Q and A with the Founders of MoxyOne
A session with the founders on their journey with MoxyOne
The Q and A below has been transcribed from a lengthy session with the co-founders. The answers have been modified for clarity.
Q1. Tell us a little bit about yourselves (what got you into the cryptocurrency industry?)
Mo: I have always loved technology and my profession as a back end developer. New tech has always caught my attention and when I learnt about the crypto industry a few years ago, I began my research on what blockchain was. This helped me come across Solidity Development on the Ethereum Network and I have been lucky enough to have worked with its development on a successful ICO called Social which is A Decentralised Social Networking Platform.
Tanshul: I was introduced to the crypto industry by a colleague who was day trading at the time and making lots of profit — Ethereum was not even in double digits at the time! The next thing I knew, I was pulled into the frenzy! By day trading, I began researching on these projects, reading whitepapers and asking questions about the technology behind such amazing innovations. Since then, I have never stopped learning. I believe that in a few years time, this industry will be what the internet is now — a necessity.
Q2. How did you guys come up with the idea for MoxyOne?
Mo: I was working on the Social ICO as a Solidity consultant for its debit card infrastructure and realised a need for this in the crypto industry. The more I tried to find out, the more questions I had about the payments system. I began talking about this with Tanshul who shared my love for this tech, and our discussions became longer and longer till we came up with a solution that is now called MoxyOne. At the time we called it “Moxy Totem” [laughs].
Tanshul: Yeah, that’s true, Mo and I spent hours discussing this idea and after weeks of discussion, we decided to make this into a reality. All our free time was spent researching, creating diagrams [Tanshul suggests we check out the whitepaper for these] and just deliberating on the finer details of the infrastructure. We realised that the token economy was almost at zero. Debit card providers were doing a good job of allowing tokens to be spent but, companies were struggling to make their tokens usable and the solution was not global. So instead of just having a debit card system like others, we decided to make this a white label solution for any company that wants to issue debit cards to their users. We also decided that our own token holders also deserved to be able to use our infrastructure so a custom MoxyOne debit card service was also included into the plans.
Q3. Why did you name it MoxyOne?
Tanshul: Well, we didn’t have a name for the company for a very long time. And when we were finally satisfied with the technical aspects, we thought what an ambitious project we have in mind and knew that this could potentially change the industry. We felt that the term “Moxy” described us the best as it means brave, we wanted to be bold in our approach to advancing the crypto economy. MoxyOne — means brave one.
Q4. Can you guys explain in a brief sentence what MoxyOne offers for the crypto economy and why people should be interested?
Mo: Recently, the cryptocurrency space saw a crazy boom and there are now so many coins and tokens that are just sitting in people’s wallets without having any real use for them. The crypto economy is just limited to trading at present and not many projects are actually making their tokens useful. We are trying to change that and I hope people find this a good reason to support us.
Tanshul: As a front end developer I had a vision that the infrastructure for the user should be as simplistic as possible. For companies as well as the end-user, the ease and ability to make everyday purchases with their cryptos; from buying their daily coffee to going on an overseas holiday or using an existing decentralised platform, was the ultimate goal for our service. Also, we are trying our best to have a global presence and working with leading industry experts and successful ICO companies to advance our product and the crypto economy as a whole.
Q5. In your estimation, what is the value of MoxyOne in the crypto industry?
Mo: As mentioned earlier, we hope that every company that issues cryptocurrencies will be able to let their users spend their tokens and grow the crypto economy together.
Tanshul: I also hope that we are able to create a space where more than just our company gets a chance at growing this industry. Mo and I always believed that people should actually be spending their tokens and use them for their intended purpose and not just be used for trading! I want to also highlight the fact that not just our tokens will get a boost but all those company tokens that have partnered with us, this includes major cryptocurrencies. And our Liquidity Providers feature will also help users connect to the real world in terms of currency exchange and actually spending their profits and cryptos.
Q6. Can you tell us about your tokens and why you need them in the first place?
Mo: We get this question all the time. Because we are building our own infrastructure and using off-scaling solutions, we saw the need for our tokens — for greater control. We know there are projects that issue tokens without a purpose but ours has many. As I always tell people that SPEND tokens are capped at 50mil and no new coins will ever be created. Our tokens allow daily spending by users and white label partners’ ability to setup payment infrastructure with us (payment gateways, wallets, debit cards).
Q7. As the developers of this product, what expertise do you have in developing this infrastructure?
Mo: I have already mentioned this but my biggest asset for MoxyOne is my Solidity development experience. Although the tech is pretty new, I have been learning since its early days and have even had the chance to work with Social to put it into practice. I have also worked in the finance industry and have a solid base in back end development and have also had the responsibility of being a CTO in a large financial company. I am confident that with our combined knowledge, we can deliver our product and service if we get the opportunity to raise the funds needed to make this happen.
Tanshul: Blockchain tech and cryptocurrencies are all quite new. Only being introduced to a small portion of the world in 2008, it has only recently advanced to a wider scale. Over the years, I believed in the potential that this tech had, and have been devoting most of my free time to learning more with the development community. Like Mo, I have also worked in the financial industry and have quite a good knowledge of how things work in this sector. Our combined experience is over 25 years! That should get us started off in the right direction.
Q8. What will the funding be spent on?
Tanshul: With the funds we raise, we will hire more competent developers and team members to help us achieve our goals to develop our infrastructure. A large portion of our funds will go into hiring talent as well as towards legals and compliance. Because our business model is global, we will need a solid team of legal and financial advisors to ensure that we are compliant with all local and international laws.
Q9. Which countries will MoxyOne be available in?
Mo: We hope to be available globally with the help of Liquidity Providers all over the world. But, first of all, we will be trialing our service in Australia. We are doing this because we are based in Australia and so that we are able to test out the infrastructure before rolling out globally. We want to be compliant with all local and international laws, hence we will be employing legal advisors to help us navigate this.
Q.10 With so many ICOs coming out recently, what makes you different?
Mo: MoxyOne has quite a few competitors in all honesty. There are a few big names such as Monaco and TenX which have been very successful in their own right. However, what sets MoxyOne apart is the fact that none of them offer a white labelling solution and most of them are prepaid debit cards where a user has to load their tokens onto the card prior to using it. MoxyOne will utilise the Just In Time protocol which will take any user’s chosen cryptocurrency and convert it to fiat at the time of purchase. We want to make a product that not only benefits us as a company but every user or partner — because ultimately our goal is to advance the crypto economy.
Q.11 How soon can we get the MoxyOne debit cards? And how can users use them?
Mo: According to our roadmap, our debit cards should be available by the end of 2018, and this depends on us reaching our funding goals. The team is working on developing a prototype and we already have a dashboard demo that can be viewed through our website (https://demo.moxy.one/).
Tanshul: Just to add to that, our first release is aimed to be in Australia and we will test out the system before rolling out to the rest of the world. Our users will be able to buy coffee, groceries and also pay bills with our card — just by tapping the card onto a compatible EFTPOS terminal (in Australia initially). Also, our official partner, Social (SCL) will be our first white label partner company that will use the system and will issue debit cards to their users.
Q.12 How can anyone that’s interested in knowing more, contact you?
Tanshul: Just contact us via Telegram, we are always happy to answer any questions on our Telegram group (https://t.me/moxyone). The team has also compiled a bunch of FAQs — (you can access them on this blog post).
Mo: Just want to let everyone know that we will definitely be doing an AMA session closer to the main token sale. So stay tuned!
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