MahaDAO — CryptoVerse AMA
Date : 30th Nov 2020
Guest : Pranay Sanghavi : CoFounder
Steven Enamakel : CoFounder
Q: Please briefly introduce yourself and MahaDAO to our community?
Steven Enamakel : My name is Steve, cofounder and dev of mahadao. Have been coding since I was 6. and have inventing and breaking things done then. Crypto runs in my blood and mahadao is our latest attempt.
Pranay Sanghavi : 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 sold off/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.
The crypto industry is a completely different & ultra fast-moving space. It’s a world in itself. I sometimes find myself thrilled by the sheer ambience & rapidity with which the elements in this industry moves; my goal here at MahaDAO is to drive forward the mission of empowering billions with securing their financial lives .
About MahaDAO : MahaDAO is a stablecoin platform that is building something unique that is creating the world’s first non-depreciating currency (i.e $ARTH). Which means that irrespective of which direction the market moves (up, down or sideways), the $ARTH coin will never depreciate. Even after inflation.
Q: I have seen that there are two coins in MahaDAO,MAHA and ARTH.What are the major difference between those coins? “The MAHA tokens help keep the ARTH coin completely decentralised”,Can you tell us why you have said this?
A: To explain the context simply, it works like MAKER and DAI. Where MAHA is a governance token and ARTH is the stable value coin. it’s similar to the MakerDAO model where there are two tokens the MAHA token (like Maker) and the ARTH token (like DAI).
But going into the crux of things, 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 ARTH 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.
Q: Do you have any bounty programs, if yes who can join, such as stakers, holders, developers, or who?
A: We definitely have bug bounty programs for those who can try and break the ecosystem.
There are also contributor rewards; But most rewards got the liquidity miners; People who contribute liquidity to create ARTH.
Early on, the $MAHA token investors will have the option to join the first staking program.
which will reward early investors with extra MAHA tokens.
Q: What are your main goals for the next 3–4 years from now ? Where can we see MahaDAO Ecosystem in that period? How do you plans to grow and gain more real-adoption?
A: 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.
For Adoption, for eg: Motilal Oswal group a very prominent group in India has approached us — they want to explore offering ARTH as a part of their offerings in their mobile app alongside other financial products.
Then there are many startups who are approaching us, who want to convert their karma points, loyalty points, etc into ARTH On their platform and award their users.
This will ramp up a massive adoption in India and abroad.
Q: What is Gasless Wallet? Why do you think this innovation is important and what potential uses will this tool allow?
A: So a gasless wallet is important because we want eventually not just crypto people to be using ARTH; but also non crypto people as well. By having a gasless wallet; layman users don’t have to worry about gas fees. and use the wallet; without any understanding about the underlying tech.
Our inspiration for this is Libra wallet :) and this is something we will be focusing later down our roadmap; after most of the things that we have to achieve are done.
Q: MahaDAO is designed so that a vibrant community is at the helm of all decision making. When all decision determined by community, then what are the role of MahaDAO team? How can you guarantee all of decision made by community is right?
A: The aim is going from centralised to decentralised. As you can see in our roadmap, soon, the future course of action shall be determined by our community — we shall be handing over the control, governance and decision making to the community. Our Governance portal is coming up soon.
Q: Some DeFi platforms give power to governance to manipulate certain parameters in the native token to maintain its effectiveness, is this possible in MahaDao? What parameters can governance modify to the currency?
A: Manipulate is too strong a word. But we have made sure that people stake MAHA tokens to show their support in the right direction.
Q: What economic strategies does MahaDao use so that its currency does not depreciate and always maintains its value? In such a fluctuating DeFi world, how do you achieve this and provide stability to your users?
A:We are currently backing the ARTH coin with a basket of assets and many different parameters like the world economic GDP is being used:
Currently our basket backing ARTH contains the following:
- 80% basket of fiat
- 15% gold
- 5% BTC
We will be publishing the second draft of our whitepaper which details all these points properly.
Q: Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
A: So where do we begin. The idea of what MahaDAO is today has been cooking at our labs for more than a couple of years now. But, now that we think of it, consciously or subconsciously, we as creators have always found ourselves wrapping our heads around fighting depreciation & loss of value with a lot of mediums of exchanges that we see today.
As you know most or all fiat currencies are self-depreciatory in itself. The fact that what could buy you a radio-set in the 70s can barely buy you a cup of coffee today is not just alarming but at the same time concerning. That goes on to show that we have created an inefficient system that thrives on the very idea of inflation. And Bitcoin is not a proper currency for day to day use. Too much volatility.
The erosion of value of currencies that only seem stable made us create MahaDAO and ARTH to attain security through global norms and correct this systemic flow in our current economy.
Q: What are the plans to implement a mobile app for MAHA DAO project? Have you planned this? If yes what is the status as per now?
A: 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.
Q: I have been watching you for a long time, answering one question after another with patience. How do you feel in such a situation?
A: Many things that we do are very strategic in nature and hence when there are delays on the other side; it trickles down to us as well.
However we want to totally avoid giving the wrong impression to people hence we are not announcing anything until we are fully confirmed with the date.
My hope is that we could be announcing and moving things faster; but if we did that; then the impact for the project would not be as much
Q: 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?
A: Certainly — inflation is the financial enemy number 1. We are here to empower billions with a shield to protect themselves from inflation.
To create an asset that is designed to protect the buying power of it’s 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).
Q: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
A: All our code is on github and our product is literally ready (minus a few small design changes). We take time because we are making the best of the ecosystem and our partners.
The real growth for MAHA happens when the adoption of ARTH starts to kick in and fees start getting generated. That’s when real fundamentals start playing into the tokens’s price.
Until then you are welcome to speculate.
Q: Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners? Can anybody anywhere use this project without Any restrictions?
A: MahaDAO is a global project and ARTH is a global currency.
Our team comes from all around the world — London, Serbia, Kuwait, etc.
We are focusing on the prominent geographies around the world and shall be developing communities in pockets of Europe, Japan, Indonesia, Vietnam.. And of course, at the heart is India.
Q: What are the features of your project mahadao? What amount of tokens can be issued?
A. 1. Maha is building a stablecoin platform that is non-inflationary unlike the dollar or euro.
2. MAHA tokens are fixed in supply (10mn only) but the ARTH (the stablecoin) is unlimited in supply.
Q: Most users only care about immediate benefits rather than the real value of the project in the long-term. How can Your Project convince users invest to your platform in the long-term?
A: ARTH itself is based on the preservation of purchasing power. Holder of assets and medium of exchange, ARTH solves both use cases. Once they try ARTH they’d never ask for anything else.
Q: If you don’t think there are direct competitors, then in order for MahaDAO to win more market share, what trends or obstacles do you think need to be overcome?
A: So the main indirect competitor to us MakerDAO & DAI: other than that, as a valuecoin we are the first people to be building one.
For us to overcome our competitors, we simply need to build something better and that’s we have today. ARTH is far superior than any other stablecoin becaues it has no inflation and in fact has a chance of appreciating in value.
Q: One of the biggest issues for dapps is onboarding. What solutions do you have or the team found for try to resolve this problem?
A: We have strategic integration with the DAPPS apart from business, financial, technical support, we also can consider to offer cross-staking which will instantly shoot up the adoption for both the projects. We shall have build and earn programs and contributor grants.
Q: What can you tell us in advance about version 2 of MahaDAO whitepaper? How long until it is released on the website? What new things does this new version offer?
A: We are pretty much done with first few drafts although i believe it’ll take a few more drafts even further before we release; it might seem that it’ll go out sometime end of December is what i believe»
some of the challenges we are tackling are:
- the acceptance of ARTH
- the longevity of ARTH
- more info about the collaterals and what works
- more info about the main vault algorithm
so yeah it could take a while.
Q: What economic strategies does MahaDao use so that its currency does not depreciate and always maintains its value? In such a fluctuating DeFi world, how do you achieve this and provide stability to your users?
A: ARTH is based on something called as a Global measurement unit.
This 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 right way, as it will be described down below, can provide safe and sound base for ARTH coin keeping it safe from depreciation.
Q: ARTH is pegged to a well-diversified, anti-corelated, carefully curated basket of assets. Wouldn’t the price be affected if one or more of the components that backs its value changes dramatically?
A: That’s where the anti-correlation, and the GMU formula comes into play. The protocol mechanism is set to automatically rebalance at regular intervals such spikes and troughs and give our users (HODLERS) the appreciation in value — and price!
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