Monty Munford has more than 15 years' experience in mobile, digital media, web and journalism. He is the founder of Mob76, a company that helps tech companies raise money and exit. He speaks regularly at global media events with a focus on Africa, writes a weekly column for The Telegraph, is a regular contributor to The Economist, Wired, Mashable and speaks regularly on the BBC World Service.
It’s disruptive to review The Bitcoin Dilemma when the author is called ‘READ’ because once that gets in your head then ‘read’ and ‘review’ merge into one portfolio word and all those old days of LSD come back with a swirly vengeance.
Even so, the aforesaid The Bitcoin Dilemma is not a book to be forgotten and while not an easy read, it’s very much worth the effort in doing so.
Instead of focusing on all the speculation and hyperbole about making profits and destroying Satoshi’s invention, this book delves into the maths of crypto.
Moreover, Colin L. Read really knows what he’s talking about. He has worn many hats, but his experience of being the mayor of a ‘crypto mining’ US city lays bare the real costs of bitcoin mining, not just for the local and global environment, but for the people who live where mining takes place.
Effectively they pay for the mining to take place and it takes a tough mayor to ensure that miners do not take the capacity, the piss, the biscuit.
In some places the book reads like a collection of essays and the gentle touch of a sub-editor to dispel the over-adjectives and the self-crusading would have been welcome, but those who know of maths and mining no less about reading and reviewing.
As somebody who is fairly well-versed in crypto, there was a lot in this book that was new and I learnt a lot. While proof-of-work protocols are clearly bad and proof-of-stake are much better for Planet Earth, those who don’t know the difference will know by the end of the book.
Apparently Ethereum’s recent ‘upgrade’ from proof-of-work to proof-of-stake took off a whopping 0.2% of the world’s total power supply and it is a move that bitcoin, alas, cannot replicate.
This book made me want to sell my bitcoin portfolio and move it a more sustainable currency. It made me think. I would suggest most readers will have a similar reaction.
Welcome to Mob76 Outlook, Moojan, what is Thousand Faces?
A pleasure to be here. Thousand Faces is the first exclusive investment club in the form of a Decentralized Autonomous Organization (DAO) fund to finance female-led projects with carbon-negative art NFTs.
We are targeting women, diversity, the environment and NFTs; all important and hot topics at the moment. Raising initial funds for impact projects and under-represented talents anywhere in the world without a middle man has never been easier.
How are you dealing with the transition to Web3?
Web3 is a great opportunity to create a new and real diverse environment and community in a world of severe climate change. Moreover, NFTs are new marketing tools that have considerable viral potential.
We use it as a membership token and the total NFT market is estimated to reach $212 billion by 2030. There is a lot of controversy around the climate effects of NFTs and crypto. Thousand Faces uses Polygon, which is a carbon-neutral network and we offset our CO2 up to 10X more.
Are you addressing the gender gap when it comes to funding companies?
Anyone regardless of gender and nationality should be able to get access to funds and educational resources for their projects. Female founders, immigrants and underrepresented minorities can’t do this due to the centralized organizations holding funds and making biased fund distribution decisions.
With a DAO we open up the opportunity of funding and education to a vast number of people, anyone anywhere in the world, to launch a project that serves humanity as a whole. The world needs to recover the lost feminine in order to create mindful and sustainable organizations.
How do you do this logistically?
With a DAO fund that community members buy an NFT and get access to various resources, right to apply for funding, and participate in fund allocation decision making. With our community fund we invest in female founders and environmental projects with a strong ESG.
Our NFTs are 10,000 randomly generated pictures that have been designed by hand, and have certain utilities and voting powers attached to them. The NFTs represent a membership for the holder.
We will also release a utility token to give rights to our DAO. that token can be staked and spent in our universe. We have an educational program for women to learn about Web3 in order to remove the barriers to entry. We give grants to the selected companies.
What does this mean to a non-techy person?
We are an investment club and by buying a membership which is a digital card, you join the club and obtain access to benefits including the right to apply for funding for your project or access to various educational programs’ content.
If you become a board member you can decide with other board members across the globe to vote on projects with the most social and environmental impact. In return for your participation, you can get rewards and interest in a digital currency in your digital wallet, with which you can invest or spend on various platforms.
How big is the market for all of this, Moojan?
Women entrepreneurs? Well, women are 50% of the population. there is only 2.2% of the total VC funding going to female founders. So you can imagine how many talents are left without funding.
the NFT market in 2022 was at USD 20.44 billion and is estimated to grow to USD 211.72 billion in 2030. The climate innovation and the need to create new sustainable solutions is also at the heart of important topics.
What did you do before this, Moojan?
I am a serial entrepreneur, activist, technologist and community builder. I was born in Iran, and after industrial engineering, I moved to France to finish my studies in corporate finance and banking. But the capitalistic world was not for me.
I started my entrepreneurial journey and created various initiatives for female empowerment and diversity and inclusion. I am now a digital nomad, traveling the five continents, speaking at various conferences and giving lectures on diversity, inclusion, and the basics of AI for business.
That’s a fascinating story and one that our readers will love. Thanks, Moojan
The Tranya T10 Pro is a product that has been released at the right time in a world where supply chains and fiat money are undergoing challenges that haven’t been seen for more than four decades.
With inflation rampant and people in the West finally coming to terms with their previously rampant consumerism and the need to buy the latest tech products as quickly as they are released, the T10 Pro is the perfectly priced product.
Coming in at less than $100, the T10 offers quality and economy in equal measures. They come with multifarious features, come in a range of six colours, and have a battery life that is longer than the majority of such audio products.
They also have multiple audio settings, 5.1 Bluetooth, and can be charged wirelessly. It is easy to connect them to an Android or iOS device and they have multiple uses. Whether it’s music, gaming, phone calls, or using them when exercising, they are perfect.
Even when it’s raining or the user is sweating as they run, the waterproof rating of the Tranya T10 Pro ensures they are just as good in perfect climatic conditions. Moreover, the 12mm Graphene Drivers deliver fantastic audio quality.
The ear buds market is a very crowded place and sometimes it’s difficult to see the wood from the trees or the best products from the not-so-good ones.
But the Tranya T10 Pro has an identity for today’s user. Quality of product and economy of product, there long-lasting ear buds are a worthy purchase for anybody who understands the challenges of the times and wants to know the beats of the world.
Follow the steps outlined in this guide to provide liquidity for lending pools, and to privately lend and borrow assets.
Before you get started (pre-requisites)
If you are new to the Secret Network ecosystem, you will need to complete a few preliminary steps.
Note: The APY rates in the included screenshots may be inaccurate.
Step 1: Create a Keplr Wallet account.
To interact with Secret Network dApps, you will need to connect your Keplr wallet. Set the network to Secret Network. We have some SCRT tokens in our wallet for gas fees. Go here to install the app or watch this tutorial.
Note: Want to protect your identity? Use the Secret Wallet Guide to create a wallet that cannot be linked to a public wallet, centralized exchange (CEX), or doxxed address in any way.
Step 2: Gather some $SCRT for Gas Fees. You can get SCRT via direct pay, CEXs and decentralized exchanges (DEXs) on Secret, or as a wrapped ERC-20 version from DEXs on Ethereum (note that you will need native SCRT for gas) — find all your options here.
How to Provide Liquidity and Lend Assets on SiennaLend
Here are the steps you need to take to provide liquidity for SiennaLend markets. Make sure you are connected to your Keplr wallet before starting (and ensure you have a sufficient SCRT balance for gas fees. 1–2 SCRT should be enough).
Select “Lend” from the menu on the left-side of the app. Similarly, you can click on the “Use SiennaLend” button on the right-side of the app.
Step 2: Select “Deposit” on the Lend page.
Step 3: Select the lending market you want to deposit liquidity for.
Select your desired lending pool and click on “Deposit”. For this example, we will make a deposit into the sSCRT lending pool.
After clicking on “Deposit”, you will be prompted to select your desired deposit amount. Input your desired deposit amount and click on “Deposit” (and approve the transaction in the Keplr pop-up) to broadcast the transaction.
You have now successfully made a deposit into a lending pool. Your deposited liquidity is now being used by borrowers for loans. You can either stake your SL (SiennaLend) tokens in their corresponding rewards contract to earn yield, or use them as collateral to take out a loan.
How to Stake SL Tokens to Earn Yield on SiennaLend
Step 1: To stake your SL tokens in their corresponding rewards contract, you will need to go to the “Rewards” page available at the top of the Lend interface.
Step 2: In the rewards page, you will see all the lending pools you have deposited liquidity into. Select the pool you want to earn rewards on and click on “Deposit”.
Step 3: You will be prompted to specify the amount of SL tokens you want to stake in the rewards contract. Select your desired amount and click on “Deposit” to broadcast the transaction.
You are now earning yield on your staked SL Tokens. Enjoy your lending APR!
How to Borrow and Repay Loans on SiennaLend
How to Borrow
To use your deposited liquidity as collateral for a loan, follow the steps outlined below.
Step 1: Go to the “Borrow” page available at the top of the Lend interface.
Step 2: Find the lending market you would like to to utilize for borrowing. For this example we will use sSCRT.
Step 3: Click on “Enable as collateral” to deposit your liquidity as collateral for a loan.
Step 4: After you have enabled your liquidity as collateral, click on “Borrow” to take out a loan against your provided collateral.
Step 5: You will then be prompted to specify the amount you would like to borrow (up to 80% of your provided collateral value is the maximum upper limit we recommend. You can actually take out a loan worth 95% of your provided collateral value, but this is significantly riskier and is not recommended). Specify an amount and click on “Borrow” to broadcast the transaction.
You have now successfully taken out a loan against your collateral!
After taking out a loan, you can monitor your risk ratio on the “Borrow” page. If the collateral value drops, your risk of liquidation increases. When your risk ratio hits 100%, your loan is liquidated and your provided collateral is used to cover the loan.
How to Repay a Loan
Step 1: Go to the “Borrow” page available at the top of the Lend interface.
Step 2: Find the lending market you would like to repay a loan for. For this example we will use sSCRT. Click on “Repay”.
Step 3: You will then be prompted to specify the amount you would like to repay. Specify an amount and click on “Repay” to broadcast the transaction.
You have now successfully repaid your loan!
Once you have repaid your loan, you can disable your collateral and deposit your SL tokens back into the SiennaLend rewards contracts to continue earning yield.
Guide for setting up liquidator bots is in development. Will be shared with the community soon.
Sienna Network has partnered with Switchere to allow the purchase of wSIENNA (ERC-20 version of the native SIENNA token) using credit and debit cards on their platform. This partnership greatly lowers the barrier of entry to Sienna Network.
Users can easily purchase wSIENNA on Switchere and send it over the Secret Network Ethereum bridge to convert it into native SIENNA (in order to be able to interact with Sienna Network’s privacy-preserving DeFi applications).
To purchase wSIENNA on Switchere, users will first need to register for an account. Users will then need to complete a few KYC steps. Once the KYC information is reviewed and confirmed, users will be able to freely purchase and withdraw wSIENNA.
Exclusive Beta Access for Sienna Knights NFT Holders
Holders of Sienna Knights NFTs will be able to access the on-ramp before it is made available to the public. To check if you qualify for beta access, navigate to the options menu on the bottom left corner of the SiennaSwap app, and click on the “Get Access” button from the “Get early beta access” menu option.
SiennaSwap is a privacy-first, cross-chain decentralized exchange where users can swap tokens privately with zero front-running.
SiennaSwap runs on Secret Network, which is the first blockchain with privacy-preserving smart-contracts with high scalability and low fees. Transactions are executed almost instantly, and with privacy combined, front-running is effectively mitigated.
Please note that while Switchere allows US residents to purchase all major cryptocurrencies (BTC, ETH, LTC, BCH, XRP etc.), they are prohibited from purchasing other tokens including wSIENNA. EU/Asia/Africa residents are allowed to purchase wSIENNA on Switchere. Stay tuned for a US fiat on-ramp.