Host : Hello Everyone, cryptoiz will have our AMA session with MantraDAO Team today. Welcome to Cryptoiz Indonesia community, Kindly introduce yourselves to us

A : Thanks , it’s a pleasure to be here and engage with this vibrant community! I’ve been in the blockchain space since 2013, when I first purchased some Bitcoin. I also invested in Ethereum back in 2014, and I made blockchain technology a full-time profession in 2017, when I created a business called Blockchain Investor to teach people how to securely purchase and store cryptocurrencies and research projects. I then co-founded a business called Social Evolution, where we worked to bring Decentralized Autonomous Organization (DAO) technology to traditional businesses. In 2019, I co-founded Rio DeFi, where we created Rio Chain, the blockchain on which MANTRA DAO is built.

I love the passion and energy that people in the blockchain industry tend to have. I’ve met and worked with so many people who are truly trying to change the world and help more people gain financial freedom.

Q1: Can you briefly describe what is MANTRA DAO to our community ?

A : Sure! MANTRA DAO leverages the knowledge and wisdom of the crowd to create a community governed, transparent, and decentralized ecosystem for web 3.0 that gives financial control back to the people to grow their wealth together.

MANTRA DAO is a decentralized application (dApp) built on Rio Chain, a Substrate-based blockchain infrastructure that is interoperable with the Polkadot network. It provides a fully integrated ecosystem of decentralized financial services built on interoperable technologies (cross-chain compatible) and is controlled by its users collectively.

Q2: What technology stands behind MANTRA DAO and What are its advantages?

A :MANTRA DAO is built on Rio Chain, which is a Substrate-based Blockchain that operates within the Polkadot ecosystem to provide cross-chain compatibility. In addition to being a Council Member of MANTRA DAO, I’m also the CEO of Rio DeFi, the company that built Rio Chain.

When designing Rio Chain, we prioritized security, speed, scalability, and interoperability. We operate across blockchains to leverage the strengths of each. Rio Chain is able to process up to 3,000 transactions per second, finalizes blocks within 2 seconds, and offers very low transaction fees (<$0.01).

Rio Chain comes ready-made with a comprehensive suite of tools. Rio Wallet is accessible from either a smart phone or web browser, enabling users to store a wide variety of digital assets. Rio Block Explorer allows anyone to easily monitor the network, view transactions, and check wallet balances. All of this technology will be utilized by MANTRA DAO to create one of the world’s leading DeFi dApps!

Q3. What are the main goals of MANTRA DAO after tokensale and until end of 2020 ?

A : MANTRA DAO will be launching our staking platform in September, with basic governance features already in place. This will start as a web-based application, but we’ll also be coming out quickly after with a mobile app version. We think staking and governance should be as easy as a click-of-a-button. Rio Wallet has an OAuth system that allows users to create a wallet that’s tied to their email or social media account, allowing us to reach beyond crypto users into the mass market.

MANTRA DAO is already a validator on Kusama, and we will soon become a validator of the Polkadot network, allowing users to earn interest on both their KSM and DOT by using our platform. In addition to their native staking rewards, they’ll also earn OM Tokens.

In Q4 of this year, we’ll be launching MANTRA POOL, a savings game that allows users a chance to earn staking rewards generated by the MANTRA DAO Foundation itself.

SEGMENT 2 TWITTER QUESTION

Q1 : In Overview of Polkadot Ecosystem article, I see MantraDAO and your blockchain partner – Rio Chain – in DeFi sector, so could you share me your strategy to approach DeFi like your slogan in website “Community Governed DeFi Platform”?

A : We came up with the slogan of Community Governed DeFi Platform after many discussions amongst our team. We feel that the best projects in the crypto industry are those that leverage the wisdom of the crowd. Within MANTRA DAO, 1 staked OM = 1 vote.

This staking functionality gives governance rights to OM Token holders to help evolve the platform so that we can always stay ahead of the curve.

We offer staking & lending through a decentralized platform – the key components of DeFi. We chose to form a Decentralized Autonomous Organization (DAO) so that the token holders can guide the future of the organization.

Q2 : Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value Mantra dao aim to add to crypto industry that will bring greater abundance to the industry?

A : Thanks for the excellent question Fatimah! We agree that there have been far too many scams in the cryptocurrency space. We’re committed to creating a transparent platform from day 1. We are using Hex Trust, a licensed Hong Kong trust company, to facilitate the KYC process for our token sale and to store the digital assets in cold storage utilizing banking-grade security.

Our Initial Membership Offering (IMO) proceeds will be used to further develop the MANTRA DAO platform, rather than just to enrich the founders. In fact, the team and advisors are only taking 17.5% of the total tokens, and we have a 6 month cliff followed by a 24 month vesting schedule with monthly unlocks. This means the team doesn’t receive any of its tokens for the first 6 months. This is so that we’re all aligned with the community to build the best platform possible that can sustain itself far into the future!

Q3 : What is the main motivation of people to take a loan on the MantraDAO platform, than to take a loan from a bank? Do you have a strategy for attracting people to your platform not from the crypto space? – Thank you Jessica Evans!

A : I would say that the main reasons people would take a loan from MANTRA DAO rather than a bank is that we can offer lower loan interest rates and allow people to use their cryptocurrencies as collateral, which banks aren’t able to do yet.

In order to attract mainstream users to our platform, we will allow for easier onboarding into cryptocurrencies by integrating fiat -> crypto on-ramps so that users can easily purchase cryptocurrencies, such as dollar-pegged stablecoins, with their credit or debit card. This enables mainstream users to easily attain a high-interest savings account, which can offer yields as high as 10% or more depending on the asset type that’s staked

Q4 : There are many DeFi projects available on the market that even work very similar to Mantra DAO. So could you say what are the main competitive advantages of Mantra DAO? What additional benefits & features does MantraDAO offer? – Hye seok지아

A : MANTRA DAO sets itself apart from other DeFi protocols and DAOs in a number of ways. First, our user experience allows for easy access to staking & lending protocols. Second, our MANTRA POOL allows users to enter a savings game in order to win staking rewards generated by 25% of MANTRA DAO Foundation’s staked assets every week! Beyond that, we offer cross-chain compatability, enabling us to provide staking & lending for many different types of digital assets. Our KARMA protocol provides a gamified reputation system that acts similarly to a credit score. It allows users to increase their staking rewards, lower their loan interest rates, lower their platform fees, and earn free entries into MANTRA POOL. In the future, KARMA will also allow access to undercollateralized loans, which we are super excited about.

Q5 : I follow Mantra Dao ever since I heard it and I know you are doing many AMA’s in different groups in Telegram. So how did AMA helps your platform and what is the positive effects? What is the good result that it brings to you? – excellent question jobel!

A : They’re fantastic tools for accessing the wisdom of many crowds and build your community up from scratch. In just 3 weeks, we’ve grown our official Telegram channel to over 1,800 members and have found many enthusiastic community managers to help us manage them. We now have 8 different Telegram channels for different languages, and we’ll be adding about 3 more next week. We’ve been completely blown away by how powerful AMAs are. They’re the best form of marketing we’ve ever experienced, and 3 of us Council Members are from marketing backgrounds both from our University days and professionally.

SEGMENT 3 LIVE QUESTION

Q1 :It’s quite unfortunate that many projects have infiltrated the market with just white papers without having any genuine use cases. What are the main utilities of the OM Token?

A :Thanks Ho-jin for this challenging question. All too often cryptocurrency projects have just promised hopes and dreams but failed to deliver anything of value.

The OM Token offers a ton of value within the MANTRA DAO Ecosystem.

OM token’s economic model is designed to:
• Provide holders with economic benefits
• Balance OM’s circulating supply with ecosystem growth
Users can stake OM to increase compound interest through various DPOS and NPOS staking programs, such as those offered by Kusama (KSM) and Polkadot (DOT).
OM tokens can be used as a collateral to take out loans. OM tokens grant governance rights on the MANTRA DAO platform. 1 OM staked = 1 vote power By staking OM, users can vote or submit a proposal.

By burning OM, users can try their luck by joining MΛNTRΛ POOL,

Q2 : Can you tell us about the motivation and benefits for investors to keep the OM token in the long run? What plans do you have to help drive the demand and scarcity of the

A : Thanks for the excellent question Jessica! Our long-term vision for MANTRA DAO is to become the leading platform for people to access a wide range of DeFi services across different blockchains. Rather than simply compete with other platforms, we’ve chosen the model of collaboration and integration. Over time, we’ll continue developing new features that bring tremendous value to the OM Token holders. Our burning mechanisms when paying platform fees or joining MANTRA POOL can allow up to half of the total supply of OM to be burnt, potentially reducing it from 888,888,888 OM Tokens down to 444,444,444. Our economic model is designed for long-term holding!

Q3: Many new projects made a good impression at first but were suddenly abandoned. My question is, how will you manage the Mantra Dao OM token to gain a place in the market and become a stable token in the blockchain world?

A : Great question Ashish. We have a number of features in place to prevent this from happening. First is our legal structure. MANTRA DAO Foundation is a Seychelles-based foundation that owns 100% of the shares of MANTRA DAO INC., which is the company building out the platform. The beneficiaries of MANTRA DAO Foundation are set as the OM Token holders, so not only do they achieve control through the platform governance on-chain, but they also legally control it off-chain. We hold all of the cryptocurrencies we receive from the IMO in Hex Trust, a licensed Hong Kong Trust company that provides banking-grade security and utilizes a multi-sig signing process so that no one person is even able to just run away with money. Additionally, we plan to release quarterly and annual reports to showcase our new features to our community.

Q4 : Is there a way we can get improved interest rates on MantraDAO? How can we get low rate loans by using your platform?

A : Thanks for this insightful question Albert! Yes, there is a way!

Through our KARMA protocol, users increase their reputation by taking actions that improve our platform, such as staking OM, submitting or voting on proposals, taking out & paying back loans, joining MANTRA POOL, inviting friends to the platform, receiving grants, and more.

When users KARMA levels increase, their loan interest rates decrease. The more you help MANTRA DAO, the more MANTRA DAO helps you earn more money.

Q5 : What is the structure of MantraDao, is it a decentralised, open sourced protocol where everybody can contribute?

A : Hi Amber, nice question!

As mentioned in my answer above, MANTRA DAO has a unique legal structure that allows it to be fully owned by its token holders, built by a company that they own, and operated with the guidance of the OM Token Holders (our members) and the MANTRA DAO Council Members. It is indeed an open-source protocol that anyone can contribute to!