Monicoin AMA Recap With Neng Yuni Forum
Dear Community, Welcome to the recap of our AMA with Monicoin.
Our vibrant and enthusiastic community had a lot question to ask. To those who want to know quickly what Monicoin is about, we are sure this recap gonna help you. So without further, continue reading.
Speaker : 🎙️Amgalan — CTO of Monicoin
First Session Project Introduction
Before we start our first session can you introduce yourself?
Mr. Amgalan: Yes sure. My name is Bat Amgalan. I am a 47 yr old Mongolian and the Co-founding CTO of @monicointoken. I am lucky as well to find myself in the banking sector & is a proud DeFi expert with years of study and experience.
Q1. Can you tell us what is Monicoin? And a short story of how came up with idea for Monicoin?
Mr. Amgalan: MONIcoin is a utility investment & lending asset developed by our company MONI — Capital located at 9128 Doe Cape Apt. 677 New NC 45779–3690 Mongolia Khovd,84011 MN. The objective of our BETA product is to provide a true store of value for holders, investors & capitalists alike to compound value within our platform as well as on other well established yield farms.
MONI capital, was formed in 2018 to tackle the problems of central lending systems by being able to bring lending corporations together to offer their services to other in a larger scale for a smaller repayment rate. Our company being the underlying parent company of MONIcoin prides itself as a lending firm who will enable partner corporations as well as individuals lend crypto securely via our network with ease.
Q2. Can you briefly describe Monicoin’s main advantages over its competitors?
Mr. Amgalan: A good selection. We can appreciate the fact that there are already hundreds if not thousands of DeFi projects who appear to be exact copycats of each other.
MONI coin stands out for it position in the lending market, blockchain of choice, sustainable profit margin & a more realistic liquidity provisioning system.
At our Whitepaper (https://www.monicoin.cash/MONI_Whitepaper_V1.pdf), you will find out that our infrastructure is solely based on unique liquidity protocol matrix. Our LPM derives a shared liquidity from our established Asset protocol, Lending protocol & finally the regular liquidity protocol which other projects in this space utilize alone.
In a short summary;
1. The Asset protocol component defines the foundational tokenization of digital assets (USDT, USDx) & physical assets (automobile insurance, supplychains & others) respectively. These ensure a constant money flow to our network.
2. Lending protocol which houses doles of constant investments from institutional partners for lending & profit generation. And lastly 3, The regular conventional liquidity protocol as you know it. These entails the on-set swap feature represented by our MVP: MONIswap. Which specifically enables the decentralized exchange of token ownership alias governance.
And lastly 3, The regular conventional liquidity protocol as you know it. These entails the on-set swap feature represented by our MVP: MONIswap. Which specifically enables the decentralized exchange of token ownership alias governance.
Q3. What is the name of the token that Monicoin has? How much supply is available and where the token allocated?
Mr. Amgalan: Asset name is MONI. MONI is a finite minted asset. Which means it cannot be further minted (upload our smart contract audit report as proof). Truely MONI captures value first of all by the amount of coins which will circulate for a period of 3yrs at a time.
With a total supply of 111,111 & a circulating supply capped at 55,555, we aim for a marketcap that will not surpass $2,800,000 for its kick off point. We know that with the real-life utility we are offering through MONI, we can guarantee that value hits the MONI asset in no time & holders/governors can benefit from this value shoot with an understanding that MONI has a key part to play in investing, yieldfarming & lending respectively. Also MONI is deployed on the Binance smart chain network.
Q4. Can you please tell us more about the token economics of the project? What utilities does the token have and what benefits will tokens holders get?
Mr. Amgalan: With respect to token distribution & economics
Note this first. 1 MONI will be valued at = $25 during our INO (Initial Nations Offering)
Total Supply is at 111,111
Circulating supply is at 55,555
500 MONI was reserved for airdrops (approx $12,500).
15,000 will be sold in the presale
5,000 is for the team (locked for 6 months) &
35,000 will be locked in the company’s reserves for lots of partnerships
As already discussed early, MONI serves as an exclusive tool for governance on its planned platform MONIswap. Holders will be able to contribute to making key decisions on MONIswap, as well as be able to profit from other yield farm pools.
An interface of MONIswap almost due for kickoff & funding by March 2021.
Q5. To sum up, can you please share with us your nearest milestones that you plan to achieve by the end of 2020 or next year?
Mr. Amgalan: Good question.
As MONIcoin is a planned project. We planned NOT rush it NOR risk investor funds. Our proceedings will launch off right after our planned internal Public sale coming up 1st January, 2021. It will run for 10days only.
Our first product is MONIswap, to take advantage of our current spotlight with a view that MONI Capital is the first farm yielding project from Mongolia. The planned launch is March 2021, followed by the full establishment of our lending market, something more or less like coinloan.io.
We will be able to offer borrowers (from Asia, Europe, Africa with an exclusion of America) an 8% repayment rate. Which if you investigated about, you would find it’s the lowest repayment rate worldwide. As this is a major role of our LPM model, we are able to sustain it & bring in shared liquidity which keeps the project strengthened over time.
Second Session “Twitter Question”
Q1. Does the MoniCoin system hold something called a token burning of $MONI tokens? and how can I go with there pre sale on the MoniCoin $MONI token
Mr. Amgalan: Well, going by the tokenomics of MONI coin, a token burning process may not really be required. Especially since we are able to monetize MONI tokens through its utility and the available resources that makes its self handy to our company through collated lending fund pools.
However in the future, if in the case of some low liquidity we will consider burning some more tokens reserved for partnerships. Which takes up about 25% of the total supply.
With regards to the sale programme, it will launch of on New Year’s day being the 1st of January, 2021. It will also ONLY run for 10days & we will be able to easily list MONI on Binance afterwards for a lower listing fee. Especially for being in the Binance smart chain.
Q2. Why did MoniCoin choose the Bep20 network for the MoniCoin project, is it limited funds to build on the ERC 20 network or other reasons, give your feedback, sir?
Mr. Amgalan: Smart Contract Audit report awaiting review by BSC Binance https://t.me/NengYuni_forum/181686
Well, the BEP20 chain costs the same as deploying on ERC20, the solidity coding is virtually all the same.
We chose the BEP20 chain for so many good reasons. Firstly, to stand out. Secondly to gain easier entry to listing on Binance & lastly for the transaction fee system.
Transferring tokens on the BEP20 chain is lightening fast, it takes less than a 30 seconds & more importantly, the fee is almost insignificant.
Considering that our network will be likely busy most of the time, we needed a chain that will facilitate this with very low transaction cost incurred by investors or holders. In the future, we will launch MONI blockchain & surely take the bulk of the traffic away from BEP20, making it’s much more easier to interact with our Asset.
See MONIcoin’s smart contract audit report carried out by a Bangladeshi software expert & can be verified
Q3. DeFi Yield farming is driving adoption because it brings crypto back to the promise of democratizing finance.
What are your thoughts on this?
What are $MONI liquidity mining plans?
Mr. Amgalan: Well that might be true, I mean with relation to adoption through DEFI. Though one issue remains unaddressed which is transaction fees. On most other blockchains for example on the ERC20 model, the issue of high transactional fees will slow down the process. Infact this is one reason why we chose deployment in the BSC Binance smart chain for its extremely low mining fee.
With regards to liquidity mining and provisioning MONI runs on an exclusive LPM model.
LPM stands for Liquidity Protocol Matrix. The LPM model derives a shared liquidity from our established Asset protocol, Lending protocol & finally the regular liquidity protocol which other projects in this space utilize alone.
In a short summary;
1. The Asset protocol component defines the foundational tokenization of digital assets the company possesses(USDT, USDx) & physical assets (regards to automobile insurance, supplychains & others) respectively. These ensure a constant money flow to our network.
2. Lending protocol which houses doles of constant investments from institutional partners for lending & profit generation.
3, The regular conventional liquidity protocol as you know it. These entails the on-set swap feature represented by our MVP: MONIswap. Which specifically enables the decentralized exchange of token ownership alias governance.
These compositions keep our project quite fluid as we grown stronger.
Q4. The MoniCoin Airdrop program will we get it for free without paying fees and actually get MONI, is this airdrop part of the MONI allocation? Is this one of your strategies to attract new investors and expand MONI holders?
Mr. Amgalan: yes airdrop distribution is part part of MONI’s token allocation items and also a marketting incentive to draw in newbies. As you can see here (https://t.me/NengYuni_forum/181653).
All eligible applicants will recieve MONI right after the coming up INO sales.
Amgalan [I do NOT PM] in Neng Yuni | Forum
With respect to token distribution & economics
Note this first. 1 MONI will be valued at = $25 during
Q5. During pre sale any investors are restricted to buy $Moni tokens? how the token pre sale take place and where? what will you do with the remaining unsold tokens if any?
Mr. Amgalan: There are restrictions but this is based on country. MONI’s INO will be restricted from American investors. This means that investors based in America will not be able to participate in the sale process.
The INO information will soon be available. We hope we can unveil it in a grand style from the 26th of December, 2020
Investors have shown some great interest over the past few days, we worry if the amount of assets put up for the INO sale will be enough to reach out to everyone. For this reason, we have set up a rule. No Investor will be able to purchase more than 1,000 MONI tokens during the sales. This will further prevent any monopoly of governance rights in the future on the MONIswap.
The Third Session “Live Question”
Q1. Is MONI listed on any exchanges currently? Where can I buy moni token?
Mr. Amgalan: MONI is not yet being traded. We have not done an official INO. But not to worry, the INO will be unveiled on the 1st of January 2021. It will run from 1st -11th of January, 2021. Only 15,000 MONI will be auctioned in total.
Q2. Can you tell us the motivation and benefits for investors to hold the #MONI for long term?
Mr. Amgalan: On MONIswap which is yet to be released, investors & holders automatically retain governing rights to make lots of critical decisions within MONI’s ecosystem. Infact this is a major constituting protocol in our company’s operational model as earlier discussed.
Additionally, holders of MONI do not even need to be long term holders in order to profit from our ecosystem. We think so, because we will list on Binance as our first market. Understandably, long term holds stand to take in more profits as MONI begins to appreciate.
Q3. Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
Mr. Amgalan: You may have missed that part, now I thought it pertinent to readdress it.
MONI’s smart contract was recently audited last week, but awaiting official confirmation by the BSC Binance smart chain. Please see the information here (https://t.me/NengYuni_forum/181686)
Q4. Most of investor just focus on the price of token in short term instead of real value of project. Can you (as #MONI Team) tell us the motivation and benefits for investors to long term?
Mr. Amgalan: Now that’s a good one there.
In truth you are correct. Most people care alot about the price than long term value. However, we at MONIcoin are mostly focused on value creation. We strongly believe that the value which MONI will pull futuristically will spell a great future for holders considering that what we are launching is entirely new, unique & will have long lasting profitable effect of players in our ecosystem.
At the launch of MONI swap first off all, MONI holders, stakers and investors will play a huge part in making key decisions in our ecosystem especially within MONIswap. This along with the sustainable LPM model which is our operational model, will keep MONI ahead of other projects.
Q5. Do you have any plans to attract non-crypto investors to MONI Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
Mr. Amgalan: Indeed, a major constituent of our operational model inculcated the lenders to the model. Through our range of lending partners, we are more or less assured of pools of fundings which plays a part in providing shared liquidity in MONI Swap and MONI capital as a whole.
Alright, those are the 5 select question
Thanks to Mr. @batamgalan who gave us the time to share this knowledge, I hope we will understand more about Monicoin.
We declare AMA’s Series Neng Yuni with Monicoin, is Done. 🥳🥳🥳🥳
Thank you to the participants who have attended this event to the end.
the winners will be announced soon🥳🥳🥳
Twitter : https://twitter.com/coinmoni
Website : https://www.monicoin.cash/
THANKS TO ALL OF OUR COMMUNITY
HAVE A GREAT DAY
Edited By : Neng Yuni