AMA Recap Crypto Library with Data Mynt

                                      

On 29th May 2021, Data Mynt conducted an AMA in the Crypto Library Community. Our guest is Alex Christian. Lots of questions as usual from the Community about Data Mynt progress. The Data Mynt team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Data Mynt.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Alex Christian (Data Mynt) : Based in Oakland, California, I'm the founder and CEO of Data Mynt and $BYOB. I have several years experience in crypto experience including advising YellowCard.io and working for Metal Pay. I purchased my first bitcoin in 2015. My background is in TradFi in banking then payments and fintech for large centralized companies and startups before finding the light in crypto and defi. I founded Data Mynt 6 months ago and Built Data Mynt to ensure everyone can easily access DeFi.
FIRST SEGMENT (HOST)
Crypto Library Team : What is Data Mynt? and how your team can create this project?

Alex Christian (Data Mynt) : DataMynt.com is a DeFi platform to introduce, abstract and transisiton the 99% of non crypto natives to non volatile digital assets. Data Mynt is a stablecoin focused defi project for the 99% of non crypto natives who for many reasons don't use crypto or defi. We abstract the crypto and defi and offer fiat on and off ramps that users are accustomed to (through third parties including KYC). DataMynt.com  is briding the gap from Trad Fi to DeFi and growing TVL and market cap into the $ Trillions. $BYOB is the Data Mynt native token.

Crypto Library Team : Could you give us some reason why we have to choose Data Mynt than other projects out there?

Alex Christian (Data Mynt) : While DataMynt.com does not necessarily offer innovative blockchain functional value upfront, DataMynt.com exponentially grows the DeFi space, TVL and liquidity pie for the DeFi universe. Building the adoption bridges may be boring — but someone must do it. And that's Data Mynt! DataMynt.com solves the adoption issue and bridges the addressable market. Specifically, DataMynt.com offers -Non volatile stable assets only -Abstraction of the tech for non cryptos -Fiat on / off ramps -Focus on onboarding the 99% non crypto natives to digital assets and DeFi. The stable coin market is at $100b and when DataMynt.com  is finished it’ll be at $100 Trillion. Same for the DeFi market cap — exponential growth to $60 trillion. When Data Mynt is done, the DeFi market will overshadow the legacy financial services market.

Crypto Library Team : Please tell us about Data Mynt native token $BYOB ! What are the token use-case, distribution, and where we can buy it?

Alex Christian (Data Mynt) : $BYOB (Be Your Own Bank) is the Data Mynt platform's native token that offers several utilities from insurance to staking, incentives and governance/voting. $BYOB is ERC20 compliant. The Be Your Own Bank ($BYOB) token is the native token of the Data Mynt platform. There will be a max of 8,000,000,000 BYOB minted fully diluted Market Cap equal to the worldwide population estimated for 2025. It is our commitment that Data Mynt reaches the 99% of the population that does not have access to Decentralized Finance (DeFi) opportunities. On July 12th, we will begin our 5 part community token distribution, including 3 DEX auctions with a lock-up period, one public DEX auction, and one CEX listing. For DEX Auction 1 distribution via Gnosis Auction, there will be an exclusive auction for 1% of the Total Diluted Supply (80 million $BYOB tokens), which will be locked up until November 5, 2022. The minimum offer will start at $0.01 USD, that represents a 90% discount over the DEX public auction base price. For DEX Auction 1 distribution via Gnosis Auction, there will be an exclusive auction for 1% of the Total Diluted Supply (80 million $BYOB tokens), which will be locked up until November 5, 2022. The minimum offer will start at $0.01 USD, that represents a 90% discount over the DEX public auction base price.

For total breakdown of allocation, the $BYOB whitepaper at:
  • Up to 80,000,000 $BYOB tokens (1%) sold via decentralized auction 1 mechanism at lowest minimum price point (15-month lock up)
  • Up to 160,000,000 $BYOB tokens (2%) sold via decentralized auction 2 mechanism at second lowest minimum price point (12-month lock up)
  • Up to 160,000,000 (2%) sold via decentralized auction 3 mechanism at third lowest minimum price point (12-month lock up)
  • Up to 2,400,000,000 (30%) publicly sold via decentralized exchange auction at highest minimum price point (no lock up)
  • Up to 240,000,000 (3%) for liquidity providers
  • At least 400,000,000 (5%) to develop, build, and maintain the Data Mynt platform
  • At least 800,000,000 (10%) for loyalty rewards, marketing, and incentives for BYOB community and Data Mynt users
  • 1,600,000,000 (20%) to founding and early team (12-month lock)
  • 1,200,000,000 (15%) for advisors and investors (12-month lock)
  • At least 960,000,000 (12%) for insurance and emergency reserve purposes
Please join our:
Where we will share instructions on joining Auction 1 on 12 July!!

Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

Alex Christian (Data Mynt) : Regarding milestones: We have created
  1. A functional $BYOB token
  2. DataMynt.com 5% APY product with fiat deposit and withdraw (with NO fees!)
Here's a peak into our upcoming roadmap
  1. iOS and Android mobile apps coming soon
  2. Insurance
  3. Layer 2 support (I.e. Polygon)
  4. Local fiat on / off ramp integrations
  5. Additional yield and staking beyond 10% APY.
Keep updated on the roadmap by joining our telegram group https://t.me/datamynt_byob or follow us on twitter https://twitter.com/DataMynt. We're also completing a $BYOB security audit and should be able to share that soon.
SECOND SEGMENT (TWITTER)
Crypto Library Team : What strategies do DataMynt have to make $BYOB more valuable in terms of inCreasing the number of users and what apps are BYOB integrating to expand your ecosystem?

Alex Christian (Data Mynt) : One key is to integrate with local, familiar payment or fiat rails, hire locally and build communities and product in local language. Now we are hiring local community build teams to start BYOB community in Korea for example. We have fiat partnerships in place for Latin America, US, Europe, Africa and parts of Asia. We are pursuing stablecoin partnerships as well to increase liquidity and yield production ability. To ensure market and liquidity we have constructed the $BYOB listing and auctions to include decentralized auctions and centralized exchange listing on our first exchange that does Trillions $USD in volume daily.

Crypto Library Team : What kind of partnerships with different projects/platforms/protocols can we expect from DataMynt in the future? Could you give us some examples of how other projects can leverage DataMynt ?

Alex Christian (Data Mynt) : Oh yes, Data Mynt and $BYOB is all about growing the DeFi and TVL pie globally. As such we are pursuing TradFi, CEX, stablecoin and DeFi protocol partnerships. One example is Yellowcard.io as our fiat on/off ramp in 10 African countries. Or AirTM in many Latin American countries. We will be announcing our first stablecoin partnership in the coming weeks on Telegram https://t.me/datamynt_byob and Twitter https://twitter.com/DataMynt.

We also have a business account and API that businesses can use to get yield on their working capital. We are pursuing every avenue to get all of the TradFi fiat into DeFi assets!!!
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : There are lots of new projects popping up, but only good at the start, what sets your project apart from the rest and can your project really contribute?

Alex Christian (Data Mynt) : Our team and founder experience and values. I have a decade of experience launching crypto, DeFi, fintech and payments experience across 80 + countries and the team is top notch. We have a high barrier to entry and are fully decentralized not to mention we all are aligned in terms of DeFi is the future.

Crypto Library Team : Community plays a key Role in Project Success, so my question is How do you actively involve community members in your Project Aside from GOVERNANCE? What plans/strategies do you have to increase the size of your Community?

Alex Christian (Data Mynt) : In addition to actual governance, the community plays a key role in brainstorming, providing feedback and offering support (e.g. partnerships or talent hires). We lean on our community for everything!

Crypto Library Team : The market today has a lot of development projects on the Blockchain platform. One of the factors that makes the platform appealing to many users is its special features. So what are the outstanding features and advantages of $BYOB to attract users and investors?

Alex Christian (Data Mynt) : Our special feature is that DataMynt.com and $BYOB is the bridge from TradFi to DeFi. $60b TVL and $100b stablecoin market is NOTHING. We will 1000x that and transition TradFi assets (non volatile at first) into DeFi. That's our focus and believe that's the key to DeFi adoption and survivability.

Crypto Library Team : Can customers be supported by DataMynt ​​without providing sensitive personal information? What information do you store on the system? Is presentation of information necessary? How does the system protect users from risks? Thank you

Alex Christian (Data Mynt) : DataMynt.com partners with local payment providers who non crypto natives are familiar with. Data Mynt keeps no sensitivie information on users and encrypts all data.

Crypto Library Team : One of the main concerns of #DeFi investors is hacking and security obligations on the blockchain. How does #DataMynt solve this problem?

Alex Christian (Data Mynt) : Great question: In the short term we are allocating a portion of $BYOB to insurance and then partnering with DeFi and CeFi insurance partners to come up with the best insurance coverage in the space in the mid terms. We also take security seriously and will continue audits, bug bounty programs as well.
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