{"id":5337,"date":"2021-02-03T07:43:58","date_gmt":"2021-02-03T05:43:58","guid":{"rendered":"https:\/\/esatoshi.club\/?p=5337"},"modified":"2021-02-03T07:44:02","modified_gmt":"2021-02-03T05:44:02","slug":"mimo-x-satoshi-club-ama-recap-from-1st-of-february","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2021\/02\/03\/mimo-x-satoshi-club-ama-recap-from-1st-of-february\/","title":{"rendered":"Mimo x Satoshi Club AMA Recap from 1st of February"},"content":{"rendered":"\n

Welcome to another episode of our AMA\nseries. Today we are glad to tell you about the AMA session with our friends\nfrom Mimo<\/a>. The\nAMA took place on February 1 and our guest was @Nick_C_C<\/a>.<\/p>\n\n\n\n

The total reward pool was 500$ and was\ndivided into three parts. In this AMA Recap we will try to summarize some of\nthe most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS<\/strong><\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Hello\nSatoshi Club! We are happy to announce our AMA session with Mimo! Welcome to\nSatoshi Club😀<\/p>\n\n\n\n

Nick_C: <\/strong>Hi, I’m\nNick, a growth manager for Mimo. I have been in community management, growth,\nand even politics in the past, and I’m thrilled to be helping the Mimo team\nwith our mission. We’re building a bridge between the old financial world and\nwhat we believe to be sound money. The money you all use here, but that most\npeople still don’t: Crypto! We’re starting with PAR and the Mimo DeFi platform.\nWhich I’m excited to tell you more about today.<\/p>\n\n\n\n

Q1 from Telegram User\n@dustyllanos <\/strong><\/p>\n\n\n\n

May I Ask, why does\nMIMO chose your STABLECOIN to be pegged into the EURO and not the very\ntraditional USD?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Well,\nThank you for this question, Dustyllanos! Our initial research showed us that\nhaving the USD as a single \u201csafe\u201d currency for your blockchain life was not\nmeeting the needs of many crypto users, especially (as you can imagine)\nEuropean users. The reasons vary a lot from user to user. Some complain that\ntheir trust in USD is waning, and that even a seemingly wonderful 10% gain on a\nfiat currency which can drop 10% in a year is not great, some feel that while\ncrypto is great, living between volatile assets and USD feels like a lack of\noptions, and even more reasons.<\/p>\n\n\n\n

In addition, we see a solid opportunity with building a\ntoken in 2021, partly because of what the DeFi world can offer (AMM pools,\noracles, and the larger DeFi space).<\/p>\n\n\n\n

Gold Rocket | Satoshi\nClub: <\/strong>You have big plans and goals! What has already been achieved?<\/p>\n\n\n\n

Nick_C: <\/strong>The\nlending platform is live, so the PAR token and the\nborrowing\/repaying\/liquidating mechanisms are live. There is about 2M USD\nlocked in the contract already, and we have about 1M of liquidity in our\nbalancer pool.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>When\ndid it go live?<\/p>\n\n\n\n

Nick_C: <\/strong>Exactly a\nweek ago. I know it’s a bit young, but that’s why it’s also so exciting. We’ve\nbeen working on this for months. We have more in the pipeline of course, as we\nare focused on the mission I told you about: bringing people to sound money.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Btw,\nwhere did you find your users? 😉 Which marketing tricks\ndid you use?<\/p>\n\n\n\n

Nick_C: <\/strong>I have to\nthank our amazing team here. The advantage of crypto, and DeFi in particular,\nis that the community, while large to a certain extent, is rather small\ncompared to the larger finance or tech world. This allows for noise to spread\nfaster! Telegram has been extremely helpful.<\/p>\n\n\n\n

We have a team in the small dozens of people. Most are in\nproduct and engineering. I know that sounds rather vanilla in the tech space,\nbut that’s how we’re built. We also have a rather substantial piece in\noperations and legal, which is necessary for what we’ve been working on that we\nintend to release in 2021. In terms of product and engineering, we have a\nhealthy mix of Solidity devs and React devs. Classic again!<\/p>\n\n\n\n

Q2 from Telegram user\n@JesusFre1tes <\/strong><\/p>\n\n\n\n

MIMO offers a stable\ntoken based on Ethereum, something very uncommon when talking about the ERC20\nnetwork. What are the tools you have used to make your ERC20 token stable? How\neasy will it be to mint this token? How do you plan to solve the problems of\nhigh fees and transaction delays that working with ETH currently entails?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>There are\nquite a few stable tokens based on Ethereum. What will make PAR stable are the\nmechanisms of issuance and liquidation of the loans, alongside with the\ninterest rates offered by the platform for borrowing and offering liquidity.\nThese are not related to Ethereum per se, but what Ethereum can bring here is\nmore users which can ensure more liquidity. We do believe that Ethereum will\nwork on fees as a platform, and are confident that their efforts will help, but\nwe also intend to leverage layer 2 solutions to solve this problem. Our layer 2\ndevelopments are too early at this point to have much to share though.<\/p>\n\n\n\n

We also believe that Ethereum is still where most of the\naction is happening, and it’s important to know when not to reinvent the wheel\nwhen you want to bring change.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>So,\nit’s almost impossible for small players to enter now?😃\nGas fees insane now.<\/p>\n\n\n\n

Nick_C: <\/strong>It is\neasier and more reasonable to borrow with larger tickets today, this is true,\nbut we are working on it and are confident that it is temporary. At the end of\nthe day, every project needs an MVP and we consider Ethereum a solid platform\nto start, even with its high fees. We’re working towards transitioning a lot of\npeople to sound money, which means we have to take this very seriously, but we\nneed to tackle one problem at a time!<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Did\nyou already contact some l2 services?<\/p>\n\n\n\n

Nick_C: <\/strong>Yes, and\nwe have very competent staff when it comes to l2. We didn’t take the approach\nto learn as it goes, but hired people familiar with building l2 solutions. \ud83d\ude42<\/p>\n\n\n\n

Q3 from Telegram user\n@meml97<\/strong><\/p>\n\n\n\n

 <\/strong>I\ncouldn\u2019t find your roadmap anywhere, why? what does the future holds for the\nproject, could you please tell us? I would like to know more about what is\ncoming for the project before investing on it, but certainly without a roadmap\nI can\u2019t tell if its safe or not.<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thanks\nfor this question Meml! Using Mimo is safe. <\/p>\n\n\n\n

We are purposely not sharing much of a roadmap at this point\nas our focus is to bring attention to our platform so we can enter an iterative\nprocess of receiving feedback and improving it. In the meantime, we have a\nmobile app in the works as we believe that some users would prefer a mobile\ninterface to our DeFi products. We see a large gap between the freedom and\nprivacy that crypto offers and what users need for their daily lives, and\neverything in our internal roadmap works around addressing this gap. However,\nif safety is your concern before using Mimo, I would like to point to you that\nthe platform in its current state is safe, and that an audit realized by\nQuantstamp backs it up (linked in the footer of our website).<\/p>\n\n\n\n

I can also link the audit here! https:\/\/mimo.capital\/assets\/pdf\/Mimo%20DeFi%20-%20Parallel%20Protocol%20-%20Report.pdf<\/a>\n<\/p>\n\n\n\n

Gold Rocket | Satoshi\nClub: <\/strong>It seems to me. You are very right about the mobile app. At the\nmoment, a mobile phone is a full-fledged working tool for a modern person.<\/p>\n\n\n\n

Nick_C: <\/strong>We will\ngo through an audit again as we come out of Alpha stage and bring a\ndecentralized governance model.<\/p>\n\n\n\n

Thanks! This is what we believe is limiting a lot of people\nto join the large DeFi ecosystem the right way.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Don’t\nyou think it’s 50\/50, as you bring stable coin, but without roadmap and strict\ndevelopment plans it doesn’t seem stable?😉<\/p>\n\n\n\n

Nick_C: <\/strong>Fair\npoint! We believe that we should establish a solid platform first. Come to\nthink of it, Bitcoin didn’t need a roadmap. It established a solid product that\nbecame better with time. We are not saying we’re re-doing Bitcoin, but it’s\nimportant not to rush things out. We’re talking about people’s assets here.\nSafety first!<\/p>\n\n\n\n

Q4 from Telegram user\n@Korryl<\/strong><\/p>\n\n\n\n

 So I read from Mimo whitepaper that you have an insurance to give\nsafety and its covered all your \u2018vault\u2019 in Mimo platform. Could you explain\nwhat insurance did Mimo offer for your vault? What is the benefit that your\ninvestor \/ user will get from this insurance?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>The\nbenefit is a more stable PAR. PAR tokens are not backed by fiat currency in\nbank accounts, but are issues by the creation of over-collateralized loans in\nvolatile assets. Mimo also does not loan out collaterals, which makes the\nplatform safe from a bank-run. However, the volatility of some assets might be\nso strong that even the over-collateralization could not make the liquidation\nof some loans profitable. Mimo\u2019s Safety Reserve is here for that. When someone\nwants to liquidate a loan and its collateralization is unhealthy, the Safety\nReserve kicks in! The code of “VaultsCore” explains how it works.\nEssentially, the safety reserve will pay what the collateral (minus the\ndiscount) can\u2019t pay for.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Do\nyou have any articles, which explain how it works? Or maybe you can explain in\nsimple words this mechanism?<\/p>\n\n\n\n

Nick_C: <\/strong>Let me\ntry to make it simple! I’ll try to explain how it would work without a safety\nreserve first. If Mimo had no reserve. Let’s say Alice loves ETH but wants to\nbuy a PS5, she doesn’t want to sell her ETH, so she comes to Mimo and issues a\nloan in PAR using her ETH as a collateral.<\/p>\n\n\n\n

She goes on with her life but suddenly… * insert thunder\nnoise here * … ETH drops furiously, and Alice was not very careful so she\nborrowed right above the minimum collateralization ratio (or MCR).<\/p>\n\n\n\n

It’s now time to liquidate Alice! Bob comes in and finds\nthat Alice’s vault is open to liquidation, but ETH is so low that what Bob can\npay for the ETH will not cover the outstanding PAR amount that Alice borrowed. The\nplatform ends up with a certain amount of PAR that are unhealthy. Mimo doesn’t\nwant to work like that \ud83d\ude41<\/p>\n\n\n\n

WIth a safety reserve, the platform covers the difference between\nwhat Bob would pay for the ETH, and what is needed to pay the outstanding\namount that Alice has borrowed.<\/p>\n\n\n\n

Q5 from Telegram user\n@Mora110<\/strong><\/p>\n\n\n\n

You mentioned whenever\nPAR tokens are borrowed and repaid, fees are collected at the protocol level.\nFees include the origination fee and the borrowing fee, both of which are\ncollected from borrowers. Income payable is calculated using the same formulas\nas borrowing fees. Fees collected are distributed to a safety reserve and\nincentivized liquidity pools. So, what are the fees that you charge from your\nusers when entering into your project?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>The\nanswer is way simpler than for the other ones: All the fees that are charged\nare transparently listed as parameters on the platform. We, as a company, do\nnot currently charge a fee. As described earlier, we’re in the process of\nbuilding additional services to transition people to sound money.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>May\nbe they appear in process after wallet is connected?<\/p>\n\n\n\n

Nick_C: <\/strong>Oh sorry,\nby “on the platform” I meant, “on the platform, on\nEthereum”. The smart contract has been deployed with a certain set of\nvariables, these are the parameters. They are not visually displayed in the web\napp! Sorry for the confusion.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Thank\nyou! But users will be aware about them in the process of transaction creating?<\/p>\n\n\n\n

Nick_C:<\/strong> Sorry for\nthe shortcut, I guess we all over-use the word platform to mean different\nthings in the DeFi space! That’s a good point. We believe that it’s important\nto display the most relevant information to users, such as the interest rates.\nHowever, displaying how the fees are distributed could also add a great layer\nof transparency for those who don’t want to dive into etherscan. I’ll take\nnote!<\/p>\n\n\n\n

Q6 from Telegram user\n@Gutike95<\/strong><\/p>\n\n\n\n

 You mention that Mimo generates \u201cEffortless High Yield Rates\u201d, but is\nthis totally safe and reliable? or is it just another high-risk project?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thank you\nfor this question, Gutike! It is safe, and this question comes at the right\nmoment, given the previous answer.<\/p>\n\n\n\n

Today, generating high-yield rates from a Euro point of view\nis not simple for most (even, and especially for finance-savvy people). As\nshared above, Mimo incentivizes providing liquidity via the fees collected on\nthe borrowers, and this happens on a smart contract that has been audited by\nQuantstamp. (I’ll paste it again, the audit is available here: https:\/\/mimo.capital\/assets\/pdf\/Mimo%20DeFi%20-%20Parallel%20Protocol%20-%20Report.pdf<\/a>)\n<\/p>\n\n\n\n

\n\n\n\n

PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

The\nchat was open for 120 seconds; a lot of questions were posted by Satoshi Club\ncommunity. Our guests chose some of them. <\/p>\n\n\n\n

Q1 from Telegram User @moe_808<\/strong><\/p>\n\n\n\n

Can you tell us how #\nPAR token holders benefit in the ecosystem and what power within the governance\nmodel individuals have? Why is it so attractive and what are the basic\nrequirements to participate? <\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thank you\nfor the question, moe!<\/p>\n\n\n\n

Given the smart contract architecture of the smart contract,\nthe governance model is very powerful. The first layer I can communicate here\nis that all the parameters we’ve discussed today (such as the interest rates\nfor borrowing, the distribution of fees, the supported collateral and their\nminimum collateralization ratios, etc…), will all be controlled by the\ndecentralized governance.<\/p>\n\n\n\n

Q2 from Telegram User @apocan99<\/strong><\/p>\n\n\n\n

$PAR will be the first decentralized\nEURO price-stable token. Being first is usually great but also have some\ndisadvantages. You prefered EURO instead of USD but EURO is not used as common\nas USD. So will you focus on EURO-using locations or do you target worldwide?\nWhat plans do you have to make PAR used widely in many locations?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thanks\nfor the question, Apocan! <\/p>\n\n\n\n

Our PAR token which follows Euro is the first we’re coming\nwith, but our ambition is international. You’re right to say that coming first\nis essentially a double-edged sword, but in crypto, it’s important to know how\nand when to take risks, and we believe this one is the right bet!<\/p>\n\n\n\n

Q3 from Telegram User @cryptoflower13<\/strong><\/p>\n\n\n\n

What is the idea behind the name Mimo\nand why did you choose it?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thanks\nfor the question, dear crypto FLOWER!<\/p>\n\n\n\n

Multiple input, multiple output was how the name appeared,\nbut it’s not what it stands for. For example, we realized that it could mean\nMoney in, Money out, and even more things! Therefore, we’ve decided that Mimo\nas our name must stand for itself, that brings us more flexibility.<\/p>\n\n\n\n

Q4 from Telegram User @Maksyrn<\/strong><\/p>\n\n\n\n

Will users from some countries of the\nworld have legal problems when using Euro from Mimo?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thanks\nfor the question Maksym!<\/p>\n\n\n\n

We chose the safe route. While I can’t comment on every\nlegal system, I can point that we’ve designed Mimo for PAR to be as “on\nchain” as possible, making it simpler for regulators to understand what’s\ngoing on. On-chain means transparent, and transparent is safer for regulators.\nThis is one of the reasons why we believe it will be safe to use in many\njurisdictions!<\/p>\n\n\n\n

Q5 from Telegram User @Gutike95<\/strong><\/p>\n\n\n\n

Are decentralized stable tokens\nreally necessary? why not just have conventional stable tokens like usdt erc20\nor usdc? aren’t these decentralized?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thanks\nfor the question, Gutierrez!<\/p>\n\n\n\n

Not all currencies are made equal, and the centralized\nstable coins have to manage the risks of their underlying currencies. With the\nUSD, it’s OK for now, but with Euro, it is very challenging, and we believe\nthat a decentralized token is the safest and most reliable route to provide\nstability in the long term.<\/p>\n\n\n\n

Q6 from Telegram User @atakansan<\/strong><\/p>\n\n\n\n

Why didn’t you choose a name like\nTEUR or EURT but chose PAR for a EURO token?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thanks\nfor this question, Ahulya!<\/p>\n\n\n\n

We see it as essential to differentiate PAR from the\ncentralized stablecoins. We’re not alone here, and users seem to be OK, DAI\nisn’t DUSD. We also believe that the concept of PAR (for Parallel) token\ncommunicates the way Mimo works.<\/p>\n\n\n\n

Q7 from Telegram User @highpee<\/strong><\/p>\n\n\n\n

Who are the Liquidity manager\/profit-seeking\nactors (contracts algorithm or human?) in the network that can reposes a poor\nhealth vault’s collateral and what will happen if the owners of these vaults\ndecided to reclaim their collateral by paying off accumulated debt and fees?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thank you\nJohnny!<\/p>\n\n\n\n

There is a direct incentive to liquidate an unhealthy vault,\nand everyone is able to do it! Our experience in the space has showed us that\nthere is no shortage of users willing to get cheaper ETH when available, and\nthat’s exactly what liquidating a vault gives you.<\/p>\n\n\n\n

Q8 from Telegram User @lionsaver<\/strong><\/p>\n\n\n\n

On your website it says Alpha use at\nyour own risk. Why do you say that? Is this not safe?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thank you\nfor this question, Lion! <\/p>\n\n\n\n

It is safe, and we have the Quantstamp audit linked in the\nfooter (https:\/\/mimo-capital-staging.netlify.app\/assets\/pdf\/Mimo%20-%20White%20Paper.pdf<\/a>)\nhelping us share this view. The Alpha label is more here to communicate our\nview of the development state of Mimo as a platform.  It is also important to remember than\nwhenever you’re using anything on-chain, you’re generally at your own risk. We\npreferred to remind people of this for good measure. Safety first!<\/p>\n\n\n\n

Q9 from Telegram User @leixagarcia<\/strong><\/p>\n\n\n\n

I don’t know much about DeFi. If I\ndon’t plan on borrowing or anything like that, would it still be advantageous\nto save money in $PAR?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thank you\nfor this question, Super Girl!<\/p>\n\n\n\n

Today, PAR provides you the ability to stay in crypto,\nwithout taking the risk of USD, which can be a positive product to bring in\n2021. There is no need to embrace the entirety of the DeFi space to benefit\nfrom PAR!<\/p>\n\n\n\n

Q10 from Telegram User @esrarengizbtc<\/strong><\/p>\n\n\n\n

We know how important partnerships\nare for the strengthening of crypto projects, but I could not see information\nabout your partnerships on your website. Do you plan to make new partnerships\nthat will support the #Mimo ecosystem in the coming period?<\/em><\/p>\n\n\n\n

Nick_C: <\/strong>Thank you\nfor the question, with your long username (I’m not going to take the risk to\nbotch it!).<\/p>\n\n\n\n

Our goal is to transition a lot of users into sound money,\nand we know that doing this alone is not always realistic. We will partner with\nother companies as we go, but for any of this to start, we need a solid\nfoundation, and this is what we’re sharing today. We believe the best way to\nestablish partnerships is trust, and we know that trust will come from\nexhibiting a solid and audited foundation first.<\/p>\n\n\n\n

\n\n\n\n

PART 3, QUIZ AND INFO<\/strong><\/p>\n\n\n\n

As usual, for the third part, Satoshi\nClub Team asked the chat 4 questions about Mimo. A link to a Quiz\nform was sent into the chat. Participants had 10 minutes to answer. 300$ were\ndistributed between the winners. <\/p>\n\n\n\n

For more information and future AMAs, join our Social Media\nchannels: <\/strong><\/p>\n\n\n\n

English Telegram\ngroup: https:\/\/t.me\/Satoshi_club<\/a>\n<\/p>\n\n\n\n

Russian Telegram\ngroup: https:\/\/t.me\/satoshi_club_ru<\/a>\n<\/p>\n\n\n\n

Spanish Telegram\ngroup: https:\/\/t.me\/satoshi_club_spanish<\/a>\n<\/p>\n\n\n\n

Telegram Channel:\nhttps:\/\/t.me\/satoshi_club_channel<\/a>\n<\/p>\n\n\n\n

Website: https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n

Twitter:\nhttps:\/\/twitter.com\/esatoshiclub<\/a>  <\/p>\n\n\n\n

Our Partners: <\/strong><\/p>\n\n\n\n

Mimo: https:\/\/t.me\/mimodefi<\/a>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Mimo. The AMA took place on February 1 and our guest was @Nick_C_C. The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try […]<\/p>\n","protected":false},"author":4,"featured_media":5338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/5337"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=5337"}],"version-history":[{"count":1,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/5337\/revisions"}],"predecessor-version":[{"id":5339,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/5337\/revisions\/5339"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media\/5338"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=5337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=5337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=5337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}