MoonTrust May Monthly Updates

Each month we will discuss what we have accomplished, where we’ve failed, and what is still to come.

What have we accomplished in May?

Where have we failed?

  • Mainnet MoonTrust Wallet App delayed

Why did we fail?

We were optimistic with our target for the Mainnet production launch. Although we didn’t make the target, we are still on track for the June launch of the web app.

The delay was due to legal hurdles with our original design approach. We originally planned to have users deposit their MNTT into our wallets and send/transfer tokens within our app. We would move the tokens around via our backend process without fees (offchain). This process would classify us as a “custodian,” which would require us to have very specific licenses for each country and state.

In order to comply with legal requirements, we have revised our design to remove the deposit button. We will not be taking custody of users’ funds.

For our initial release, we will be providing influencers and users with small amounts of free MNTT to kickstart the ecosystem. We will gather feedback on our social media approach and improve on it.

In the meantime, we will redo our wallet design to make it a decentralized application (DApp). Instead of users depositing, our wallet will act as a contact list, where users can add their friends’ wallet addresses. The app will help complete the transaction on behalf of the user’s wallet and send to the desired wallet.

So what’s next for MoonTrust?

In the meantime, we will release the social media aspect of the MoonTrust app. This will be independently released, and we will gather feedback from the community.

We will redesign our wallet approach to ensure it is a DApp. We will not be going the custodian wallet route. The wallet app will act like traditional software wallets but with additional features to add friends and contacts. It will also allow you to label the addresses with your preferred nicknames for ease of use.

We plan to incorporate social media elements into the wallet.

In parallel, we are also working on Telegram Price Alert bots for the community. These bots will help our users detect price fluctuations based off of certain thresholds (e.g., 5%, 10%, etc) to help decide when to buy or sell tokens you are invested in. We have a working example and preview of the bot at https://t.me/FlashLoanAlert. Stay tuned for upcoming announcements this month.

June Objectives

  • MoonTrust social media browser web app launch (early June)

July Objectives

  • Any tasks left over from June