At MoonTrust, we’re committed to transparency. As such, we’ll communicate changes to the white paper and any substantial changes from what was initially marketed.
This article will discuss the major changes we will be making to the MoonTrust Wallet App.
What features are being removed?
- Tax-free transactions within wallet app
- Gasless transactions
Why did we remove these?
We initially planned for these features with the intention of acting as custodian of users’ tokens on a centralized app. After further consideration, we’ve realized that this plan is less than ideal, from both a legal and idealistic standpoint. Legal licensing requirements complicate our ability to act as custodian, and we feel that our goal should be to improve the space by advocating for decentralization.
With the pivoting of the app to becoming decentralized, users will have to pay gas themselves per transaction.
Because of how we set up the distribution pool, if we remove tax with the usage of the wallet app, we would have been prone to an attack on the distribution pool. This would allow bad actors to drain the entire distribution pool, which would lead to a PancakeSwap liquidity pool attack against the MNTT-BNB pair. Based on our analysis, this would cause the price to drop by ~70%. This is ultimately related to the smart contract tokenomics of MNTT. If we set up the app to be centralized, we can easily apply a reversal of math on the SQL database to remove the distribution gains when users withdraw to prevent this exploitation.
What is next for MoonTrust?
A new beginning always starts when something ends. This applies to us too. We have recently updated our testnet app to be a DApp. Users can transfer MNTT tokens to their friends via mobile number. However, instead of the transaction being done by us, users will confirm the transaction themselves.
With this, we are pivoting the project to support the BSC ecosystem in the immediate short term. Here are the features we will be including in the app:
- Send/receive ~top 100 BSC tokens via mobile numbers and MoonTrust user IDs
- Request and pay BSC tokens from/to friends
- Display price of BSC tokens owned
- Price alerts of owned tokens based on thresholds (e.g., 10% increase or decrease
- Chat groups for BSC Tokens
- Token chat groups will disclose participants’ token amount while chatting
- For example, if I join an MNTT token chat group, other people will see how many MNTT tokens I have. I will also see how many they have. A lot of telegram groups these days are full of bots and paid shillers. It is impossible for normal users to know if these marketers even own any tokens. It also helps put investment strategies and advice into perspective. A whale who owns 5% of MNTT that is hyping the token up is completely different from someone who owns zero MNTT hyping it up. We envision that this chat will be a place for legitimate investors to gather and discuss their favorite projects.