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Original link:https://mimosaofficial.medium.com/

In January 2021, the epidemic is covering the whole of Japan. In Tokyo alone, the number of new confirmed cases of new coronary pneumonia exceeds 1,000 every day. No one can accurately predict when this situation will end. At this time, Japan Financial representatives are discussing a new round of water stimulus.

On January 11, Bitcoin fell from a price of $40,000 to a price close to $30,000, and Barkin, then chairman of the Federal Reserve Bank of Richmond, mentioned deflation for the first time in his speech. U.S. bond yields and the U.S. dollar index all rebounded and rose, causing risk assets such as gold and silver to experience the same price drop as Bitcoin.

Although Barkin’s speech did not allow the dollar index to rebound continuously, and most countries are still maintaining the operation of releasing water, the market reaction this time also reminded investors that if one day the water release stops, those stocks that enjoy the skyrocketing due to the release of water , Will there be a price drop as a result?

Perhaps, for Watanabe Kenichi, he is not worried about this kind of thing happening, because what it does is to focus on paradigm deflation in this magical world for a long time, which is the long-term goal of Mimosa.

However, long-term deflation will also bring many concerns. For example, the continuous increase in prices will make assets that should be used for value exchange eventually become collectibles in small markets with high market value. With doubts, we chatted with the founder of Mimosa, Watanabe Shinichi.

1. Many people regard gold and Bitcoin as good anti-deflation objects, so why do Mimosa?

Watanabe Kenichi: Both gold and Bitcoin have strong hedging properties. Even assets like Bitcoin will have less circulation as they are mined. However, the main holders of the former are the government and banks. One day they start to reduce the speed of gold accumulation, or discover more hidden gold mines, which will have a more obvious impact on the price of gold. Although the price of London gold is fluctuating around $1,850, it is not very violent, but its derivatives Participants in commodity markets take these performances very seriously.

The current total amount of bitcoins is also 21 million. As time goes by, the number of bitcoins to be calculated will become less and less, and the difficulty of mining will increase every time. In terms of the scale of circulation, it is still in a state of inflation. This phenomenon will not be considered as the end in the true sense until all bitcoins are mined.

Therefore, based on the situation of gold and Bitcoin, we designed Mimosa, a long-term deflation model, to ensure that the scale of asset circulation in each quarter will decrease compared with the previous quarter, and ultimately achieve the purpose of long-term value-added and value storage. At this point, you can refer to Yearn.Finance's YFI, Mimosa is even more interesting than its design.

2. In the current market, many large investors will hoard assets in the early stage and sell them at a high level later, which will have a great impact on the market. How does Mimosa prevent large investors from selling MIMO in the later stage?

Kenichi Watanabe: Mimosa wrote a fixed on-chain transfer and destruction mechanism in the smart contract when the protocol was created. If a participant who previously held MIMO wants to sell MIMO, they need to destroy 5% of the transfer amount. Think about it, if a large investor who accidentally obtained a lot of MIMO in the early stage through arbitrage wants to sell 100,000 MIMO to the market, then it needs to be forced to destroy at least 5,000 MIMO assets first.

Of course, we will prevent such large holders from appearing through scientific distribution in the early stage, because the MIMO circulation in the next year is unlikely to exceed 800,000.

3. At present, there is no MIMO in circulation on the market. What form will you distribute MIMO?

Kenichi Watanabe: For DeFi projects on the market, the popular way is to deploy mining pools on the chain to invite LPs to participate. In fact, this mechanism is more or less beneficial. For example, investors themselves After issuing tokens, the project team had to open a mining pool for investors’ tokens, so as to achieve the purpose of manipulating the market and make it easier for investors to participate in the top mining.

Therefore, Mimosa plans to carry out through the dual mode of internal disk + mining pool on the chain, and will decide whether to continue one of them according to the participation situation. For the specific mechanism, you can wait for our follow-up announcement.

4. MIMO does not have any private equity or pre-investors. What does the team rely on to operate the project?

Kenichi Watanabe: The predecessor of Mimosa is the Tokyo Economic Practitioners Research Association, which has been in operation for more than a year. Some members themselves are senior executives in the fields of banks and securities companies. received maintenance income.

In the foreseeable future, even if Mimosa enters the stage of ecological development, all expenditures can be covered by the budget, such as Uniswap, whose start-up capital is only hundreds of thousands of dollars.

The Mimosa team has actually met several interested institutions before, but these institutions have too strong a profit purpose, and there are also some product design requirements, which will seriously affect our follow-up direction, so Mimosa did not accept any private placement and investment in the end. Investor participation.

5. Recently, several Japanese projects have performed well in the market. What do you think of this phenomenon?

Kenichi Watanabe: The cryptocurrency projects in Japan are different from those in Europe and the United States. They do not rely on the endorsement of investment institutions as early drivers. I have been researching in the field of cryptocurrency for 3 years, and I know some good projects. After accepting the investment, how to go downhill, so investing and doing it yourself is a more suitable way for long-term development.

6. If I have MIMO, what can it be used for?

Kenichi Watanabe: Currently in the Mimosa v1 plan, MIMO can be used for collection or redemption. We will regularly recycle MIMO from the holders off-site, and then help them participate in the v2 plan. It is expected that v1 The best time period is 3 months to half a year after MIMO goes online, and v2 will start longer.

Once live, MIMO will serve several purposes:

1. As a certificate, it can be provided to the official for the launch of v2;

2. The community votes and participates in governance improvement. We will return 120% MIMO for successful proposals, and 80% MIMO for unsuccessful proposals;

3. Pledge mechanism, by staking MIMO to obtain MIMO in the future, the rate of return will be dynamically adjusted with the speed of MIMO destruction, for example, if 7% of the total amount is destroyed this month, then the MIMO obtained by pledge will be proportional to Half, that is, a monthly rate of return of 3.5%, this mechanism only supports the period of v1, and this mechanism will be canceled after v2 goes online.

7. How popular is Mimosa in the community?

Kenichi Watanabe: Mimosa started as a cold start, but following local media reports, the current community groups are relatively diverse, which may be related to the fact that there are not many people in Japan who understand DeFi. At present, there are communities from Europe, the United States, For members in China, we will also provide instructions for services in different languages ​​according to the popularity of the community.

8. How fast does the team expect MIMO to burn?

Kenichi Watanabe: We plan to keep the circulation at 800,000 pieces within one year after the official circulation of MIMO. If the market buyer pushes the assets to be too reduced, it is not ruled out that we will reduce the transfer and destruction rate on the chain. During this period, the total There are two processes, v1 and v2, and the application scenarios of MIMO for each process are also different. The final destruction speed depends on the market.

9. If I plan to hold MIMO for a long time, how can I ensure its security?

Kenichi Watanabe: Mimosa is built on the basis of the mature Ethereum blockchain. Before the smart contract was released, two audit teams were found to review and optimize it. The MIMO protocol you have seen so far is already the second version. Yes, we have added a lot of parameters to ensure asset security, and at the same time, it will be more friendly to DeFi scene access.

The well-known audit agency Beosin audited the Mimosa smart contract after it was launched in December last year, and the storage of MIMO will be very safe.

10. Do you plan to list MIMO on any exchanges?

Kenichi Watanabe: We are currently connecting with local exchanges in Japan. At the same time, we are also promoting the launch of MIMO on exchanges in Europe, America and China. According to the current market situation, we may carry out after the Chinese New Year. After all, from There are many community followers in Korea and China.