space. That is one of the reasons why the Midas Dollar project is so welcome by the community as our team is not anonymous but rather an established one.We treasure the community hence we have embedded the benefits for the community in our tokenomics design. As such, MDO and MDG is designed in such a way to give lifelong benefits to long term supporters of Midas Ecosystem through the MDO and MDG farming using bCash (a crosschain convertible from our previously created MAS token on Ethereum and MCash on MCashChain).Today, we open a new farm MDO/bCash at our partner Value Defi FAAS platform to reward our community who hold both MDO and bCash. At the same time, we have run many events and donations to our partners’ community to airdrop to the joint-community (example we donate MDO to bEarn’s community airdrop).We want to build an open community that can join with the communities of many partners. In a such way, the future is prosperity to all, to our partners, to our communities, hence will become prosperity for us.
4. From @ari_tulip
Last year Midas made collaborations with Kyber Network, https://t.co/d9qQ8Ns4VT, CoinHe, Sentinel and others, how important is to create more collaborations for this 2021? What kind of partners are you seeking to continue improving your ecosystem?
Mr. Phillip phung : We are talking to various ecosystem players & partners aiming to grow Midas.eco including Midas Dollar, bringing in more use cases for $MDO, $MDS & $bCash tokens. Very quickly after launch, $MDO & $MDS has been listed on Coingecko with amazing support from their team.And I believe every true BSC degens have been enjoying the INFINITY APY of $MDS $MDO LPs on bEarn’s bVaults since 17 Feb. bEarn & their revolutionary bVaults with double & triple rewards are amazing! They have been very supportive and instrumental in our amazing growth so far.We are also working on other exciting collaborations & partnerships which will be announced very soon. Please follow us for latest news & updates:
5. From @thihuyen93
From where you get the project name? What does it means to you? And why you choose this name for your project?
Mr. David : We established Midas more than 3 years ago in Singapore where all the co-founders have studied at the top University: Nanyang Tech many years ago. We chose the name Midas from the Greek story myth of King Midas.In fact, King Midas was a real King living 8th century BC and was so wealthy that he became the symbol of Wealth and Prosperity. The story of of Midas Touch, that whatever the King touches will become Gold was a story created because King Midas was a great investor and whatever he built has become a great success for his kingdom and its economy.With that name in mind, we aim that through many products that we created, our users can achieve wealth and prosperity.
SEGMENT 3 FREE ASKING
1. Which one of these aspects important for you? A-Increasing Token Price&Value,B-Empowering Platform Development,C-Building Community Trust,D-Expanding Partnership Globally.
Mr.David : all are important and all need to be developed in parallel.
2. Is this project a Global project ? Can local communities partake in it ?
Mr.David : Yes it’s global project and open to all. It’s the nature of decentralization.
3. How do you plan to spread your understanding of the project in different countries where spoken English is not good like me?
Mr. Phi long: We do have plan to engage different ambassadors to support various countries where English is not native language
4. Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?
Mr. David : We have built many products in the last 3 years. We can give you a overall picture of the product line
5. Feature is the most vital thing in building project growth, a product will not develop without good feature and promotion, whatever it is good. Can you provide a list of killer features that scare your competitors over your project?
Mr. David & Mr. Phi long : Midas has its own ecosystem ready to use MDO in real businesses. That is the main utility and important application compared to other similar algo stablecoin.Today world, with open sources mindset, everything is open. It’s about business plan and execution, community support. We believe community support is the “killer” point here, not the features.