KuCoin AMA With Moongate (MGT) — Pioneering a New Era of Real-World Attention Economy
Dear KuCoin Users,
Time: December 03, 2024, 12:00 PM - 01:16 PM (UTC)
KuCoin hosted an AMA (Ask-Me-Anything) session featuring Jon Mui, the Co-Founder and CEO of Moongate, in the KuCoin Exchange Group.
Official Website: https://www.moongate.id/
Whitepaper: https://moongate.gitbook.io/moongate-litepaper
Q&A from KuCoin to Moongate
Q: What inspired the creation of Moongate, and what challenges does the protocol aim to address?
Jon: Good questions! We founded Moongate about 3 years ago to address a simple but obvious issue that we saw - how can one prove their on-chain assets in the real world, in the most privacy secure manner? Back then, the only real option to prove that you have an NFT or some digital asset is for you to carry your hot wallet out to the public.. as you can imagine, that's a massive issue.
We realized that such an infrastructure was missing, and that if we were to build it, it would help truly create a bridge between the on-chain Web3 world, and connect it to our day-to-day real-world. Such that these digital assets of ours can be utilized in a tangible manner, rather than it being just an image or a number on the internet.
Once we have built that gateway - the “Moongate”, we started experimenting with what else can actually do to leverage Web3 tech to transform the Web2 world. We have had a lot of success in using our tech to power NFT ticketing (we’re actually the biggest player globally for this space, powering all the biggest crypto conferences and many Web2 music festivals), NFT membership, and are now exploring to launch memecoins for brands!
As we evolved, we realized that there was a bigger value-unlock at play here. That is, for all the activations / engagement that we are bringing to real brands through the use of Moongate protocol - we can make it possible for such engagement data to be owned and monetized by those that created it, rather than centralized ad-platforms like Facebook / Google that currently extract all value from your data. So now that's the main issue / challenge that we are trying to address! The democratization and monetization of attention & engagement data!
Q: What has been your most significant achievement to date?
Jon: Oh wow, that's a really tough question to answer haha. There have been many significant achievements - from convincing our first ever client to trust us with our tech to power their entire event with over 3000 attendees, to convincing major listed conglomerates to utilize our protocol to augment their offering. It's quite hard to pinpoint one exact achievement since we’ve just been making shots after shots here. But I guess if I had to pick one, I think I would say that our most significant achievement to date is in our ability to out-compete all of our competitors - many of which had been a lot more well-capitalized - to win out certain segments or verticals and be recognized across the industry as the absolute leader. I think that would probably be our most significant achievement to date.
Q: What are the key benefits for brands and users when they engage with the Moongate ecosystem?
Jon: For brands, Moongate offers a no-code solution to launch smart token campaigns that seamlessly integrate into real-world operation at minimal cost, and all within 10 minutes. All smart token campaigns are also automatically displayed to our ~2M platform users, making it a fairly good platform to get eyeballs/attention/engagement for your brand. Of course, they would also be able to leverage the Moongate protocol, and pay $MGT as an extra reward to capture eligible user’s attention and engagement.
For users, Moongate can be seen as a platform to explore different smart token campaigns (i.e. brand membership, event tickets, phygital fashion products, brandcoins, and really any Web2 brand-related activations). What's exciting here is that we also reward our users for their engagement - not only will they be earning brand rewards, but they would also be able to earn $MGT - which they could then utilize to purchase platform assets or stake them to unlock allocation for brandcoin launches!
Q: What’s the next big focus for the company?
Jon: Looking ahead, the next big for us is to roll out our brandcoin launchpad (soon!), scale out the engagement data marketplace,and generally drive more $MGT token utility within the platform. We are also in discussions with a number of major Web3 projects (hint: other consumer oriented platforms) to explore how we could cross-utilize our tokens across communities! So to us - its really just day 1. While we have been building for 3 years already, we don’t see an end in sight. We have a ton of exciting things that we have planned to announce and launch. So stay tuned for when we announce them!
Q: Can you walk us through the purpose and utility of the $MGT token, and how it integrates into the Moongate ecosystem?
Jon: Ah yes, I guess I kind of alluded to it before. But here’s a bit more specific explanation of how each key stakeholders on our platform can utilize $MGT.
First, for Brands:
A. Campaign Creation and Staking
Staking Requirement: Going forward, brands will be required to stake $MGT tokens to launch smart token campaigns.
There will be multiple tiers of ‘staking’, which unlocks different platform functionality:
1. Standard Campaigns: Basic staking grants access to essential campaign tools.
2. Curated Campaigns: Higher stakes unlock premium features like advanced analytics, email marketing, CRM integrations, and token-gating benefits.
3. Enhanced Visibility: Increased staking leads to better positioning on the platform's discovery page and eligibility for co-marketing support.
B. Direct User Incentives (aka currency for attention / ad-spend).
Reward Distribution: Brands use $MGT to incentivize user engagement by offering token rewards for participating in their campaigns.
In other words, brands can utilize on-chain data to target specific user segments, rewarding them with $MGT for desired actions (e.g., previous event attendees).
In effect, this effectively redirects traditional ad budgets into direct user incentives, increasing ROI and fostering deeper connections.
C. Future Transaction Fees:
In the future, we may consider the launch of a dedicated Layer 2 solution. In such case, brands will use $MGT to pay for gas fees, ensuring efficient and cost-effective operations.
Now, for consumers / end users:
A. Spending $MGT for smart token assets
Users can spend $MGT to purchase smart tokens such as concert tickets, brand memberships, etc. issued through Moongate.
Benefits of Using $MGT:
1. Fee Waivers: Transactions made with $MGT waive platform fees.
2. Enhanced Rewards: Gain 2x token emission rewards when purchasing smart tokens (tickets, memberships) with $MGT.
B. Engage-to-Earn Rewards
Earning $MGT: Users earn tokens by actively engaging with curated brand campaigns—attending events, making purchases, or completing specific actions.
C. Upgrade MoonPass DID:
1. MoonPass and MoonStamp Enhancements: Spend $MGT to upgrade the rarity of these digital assets.
2. Increased Earning Potential: Higher rarity levels boost $MGT emission rates per engagement.
D. Stake to unlock exclusive campaigns and allocation to brandcoins (memecoins launched by major Web2 brands).
Q: With the $MGT token now officially launched, what are the next steps for token holders and how can they maximize their participation in the Moongate ecosystem?
Jon: We will soon be announcing more token utility - namely, the ability to stake $MGT for allocation to our upcoming brandcoins. That should be coming later this week, if not by sometime next week. So that is definitely something that token holders should immediately watch out for. Besides that, I would encourage everyone to go to our platform and check out all the live smart token campaigns that we have on our platform. In the coming months, we have two major activations - Taipei Blockchain Week, and EthDenver, who will be using Moongate exclusively to power their entire activation. So be sure to check that out and see for yourself how we are bringing Web3 to Web2!
Free-Ask from the KuCoin Community to Moongate
Q: How does Moongate plan to address the issue of declining effectiveness of traditional advertisements?
Jon: Yea, good question as well. The reason why ads are declining in effectiveness is because of increased privacy protection for the users - namely, the prevention of centralized platforms from collecting / using your cookies. This makes sense since you really don’t want these centralized platforms to be selling your data without your knowledge or information at all. What's different about Moongate and how we address this problem is that the data created from our platform is effectively zero-party data. Meaning its data that you as the data owner created, and actively share with brands for rewards. This means that the data is a lot more context-rich, allowing brands to have more effective ad-targeting compared to traditional ad platforms where they really aren’t able to get any insightful data to target you on.
Q: Can you provide details about any security audits conducted on your project? How do you prioritize and address potential vulnerabilities to ensure the safety of users' funds and data?
Jon: Good question. Security is paramount at Moongate. We really take it seriously and have conducted (and passed) multiple audits and security penetration tests by Certik, Red Team, as well as from our clients internal security team including Binance, Siam Piwat, etc.
Moreover, when you interact with Moongate on our platform - you will know that we never ask you for permission rights to transact in your wallet. All payments that are made are done through trusted 3rd party platform (i.e. Stripe / Coingate), who handles all payments. This means that we really just have ‘read-only’ access to your wallets, so you don’t really have much risk in interacting with our platform.
Q: Can you explain the concept of MoonStamp and how it can be upgraded using $MGT tokens?
Jon: MoonStamp related to our DID product feature which has not yet been unveiled. But on a high-level, we will soon be releasing a DID that comes attached with a reputation score as well as a ‘rarity’ MoonStamp attached to it. Based on your rarity, your $MGT mining output per unit of engagement varies. Of course, you can also choose to spend $MGT to improve the rarity of your Moonstamp, increasing engagement rewards.
Q: How does Moongate plan to educate and attract users who are less familiar with Web3 technologies to participate in campaigns and use its self-sovereign wallet?
Jon: Good question! We do it in two ways. First, we make our platform as simple as possible. Such that any users, with or without Web3 knowledge can utilize it. This means abstracting all complexity of Web3, so as long as you have an email address - you can use Moongate.
To attract users into Moongate, we partner with Web2 brands who already have a large base of fans / users. So effectively, we become a b2b2c platform and are able to grow our platform users through that.
Q: How beginner friendly is your no-code solution to launch smart token campaigns? Do you have tutorials?
Jon: Good question! Our tech is built for anyone - with or without coding experience to use. This means that even your mom and pop with zero knowledge about crypto can use our protocol to launch a smart token campaign, or participate! Detailed set up guides can be found here.
KuCoin Post AMA Activity — Moongate
🎁 Participate in the Moongate AMA quiz now for a chance to win 10 USDT.
The form will remain open for five days from publishing this AMA recap
Moongate AMA - MGT Giveaway Section
KuCoin and Moongate have prepared a total of 2,000 USDT to give away to AMA participants.
1. Free-ask section: 50 USDT
2. Flash mini-game: 800 USDT
3. Post-AMA quiz: 1,150 USDT
Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.