Matic AMA Recap with MahaDAO Co-Founders, Steven Enamakel and Pranay Sanghavi

in OCD2 months ago

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On the 16th of December, 2020, Steven Enamakel and Pranay Sanghavi, the co-founders of MahaDAO, were live at the Matic Network telegram AMA Session, to provide the Matic community with insights on their robust validation infrastructure and the unique features of MahaDAO. The session was moderated by Arun Philips, Matic Network’s Marketing Specialist.

In order to ensure clarity to my readers, this article has been divided into two segments; the first segment, gives full account of the questions asked by the moderator of this AMA session (Arun Philips), while the second segment, gives account of the questions asked by Matic community members.

SEGMENT 1

Arun Phillips — Hello Steven Enamakel and Pranay Sanghavi, welcome to the Matic community. Could you please tell us a little about yourself and MahaDAO?

Steven Enamakel —

Hello all! So to start with intros; My name is steve and I’m the cofounder of MahaDAO and a bit fan of Matic network and the team behind Matic; I’ve been coding since i was 6 and have been deep into blockchain since the last 5 years

Pranay Sanghavi —

Sure, my name is Pranay Sanghavi, and I’m the CoFounder — handling 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+ business 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 including Fortune 500 Corporates in Information and Communications Technology Businesses.

Arun Phillips — Thanks for sharing your intros guys. Can you tell us a little about MahaDAO?

Pranay Sanghavi —

MahaDAO picks up where previous decentralized autonomous organizations left off, introducing the concept of a valuecoin, as opposed to a stablecoin.
Unlike stablecoins which are backed by the US dollar, the world’s first valuecoin ARTH is backed by a basket of uncorrelated assets in the ARTH vault, and maintains (and even appreciates) its purchasing power regardless of wider market movements.

This novel approach to crypto finance creates a situation where ARTH is not only viable as a long-term store of value, but due to its ability to retain value in the face of fiat inflation, can also be used as a reliable, timeless unit of purchasing power.

Steven Enamakel —

Yes, MahaDAO is a matic first stablecoin platform that is building the world’s first valuecoin.

Pranay Sanghavi —

And this first value coin is gonna go live on our own Matic Chain.

Arun Phillips — Sounds super exciting! I can see there is a strong focus on the community and empowering people at MahaDAO. Can you tell us a little about the thinking at MahaDAO and how you are empowering the community?

Pranay Sanghavi —

Yes that is correct -and we like to believe that there’s no central team behind MahaDAO.
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.

Steven Enamakel —

Yes for sure! I think there’s no clear way to showcase our support for our community than our upcoming IDO; where we are manually reviewing each and every applicant that is going to participate in our IDO right from start to finish; Our community is now really strong and we hope that this project will succeed with all of their support.

Pranay Sanghavi —

Some ways you can see the focus around community is like the allocation to community (70%), tomorrow’s IDO whitelisted for community members, and other programs, schemes and grants around community empowerments.

Arun Phillips — That’s incredible to hear, that anyone can participate and reap rewards. That’s the beauty of crypto! You mentioned the IDO, can you tell us a bit more about the MahaDAO IDO and the different tokens on the platform?

Steven Enamakel —

Yes for sure! The MahaDAO IDO will be amongst the first ones without any bots whatsoever; giving actual humans (people like you) to participate in our sale in an anonymous decentralised way.

It’ll be held on polkastarter tomorrow at 3pm GMT and we’re super excited for it. We have more than 2000 applicants and are super proud to say that there are so many genuine people who are looking forward for the sale; that we’re very (humbly) overwhealmed.

Arun Phillips — That’s awesome to hear, all the best for the sale! We’re hoping it goes amazing. What are the major milestones MahaDAO has achieved so far and what can we expect from you guys in the future?

Steven Enamakel —

So the first milestone is of course the support of the Matic ecosystem. Matic has been the main reason for all this growth and for us to foresee such a huge vision. Our product launched a beta on the matic testnet succesfully and we are looking for an amazing product launch post December.

Arun Phillips — That’s so cool! I’m sure the Matic community can’t wait to use what you’ve built.

Pranay Sanghavi —

The most important milestone in my view would be when MahaDAO is successfully launched on Matic mainnet early January and creating the world’s first valuecoin, emerging from Matic Blockchain — would be a proud moment for both our communities.

Steven Enamakel —

Absolutely this; Matic first; Ethereum, Elrond everybody else second.

Arun Phillips — Very true! Would definitely be a proud moment for both our communities. Can you tell us a little bit about how your experience was building on Matic and what are the advantages of MahaDAO working with a Layer 2 like Matic?

Steven Enamakel —

Man, Matic was such a breeze, the tech is not only really simple (just a few RPC urls to change) the coolest thing was how easy it is to collaborate with other Matic projects.

Like our first partner was EasyFi; one of Matic’s first major launches. So we have a few more partnerships that we keeping aside post the IDO

Pranay Sanghavi —

Matic Network is one of our foremost partners in the entire journey way back before even the name MahDAO or Arth was set.
The fact that we chose Matic over any other network is because Matic is way too cost-effective than any other blockchains out there & A strong support team with founders themselves always ready to jump in to help. 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 collaborate with Matic for a project like this.

Steven Enamakel —

Yes for sure! I think there’s no clear way to showcase our support for our community than our upcoming IDO; where we are manually reviewing each and every applicant that is going to participate in our IDO right from start to finish; Our community is now really strong and we hope that this project will succeed with all of their support.

Arun Phillips — I’m sure our tech team will be really happy reading your messages. Alright let’s talk about the future. What will the future of MahaDAO after the IDO and how will governance look like?

Steven Enamakel —

Absolutely; you guys have come a long way. MahaDAO is an incentivised stablecoin platform, so we hope to see major growth and compete with other stablecoins that are out there. Of course our own stablecoin is very unique; ARTH is the world’s first valuecoin. But overtime we’d like MahaDAO and ARTH be something that can one day become mainstream and not just with crypto geeks.

Pranay Sanghavi —

All I can say is: the future is bright! the future is ARTH. Adoption is our most important goal in the future.

Arun Phillips — Very interesting! Great to see the long-term thinking and vision. We’ve seen so many DAOs this year. What are the advantages of MahaDAO’s approach to DAOs compared to the many models of DAOs we’ve seen?

Steven Enamakel —

The main difference in our approach is our IDO. we are okay if our IDO does not sell out in a few seconds Because we want as many people in our IDO rather than bots. So by doing an IDO we allow really great people to back our project early on and that’ll lead the project hopefully to great heights and of course the team itself is experienced and have learnt from others; over 50+ different crypto projects we’ve studied and some have even worked with.

Pranay Sanghavi —

As I wrote above, MahaDAO picks up where previous decentralized autonomous organizations left off, introducing the concept of a valuecoin, as opposed to a stablecoin. moreover, aside from the product part, the genuine focus and community interest at the heart of MahaDAO is akin to living the philosophy of a decentralized autonomous organisation, where there is no CXO suite calling the shots — our roadmap from Q3 2020 is to start handing over the decision making to the community.

Arun Phillips — That’s great! Bots are definitely a huge issue in this space. awesome, can’t wait to see how you guys grow!

Steven Enamakel —

Yup; community will lead MahaDAO and today we’re so grateful to the community that is there today.

Arun Phillips — Before we move on to the Quiz, I think there are many in the community who would love to join the MahaDAO community and stay up to date with all the news. What’s the best way to keep in touch?

Steven Enamakel —

Every member is most welcome to join MahaDAO — and especially with Matic passport, its a VIP member.

MahaDAO Official Site
MahaDAO Telegram
MahaDAO Medium
MahaDAO Twitter


SEGMENT 2


Community Question 1 — How was the idea to create this project born? It is very interesting. What do you want to prove? What are your expectations?

Steven Enamakel —

It came from a lot of frustration with the fiat markets; and the real push happened due to Corona and the massive devaluation of the dollar nd rupee.

Community Question 2— Being the first Stable coin, what are your plans towards maintaining the lead when other projects imitate your idea? What competitive advantage would this give you?

Steven Enamakel —

More copycats = More valuecoins = better ecosystem. We’d be happy if that happens.

Community Question 3— Guys you said “We strongly believe that Polkastarter is the right platform for us to conduct IDO”. This is new platform why did you choose polkastarter over balancer or Uniswap?

Steven Enamakel —

Becuase on Polkastarter you can whitelist addresses to prevent bots and conduct a fixed price sale; unlike uniswap or balancer.

Community Question 4— I’ve noticed in most AMAs that projects always talk about their strengths and fail to talk about weaknesses. What weakness are you fighting to overcome in this project currently?

Steven Enamakel —

Strength =Community. Weakness=A totally new concept.

Community Question 5—What makes token different and spectacular that should make we want to invest in mahadao?

Pranay Sanghavi —

MahaDAO is this novel approach to crypto finance creates a situation where ARTH is not only viable as a long-term store of value, but due to its ability to retain value in the face of fiat inflation, can also be used as a reliable, timeless unit of purchasing power.

Community Question 6— Is there an oppurnity for staking and the required amount needed for staking MahaDAO.

Pranay Sanghavi —

Yes staking program is launching in few days in partnership with Ferrum network, please check out our medium blog.

Community Question 7— You talked about Arth being is a value coin and $mahadao being a stable coin what is the difference between a stable coin and a value coin.

Steven Enamakel —

A valuecoin is stable to the value and not the price. i.e. 1 cup of coffee will cost you 1 ARTH today as it will 10 years from now;Whereas the same cannot be said for USD, INR etc because they suffer from inflation.

Community Question 8— Building this project for 7 years is laudable. What challenges, difficulties and lessons learned did you have as a team? Why did you decide to launch the project this year and not sooner or later?

Steven Enamakel —

The biggest diffuculty till date has been to get the idea up and running; there are so many challenges that we faced but thankfully all of them got resolved quite quickly.

Community Question 9— What is the uniqueness of MahaDAO that cannot be found in other project that´s been released so far ? What influence do we have in the crypto industry?

Steven Enamakel —

MahaDAO is the first incentivised stablecoin; so it has a better chance to becoming bigger than DAI and other stablecoins.

Community Question 10 — Can you explain how to get a rich reward from Maha Dao Liquidity Farming Program in your platform? What are the requirements in participating with this program? Can you elaborate more about the rich reward that will be given aways with this program?

Steven Enamakel —

Just drop in your collaterals and mint ARTH coins. That’s it; More details on this will be shared closer to the during the product launch.

Community Question 11 — What fees are we expected to pay?

Steven Enamakel —

On Matic? Close to 0 for sending ARTH coins as the protocol includes metatransactions built in it.

Community Question 12— Are there any new partnerships and interesting upcoming use-cases?

Pranay Sanghavi —

Many interesting partnerships are gonna be announceed this month — also while we speak the partner section on our website mahadao.com is being updated

As for adoption and usage, ARTH is apt for domestic and cross-border retail payments and remittances, with the potential to reach global scale. ARTH also has the potential to grow quickly as a means of payment or a store of value. Our potential user base may be large, particularly once we link it to other digital services.

Community Question 13— All project’s coins/token have their main Utilities & real-life use! So, Can you tell us what the main role of your coin/token is in your ecosystem? Explain its Utilities & Real-Life use cases? and Why should i invest in your project for the long term?

Steven Enamakel —

Maha fundamentals are mainly around governance initially but as ARTH grows and is launched it’ll be burnt off as the adoption for ARTH grows.

Community Question 14 — How will MAHA governance votes be determined ? How MahaDAO controlling ”whale” votes and make sure its fair play for us ? I mean like “whale controlling the votes”.

Steven Enamakel —

We want to be very fair with how we distribute our tokens when it comes to having whales control the project; hence a 10 year distribution plan for the tokens.

Community Question 15 — Most tokens built on defi eco system are characterized by serious security issues which plans do you have to combat that and ensure the security of funds?

Steven Enamakel — There will be mulitple security audits in place.

Community Question 16— Can you share with us some of the future plans, such as the marketing development plan and recent activity plan for the MahaDao team?

Pranay Sanghavi —

I’d rather share with you the goals — as plans are built around the goals:

• 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 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.

Community Question 17 — What are MahaDao’s main and long-term goals in the coming years? How do you plan to grow and get more real-world adoption?

Steven Enamakel —

Current goal is for crypto adoption. Long term goal is for mainstream adoption.

Community Question 18 — What is the uniqueness of MahaDAO that cannot be found in other project that´s been released so far ? What influence do we have in the crypto industry?

Pranay Sanghavi —

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.

The token is a valuecoin, as its value endures irrespective of which direction the market moves, and it hence maintains the buying power of the holder.
You won’t find this anywhere in the approach and implementation. There a couple intersting projects though — like Reserve, Libra, etc but in the competitive analysis ARTH as a value stable coin checks off all the boxes as you will soon see once it is launched.

Community Question 19 — What makes token different and spectacular that should make we want to invest in mahadao?

Pranay Sanghavi —

All other coins are either only for trade (volatile trader’s game) or losing value (stable coins like Tether, DAI, etc).

ARTH has low volatility and great scalability, making it attractive as payment instruments, widely used by consumers and accepted by retailers or corporates.

Community Question 20— Can you list 1–3 of MahaDAO Features , that make it better than other competitors?

Pranay Sanghavi —

The only improtant feature you should remember is that ARTH has the potential to become of systemic importance in individual jurisdictions, including through the substitution of domestic currencies, or even on a global scale. it will soon have features of payment systems, bank deposits, foreign currency exchanges, commodities, and collective investment vehicles.

Steven Enamakel —

Built in liquidity farming. Long term token distribution. Supporting the worlds first valuecoin.

Community Question 21— What is the role and how important is the community? Is there anyway I can help out? Ambassadors program contests or bug bounties?

Steven Enamakel —

Community is the crux of everything; We need your help and support and there are ton of programs and ways to get involved and be rewarded for your contribution.

Community Question 22— So help join and be a part of something different; something that could redefine stablecoins and hopefully the crypto landscape.

I’ve noticed in most AMAs that projects always talk about their strengths and fail to talk about weaknesses. What weakness are you fighting to overcome in this project currently?

Pranay Sanghavi —

I have seen this question in most AMAs too. MahaDAO is open with our areas of improvement and hence we are releasing product step by step in Alpha, beta (and may even have a gamma) before we go live. This allows the community to test and provide feedback.

The aim is to get stronger by incorporating community feedback and we are always open to receive constructive feedback. The community is the final winner and all deficiencies that remain are solely ours.

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