Following is the encapsulated recap of AMA with CryptoNesia. Naquib Mohammed (Chief Strategist) addressed the community about DeFi space and shared Marhaba’s progress.
Date : 14th August 2021, Saturday
Time : 04:00 PM UTC
Venue : CryptoNesia
Reward Pool : 100$
Speaker : Naquib Mohammed (Chief Strategist)
AMA Transcript
* Introduction Segment *
Q1. Can you introduce yourself to the community? What is your background and how did the team build MarhabaDeFi?
Response:
Sure.
My name is Naquib, and I am the founder and chief strategist of the Marhaba decentralised finance. I
have a 12+ years of experience in the InfoTech domain and my last role as a corporate professional before I head dived into Marhaba, was a technology architect, where I have managed to deliver solutions across half the globe. Im a blockchain enthusiast since a couple of years, started in enterprise projects and then moved to defi 2 yrs back. My work in blockchain backed Fintech was recognized, and I was humbled enough to receive an invitation from the Australia government to migrate to Australia as a Global Distinguished Talent of Fintech.
Just like me, every single team member, including the contractors working with us, are passionate belivers of the project and its vision. We have worked tirelessly for over an year now, trying to bridge the concepts of 7th century Islamic Finace and the 21st Century Technology, to bring a solution, that is impacting to the sociaety as a whole.
We have a long term vision, and will be building gradually in phases, ultimately to have a platform that would be trust worthy, simple, inclusive for all sections of the society.
Q2. Can you briefly describe what is MarhabaDeFi to us?
Response:
Definitely.
Our project, Marhaba is building a unique ecosystem of [shariah-compliant/faith-based/ethical] crypto-financial solutions for the market. We are doing this by bringing multiple ethical products, usually isolated, together in one single coherent ecosystem. While inclusive of all faiths — Marhaba is focussed on the Islamic Finance liquidity pool which is currently over $3 trillion in size, growing and serves over 1,000,000 people globally.
The majority of these are excluded from Crypto and Defi markets due to faith, complexity and product fragmentation. Therefore Marhaba is the “first-mover” in this enormous space and takes pride in being a truly “inclusive” DeFi Platform.
We are a team of researchers, technocrats, influencers, reputed Islamic fintech experts and senior business entrepreneurs, who came together to ensure that we bring a DeFi solution, that will impact the society as a whole.
Technology does not segregate any one based on faith and culture. But still there is this section of the world, that is staying away from DeFi, and we are here to to give theis message ……. “MARHABA”
Q3. By the way, Can you explain to us, what makes MarhabaDeFi different from other competitors?
Response:
Sure, As I have already mentioned and highlighted that our USP is inclusiveness, that we bring by inducing shariah laws to DeFi. But in general what separates us, or keep separating us, is the strong team governance, transparency of operations and an inclination to bring in innovations to the DeFi ecosystem
Q4. What are the major milestones MarhabaDeFi has achieved so far?
Response:
The first and most intensive was to form the right Team, and getting the legals in place. This we completed in the early part of this year.
Post that we have been working on developing our products,a nd at the same time focusing on targeted partnerships. We have announced some of them and the remaining will be announced gradually closer to the IDO.
Our Wallet is ready adn is being tested internally. We would be launching campaigns for beta testing for both the wallet and our NFT platform, where we are focussing on onboarding artists,a nd creating the NFT assets.
We are heavily focussed on our liquidity harvestor developemnt, which we expect to be ready by the time we do the IDO, so that our users would be benefited from day 1
Q5. Last question before we move to Twitter Segment. What are your further plans for MarhabaDeFi?
Response:
We are working in phases.
We plan to launch 4 of our products by the end of this year. Next year we will focus on vreating our DAG, the DePhi protocol and community launchpad. In the meantime, we will invest heavily in Research, where we would be aiming to bridge the CeFi and DeFi , to create a CeDeFi mechanism, that would be including insurance and tradefi applications as well.
On the tech side, we will expand heavily Insha’Allaah across chains and would be having our dot based parachain.
Insha’Allaah!
* Twitter Segment ️*
Q1. From @MachineWays
Marhaba looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in “Marhaba “ to give it the importance it deserves? What are your planning to achieve with your project?
Response:
MHB is not just “another Blockchain Project”. Its a vision that is being shaped by handpicked individuals to create an impactful financial system. MHB is focussed on serving one billion+ people who are excluded from crypto for reasons of faith, access and complexity. We are building an entire [halal] ‘safe crypto space’ that will offer the community defi products & services that seeks to apply a high standard of ethics, transparency and governance missing from the cryptoverse. On the other hand MHB does not look at its peers as competitor. With a strong ideological basis, we believe to set a new direction for other peers as well.
Q2. From @HinaOmito452
What is your plan for global expansion? At present, which market does “Marhaba “ focus on, or is it focused on building and growing to gain customers, users and partners?
Response:
Look mate, DeFi in nature is Borderless.
The reason why we are migrating from centralized financial system to decentralised financial systems is to remove limitations like borders, jurisdictions and the entities that stop you or control you to remove access to your own financial wealth and instruments. Marhaba, just like any other DeFi project will be borderless as well. We are incorporated in Australia, but will serve the global community over public blockchains as underlying infrastructure.
The user acquisition strategy is something, that is very close to our marketing teams’ hearts, so I will not hijack that part. Stay tuned for the next AMA, where we would be exclusively discussing on this topic.
Q3. From @Lidiamga
Staking and mining is very popular nowadays as an incentive. is there a MarhabaDeFi plan to staking and mining the program? If yes, what makes MarhabaDeFi staking and mining different compared to its competitors and are there any requirements for joining the program staking?
Response:
This is one product we are building, that is my personal favourite. Its known as the Liquidity Harvestor. It would be a natural goto solution for any individual, corporate or institution, who wants to reap benefits fro storing their assets on our LPs.
Our shariah team will ensure with all sincerity that it would be shariah compliant, and we would seek external independent auditing as well. With a promise of much better rates than conventional islamic banks, MHB’s solution will be a relief for many.
Q4. From @Nguyenhuybach12
Why are MarhabaDeFi running on the Ethereum public blockchain despite knowing the current problems of scalability faced by Ethereum since 2017 and no solution till now? Have any plan for create own blockchain?
Response:
Again a great question that titillates our ambitions, MHB will not be launched on Ethereum. MHB’s product team is looking ahead to migrate into a full fledged Parachain on the polkadot ecosystem. Just yesterday our CTO revealed to our community that initially we will launch our token on the BSC, and will gradually scale up to support other big chains such as polygon, avalanche, and a zkrollup chain such as starkware.co
Q5. From @DavidClarkkk
One of Marhaba DeFi offerings is DeCha & Zakat Solution. So,can you explain more about this offering in your platform? How does it works? How can investors and users can take advantage with this offering? Thank you
Response:
Someone copied this question from the last AMA, lol. Anyway, I will answer it again.
We have become more creative, and renamed this product as the Decentralized Philanthropy (DePhi) , instead of DeCha. We aim to have it ready before the onset of ramadan next year, where it would be a relief for the community to work out their portion of charity. The Marhaba ecosystem, envisions to build the world’s first dedicated protocol for decentralized philanthropy, based on zero knowledge proofs. ZKP is the most suited mechanism to build a protocol dedicated to philanthropy. To promote and encourage the growth of the overall crypto ecosystem, Marhaba Platform users will have the option to send a portion of their portfolio value in crypto, to charity organizations, which would be linked to the Marhaba Platform. The charity can be in the form of “voluntary donation (Tithe & Sadaqat)”, “compulsory donation” (Zakat) or general philanthropy. “Tithe” is equivalent of Sadaqat in Christianity
* Live Segment ️*
Q1. Hello sir,
Do you have AUDIT certificates, or are you working to AUDIT your project, to make it more secure and reliable?
Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Response:
We are in talks with 2 top rated suecurity agencies to audit and certify our codes and platform. As time is due, we will publish detailed reports. Insha’Allaah
Q2. Which one of these aspects is important for you?
1-Increasing Token Price & Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally
Response:
3-Building Community Trust
2-Empowering Platform Development
1-Increasing Token Price & Value
4-Expanding Partnership Globally
Q3. Many projects organize events to reach more people. Do you currently have an ongoing rewards program? What can you do to attract more investors?
Response:
Yes,We are having a Gleam contest
All of you are more than welcome to participate
Go ahead grab some rewards 🎁🎁
https://t.me/marhabadefi_ANN/110
Q4. Some projects can not handle the stress of bear market and the recession . How will you prevent this bad situation that the crypto markets have ?
@odiatokkanaquib
Response:
Good question.
We are not a regular token sales project. Our products are stable and of value that will be un affected (much) with the market situations. This is not a guaranteed claim…no one can give that, but we will keep innovating, and optimising to be stable in all situations. This is to assure you, how seriously we take research and development to go hand in hand
Q5. You aspire that Marhaba DeFi will succeed in bridging the gap between the Muslim community and the Blockchain world. What do you think are the main challenges you will have to face to achieve such an ambitious goal? What walls do you still have to break down?
Response:
The walls usually are more of a cultural type. People need to come with an open mind and an intention to learn and understand. That is why, we will simultaneously work towards more awareness campaigns and programs, just not in the crypto communities, but more on the non crypto communities, as they represent almost 98% of the people
Q6.sir,,
I couldn’t find your “WHITEPAPER”. Do you have any “WHITEPAPER”? Thank you♥️
Response:
Stay tuned the WhitePaper will be out soon
Q7. Sir in one of your answers in AMA you mentioned strong team governance. Doesn’t that contradict the basic idea of Defi being decentralized and not being governed by the institution and transferring those powers to their community themselves?
Response:
Absolutely now. Governance comes at all levels. You might consider the example of Uniswap.
To get listed on Uniswap, you have to meet few categories and criteria for your project. Now isnt that a level of governance? Now, just last week, Uniswap announced that they would be listing few tokens? Isnt that centralization.
For Marhaba, Governance is required to ensure that there is no compromise on ethics. But decentralization would be seen as something natural, as the platform creators would not be able to control your LPs, take selected action based on your identity, your place of origin etc.
Decentralization is a vast topic of study my friend. Its not thats simple.
Q8. Do you have any plans to add more members to your team, as ambassadors or any other position? Do you have any plans to add more members to your team, as ambassadors or any other position?
Response:
Great Question. We have already started working on ambassador plans,and would be announcing soon across our channels. Stay tuned for the updates
Q9. I see you have three tokens, right?Could you explain to us what are the differences or characteristics of these three tokens? also should they be used together or separately?
Response:
Where did u see 3 tokens? There is only 1 token.
* End of AMA Transcript *
About Marhaba DeFi
Marhaba DeFi is a platform built to embody the true spirit of an “Inclusive DeFi” by promoting participation finance, where all communities, including the ones from the Islamic World, can benefit from the benefits of DeFi.
Based on the tenets of Blockchain such as trust, transparency, and security; Marhaba DeFi has encapsulated universally applicable principles of Shariah into those tenets of Blockchain to render a suite of offerings.
Marhaba DeFi was founded with the vision of bringing a “Muslim also” platform, rather than making it an exclusive “Muslim only” offering.
We are a diverse team of researchers, technocrats, influencers, islamic fintech experts & business entrepreneurs, who came together to ensure that Marhaba DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the Faith-Conscious Communities and the Blockchain world.
Read more about Marhaba DeFi here:
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