AMA Recap - MCashChain x Game of Bitcoins
AMA Recap - MCashChain x Game of Bitcoins

By Game of Bitcoins | crypto_amas | 8 Nov 2019

$0.99 tipped


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Thanks a lot for actively participating in the MCashChain AMA held on 8th November 2019 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with MCashChain

We have with us 

David Nguyen (Chairman & CFO): @drdavidnguyen

Satoshi Nguyen (CTO): @sn_ntu 

Phillip Phung (CMO): @phillipphung

Before we start Please introduce the project

MCashChain is a Decentralized and Social e-Payment Platform with Zero Fee and Lighting Speed, which aims to Enable Frictionless Digital Economy.

MCashChain is secured, transparent, highly scalable and made for DApps development in both Midas ecosystem and others’.

The application of MCashChain is unlimited with high speed transaction, zero fees for ordinary users and high scalability in nature.

McashChain also allows users to earn passive income through 5 levels of nodes, run and monitored directly on Midas Wallet and 1 SuperNode for expert users with hardware.

We also have Midas Universal Crypto Wallet, Vinex & UniDex exchange, McashPay payment gateway and more: https://blog.midasprotocol.io/birds-eye-view-of-midas-ecosystem/

 

Q1. Mcash LightningSend technology is independently/soley developed by Mcash team or modified from any existing technology. How it is evolved and implemented in Mcash Chain. Can it be compared to Bitcoin Lightning network?

LightingSend feature is developed by Mcashchain team and it is inherited from DashPay InstantTX technology.

In order for merchants to protect against prevent double-spends in the network such as Bitcoin, they must usually wait until a block has been confirmed, but here we use transaction-locking mechanism: all the Supernodes who will create block, know about the locking amount (ie. the sender cant double spend it while the 1st transaction is pending).

The objective sounds familiar with Bitcoin Lightning network; but while LN requires users to fund a payment channel, which ties up those funds until they are through using that channel, LightingSend does not require users to tie up funds to benefit from them.

 

Q2. Can you briefly explain how the top three milestones that the #Mcash team aims to execute before the end of the year will help them succeed and what #MCash may look like in 2020 and beyond?

First is to introduce ZMC, our own Zero Mcash, a privacy version of Mcash that users can choose to use when needed.

Second is to roll out 20 more dapps with our strategic partners.

And third is to fully develop mcash as middle layer for our decentralized exchange UniDex to fully bring UniDex to the the market as Dex as A Service.

Beyond 2020, McashChain aims to be one of the favored chain due to its scalability, zero fees, instant transfer and the capabilities to develop many blockchain - unique applications such as NFT, cross chain swap, private permissioned sidechain on top of public blockchain.

Together with McashPay, McashPlay and Mcash Coding Studio, we will provide a complete range of tool-kits for businesses as well as public sector to make use of blockchain to enabling better transition into digital transformation age.

 

Q3.Can you tell us about M1 Token,  M20 Token  , M721 Token  ? What were the major uses of these token and role in  Mcash Chain ?

M1 is technical token standard supported by the blockchain natively. It's used for the burn fee, and optimized for bandwidth and/or energy

M20 follows ERC-20 technical token standard used for smart contracts for implementing tokens.

M721 follows ERC-721 technical token standard standard helps create & manage non-fungible tokens (NFT).

 

Q4. What’s the  Algorithms which are used by mcashchain  for fast and scalable transactions ?

We use POS-type consensus (Proof of Stake – Delegated Authority Voting) with some highlight pros: scalability, speed, better distribution of rewards, voting security, energy efficiency (less hardware).

20% of block reward (2 MCASH for the first 2 years), called “Infrastructure Reward” will be the reward to the Supernode (miner) who produced the block.

 

Q5. How do miners earn in your chain when it’s zero fees and instant? How do you plan on getting your chain practiced/used in the sections mentioned at your whitepaper? Can anyone run an Xnode and what are the requirements to run one?

While it’s zero fees and instant, miners (Supernodes) who help creating block will be rewarded Infrastructure Reward as mentioned above.

Our team consists of blockchain core engineers who work on the development of the chain. We also have application focused department who work on different path of applications such as NFT, Blockchainization and Tokenization. In this area, we help many strategic partners to use blockchain to transform their business model. By this way, we can help to contribute to mass adoption faster.

For people who run Supernode, they would require hardware. For other Nodes, people can run by using Midas Wallet app to earn staking reward and to contribute to the consensus through Authority Delegation Voting.

For this, anyone can run as long as they have a smart phone that can support Midas wallet app (Android and iOS) and having enough Mcash for staking.

There are Master Node, Jedi Node, Guardian Node, Warrior Node and Apprentice Node to cater to all capabilities of stakers.

 

Q6. How does MCASH engage governments and businesses using McashLight Web wallet ?

We work with public sector to make use of blockchain in various countries: Singapore, Vietnam, Malaysia, UAE... Mostly for the use of NFT technology for identity management, certification and notarization as well as company shares certification.

Other than that, we also develop private permissioned sidechain on top of our public blockchain: McashChain for the private use of government sector. Some pilots are doing with both manufacturing as well as medical and healthcare organizations.

 

Q7.

a. Most investors simply focus on the price of the token in the short term, and not on the real value of the project. Can you tell us about the motivation and advantages of an investor in Mcash in the long term?

b. What is the uniqueness of the Mcash chain? Why should investors (including me) invest in Mcash?

Mcash did not do any fundraising activities like ICO, STO etc... Mcashchain is purely technology development without any public funding. So only private investors are involved in the funding of Mcash development. Most people who buy Mcash from the market (exchanges) are for using such as for staking, spending on midashimaya.com, using for gaming at McashDice or Multicoin.Poker and more dapps to come.

If you want to use Mcash then you can buy it to use from the market (exchanges). Many applications and usercase for users. Mcash uniqueness is free transaction for ordinary users like yourself, instant transfer and most importantly, it is a smart contract with zero fees to interact with smart contract.

https://www.youtube.com/watch?v=ibGMXH

 

Q8. When looking back at your time working for MCashChain, what are you most proud of?

We consider ourselves fortunate to be able to work with brightest developer team in the region, if not Asia. We are also grateful to be able to collaborate and partner with top-tier blockchain projects, advisors and strategic investors.

We are also fortunate to have a great team of Community Managers, Marketing, PR, and network of Brand Ambassadors over 10 countries: Ireland, Spain, Greece, Singapore, Malaysia, Korea, Vietnam, Indonesia, Philippines, Russia. Our great Ambassadors are an essential part of our Community Outreach program.

 

Q9. What is the  ZMC ( Zero Mcash )  ? What were the Unique features it have and how it is beneficial ? What were the major differences between these  3 types of nodes on the McashChain network are Witness Node, Full Node, and Solidity Node?

ZMC is a privacy version of Mcash that users can choose to use when needed. It is another layer on top of McashChain without making any changes to the core layer. Transaction privacy is a hard problem on an account-based blockchain such as Ethereum and Mcashchain. With ZMC we propose an analysis of Zerocash's privacy promises and argue that information leakages intrinsic to the use of this protocol are controlled and well-defined, which makes it a viable solution to support private transactions in the context of public and permissioned chains.

Mcashchain nodes:

- Witness nodes are set up by Supernodes and are mainly responsible for block production and proposal creation/voting.

- Full nodes provide APIs and broadcast transactions and blocks.

- Solidity nodes sync blocks from other Full Nodes. It is what a Mcashchain client (wallet & dapps) should connect to - it only reports validated, non-reversible transactions, so there is a delay in the information coming from a solidity node.

 

Q10. You boast 10k TPS (50k after sharding on Q4), please what advantages does this add to the Mcash project or is this just a higher figure to boast against other projects and rivals?

Explain more about your Crosschain swap enable on Unidex and how it tackles the issue of interoperability?

There are 3 core issues prevalent in crypto and blockchain technology, which is scalability, security and interoperability? Please how does Mcash rise above these plagues and set apart as a true brand

McashChain aims to be the chain for mass adoption hence we have to achieve the speed, zero fees and acceptable scalability over time. We can do quite a number of applications at the time being with 10k tps already. Upgrade to higher scalability only makes sense when the need arises.

UniDex currently integrate McashChain, Ethereum, Binance Chain and Tomochain. We will integrate more chains in the time to come. It works with the model of reserves in a similar way that Kyber Network is doing. The only different is that we do on multiple chains.

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Q11. Security/Privacy feature should be the top priority for any organization. How Mcashchain implementing various methodologies to Validate the participants?

McashChain consensus mechanism uses Proof of Stake & Delegated Authority Voting (PoS-DAV) system in which 64 Supernodes (SNs) produce blocks for the network. Every 2 hours, Mcash Xnode holders can vote for a selection of SN candidates, with the top 64 candidates deemed the SNs. Voters may choose SNs based on criteria such as projects sponsored by SNs to increase Mcash adoption, and rewards distributed to voters.

 

Q12. What's the requirement to run a supernode of mcash? When will mcash reach 50k+ tps as you said after sharding q4? How is development progress going on?

The requirements are: 5 million MCASH staked; good software to run the node (guide: https://github.com/MidasCore/java-mcashchain/wiki/Running-full-node) and if there are more than 64 nodes, your node needs enough vote to be in top 64.

We are working on the Sharding and technically 50k+ TPS can be reached with good infrastructure and some tweaks such as private side chain and LightningSend feature between layers.

 

Q13. You have so many outstanding features like zero fees, instant transfer, high Tps, etc to name a few. Do you have real users and partners that use your services and what marketing strategy do you have to draw new users as without marketing no matter how good the product is nobody cares?

We do have partners with very real users and partners that are actually using our technology.

- Partnership with CoolBitX: Integration of mobile hardware wallet, CoolWallet S, to Midas wallet app. We will also release a co-branded version of the CoolWallet S that will have native support for MCashChain and be available to Midas customers for purchase on the Midashimaya blockchain e-commerce platform using multiple cryptocurrencies such as the TrueVND stablecoin. Read more: https://medium.com/mcashchain/midas-wallet-mcashchain-partner-with-coolbitx-a1a492a9bddd

- Partnership with GemMob: where over hundred dApps will be developed on MCashChain and run directly from Midas dApp Store browser. Original titles games apps will also be developed and use MCashLight, MCashPay to fuel the game plays. Read more: https://medium.com/mcashchain/gemmob-development-on-mcashchain-2b49db09a090

- Partnership with Campus+: with Student ID embedded on MCashChain blockchain, this partnership aims to facilitate and promote transparency in all student administration process. By using the immutability of Blockchain, Midas/Mcashchain and Campus+ can help removing the use of plastic card and prevent fake student identity. More utility can be developed to help 3.5 millions students in all 65 cities and provinces of Vietnam. Read more: https://medium.com/mcashchain/midas-protocol-and-mcashchain-partner-with-campus-c18ce5d90e3e

- Partnership with Blockcard: https://blog.midasprotocol.io/midas-vinex-partner-with-blockcard/

- And other strategic partnerships & potential collaborations are under discussion too. You can always find out more here: https://medium.com/mcashchain/tagged/news-and-updates

Marketing wise, we have pretty packed plan for coming quarters with main goal of increasing awareness and adoption. Please follow our social channels for latest news and updates on our ecosystem:

Website: https://www.MCash.Network

Twitter: https://Twitter.com/MCashChain

Telegram Global: https://t.me/MCashChain

Announcement Channel: https://t.me/MCashChainPR

Blog: https://medium.com/MCashChain

 

Q14. Is there any IEO planned for future & when your token will list on top major exchanges?

We just got Legal Opinion Letter from a Malta Law Firm, in the time to come we will apply to Bittrex Global, Binance.com and Probit.

No fundraising, IEO are planned. We will do the development without any public funding.

 

Q15. No one achieve anything of value on its own, please can you share with us about your partnerships that will drive you to success Your chain is 135 days old and we are excited about this, please where and how do you view mcashchain in 1 year time. Explain more about your Monitoring and real time reward settlement and what's your relationship with midas wallet

McashChain is one of the core product developed by Midas Core. Midas Core owns the Midas wallet. So we can say that McashChain and Midas Wallet are like sisters products.

 

Q16. What do you think about Mcash chain? How you acquire new user? and how you can convince them to use your platform?

We do it through applications and partnership with other players in the market. We have a healthy roadmap of over hundred dapps in the year to come.

 

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Q17. What is Mcash Dapp studio ? Can you explain the detailed info about Mcash Dapp studio with its work and benefits to app developers?

We build the studio consisting of code library and tools for developers to build dapps/bapps on our chain. It will also come with books to help them. We also run dapp on demand program (www.dappondemand.com) to help more development teams to come to our ecosystem.

 

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Q18. Are Mcashchain coins are mineable? If yes, then what's the minimum hardware required for Mcashchain mining? Also, can we do a profitable mining of mcash in home?

Yes, there are 2 types: hard mining and soft mining.

For people who run Supernode: they would require hardware (guide: https://github.com/MidasCore/java-mcashchain/wiki/Running-full-node). ROI can be up to 60%.

For other Nodes, people need their mobile phone once (no need staying online) by Midas Wallet to earn staking reward. ROI can be upto 40%.

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Q19. How many methods are live to LIGHTNING system and which platform or social media are integrated with lightning for crypto in MCASHCHAIN  What is voting and signature system in Mcashchain? How many staking nodes live?

We have an e-commerce platform fully function with our McashPay payment gateway. (www.midashimaya.com). Some other gaming platforms as well such as www.mcashdice.com, www.stakingdome.com, www.alpha.multicoin.poker. More are coming soon. Currently we have more than 1000 staking nodes live.

 

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Q20. As you provide high tps on which place you have planned to implement mcashchain as a payment system? What's your adoption plans?

We have www.mcashpay.com as payment gateway and www.mcashplay.com as voucher and scratch card issuance. This will surely help may shops, brand owners to be able to accept mcash at their online and offline shop. McashPay Point of Sale QR generator is already integrated to Midas wallet as well.

 

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Q21. What's the main purpose of creating Vinex Exchange and Unidex Exchange? What significant benefit of it? Crypto market is filled with risks! Currently, what are risks affecting the MCashChain? How MCashChain planned to overcome from those risks?

Vinex is centralized exchange and UniDex is decentralized cross chain exchange. Each has different goal and objective. Vinex serves the McashPay and UniDex serves our key service: Dex as a Service.

We think of ourselves like a technology company, we earn by our services (more than 18 services that we provide to our clients). We are not much affected by the up and down of the market.

https://medium.com/mcashchain/18-ways-to-earn-active-and-passive-income-for-midasians-6932a223f758

 

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Q22. According to 91% people, next significant adoption of blockchain may come from Payments, or gaming dapps will mcash support these types of dapps? If yes how much tps mcash may provide to these types of dapps?

We have McashPay, McashPlay, Ecommerce platform, and many gaming dapps as well. We also have dappondemand.com to support the development of ideas into products. We currently have 10k tps

 

Q23. In coming future do u have any plans to partnership with crypto exchanges so traders can easily convert their crypto into fiat?

Midas do own exchanges: vinex and unidex. We also work with our partner to launch debit/credit cards and also convert coins to gift cards. For fiat, the regulation in Singapore is tight. We are working with prominent law firms now to prepare for that.

 

Q24. Mcashchain is developed to replace the PoW system developed by Satoshi Nakamoto as part of BTC, while BTC has 66.4% of the total crypto market cap. What are the challenges you see to grow your chain?

The market is still very small compared to its potential. Our focus to growth is through adoption, meaning real use case in both private and public sector. We serve the clients in both.

 

Q25. Hi MCASH Team, each one of you is holding one of the tough positions in MCASH and no product how good succeed unless and until it is properly marketed and has targets planned with deadlines. So, what strategy and milestones do you have to make MCASH global-not only make people believe in MCASH but also make them use it and establish MCASH as one of the top decentralized and social e-Payment Platform?

Do you brainstorm using Six Thinking Hats procedure?

Thank you for your Question. You can read more on our Strategy here:

https://medium.com/mcashchain/midas-protocol-adoption-strategy-moving-forward-fcd908c421e5

https://medium.com/mcashchain/birds-eye-view-of-mcashchain-midas-ecosystem-153d0e9ce3c6

 

Q26. How is MCashChain expecting from MCashPay? Will you leverage it till the most e-commerce giant adopt the MCashPay payment gateway?

McashPay is a payment gateway that fully integrated with our vinex exchange. Clients with balance on Vinex can settle bills and invoices by using not only funds on wallet but also balance on exchange. McashPay will slowly be offered to more e commerce platform in Asia with the openess of regulation. Currently the roadblock is not in the tech but rather from the legal side.

 

Q27. Are there any future developments for MCash other than the services currently offered? Could we perhaps see things like payment merchant services/ payment processing or insurance services in the future?

For applications focus, we are always looking for more partners. We help them to develop the blockchain part. However, we cannot do everything by ourselves. Insurance is an area that we have not touched.

 

Q28. How do you solve the transaction conflict problem of packed transactions from different blocks?

I cannot understand the precise meaning of “transaction conflict”. In Mcashchain case, all transactions are mined (ie. to include to a block) by the assigned Supernode for that block, ie. if there is any conflict occurs, the later transactions need will be discarded easily.

 

Q29. Do you have any plans to attract non-crypto investors to Mcash chain , and how? What are the actions to increase awareness around Mcash chain in non-crypto space

We help current businesses to convert and use some of blockchain tech to enhance their business. By that way, we slowly convert their normal clients into crypto savy clients.

 

Please follow our social channels for latest updates of Mcashchain and Midas ecosystem:

Website: https://www.MCash.Network

Twitter: https://Twitter.com/MCashChain

Telegram: https://t.me/MCashChain ; https://t.me/MCashChainPR

Blog: https://medium.com/MCashChain

Facebook: https://facebook.com/MCashChain

 

Bird’s eye-view of Midas ecosystem: https://blog.midasprotocol.io/birds-eye-view-of-midas-ecosystem/

 

Midas Wallet

Blogs: https://blog.midasprotocol.io

Telegram: https://t.me/midasprotocolglobal , https://t.me/MidasPR

Facebook: https://fb.com/MidasProtocol.io

Twitter: https://twitter.com/MidasProtocol

Website: https://www.midasprotocol.io

Get it for free & experience Convenience at its best: http://onelink.to/xyqb5u

 

Q30. What is Mcash chain  focus on mass adoption and what would be the upcoming greatest challenge for Mcash chain?

Greatest challenge for the whole market is on the regulation side. We, like all other players, have to adhere to the law. Hence this is the biggest challenge but not avoidable. And we are doing so with several big law firms in Singapore and Malta.

 

Q31. Please Comparatively how does Mcash chain differ and outperform similar and older chains like eos, trx, bnb, ETH? Can I build dApps on Mcash and what are the modalities involved? Please everyone is excited about Mcash staking, please can you intimate us more about the staking program, and why we should stake in light? I saw cartoon like avatars in your development team, please don't you think this reduces trust? Also how do you rate the experience of your tech team to fulfil your goals on ROADMAP

McashChain learn a lot from older chain. We see the obstacles that they face and try to solve. That is why we come up with instant transfer, zero fees model. You can build dapp or port your dapp from ETH, Tron etc.. to McashChain with easy.

Please everyone is excited about Mcash staking, please can you intimate us more about the staking program, and why we should stake in light? => you can find out more about Staking $MCASH right on Midas wallet here: https://youtu.be/A5f4jRCUUjU

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That is the avatar of one of our most important C level, our Chief Scientific Officer. He is a geek and he does not like ppl to know his real face. In this kind of geek world, we have to accept that. Btw, many of ppl would know that's him so it is in fact more valuable than the real face. At the end of the day, nobody knows the face of Satoshi Nakamoto and ppl still trust Bitcoin, right?

 

Q32. Why you're using different storage systems in chain and state storage? Chain storage has level DB and state storage has Tron's KHAO's DB, But why? Is there any specific reason? Why you're using two different type storages? What is work of these storages?

1. Level DB (Google's) is suitable for local storage applications such as our chain storage.

2. KhaosDB (Tron's) can store all the new fork chains generated within a certain period of time and supports witnesses to switch. It helps protect blockchain storage by making it more stable from being terminating abnormally in an intermediate state.

 

Q33. What's your future plans? and for which types of solution currently working on? Mcashchain  name is unique but Why the name MCASHCHAIN ?

M is Midas, Cash is Money. It comes from the root of our Midas Core team anyway.

We are currently working on NFT, ZMC, DaaS and many new solutions for many problems faced by the market

 

Q34. What were the minimum Mcash needed So that One can setup a SuperNode?  In future will it be same or can change?

5 million of MCASH and that will never change in the future.

 

Q35.

Why did you build Mcashchain, what is the motivation for you to start this project?

Which countries are the main markets that Mcashchain is focusing now? What is your marketing strategy to access to these markets?

Which types of DApp developer can develop a DApp in Mcashchain?

Motivation is simple. We are not satisfied with other chains hence we want to do something better, learning from the obstacle that others face.

If you can code Solidity, you can do dapp on McashChain.

You can read also www.dappondemand.com to know more about Mcash Foundation supports on the dapp development

We build our products and grow our ecosystem with global vision in mind. So we are reaching out to global market but these are some countries that we have attracted many users so far: US & Canada, Europe (UK, Ireland, France, Germany, Russia, Spain, Greece, Turkey), Asia (Singapore, Malaysia, Korea, Vietnam, Indonesia, China, Japan, Korea, India), Middle East, Africa (Ghana, Nigeria, Kenya, South Africa etc.). We are expanding our Ambassador program to connect & serve more territories, so if anyone interested to be part of Midas / Mcashchain ecosystem, please feel free to reach out to me (phillip@mcash.network)

 

Q36. What has McashChain learned from Dash, Zcoin and TRON platforms?Can McashChain attract users from those platforms to join your ecosystem?

1. Dash was the first cryptocurrency to implement a masternode system

2. Zcoin is a cryptocurrency aimed at using cryptography to provide better privacy for its users (integrated Zerocoin in the past and Sigma now)

3. TRON introduced bandwidth concept which is proved very suitable for blockchain mass adoption

We would like to inherit their developments and innovation into our platform to attract users and eliminate the common pain points in the industry. We are on the way to engage with our partners to do so. For example, an initiative between midas and zcoin will be announced soon to engage zcoin holders on midas ecosystem.

 

Q37. What about midas wallet? Is this a DApp or a Cryptocurrency wallet which is owned by mcashchain? How will you identify cheaters in government election if any government use your election solution from "Voting and Election"?

Midas Wallet and McashChain are sister products, both developed by Midas Core Team.

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https://blog.midasprotocol.io/birds-eye-view-of-midas-ecosystem/

 

Q38. If you were to summarize your project in one word, what would it be?

Frictionless

 

Please follow our social channels for latest updates of Mcashchain and Midas ecosystem:

Website: https://www.MCash.Network

Twitter: https://Twitter.com/MCashChain

Telegram: https://t.me/MCashChain ; https://t.me/MCashChainPR

Blog: https://medium.com/MCashChain

Facebook: https://facebook.com/MCashChain

 

Midas Wallet

Blogs: https://blog.midasprotocol.io

Telegram: https://t.me/midasprotocolglobal , https://t.me/MidasPR

Facebook: https://fb.com/MidasProtocol.io

Twitter: https://twitter.com/MidasProtocol

Website: https://www.midasprotocol.io

Get it for free & experience Convenience at its best: http://onelink.to/xyqb5u


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