Melecoin ICO Launching and Clients’ Account

chuksmy (48)in #mele • 4 years ago

Introduction

Every blockchain project introducing its network to the cryptocurrency market has certain activities it must perform, and one of them is the Initial Coin Offering (ICO). The objective of this usual exercise is performed by emerging businesses and project targets to advertise and market their services to the public and potential investors. We can simply refer to an initial coin offering (ICO) as to how new businesses try to generate revenue from the launching of its coin, product, service, or app. For those familiar with cryptocurrencies, an ICO is comparable with an initial public offering (IPO). Melecoin project, likewise, performed its initial coin offering to encourage business investors to partake in their project.

Crypto enthusiasts and traders who have an interest in joining the Melecoin project can indicate that during the offering and make efforts to purchase during the program. As the routine practice in the blockchain industry, every individual or organization that participates in an initial coin offering and buys during the activity, the network issues their new crypto coin to these clients. This forms one of the strategic ways by which projects introduce their digital assets and the amazing features of their network to the public and investors. The token offered by the company or blockchain usually serves as the medium of exchange or access point of clients to gaining entry to participate in the services of the project. Other times, the tokens acquired by investors during an ICO may represent a stake they would hold in the project or business. For the Melecoin ICO launching, the potential benefactors targeted by the management team are endorsed and expert members or participants and accredited owners of cryptocurrencies. This helps to extend the use of the token of the network into the mainstream.

The development team of Melecoin designed the network’s ICO to allow the public and investors to buy tokens and the Gold debit/Carbon fiber cards. They can make the purchases using fiat currencies or digital assets that are supported on the network, especially Bitcoin and Ethereum. As stated earlier, the purpose of performing the ICO for blockchain projects is focused on generating revenue. Hence, most projects often have laid down plans on what they intend to achieve using the added income. For the Melecoin project, they focus on expending the raised funds on salient and project-related issues, which often include branding and advertising, communication and legal marketing, hardware maintenance, IT infrastructure software, and other associated expenses.

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Melecoin ICO will be an open-ended campaign, which will not be restricted to only a hard or soft copy. Before the public offering, that is the ICO, there will be a private offering. Within the blockchain space, a private placement is referred to as the financial round of securities, which will not be sold during the public offering. This offering usually targets a smaller number of investors compared to the public. In most cases, the intended investors of a private offering are family, friends, colleagues, organizational investors, and verified investors. Melecoin plans to follow the private offering with two types of ICO offerings. Firstly, there will be a pre-ICO for strategic subscribers who have completed the required AML and KYC procedures. After that, the network will perform a complete revolving ICO that focuses on international investors and the entire crypto community. However, before the investors and community will be able to receive the Melecoin tokens, the subscribers are required to open a client account. It is mandatory that every account opened by all subscribers is approved and adheres to all AML and KYC verification procedures. Alongside the opening of this account, clients should also own a digital wallet that is compatible with ERC-20 tokens; this will enable them to securely store their Melecoin tokens and other crypto assets.

After opening their accounts and owning an ERC-20 compatible digital wallet, the next step that the subscribers will follow will be to identify the total amount of Melecoin tokens they intend to purchase. This will enable the customer to know the entire price of purchasing the required number of tokens they want. More so, the clients will select their preferred means of payment, either using fiat currencies or cryptocurrencies.

The major procedure in acquiring the tokens is opening the clients’ accounts. Every investor can follow the steps on the network’s platform to open an account. Subscribers can fund their accounts through the following methods:

Melecoin’s Service Provider:

This is the most reliable means for subscribers to fund their accounts. After accessing the exact amount of tokens to purchase and calculating the corresponding amount for the tokens and sending it to the service provider’s crypto wallet. Clients can use the cost as cryptocurrencies; however, the network must approve the cryptocurrencies to be ERC-20 supported. It is the responsibility of the network to confirm that the subscriber’s account adheres and follows all AML and KYC guidelines, and after confirmation, then they exchange the sent digital asset to a fiat currency and deposit the corresponding amount into the bank account of the Melecoin project.

After the currency conversion and sending the money to the network’s bank account, the service provider then needs to calculate the Melecoin tokens equivalent of the money sent by the client. This calculation is done by dividing the total amount of fiat currency by the price of a Melecoin token. The equivalent number of tokens is then sent to the client’s digital wallet. Melecoin refunds every subscriber for any fiat currency surplus observed after the calculation.

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Through Wire Transfer:

In this method, the subscriber need not send the full price of the Melecoin token they intend to purchase in the form of cryptocurrencies. They can make a wire transfer of any fiat currency supported on the network to the bank account of the service provider. After the verification of the KYC and AML guidelines of the client, the service provider then forwards the money to Melecoin’s bank account. The usual calculation and division occur and Melecoin sends the equivalent amount to the wallet of the subscriber. If there is any discrepancy in the transaction, Melecoin transfers the corresponding amount to the subscriber’s account.

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