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
- Blockchain Project Cashaa Protecting Crypto Companies to Survive Fifth Money Laundering Directive and New FCA Rules in 2020 - February 8, 2020
- US SEC Boss Hester Peirce Suggests Three Year “Safe Harbour Period” For Token Sales - February 6, 2020
- China’s Hyperchain Plans to Take on Coronavirus With Blockchain-Fueled Donation Platform - February 6, 2020
- Blockstack Proposes Using Bitcoin, Novel ‘Proof of Transfer’ To Accelerate A Truly User-Owned Web 3.0 - February 6, 2020
- Hack Blockchain To The MAX! €15.000 Prizepool at MAXathon in Berlin April 18-19, 2020 - February 6, 2020
- Chiliz And Enjin To Launch Blockchain Collectibles Using NFTs For The Likes of Juventus, Paris Saint-Germain, Atlético de Madrid and West Ham - February 6, 2020
- MIT Researchers Claim to Boost Bitcoin and Cryptocurrency Blockchain Transactions By 4x with New ‘Spider’ Routing Scheme - February 4, 2020
- Canada’s Blockchain Intelligence Group Signs USD$540,000 Contract with United States Feds - February 4, 2020
- The United States Marshals Services to Auction 4,040.54069820 Bitcoin – USD$37 Million - February 4, 2020
- OpenLegacy Project Gets $20m Strategic Investment from Japan’s SBI Holdings – Focus on Blockchain - February 4, 2020
- Fastest Growing and Highest Revenue Mobile Messenger App in the World, Japan’s LINE to Launch LINK Cryptocurrency - February 3, 2020
- Insolar to Launch MainNet on February 3, 2020 – Debuts Insolar’s New XNS Token - February 3, 2020
- Blockchain-Based Social Media App Vid with VI Tokens – To Launch April 1, 2020 – After VC $10 million USD Investment in 2019 - February 3, 2020
- UK FCA Licenses BCB Group as First Crypto Company to be Regulated as Authorised Payment Institution - January 31, 2020
- Virgil Griffith Pleads Innocent in Blockchain North Korea Event Case – Faces Up To 20 Years in Prison if Convicted - January 31, 2020
- University College London Centre for Blockchain Technologies Releases New Report on Supply Chains - January 31, 2020
- World’s Leading Research and Advisory Company Gartner Says Blockchain Smart Contracts Can Increase Corporate Overall Data Quality by 50 Percent - January 31, 2020
- Dubai Wants to Clone Crypto Valley in the Desert - January 29, 2020
- The National Bank of Cambodia (NBC) to Launch Blockchain-Based, Central Bank Digital Currency (CBDC) - January 29, 2020
- Swiss company Overfuture To Offer Tokenised Equity Crowdfunding (Security Token Offering) - January 29, 2020