The Mandarin Exchange represents a different cryptocurrency exchange. Its aim is to decrease the risks posed by centralization and to also appreciate the benefits of traditional exchanges via the concept of shared administration.
Centralized Exchanges have disappointed the market
Centralized exchanges are either regulated or not; despite this, they usually have bad reputations where essential services are concerned, such as security, customer service, and dependability.
Response times for support becomes longer and user money can get lost in opportune ‘hacks.’
The Objectives of Mandarin
By using straightforward smart contracts as well as a voting method, Mandarin intends to deal with a number of crucial problems of exchanges:
• Avoid misuse of money by platform administrators.
• Regulatory interference in monetary transactions.
• Clear cold wallets with more safety levels like multi-sig
• Democratic choosing of other coin listings.
It also endeavors to support and enhance on features which users find most helpful on established exchanges like the capability of carrying out margin trading.
The Mandarin ICO
To start the exchange and improve it, Mandarin began a one-month crowdsale on 29 August 2017 to divide the firm assets into 1,000,000 MNT (Mandarin ERC20 tokens), shared between promoters, investors (via bounty programs) as well as the manufactures. In three weeks, the venture collected $1,000,000.
So as to greatly reduce early devaluation, just 5% is kept aside for campaigns. A similar percentage is offered to early investors as incentives. A huge percentage of the tokens (70) are going to be sold in the course of the ICO; 20% is going to be sealed in the exchange.
Other than sharing profits directly from the exchange, investors who are in possession of a minimum of 10 MNT become the exchange community members. This enables them to take part in the implementation of major resolutions on its administration.
These are inclusive of:
• Presentation of other currency pairs.
• Development of operational abilities.
• Enhancement of present capabilities (such as sustaining exchange money for liquidity).
• Polling on cold wallet money withdrawals (with a speculative 35% vote limit to initiate).
In addition, the leading investors (the ones in possession of 1% and more of total or 10,000 MNT) will reach an admin panel with increased data on current exchange rates, trading as well as platform load.
The Mandarin ICO tries to implement reasonable costing
The 700,000-sale price of MNT will be greatly altered depending on the total amount collected. An exact cost will be outlined after the ICO finalization on 29 September, or as an alternative, when an ETH hard cap of 70,000 is reached.
Exchange plans to start the exchange in October 2017 and to attract new users it does not impose any commission on all trades. Starting from January 2018, 0.05% commissions shall be implemented. After this, investors will get their initial weekly share of earnings in February 2018. In April, a last commission increase shall occur.
After the launch of the platform, 19 currency pairs will be present across 6 currencies (ETH, BTC, ZEC, DASH, XMR, LTC) as well as 3 national currencies (RUB, USD, CNY).
In 2018, the exchange also proposes a superior program, a trading app for debit cards and smartphones.
If you want to take part, go to the Mandarin website and study its whitepaper. Alternatively, follow them on Facebook, bitcointalk, Telegram or Twitter.