AMA Recap Crypto Library with Meduse


On 14th June 2021, Meduse conducted an AMA in the Crypto Library Community. Our guest is Ziba. Lots of questions as usual from the Community about Meduse progress. The Meduse 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 Meduse.

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

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

Ziba (Meduse) : I started as developer and I learned programming since I was 11 years old. i discovered Bitcoin in 2011 but started first in 2013 with OTC trading over localbitcoins. After 2017 the demand was so big I started projects like voucher cards and consulting in cryptocurrency. With 2018 I started a prototype for OTC trade which becomes in 2019 meduse.
Crypto Library Team : What is Meduse? and how does it work?

Ziba (Meduse) : Meduse has started as an idea as OTC Trader but we pivot it to an CEX and wanted to deliver DeFi projects in near future. We have the CEX functionality like the known one, but right from the beginning we wanted to be secure as possible, thats why we had invested a large amount of time in to splitting the Platform and the Wallet Management System on Meduse. The DeFi functionality will build on top of this, and we will use Meduse Coin as a Utility Coin for the hole ecosystem.

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

Ziba (Meduse) : Our first priority was first to do it right. And this takes time. Instead of doing things fast I preferred the correct way. The benefit of using of meduse, that you have a whole ecosystem and from our knowledge we want to solve real world issues, that I learned from OTC trade. So the main priority is trust and security in the ecosystem. We are not anonymous you can checkout our whole team
we are public.

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

Ziba (Meduse) : The important part of the coin economy is not only the total amount of the distribution its also its use cases. One aspect is the possibility of spending and earning a currency. This is what we are delivering it. We have three parts of rolling out the usecases. V1, V2, V3.
  • V1: is the use case on our CEX, so you have the possibility of reducing the fees. And we have market making program that we will rolling out with our spot trading exchange. That you become market maker, that means you have no maker fees. With more mdm you will able to get share on the taker fees.
  • V2: is usage of our coin in our defi project, like staking where you get mdm, which is not minted. You will get a share of our revenue in mdm. Other usage is our coin index portfolio. It is a defi fund where you can build your cryptocurrency funds. And other can jump in your funds. You can think of copy trading meets blockfolio on defi.
  • V3: is the bringing our own ledger nautilus and mdm will be native token. Which will compatible to the evm. Here you will use mdm, like eth or bnb as native currency. To run it. We will deliver in that phase a bridge so everyone can swap their coins 1:1 from one network to the other.
We have created a YouTube video which explains more in detail

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

Ziba (Meduse) : Currently we've finelized our otc trader where users can buy and sell cryptocurrency directly. Meduse work here like a escrow service. We have a launchpad but we will change it to defi because we see there is bigger demand here. Our current work is now bringing the spot trader online which is known from other exchanges. And providing the liquidity. Our next goal is after this to start V2 to build staking, coin index pool online and provide main defi functionality. And we are building a new team in Istanbul. Where I am here now. Right now we are talking to IDO plattform to distribute our tokens.
Crypto Library Team : Liquidity, transaction fees and delays are always important factors in financial services. How does Meduse solve the above problems to attract users?

Ziba (Meduse) : The liquidity in our exchange we want to solve by giving our users the opportunity to make an income by becoming a market maker on our CEX. We give the opportunity to earn on the market spread, with no market maker fees and giving a share on the taker fee, if you freeze more mdm in your wallet. Additional to this we will gibe projects the opportunity to list for free, the only thing what we want to deliver liquidity. Additional to this we will provide a marketing plan, which will take 30-40% of our budget. A good product need at least a good marketing.

Crypto Library Team : Currently, the situation of exchanging information and user assets being hacked as well as fraud situations are emerging more and more. What do you think about this situation and the plans? what about the Meduse?

Ziba (Meduse) : We have spend a big amount of the time of solving that issue. Our solution is to split the CEX functionality and the wallet. We have build a multi authorized wallet, which works automatically on smaller amounts but requires additional reviews for higher amounts. Additional to this we are going to have an insurance, to cover everything. Even if we work hard on security we will be ready if big issues happen, so every asset is save. We also will audit our system periodically from external people from Bremen Germany.
Crypto Library Team : Reading about the Meduse project, I was able to see what they decided to change the tokenomy and the name of the token, therefore, can you give details of the reasons that influenced this decision and how this change affects the Meduse ecosystem and the community in general?

Ziba (Meduse) : The first reason was when we decided to this we had people thought we where a different project, we use this opportunity to think about the tokenomics again with the integration of nautilus as our own ledger and reduced the total amount. I actually believe that total supply will additional reduced with the launch of nautilus through buyback and burning program to match the economic of the nautilus chain.

Crypto Library Team : Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?

Ziba (Meduse) : Meduse is self funded in the beginning. So we have used a big amount time and effort to bring meduse to this state. Additional we are also users of cryptocurrency, we are also going excited when today $btc break 40k$ again. So we knowing the need and share the same vision like the community. We are listening to the community and moving together wither community and building tools for the future.

Crypto Library Team : When a creator wants to start a project, what kind of documentation will they need to provide? Will it really be possible to crowdfund from any country when the platform goes live? Or will there still be some restrictions.

Ziba (Meduse) : So if new projects come to us, we want that the projects make sense. We would like to have people which we can audit and kyc the people. There are good reasons that people want to stay anonymous. If this makes sense for us, we want from the project to open source their defi project, so we can see that their is no fraud we believe in code is law and we can audit the contract so everyone is on the same page.

Crypto Library Team : In many cases of cryptos, some of which is very difficult for the project to turn a profit. Some projects have a debt share of 10% (10% of the transaction fee received from the project), how do you explain to us, whether our project can generate profits? 

Ziba (Meduse) : We want our profits from transaction fees on the cex on the defi we want get shares of the project on the launchpad, on the other coin index fund for example we are going to take mdm as payment to open a fund and get 0,1 % share of everyone investing in the performance of the fund.

Crypto Library Team : I am intrigued by the name of your project so could you tell me what is the origin of it and what does it have to do with your project in general?

Ziba (Meduse) : So you can see the financial world as big ocean, with whales, sharks and small fishes. The name meduse came from the french word, which means jellyfish. As you know a jellyfish has a immortal livespan. So unlike a kraken it will never die, thats our philosophy. Additional to this the ocean needs a good ship to navigate. What is better than a ship is a submarine, thats why we named it Nautilus. So our chain will navigate you through the financial ocean. I would also take the opportunity to introduce our sticker with our mascot Jordan Jellyfish.