@JPMullin<\/a>\n😊<\/p>\n\n\n\nJP Mullin |\nM\u039bNTR\u039b D\u039bO: <\/strong>Hey everyone, thanks so much for having me! Great\nto be here and share more about MANTRA DAO!<\/p>\n\n\n\nSerg: <\/strong>We are eager to find out \ud83d\ude42 Please tell us a bit about yourself and how did you start MANTRA DAO<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Sure thing, happy to share a bit more about myself and the project. I’m originally from the US, but spent nearly the last 10+ years abroad having done my undergraduate studies in Espa\u00f1a, my first masters in Germany, and my second in Shanghai. After that I worked in traditional finance doing research on FinTech and blockchain for one of largest Chinese investment banks, Guotai Junan Securities. I joined the crypto space fulltime in 2017, but was active since 2015 and bought my first bitcoin (unforutunately just a few) in 2013. I moved to Hong Kong in 2018 and helped set up a crypto exchange and advisory firm, before launching the HK offices of a US licensed brokerage business that has the only SEC license for distributing digital securities. After that I joined the Rio DeFi team as an advisor, and most recently have been focused on building and launching MANTRA DAO. A DeFi DAO focused on Staking, Lending, and Governance. 🙂<\/p>\n\n\n\nthat was a lot, but\nhopefully you can get a sense of my background<\/p>\n\n\n\n
Serg: <\/strong>pretty clear \ud83d\ude42 What country did you like the most? ))<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Haha that’s a tough question.. for the fun and parties.. gotta say Spain :stuck_out_tongue: But I’ve loved everywhere I’ve lived, and tend to settle into almost any environment I go to!<\/p>\n\n\n\nIrina Kravchuk: <\/strong>Nice. Why did you choose Europe? For your studies?<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>To be honest, I was just obsessed with Spanish culture and language at the time, and it seemed like the thing to do. I wanted to try something a little different!<\/p>\n\n\n\nI can say it worked\nout well and couldn’t be happier with those (unconventional) choices\nI made<\/p>\n\n\n\n
Serg: <\/strong>Nice introduction \ud83d\ude00 Thanks for sharing it with us. For the first part we have collected questions from the community and selected 6 of them. Are you ready to start?<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Ready as I’ll ever be<\/p>\n\n\n\nQ<\/em><\/strong>1<\/em><\/strong>\nfrom <\/em><\/strong>Bitcointalk<\/em><\/strong>\nuser k.muller<\/em><\/strong><\/p>\n\n\n\nWhat\nhappens if the community votes for 2 changes which contradict\nthemselves? How would you proceed then? Which one you will choose?<\/strong><\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Great question – and that’s why our governance process involves a four step process with Council Members<\/strong><\/p>\n\n\n\nIm just going to rip\nthis from the WP, but will summarize after..<\/p>\n\n\n\n
In order to submit a proposal and vote within the MANTRA DAO ecosystem, a member must first hold and stake OM. Each staked OM represents 1 vote within the MANTRA DAO system.\u00a0In order to propose a topic for voting, users will need to deposit\u00a0USD $100 worth\u00a0of OM as collateral. If the proposal should fail, they will lose the OM, but if the proposal passes evaluation from the council, then the vote will proceed. If the proposal receives a simple majority (51%) of the votes from the valid voters (staking OM), then the depositor will receive their OM back as well as an additional amount of KARMA for helping the ecosystem.
Essentially the Council Members are the gatekeepers to the community voting process, and will have to listen to the community to see which votes should be brought forth for a community vote. I am one of the 5 Council Members.<\/p>\n\n\n\n
In order for me to do a good job at this role, it is imperative to be closely involved with the community and listen to their feedback, suggestions, concerns.<\/p>\n\n\n\n
Of course if I do a bad job, I can also be voted out and kicked out <\/p>\n\n\n\n
I will do my best to make sure that doesn’t happen<\/p>\n\n\n\n
Serg: <\/strong>hmm, I see. So, not every proposal can be brought to the voting process<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>That is correct, but the barriers for proposals and voting are much lower than other models we’ve seen and we want to make it as easy and simple to take part in governance as possible. we are aiming to be a mass-market DeFi product, which I’ve yet to truly see<\/p>\n\n\n\nSerg: <\/strong>but the council have to agree to that? \ud83d\ude00 before it goes to the vote<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>We also have limited terms.. similar to the US election.. even if they people want DT outta there.. he’s still got a chance to win re-election this year :stuck_out_tongue: That being said, if there is something truly egregious happening from one of the Council Members, it is our duty to dismiss them and let the community decide<\/p>\n\n\n\nQ<\/em><\/strong>2<\/em><\/strong>\nfrom <\/em><\/strong>Bitcointalk<\/em><\/strong>\nuser philicrohit<\/em><\/strong><\/p>\n\n\n\nWhile\ngoing through your project I found lots of terms Like OM, MANTRA,\nKARMA are used which are sanskrit words relates to Hinduism\nreligionJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Another great question.. 2\/2 so far <\/p>\n\n\n\nIrina Kravchuk: <\/strong>Hopefully we’ll have a 6\/6 by the end of part 1 😁<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>While I must say, I’m not a very religious person, I do believe I’m a spiritual person, and when we were coming up with our branding concepts, we were trying to think of things that embodied taking control of your financial well-being, concepts that were very Zen and peaceful in nature. We started down this path and then we came to the idea of Mantras which are phrases or sayings meant to bring about a state of inner peace. We believe our product will allow our users to be at peace with their financial future 🙂<\/strong><\/p>\n\n\n\nSerg: <\/strong>Where have you learned about this? I believe that not in Spain 🙂<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Hahah, I’ve traveled a lot and met all kinds of people from around the world! Even some in spain like this \ud83d\ude09 haha<\/p>\n\n\n\nSerg:<\/strong> traveling is nice \ud83d\ude42 I’ve heard about this concept from a friend who travelled at a monastery in Himalayas ))Q<\/em><\/strong>3<\/em><\/strong>\nfrom T<\/em><\/strong>elgram<\/em><\/strong>\nuser @Lady_luck2<\/em><\/strong><\/p>\n\n\n\nWhat\nis the main motivation of people to take a loan on the MantraDAO\nplatform, than to take a loan from a bank? Do you have a strategy for\nattracting people to your platform not from the crypto space?<\/strong><\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>3\/3 haha. Well first and foremost, it’s all about economics. Not only will we be able to offer better economics than a bank, but I can almost guarantee you that 99.9% if not 100% of banks won’t let you take a loan using crypto as your collateral haha. Our lending platform allows for this. We’ve built in an internal reputaion protocol (kind of like a credit rating system) called the KARMA Protocol, that allows users to build up their reputation or credit worthiness through the good things they do within our platform and in the crypto space. This allows us to better assess the riskiness of lending to certain individuals and will open up all kinds of doors such as allowing for undercollateralized loans, better interest rates, etc.<\/p>\n\n\n\nThese are just some of the examples of how you can build your karma and be rewarded in a number of different ways<\/p>\n\n\n\n
Serg:<\/strong> So, if I successfully close some loans, I will have a better rate next time?<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>That is exactly right, but you can also earn KARMA from many other things that benefit our community<\/p>\n\n\n\nWe believe that\nthose with the best KARMA will be our best clients and customers 🙂<\/p>\n\n\n\n
Irina Kravchuk: <\/strong>What should people do in the beginning, when their credit history is 0?<\/p>\n\n\n\nProf K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>Stake!<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Well to be frank, they will have to build it up, just like in any credit situation. But you can start building it as easy as staking our OM token, inviting friends, submitting and voting on proposals, etc.<\/p>\n\n\n\nProf K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>Hi guys, I hope you can see now why I chose to back MantraDAO. What great questions from rhe Satoshi Club! Every time I come in here it gets better and better.<\/p>\n\n\n\nSerg: <\/strong>Yes, I know you have great choices \ud83d\ude00 FinNexus and MANTRA<\/p>\n\n\n\nQ<\/em><\/strong>4<\/em><\/strong>\nfrom T<\/em><\/strong>elgram<\/em><\/strong>\nuser @Baby_Crypto<\/em><\/strong><\/p>\n\n\n\nWhat\nwill happen to MANTRA DAO if the Polcadot network is not launched? Is\nMANTRA DAO compatible with other public chains?<\/strong><\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Well first and foremost I’m very proud to be a Polkadot ambassador, and I can say with 100% certainty that Polkadot network has already become a permissionless blockchain network, and within 28 days DOT will be transferable. I can’t wait for this 🙂<\/p>\n\n\n\nBut anyway, MANTRA DAO is built on a separate chain, called Rio Chain, which is a substrate-based chain, that doesn’t rely on Polkadot blockchain for anything (technical wise). We are a believer in Polkadot and Kusama, and are excited to become one of the fasting growing projects in their ecosystem, but we will also be integrating many other blockchain protocols<\/p>\n\n\n\n
Rio Chain allows for\ncross-chain interoperability through a generic asset bridge we’ve\nbeen developing, and will give us the functionality to integrate any\npublic chain we deem necessary<\/p>\n\n\n\n
a key feature of\nboth our staking and lending is the muti-asset staking and\nmulti-asset collateral<\/p>\n\n\n\n
Serg:<\/strong> So, you are related to Polkadot but have an autonomy from it<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>That is right! 🙂<\/p>\n\n\n\nProf K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>Actually no other tokens can ride on Polkadot except DOT<\/p>\n\n\n\nThe whole point of\nGavin\u2019s project is to have a linkage of many \u201cparachains\u201d<\/p>\n\n\n\n
JP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Yea, that’s right. I will add though, that we are planning to become a Polkadot parachain as well with the Rio Chain<\/p>\n\n\n\nProf K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>Parachains are rare. Sort of like a team in the English Premier League. If they don\u2019t do well, they get sent down to Kusama Network! 🤪<\/p>\n\n\n\nSerg: <\/strong>That’s nice. I don’t know much about Polkadot that’s why I was asking \ud83d\ude42<\/p>\n\n\n\nIrina Kravchuk: <\/strong>Could you elaborate more on parachains?<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>https:\/\/wiki.polkadot.network\/docs\/en\/learn-parachains<\/a><\/p>\n\n\n\nFor in depth reading, I would suggest people to go check out the Polka Wiki 🙂<\/p>\n\n\n\n
Prof K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>No, it\u2019s not exactly like that. There could be many many reasons why a substrate based chain chooses Kusama over Polkadot. But Kusama and Polkadot and Rio Chain are all based on what is called Substrate technology. Which is Parity\u2019s software development kit for spinning up your own chain<\/p>\n\n\n\nQ<\/em><\/strong>5<\/em><\/strong>\nfrom T<\/em><\/strong>elgram<\/em><\/strong>\nuser @dominiksss<\/em><\/strong><\/p>\n\n\n\nI’ve\nread that you had 900k in private investments. Can you tell us who\nare those investors? Is it public? For what price have they bought\nand are they locked?<\/strong><\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Yes, I can share this info, and our seed investor also happens to be watching and in the chat<\/p>\n\n\n\nWe were fortunate and lucky to receive seed investment from Calvin Ng, who is the GP of Plutus VC, a $200 million dollar blockchain VC fund out of HK. He paid the same price as all other private investors ($0.025) and will be under the same lock up as well. 6 months, with a monthly waterfall, although Calvin is heavily invested in both MANTRA and Rio Chain, and is certainly in it for the long haul with both of the projects both from a financial and operational\/strategic perspective. I’ve known him for nearly 3 years now, and finally got him to invest in a project I’m working on \ud83d\ude09<\/p>\n\n\n\n
he’s not easy to get money from haha, we also have some more VC investment announcements coming up in the near future that we will be sharing 🙂<\/p>\n\n\n\n
Serg: <\/strong>When do that period start? 6 months lock period<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Upon token issuance, which will essentially be immediately prior to exchange listing.We will be heavily incentivizing our earliest stakers, so we are confident a lot of our earliest investors will be staking early to grow their stack and not just staking OM, but other assets such as DOT, KSM, etc.<\/p>\n\n\n\nSerg: <\/strong>How much exactly will be the incentive? \ud83d\ude42<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO:<\/strong> I can’t put an exact number on it, but it will be a very competitive APY 🙂<\/p>\n\n\n\nSerg: <\/strong>I see \ud83d\ude42 I think that you also have to think about the inflation, right?<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>we estiamte just staking without extra incentives in the early days to be anywhere from 10-20% APY depending on the number of stakers, only 10% of the tokens will be circulating upon release. We imagine less than 1\/2 will be staked at the onset<\/p>\n\n\n\nProf K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>Initially staking will be Polkadot (DOT), Kusama (KSM) and of course OM… But there will be more chains coming rather soon, I think<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>VERY soon 🙂 this is another community decision process as well<\/p>\n\n\n\nSerg: <\/strong>That’s nice. I will definitely take a look at that when it is ready \ud83d\ude42<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>of course the team will roll out additional tokens, but if the community wants other DPoS assets to be added, we wil be more than happy to build the node infrastructure<\/p>\n\n\n\nProf K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>So if you have fat stacks of a certain awesome PoS coin… you can suggest we become a validator there so u can delegate to Mantra and EARN MORE OM!<\/p>\n\n\n\nQ<\/em><\/strong>6<\/em><\/strong>\nfrom T<\/em><\/strong>elgram<\/em><\/strong>\nuser @kenny_vermaelen<\/em><\/strong><\/p>\n\n\n\nI\nhave seen that you are giving grants for the community\/developers.\nWhat are the conditions to access those?<\/strong><\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Great question, but simple answer! We will be giving grants (also possible through community proposals and voting) to businesses, individuals, etc. who are furthering the utility of OM or further decentralizing our DAO. We have not limited ourselves to any specific idea or type of project here.For example, the Kusama treasury, which has similarities to our grants, recently funded a small movie project specifically related to Kusama. But we’d also be more than happy to fund development courses or educational training regarding financial literacy \/ blockchain in the developing world, literally anything is possible.<\/p>\n\n\n\nProf K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>Once there is a solid base of community users and diverse assets in the DAO, the sky\u2019s the limit on what kind of product we can build! The first product we\u2019ve outlined in the white paper is a MakerDAO type Vault dapp that generates its own stablecoin.The second product is really up to the OM stakers.<\/p>\n\n\n\nIrina Kravchuk: <\/strong>Are the applications open? For this grants?<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Nothing official yet, but I’m always happy to chat with anyone who has ideas, and we can start making things happen!<\/p>\n\n\n\nWe’ll have an\nofficial webpage and form to fill later on, but in the early stages\njust talk to me or Prof K, or one of our other team members if you\nhave a cool idea<\/p>\n\n\n\n
Serg: <\/strong>We might apply as well \ud83d\ude42 So, was it 6\/6 or not? 😁<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>haha that was definitely 6\/6<\/p>\n\n\n\nProf K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>nice work Satoshi Club, you did not dissapoint<\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>Prof K was certainly right when he recommended your community<\/p>\n\n\n\nPart\n2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\nQ<\/em><\/strong>1<\/em><\/strong>\nfrom <\/em><\/strong>Telgram<\/em><\/strong>\nuser @CryptoLove97<\/em><\/strong><\/p>\n\n\n\nStaking\nis The Most Popular Trend in Crypto Industry & its helpful\nencourage investors to hold token long term!Prof K @shanghaipreneur Wanchain.org | FinNexus.io: <\/strong>MantraDAO\u2019s core is staking assets!<\/p>\n\n\n\nQ<\/em><\/strong>2<\/em><\/strong>\nfrom <\/em><\/strong>Telgram<\/em><\/strong>\nuser @AndrySTP<\/em><\/strong><\/p>\n\n\n\nI\nnoticed that your name contains DAO. What are the similarities\nbetween MANTRA DAO and Maker Dao in a number of products?<\/strong><\/p>\n\n\n\nJP Mullin | M\u039bNTR\u039b D\u039bO: <\/strong>I’ll start here. We are certainly similar to Maker in a few ways eg. crypto collateralized stablecoin loans, governance token, etc. And we are big big fans of Maker.. Maker was DeFi before DeFi was a thing. But we have many other features not included in Maker including staking, MANTRA POOL (our internal platform lottery game), cross chain compatibility, etc.<\/p>\n\n\n\nQ<\/em><\/strong>3<\/em><\/strong>
![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/pic1-835x1024.jpeg\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/pic2-1024x559.jpeg\")
<\/figure><\/li><\/ul><\/figure>\n\n\n\n