Multicoin (MTCN) Token Auction Commences: All You Need to Know
It is an exciting time at Multiven. Its ICO has just started, set to run for 350 days. And with great excitement comes great responsibility to keep the public informed and ready to participate in this landmark event.
Multicoin (MTCN) Token Auction - at a Glance:
- Multicoin Token Auction Start Date — May 15, 2019;
- Multicoin Token Auction End Date — May 1, 2020;
- Total Multicoins Available for Sale — 700 Million
- Total Multicoins Available for Bidding Daily — 2 Million
- Minimum Bid Price per Multicoin on May 15, 2019 is €1.
From Multiven to You: ICO Facts
The Multiven Open Marketplace (MOM) is the world’s first blockchain-based market for the global €4 Trillion Information Technology (IT) industry, providing businesses and individuals with the unprecedented ability to legally buy and sell IT products like software licenses, computers, video games, smartphones, routers, firewalls, switches, TVs, and many more on a peer-to-peer (P2P) basis, powered solely by smart contracts, and one global medium-of-exchange: The Multicoin (MTCN).
Think of MOM as the Amazon or Alibaba of the IT industry, decentralised on the Ethereum blockchain, with the following core advantages over both:
- Every transaction creates an immutable proof-of-ownership record on the blockchain, enabling unprecedented traceability of ownership history;
- The absence of intermediaries translates to ultra-low cost of acquisition for consumers;
- Put simply, shopping on the MOM incurs 0% commission. So, whether you are buying a Nintendo switch for 100 MTCN, or a telco is buying a core router for 30 Million MTCN, the only fees they will both incur are less than €0.50 to immutably record (mine) the transaction.
MTCN is an ERC-20 token that resides on the Ethereum blockchain, and it is the sole cryptocurrency medium-of-exchange on the MOM Decentralised Application (DApp).
MTCN is required for all purchases and transactions on the MOM.
Furthermore, to ensure that transacting parties are honest, both buyers and sellers will need to stake refundable Multicoins, equivalent to 2X the value of the asset, for all transactions.
Consequently, the more MTCN you own, the more you can transact on the MOM.
The Pursuit of Fairness: Distributing Multicoins through Dutch Auction
Maintaining fairness and equal opportunities for corporate and individual bidders as well as investors is at the core of Multiven’s proposal, hence the Dutch Auction model was chosen for its ICO.
A Dutch auction is a public offering auction structure where the price of the offering is set after taking in all bids, to determine the highest price at which the total offering can be sold at. In this type of auction, investors place a bid for the amount they are willing to buy in terms of quantity and price. You can find more detailed information about this concept here : https://medium.com/@MultivenGroup/the-multiven-multicointoken-sale-all-you-need-to-know-65c9ee8d4e7b
Multiven is distributing 2 Million Multicoins per day over a 350-day period starting on May 15, 2019 to eliminate token centralisation, primarily to its initial target audience of medium to large businesses that will be transacting-heavily on the MOM daily.
Having spoken to most of them across every vertical market, it is clear that majority of large companies are currently unable to make direct cryptocurrency purchases and add them to their books.
And those that can, are currently trying-and testing MOM to fully appreciate the power of blockchain commerce before they buy.
So, to accommodate and ease the on-boarding of these big companies with their big budgets, Multiven has created the Multiven Reserve Fund (“MRF”), from where global Fortune 1000 firms that are unable to purchase crypto-currencies at this time, and yet want to transact on the MOM, can loan Multicoins, with interest.
Hence, as the team continues to get MOM ready for deployment on the Ethereum Mainnet, they have decided to distribute and allocate all un-auctioned tokens everyday to MRF.
Once live transactions commence on the MOM in a few weeks, the expectation is that at some point, demand for Multicoins will exceed the daily 2 Million auction supply, and thus those that can’t get their hands on it via the auction, will purchase Multicoins from crypto-exchanges.
Multiven’s goal is to have no more two established high volume crypto-currency exchanges as its preferred partners.
Multiven keeps fulfilling its value proposition, one landmark moment at a time. Its roadmap keeps moving forward, hitting key milestones to foster and cement investor confidence.
The launch of the Multiven ICO is yet another momentous instance in the company’s endeavour to topple existing Internet monopolies and establish itself as the go-to place for all your IT blockchain-commerce needs.
Go here to test-drive the MOM DApp in public beta on the Rinkeby Testnet
If you have any questions about Multiven, please post your queries on our Telegram group at https://t.me/MultivenOfficialGroup
Thanks for reading.
— Fernando Sanchez