Midas AMA Transcript

BSC.NEWS hosts MIDAS, an algo stablecoin on Binance Smart Chain. Non-anon team, Fast growing, Ready & real use cases with existing ecosystem Midas.eco All questions were answered by @Dr David Nguyen, @PhillipPhung, @Thanh Le, and @Phi Long Phan

Crypto Shrimp (AMA Host): ok the room is locked let’s check if you guys can type?

Dr David Nguyen: Yes I can

Phillip Phung: Yes, I can

Crypto Shrimp (AMA Host): great! welcome to bsc news and im glad to have the MIDAS team here with us

Phillip Phung: Thank you for having us

Crypto Shrimp (AMA Host): Before we start, once you’re done with your answers, do type “done” and we can move on to the next question, is that ok with you guys?

Phillip Phung: Sure, noted

Crypto Shrimp (AMA Host): Alrite lets get started.

Q1. How about we start off with an introduction of Midas team members, could you tell us how many members & their roles?

Dr David Nguyen: We are here today with 4 of us, but the company has more than 40 developers. We have been in this space for more than 3 years. Mr @thanhmsu is our CEO. @phillipphung is our CMO. Mr @phanphilong is our COO. and I’m David, CFO

Crypto Shrimp (AMA Host): wow thats a big team!

Q2. Do you guys have any past experience in crypto or projects that you are involved in?

Phillip Phung: Our CEO Thanh Le was the co-founder and former Chief Information Officer of CocCoc – the 2nd biggest browser in Vietnam. Thanh was responsible for building the technology behind CocCoc, driving it to become the biggest Vietnamese digital advertising publisher with 30 million monthly active users. Thanh Le has been the key driver behind Midas Protocol & Vinex Network product development and growth. Midas CTO Ngoc P. Nguyen (aka. SN) is now named as Midas Group Vice President for Technology. SN brings to the position a wealth of knowledge and an array of experiences in blockchain space. SN has 25 years of programming experience under his belt. He has championed many prestigious international programming competitions such as International Olympiad in Informatics (IOI), ACM International Collegiate Programming Contest (ACM-ICPC), Imagine Cup and Google Code Jam.

Dr David Nguyen: SN is lead developer several years ago in Zcoin. and 3 years ago we started Midas and first to develop Midas Protocol wallet app. the wallet app now is used by more than hundred thousands people worldwide

Phillip Phung: Hoang Ngo is CTO of Vinex Network crypto-exchange (another key pillar of Midas.eco). He was a Developer at Zcoin (now Firo), Exclusive Coin developer. Mr. Hoang has over 7 years programming experience in blockchain core and crypto exchange.

Dr David Nguyen:So Midas has developed many crypto related products that can be seen at midas.eco and mcash.eco 


that include wallet, exchanges, ecommerce, payment gateway, nft marketplace etc and many gaming dapps as well

Crypto Shrimp (AMA Host): That’s a very impressive background you guys have! you mentioned about midas Eco which leads to a side question that i have.

Side Q: We are aware you also have a wallet in existence, Midas Eco, how does it benefit Midas Dollar?

Dr David Nguyen: Midas wallet app is fully supporting Binance Smart Chain at the moment.


Thanh Le: It helps us to quickly apply MDO and Midas Dollar to the real products, what’re ready to run in Midas Eco

Dr David Nguyen: so basically MDO is ready to accept the ecosystem. Meaning that many products such as gaming, NFT marketplace, Ecommerce will accept MDO

Thanh Le: Not only the Midas wallet, but also some interesting products what we’re running with our partner like multicoin.casino

Crypto Shrimp (AMA Host): Utility wise for MDO is quite huge I would say,  really impressive. That brings us to 

Q3. Could you explain how the tokens work? we can see that there’s $MDO $MDC $MDB.

Thanh Le: Inspired by Basis and its predecessors (Empty Set Dollar and bDollar), Midas Dollar is a multi-token protocol that consists of three tokens: MDO (the algorithmic stablecoin), Midas Dollar Shares (or MDS, which holders can claim MDO inflation when the network expands), and Midas Dollar Bonds (or MDB, which can be purchased at 1:1 rate when the network is in contraction and can be redeemed with premium for MDO the network returns to its inflationary state, above the $1 peg).

You can find more info here: docs.midasdollar.fi/

Crypto Shrimp (AMA Host): As you are probably aware, a lot of users don’t understand algo stablecoins, could you give a simple overview where users should start.

Phi Long Phan:

I think this question is quite similar to the 1st one above. But the basic idea is to have a stablecoin that is shielded from inflation and deflation by using the function of expansion and contraction of the total supply. 

The stablization mechanism can be read in details: docs.midasdollar.fi/mechanisms-1/stabilisation-mechanism .

For the start, you may visit midasdollar.fi and join one of the banks and boardroom to farm MDO and MDS, or can join bVaults at bearn.fi to let the Vault works for you.

Crypto Shrimp (AMA Host): that’s good stuff. 

Q4. How does Midas Protocol generate revenue to sustain the project?

Dr David Nguyen: Midas Protocol is established blockchain company for more than 3 years with many product lines namely 5 pillars which includes wallet app on iOs/android (Midas Protocol Universal Wallet), Exchanges, Gaming, E-commerce and NFT marketplace etc. Now Midas Dollar is the new and cornerstone pillar of our DeFi mission. Beyond the Dev MDS funds that are linearly vested from this project per se, the synergy of all other products that will use MDO will generate more income not only to sustain the project but to develop and enlarge it to contribute to larger adoption that is coming from the Binance Smart Chain ecosystem.

Q5. What are the long term goals for Midas

Thanh Le: Generally speaking, our long-term goal is to put blockchain into practice. We aim to increase the blockchain’s applicability to traditional businesses About product, the long term goal is still growing with the market and by co-elevating and co-creating of values through win-win partnership. Particularly for Midas Dollar, we’d expect Midas Vaults & MiDEX will be the catalyst for growth. We want to increase use cases and community. Each of Midas’ products has its own user base. Yet, by crossing from one to another pillar, Midas can help each product to grow faster, stronger like what you have seen in the last 7 days of Midas Dollar launching. The support is overwhelmed from the existing Midasians and partners. Being non-anonymous, Midas also gained more trust from crypto enthusiasts. And to all partners, we always try to help them grow and reward their community as well, such as through donation (in the case of Bearn, today we have donated to them 500 MDO to airdrop to bVaults community). We will soon announce a twitter contest with a Binance Smart Chain group to reward their community as well. Along the way with the development of MDO, MDS, MDB, we will create more joint events like that to contribute in the creation of a healthy and supportive Binance Smart Chain Community.

Crypto Shrimp (AMA Host): im sure a lot of us will be looking forward to the contest and get some rewards at the same time too

Thanh Le: We want to contribute to the mass adoption of DeFi. We all love blockchain and crypto because decentralization means so much to us, it is Freedom returned to the People. Mass adoption of DeFi in particuliar and Mass adoption of blockchain & crypto in general is always at the top of our mind when we develop our many products. I would like to quote our Chief Scientist – he said that there are so many ideas to be done. We are not afraid of running out of ideas and innovation in this space, we are only afraid of the mentality of competition. This space is still too small. There is enough space for a lot more development. So don’t focus on competition. Focus on collaboration. That’s what we aim for

Crypto Shrimp (AMA Host): leads me to the next question 

Q6. Do you currently have a roadmap for Midas Dollar? like what is being planned to roll out in Midas, i notice you have mentioned some items too previously, will there be a date or timeline, that we can expect for things to be rolled out?

Thanh Le: “The next quarters of 2021, we are aiming to grow the Midas Dollar and Midas Protocol ecosystem, including more use cases for $MDO, $MDS &  $bCash tokens.


Midas Vault

Cross-chain natively to Heco


More Bridges (to other blockchain networks)

Orderbook MiDex

Margin/Option MiDex

Public API for MDO payment gateway

Lending System

NFT Market


Cross-chain natively (PolkaDot, Solana)

You can find more details here: docs.midasdollar.fi/protocol-1/roadmap

Q7. As your chief scientist mentioned about competition, how do you intend to keep a market share in BSC, among the huge popularity of algo stable coin projects.

Thanh Le: The difference with other algo stablecoin projects is that Midas has its existing ecosystem (midas.eco and mcash.eco) ready to be integrated and use MDO to bring ready use cases to hundreds of thousands of existing users. By co-elevation strategy, Midas will aim to work with many partners to co-create value for users of MDO, holders of MDS and stakeholders of Midas ecosystem. With the supportive environment of Binance Smart Chain ecosystem, we believe that this is the right environment for us to thrive and to innovate even more, build more products. That is the reason why we have announced that we will port over to BSC all our existing product lines including gaming, NFT, payment gateway, ecommerce etc

Q9. As I am always there for the interest of the community, I am interested to know what Midas is planning or doing for the community? in terms of protecting and assuring them. example any audits or insurance etc?

Dr David Nguyen: Security is utmost important to any IT company, let alone blockchain company. In the last 3 years, we did not have any hiccups in terms of security, hacking and so on. We will continue to work with many partners in the security and community threat protection to help protect users. An example can be noted is our strong partnership with Sentinel Protocol or Upsala Security to protect our app users as well as our exchanges by using a threat reputation database. In some needed cases, we will also engage third party auditing and penetration tests to ensure the safety for our users.

Crypto Shrimp (AMA Host): thats assuring to your investors and i’m sure it will be well received by the public

Q10. as a strong believer that projects should be working together to help each other grow, are there any plans to work with other projects? You mentioned working with Bearn and giving airdrops to bVault community. Can we expect more partnership in the upcoming days ?

Phillip Phung: Absolutely, we are reaching out to various partners, ecosystem players, aiming to grow the Midas Dollar and Midas Protocol ecosystem, bringing in more use cases for $MDO, $MDS &  $bCash tokens. With the amazing support from Coingecko team, $MDO & $MDS has been listed on Coingecko very quickly after launch. And before long, all appears on CoinMarketCap too. And I’m sure every true BSC degens have been enjoying the INFINITY APY of $MDS $MDO LP on bEarn’s bVaults since yesterday 17 Feb. bEarn and their revolutionary bVaults with double & triple rewards are absolutely crushing it! They have been extremely supportive and instrumental in our amazing growth the past few days, and definitely many more days/months to come. We are also working on other collaborations & partnerships and can’t wait to share with you more later. We shouldn’t name names at the moment, but you can always get latest updates on new partnerships here:

MidasDollar.fi & Midas.eco

Telegram: t.me/midasprotocolglobal

Twitter: twitter.com/MidasDollar

Discord: discord.gg/989SNswX7X

Crypto Shrimp (AMA Host): That’s great. I’m sure after today more projects will look forward to partnering with Midas, and I’m sure the public will be keeping a lookout as well. one last question,

Q11. is there anything you’d like to add? Alpha leaks etc.

Thanh Le, [Feb 18, 2021 at 10:51:11 AM]:

We expect Midas Vault will be ready next week

Crypto Shrimp (AMA Host): nice! that’s big news too. This concludes the questions that I have for the AMA, do you mind sticking around while I unlock the room for the public to ask some other burning questions ?

Dr David Nguyen: sure we are all here to answer to the questions from the public

Crypto Shrimp (AMA Host): alrite everyone get ready with your questions if you have

Source : bsc.news

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