The concept of DAO or Decentralized Autonomous Organisation management model has been doing the rounds in the world of virtual currency ever since Bitcoin eliminated the need for middlemen in financial transactions.
There are many blockchain leaders already working to bring the DAO revolution to real businesses. But in India, the MahaDAO is the first DAO focused on supporting blockchain innovation.
In an interview with Cult.Today, MahaDAO founder Steven Enamakel talks about how he came up with the concept, its DeFi products and the road ahead.
What is MahaDAO and how did you come up with the idea?
The MahaDAO is the first DAO that is leveraging the layer-2 protocol of Matic network. It is the first DAO to come out of India, which is focused on building innovative and disruptive DeFi products.
The idea for a DAO came about to me about two years ago when Indian regulators had passed a bill to ban cryptocurrencies in India. There was no real voice or movement to stop the ban and the DAO was to be that movement.
The idea for building DeFi products came about simply because of the fact that Matic recently went live, and it is one of the easiest layer-2 protocols to build on top of.
What kind of DeFi products are you planning?
There are quite a few innovative and disruptive products in our roadmap, however it is too early to talk about most of them and we’ll let the general public know about them the moment they are ready.
At the moment the MahaDAO is launching a stablecoin, which will be used by Indian crypto exchanges and will regularly pay fees to the MAHA token holder. The stablecoin is a fork of MakerDAO’s DAI stablecoin.
Tell us about your five-year plan.
In the short term, we are looking to build products around the stablecoin, the $MAHA token, and focusing on growing the community. In the long term, we will be introducing a lot more disruptive DeFi products and tokens.
Our vision in the next 10 years is to become bigger than Goldman Sachs or JP Morgan.
You are a programmer with over 10 years of experience. Who else are with you on this project?
The team consists of three core members and 15-20 developers with a combined experience of more than 50-plus years in building products.
Apart from me, the other two members of the core team are Pranay Sanghavi and Gafoor Khan. While Pranay is a visionary serial-entrepreneur with over 15 years of experience in building and working with large businesses, Gafoor is a marketing technologist and growth hacker with experience in bringing platforms to scale.
We also have some very trustworthy and credible advisors on-board and will be making their names public very soon.