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Ev | 유진 🇨🇦  pfp
Ev | 유진 🇨🇦
@tch
A bit about Moai. By now we have been building Moai for about 5 months. We started with a question, where do we spend time and what's missing. In our crypto circles, many like us spend time on Telegram. So we wanted to bring onchain activity and fun to where the time is being spent. https://t.me/moaicash_bot
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Ev | 유진 🇨🇦  pfp
Ev | 유진 🇨🇦
@tch
There are couple of issues with onchain in general and payments in particular today. First, it requires coordination. People use lots of different wallets, chains, etc, so before sending any tokens, one needs to ask at least several questions — what's your wallet, can you accept XYZ, can you accept on this chain?
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Ev | 유진 🇨🇦  pfp
Ev | 유진 🇨🇦
@tch
Second, it requires additional resources, mainly gas. For example, I received DEGEN to a new wallet, but can't send or spend it, since it requires native token (ETH on Base) to pay the fee. If I simply want to transact in one currency, such as USDC, wallets ask me to also separately purchase native gas token.
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Ev | 유진 🇨🇦  pfp
Ev | 유진 🇨🇦
@tch
And third, sending tokens is often time consuming. Due to security or the way many crypto people interact, from using secure computers to ledgers, it makes crypto cumbersome to use, often 10 or even 100 times slower than using tap-to-pay on a phone. Instead of a second, sending crypto might take 3-5 minutes, inserting ledger, entering password, reviewing or confirming transaction, and so on.
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Ev | 유진 🇨🇦  pfp
Ev | 유진 🇨🇦
@tch
So to make it better, we had to fix these three things: 1 - Problem of coordination 2 - Requirement for additional resources 3 - Time consuming
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Ev | 유진 🇨🇦  pfp
Ev | 유진 🇨🇦
@tch
The way we wanted to approach these issues is to go where we are, where our friends and contacts are. Some of us use Facebook or Instagram, but obviously there's no "add-ons" allowed. Some of us use Twitter or Farcaster, but they are very niche. However in crypto circles and beyond, many use Telegram.
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Ev | 유진 🇨🇦  pfp
Ev | 유진 🇨🇦
@tch
Telegram is a breakthrough app in many countries. It is obviously popular in Russia (#1) and Ukraine (#1), but also popular in Brazil (#1), India (#2), Malaysia (#1), Indonesia (#2), Turkey (#1), Nigeria (#1), Egypt (#2), Vietnam (#1) and so on. (Ranking from SensorTower)
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Ev | 유진 🇨🇦  pfp
Ev | 유진 🇨🇦
@tch
In addition to being popular everywhere, Telegram also has mini apps platform, which launched just last year, in 2023. Mini apps allow to access some parts of Telegram, and allows to build on top, basically using Telegram as a distribution platform.
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Ev | 유진 🇨🇦  pfp
Ev | 유진 🇨🇦
@tch
This allowed us to solve the first issue 1 - Problem of coordination By using Moai you only need to know the contact on Telegram. You don't need to know what wallet they have, which country they are in, what they can or cannot accept, and so on. Simply send tokens with Moai to another Telegram contact. This opens up instant coordination for 1 billion monthly active users on Telegram, so overall, it creates 1 quadrillion connections (1 billion billion).
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