Recap of the Monsoon Finance AMA with Blockchain Space
On Tuesday, October 5th, we had the pleasure to welcome to our Telegram chat:
John, The Lead Developer of Monsoon Finance.
We asked him questions about the development of Monsoon Finance.
INTRODUCTION
Q~ Before we move to the first segment, please start off by introducing yourself to the Blockchain Space community and your role in the team ?
A~ My name is John and I’m the lead developer of Monsoon Finance, a multichain privacy protocol. I am a blockchain engineer with years of experience building out blockchain and DeFi projects.
Q~ Tell us what Monsoon Finance is, how it works, and what kind of value the protocol adds to the ever expanding DeFi ecosystem ?
A~ 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.
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.
Monsoon uses zk-SNARKs to break the link between wallets in cross-chain and wallet-to-wallet transactions.
Q~ Can you share with us detailed information on the $MCASH tokenomics and it’s usecases ?
A~ MCASH has a total supply of 100 million tokens. The initial circulating supply is about 2 million. This is because we want the supply to slowly increase over time as the project gains more adoption.
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.
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.
A protocol fee is taken on every private transaction, so the token price will have a floor supported by the utility of the protocol.
Q~ The strongest projects complement the DeFi ecosystem, can you share with us some of the recent partnerships you have secured ?
A~ We recently partnered with Polygon, the blockchain protocol that we are building on, for privacy on their platform.
This partnership gives support to our project from the Polygon team.
Q~ Can you give us an update on what the team at Monsoon Finance has accomplished till date and your future plans for Monsoon Finance ?
A~ We plan to deploy an instance of Monsoon to every smart contracts blockchain that can support it. We have already deployed an instance of Monsoon on Binance Smart Chain mainnet: bsc.monsoon.finance and Polygon testnet: matic.monsoon.finance
Right now we are working on a mainnet deployment for our Polygon privacy tool and are also working on an Avalanche testnet deployment.
We plan to have an alpha version of our multichain privacy bridge released by January.
QUESTIONS FROM TELEGRAM
Q~ Monsoon is excited to explore new marketing opportunities with Polygon, which offers great features, including a fast, inexpensive, and easy-to-use protocol and framework. Monsoon Finance with a strategic alliance with Polygon, what marketing methods do you plan to boost the credibility of your brand? Are you considering forming a strategic alliance to help you advance your ultimate goal of enabling privacy on every blockchain in your project?
A~ Yes, our strategic partnership with Polygon is part of our marketing strategy and it also gives us support from the development team.
Q~ When making a withdrawal, Monsoon requests that the user must provide proof of zero knowledge that he/she deposited funds into the Monsoon contract. What are the requirements for this proof? Where and to whom should users submit this proof?
A~ Our service uses zk-SNARKs which are cryptographic proofs that basically allow you to prove something without revealing too many details about what you’re proving.
In this case, it allows you to prove the validity of a deposit without revealing which deposit you’re referencing, so you can make a deposit and then a withdrawal without linking the two together.
You submit the proof to the smart contract upon withdrawal. The website constructs the proof for you, assuming you have a good connection to the underlying blockchain.
Q~ It was stated that MONSOON FINANCE is building a multichain privacy bridge and that transactions will be completed private. Can you elaborate more on these and how can users participate in the governance ?
A~ Our multichain privacy bridge will allow users to move assets across any blockchain in a completely private and decentralized way. Monsoon nodes will stake MCASH to validate cross-chain transactions, but these transactions use zk-SNARKS to prevent nodes or any onlookers from linking deposits to withdrawals. A majority consensus amongst staking nodes must be achieved for transactions to be processed, meaning the process is both decentralized and private.
Q~ Where is $MCASH listed presently, where can we trade it ?
A~ It is currently listed and trading on Quickswap, MXC, and GateIO.
Q~ Monsoon is providing privacy as a service to users using the Binance Smart Chain (BSC) and Polygon blockchain, do you have plans to support other blockchains like Solana, Polkadot, Fantom, etc. in the future ?
A~ Yes, we are working on deployments to those blockchains which will be released in the coming weeks.
CONCLUSION
Thanks for having me everyone
It’s really nice having the Monsoon Finance project in here!!!
You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to Monsoon Finance.
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