Welcome to the Meridian ($LOCK) Q&A with The Gem Hunters
We would like to thank the Meridian team for coming to The Gem Hunters and kindly sharing information on the project with our community. Before commencing our pre-set questions which will be followed by public engagement we would like to share some basic information on the project to give people a better idea before the Q&A begins.
Meridian Network implements a DAO, which is a decentralized autonomous organization. In other words, it is a system where the rules are embedded into its code, and no single entity has the power to make decisions on behalf of the others, a management problem known as the principal-agent dilemma. Through open-source protocols, DAO’s dictate how users interact with each other, using game theory to steer the actions of its members as opposed tolegal contracts, incentivizing people to make decisions that best suit the group’s interests as well as their own. It eliminates the need for individuals to trust each other. DAO’s are incorruptible, fully transparent, and autonomous. At its core, Meridian Network aims to become an ecosystem of DeFiprotocols 100% governed through a community-driven DAO, allowing its users to choose the set of rules that is most favorable to them.The way we will do this is by releasing DeFi dapps that have a DAO governance mechanism embedded into their code, and users will be able to use these dapps/protocols and decide on their variable features/ attributes through voting.
The LOCK token will serve as the measure of voting for these dapps. This is not the only use for the LOCK token, as will be seen on our second protocol to be released within 2 months. They have chosen the Ethereum network for our initial DAO implementation, as it is currently the most widely used and standardized smart contract platform, seeing as compatibility is paramount to any DAO-governed system. So far the Meridian-Network has delivered on all promises and the only hold up has been the release of the lightpaper by a single day! Which is absolutely impeccable compared to the standards of most projects in the same sort of category.
Q1. Since you guys are anonymous, we would love to get to know the team behind Meridian-Network a bit better and also give our community some insights on the following:
1.1 What is your current team size?
1.2 What are your backgrounds?
1.3 How did you initially team up?
1.1 Our team size is currently 10. We have 2 founders, 1 designer, 1 solidity dev, 1 front-end and 5 community managers.
1.2Yomonk's background is in enterprise (Saas) sales and e-commerce. He's also consulted several different tech startups. My background is in digital consulting for industries, namely helping restructuring industry related businesses while providing digital services such as employee training and systems integration. Yomonk and I have known each other for a couple of years.
1.3We met on a Telegram community group, and soon enough we started having conversations on crypto projects and blockchain in general. Earlier this year we both started using Uniswap and discussing its benefits and disadvantages, the mechanisms behind it and overall platform potential. At this time we were both invested in similar projects which were usually the matter of our discussions, and we actually came up with some good ideas to improve on existing protocols, namely within the DeFi space. One day, one of us suggested we should use our knowledge to create our own protocol, and as time went by this idea grew in our minds, until eventually we decided it was worth a try and started noting down ideas and general guidelines for what would later become Meridian Network.
Q2. What was your drive and motivation behind the architecture of the Meridian-Network?
We noticed that most DeFi dapps were external to users control, and we thought finding a way to give some of that control back to users would be a good starting point and a contribution to the DeFi space.. Hence the DAO balancer idea was born, which is our 2nd dapp. We also noticed there were quite a few gaps in terms of education on DeFi protocols such as how a balancer pool works. We want to build an ecosystem of defi dapps that is governed by its own DAO and allow our traders/investors to easily learn about these dapps and also educate each other to find winning strategies in the market. More recently, this led us to decide to create an educational portal on our website which will contain several DeFi introductory articles, as well as blockchain and smart contract basics, among other topics we might find relevant.
Q3 Projects that started on Uniswap often receive bad press, due to many bad actors launching on the platform. What sets Meridian-Network apart from them?
Are you planing to release more of these expense reports in the future?
This issue led us to several decisions that we hadn’t initially considered, as we later came to realize that Uniswap was indeed the carrier of such reputation.
Some of the things we did to combat this were:
- We made our github page public
- We created a channel with constant development updates which we asked our developers to provide
- We released an expense report which includes the team’s wallet addresses so anyone can track our holdings
- We locked the liquidity on Uniswap meaning we can never remove the 500 or so Eth that are currently on our Uniswap pool
- We were audited by HACKEN in regards to both our Meridian Vault and our Swap Portal
Finally, we decided to reveal our identities to the public which will happen within less than a month
We released the first expense forms a few days ago, and we are planning on releasing one every 2 weeks, so the next one would be within a week and a half.
Q4. This Monday you had a token swap from the old $MRDN token to the new $LOCK token (BTW the process was super simple and smooth) . Please give us some information on the token launch of $LOCK and why was the swap needed?
Initially we set out to start with the DAO balancer pool so we created the MRDN token. However, we decided that a good way to make a name for ourselves and get the project out there prior to the DAO’s release was to launch a temporary dapp that would give our holders something to reward them while we finished preparations for our DAO.
We thought a staking dapp would fit this purpose, the only problem was that the MRDN token smart contract was not designed to be compatible with staking or have a burn feature. So we decided to create a new token, one that would be compatible with a staking protocol. That is why we launched the Meridian Vault at the same time as LOCK. Once the DAO is released and staking ends the LOCK token will be used as an asset for the balancer pool, as well as for our future dapps.
5. Your first Dapp is the so called Meridian Vault, which has been released on Monday. Please give us some info on its functionality and the features it enables fort he $LOCK token, but also a few key metrics on its usage.
The Meridian Vault is our first dapp which is a staking interface for our early holders. Our holders are able to stake their $LOCK for a period of 1-2 months until the 2nd dapp, DAO Balancer Pool is ready. In the first month, holders can gain 1% daily dividends on their holdings and the unstake penalty is 15%. 10% of the 15% gets burned and 5% gets re-distributed to holders that continue staking. So its a hybrid reward system in the way that you get daily dividends + re-distribution from the unstakers. Currently we have over 67% of the circulating supply being staked. So our effective circulating supply is close to 2.2 million.
6. The DAO balancer index fund is your second Dapp. How is the progress coming along, are you on schedule with the release of it and what can we expect from it?
Yes, we’re on schedule. So our 1st milestone is to offer an education platform for our users to understand the benefits and mechanics of the balancer pool / Defi. The first balancer pool will be chosen by the core team and we’ll optimise it to ensure it contains the top performing projects in the space to maximise yield for our liquidity providers/investors. In the 2nd phase, we’ll incorporate the DAO component which entails a voting and reputation system. We’ll also have a 500k $LOCK DAO Pool to incentivise community contribution. For instance, if the community votes on a proposal by X person, the X person will be rewarded from the DAO pool for his contribution.
7. What are your plans over the next few months, especially after the release of the DAO balancer index fund, can you give our community and your own community some insights into whats coming next?
Once the DAO is released there should be a whole mechanism in place so that our platform is entirely governed by its own users. That’s our goal. However we have taken measures to ensure we will still be here for some time, at least a couple of years, while our users get acquainted with structure and the way it works, and by that time we expect there will be a whole array of protocols developed. The DAO will also have a reputation system so it’s probable there will be a few figure heads representing the community in the near future. Not to mention, we will still be in charge of development for our third dapp, to be launched in a few months.
8. The past two weeks have shown that you are very ambitious and aggressive when it comes to marketing efforts. Please give us a brief summary of your past marketing efforts and what are your short and mid term plans in regards for further marketing the Meridian-Network?
Yeah so we’ve recently entered an agreement with a few crypto influencers and communities to help us spread the word on Meridian and promote within their fields. One such example would be the set of influencers we engaged with on Twitter, such as tehMoonwalkerR. We’ve also had an AMA yesterday with his community, and we have 3 other AMAs scheduled in the next 4 days.
Yesterday for instance, we got exposure through a known youtube influencer called Crypto Zombie (https://www.youtube.com/watch?v=hX-U4UJxETk) . This was part of our 1st awareness campaign on youtube. In the long run, we would like to continue with this momentum and continue spreading the use cases of our project through influencers, AMAs, Twitter, Youtube and all the other channels our investors/audience use to gather info. Also, we expect another big youtube influencer to spread awareness of our project around the time we launch our 2nd dapp. His audience I would say is bigger than Crypto Zombie.
9. So our last question is always along the same lines. You guys are part of this space, so you know how important this it is to investors and that we go out of our way to get some sneaky information. We know that you wont be able to go in huge detail on whats going on due to NDA but can we expect further listings or even partnerships in the near future?
Yes, actually we finalised the deal with a exchange recently. We should go live within the next 24 hours. We're also in final stages with a few other centralized and decentralized exchanges. We recently also partnered with Bartertrade, so we will be part of their exchange when the platform goes live in Q3.