We are pleased to announce our next AMA on February 1st, 2021 at 03:30 PM UTC Time: Satoshi Club x Mimo
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Mimo Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 3 questions. Mimo Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Mimo
For more details:
Mimo – @mimodefi
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
10% of all collected fee goes into a safety reserve which provides an insurance cover for a vaults that faces liquidation. Under what condition can a user solicit the help of the safety reserve and what is the strength of this reserve in terms of its ability to cover each borrowers vault debt? Will this function be automatically activated within the protocol as soon as a poor health score is reported in a vault or a borrower needs to place a request before he can access the safety reserve?
In your whitepaper, you talked about Health Factor for vaults which is determined by the Vault Collateral Ratio, VCR, and the Minimum Collateral Ratio, MCR. Since MCR is the percentage of the collateral to be deposited in a vault before lending is allowed in MIMO, what then is VCR and how do these two ratios interplay to determine the liquidation status and health viability of a vault? Who are the Liquidity manager/profit-seeking actors (contracts algorithm or human) in the network that can reposses a poor health vault’s collateral and what will happen if the owners of these vaults decided to reclaim their collateral by paying off accumulated debt and fees?
MIMO stablecoin, PAR, is the first decentralized EURO price-stablecoin. Why do you think there is need to create a stable coin pegged to EURO and not to the widely used USD? Are there market targets and opportunity that you think a EURO based coin can help to unlock? What deficiency do you see in USD stablecoins such as Tether, Maker etc, that you feel MIMO EURO stablecoin, PAR, has the capacity to overcome?
Could you tell us a bit about the $ PAR tokenomy, where is the list, structure and contract address?
Why should I choose you, among the many investment projects? How secure are you from hacking?
question:
May I Ask ,
Why does MIMO chose your STABLECOIN to be pegged into the EURO and not the very traditional USD?
question:
Blockchain Technology itself already solves the MIMO vision which is for people to be free to make their financial decisions.So Why there’s still a Need for MIMO in this Blockchain Space?
The first thing that caught my eye was a blank Twitter page (As of January 31, 19:50 hours)! One of the conditions to participate in AMA today is to subscribe to your Twitter account. But what information can we get there about you and get acquainted with your project if the page is empty?
Don’t have a team member covering Mimo on social media, or just haven’t had any significant events worth mentioning on Twitter yet? What is the situation with your accounts on other social networks?
PAR tokens are decentralized, collateral-backed synthetic assets parallel to fiat currencies. What are the main fiat currencies in which the $PAR token is supported to become a stablecoin? As it is backed by this type of FIAT currencies, does this not represent a risk for users as they are centralized currencies?
MIMO offers a stable token based on Ethereum, something very uncommon when talking about the ERC20 network. What are the tools you have used to make your ERC20 token stable? How easy will it be to mint this token? How do you plan to solve the problems of high fees and transaction delays that working with ETH currently entails?
MIMO offers High Yield Rates in secure vaults with Decentralized Reserve Security. What are the security reserves that MIMO has created to back up its users’ assets? What security protocols have you developed to keep your users’ assets and information invulnerable?
I couldn’t find your roadmap anywhere, why? what does the future holds for the project, could you please tell us? I would like to know more about what is coming for the project before investing on it, but certainly without a roadmap I can’t tell if its safe or not.
What requirements do I need to fulfill in order to be able to create a Vault? How will this Vault exactly work, do I need to pay to create it or to keep it open? Will this be any sort of exclusive feature for maybe VIP members, or will anyone have access to it? How many vaults can I open?
What can you tell us about your team and their backstories? I couldn’t find anywhere even the name of the CEO of Mimo, especially because your communities are so little, so in order to me being able to trust Mimo, I would like to know more about the team behind it and know that this people are not some bad actors that are just using this as a curtain to do everything they want. How can we, as your growing community, trust you?
As the first decentralized EURO price-stable token, why do you think it is necessary to create an EURO price-stable token and do you think it will be better than USD stablecoins and also solve the issue of negative interest rates currently being faced by trusted stablecoin issuers in Europe and other parts of the world?
From the whitepaper, I love the analysis on the “Innovators” and “Early adopters”. I also appreciate the team’s efforts on the “Early majority”. But I really like to know what the project has in place for “Late adopters”, “Late Majority” and the “Laggards”. Thank you
Mimo is a project that focusing on Stable coin, but as I know the biggest weakness from every stable coin have is an Inflation. How does Mimo project solved this inflation matter?
It is so absurd that in this century, it is still difficult for users to own their funds in their own hands. Their computing power, photos and data is in their pocket but their money
still needs to be in a bank thereby users may or may not be given access to it when they need it. What will Mimo do for users to be free to make their financial decisions while still being protected from accidents?
So I read from Mimo whitepaper that you have an insurance to give safety and its covered all your ‘vault’ in Mimo platform. Could you explain what insurance did Mimo offer for your vault? What is the benefit that your investor / user will get from this insurance?
“Seriously, 0 effort” is part of this project politics. How do you explain to a non-crypto knower the process of earnings profits by buying $PAR if it’s so easy? Is there a guideline for people like that?
$PAR is considered the first decentralized EURO price-stable token. Can you tell us the reasons of choosing EURO and not USD like many others? Are your trying to posicionate this token exclusively at the European market?
On your website you mention that the PAR token is backed by a secure company, can you tell us which is the company behind this backing, why you chose to work with this company and what makes it reliable enough for the Mimo team to trust it with your funds?
Thank you.
You comment that the value of PAR is guaranteed mainly due to the over-guarantee during its creation. For those of us who are not experts in this kind of terms, could you explain us exactly what you mean by this ” guarantee” and why this represents a real support for your token? Does this influence in any way the price that PAR has on the market?
Thank you.
The $PAR token is an ERC20 token stabilized to the EURO fiat currency, that’ll be interesting if this platform allows someway to convert this token as equal to fiat pocket money, do you have or are you planning to have a feature like that?
It says in your whitepaper that Mimo’s code is “well-written, well-documented, and well-tested” Do you have a bug bounty program to encourage the bug hunters to help you find any vulnerabilities or is it already perfect?
Why Mini chose create a decentralized stablecoin pegged to the EURO, instead the traditional USD with their big markets?
⚛ Something that I really like about the crypto projects are the stories related to the name of them. So Any special reason for chose MIMO as representative name? Do any relationship with the mime ( the imitator actor) ?
An important feature of Mimo is “Secure and Insured Vaults”. What special measures have you taken to provide a secure environment? How are the vaults insured? Do you partner with an insurance project or do you have a fund for it?
The value of PAR is primarily guaranteed due to over-collateralization during its creation. There is always more than 100% collateral backing the stable token. So What happens if the value of collateral dips to under 100% of the loan?
The Vaults Core contract is responsible for keeping track of the global Vault state. It also serves as the primary interface for all vault interactions such as depositing, borrowing, repaying, and liquidating.For me as a user how can I make a (deposit/ borrow/ withdraw)
You mentioned whenever PAR tokens are borrowed and repaid, fees are collected at the protocol level. Fees include the origination fee and the borrowing fee, both of which are collected from borrowers. Income payable is calculated using the same formulas as borrowing fees. Fees collected are distributed to a safety reserve and incentivized liquidity pools.So, what are the fees that you charge from your users when entering into your project?
One of the advantages of USDT is that they can be moved through the Tron blockchain at zero fees, however PAR is ERC-20 only… I wonder then, won’t the ETH fees make it difficult to adopt? Do you plan to work with other blockchain later on?
Mimo is an interesting protocol, but why rely on the Euro? What features does this currency have at this historical moment that drew your attention to create PAR?
It is strange that they develop a token linked to the EURO, but is there a reason? Or is it simply because this project was developed in Europe and so it is easier to manipulate them, is it in that currency?
As the PAR tokens is linked to the EURO, then the only way to buy it by P2P will be through that currency? Or can I buy it for USD or any other Fiat?
very few tokens are actually backed by a regulated company, does this have any advantage? Or do they just mention this so investors know that you have the backing of a totally legal company?
are decentralized stable tokens really necessary? why not just have conventional stable tokens like usdt erc20 or usdc? aren’t these decentralized?
When will they really provide that “more elaborate software package”? until when will we have to wait to understand the functionality of Mimo? or where can we learn more about it?
You mention that Mimo generates “Effortless High Yield Rates”, but is this totally safe and reliable? or is it just another high-risk project?
How do you really invest in a project where its founders are not known or if their contracts have been verified? How can we trust Mimo? or have they already passed an audit?
Has the pre-sale of this PAR tokens been carried out? If so, where is this token listed on both Dex and Cex exchange platforms? and its value is 1 EUR right?
About earning in MIMO, it says “Seriously, 0 effort” just leave your crypto to earn return upon return, while you go out there and do whatever it is you want. Is this true & possible? Seriously where does really the interest come from and how is our money secured? Also can we take out our money at any time?
Mimo ensures PAR is usable that 90% of fees collected from borrowers are used to incentivize liquidity, facilitating low-slippage trades between PAR and other crypto assets. Can you tell us more how does Automated Market Maker (AMM) pools work? And Is there always sufficient liquidity for PAR tokens?
In MIMO Multiple yield-earning opportunities, liquidity providers will also receive additional income collected from Mimo protocol fees such as loan origination and borrowing fees. So how do interest rates for borrowing get decided and how stable are the rates? Also what’s the certain amount of $PAR a borrower can borrow?
Why is the decentralized token “PAR” based on the ETHEREUM blockchain? What are the benefits that ETHEREUM blockchain offers? Is it really as stable as they say?
If the “PAR” tokens are synthetic assets, how would they reduce all possible risks?
How has MIMO managed to be linked to the EURO (€), in which portfolio can I exchange this token? What makes it so “STABLE”?
Mimo project Twitter account was created last December but up until now there is no activity on it. Mimo Telegram is the same. When will the Mimo team start to be active in social media to promote the project? Is there any promotional events that the community can participate with?
All vaults in the Mimo protocol are covered by insurance as stated on the whitepaper. How is Mimo insurance works? Where can we find the imformation about the Mimo Vault Insurance Policy?
Governance tokens are kinda popular today. Almost every project have it. Do Mimo platform have a plan to introduce its own Governance token?
According to your website, with Mimo Capital you can borrow a stable currency against your ETH or ERC-20 tokens to realize future appreciation. Like you, we are long on crypto. Can you explain to us what is the process in borrowing stable currency in your platform? Like us you are also long in crypto, but currently I’m always lose in trading. So ,can you give us any advice on how to be a good trader? Thank you
Mimo Token is PAR but as far as I know there is already token that has a thicker PAR which is from Parachute token and it is also an ERC20 token. So ,are you aware with this similarity? Just a suggestion, do you wish to change token name since there is already $PAR token existing in the market to avoid confusion though $PAR from your platform is still new? By the way, what is the main utility of $PAR token to take its governance in your platform and in the market? Thank you
$PAR will be the first decentralized EURO price-stable token. Being first is usually great but also have some disadvantages. You prefered EURO instead of USD but EURO is not used as common as USD. So will you focus on EURO-using locations or do you target worldwide? What plans do you have to make PAR used widely in many locations?
What how secure is this project as regards investment and what are the term and conditions, also are there privacy policies to avoid third parties activity.
What how secure is this project as regards investment and what are the term and conditions also are there privacy policies to avoid third parties and the likes
What is the essence of the ambassador program on your telegram channel, do you have any marketing policies to guaranty investors on their investments if so what are they.
I got this from the site. And will like to ask why?
The Mimo protocol currently offers the PAR stable token, which is pegged to the euro.
What should be the collateral for lending? Is the borrower somehow insured against market fluctuations in case the value of his collateral currency begins to fall? What do you do in such cases?
Mimo project is focus on stablecoin that peg with EURO but I’m just curious how do you get profit to maintain your project? Do you have plan to add more DEFI feature in the future?
You have an insurance fund! From what sources is it replenished and what is its intended use? Can any of your users receive funds from the insurance fund or is it created just for the team?
When you envisioned this project way back when and since you have started actively working on it. Has it to this point in time exceeded your expectations of what Mimo Defi was going to be like? Or has the hiccups along the way maybe put it behind where you thought it might be ?