Mandarin Exchange startup goes on an ICO with its project of a multicurrency exchange of shared management – according to the developers’ idea, the platform will be managed by blockchain community.
“The main problem of all existing exchanges is the impossibility of the traders’ to influence the administration actions, including funds storage”, explains Peter Orlov, CEO of Mandarin Exchange SARL company. Because of that, he adds, the Mandarin team invites traders to participate in decision-making on the rules of the exchange's operation, becoming its owners.
The Russian developers suggest dividing the exchange’s assets into 1 mln MNT (Mandarin Token) tokens. Investors are granted the status of exchange community members if they own 10 or more tokens. Exchange founders envisage that the participants who own 10 thousand tokens become top investors and get access to extended statistics on the stock exchange trading. Technical solution that is suggested by Mandarin Exchange uses smart contracts that work on the Ethereum platform. With their help, the developers propose by voting to decide whether it is worthwhile to introduce trades between new currency pairs or to change the ways of replenishing the balance. The decision to transfer funds from cold wallets developers offer to accept with the approval of the owners of 35% of tokens.
The road map of the project stipulates that during the first three months of the exchange's operation (from October to December 2017) the auction will be carried out without commission. Since January 2018, developers are planning to introduce a commission of 0.05%, and since April 2018 – to increase it to 0.1%. According to the idea of the team, the profit that the exchange will receive from the auction will be proportionally divided among all holders of shares, and 1/5 will remain on the balance of the stock exchange. At the time the platform is launched, the exchange plans to maintain trading between six crypto-currencies – Bitcoin (BTC), Ethereum (ETH), Dashcoin (DASH), Zcash (ZEC), Litecoin (LTC), Monero (XMR).
The Mandarin team emphasizes that the protection of individual accounts of users is realized through the mobile application Mandarin Security, which uses 2-factor authentication.
Tokens MNT will be distributed through the ICO, which runs from August 29 to September 29, 2017. The price of selling tokens is not fixed – the founders of the project note that the cost varies dynamically depending on the total amount of fees. The Mandarin team plans that 70% of the tokens will be sold during the ICO (700 thousand coins), another 20% will remain with the developers in the stock exchange fund, 5% – allocated by the early investor, and 5% directed at the bounty program. In total, ICO plans to raise up to $21 million of investments.
More information https://www.mandarin.top
