Here’s the third AMA (Ask Me Anything) CryptoCurrency Academy (C.C.A) had with Muna Founder, Henry Chukwuka on May 31, 2021, 3:00 (UTC). Muna is a simple and safe crypto savings app that rewards savers with daily interest. Africans can now save and earn daily in dollars reaching their financial goals with ease.
We asked the Founder a few questions about his product, and here’s what he had to say.
Henry is the Founder of Muna – Crypto savings app; a Team Lead at Quru Lab – Custom web, mobile and blockchain development lab, and the Africa Regional Lead for the Waves Platform. Currently, he is building community & content around Waves Protocol, practical Blockchain implementations & Crypto generally.
Henry: Thank you for the introduction. My name is Henry, I am the Africa regional lead at Waves Blockchain, CEO at Quru Lab – a web, mobile and dApp development lab.
Also, the founder of Muna – a crypto and dollar savings app.
- Tell us. What is Muna and how does it work?
Henry: Muna is a crypto and dollar savings app. It allows anyone to save USDN and earn interest daily. USDN is a stable coin on Waves like USDT.
- Explain more on staking and earning interest with USDN.
Henry: USDN is a decentralized stable coin backed with Waves, it is issued via the Neutrino protocol (neutrino.at). Whenever any USDN is minted, an amount of Waves is locked as collateral for it on the Neutrino smart contract.
Since Waves is a POS blockchain and Waves can be staked, the locked Waves on Neutrino smart contract as collateral is staked on a Neutrino Node which mines blocks daily.
The new Waves that are earned by mining blocks via the Node is used to incentivize anyone who locks (stake) their USDN. That is how USDN staking reward is generated.
- Why the Waves Protocol?
Henry: Waves is open and decentralized.
– Its fast and secure
– Transaction fee is considerate
– Developer friendliness
– We get pretty good technical support from core team members
- How many crypto assets can one hold and transfer?
Henry: Currently, Muna supports
More asset listings coming in Q3, from July – September. We could list more assets even before then and we have strong interest in stable coins and chains that are pretty fair in transaction fees too.
- We are now more sensitive about our privacy. What kind of data do you take from your customers, if any?
Henry: Basically, on registration, users are only required to provide
– Full name
– email address
– username (they generate this themselves)
- How do you ensure security?
Henry: Good question. Muna is safe and here are some ways we have improved safety.
First is the protocol layer, Muna is integrated to Waves Blockchain which is open source and audited by a wide range of developer communities.
Secondly is the DeFi layer which we utilize for USDN staking, Neutrino.at smart contract has been audited.
Third is on app level, we have severe security on the system end including advanced encryptions to avoid data leak, we enabled transaction PIN for our users too, to ensure their funds are secure enough.
- Who are your auditors?
Henry: Audit Team: Beosin (Chengdu LianAn) Technology Co. Ltd. Neutrino is not our own project, it’s a DeFi protocol for issuing stable coins on Waves Blockchain. Web 3.0 allows us and anyone else to plug into Open solutions and let our users access the benefit these platforms offer.
- Compared with other related apps, why should others use Muna?
Henry: Here are some cool features why anyone should use Muna
– Transactions are free
– Transactions confirm within 3-5 seconds
– Muna is VERY simple to use
– Savings on Muna is flexible, pays interest daily, it doesn’t force anyone to lock up their money for days or months to earn
– Muna is secure
- So, what does the future hold for Muna?
Henry: It’s a pretty interesting journey for us with a lot planned already. But our biggest goal is to let Africans access blockchain and crypto easily and safely offering them financial solutions without confusions and difficulty.
Free-Ask from the CryptoCurrency Community
- What plans do you have to incorporate more and more Cryptocurrencies in your platforms?
Henry: This is a very interesting question. We have good plans to support more crypto assets soon. Later from June this year. We would be adding more assets that align with our core visions and mission.
- Do you have a student ambassadors program?
Henry: Interesting, yes it’s coming. This will be kicked off soon and we would be inviting the public to join us.
- 1) How long can I stake my USDN eg., time frame before I can withdraw ?
2)What is the interest rate ?
3)What is the transaction fee like?
4) Is it only USDN that can be stake in Muna?
5)How long has Muna been in operation?
6) How am I sure that my funds are secure & safe?
7) What made your company come up with this idea eg aim, objective,goal and vision ?
8) You said Muna is integrated into the wave blockchain ,who is this wave blockchain?
9) What is the minimum one can stake?
10) What plan Muna put in place to achieve this goal of making African access blockchain easily?
Henry: Hehe. This is a good lorry of questions.
- Staking/saving on Muna is flexible, there are no time rules or limits.
- Interest rate is based on Neutrino protocol and Muna allows anyone to see the current rate on the app. Interest rates can go as high as 20% APY.
- Waves and USDN transfer, swap and staking transactions are FREE.
- USDN for now, in June Waves staking will be released.
- Muna have been since August 2020 but Neutrino protocol which we use as the staking engine have been from late 2019 (estimated) paying interest daily.
- Waves and the Neutrino platform we built on are open and audited platforms.
- We think Africans need access to global finance.
- Waves is a blockchain platform like Ethereum but we prefer it for its scalability, safety and developer friendliness.
- no minimum or maximum.
- Muna is first African centric before anything else. Activities like this AMA are a good way to introduce Muna to Africans.
- Is the usdn algorithm based?
Henry: Yes, USDN is algorithmic ad backed by Waves just as DAI is backed with ETH
- For instance I forget my transaction pin. Can I still access my funds…and how?
Henry: Yes you can, you only have to message our support within the Muna app and they will guide you.
- Is there anything else you would like to share or you want us to know about the project?
Henry: Would be great to have your community check out the Muna app and share feedback with us. Here is the direct link to download Muna.
CryptoCurrency Academy and Muna prepared a total of $100 Prize to the AMA participants whose questions got selected.