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Author Topic: Monolith - the first decentralized ruble stablecoin  (Read 1789 times)
Mongoll
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July 26, 2020, 07:39:06 AM
 #41

USD is an international monetary unit that is understood and known to everyone. The ruble is a settlement instrument within Russia. What's the point? Or is it a government cryptocurrency?

No, Monolith is not a government project. But you are partly right - our project is aimed at the Russian market and at traders who use ruble pairs. In general crypto ruble is made for simple and direct arbitration among p2p platforms and exchanges, so that you can safely store the ruble outside of digital payments system and banks. Also we want give people simplified access to DeFi and help them to figure out how it all works.

It’s a good idea, but project is not very clear yet. Let’s see what happens next
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GBGglenn
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July 26, 2020, 09:06:12 AM
 #42

Why did you copy MakerDAO’s WP?

The Monolith is a copy of MakerDAO and we do not hide it. The difference is in the currency that the stablecoin is linked to. In our case it is the ruble. In MakerDAO - the dollar.

Do you use Makerdao oracles or your own?
Monolith.Team
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July 26, 2020, 10:25:32 AM
 #43

Why did you copy MakerDAO’s WP?

The Monolith is a copy of MakerDAO and we do not hide it. The difference is in the currency that the stablecoin is linked to. In our case it is the ruble. In MakerDAO - the dollar.

Do you use Makerdao oracles or your own?

We use MakerDAO oracles. The modules Feed and Relayer. The Feed asks for the price and the Relayer delivers this price to the contract.
Feed takes the median from prices from different sources (direct ETH/RUB pair or calculate the price of ETH/USD median (USD/RUB).
Sources for ETH/RUB: binance; cryptocompare; exmo
Sources for ETH / USD: bitstamp; coinbase; gemini
Sources for USD/RUB: exchangeratesapi; cbr; ratesapi
surfbabe83
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July 26, 2020, 11:37:20 AM
 #44

The volume of rubles trading on p2p platforms is really huge. I think it may be interesting
Monolith.Team
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July 26, 2020, 01:01:14 PM
 #45

The volume of rubles trading on p2p platforms is really huge. I think it may be interesting


Yes, if you look at Bestchange only the volume of BTC-QIWI is over 600.000.000 RUB (near 10.000.000 USD)
GBGglenn
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July 26, 2020, 02:01:28 PM
 #46

The volume on Sberbank is higher. How many tokens have you sol out
Monolith.Team
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July 26, 2020, 02:32:45 PM
 #47

The volume on Sberbank is higher. How many tokens have you sol out

All information is available on the project site https://monolith.money/en/token-mcr
surfbabe83
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July 26, 2020, 02:45:30 PM
 #48

The volume on Sberbank is higher. How many tokens have you sol out

Really?
GBGglenn
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July 26, 2020, 02:55:17 PM
 #49

The volume on Sberbank is higher. How many tokens have you sol out

Really?

There’s over a one billion rubles
surfbabe83
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July 26, 2020, 03:02:54 PM
 #50

The volume on Sberbank is higher. How many tokens have you sol out

Really?

There’s over a one billion rubles


Who is trading crypto/ruble? ))  You show me a crazy numbers!
GBGglenn
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July 26, 2020, 06:01:53 PM
 #51

The volume on Sberbank is higher. How many tokens have you sol out

Really?

There’s over a one billion rubles


Who is trading crypto/ruble? ))  You show me a crazy numbers!


Well, there are a lot of users who just change the crypt and, for example, trade or store coins. there own audience. Someone chooses the exchange, someone p2p
Monolith.Team
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July 26, 2020, 07:36:32 PM
 #52

The volume on Sberbank is higher. How many tokens have you sol out

Really?

There’s over a one billion rubles


Who is trading crypto/ruble? ))  You show me a crazy numbers!


Well, there are a lot of users who just change the crypt and, for example, trade or store coins. there own audience. Someone chooses the exchange, someone p2p


Many people trade cryptocurrency on p2p. Many people are used p2p services for a number of reasons – verification, volume, rate... We expect that when DeFi appears on the market, the ruble will become also a full-fledged means of accumulation.
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July 27, 2020, 06:07:27 AM
 #53

Advantages of Owning MDT, MonolithosDAO Network Management Token

Monolithos, the developer of the DAO-based stablecoin MCR, the first decentralized cryptoruble on the Ethereum blockchain, launched its network management coin MDT tokensale June 20. The initial distribution of 300,000 MDT tokens will last until August 10. At the second stage, the team will create an MDT/ETH pair on the Uniswap decentralized exchanger, providing it with ethers enough for MDT token initial price to start from $0.4. The second stage begins on August 3.

What is the purpose of the internal Monolithos token?

The Monolithos token (MDT) is a system management token. You can use it in two different ways.

The primary purpose of MDT is the right to vote in the system. It is the voting system that makes Monolithos a truly decentralized autonomous organization (DAO). MDT holders have the right to vote on any issue. For example, the community has the right to revise the maximum debt ratio or shut down the entire system in an emergency. This mechanism is an essential component of Monolithos resiliency.

What financial bonuses can MDT owners claim?

First, DAO participants can buy back crypto assets for MDT at a below-market price. These assets appear as a result of a fine for selling off the collateral. They can be purchased for MDTs at internal auctions of the platform. The collateral liquidated due to the fall in the value of ether is sold for MDT tokens at a separate auction and costs 5-10% less than its market value. I.e., the owner of MDT has a chance to buy cryptocurrencies cheaper than the market price.

Second, after each asset purchase, the MDT tokens that are paid for them are burned, reducing the total amount of MDTs, and naturally increasing their price. The amount in MDT paid for cryptocurrency on the auction is automatically burned, which creates a deficit.

How does this happen? Burning tokens encourages the growth of their value. The MDT value is divided up to 18 decimal places, meaning that as long as at least one MDT token exists, the system allows you to trade one quadrillion rubles without any need for an additional issue. You can also increase the number of decimal places in the future, which removes the risk that the MDT will ever run out: the number of tokens burned will gradually decrease as their value increases.

Third, the MDT token owner can earn money by selling the asset during the second stage of the token sale, when MDT will be added to the listing of the Uniswap exchanger. By investing MDT in liquidity on the decentralized Uniswap platform, you can earn commissions for the exchange. Also, the more tokens are redeemed on Uniswap, the higher the cost of MDT rises. You can buy coins on presale and sell them on Uniswap in a couple of months, getting a profit.

The mechanics of raising the value of an asset when selling on Uniswap are as follows. An ether/token pair is created on the platform; when purchasing a token in this pair, its quantity always decreases and the price increases in its turn. As a result, those who managed to buy coins before others can get significant profits — x2-3 or even more.


Monolith.Team
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July 27, 2020, 11:26:10 AM
 #54

Great news!

Reporters from the Russian leading cryptocurrency media outlet Forklog has published an article about MDT-tokens. Read the full article: https://hub.forklog.com/kak-investirovat-v-mdt-tokeny-upravleniya-setyu-monolithosdao/

Monolith.Team
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July 27, 2020, 01:54:58 PM
 #55

Do you have a video in English?

I will send you a link as soon as the English video will be available

https://youtu.be/VJfQsYdyfTA
alezgut2410
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July 27, 2020, 08:35:15 PM
 #56

Are you launching a crypto-ruble? What about the latest changes in law in Russia?
Monolith.Team
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July 27, 2020, 08:56:08 PM
 #57

Are you launching a crypto-ruble? What about the latest changes in law in Russia?

Jurisdiction of the MCR is Spain
alezgut2410
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July 28, 2020, 07:46:25 AM
 #58

Are you launching a crypto-ruble? What about the latest changes in law in Russia?

Jurisdiction of the MCR is Spain

Seriously? Why?
Monolith.Team
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July 28, 2020, 08:00:04 AM
 #59

Are you launching a crypto-ruble? What about the latest changes in law in Russia?

Jurisdiction of the MCR is Spain

Seriously? Why?

We did not want the changes in law that were expected in Russia prevented the implementation of our project
alezgut2410
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July 28, 2020, 08:21:13 AM
 #60

Are you launching a crypto-ruble? What about the latest changes in law in Russia?

Jurisdiction of the MCR is Spain

Seriously? Why?

We did not want the changes in law that were expected in Russia prevented the implementation of our project

Do the English-speaking media write about this project? Where can I get more information?
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