Monaize, in collaboration with Komodo Platform, is excited to be conducting the first decentralized token sale via “atomic coin swap”. Komodo Platform utilizes existing technology based on JUMBLR and BarterDEX to create a game-changing method for conducting a fully decentralized token sale. Monaize will be the first of many such decentralized ICOs. Bitcoin or Komodo orders are matched against suitable token sale orders through a low level pubkey to pubkey messaging protocol. The final settlement is then made through the atomic cross chain protocol. A detailed guide on how to participate will be published prior to the token sale. A number of recent token sales, conducted on well-known platforms, have fallen pray to attacks causing people in the cryptocurrency community to loose large sums of money. This is a much safer way of swapping tokens as BarterDEX will allow Monaize token sale supporters to purchase MNZ tokens without counterparty risk.
Token holders will receive rewards based on the number of monthly Monaize Business Account creations (new user sign ups and renewals in the Monaize iOS and Android banking applications). Monaize token holder loyalty rewards are distributed in KMD. The number of new Monaize Business Account creations is counted at the end of every month and, depending on the year, the equations below are used to calculate the collective sum rewarded to Monaize token holders. Rewards are distributed on the 1st day of every month. Komodo Platform’s automatic reward distribution API crawls through the blockchain and creates a list with all public keys and their current holdings in order to distribute R proportionally based on the percentage of MNZ tokens held.
Currently, the Monaize token sale is not available to residents of the United States and Singapore due to local regulation.
The token sale will officially begin at 12pm (GMT) on 10th November. The Monaize token is created with Komodo Platform’s ‘asset chain’ technology. It is a Proof-of-Work blockchain that uses Equihash mining.
The total of number MNZ tokens created will depend on the amount pledged in Komodo and Bitcoin. As an indicator 1 BTC will buy you 15 000 MNZ tokens. The total number of MNZ tokens will also depend on early bird swap volumes during between 5% and 20% extra tokens will be given to certain participants as a bonus. Following the token sale, any extra tokens not included in the token distribution plan outlined in the white paper will be burned.