India’s First Ever Blockchain Based Fund Managing Platform (Corruption Free)
Not Only India’s. Maybe World’s.
India is the 3rd largest exporter of dirty money. Since Independence, we have faced many multi-million scandals in the financial sector, corrupting India.
You may be well aware about the recent PNB scam of alleged $2 billion fraud and the scammer even refused to join the CBI probe citing his business engagements.
Even ICICI Bank CEO, Chanda Kochhar and Axis Bank MD, Shikha Sharma have been summoned by the Serious Fraud Investigation Office (SFIO) in the PNB fraud case.
I started collecting all the scams occurring in Indian Financial System (all of them uncovered after PNB scams).
INX Media Scam That Led To The Arrest Of Karti Chidambaram (son of former finance minister) over money laundering.
BSE listed UP Firm, Simbhaoli Sugars cheated OBC. The CBI has named the BSE-listed company’s CMD Gurmit Singh Mann, Deputy MD Gurpal Singh and eight others including the CFO in its FIR.
CBI books SBI officials, directors of a firm for loan fraud.
Another fraud unearthed at PNB branch in Rajasthan.
And still, over 9,300 India’s wilful defaulters owe over ₹1.1 trillion to banks.
These are some of the few known scams that earthed after PNB scam. I’m pretty sure, there are still many uncovered scams rolling out freely in our dark system.
China is very good at dealing with defaulters. China’s Supreme People’s Court has blacklisted 6.73 million bank defaulters and restricted them from travelling by plane, applying for loans & credit cards or getting promoted.
What’s the root of all those scams?
Centralised distribution of power. In recent PNB scam, the officials leveraged their power to assist the fraudster Nirav Modi in consideration of 2% commission on each LoU per year.
You see, it’s impossible to eliminate scandals and corruption if the existing centralised financial model stays. This needs to be changed. And crypto is here to make a change.
Ironically, banks started blocking deposits at Indian Crypto Exchanges.
And it’s normal. Who want to lose the business?
Banks don’t want you to use Crypto for the same reason postal service didn’t want you to use email. It’s that simple. I get some people are skeptic to bitcoin and crypto. But rejecting it without even spending an hour to understand the tech is beyond me — CryptoBull
This is a very big problem that needs to be addressed properly. Crypto currencies will change the way we run our business operations. The underlying technology is the key to build a smart and transparent economy. Code running on Blockchain will take care of all the agreement in a very efficient and reliable manner. Transparency will be duly maintained. Eliminating middlemen hence no centralised distribution of power.
How we are building India’s First Ever Transparent and Secured Fund Managing Platform on Ethereum Blockchain.
At MoatFund, we are disrupting the Fund Managing Industry by shifting its operational activities on Smart Contract running on Ethereum Blockchain.
No need of legal agreement. No middlemen. No delays. Yet, your funds are safe, transparent and secured.
The existing fund managing models are fully centralised and MoatFund is planned to disrupt the PMS industry by building a decentralised model to manage funds, leaving out no chance to scam the system.
Blockchain is the technology behind cryptocurrencies like Bitcoin and Ethereum. Through blockchain technology, we can create an irrevocable digital ledger of transactions.
And smart contracts can be created for literally any task: from smart homes and property insurance, to payment cards and logistics, to securely store medical records. MoatFund is defining the smart contract protocol of Portfolio Managing Services.
MoatFund is a combination of 3 different Smart Contract running on Ethereum Blockchain.
- Portfolio — This is where all the Ethereum, Altcoins and MoatUnits are stored. You can buy and redeem MTU from this contract. It maintains an immutable record of Ethereum Transfers and Fund Management Operations (etherscan).
- Token — This keeps the immutable record of all the MTU holders and transfers. It shows your Proof Of Membership (POM) in MoatFund (etherscan).
- Board — This restricts the usage of raised Ethereum to safeguard the interest of Investors in MoatFund. The team have to initiate a new proposal for any new investments which will then be presented to Board Members for approval (etherscan).
Smart contracts are a component of blockchain technology that is self-executing and stored on blockchains. Due to the decentralized nature of the system, no one controls these contracts and therefore every involved party can trust their validity. The code has the power to control and restrict how the data in the blockchain is accessed and used.
No Scammers can Scam MoatFund Protocol.
Yes, there’s no legal agreement and no third party (legal institute) taking care of the system. Yet, the funds are secured and safe in MoatFund Protocol. No one can scam the system.
Here’s a quick graphic illustration of how funds flow in MoatFund Protocol in 4 simle steps:
#1 — Minting MoatUnits.
As per our protocol, only team has power to mint new MTUs.
Ques — What if the team created any amount of MoatUnits? Why can’t you keep a fixed amount?
The minting works uni-directional i.e. minted units are sent to Portfolio Contract Address which is propotionately owned by MoatUnit holders so the team is not benefited even a penny by minting units.
And if all the minted units are not sold then it will stay with Portfolio Contract Address itself. No single person owns it.
#2— Invest in MoatUnits.
At MoatFund, the base currency is Ethereum. The investors have to send Ethereum to the MoatFund Portfolio Address and MoatUnits will immediately be credited to their sender’s account.
See, the investor send 1 ETH and instantly received 5000 MTU:
All the transactions are executed on Ethereum Blockchain which makes the whole ecosystem transparent and secured. Etherscan helps you to read blockchain data in better readable format.
#3 — Create Investment Proposal.
The raised funds can only be moved to Board Address which ensures that no single party (team) owns the wealth. The MoatFund protocol is designed in a manner which doesn’t allow anyone to access wealth individually. Decentralised Governance.
After moving funds to Board Address, the board members can create a new proposal for investment with a comprehensive report. Let’s take the following two easy-to-understand proposals as an example;
- Invest 12 ETH in shitcoin.
- Invest 20 ETH in sugarcoin.
Now, let’s suppose that more than 82% of the Board members voted ‘FALSE” to first proposal and 77% of the Board Members voted “TRUE” to the second proposal.
On execution, the 12 ETH of first proposal will be transferred to portfolio address and the 20 ETH of second proposal will be transfered to Team address.
This is the only point where the ETH funds are managed in a centralized manner by the team. However, it’s restrcited only to the ETH we requested in proposal to invest, so the remaining Ethereum are still stored at portfolio address. Phew!
In future, we will make this system more decentralised by directly executing orders from Board Smart Contract. At current stage, we didn’t find any reliable way to do that. We will surely implement that when we find any reliable method to do so.
#4 — Redeem MoatUnits.
Tokens holders can redeem their MoatUnits by directly interacting with MoatFund smart contract. However, MoatFund team have access to start, end and set the price of redeemption.
Send MTU to Portfolio Smart Contract and get Ethereum in consideration.
You can try this process on our MoatFund Testnet Smart Contract by requesting free ETH for testing.
MoatFund is Not Yet Another Crypto Project.
There are several fund managing protocols like TAAS, ICONOMI but most of them lack the transparency and are mostly centralised — the team has full access to all the funds at any point of time. You can get a clear picture of actual movement of your funds inside their protocol. And their fees are extremely high. For instance, TAAS charged 15% cut at the time of ICO and 25% quarterly profits. Crypto market is really hot. People are ready to pay anything. You must invest your money prudently.
The reckless raising of funds through ICO leads to newly introduced DAICO (Decentralized Autonomous Initial Coin Offering) and we are introducing DAICO in MoatFund protocol. This is where we are separated from other fancy ICOs, where all the ETH are withdrawn immediately by the team members on the future promise of generating their product.
We can’t simply withdraw anytime or any amount of ETH from the contract. MoatFund protocol restricts the withdraw of funds using a concept, Decentralised Governance which means there is no single governing party. And it will ensure the safety of funds with utmost transparency on the blockchain.
That’s how the MoatFund Portfolio Managing protocol works.
There are still few caveats in our protocol bound to technological limitations. However, we will keep updgrading the MoatFund protocol as the blockchain technology enhances.
You can check all the crypto currencies we hold in our MoatFund Smart Contract with all related transactions. This is how the transparency and safety of funds are ensured on the Ethereum Blockchain.
At MoatFund, we minimized our marketing tactics. Spent not even a dim on ads. Not distributing irrational bonus and discounts. No just-for-name advisors. The team financed the project and yet, no deduction in Ethereum raised. We are fully determined to make MoatFund a genuine crypto project and instead of taking 10 steps at a time, we will grow gradually by concentrating more on building a better underlying protocol instead of fancy show off.
If you have any queries, always feel free to join our telegram group or discuss with us on our forum. Join MoatUnit Offering at our official website — https://moatfund.com
