AMA Satoshi Club x Monsoon, September 23rd

We were delighted to welcome our guest from Monsoon. The AMA took place on September 23rd, 2021 and our guest was @JohnMonsoon

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Gold Rocket | Satoshi Club: Hello again, dear Satoshi Club community! We are pleased to announce AMA with Monsoon

Gold Rocket | Satoshi Club: Today our guest is @JohnMonsoon

Jonah 🏅🎹: @JohnMonsoon welcome to satoshi Club 😁

John | Monsoon Finance: Hi everyone, thank you for having me 🙂

Gold Rocket | Satoshi Club: Nice to e-meet you

Jonah 🏅🎹: We are Happy to have you here John!

Gold Rocket | Satoshi Club: Let’s start! Introduce yourself please. How did you get to be involved in crypto & Monsoon

Tell us please about your position in  Monsoon

John | Monsoon Finance:My name is John and I am the lead developer of Monsoon. I have been involved in the crypto space since 2015 when I first began investing, and I began building on Ethereum in 2017. I have helped build open source DeFi projects in the past.

Gold Rocket | Satoshi Club: Great background 👍

Gold Rocket | Satoshi Club: Give us a brief introduction to the project. What is the essence of Monsoon

John | Monsoon Finance: Monsoon Finance is a multi-chain privacy protocol. We are building a suite of privacy tools that can be used by every DeFi user of every smart contracts blockchain.

John | Monsoon Finance: When cryptocurrencies are inevitably used as forms of payment for every day goods and services, privacy is paramount, otherwise anybody you pay can instantly know your net worth.

John | Monsoon Finance: Monsoon aims to solve that problem with a wallet-to-wallet privacy tool, a multi-chain privacy bridge, and a multi-chain privacy DEX.

Gold Rocket | Satoshi Club: really the mass adoption brings both more opportunities and new tasks for the creators

John | Monsoon Finance: Very true

Gold Rocket | Satoshi Club: How long does it take to develop a project? What plans do you have for the future?

Gold Rocket | Satoshi Club: what can we expect from Monsoon

John | Monsoon Finance: We want to bring privacy to every smart contracts blockchain that can support it. This includes Polygon, BSC, Avalanche, Moonbeam, Acala, Cardano, Solana, Near Protocol, etc.

Gold Rocket | Satoshi Club: Also we would like to know more about your team. Who is on the project team core?

John | Monsoon Finance: We have already deployed an instance of Monsoon on Binance Smart Chain mainnet: bsc.monsoon.finance and Polygon testnet: matic.monsoon.finance

John | Monsoon Finance: We plan to deploy the Monsoon wallet-to-wallet privacy tool to many blockchains in the next few weeks and release an alpha version of our multichain privacy bridge by December or January.

Gold Rocket | Satoshi Club: This is a big milestone!🥳

John | Monsoon Finance: Our team is composed of 3 engineers. I and my cofounder Kyle have engineering degrees and Kyle has experience working at Consensus in smart contract building.

Gold Rocket | Satoshi Club: Yes, this is a big and ambitious goal.🤩

John | Monsoon Finance: Ron @defiron has a PhD from Stanford, also in engineering. We have helped build out open source DeFi projects in the past and are excited to build out a future of privacy for all DeFi users.

John | Monsoon Finance: We also have several advisors: Josh Meier and Corey Billington from Latitude are our marketing advisors and Ryon Nixon from Horizons Law (crypto law firm) is our legal advisor.

Gold Rocket | Satoshi Club: Oh … a real dream team😍

Jonah 🏅🎹: Awesome what projects have you built before?

John | Monsoon Finance: Because we are anonymous developers we can’t say, unfortunately

John | Monsoon Finance: This is to protect our identity because regulations do not favor privacy protocols

Jonah 🏅🎹: Yeah.. that’s clear

Gold Rocket | Satoshi Club: Thanks for great introduction, we have several questions which were selected for the 1st part. Ready to start?

John | Monsoon Finance: Sure!

Q1 from Telegram User @Jmagsss

I’ve learned that Monsoon Finance was developed from a fork of the known decentralized protocol for private transactions, Tornado Cash. What do your think is the technical advantage that Tornado Cash offers that your decided to base your project with it? What similarities does Monsoon Finance and Tornado Cash shares? Also, what are the added-features that you included upon developing the project?

John | Monsoon Finance: Our wallet-to-wallet privacy tool is a fork of Tornado Cash, an audited and battle-tested privacy tool for Ethereum.

John | Monsoon Finance: Tornado uses zk-SNARKs to break the link between wallet-to-wallet transactions.

John | Monsoon Finance: However, Tornado Cash is not building a multichain privacy bridge, so our protocol will have greater utility in a multi-chain future.

John | Monsoon Finance: In addition, our MCASH token is revenue-generating, meaning all fees generated by users using Monsoon services will be used to buy back and burn MCASH tokens.

John | Monsoon Finance: A protocol fee is taken on every private transaction, so the token price will have a floor supported by the utility of the protocol.

Gold Rocket | Satoshi Club: Thanks for detailed answers

Gold Rocket | Satoshi Club: there are fundamental differences. this is true.

Gold Rocket | Satoshi Club: Where can we buy tokens

John | Monsoon Finance: Our IDO will be on Bullperks and Polystarter on Monday September 27

Gold Rocket | Satoshi Club: Don’t miss great opportunity, Satoshi Club 🚀

Jonah 🏅🎹: great….. a user has a question on this

Gold Rocket | Satoshi Club: Thanks for your answers

Gold Rocket | Satoshi Club: Let’s proceed to the next question

Q2 from Telegram User @Pavel_Jarosh

Dear Monsoon! Thanks for the great project and your vision to bring more to the fundamental right of privacy of your customers. Monsoon has announced an Mcash IDO on September 27th , 2021. Could you provide more details about whitelisting process and Mcash IDO. What is the price for Mcash?

John | Monsoon Finance: You can go here to register for the IDO: https://app.polystarter.com/pools/2

John | Monsoon Finance: The price will be $0.20 per token and initial market cap will be $450k

Gold Rocket | Satoshi Club: clean answer!

Jonah 🏅🎹: Yeah..

Gold Rocket | Satoshi Club: please tell us a little bit about tokenomics

John | Monsoon Finance:

This is from the Polystarter research article

Jonah 🏅🎹: What will the governance treasury allocation be for?

John | Monsoon Finance: MCASH is first and foremost a governance token. That means that the community can vote on governance decisions, such as changing the protocol fee for certain blockchains or deciding which blockchains we should support and which assets we should support

Gold Rocket | Satoshi Club: by the way, let’s talk about security. have you conducted any hackathons or smart contract audits?

John | Monsoon Finance: 25% of the token supply is allocated to the governance treasury, so the community can use these tokens to hire more developers and put out bug bounties and marketing campaigns.

John | Monsoon Finance: Our wallet-to-wallet privacy tool is a fork of Tornado Cash, an audited and battle-tested privacy tool for Ethereum. However, we understand the importance of audits, and will ensure that any modified code is audited as well. Our privacy bridge, when completed, will also be audited.

John | Monsoon Finance: In addition, our token smart contract was audited by Armors and passed with flying colors.

Gold Rocket | Satoshi Club: Thank you very much for your answers and for a responsible approach to security.

Gold Rocket | Satoshi Club: I propose to consider next question😊

Q3 from Telegram User @Emnking

Monsoon recently announced a partnership with Router Protocol, a platform that runs Dfyn.network, the second largest DEX on Polygon by liquidity and volume. What is the rationale behind this partnership? What should we expect from this recent partnership? Will there be a similar partnership with other platforms like Router protocol? I also read about Monsoon investors and discovered that you have a hood number of great investors which includes NGC, LD Capital, Shima Capital, Part One Capital, Bullperks, Genblock, AU21, Sandeep (Polygon cofounder) and PrimeBlock Ventures/MXC. Are we to expect other investors in the future? What are the strategies used by Monsoon to attract such number of great investors?

Gold Rocket | Satoshi Club: And my fat fingers 🤣

Gold Rocket | Satoshi Club: great investors dare to notice🔥

John | Monsoon Finance: We have a partnership with Dfyn and Quickswap. These platforms will allow trading and staking/farming of MCASH after launch. You will get a certain APY for providing liquidity to MCASH/USDC pair.

John | Monsoon Finance: And yes, we have 3 partnerships with big blockchain platforms to be announced in the near future – stay tuned 🙂

Gold Rocket | Satoshi Club: Perfectly! Thanks a lot for the answers

Gold Rocket | Satoshi Club: Ready for the next question?

John | Monsoon Finance: Yes 🙂

Q4 from Telegram user @Arisabela

Monsoon aims to be completely decentralized and community governed, could you explain how do you provide the power to your users to be part of the evolution and decision making of the platform? What are the benefits of being a MCASH holder and how do you incentivize the holders to participate in the governance method?

John | Monsoon Finance: MCASH is first and foremost a governance token. That means that users stake MCASH to vote on proposals for the project, such as changing the protocol fee and choosing which blockchains should be supported and deployed to.

John | Monsoon Finance: In addition, the token is revenue-generating, meaning all fees generated by users using Monsoon services will be used to buy back and burn MCASH tokens.

John | Monsoon Finance: A protocol fee is taken on every private transaction, so the token price will have a floor supported by the utility of the protocol.

Jonah 🏅🎹: What % do you charge as protocol fee?

John | Monsoon Finance: It’s governance-defined, meaning the community votes on what they think the fee should be. Currently it is set at 1%

Jonah 🏅🎹: Thank you.. 👍 It is clear..

Jonah 🏅🎹: Can we proceed to next Question?

John | Monsoon Finance: Yes, of course

Q5 From Telegram user   @yellowchamp

I found out that with Monsoon Finance,users will be able to privately deposit assets onto the Monsoon Substrate blockchain and privately swap them for any other supported assets using the Monsoon Discovery Network. If users will be able to privately deposit assets onto the Monsoon Substrate blockchain,how can we assure that the funds being deposited is safe and secure? Can you explain more about the Monsoon Discovery Network? What advantages and benefits of Monsoon Discovery Network? Thank you

John | Monsoon Finance: We are building out a private decentralized exchange on a Substrate-based blockchain. This is tentatively called the Monsoon Discovery Network.

John | Monsoon Finance: This is still a topic of research and design, but basically you will be able to privately bridge assets to the Monsoon blockchain and swap them for other assets that you can then bridge out. The whole process will ensure privacy of the assets and users.

John | Monsoon Finance: Assets deposited will be locked in smart contracts that will be audited and these funds cannot be stolen.

Jonah 🏅🎹: Have you done any Audit at the moment?

John | Monsoon Finance: Yes, our token smart contract has been audited by Armors

Jonah 🏅🎹: Great.. You plan to do more audits I suppose

John | Monsoon Finance: Yes, of course

Jonah 🏅🎹: Awesome.. 👏

Jonah 🏅🎹: Let’s proceed to our Last Question for this Part.

Gold Rocket | Satoshi Club: tell me please what do you will do after the end of sale? immediately are planning listing on dex?

John | Monsoon Finance: We will list on Quickswap, Dfyn, and 2 centralized exchanges

Gold Rocket | Satoshi Club: Thank you for the clarification😊

Gold Rocket | Satoshi Club: Ready to proceed to the next question?

John | Monsoon Finance: Yes

Q6 from Telegram user @DK177

It caught my attention that Monsoon Finance offers a feature called ‘anonymity mining’. How does it differ from regular mining? You have indicated that we will be able to mine $MCASH when it is launched and publicly available. How many tokens can be minted per day? Can you please give us a clear idea about this mining process? You have not mentioned about any burning activities. How do you generate a scarcity to prevent $MCASH from being undervalued? Surprisingly, the token is yet to be launched although you have developed the concept. What is the reason for this delay? What is the estimated time period for the token launch? When will early investors get an opportunity to join?

John | Monsoon Finance: Anonymity mining is another way to generate yield by depositing assets in the Monsoon privacy pools. You will simply deposit the supported asset using our privacy tool and not withdraw it for a period of time and that way you generate MCASH over time.

John | Monsoon Finance: Users of the privacy tool will benefit because privacy is improved when lots of users are depositing their assets in the privacy pool. It is ‘anonymous’ because there is no way to determine which wallets are participating in mining and which wallets are simply using the tool for privacy.

Jonah 🏅🎹: Great we hope to see this feature soon

John | Monsoon Finance: https://medium.com/polystarter-official/initializing-launch-sequence-phase-1-participate-in-early-polystarter-idos-dc8708caccc6

John | Monsoon Finance: Telegram: @monsoonfinance @monsoonann

Twitter: twitter.com/MonsoonFi

Medium: medium.com/monsoonfinance

Website: monsoon.finance

Part 2 — live questions from the Telegram community

Q1 from Telegram User @rinnguyen

Can You tell about the usage of fee that will be generated by all the users? Where will it be used?

John | Monsoon Finance:

Protocol fees will be used to buy back and burn MCASH tokens

Q2 from Telegram User @iam12312

You are building Multichain Privacy Bridge, & you said that transaction will be Completly Private & decentralized, Will we only to able to see the Transaction data on blockchain?

John | Monsoon Finance:

It will simply look like the transfers were sent by a smart contract rather than the user who initiated the transfer.

Q3 from Telegram User @slla1112

What kind of developments can we see that you focus on realizing in the last quarter of 2021? What are your most important future milestones?

John | Monsoon Finance:

Biggest development will be privacy bridge alpha release by December or January.

Q4 from Telegram User @Ajpaa

What makes you decide to build a project to improve & ensure privacy?

John | Monsoon Finance:

When cryptocurrencies are inevitably used as forms of payment for every day goods and services, privacy is paramount, otherwise anybody you pay can instantly know your net worth.

Q5 from Telegram User @Rinhere

Team ss raised Around $1.5M , How will it help in building the Project? Do You think its Enough?

John | Monsoon Finance:

The team also has tokens it can use to pay developers and marketing if necessary, but yes I think it will be enough.

Q6 from Telegram User @captainprice111

Monsoon Finance will provide confidentiality in transactions, but will it be able to prevent those who abuse this confidentiality? Will money laundering activities benefit from this privacy? Will there be a way to block illegitimate users from Monsoon Finance?

John | Monsoon Finance:

The service is decentralized so it can be used by anyone. There is no way to prevent certain users from using our platform. We believe censorship resistance is more important.

Q7 from Telegram User @Ratash97

Whats the annonymity minning ?

John | Monsoon Finance:

Anonymity mining is another way to generate yield by depositing assets in the Monsoon privacy pools. You will simply deposit the supported asset using our privacy tool and not withdraw it for a period of time and that way you generate MCASH over time.

Q8 from Telegram User @NAZMP2

I’ve seen that most project now has their own NFT; will Monsoon Finance have one as well?

John | Monsoon Finance:

Yes, we will be launching NFTs on Polygon in the near future

Q9 from Telegram User @BJosefina61

Do you think it is possible that Monsoon Finance can also join Layer2 on Ethereum where privacy is also required as ARBITRUM or OPTIMISM?

John | Monsoon Finance:

Yes, we can certainly support L2 Ethereum like Arbitrum or Optimism – good idea!

Q10 from Telegram User @SHUVOMM

Do you have AUDIT certificates,  or are you working to AUDIT your project, to make it more secure and reliable?

John | Monsoon Finance:

Our token smart contract has been audited by Armors and we plan to have audits of our privacy bridge as well when it is in the alpha stage.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Monsoon. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

For more information and future AMAs, join our Social Media channels:
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Our partners: Monsoon Website – monsoon.finance
Monsoon Telegram – @monsoonfinance

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