Melonheads Protocol - AMA 9th May 2020

Melonheads Protocol - AMA 9th May 2020

09 May, 2020 511 AMA
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Today we had a sit down with the Lead Developer of the project, Melonheads Protocol. Here is a summary of the AMA (Ask me Anything) we had today within our discord socialc channel,

Project Specificiation

Project: Melonheads Protocol
Total Supply: 165,000,000 (15 Million Premine)
POS: 8%
Reward / Block: 3MHSP



Wheeler | ExchangeToday at 6:12 PM
So where to begin, and most of all the first question that comes to most peoples heads - Why the name Melonheads?.

MelonousHeadous (MHSP)Today at 6:13 PM
The name comes from a nickname that I tried to shake loose for almost 10 years. Since this all started with some friends who have since gone on to other pass times, it was a way to honor them and the crazy good times we had together. It became more of a bet of whether or not adoption could be acquired under any name.

Wheeler | ExchangeToday at 6:15 PM
Immediately thought of the film, stand by me sort of group. So, a group of kids as gem hunters?.

MelonousHeadous (MHSP)Today at 6:15 PM
Pretty much, hunters for sure :laughing:
We all had our fair share of rock-hounding, and all the activities that go with such a thing.

Wheeler | ExchangeToday at 6:16 PM
Interesting backstory and of course great if your in a position now to say look what i'm upto.

MelonousHeadous (MHSP)Today at 6:17 PM
Indeed. I have had a few of them ask for work lately even. Which just means more gems for the masses.

Wheeler | ExchangeToday at 6:17 PM
What function or purpose did you decide to link both blockchain technology and gemstones together, would it be to have a somewhat fixed real world object in terms of price linked to the currency MHSP.

MelonousHeadous (MHSP)Today at 6:18 PM
Linking gemstones to the currency seemed to be the easiest idea for someone like me with access to many different types of stones. I did this under the presumption that the gems would in time back the currency with a real world value.
At the time of launch, I didn't know of any other coin offering such a thing.

Wheeler | ExchangeToday at 6:18 PM
To my knowledge, their isn't.

MelonousHeadous (MHSP)Today at 6:18 PM
At least not in the form of sapphires.

Wheeler | ExchangeToday at 6:19 PM
Is there a particular GEM you are seeing personally that's increasing in value out of interest?

MelonousHeadous (MHSP)Today at 6:20 PM
The sapphires and emeralds seem to get the most interest. I think emeralds are probably the most sought after, with the sapphires having an increase in value out of interest.

Wheeler | ExchangeToday at 6:21 PM
When did you first come up with the idea for the project? (more so when was it you decided to create the project)

MelonousHeadous (MHSP)Today at 6:22 PM
The idea first came up in June of 2018 I believe, it existed through 3 separate chains including the one you see today. Though it wasn't until this final chain that we used physical goods as a backing for the coin price.
The idea for the physical backing of goods came around January or so of 2019, and then took a few months to implement a business plan that would increase the value of a currency backed by these goods.

Wheeler | ExchangeToday at 6:24 PM
Would creating jewellery with the same stones be on the cards later down the line?

MelonousHeadous (MHSP)Today at 6:25 PM
I am actually in contact with a local jeweler about such a thing. Danny Iverson in Montana does some excellent custom crafted pieces and we may end up working together down the road.
Wheeler | ExchangeToday at 6:27 PM
Oh nice.

MelonousHeadous (MHSP)Today at 6:27 PM
I am also trying to find a lapidarist to custom cut the stones that are of high quality. A few people are on the table as potential candidates.

Wheeler | ExchangeToday at 6:28 PM
How does the distribution work for the MHSP coins, for example when someone purchases a gemstone via your website - What happens to those coins then?

MelonousHeadous (MHSP)Today at 6:28 PM
The coins used to purchase goods from the website or in the discord server itself all go back onto the market at a higher rate than they can be purchased at momentarily, causing an eventual constant rise in price.

Wheeler | ExchangeToday at 6:30 PM
Any profit ratio onto the market in terms of buys from sales at all?

MelonousHeadous (MHSP)Today at 6:32 PM
I have not came up with a current ratio. However, all sales in this single satoshi range we are in right now, are all being placed at 100 satoshi. With the next iteration of higher placements into the market starting once we hit over 9 satoshi. I plan to incrementally rise the placements of the MHSP from sales into the market. I chose 100 satoshi because I believe this is a mark MHSP can hit relatively soon.

Wheeler | ExchangeToday at 6:33 PM
Good Answer!

Wheeler | ExchangeToday at 6:33 PM
How's the roadmap progress going so far?

MelonousHeadous (MHSP)Today at 6:35 PM
Work on the roadmap has gone pretty well, we boomed through a few of our marks in December of 2019 that were planned for this year. There seemed to be a pretty big issue with the app however, and it has been advised not to use the mobile app at this time.
I purposefully left dates out of the roadmap so as to have a wide window of time to accomplish goals :laughing:
Nothing on the roadmap is out of reach for this year though.
I also like people to be surprised.

Wheeler | ExchangeToday at 6:36 PM
Projects should generally take that approach when creating roadmaps, moves aside most of the questions when it comes to missing a date should other things take a more important role, chain forks etc.

MelonousHeadous (MHSP)Today at 6:36 PM
That is the same way I felt about it.

Wheeler | ExchangeToday at 6:37 PM
Avoids the, 'When moon' moments.

Wheeler | ExchangeToday at 6:37 PM
I see the blockchain itself for MHSP is based on POS, proof of stake. Is there a reason you went with that algorithm? 

MelonousHeadous (MHSP)Today at 6:39 PM
We wanted to have the addtion of POS(Proof-Of-Stake), to give incentive for people wanting to gain interest on their holdings. The POW(Proof-Of-Work) reward is halved with the staking rewards. So to be clear we wanted a POW/POS hybrid to not only have incentive to help anonymize the blockchain, but to give incentive to long term hold MHSP.

Wheeler | ExchangeToday at 6:40 PM
POS as a great adoption methods for projects, especially in the past year I've personally seen a growth with projects supporting it. Gives, like you said - an incentive for people to gain rewards whilst waiting for roadmap items as well as being a part of the community.
As well as keeping the trading markets active, with people selling off their staking rewards - it's healthy.

MelonousHeadous (MHSP)Today at 6:41 PM
Indeed, and that is if the idea of the gemstones alone don't provide enough incentive.

Wheeler | ExchangeToday at 6:41 PM
Your whitepaper and project itself is open on transparency, what steps or actions do you have in place to provide that.

MelonousHeadous (MHSP)Today at 6:42 PM
The code is open source of course, and the plan of action is usually spoken about out loud in the main chatroom and in the announcments channel. Having open dialogue with peers is about the best way to maintain such a transparency. Sometimes a poll or "vote" is taken if a subject seems to be of issue. Glad to say there aren't many issues at all other than we just need to expand our community outwards.

Wheeler | ExchangeToday at 6:43 PM
What do you plan to achieve in the long term for the project or what’s your personal goal for it.

MelonousHeadous (MHSP)Today at 6:44 PM
My personal goal for the project is a platform aimed at giving everyone a chance to sell geological specimens themselves. Hopefully incorporating a multi-wallet code allowing people to trade into MHSP on the app. MHSP being the predominate currency on the app with added incentives on discounted buy rates and more. So almost a utility style sense of operation around the MHSP currency when it reaches the platform.
Almost a "micro-exchange" on the app, where MHSP can be bought from the app itself with maybe a doge or btc pairing.
But also allowing people to buy and sell at the full purchase and sell rates even if they hold no MHSP, just cheaper to do it if there is MHSP in the account they are trading gemstones or other geological specimens on.

Wheeler | ExchangeToday at 6:47 PM
I think we’ve concluded enough questions about what exactly the project is about, for me - it’s an interesting one and taking a more classical approach to placing a real word item or project and linking that with the blockchain, it doesn't all have to be about aiming to store data on the blockchain for example..
Most projects out their set out to make a difference in this space, when all they are doing is attempting to re-invent the wheel.

MelonousHeadous (MHSP)Today at 6:51 PM
I feel the same way, I think we will see a rise in projects that aim toward a real world use. A lot of this still has to do with remaining anonymous while making online transactions, and that is one key aim of MHSP. Along with a "decentralized" shipping network that we hope to incorporate down the road.
Thanks again for having me for an AMA @Wheeler | Exchange . This has been a great pleasure.