Recap AMA Mensa Protocol x VCM Community

10 min readAug 13, 2020

Hubert: Hello everyone,

Only 15 minutes left and the AMA event of Mensa Protocol will be started

The representative for Vietnam Coin Market (VCM) is Admin Owner @taitan296 who will run AMA and Mensa Protocol project’s representative is @cryptostefan.

Translator: @nguyetvcm

Vietnam Coin Market Group (VCM) will be locked to make the event convenient.

After Segment 2 of the Vietnam Coin Market group will be opened a chat so that the community can ask the project.

How’s everything going?

Again, it’s been my greatest pleasure to announce today’s special AMA session

“Mensa Protocol “

Today’s AMA session is composed of 4 parts:

1 — Say hello, introduce the project

2 — AMA moderator asks the project 8 questions that will be selected first.

3 — Ask the community (unmute the channel and let the community ask questions freely on telegram. Then the guests will choose about 10 good questions to answer)

4 — Quiz — Give 10 quizzes to the community to answer

You must complete the task at this Tweet. All violations will result in cancellation of AMA results:

https://bit.ly/3fQPC8G

Craving for the question rain ahead after I unmute the group.

Anyway, let’s get the curtain roll-up and welcome @cryptostefan.

Stefan. G: Thanks

Hubert: It’s a pleasure to all of you who participated in the AMA today.

Stefan. G: Hi guys, this is Stefan from Mensa Protocol. Nice to meet you all

Hubert: Welcome!

Looking forward to have our audiences to know more about the project and the views.

Let’s get to the first question we’d like to know from you.

How do you understand DeFi? How is it different from traditional finance?

Stefan. G: Um let me think

The traditional financial operation mode has a centralised authority as the trust intermediary in the whole operation process. However, in fact they are not open and transparent. This way, there will be a big risk of serving the devil. At the same time, for the centralised organisation, network security is also a big problem. If the hacker attacks one centralised node, then it will make the whole system paralysed.

but Defi gonna change the world

DeFi uses blockchain technology to de-mediate and eliminate rent-seeking intermediaries, so as to improve the centralised financial system in all aspects and solve the natural weaknesses existing in traditional/centralised finance. These include addressing financial inequities, cumbersome review processes, lack of transparency and potential trading risks (the risk of non-compliance with contractual obligations aka bad debt).

In other words, in DeFi world, users have independent control over their personal assets and data when accessing financial services. It is the re-establishment of traditional banking services without centralised entities — savings, loans, transactions, insurance and so on. The core of DeFi’s birth was the creation of a new financial ecosystem, with no central authority, for everyone in the world to use anytime, anywhere, with no barriers to entry.

Hubert: Thanks for your great answer. 😊. We will go over the next question:

What is the existing DeFi ecology?

Stefan. G: The year 2020 is the breakout year for DeFi ecology. DeFi ecology continues to break new highs, with the current market value of DeFi exceeding US $8 billion.

Currently, the DeFi classification is mainly divided into stable tokens, loans, financial derivatives, Dex and oracles.

There are some representative ones, such as Uniswap, Synthetix, Compund, etc., are all heard of. The current ecological products are still innovating around the above categories, while the infrastructure is mainly focused on the Ethereum ecology.

Hubert: I feel the same way. Very impressive. I feel people are eager to learn about Mensa.

How did Mensa come into being? Does this name have any special meaning?

Stefan. G: As is known to all, the Mensa Club is the world’s top high-IQ club. I come from the Netherlands and my team members come from various places in Europe, North America and Asia. Our vision under the name Mensa Protocol is to build the Mensa Club in the DECENTRALISED world, integrating all intelligent people to DECENTRALISED decision-making and realise DECENTRALISED governance, voting, pledge and other attributes. Mensa is an interpretation of the decentralised optimal solution.

Hubert: Thanks for this impressive information. We will go over the next question:

What is Mensa Protocol? What are the edges of Mensa Protocol?

Stefan. G: Mensa Protocol is an open financial agreements package, it contains the liquidity protocol — MensaSwap, decentralised quantitative product — MensaEarn, and decentralised oracle — MensaGo that we are going to launch. You can understood Mensa as a small internal DeFi ecology, where we can provide users with all aspects of the decentralisation in this financial environment. At the same time, we are not a totally closed application, and open to external applications.

As for the advantages, many existing DeFi products use the AMM market making model, where there are slippage and volatile loss issues. MensaSwap will introduce an oracle to solve this problem and reduce the volatile loss and slippage issues, an approach previously implemented in the Bancor V2 version, which is consistent with our thinking.

Hubert: Thank you, we could give some mins for our audiences to read more about the comment.

We will come to the next question:

Does the YFI surge of the last few days mean that the next wave will be spread by DeFi?

Stefan. G: that’s a good one

YFI’s surge is closely related to its release mechanism, from that we can make the judgement that DAO is a better way to operate for DeFi products.

So far, the market has been fuelled by the enthusiasm of DeFi.

This year, DeFi’s products are getting more and more attention before they break through, which is a very good phenomenon, and I believe there will be better products emerging just like Mensa Protocol.

Hubert: Yes, indeed. I think defi is great this year.

Stefan. G: Right.

Hubert: What do you think of the DAO? What is DAO+ in Mensa?

Stefan. G: DAO’s operation mode will be more suitable for open finance. The token of YFI has increased by nearly a thousand times, which is definitely not an accident, but a necessity caused by the combination of more collocation. Therefore, from the very beginning, we felt that we would adopt DAO to operate. Different from YFI, we would also cancel presets in the early stage and achieve more openness. The DAO approach will bring the community closer to the project.

Mensa’s DAO fundraising will take place at 8pm on August 15th (Hongkong time zone) . Our official website will publish the contract address. You transfer ETH to the contract address and the generation system will generate MST. To be fair, we set the gradient ratio, the earlier you transfer ETH to the contract, the more MST will be received. The number that the community transfers to the ETH contract will determine the number of the MST. There is the only method of MST generating, until no one to transfer ETH to the contracts. Smart contracts will generate 8% to the Mensa team to operate at one-time according to the existing number of MST. But this 8% of MST will be locked up for five years. As a gift and respect, Mensa team plans to donate 1% of MST to Vitalik Buterin, to thank him for his contribution in blockchain. After these activities, smart contracts will be closed and no more MST will be generated.

At the same time, we set a DAO+ reward mode on the basis of DAO. When MST generation reaches a certain stage, this DAO+ mode will be turned on. There will be a 72-hour countdown system. When the countdown goes to 0, the contract will be closed. At this point, the MST released will be all the MST in the whole network, and the last user participating in the fundraising will receive a 5% ETH fundraising award.

Hubert: Thank you, we could give some mins for our audiences to read more about the comment.

Hubert: OK. We will come to the last question.

Stefan. G: OK

Hubert: What are some amazing plans for MensaProtocol in the future?

Stefan. G: At present, DeFi still has a lot of problems with the value transfer between different public chains due to some reasons of single public chain. So we will consider some things like cross-chain development in the future, and we are already planning in this aspect.

I believe you have seen the eight masks on our website and we will reveal them to you. And as I mentioned earlier, we’re going to roll out our decentralised oracle contract — MensaGo. Keep eyes on us and you won’t be disappointed. Mensa will be the most promising DeFi project to date. Remember to come to the official website to attend DAO+ on August 15.

Hubert: The last question is already done. Thank you @cryptostefan for bringing the above useful information.

Next, the Vietnam Coin Market team (VCM) will open a chat for the community to ask questions to the project. We will have 3 min to ask. The Mensa Protocol project will then choose 10 questions to answer.

Let’go!

Now!

Let’s give some mins for @cryptostefan to choose 10 questions to answer.

@cryptostefan, you may proceed now.

Question 1. What problems will Mansa Protocol solve?

The slippage issue on the DEXs, the uncertain risk of loss, the value transfering among different public chains.

Question 2. Who can use Mansa Protocol? Which sector can benefit from it?

Anyone can particiapte in Mensa Protocol, without any national boarders. I believe MST will be much more valued in the near future.

Question 3. What is MensaGo? What are the highlights of this product and when will it be available?

Mensa is a decentralised oracle, we will publish the technical plans very soon.

Question 4. Which countries/regions are the main markets that lost is focusing now?

Mensa does not set a specific country. Mensa is developing globally. But of course we may pick some important ones, in Asia, Viet Nam is of high interest

Question 5. Can you introduce your development team?

Do they have enough qualifications and experience to produce world class projects?

What is your long-term vision of the industry in which mensa workK? Can you explain why I should use mesa instead of others? What types of benefits do users receive on your platform?

Our technical team is highly trained and capable. 2 core code developer were the developers from Etheruem. and there are other 3 team members are members of Bitcoin Talk.

Question 6. What role does Mensa Protocol play to help the Defi field be better?

Mensa is knowing the DeFi, participating in DeFI and then make DeFi better, at the same time, Mensa is marketing the DeFi spirit

Question 7. What are the roles of communities, users and investors in the Mensa Protocol project?

Mensa currently has a global communities , in different countries. But we dont have investors, we start the project by our own money. We do this simply hoping undistrubed by capital

Question 8. What would you say to these users who missing out DEFI or ETH? How is Mensa Protocol able to offer more service and it’s so profitable?

I think DeFi will be greater value in the future. If you miss DeFi or ETH right now, dont be disppointed, lots of chances are coming. One of them is Mensa Protocol
Question 9. What can I use Mansa Protocol token for?

MST is the only token of value in circulation in Mensa Protocol, undertaking the whole governanace rights, and in the economic system, MST will be added use value and will be burned out. So to be simple, holding MST will benefit.

Question 10. What is your main objective in building Mensa Protocol? Where did you derived the name “Mensa” ?How did you came up this kind of project into reality,what is your inspiration?

The main aim of Mensa is to rebuild DeFi, giving back the governanace rights to community members. The name comes from the high-IQ club in the world. We believe, that the future belongs to the decentralisation and Mensa want to be part of it together with talents.

Hubert: Thank you @cryptostefan for replying to the community.

Hubert: Tks sir

We will go to Segment 4, the Mensa Protocol project will ask the question. All correct answers will be eligible to win. I will spin after AMA with these cases. Choose the luckiest one of these to receive a reward / each question.
Each person can only answer 1 time / 1 question

Please @cryptostefan to ask Quiz questions.

Quiz 1. What is start time of the Mensa’s innovative DAO+ participation?

A. 20:00, 15th, August(UTC+8) B. 19:00, 15th, August (UTC+8)

Quiz 2. Which filed does Mensa Protocol focus on?

A. Biology B. DeFi

Quiz 3. Where does the name “Mensa” come from ?

A. A high-IQ club B. Food

Quiz 4. Which of following services will not be provided by Mensa?

A. Take-away food B. Quantitative trading

Quiz 5. Will Mensa be listed in Uniswap?

A. No B. Yes

Quiz 6. On which public chain is Mensa deployed?

A. Tron B. Ethereum

Quiz 7. What’s the name of Mensa Token?

A. MST B. MEN

Quiz 8. How to get MST( Mensa token)?

A. Pre-mining B. DAO+ participation

Quiz 9. What cryptocurrency can be used to get MST?

A. Bitcoin B. Eth

Quiz 10. What is start time of the Mensa’s innovative DAO+ participation?

A. 20:00, 15th, August(UTC+8) B. 19:00, 15th, August (UTC+8)

So the AMA Mensa Protocol at Vietnam Coin Market (VCM) is also coming to an end. Hopefully in this direct exchange, the community has a basic understanding of the Mensa Protocol project. I am the moderator today. Congratulations to the Mensa Protocol .

Thanks @cryptostefan for joining AMA with the VCM community today. Wish you much health and success.

Again, don’t forget to join the Mensa Protocol community for further assistance. Thanks everyone.

https://t.me/MensaProtocol

https://twitter.com/MensaProtocol

Website: https://mensa.pro/

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