AMA RECAP: Polystarter x Monsoon Finance
To help our community learn more about Monsoon Finance, the second early project launching on Polystarter on September 27, 2021, we conducted an insightful AMA session. John, the Lead Developer of the project, joined our Sr. Marketing Manager, Mike, to highlight various aspects of Monsoon and its approach to achieve its mission. We are glad that the session was successfully concluded on September 22.
To make sure our community doesn’t miss out on any crucial update, we have prepared this Recap that comprises this session’s details. So, without further ado, let’s move forward to the session.
About Monsoon Finance: It is a decentralized multi-chain privacy protocol bringing private transactions to every smart contracts blockchain.
PART I: INTRODUCTION
Mike: Before we start, could you please give us a brief introduction of Monsoon Finance (https://monsoon.finance/)?
John: Hi everyone, thank you for having me. I was unable to type but now I’m able to. My name is John and I’m the lead developer of Monsoon Finance, a multi-chain privacy protocol. We are building a suite of privacy tools that can be used by every DeFi user of every smart contracts blockchain. Monsoon uses zk-SNARKs to break the link between cross-chain and wallet-to-wallet transactions.
When cryptocurrencies are inevitably used as forms of payment for every day goods and services, privacy is paramount, otherwise anybody you pay can instantly know your net worth. In addition, when real estate deeds are represented as NFTs on blockchains, your public address can also reveal which properties you own — potentially revealing where you live!
Mike: To start off with,as mentioned earlier — let’s talk more on the highly sought-after feature that Monsoon Finance enables — Privacy.
Q. How does Monsoon Finance improve transaction data protection and privacy within a network?
John: Monsoon uses zk-SNARKs to break the link between cross-chain and wallet-to-wallet transactions. Our wallet-to-wallet privacy tool is a fork of Tornado Cash, an audited and battle-tested privacy tool for Ethereum. We are also building a multi-chain privacy bridge. This privacy tool will be huge, allowing you to move assets across any blockchain in a completely private and decentralized way. Monsoon nodes will stake MCASH to validate cross-chain transactions, but these transactions use zk-SNARKS to prevent nodes or any onlookers from linking deposits to withdrawals.
Q. On which chain has Monsoon Finance already been deployed and is your platform multi-chain based?
John: We want to bring privacy to every smart contracts blockchain that can support it. This includes Polygon, BSC, Avalanche, Moonbeam, Acala, Cardano, Solana, Near Protocol, etc. So yes, our platform is definitely multi-chain based. We believe in a multi-chain future of interconnected blockchains. We have already deployed an instance of Monsoon on Binance Smart Chain mainnet: bsc.monsoon.finance and Polygon testnet: matic. Monsoon.finance
Q. What are the steps to start using Monsoon Finance?
John: It’s quite simple really. You simply connect your wallet, deposit a certain amount of cryptocurrency, save the note that is given to you, wait some time (we generally recommend 15 minutes) and then paste the note in the withdrawal section to withdraw to a different wallet. Our service uses zk-SNARKs which are cryptographic proofs that basically allow you to prove something without revealing too many details about what you’re proving.
In this case, it allows you to prove the validity of a deposit without revealing which deposit you’re referencing, so you can make a deposit and then a withdrawal without linking the two together. This allows users to make private transactions that don’t reveal the address of the sender.
Mike: The whitelisting for the Monsoon Finance $MCASH IDO on Polystarter is now live https://t.me/PolyStarter_Official/96 — nearing the IDO date on September 27.
Q. Which situation or fascination led you to launch the IDO on Polystarter?
John: Good question. We believe that Polystarter will be the biggest and most popular launchpad on Polygon. It has already gotten a lot of hype and press, and we are excited to be one of the first projects to launch. We have a good relationship with the Polygon team, so naturally we wanted to choose the best place on the Polygon network to deploy our token. This involves Polystarter, Quickswap, and Dfyn.
Q. What further steps are planned for the future — can you walk us through the Roadmap or what is in the pipeline to look forward to?
John: Our biggest event in the near future will be IDO on Polystarter and Bullperks launchpad on September 27, followed by exchange listings soon after. We plan to deploy an instance of Monsoon to every smart contracts blockchain that can support it. Our next blockchains will include Avalanche, Fantom, Karura, and Moonriver. We are also experimenting with the Solana Neon Labs testnet.
By December or January we plan to release the alpha version of our multi-chain privacy bridge. The bridge will slowly become more decentralized as more validators are added.
Q. Can you share about the Monsoon Finance Investors/backers, advisors and the funding round? I’m sure the community tuning in would love to know more about it.
John: Sure. Our investors include NGC, LD Capital, Lotus Capital, Shima Capital, Part One Capital, Bullperks, Genblock, AU21, Router Protocol, Sandeep (Polygon), MXC Ventures (PrimeBlock Ventures). We also have several advisors: Josh Meier and Corey Billington from Latitude are our marketing advisors and Ryon Nixon from Horizons Law (crypto law firm) is our legal advisor. We raised 500k in seed and 1.5M in private sale. Our tokenomics can be viewed in the Polystarter research report.
Mike: Yes. Monsoon Research Report Link — https://bit.ly/3hRl4HP
Q. Approaching the IDO on September 27 for $MCASH: Could you share the use cases of $MCASH, Monsoon’s native token and how does it capture the value of the ecosystem you’re building?
John: MCASH is first and foremost a governance token. That means that users stake MCASH to vote on proposals for the project, such as changing the protocol fee and choosing which blockchains should be supported and deployed to. In addition, the token is revenue-generating, meaning all fees generated by users using Monsoon services will be used to buy back and burn MCASH tokens. A protocol fee is taken on every private transaction, so the token price will have a floor supported by the utility of the protocol. 25% of the token supply is allocated to the governance treasury, so the community can use these tokens to hire more developers and put out bug bounties and marketing campaigns.
Q. What is the initial Market Cap of $MCASH?
John: The initial market cap of MCASH will be about $450k. The initial circulating supply will be about 3 million. This is because we want the supply to slowly increase over time as the project gains more adoption.
PART II: COMMUNITY QUESTIONS
Q. Hi @JohnMonsoon, what will be the tax on transferring funds over the protocol?
John: The protocol fee is the governance defined. Right now it is set at 1% but can be decreased or increased up to a maximum of 5% — but that’s up to the community to decide.
Q. As we are moving towards regulated crypto currencies and regulated crypto transactions & as Monsoon is offering the privacy in transaction will money laundering activities increase through this.? If not how you are planning to control the same. As there is general talk that cryptocurrencies are used for such transactions. How does the Monsoon Finance team work on this.?
John: We will provide a compliance tool that will allow users to prove a link between a deposit and withdrawal for compliance purposes (such as for taxes). However the service is decentralized so it can be used by anyone. There is no way to prevent certain users from using our platform. We believe censorship resistance is more important.
Q. Normally the transactions in BSC are extremely fast, almost instantaneous, now that Monsoon provides privacy, will this great speed affect something? like in Polygon Tesnet?
John: No, in fact the speed of these new blockchains will make private transactions cheaper and faster to perform, which is good for everyone.
Q. Who are your biggest competitors now? What are the advantages that your project can beat competitors?
John: Our biggest competitor is Tornado Cash, but to my knowledge they are not building a decentralized multi-chain privacy bridge, so that is the greatest difference.
Q. Security is the main concern for Investors. Before the launch have you completed any audit by a 3rd party security farm? Did they find any issues?
John: Our token audit by Armors completed with flying colors. The rest of our protocol is in the process of being audited and we will share news of that when it is available.
Mike: Thanks for answering the community’s Questions John. Once again, it has been a pleasure having you and we are all looking forward to the IDO on September 27!
John: Thank you for having me everyone! We look forward to our token launch on Polystarter in the near future.
A note to the Polystarter Audience who still have any questions can join our community or ping us on any of the social media channels.
👥 Official Social Media Links:
📌 Website: https://monsoon.finance
📌 Telegram: https://t.me/monsoonfinance
📌 Telegram Announcement: https://t.me/monsoonann
📌 Twitter: https://twitter.com/monsoonfi
📌 Medium: https://medium.com/monsoonfinance
About Polystarter
Polystarter is the native Decentralized Launchpad for projects building on Polygon, with a strong emphasis on providing equitable opportunities to the community without the constraints of centralized platforms or high transaction costs.
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