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MININGS A DeFi Protocol Revolutionizing Rewards and Governance LEGAL DISCLAIMER This whitepaper is to present Minings DeFi Protocol and its native cryptocurrency, MSF token. The information herein should not be construed to represent a conclusive or exhaustive representation of the project or to imply any element of a contractual relationship between the project and potential investors. The sole purpose of this whitepaper is to provide relevant and reasonable information to potential MSF token holders and Minings participants to enable them to make a reasonable decision before they undertake a thorough analysis of the company with the intent of participating or investing in the project. The content of the whitepaper does not contain anything that should be deemed as a prospectus soliciting for investment, nor interpreted to mean a sale or issuance of interests, digital assets, or securities. The document has been composed in accordance with, but not subject to, laws or regulations of any jurisdiction designed to protect investors, projects, and joint (iv) execution of the vision and growth strategy, including with respect to future activity and global (v) sources and availability of thirdparty (vi) completion of the projects that are currently underway, in development or otherwise under (vi) renewal of the current and (vii) Future liquidity, working capital, and capital requirements. Every statement is to ensure potential investors understand beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. The project undertakes no obligation to update statements if circumstances or estimates or opinions should change except as required applicable securities laws. The reader is cautioned not to place undue reliance on statements. This whitepaper may be updated, from time to time, whenever there is a strategic change of business model or strategy, without prior notice to readers. Every updated version of the whitepaper will be made available on our website immediately after its issuance. 2 minings TABLE OF CONTENTS 1 2 INTRODUCTION 5 MININGS (MSF) DEFI PROTOCOL 9 3 FULLY SECURED THROUGH SMART AUDITED SOLIDITY FINANCE 4 5. 6 DeFi PROTOCOL GOVERNANCE MININGS (MSF) TOKEN SUMMARY CONCLUSIONS 4 14 16 19 21 minings 1 Introduction 1 Decentralized Finance (DeFi) Decentralized finance (DeFi) has been one of the most effective drivers of the cryptocurrency world since its emergence in 2020. As a rapidly expanding ecosystem of financial products, DeFi is being touted as the future of finance. DeFi products look to improve the capabilities of traditional financial institutions, such as banks and payment processing companies, helping replicate or expand financial services to the masses. So DeFi and how does it work? Why has DeFi experienced such an astronomical growth within the short period and become that influential on the crypto market today? DeFi is simply a financial service that runs on decentralized platforms with no central authority to control how it works. What this means is that DeFi has just taken the elements of traditional financial elements and decentralized them so that it works with central authorities or intermediaries such as banks. This capability has been achieved through a smart contract, which will be explained later in this whitepaper. Simply put, DeFi is the merger between traditional banking services with blockchain technology. As we have seen in the recent lockdowns, the world is increasingly relying on digital financial solutions. Both individuals and businesses are beginning to turn their attention towards these DeFi solutions to address some specific financial needs. However, DeFi is increasingly evolving to offer more than a simple alternative to traditional finance and is seen as the beginning of a new financial revolution going forward. Bitcoin emerged in 2009 as an alternative to traditional finance and financial authorities such as banks. While it was intended to work as money, Bitcoin has espoused a lot of limitations over the years. For example, Bitcoin functionality is dependent on a network of new central authorities in the name of miners, node operators, wallets, and exchanges, which keep close control of how the no crypto functions and operates. Although these authorities have helped keep the wheels of Bitcoin moving, they have shown to act against the principle of the true feature of cryptocurrency that sets it apart from fiat money. These authorities hold too much power over several critical aspects of the operations of Bitcoin. For example, they control which assets get listed, customers who can access their services, and how people can spend their tokens. In every aspect, a genuinely decentralized financial ecosystem should be run people who hold the community alone, something that Bitcoin has not managed to achieve. 5 minings and unviable. All transactions recorded on the blockchain system are also accessible to any user, thus promoting transparency. 7 minings Another advantage of a DEX is its high level of privacy. Laundering and AntiTerrorism Financing Act require central exchanges to comply with Know Your Customers (KYC) requirements. The requirement forces exchange operators to collect personal data hence putting their privacy at risk. DEXs are not maintained a central authority. Hence, these protocols are not obliged to enforce KYC regulations. DEX users are proofed against such privacy risks since they do not hand over their personal data to a third party. Despite being transparent, DEXs still maintain privacy at a high level that no centralized system can match. For example, it is easy to access the personal details of traders, such as names and locations, in transactions facilitated centralized exchanges since the providers collect such details. Contrarily, DEXs are trustless platforms rendering such details unnecessary. A DEX powers its user to freely exercise control over their funds. Traders use their funds as they please without concerns such as freezing of assets or blocking of withdrawals issues that are common with centralized exchanges. Withdrawal and depositing processes in DEX are quick and fewer procedurals compared to centralized exchanges. Additionally, DEXs systems also attract lower transaction costs compared to centralized exchanges. eliminating the intermediaries, it lowers the charges incurred in facilitating transactions. A DEX system helps traders to maximize the return from their trading activities while maintaining a high level of privacy, security, and convenience. MSF will be listed on DEXs, and holders will be able to earn massive rewards as holders and liquidity providers. 1. DeFi Protocol A DeFi protocol is simply a system with set of standards and rules written to govern specific tasks or activities. While in a institution this could mean a set of principles and rules that bind all participants in a given industry, DeFi protocols are interoperable. This means they can be used multiple entities at the same time to build a service or an app. DeFi protocols are used to provide liquidity to the DeFi ecosystem. 8 minings MSF protocol team has set up a percentage of every transaction that is burnt immediately the smart contract. The governance team has the ability to increase or decrease the burn percentage to control the supply vs. demand. Our distribution mechanism shows the power of incentives in building formidable financial solutions for our community and demonstrates the potential to capture a lot of value in the future. We believe that the ability to withdraw your deposits at will is a good strategy as it will build the confidence of token users. We know that even if some deposits are withdrawn, there is likely a degree of reflexivity here, where the increased traction drives new integrations and brings in new users that stay for the core services. More importantly, the MSF protocol team is demonstrating the DeFi spirit that is based on the value of complete decentralization. To achieve this, MSF tokens are either burned or shared as dividend the community, all of which is decided the community. This approach is expected to promote network neutrality and community ownership and gives the protocol a credible decentralized foundation. o Flexible taxation system One of the biggest challenges crypto enthusiasts experience is determining and calculating tax returns. However, smart contracts are coming up to save the situation. Moreover, many in the tax world are beginning to think about how the current tax system can be modified to fit in the increasingly influential digital economy. The rise of the sharing economy, a digital business, and new business models powered blockchain and cryptocurrency has ensured we start thinking about how to use smart contracts to facilitate our tax system. The MSF protocol and the smart contract make it easier for you to pay your taxes from your income. Through the smart contract, the protocol will be able to provide provenance, traceability, and transparency of transactions, matching priorities for you to pay your taxes accurately and with ease. That is the protocol powers a flexible taxation system that can apply between 0 to 10 percent of the tax on each transfer which can be used for liquidity, charity, rewards, or whatever the community proposes and decides to do. Through the protocol, you can earn passive income just holding MSF tokens in your wallet. All you need is to claim it daily from our web DApp. When you earn your profit, not need to involve a tax professional to help you fulfill your tax obligations. 10 minings 2 Earning Passive Income One of the best things about DeFi is the opportunities it provides for earning a passive income. As a regular DeFi participant, you can effortlessly make a profit simply leveraging existing crypto capital. For example, when you choose to connect to MSF DeFi DApp or via our regular web interface, you can easily access to earn passive income. When you stake the assets you own into DeFi protocols, you can earn a profit, which is commonly referred to as Through yield, you can grow your crypto stack without risking it through trading or other economic activities. There are four main ways you can earn passive rewards on a DeFi protocol. They include staking, being a liquidity provider, yield farming, and lending. 2 MSF Token Passive Income There are 2 ways to earn passive income from the MSF DeFi protocol: a) being a token Here, you can claim daily rewards just holding our tokens in your wallet without the need of locking them. b) being a Liquidity Here, you can stake LP tokens into our platform and claim daily rewards which are usually much higher than token rewards. Next, I will explain the MSF token holder and liquidity provider concepts and implementation. a) MSF Token Holder Being a token holder is often referred to as which is used to describe the process of locking your tokens into a smart contract and earn passive income from the rewards of a protocol giver. However, in the context of MSF tokens, staking does not mean you will have to lock your MSF token in the protocol. This is unlike other DeFi protocols that require you to lock your funds to be able to earn any interest. The restriction they impose means that you withdraw your funds when you need them before the lock period elapses. With MSF protocol, however, you will have the absolute freedom to access your funds anytime you need them. b) MSF DeFi Protocol Liquidity Provider Also known as liquidity mining, a liquidity provider is a person who stakes liquidity protocol tokens to earn daily rewards that are usually much higher than a token holder reward. Staking your liquidity protocol will earn you passive profits through yield. Staking operates on the consensus mechanism, an alternative to the model where users mine cryptocurrencies through energyintensive computers. Instead of using costly electricity and high computational 11 minings 3. Binance Smart Smart Contract The MSF protocol is powered smart contracts provided the Binance Smart Chain (BSC). Smart Contracts are contracts with predefined terms of agreements between the users written on lines of codes. Unlike the IUO model of the centralized system, smart contracts promote a high level of security and transparency. These autonomous contracts enable trusted transactions among anonymous parties without the need for a central authority. BSC smart contracts boast functionality and compatibility with the Ethereum Virtual Machine (EVM). BSC works on a consensus algorithm. The flexibility afforded BSC allows us to allow you to earn passive income while taking full control of your investment 3. Smart Contract Auditing Solidity Finance Smart contract auditing helps in detecting and dealing with vulnerabilities that may affect a operation. Problems such as vulnerability to (DoS) attacks as well as those unique to the blockchain software can be detected through smart contract audits and resolved. Other concerns with smart contracts include gas limit issues, reentrancy, crossfunction race condition, and underflow. Some of the necessary checks performed on smart contacts include correct visibility functions. A smart contract with correct visibility functions helps in maintaining the smart contract security. The next check performed on a smart contract is on overflow and underflow. 13 minings Both underflow (a case in which the number gets above its maximum value) and overflow (a case when the number is unsigned) may make smart contracts less secure. However, a smart contract that does not have either overflow or underflow implies safety. Data storage is also another vital factor in determining the effectiveness of a smart contract. A smart contract with and less expensive memory is economical and efficient. Smart contract audit also involves checking the reentrancy attack, one of the famous Ethereum vulnerabilities. This attack may lead to changing contract state in the middle of transaction execution. A smart contract that does not show vulnerability to a reentrancy attack is a good sign of safety. A smart contract that has been audited exhaustively creates a safe and efficient environment for executing DeFi programs. MSF protocol is working with BSC smart contract that is fully audited Solidity Finance, constantly checking our token contracts, security audits, and wallets. Solidity Finance is a leading smart contract auditor now protecting over billion in value across projects. Solidity Finance provides a security audit methodology, which is in line with our goal of giving the most secure DeFi services to our clients. The process involves manual code reviews to ensure the logic behind each function is sound and safe from common attack vectors. Through this process, your tokens are safe from any potential theft or hack. Find the Audit report of Minings here 14 minings 4. Governance vs. Consensus In blockchains, operational processing governance is built into the consensus protocol as a design feature, controlling the process of validating and authorizing transactions. Governance for the operation of the platform, and most importantly, changes to design features including the consensus protocol, is handled separately. Governance for blockchains is often conflated with consensus protocols, however, important to recognize transaction governance and business operational governance as two distinct frameworks. 4. MSF Governance The governance responsibility for a distributed ledger differs from of forms of governance in centralized exchanges. In a centralized Blockchain ecosystem, the governing body of the platform is primarily required to make decisions on the strategic direction of the platform, including maintaining its applicability and usability, and for legal and regulatory representation. Decisions may include pricing, certification of assets with regulators, changes to consensus model or throughput, creation of new tools, or any other technical or operational changes to the platform. MSF has adopted liquid democracy, which is an explicit democracy where decisions are made via vote. Community members reserve the right to participate in all the decisions regarding changes in the protocol. The MSF developers typically invite the user community to make decisions. The community is placed on some form of voting. In other words, decisionmaking for the existing platform is completely distributed, where every user has the opportunity to vote on changes. 16 minings MSF Platform Fig. 2: MSF Protocol Governance Structure 4. Operational Considerations MSF protocol has specific business model needs, including low transaction costs and cost predictability for both transactions and any digital asset being traded. A balance has to be struck in terms of costs and sustainability. Liquidity certainty is essential for the platform to avoid running the risk of defunding. 17 minings 5. Tokenomics Supply Locked in Airdrop Circulating Supply Market Liquidity Marketing Developments ROAD MAP 19 minings Contract Creation BSC scan profile, Smart Contract Audit CoinGecko Listing dApp launch CMC Listing Whitepaper Poocoin ads Phase 3 Phase 4 Social media marketing Twitter Giveaways TikTok influencers YouTube influencers Governance Token Airdrop Voting interface Launch Complete decentralization of protocol. Reddit Ads MSF business models differ from traditional technology platform business models in several key ways, due to their distributed nature and the complex relationships between value generation and management. This section looks at a number of these business model considerations and the cost implications associated with each. Holders Are Rewarded Daily You can earn passive income just holding MSF tokens in your wallet. Just claim it daily from our web DApp. 20 minings
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Course: Adaptive Leadership I (MSCI 401)
University: York College CUNY
