Here’s our 102th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Be Your Own Bank $BYOB July 9, 2021. This guest star,
- Alex Christian — Founder
INTRODUCTION
Alex Christian :
I’m Alex, founder and CEO of DataMynt.com and $BYOB token. Am based in Silicon Valley
My background is in TradFi in banking, payments and fintech before focusing on transitioning the world to DeFi and crypto (@ Yellowcard.io and Metalpay.com ).
QUESTIONS MODERATOR
Could you provide a simple description DataMynt?Alex Christian :
Data Mynt is DeFi for the 99% of non crypto natives.
To introduce and transisiton the 99% of non crypto natives to non volatile digital assets, on one side 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).
On the other hand DataMynt.com is briding the gap from Trad Fi to DeFi and growing TVL and market cap into the $ Trillions.
What are the main barriers to entry exist to broad adoption of decentralized alternatives to legacy banking services? How can DataMynt solve adoption problems and bridge the addressable market?Alex Christian :
Great question
Main barriers to entry are technical know how and FUD.
Data Mynt abstracts the tech; offering non volatile services (e.g. no price risk) that are easy to use and look and feel like legacy banking services.
For more infor or questions ollow us on Twitter https://twitter.com/DataMynt & Join the $BYOB Telegram channel https://t.me/datamynt_byob
Can you explain about the tokenomics and utility of $BYOB token?Alex Christian :
Data Mynt’s native $BYOB token, IDO pre sale BEGINS MONDAY here https://datamynt-byob.medium.com/byob-token-initial-decentralized-offering-ido-by-data-mynt-13336adefbd7 on Gnosis Auction …
… offers several valuable functions including air drops, staking, insurance, discounts for HODlers.
This is the beginning of a 5-part $BYOB community token sale, including 3 DEX auctions with lock-up periods, one public DEX auction with no lock, and one CEX listing with no lock.
There will be 8 billion (8,000,000,000) $BYOB tokens minted fully diluted with a market cap equal to the worldwide population estimated for 2025. It is Data Mynt’s commitment that DeFi services reach 99% of the global population who currently do not have access to DeFi opportunities.
here’s the whitepaper w breakdown https://datamynt-byob.medium.com/introducing-byob-be-your-own-bank-token-white-paper-a5ca18fbfed7
Give us a follow on twitter w any questions https://twitter.com/DataMynt
done 🙂
IDO DataMynt will start on July 12th, so can you share with us about the upcoming IDO DataMynt? What are the requirements to join it?Alex Christian :
YES! Requirements are to have a wallet, internet access, and $USDT!
The $BYOB (Be Your Own Bank) token, which is the native token of DataMynt.com’s decentralized finance (DeFi) platform, starts its IDO auction (accepting $USDT) on July 12th, 2021 at 2:00 PM UTC on Gnosis Auction (Link to participate here https://ido-ux.dev.gnosisdev.com/#/start).
Auction 1 will go for 3 days.
Here again are the instructions https://datamynt-byob.medium.com/byob-token-initial-decentralized-offering-ido-by-data-mynt-13336adefbd7
This is the beginning of a 5-part $BYOB community token sale, including 3 DEX auctions with lock-up periods, one public DEX auction with no lock, and one CEX listing with no lock.
Auction 1 begins on July 12th on Gnosis Auction and will be the most exclusive sale for 1% of the Total Diluted Supply (80 million) 80,000,000 $BYOB tokens with a lock up period. The minimum offer will start at $0.01 USD, which represents a 90% discount over the DEX public auction base price.
Auction 1 will be open during the following window:
Auction 1 start date/time: July 12th, 2021, 2:00 PM UTC
Auction 1 end date/time: July 15th, 2021, 2:00 PM UTC
Auction 2 will also be an exclusive sale for 2% of the Total Diluted Supply (160 million) 160,000,000 $BYOB tokens available for sale, which will also include a shorter lock up period versus Auction 1. The sale will last for a set period of time to be announced via Data Mynt’s Twitter page .
Auction 3 will be the last exclusive sale for 2% of the Total Diluted Supply (160 million) 160,000,000 $BYOB tokens available for sale, which will also include a shorter lock up period versus Auction 1. The sale will last for a set period of time to be announced via Data Mynt’s Twitter page .
Public DEX Sale
For the public DEX auction, we will make 15% of the Total Diluted Supply (1.2 billion) 1,200,000,000 $BYOB tokens available for sale with no lock-up period. These will become immediately available for use by $BYOB token buyers at the conclusion of the process. The minimum offer will start at $0.10 USD.
CEX Listing
We will also make 15% of the Total Diluted Supply (1.2 billion) 1,200,000,000 $BYOB tokens available for sale with no lock-up period available on at least one centralized exchange to be announced. List price TBA.
About roadmap, how far has DataMynt been developed at this time? and what will you realize in the future?Alex Christian :
To date, Data Mynt has a 5% APY product with fiat on and off ramps + functional $BYOB token.
For updates to roadmap follow us on Twitter https://twitter.com/DataMynt & join the $BYOB Telegram channel https://t.me/datamynt_byob
For Data Mynt, here’s a sneak peak at what’s coming:
1)iOS and Android mobile apps
2)Insurance
3) Layer 2 support
4) Local fiat on / off ramp integrations for local communities globally
5) Additional yield and staking beyond 10% APY.
6) Credit and loans
7) Debit cards
QUESTIONS TWITTER
How will the data be stored in the system? I am assuming that even though you don’t want to be constrained by the various rules in the myriad of jurisdictions, the data will have to be stored security right?Alex Christian :
Yes all data is encrypted by third party and Data Mynt at this time does not store or own any PII or personal information.
When DataMynt is fully developed with its BYOB tokens, do you think it can be implemented on top of conventional stablecoins on the market? or despite being affected by inflation, the USDT will always have greater volume?Alex Christian :
Great question: Data Mynt is a gateway for all stablecoins and adoption thereof.
This means that Data Mynt will leverage, eclipse and drive total market cap of all stablecoins eventually.
We are working toward partnerships with many stablecoins at the moment also because Data Mynt is a stablecoins best friend!
Note: $BYOB is not a stablecoin
Reviewing your roadmap, I see that you have in the future to incorporate a Fiat wallet and a card, is BYOB, fully decentralized? do you expect to receive some centralized payment methods framed in DEFI technology?Alex Christian :
Another great question!
Data Mynt is the bridge between DeFi and TradFi. Without this bridge, DeFi is limited in growth.
The stable coin market is at $100b and when Data Mynt 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.
So yes while $BYOB is decentralized, Data Mynt is integrated with centralized fiat gateways to enable adoption of DeFi.
What was the reason of choosing Ethereum Network for $BYOP? Many projects choose other networks due to unstable and high gas fees in Ethereum. When you consider this, how will this decision contribute to the growth ot DataMynt?Alex Christian :
We chose ETH for $BYOB token because we believe this is the DeFi adoption key. Solutions to gas are forthcoming.
We will add other chain support for Data Mynt but at this time no other blockchains are tested as is ETH IMO.
On your website i saw that you offer to Earn 5% APY with Data Mynt’s Highest Yield Savings Wallet, many yield farming platform offers a huge APY as high as %1000. Do you see this as a threat to attract investors to your project? What makes yield farming on BYOB unique &the best?Alex Christian :
5% APY is for non crypto natives. We are not competing for the DeFi farming that offers 100% and those DeFi platforms will never attract the 99% of non crypto natives that we are working hard to adopt DeFi so that TVL, liquidity and DeFi universe can grow!
IF investors see we are aiming to grow DeFi into a trillion dollar market, smart investors will support and place their investment with us.
QUESTIONS TELEGRAM
@shardy15How did you come up with the idea for a commission-free exchange?
Alex Christian :
Good question: fees and costs of financial services have long been an issue and pain point from TradFi now in DeFi. As such, eliminating those makes the most sense to getting the most amount of people onboard as frictionless as possible.
@xi_9_4444How can the COMMUNITY supports and help in the success of your project?
Alex Christian :
Community can support $BYOB and Data Mynt by:
1. Purchasing $BYOB at the auction on 12 July ! here are the instructions https://datamynt-byob.medium.com/byob-token-initial-decentralized-offering-ido-by-data-mynt-13336adefbd7
2. Join us on Twitter https://twitter.com/DataMynt & Join the $BYOB Telegram channel https://t.me/datamynt_byob
@topind7What is the most important and exciting feature of Data Mynt that you are really proud of?
Alex Christian :
Non volatile digital assets only + Abstracting the crypto tech + fiat on/off ramps.
@hiNokiamanTransparency is important. how did the project manage to provide transparency to gain user trust? then have you done an external audit?
Alex Christian :
Yes we’ve just completed a successful audit from Hacken and plan to post the findings very soon on Twitter ttps://twitter.com/DataMynt
@Shardy2Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Alex Christian :
Token burning and minting will only happen if the $BYOB community reaches consensus!
- Telegram Chat : https://t.me/datamynt_byob
- Telegram Channel : https://t.me/datamyntbyob
- Twitter : https://twitter.com/DataMynt
- Website : http://datamynt.com/byob
- Facebook : https://www.facebook.com/datamyntbyob
- Linkedin : https://www.linkedin.com/company/datamynt/
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Be Your Own Bank $BYOB.
Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.
