Frequently Asked Questions
We collected into this exhaustive list the most frequent questions we’ve been asked,
if you have further questions do not hesitate to contact us and we will add your question to the list.
Q: What is Money on Chain?
A: Money on Chain is a platform that provides a Bitcoin-collateralized stablecoin, an interest-bearing token, and a decentralized Bitcoin-leveraged exchange.
Q: What are Money on Chain’s core values?
A: Our platform that inherits the primary values of Bitcoin: it is decentralized, resistant to censorship, and free of counterparty risk.
Q: What is a stablecoin?
A: A stablecoin is kind of cryptocurrency whose price is stable because it is pegged to a specific asset, usually a fiat currency.
Q: What is Money on Chain’s stablecoin called?
A: Money on Chain’s stablecoin is the Dollar on Chain (DoC), whose price will be pegged to the US Dollar.
Q: What does it mean to be a Bitcoin-collateralized stablecoin?
A: One way to keep the relationship between a stablecoin and the asset it is pegged to stable is to use another asset as collateral. Money on Chain has chosen Bitcoin as the collateral for our stablecoin, because we understand that Bitcoin is sound money, the most stable crypto asset, and the only collateral that is truly secure, decentralized, and resistant to censorship.
Q: What assets are involved in the architecture of the Money on Chain system?
A: Money on Chain is based on three tokens:
- the MoC token, which governs the decentralized autonomous organization (DAO) and….
- enables the DoC token to be pegged stably to the US dollar by transferring volatility to…
- …the BitPRO (BPro) token, which is a risk-prospense token for holders that can be used to provide leveraged trading in return for a small passive income.
Q: Is there a whitepaper for Money on Chain?
A: We have a publicly available whitepaper that you can request through our website.
Q: I want to know more about the technical aspects of Money on Chain—is there a technical whitepaper?
A: Our technical whitepaper contains formal proofs and describes the implementation of the platform in detail, but we’re not currently disclosing this information.
Q: When will the technical whitepaper become publicly available?
A: Our technical whitepaper will go public shortly before our full product launch.
Q: Does Money on Chain use the Bitcoin blockchain?
A: No, although we would like it to. Current versions of the Bitcoin blockchain unfortunately don’t support all the features required to run Money on Chain directly, so we have opted to use a different blockchain.
Q: Does Money on Chain use the Ethereum blockchain?
A: No. Ethereum doesn’t have the monetary features we need for collateral and is not decentralized enough to fulfill both our ethical and technical requirements. In addition, until recently there was no way to establish a peg between ETH and BTC.
Q: Which blockchain does Money on Chain use?
A: We use the RSK Network, the only network that provides Turing-complete smart contracts for Bitcoin.
Q: How does Money on Chain’s architecture work?
A: Money on Chain’s architecture is based on a set of smart contracts running on RSK. These contracts server one of three purposes: platform governance, stablecoin, and decentralized leveraged exchange.
Q: How can Money on Chain be collateralized by Bitcoin if it doesn’t run on Bitcoin?
A: RSK works as a sidechain of Bitcoin and provides the RBTC, a token that is pegged one-to-one to BTC using a two-way peg wherein the supply of RBTC is limited by the supply of BTC.
Q: Is RSK secure?
A: RSK is the most secure blockchain after Bitcoin itself. Bitcoin miners also mine for RSK by means of a technique called “merge mining” (currently at more than 45% of total Bitcoin hash power).
Q: Is RSK decentralized?
A: Most RSK miners are also Bitcoin miners, and the two-way peg is implemented through a federation of well-known, respected community members (blockchain companies with high security standards).
Q: Where can I find out more about RSK?
A: RSK’s own FAQ list is available at: https://www.rsk.co/en/faqs/
Q: Is Money on Chain already running on the mainnet?
A: We’re currently running on the testnet and plan to launch on the mainnet in late 2019.
Q: Do you have a wallet?
A: We use MetaMask to access a web-based based application that allows you to trade DoCs, BPros, and engage in leveraged trading.
Q: Is the platform publicly accessible?
A: We’re currently limiting access to a reduced number of beta-testers and early adopters. If you’re interested in becoming part of this community, please get in touch with us to tell us more.
Q: Is the source code for the smart contracts available for public audit?
A: No. The current source code for the smart contracts is private and nondisclosable, the bytecodes of them, however, are publicly accessible when published in the blockchain.
Q: Will the source code for the smart contracts be published eventually?
A: Yes. After we launch, all the relevant source code will be made public.
Q: Will Money on Chain provide pegs to other currencies such as the Euro?
A: Yes. Our platform is designed to run multiple stablecoins that will be collateralized independently from each other.
Q: Will the MOC, DOC, and BPRO be available on traditional crypto exchanges?
A: We will operate our own decentralized exchange (DEX) and also plan to be listed on exchanges that will also act as secondary markets for the leveraged tokens.
Q: How will the collateral and peg stability be audited?
A: The collateralization will be public, so anybody will be able to assert the stability of the peg in real time.
Q: How does the passive income for BPro holders work?
A: BPro holders will absorb the volatility from the stablecoins and will sell it to the decentralized exchange.
Q: What is the incentive for someone to hold BPros instead of just Bitcoin?
A: BPro is thought to be an asset for Bitcoin holders: instead of freezing their Bitcoin in a wallet, they could put some of their holdings to work to obtain low risk leverage and earn a passive income in return for lending their money to the decentralized exchange
Q: What will the leveraged margin rates be?
A: The rates will be defined by the market within the platform, but typically they will be smaller than any other traditional exchange.
Q: Will the platform or any of its tokens be regulated by governments?
A: We will comply with all necessary government regulations.
Q: How will the MOC token be distributed?
A: 44% will be available at the initial public sale, 36% will be held by a Purpose Trust for product and market development, and the remaining 20% will be held by founders and advisors.
Q: How many MOC tokens will there be?
A: The supply will be limited to 2,100,000,000 MOC tokens.
Q: What are the incentives for keeping MOC tokens?
A: First, you’ll be able to participate in the governance of the DAO. Second, from the financial standpoint, MOCs can be used, and burned, to pay fees for trading operations at a lower rate than if fees are paid with BTC. As a result, we expect the value of the MOC to appreciate with the use of the platform.