How the crypto-ruble is created in Spain – an overview of the MonolithosDAO project

CONTENT

  • Technical information on the Monolithos project needs verification

  • The creators of the project claim that their coin will become a digital version of the ruble

  • Before making investment decisions, you must carefully study the project

International consortium of news organizations developing transparency standards.

There are many recommendations on the Internet on how to choose crypto projects for investment. However, applying some of the tips in practice can be tricky. In order to understand the intricacies of the analysis of startups, we propose to consider together in detail one of them – MonolithosDAO.

Project overview

The task of MonolithosDAO, or simply Monolith, as the organizers of the project call it on some sites, is to create a digital version of the ruble. On the home page of the startup site, the visitor to the resource is greeted with an impressive name – “the first decentralized ruble stablecoin” MCR (Monolith Crypto Ruble). It is noteworthy that a coin with a similar ticker has already functioned in the digital asset market.. 

According to the creators of the project, MCR is a “cryptocurrency with a stable price” and a low level of volatility, which, if necessary, can be exchanged for paper rubles on the open market. By design, Monolith Crypto Ruble reflects the current value of the fiat ruble. Accordingly, 1 MCR = ₽1. The project team explains the need of users for such a cryptocurrency by the desire of owners of digital assets not to depend on an unstable market..

A video presentation of the startup is presented on the Monolith website:

The issue of MCR, according to the presentation, occurs at the moment “when the user takes out a loan secured by Vault”. How the mechanism works and what the developers mean is not entirely clear. It can be assumed that in the process of issuing a loan, they used the technical solutions of the Vault startup, whose team in 2018 created a wallet to store non-exchangeable tokens. It will not be possible to find out directly from the project representatives: social networks have been abandoned since spring 2019, the site is not available.

Vault website

In search of an answer, we turn to the Monolith whitepaper. There is no information on the query “Vault” in the document:

At the same time, the document tells the reader other information, according to which the collateral assets are transferred to the Land storages of the MonolithosDAO platform.

In the whitepaper, the authors of the document explain that by the term “Land” they mean smart contracts, with the help of which the user can receive MCR in exchange for collateral.

Bitcoin explained and made simple

Members of the crypto community have caught the startup organizers of stealing the whitepaper from another project, MakerDAO. Monolithos did not deny the borrowing. It is noteworthy that it is in the MakerDAO whitepaper that one can find an explanation for the mysterious “Vault”. 

Also in the video presentation there is information that the cryptocurrency Ethereum (ETH) acts as a collateral. Part of the pledged coins, according to representatives of the startup, the user receives in MCR. There is other information in the whitepaper of the project. According to the document, MCR supports a multi-type voice. It includes Ethereum-based coins that have been approved by the holders of the project’s management tokens – MDT. 

Brief information on emissions and distribution of MDT

With the help of the coin, MonolithosDAO customers will be able to make decisions. It is MDT that the startup organizers offer to purchase potential users of the project. At the time of this writing, there is a record of only one token transaction. The number of owners, despite the fact that MDT is currently on sale, is zero.

Data: etherscan.io

You can find other versions of the MCR release online. On one of the forums, the official representative of the project claims that users will be able to use ETH and WBTC as collateral:

On the official pages of the MonolithosDAO forums you can also find information that users will be able to buy MCR on exchanges or from each other.

All processes, according to the presentation, will be managed by the decentralized community of the autonomous platform MonolithosDAO. Its source code is open source and presented on GitHub. At the same time, developers’ activity is close to zero:

Not a copy, but an original

According to GitHub, the project was not written from scratch. It is forked. According to representatives of the startup, they copied the technical component of the MakerDAO DeFi project. In order not to repeat completely, according to the Monolithos team, they made a number of their own corrections to the code. It is the similarity of the projects that the developers explain the decision to borrow the MakerDAO whitepaper .

By the way about partners

The Monolithos partner is a cryptocurrency exchange with a P2P exchange Bitzlato. Here’s what users say about it:

There are many positive reviews about Bitzlato on the network, but most of the opinions were left from new accounts.. 

Crypto community members believe Monolithos could be a Bitzlato project.

As with Bitzlato, positive comments about Monolithos are mostly left by users with zero ratings..

Despite the attacks, Monolithos representatives intend to prove the integrity of the project. To this end, they promise to audit smart contracts..

project team

The Monolithos website provides a summary of the team. CEO is not named. The company’s marketing director is Dmitriy Kryshtal. His LinkedIn page indicates that he works in the same position at Bitzlato in parallel. As a reminder, Monolithos representatives claim that Bitzlato is a startup partner. On Twitter, Dmitry Kryshtal positions himself, including as a DJ.

Financial Director – Ilie Cernisev. According to LinkedIn, he has experience in a similar position on the popular digital asset exchange EXMO. CTO, Zoran Cuckovic, according to his social media profile, is a developer on the Upwork job search platform. Monolithos is not on the list of companies it is related to.

Is the crypto-ruble legal in Russia

Against the background of attempts by the authorities to form a regulatory framework for cryptocurrencies in Russia, members of the crypto community had a reasonable question about the legality of issuing a digital version of the ruble, bypassing the Central Bank of the Russian Federation. 

Monolithos representatives were quick to clarify that the project is registered in Spain. Accordingly, the changes in the legislation of the Russian Federation in relation to digital assets, according to the developers, will not affect the coin in any way..

The representatives of the startup explained the choice of jurisdiction by an attempt to protect themselves from possible problems in advance..

How the crypto-ruble is being created in Spain - an overview of the MonolithosDAO project

At the same time, different countries appear on the team’s social media accounts, including Serbia, Ukraine and Russia..

Comments from a representative Monolithos 

During the study of Monolithos, the BeInCrypto editorial board drew attention to a number of suspicious points. Among them are the following:

  • Information in the video presentation does not match the information in the whitepaper.
  • The data about the project that its representatives publish on different platforms differs.
  • The founders of the startup do not deny the fact of copying the whitepaper of another project.
  • The Monolithos team and the startup itself are closely linked to the suspicious Bitzlato project.
  • The startup doesn’t have a CEO.

We contacted Dmitry Kryshtal, Marketing Director of Monolithos, for clarification. He agreed to answer our questions. The grammar and punctuation of the author are preserved in Dmitry Kryshtal’s answers.

Why don’t you have a CEO? Who is currently on the MonolithosDAO team managing the project?

We have a CEO, as soon as he moves from Russia to a safer place of residence – we will publish his name. It is a matter of time, and in general it is not so important, since this does not affect the work of the DAO in any way.

The information in the video presentation of the project does not correspond to what is indicated in the whitepaper. For example, the video says: “MCR is born the moment a user takes a debt secured by Vault.” What is “Vault”, and how to work with it – is not specified. This term is not in the whitepaper, but there are some Land repositories. At the same time, the term “Vault” can be found in the MakerDAO whitepaper from which you borrowed the whitepaper. How can you explain such inconsistencies? This is a mistake, or the result of incorrect work of the video creators? 

Vault is the past CDP used in the Oasis application. We did not change its name so that people could understand more clearly what it is. Suddenly someone was already using it. We are a fork of MakerDAO, we talk about it publicly and even spoke with the Maker team. The guys were reluctant to give us advice on those contracts that were not open source on their github, but were quite friendly. Their main consensus was that we do not interfere with their name in our fork In the cryptocurrency world, a fork is, in fact, a change in the blockchain protocol. Since cryptocurrencies operate in decentralized networks, all parties … More, which we actually did not do.

Bitcoin: How Cryptocurrencies Work

Do you have MakerDAO permission to copy the whitepaper? How do you explain plagiarism?

Cryptocurrency Explained | What is Cryptocurrency? | Cryptocurrency Explained Simply | Simplilearn

Regarding the permission – the guys are notified and they know that we have forked them.

We decided to check with MakerDAO themselves if they know about Monolithos, and if the project representatives gave the startup permission to copy the whitepaper. For this, the editorial staff of BeInCrypto contacted the official Telegram account of the project. According to a MakerDAO spokesman, they don’t know anything about Monolithos. Accordingly, the project has not received any permits. In addition, the MakerDAO team promised to deal with the startup. 

MonolithosDAO is closely related to Bitzlato. The latter is considered by many members of the crypto community to be a fraudulent project. Does the MonolithosDAO team have any concerns about the possible negative impact of Bitzlato’s notoriety on a startup??

Bitzlato is the leader of the P2P market in terms of turnover in the Russian Federation. This company has been in service since 2016 and there is no hint of fraud. 2,000,000 users do not just trust this site, which has a turnover of $ 30,000,000 per month.

What is the reason for the lack of activity of MonolithosDAO developers on GitHub?

Our github is https://github.com/monolithos/. The work is done, there is a working product. The developers are currently working on private repositories. Their accounts are public, you can ask them any question of interest

I would like to emphasize that we have created a liquid pair on uniswop from our own funds, have issued and continue to issue a crypto-ruble.

Summing up

All project representatives try to present their work in the best possible light. It is not customary to talk about problems. It is important to independently search for information about startups of interest from all available sources, including forums and social networks. To other conclusions:

  • Information presented in the whitepaper is not always true.
  • Do not take the official representatives of the project at their word, even if they are not hiding behind a fake mask..
  • If possible, it is necessary to thoroughly check all the information of interest, including technical calculations. 

MakerDAO representatives, in turn, promised to keep BeInCrypto up to date with the development of their showdown with Monolithos..

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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How the crypto-ruble is created in Spain - an overview of the MonolithosDAO project
How the crypto-ruble is created in Spain - an overview of the MonolithosDAO project
How the crypto-ruble is created in Spain - an overview of the MonolithosDAO project