On 7th December, Shin Chan IEO community conducted an AMA with our guest Steven Enamakel, Founder & Tech of MahaDAO and Pranay Sanghavi, Co-Founder & Fundraising of MahaDAO.
Tons of questions as usual from the Community about MahaDAO progress.
Let’s take a look at the most interesting points of our conversation.
Intro
Elson: Before we start the live question session can you please have a short introduction about MahaDAO and the team behind it?
Pranay: My name is Pranay Sanghavi, and I’m the CoFounder — handing the business, ecosystem and investment side of things in MahaDAO. A quick background: I started my first company when I was 19 while still in college, in telecom & networking. Setup 9 sites in Mumbai with over 7000+ customers and exited all of them within a period 3 ~ 5 years. I have close to 20 years serial entrepreneurship experience starting, advising and scaling up multi-million dollar enterprise Information and Communications Technology Businesses.
MahaDAO, which is releasing ARTH, a decentralized non-depreciating algorithmic token, which derives its value from a basket of uncorrelated assets, the relative weights of which are automatically adjusted by automatic buying and selling in response to changes in the price of each individual asset relative to the others.
Steven: Hey guys! My name is Steve and I’m co-founder along with Pranay. I’ve been coding since I was 6 and have been trading crypto since 2013. Mahadao is something that we’ve been building to really innovate and do something different with crypto.
AMA begin
Q1: How do you plan to spread awareness about your project in different countries/regions where English is not spoken well? Do you have local communities for them to let them better understand your project?
We hope to have ambassadors for our project in various countries and plan to incentivize them with tokens. We have. a 10-year plan for our tokens so that early contributors get rewarded the most
Q2: If $ARTH is a stablecoin and $MAHA is a governance coin in MahaDAO ecosystem, How did you generate profits/revenue to maintain MahaDAO project, and what is its revenue model? How can it make benefit win-win to both investor and #MahaDAO project?
Sure! So MahaDAO is backed by a governance token and the team has just recently closed its private sale to cover more than 1 year of salaries. We have our product ready and profits are generated by the adoption of our stablecoin
Q3: What are the potential customers that MahaDAO project targets? What marketing strategies does MahaDAO have in the near future to attract users to use MahaDAO’s ecosystem?
ARTH in its applications is unbounded. ARTH is for students, shoppers, tourists, businessmen, employees, passengers, institutions & governments. Anyone exchanging or storing value. ARTH is for everybody.
With MahaDAO & ARTH, it’s a conscious effort to solve a genuine world problem. It’s not geological, or has a niche — it’s for everybody. For this very reason, I think the most immediate task at hand for us is to form as many partnerships as we can. That is the long term goal.
In the short run, we are focusing on building a full-proof product that embodies all of what we are promising & community growth.
In the medium term, integrating ARTH with other #DeFi projects, other chains and forming strategic partnerships
Adoption is by far our one and only long term goal. Because the more people adopt ARTH, the more will we see its usability, to preserve — or grow — their purchasing power and secure their financial lives
Q4: I have met so many projects offering layer-2 solutions, like EasyFi and Injective Protocol. What make MahaDAO is better than them? What competitive advantage do MahaDAO have? What layer-2 solutions are MahaDAO targeting first? #MahaDAO $ARTH $MAHA
Sure! So MahaDAO is different in that it is a cross-chain protocol and starts on layer-2 but will eventually be on layer 1 as well (Ethereum).
Our project one of the few projects out there that aims to be on as many blockchains as possible.
Q5: Considering that central banks have issued huge amounts of FIAT money and inflation is expected, should I expect ARTH to appreciate against the USD in the long term?#MahaDAO $MAHA $ARTH
To create an asset that is designed to protect the buying power of its holder, we need to come up with an absolute unit of measure to understand the buying power of an asset (which is not measured in US dollars).
This is what is known as the Global Measurement Unit or GMU. There have been various theories on ways of calculating this GMU.
ARTH is pegged against this GMU.
The global measurement unit (GMU) consists of several assets some of them are traditional, well-known financial assets and some are new-age, digital financial assets. Precisely speaking GMU reflects values of carefully chosen fiat currencies, the most known among all value holders — GOLD and new-age financial asset BTC. Based on prior research we believe that these 3 assets combined in the right way, as it will be described in our upcoming next version of the whitepaper can provide a safe and sound base for ARTH coin keeping it safe from depreciation.
Q6: Do you see who your biggest competitors are right now, and what do you think of your own projects in comparison to those projects? and what weaknesses in your project need to be addressed in order for users to choose your project over a competitor?
MahaDAO’s biggest competitor is MakerDAO and the US Dollar. MahaDAO is different in that is a totally new kind of stablecoin; A stablecoin that is anti-inflationary (because it contains gold inside it)
Q7: Can you explain how to get a rich reward from Maha Dao Liquidity Farming Program on your platform? What are the requirements in participating in this program? Can you elaborate more about the rich reward that will be given away with this program?
Yeah for sure; MahaDAO liquidity farming program is designed so that people who create more and more ARTH tokens will be rewarded with MAHA tokens proportionate of how many $ARTH they mint
Q8: The Main goal of Mahadao is the full integration of Cross-chain features, Right now How many chains can interact with Mahadao? And in the future How many are you aiming to support?
Awesome question; So we are looking at Matic and ETH first; but then quickly implementing on Polkadot, Horzon, Algoran, OMG etc..
Q9: Mahadao looks that will have a very good long term run, but I want to know about the current presence of Mahadao, so can you tell us what are your Short-terms targets before the End of 2020?
sure so the short term is basically the IDO (Dec 15th) and product launch around Jan
Q10: How does MahaDAO use the staking and lending service for users to make a profit, and how does it coordinate users' risk expectations?
Staking is used initially to reduce the supply of tokens and lending is something we are partnering with other projects like EasyFi to provide.
Q11: On your previous AMA I read that you were started with Matic and then move on to other blockchains? I am curious to know while most of the new project come up with Ethereum why you decided to come up with MATIC? And in which blockchain Mahadao is currently running? Do you planning to build your own blockchain?
Matic Network is one of our foremost partners. The fact that we chose Matic over any other network is because 1) Matic is way too cost-effective than any other blockchains out there & 2) They have a strong support team & we know some of the core team members personally.
When we were thinking about creating MahaDAO, that is, around 2 years ago, Matic was just starting out & we always had in our minds to collab with Matic for a project like this.
So while MahaDAO is starting off with Matic, there are other networks whom we are talking to, in the pipeline ….
Q12: What is IDO in MahaDAO? What are its functions?
The IDO is a special IDO that we are launching around the 15th of Dec allowing the general public to invest in the token. Some of the functions are fixed price, max cap per investor, etc…
Q13: You probably know sir, contract security is a big issue in DEFI. Has your smart contract been audited? How do you guarantee the protection of users’ funds?
Our smart contracts are the same fork as makerDAO so it does not need any audits
Q14: 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?🎀Q.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?
So we like to believe that there’s no central team behind this. It’s a community effort and we are all simply the most active members of the community. If there was somebody from the community who put in more effort than anybody in this room, he’d be sitting here.
Other Key team members around the world
Prof Zoran — GMU economist at Serbia
Nenad- Quant research
Gafoor, the head of the Marketing team
Harish — handing community/investor from London
and Blockchain developers
Q15: All project’s coins have their main Utilities & real-life use! So, Can you tell us what the main role of your coin is in your ecosystem? Explain its Utilities & Real-Life use cases? and Why should I invest in your coin for the long term?
So in the short term, we are looking at it simply as a store of value; In the long term we hope that this can be something that is widely used to buy coffee or pay bills 🙂
Q16: The buying power is a very subjective aspect since relative prices are constantly changing as a function of supply and demand. What indicators does MahaDAO take to determine buying power?
We use economic indicators like GDP to decide how to choose a coin, and look at revising the buying power metrics for our coin every quarter. More details to be shared on our whitepaper
Q17: We are witnessing many projects entering the blockchain industry with very good plans, promises to do good work but disappear in time and lose community. So for not losing the believers, how can MahaDAO (ARTH ) will survive in this challenging blockchain?
we are focused on the long term; not afraid of failing and making our faces public
Q18: Can you explain to us on your platform how staking works? What are the requirements for staking? How a user can get benefits from your platform?
staking works with Ferrum network; you can get rewards for providing liquidity on uniswap and holding tokens
Q19: Sharding, layered, and cross-chain are the three future solutions for high-performance blockchains. MahaDAO is currently at which direction? And what are the main reasons for taking this direction#MahaDAO
Cross-chain is the direction we have chosen for MahaDAO
Q20: What products does the MahaDAO ecosystem currently have? What products are being developed so that the Tellor ecosystem can become better and better than other competitors?
So when it comes to products, we are keeping the doors open for the community. We have so many products that come to our mind when we think about how ARTH & MahaDAO’s use-cases but we want the community to be able to take the initiative & take this project forwards. A lot of the products that will be built on MahaDAO will eventually come from community members.
Some of the products that we can think of right now are:
Gasless Wallet
MahaDEX
MahaLev3x
MaticSwap
However, we are more focused as of now on tapping the cross-chain liquidity in other blockchains
Q21: Can you tell us what the main role of $ARTH in your ecosystem? what is the utility and use cases of the $ARTH token?
ARTH initially will be a store of value; a solution to what bitcoin and libra could not solve
Q22: Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?
post the IDO; currently, the focus is uniswap and then immediately tier 1 exchanges
Q23: I learned from MAHADAO website that Its products will fuel the entire ecosystem. Can you tell us more details about it? How the products will fuel the entire ecosystem?
we start with one value coin and build products around that
Q24: What do you think about the Asian market? Does your team plan to reach other countries with potential crypto markets, and have large teams and investors wanting to work and monetize crypto?
Asia is one of the biggest crypto markets and we are hoping to expand as fast as we can into Asia as well
Q25: One of the most used methods to demonstrate credibility in a project is to lock funds for a period of time and have a reasonable development fund. Can you explain your plans regarding tokenomics and inventories for hold in the medium and long term?
short term -> staking and other growth metrics to keep scarcity low
long term -> growth of ARTH
Q26: What motivated you and your team to build the MahaDAO ? Why is the project named MahaDAO ? Please share a few interesting things about this meaning?
MahaDAO was built to do something different and solve a real-world problem; maha means big in Hindi 🙂
Q27: Usually the project only tells about their strengths. Can you tell us honestly about the weaknesses of your project? And what are your plans to solve it?
our biggest weakness is trying something new and unexplored
Q28: What will happen to old tokens? Do you have plans for token swaps? Is there a deadline for swap?
Yes, old tokens will be honored of course. The announcement shall be made around the IDO — please join the announcement channel
Q29: There are lots of new protocols launching that is designed to bring non-ethereum tokens to ethereum via a bridge. Is this something as a lending service you are looking forward to?
no; not a lending service; but we are partnering with lending protocols
Q30: Why you build your token on the Ethereum blockchain? As we all know Ethereum has many issues like scalability, high gas fee…etc? Do you have any plan to move on other scalable blockchains (Tron, BNB) or mainnet?
Matic first; ethereum second and everybody else later (polka, omg, etc…)
Q31: What is the function of the ARTH CDP Portal? Do I need to have both tokens of the platform to participate? How will this tool contribute to the improvement of the platform and the promising mission of providing an immutable asset to market changes?
it’s a CDP portal similar to MakerDAO’s oasis.app
Q32: All platform that uses a SWAP mechanism, must affront 2 issues, the low Liquidity ( that cause Big spreads between orders) and Slippages, so can you tell me how you will solve this intrinsic limitation?
we have uniswap staking to solve the uniswap liquidity problem
Q33: The crypto world is becoming overcrowded with blockchain projects and tokens, what makes ARTH different from other projects?
ARHT contains gold 🥇so hence it is a hedge against the fiat market
Q34: PolkaDefi is expected to dominate the second half of the year. As one of the Defi projects that strives to continuously deliver innovations, what strategy is in place for MantraDAO to be at the forefront in the PolkaDefi space?
What innovation would it bring to the DOT ecosystem?
MahaDAO shall be coming with MAHA and ARTH to Polkadot blockchain — we are talking to some people and working on the cross-chain strategy
Q35: How did you get the community involved in developing the MahaDAO project? and how do you build a strong community to grow globally?
with support and encouragement from a lot of well-wishers and people who believe in the idea
Q36: What is the function of ARTH token in the MahaDAO ecosystem? What are the benefits of investors and ARTH holders?
investors won’t face inflation from USD when they use $ARTH
Q37: Mahadao looks borderless, so Mahadao has considered the creation of multiple communities for the non-English speakers?
absolutely 🙂 people from all around the world are welcome
Q38: What is the future of MahaDAO? How does it differ and in what? What foundations or organizations do MahaDAO work with?
Mahadao is different from the fact that it is aiming to solve real long-term problems. u can find more info about what we’re trying to do at mahadao.com
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