A new cryptocurrency exchange called Mandarin that proposes to minimise the risks of centralization while acknowledging the benefits of conventional exchanges through the concept of distributed management, has kicked off their Token Sale.
Mandarin began a one-month crowdsale on 29 August 2017 to divide company assets into 1,000,000 Mandarin ERC20 tokens (MNT), distributed among investors, promoters (through bounty programmes) and the developers. In the first week the project raised $300,000.
To minimise early devaluation, only 5% is reserved for promotions, with the same percentage awarded as incentives to early investors. The bulk of the tokens (70%) will be sold during the ICO, while 20% will be locked in the exchange.
Apart from the direct sharing of profits from the exchange, investors who own at least 10 MNT become members of the exchange community, allowing them to participate in the adoption of key decisions on its management. These include:
- introduction of new currency pairs
- expansion of functional capacities
- modification of existing capacities (including maintaining exchange funds for liquidity)
- voting on cold wallet fund withdrawals (with a tentative 35% vote threshold to activate)
Furthermore, the top investors (those owning more than 1% of total or 10,000 MNT) will gain access to an admin panel with expanded statistics on trading, current exchange rates and platform load.
The Mandarin founders say they have attempted a fair pricing formation.
The sale price of 700,000 MNT will be dynamically adjusted based on total amount raised, with an exact price defined after the end of the ICO on 29 September, or until a hard cap of 70,000 ETH is reached.
The exchange plans to launch the exchange in October 2017 and offers zero commissions on all trades to attract new users.
From January 2018, commissions of 0.05% will be applied, after which investors will receive their first weekly distribution of profits in February 2018. A final commission hike to 0.1% will take place in April.
At the start of platform there will be 19 currency pairs across six cryptocurrencies (BTC, ETH, DASH, ZEC, LTC, XMR) and three national currencies (USD, RUB, CNY).
The exchange also has plans in 2018 for a premium program, a trading app for smartphones and debit cards.
Centralized exchanges are failing the market
Regulated or otherwise, centralized exchanges suffer from generally poor reputations when it comes to basic service criteria such as customer service, security and reliability. Support response times get lengthier and user funds can disappear in convenient “hacks”.
Power to the people
Mandarin’s goal is to create a unique exchange platform with distributed management. By allowing its users to have a say in the exchange operations, through voting power expressed by ownership of stakes in the exchange, control is no longer concentrated among administrators and owners, but distributed among all stakeholders.
What Mandarin wants
Through a use of simple smart contracts and a voting system, Mandarin aims to address several key shortfalls of exchanges:
- prevent embezzlement of funds by platform administrators
- regulatory intervention in financial transactions
- transparent cold wallets with added security levels such as multi-sig
- democratic selection of new coin listings
At the same time, it attempts to maintain and improve on features that users find most useful on conventional exchanges, such as the ability to conduct margin trading.
The Mandarin ICO
- Pulsar Venture Capital Holds ICO to Raise Money Using Blockchain - October 19, 2017
- Dash Expands Reach In Asia Through Cooperation With Rising Fintech Company QUOINE - October 19, 2017
- Hacken and Neuromation Partnership Launched to Stomp out Blockchain Cybercrime - October 19, 2017
- Playkey Brings in $1 Million in Pre-Sale Campaign and Welcomes Dillon Seo as VR Advisor - October 19, 2017
- SolarCoin Founders Introduce New Blockchain-Based Network for Global, Decentralized Energy Trading - October 19, 2017
- Kazakhstan’s Lendex.io plans ICO in early 2018 - October 19, 2017
- Swissborg – The Blockchain Era of Swiss Private Banking – Announced ICO - October 19, 2017
- Bank4YOU Group’s launches ICO end of October – Investors Call to Action - October 19, 2017
- Live Pre-sale of Trive: Fights Fake News Using Cryptocurrency and Crowdsourced Research - October 19, 2017
- A New Ozone Layer? Arcona Plans for Augmented Reality Layer to Cover Earth Surface in new AR project - October 19, 2017
- Cofound.it Introduces Seed Program for Early Blockchain Startups - October 19, 2017
- LOOMIA Announces Collaboration With Storj Labs, Introduces Smart Fabrics and Consumer Data to Blockchain Technology - October 19, 2017
- DECENT Launches Beta Release of DECENT GO, The First Decentralized Marketplace for Digital Content - October 19, 2017
- Orebits Corporation, Inc. Announces Orebits Pool, LLC and Orebits.AU Eco-System - October 19, 2017
- Pareto – the Peer to Peer Financial Content Marketplace Announces Token Sale - October 19, 2017
- Appsolutely Launches the LoyalPlatform, LoyalCoin and LoyalWallet; Using Blockchain to Usher in the New “Loyalty Economy” - October 19, 2017
- Eidoo Raises $27.9m In Successful ICO To Bridge The Cryptocurrency Gap And Open The World Of Digital Currencies To The Masses - October 19, 2017
- Malta-based RoboAdvisorCoin (RAC) Launches Token Sale for Robo-Advisor Dedicated to Cryptocurrencies and Digital Assets - October 19, 2017
- BLOCKv Announces the Availability of VEE Tokens Through Its Upcoming Token Generation Event – Open to Public on October 19, 2017 - October 19, 2017
- The Fundchain initiative starts again this year with new Research & Development roadmap for the investment fund industry - October 19, 2017
- Digital Cryptocurrency Vault DigiPulse Reaches $1 million in Token Sale - October 19, 2017
- Tickets Cloud Kicks off crypto.tickets ICO - October 19, 2017
- Ex-JP Morgan Vice President Dr Joseph Chen-Yu Wang Joins Ambrosus as Project Manager - October 19, 2017
- Russian Wood for Cryptocurrency – Timber! - October 19, 2017
- Proof Suite Announces Token Sale for Blockchain Platform Designed to Tokenize and Insure Real World Assets - October 19, 2017
- DataWallet Announces Blockchain-Based, Consumer-to-Business Data Exchange - October 19, 2017
- IEEE Releases Findings from First Detailed Study of Blockchain Adoption in the Pharmaceutical Enterprise - October 19, 2017
- Horizon State Launches Token Sale to Modernize Global Voting and Collaborative Decision Making - October 19, 2017
- Metaps Plans to Launch Time Marketplace ‘Timebank’ Token Sale on COMSA - October 19, 2017
- Lykke Vanuatu brings Binary.com tokens to Lykke Vanuatu Exchange - October 19, 2017
- After raising $15M in a pre-sale, BitClave is ramping up for its Nov 8 crowdsale, and its plans to redefine the search experience - October 19, 2017
- Kazakhstan Is About To Launch The First Cryptocurrency, Directly Backed By Fiat Money - October 19, 2017
- Positive.com launches to protect Initial Coin Offerings from cyber attack - October 19, 2017
- Latium Launches LATX Cryptocurrency Token Sale for Participation in AI-Based Tasking Platform - October 18, 2017
- IBM Announces Major Blockchain Solution to Speed Global Payments - October 18, 2017
- Launch of SMSCHAIN, a Blockchain-based SMS Gateway - October 18, 2017
- Streamr Concludes a 30 Million CHF Crowd Contribution Period to Build Decentralized Real-Time Data Economy - October 18, 2017
- Publica Building New eCommerce Platform for the Publishing Ecosystem – Token Sale Coming Soon - October 18, 2017
- BLOCKv Partners with Storj Labs to Provide Decentralized Storage Architecture and New Toolsets to Power Next Generation Digital Objects - October 18, 2017
- Coinme Announces the Start of the UpToken Sale Today With Over $40 Million USD in Pre-Registration Signups - October 18, 2017
- Blockbid Announces Launch Of ICO Backed By Multi-Cryptocurrency Trading Platform - October 18, 2017
- SportyFi – Decentralized Sports Investment Start-up Endorsed by Soccer Superstar Roberto Carlos - October 16, 2017
- Acronis Joins Runa Capital and Parallels In Accelerating Innovation and Supporting Blockchain Initiatives in Malta - October 16, 2017
- Jaxx Allows First Crowdsale Participation with STORM Token - October 16, 2017
- Hyperledger Knits New Project – Hyperledger Quilt - October 16, 2017
- Legolas Exchange Partners With BanQix to Protect Institutional Investors - October 16, 2017
- MARK.SPACE Announces Launch Of Blockchain-powered VR-platform With Upcoming Token Crowdsale - October 16, 2017
- IRTI Partners With Ateon And Settlemint To Develop Blockchain-based Products For Financial Inclusion - October 16, 2017
- Golden Alliance Coin Announces ICO – For Mining Gold - October 16, 2017
- Media Aggregator Esports Gold Announces $5 Million Ethereum Token Sale - October 16, 2017