Venue: Youtube Special Announcement - MahaChain - Live AMA - YouTube
Date: 28TH December 2021
The special AMA session was headed by MahaDAO founder Steven and was packed with a lot of exciting news. He shared with us some major achievements in the year 2021 as well as detailed information about upcoming projects. Below is the AMA for your read.
This has been a long time coming and I’m very excited to share with you guys, some of the amazing updates that we have been working on over the last few months. Honestly, this has been a long time coming because it’s been nearly a year since MahaDAO started and we’ve come a long way throughout that journey. But now what I’m going to share with you guys is something so major and exciting that I strongly believe could possibly change the world. What is a point of doing something if you’re not going to change the world? Right.
This is our first live stream on YouTube. Really. Thank you, guys, for joining us and hope you will be in entertained with what we have to share today.
The first piece that I would like to share with you guys is about the private sale investors. And this is an important piece because private sale investors are now fully out of the equation for MahaDAO, which means there are no more dumping of tokens by private sale investors on the community and on the team. I think this is fantastic and this sort of is elaborated in a recent buyback we did for a 100,000 (hundred thousand) Maha tokens from various private sale investors. Some of these investors have small amounts of Maha exposure, but now a large chunk of them is no more in the system.
How exciting is that, when you know the project is giving back to the people. Now, the reason why I say this is because if we could go back in time and change a few things, I think the one thing we would’ve changed is the fact that we ever got private sale investors in the first place, because without the private sale investors dumping on us, Maha itself saw a massive, massive growth all the way up to $25. Right. But since the private sale investors do exist and they have tokens that they would dump on us, we have sort gone down from there. If there’s one thing that I could change, it is to get the private sale investors on board. That is the one thing I would’ve not done. You know we saw the glory days of 20$, 25$ per Maha token. That’s why as founders, we have bought back a huge chunk of Maha token back from investor to show how bullish we are on the project.
The second bit I want to talk about is, is this beautiful price chart that we have for Maha. What kind of a chart is this? This is like a work of art, honestly. Basically, we are not only forming higher lows, but every time we have a spur or announcement, we see huge spike of interest. I’m very excited that the community is still alive and active today. This is such a beautiful chart, honestly, I can’t explain how excited we are to see this grow into something big.
This is our Github repository, and this is something that we want to bring to your notice to show you guys that, we are actively working, developing coding, researching a lot of things with various products, various features and suggestions from the community from advisors and so on. The only issue is that a lot of these repositories are private. So, what I’m showing you right now is an actual live snapshot of our repositories. And as you can see, we have many things being worked on quite active. I mean, at least seven, eight repositories are updated, within the last two week or so. I mean, all of these are hard work that we are doing. So, as you can see, there’s a lot of exciting stuff being worked on under the hood and we are just getting started. The show is just getting started.
The next bit, which is cool to talk about is the Maha that has been staked. And I think this is a very bullish thing to note simply because now the circuiting supply of Maha after all the private sale investors are out, the inflation of Maha drops drastically and stays the same over the next nine years. So Maha has a 10-year tokeconomics, a long term tokeconomics. The supply of Maha now is going to get so scarce that over the next years, the remaining 70% of the circulating supply, (currently I think we have about 3 million tokens in circulation, out of a total supply of 10), the remaining 70% gets distributed across nine years. 20% of the 3 million tokens is already locked. How awesome is that? I mean, it’s like creating long term believers and holders of the project. So this is very exciting to see and I’m proud that we have such an active and strong community that believe in what MahaDAO is trying to do.
Moving forward you know this month, we promised you guys’ exchange listings, we have had two exchange listings that happened this month, FMFW and L bank. We hope to get more exchange listings coming as time moves on. The team has enough funds for some of the tier one exchanges, we are just waiting for more updates, more users, a bigger growth and so on.
Here is the ARTH wallet, one interesting thing I want you to note is that ARTH wallet will officially integrate Petro into its ecosystem. And this is a very, very big deal because Petro is one of the official cryptocurrencies of Venezuela, but it has a lot of issues when it comes to adoption. MahaDao will launch ARTH alongside with Petro in Venezuela, in the coming few months. We are very excited to have that integration added into the ecosystem.
MAJOR ANNOUNCEMENT - Upcoming launch of the first Dao Powered Blockchain – The MahaChain
The major announcement that we have been working on over the last six to seven months but have been keeping our mouth shut simply because the timing is not right, but today the timing is right. With the blessings of Satoshi, we would like to introduce to you guys Mahachain, the world’s first DAO powered blockchain with economic incentives built in . What better way to introduce Mahachain than an article from Cointelegraph, a tier one publication with a lot of users reading it every now and then. This is a major step for Maha token simply because it makes the Maha token more valuable than what it was before. The Maha token now plays the role of a blockchain token . This is very similar to a polygon token or Ethereum token or TerraLuna and all the other different blockchain tokens you see that have obviously Ludacris valuations.
MahaDao is stepping into the game with its own blockchain called MahaChain. Questions come like, Hey, why do you want to create your own blockchain when there is already Ethereum, Avalanche, Polygon, Solana, all these guys out there. Why should we create our own new chain? There is something very cool, very interesting, very special about the MahaChain that I think is so disruptive that it could potentially make waves across nations over the next coming years.
Reading through the PR, it talks about MahaDAO recently announcing the launch of MahaChain, a revolutionary blockchain with built in robust economic policies powered by smart contracts , bearing a resemblance with policies issued by a central bank. Maha chain implements different economic policies, such as quantitative easing buybacks interest rates to promote and boost the growth of the DAPPS within the MahaChain ecosystem. It is the first blockchain with built-in economic policy, built-in Central bank that will allow you to do things like quantitative easing interest rates, buybacks. You can think of this as how Central bank for a country would behave in a way to stimulate or de-stimulate its economy. And so essentially Mahachain would stimulate the economy.
I think this is very revolutionary because crypto today or blockchains today have not been incentivized by their blockchain token or the native token, but if we have a blockchain the MahaChain with the Maha token, not only protecting and governing the chain, but also incentivizing economically the DAPPs, the different users on the chain, then we effectively create a perfect or the most decentralized economy.
So MahaChain, the DAO powered blockchain with built-in economic policies is set to launch in the first quarter of 2022. Which means the coming quarter, the next quarter itself this chain is going to go live with the test net having launched the Chain in a white paper, written joint by myself and Suhas Kulkarni who is an economist that we have been working with over the last six to seven months, a brilliant mind who has advised various prime ministers, various financial ministers have had a background in economics for over around 20 years or so. We are using some of the smartest minds to build these new economic policies that will get coded into the blockchain.
MahaChain will be an EVM chain , which means all your Ethereum DAPPs, your compound Sushi Swap, all the Ethereum guys will be able to build on top of the Maha chain. It is using the Proof of Stake, but a different modified version called Proof of Stake DAO , which allows the DAO community, the people to be the one securing the blockchain. This will not be like a Binance smart chain where most of the nodes are owned by Binance, but this will be more of a community driven chain where the nodes are run by the community themselves. And the most exciting thing is that the primary focus of this blockchain will be high inflation countries, countries like Venezuela, Argentina, Turkey, and Nigeria. These are the different communities and countries the MahaChain will focus its attention on. Because it’s an EVM chain the Maha chain will also host your NFTs, your Defi, your Dexs, your lending protocols, all the things we love about Ethereum will be added into the MahaChain.
Also, there will be bridges . That allow the MahaChain to integrate very seamlessly to Ethereum, Polygon and all the other blockchains in the world. This is the website guys. This is MahaChain.com
The first blockchain for a decentralized economy, Maha chain is the first DAO run blockchain with stable coin transactions , which incentivizes DAPPs creators , meaning that the transaction fees in the Maha chain will be stable. It’ll be using ARTH to pay for all the different transaction fees , which means that you know your gas fees will always be predictable. And this is something a lot of people like because back in 2016 2017, when one ETH was maybe 50 to a 100$ people thought that it was not too expensive to pay for transaction fees, but today when one ETH is $4,000, it’s very expensive to use Ethereum blockchain.
So just like we have X DAI Mahachain will also use stable coin for transaction fees in the form of ARTH. It is the first blockchain with built in monetary policies. This is the coolest bit, honestly, I feel. It is eco-friendly, using proof of stake, you can use a laptop to run a node. Of course, it is fast with block finality of less than 5 seconds and we are working towards making it secure with support for more than a 100 community driven validator nodes. This is Mahachain documentation code which will be made available in the first quarter of this year. And we are expecting a go live date or a soft launch sometime in the month of February.
When MahaChain goes live, the first DAPP to go live on the MahaChain, is the ARTH wallet with an integration with Petro. How exciting is it that? The first users of MahaChain will be the Venezuelan people who will be using it to send ARTH and Petros back and forth, to buy bread and pay for different goods, and services, so on and so forth. How awesome is that?
After Venezuela, the next community will be Turkey because the Turkish Lira recently hit a new low after a recent rate. Cut. Yeah. So this is our plan for the next few quarters.
What we are going to do now is to take some questions from the community. I am going to ask Urvesh to give me some questions from the community.
Before we conclude. I just want to say one last thing is that this is not possible without the people. we need you guys to help us in this journey, join us in this journey and help MahaDAO grow because MahaDao is not a VC driven project, it is not a project which is a pump and dump. It is a long-term belief with a long-term vision driven by people like yourself.
This is the application for DAO patrons, which is a way for you to receive Maha for contributions that you can contribute to the community. As you can see here, we have many different people who have already become patrons and they are receiving Maha tokens as rewards for contributing in some way, any way or form to MahaDAO. My request is guys, we need your help. We need help. We need more people to help us in this mission to create a big impact in the world. You can do that by just visiting this site and filling in information about yourself, what you can do, what you can contribute and so on.
Let’s take questions now from YouTube chat, telegram, and discord. I have my phone with me, and we’ll be trying to answer questions over the next 30 minutes. So, let’s take questions from the community and answer them one by one. Yeah. Cool. So, let’s see here, telegram.
Q1. When is staking and how many Maha token for a node?
Steven: Currently the staking website is under upgrade. We have some very crazy APY numbers, but now the smart contract is being upgraded. Either we finish this today or tomorrow, I think in the next few days the staking portal itself goes live. We are looking at around a 100% APY already for the Maha stakers at current price.
How much Maha for node? The current criteria subject to change is having 2,500 MahaX. Which means either you stake 10,000 Maha for 1 year or you stake 2,500 Maha for 4 years. So that is the current criteria for running a node, but also you will have to be voted in by the community as well. So not only do node validators stake certain number of tokens, but they need to also get voted in by community members putting down their Maha tokens to vote for you. And this creates a very decentralized way of securing the network.
Q2: I had ARTH at one point, but it wasn’t worth it because of ETH transaction fee. Now I’m back as a holder. Can you help?
Steven: For sure, just raise a support ticket and we will reimburse you for your transaction fees and of course you’ll be added into the ARTH debt pool, which will allow you to reclaim whatever you have spent on ARTH V1.
Q3: What is the target for next year.
Steven: My personal target, I mean, it’s not either next year or the year after, but my personal target is for Maha to be a 100$. Essentially there are lot of people who believe it can go higher simply because if you compare Maha with maybe FRAX or Terra Luna, I mean, Maha can easily grow by 500$ or a 1000$ even. But my conservative target is a 100$ and I want to make sure that we work towards it, but please don’t pin me on this because this is not financial advice. I have to make that disclaimer. This is just what I believe as a founder. I should be able to deliver over the next one year.
Q4. Hey, will there be any integration of Scallop Chain ?
Steven: That will allow you to integrate with Polygon, Scallop chain, Ethereum, Avalanche, Solana, BSC. With the help of these bridges, we will be able to integrate with most of Defi.
Q5. How do you plan to introduce MahaChain in Turkey in case of a cryptocurrency ban there?
Steven: In the case of Turkey, it’s very interesting because Turkey has been open towards creating or launching a CBDC a central bank backed digital currency. And so, Turkey is one of those countries that is more open towards the cryptocurrency industry. But in case there is a ban, then there are two things that we would do. The first thing is a peer-to-peer decentralized network. It does not need regular leaders to approve it. But if the regulators do approve it, then they can be special benefits that the government can get like taxes, profit, transaction fees, and so on and so forth.
So, if there is a ban, it is still fine because everything is decentralized, but because you know, there are so many other countries that are also open to cryptocurrency because of high inflation.
We would most likely start looking at other countries as well. There are so many in the list when you think about inflation. And I think this century is a century where the biggest narrative will be inflation.
Q6. When would there be a community for India? MahaDao is Indian and not listed on any Indian exchange.
Steven: MahaDAO is a global brand. I’m Indian, that’s the only difference, right? but ironically, we don’t have any Indian exchanges. However, that is going to change. We have closed an exchange listing with one of the biggest exchanges in India and at the right time that exchange listing would go live although at the moment the focus is the high inflation in our countries
Q7. Does the token remain the same or is it a separate token?
Steven: No, it’s the same token. We’re talking about Maha and ARTH. No new tokens. Just stake Maha and then you get to participate in the network, secure the network, earn rewards, vote and stuffs like that.
Q8. How many screens have you got?
Steven: I’ve got eight screens, like there’s four here and there’s four behind and there’s of course the news that’s playing over there. I have one screen for telegram, one screen for Twitter, and one screen for discord, because the community want me to like, speak to them. So, I must keep three screens for the community.
Q9. When will we receive staking rewards?
Steven: As I just showed you, we are upgrading the staking contract. Once that is done, then the staking rewards would go live in just a matter of a few days
Q10. When Lambo?
Steven: , I don’t know when Lambo. So you know not a question we can answer.
Q11. When can we expect Maha Staking for those who locked tokens on the Maha site?
Steven: Again, next few days those who have already locked tokens will get a bonus than the others simply because they they had locked tokens before staking goes live.
Q12. How is MahaChain different from other blockchains out there?
Steven: There is very simple. MahaChain is not competing with Ethereum or ETH killer Rather what it is going to be is a Layer 1 chain with economic incentives focusing on Venezuela, Nigeria, Turkey and other high inflation countries. All the DApps that are built on the Maha chain will also earn Maha token. Today, if you go to the Ethereum blockchain, and you build a very popular Ethereum application, you don’t get any rewards from the blockchain because the blockchain does not have this concept at all of giving you rewards for driving growth on its platform.
So if you build on MahaChain, you will get economic incentives in Maha tokens for simply, being there and driving volume in transaction. So that is the biggest difference. It is the first blockchain with an economic incentive which I think is so groundbreaking and revolutionary that we might see copycats. We might see you know a lot of new people new interests coming in when Maha chain goes live.
Q13. Will we have to migrate our ERC Maha token for staking?
Steven: There will be a bridge between the ERC 20 Maha and the MahaChain Maha. So staking will be migrated and most of it will be gas less for you. So you don’t have to pay for any gas fees or really, you won’t have to do anything if you already staked your Maha on polygon. So that is one of the things we are going to do is to make sure that the transition is very smooth and simple.
Q14. What do you mean by targeting the Turkish community? Turkey does not have a digital currency digital currency yet.
Steven: Essentially what we are going to do is first focus on Venezuela and get it right. Once we are able to show that we are successful in creating a currency, in launching ARTH and integrating with Petro in Venezuela, then it becomes very easy for other countries to understand what MahaDAO has done in Venezuela, they can replicate in Turkey, Argentina and many other countries where inflation is a problem. People can learn lessons from us and then integrate with us once they see a successful launch in Venezuela.
Q15. How will price go up if nobody is selling?
Steven: There is no sell wall. Essentially, we are buying back a lot of Maha. I’m very bullish on Maha. I believe that if the founders don’t believe in their own project or product, or if the founders are not vested themselves right. Then what is the point honestly? Right.
Which is why, we have purchased a large portion of at least my network into Maha. Simply because we want to go all in. So yeah, there’s no cell wall because we are the ones buying Maha as much as we can.
Q16. When will we see ARTH in scallop?
Steven: Most likely in the month of January and February, that is when ARTH and Scallop will go. But Scallop is also doing their major launch sometime in Q2 which is a tentative plan. So when they are alive, the integration with ARTH is simple.
Q17. Will MahaChain mainly focus on CBDCs, any room for defi or third party DApps?
Steven: This is the first blockchain with economic policies for CBDC, Defi, DApps, third party applications, NFTs or whatsoever. It’s meant for our Ethereum folks, but with a focus primarily from the team on ARTH and CBDC. People can build whatever they want, they can build Sushi Swap, Board apes, NFTs, Texas, Compound Aave all of them can be on the MahaChain and they will get Maha rewards for being on the MahaChain.
So, yeah, it just it’s open for all.
Q18. The fees from MahaChain transactions, will they go to validator nodes and what are the requirements to become a validator node?
Steven: The fees from MahaChain will go to the validator nodes and the requirement right now is hold 2,500 MahaX and also be voted in by the community by having the community stake, their MahaX to you. That is something that we will make clearer and document over the next coming month.
The Maha chain validators will not be run by Centralization or people we select, it will be run by people, you select the community and the people. So essentially, we are going to make sure that there’s no way that any single entity can try and tackle or bring down the network, which is also why it is important for us to buy back Maha tokens from some of these investors, because the private investors had way too much Maha tokens that they could have possibly taken down the network if they wanted to.
The validators will be driven by people like yourself. It’ll not be run by us. We will, of course run a node, but we will not choose or give exclusivity to people to any node. It is purely decided by the people and what the community likes and wants. So yeah, stressing on the people and how focused we are in being decentralized.
Q19. Can Mahachain also support metaverse, DApps with TPS.
Q20. Do we plan on applying a patent on ARTH concepts and GMU?
Steven: No. so there’s no point on having a patent because patent is restrictive on creativity and allowing people to build on these ideas. The reason why there’s no point in having a patent is because what’s more important is delivering things as quickly as we can. We are focused on taking the ideas and the concepts that we are creating and putting them to the market as quick as we can.
In reality, the person who does it first is actually the winner not the person who protects it. There’s no point having a patent for something that is decentralized rather the focus or the energy should go towards pushing this out into the market and having users as much as possible.
So that’s our perspective on how having a patent. We are not going to do any patents; everything is open source free to use. Even the ARTH wallet will be made open source once the development is done. So, yeah, being open fair, but of course, you know being very fast that is our secret sauce.
Q21. Does it affect or change four years Maha staking for IDO?
Steven: No. The tokens you stake for the Maha nodes are different from the tokens you take for the IDO or IBO.
Q22. Is there a plan for boosting liquidity on Texas?
Steven: Yes. So there’s a plan for boosting liquidity on Quick Swap and BSC. That will be coming soon over the next few weeks or days.
Q23. When Quick Swap Dex?
Steven: Already Quick Swap Dex is integrated.
Before I keep on rambling repeatedly, let me just take two or three more questions, and then hopefully we call it a day because I do want to make sure that we respect people’s time, but you know, your questions guys are, are amazing and very excited to obviously share with you guys this update.
And so just few, just two more questions guys. And, and I think we can call it a day.
Q24. Will there be an increase in token supply for Maha, for nodes through awards distribution?
Steven: So Maha already has an inflation rate of 50,000 Maha tokens every month that inflation rate will carry forward over the next nine years. Before today, the inflation rate was around 250,000 tokens per month. From 250,000 Maha tokens to 50,000 Maha tokens that is the shrinkage of inflation that has happened right now. And from this 50,000 Maha tokens is where all the incentives for the MahaChain, for the IBO, the patrons, the community, everything will come from the already predefined schedule, so no new increases.
Q25. Does MahaX takers still receive fees without a node?
Steven: At the moment we have not built the system to go that far, but we could think about it and, and if the community wants it, then obviously we would build it. So that should be sort of it.
Cool. Awesome guys. Thank you so much, honestly for allowing me to share with you all the exciting updates that we had to share. And I wish that more of you were join us in this journey. We need help. We need people like yourself, no matter how big or small your contribution can be. We need your help to make this into something very big. So, I request for those of you that are interested to help us in a big or a small way, join us as a DAO Patron do some contributions and earn some Maha tokens as incentives for helping us grow.
So that’s it, thank you guys so much for your time. Really apologize for some of the lag or issues that we had. This is the first time that we are doing a YouTube live AMA, but I can assure you that we are going to do more of these in the coming few months to keep you guys posted on whatever is happening. And with that we are going to sign off. Thank you so much. Have a wonderful new year’s and happy holidays.