On Friday, May 14th 2021, Blockchain Nigeria User Group hosted a live AMA session with Henry Chukwuka, founder at Muna Africa, where he responded to questions about Muna’s vision, future and more.
Did you miss the AMA session?
We have compiled in this blog post the questions asked by the community and Henry’s answers.
AMA session begins at 8:00 PM WAT, opened by BNUG community Admin.
Adebayo: Good evening to our 34th AMA session and excited to have an indigenous blockchain project proudly Nigeria and can help to solve financial indiscipline through crypto saving. Please with the show of love,let’s appreciate the CEO Founder Henry as he takes us on a trip to the Muna paradise 🤸💰🎉🎊
Can the facilitator briefly introduce himself, the company he represents. The group would be muted in 2 mins after the questions come in
Over to you @chukwuka021 (Henry).
Henry: Thank you @Cryptobayo (Adebayo)
My name is Henry, I am the founder of Quru Lab, a software developer development company that build web, mobile and blockchain app for projects and businesses
I am the founder of Muna also and the Africa regional lead at Waves blockchain and also, an active admin and contributor at BNUG, my favourite crypto community.
- Muna is a crypto savings app, it allows anyone to stake their crypto and earn interest paid out daily.
- Muna is built to also help non-traders and crypto newcomers improve their hold strategy. It allows users to save crypto assets they think has potential and possibility of blowing up.
- Muna has a strong focus on stable coins as we think it has a huge possibility of helping Africa access global finance.
Ask Me Anything Session
Stevyno: Talking about Crypto savings and muna replacing fiat savings apps like Piggyvest and co, what are the other plan/services muna would offer? Apart from returns from staking daily?
Henry: Let me start with this — Muna is a crypto savings app and over time, we have been working on several tools which will be coming up soon after this AMA.
Some upcoming services are;
- Swap — to allow users swap assets on Muna app. Assets from different blockchain.
- Crypto loans — people can borrow fiat like naira and stable coins like USDT and USDN using crypto assets as collateral
- Voucher service — to allow users to buy and sell crypto in the form of recharge cards and gift cards.
Adeleke Jr bhai: What is the possibility of Muna app holding and staking assets from other blockchain other than waves blockchain in the nearest future.
Henry: In this Q2 2021, we have more assets from other blockchains aside Waves coming soonIn this Q2 2021, we have more assets from other blockchains aside Waves coming soon.
Ubaidullah ibn isa: As Muna app serves as a decentralized saving platform, where does the reward shared amongst stakers come from?
Henry: First, Muna is not a decentralized app but we plugged solutions from decentralized networks to offer users a simple way to access the benefit of DeFi.
John Adelakun: Is there a native token for muna wallet?
Henry: Currently no, maybe in the future.
Evanda Escobar: Does Muna have plans to introduce On/off ramp fiat deposit/withdrawal?
Henry: This solution, we worked it out already and was ready to serve our users but was delayed due to the recent policy from CBN but we have two alternative solutions coming to cover that soon.
We can’t wait to announce it.
Marvel: In future is Muna looking into lending/ borrowing?
Henry: Yes 😁 it’s coming!
Stanford: Considering the safety of user funds and the potential threat from hacks, I would like to know how secure is your platform? Any security audits done?
Henry: Oh great question. Neutrino protocol which powers USDN staking on Muna is audited by private security agencies and you can find it on neutrino.at. You can read more via https://audit.neutrino.at
Marvel: Swap and crypto loan should we expect this service in Q2 or Q3 this year?
Henry: Swap is possible, we will share more updates about the loan.
Marvel: What other blockchain are we expecting to see on Muna app?
Henry: Honestly, Muna is an Africentric app first of all, there are some factors we consider when supporting blockchains. Some of the factors are; speed, network fee, community and security.
Adebayo: What is your roadmap for Muna in the next few years?
Henry: Well, roadmaps are good thing but could change over time but in the next few months, we are working on;
- Swap.
- Listing more assets and staking.
- Improved way to buy and sell USDN and other assets on Muna.
- Voucher service and others that will be announced soon.
Precious: Is there a reward for inviting new users to the platform?
Henry: Refer others to save and earn in dollar and get rewarded 😎
Adebayo: Can you tell us why we should consider saving with Muna, when we know Piggyvest is doing such with fiat and people trust their brand. How do you break that mould and be The next Piggyvest version of crypto?
Henry: Well well, I would say Muna will be Muna in future 😀 We are working hard to be a solution that returns value to people for their savings. For trust, it needs time of consistency and delivery which I know we are on track. Also, we see that we work without community with every level of openness. To keep transparency about our product, we would be doing some serious education as well.
Again, Muna allows users to earn in USD unlike usual savings apps that return in naira, eating up the value of people’s money by hyperinflation.
Adebayo: With the CBN ban on banks transacting with crypto. How do crypto savers get their monies into their local Bank account?
Henry: Currently, they can buy and sell USDN on the app. We have secure express P2P coming. Voucher incoming.
Adebayo: Is this Muna app limited by region or is it global? Can you save from anywhere in the comfort of your room on muna?
Henry: Yes anyone can use Muna app, no restrictions.
Akhere Chuta: Apart from staking, what other stuff can muna offer?
Henry:
- Swap — to allow users swap assets on Muna app. Assets from different blockchain.
- Crypto loans — people can borrow fiat like naira and stable coins like USDT and USDN using crypto assets as collateral.
- Voucher service — to allow users to buy and sell crypto in the form of recharge cards and gift cards.
Closing Remarks
After the last question and answer, Henry Chukwuka appreciates the community and the community admin, Adebayo ends the AMA session.
Henry: As always, I’m super excited to share about Muna with everyone tonight. Greetings from my team, we are many 💚
It’s a long and exciting journey for us, we are so happy to have you ride it with us
Big thanks to everyone here educating and spreading word about Muna out there, often times we may not know you but hey, the Moon is with you 😎
As you always do, keep supporting us and let’s take Africa to the moon 🌒
Always stake your USDN 👌
Long live BNUG 🙌
Adebayo: Can we appreciate the facilitator for a brilliant presentation tonight? What a blast 👏👏👏👏👏
Have a great night rest,expect more from BNUG in the coming weeks. Take advantage of the Muna Referral Program and make some residual income for yourself https://bit.ly/3yadiiP.
