Mangocoin Project

5 min readApr 20, 2020

A Story about Mangoes and the Future of Digital Philanthropy

Mangoes are hugely popular around the world. They’re often called “The King of Fruits,” and they’re the official national fruit of India. Mangoes are produced in much of southeast Asia, Africa, South America, the Philippines, and the Caribbean. Recently, their popularity has been rising in North America and Europe as a versatile and sweet fruit great in smoothies, salads, salsas, and desserts.

What does that have to do with cryptocurrencies, or with digital philanthropy? Many of the areas where mangoes are popular are also areas with high poverty. For many people living in those areas, mangoes are especially important as their only source of income. In fact, some parts of the Caribbean use mangoes as a form of currency when nothing else is available. That’s part of the problem that Mangocoin was created to solve.

What is Mangocoin?

Mangocoin (MNG) is a new cryptocurrency project founded in July of 2019. It implements the Cryptonote protocol, meaning its transactions are fast, peer-to-peer, and completely untraceable.

Currently, Mangocoin operates on the Cryptonight Turtle proof of work algorithm. That means it’s protected from the custom miners (called ASICs) that currently dominate Bitcoin mining. Mangocoin is intended to be minable by everyone, with their home desktops, laptops, and even smartphones. This keeps the rewards for Mangocoin distributed to many people, and prevents any one group of people from controlling the project.

The maximum supply of Mangocoin is 20,000,000,000 coins. Like with Bitcoin, a fixed supply of coins prevents inflation and preserves the value of stored MNG. The relatively large number of coins available means that Mangocoin can support very small transactions (like those necessary for mobile payments, or for users in developing nations) as well as very large transactions (like charitable donations). This flexibility is one of the benefits of Mangocoin.

What makes Mangocoin different?

There are thousands of other cryptocurrencies out there, many copied from well known projects and with no clear goal in mind. Unlike these coins, Mangocoin was created with a clear and specific purpose: to enable blockchain-based charity.

The benefits of blockchain based charity are pretty huge, and Mangocoin is perfectly situated to build on them. Here are some of the benefits:

Complete transparency on the part of the charity so they can show how donations are used. Despite being a Cryptonote currency, we (the team behind Mangocoin) are developing a solution to allow on-chain, verifiable transparency for charitable projects while still preserving the privacy of users.
Completely anonymous donations for end users. With traditional financial transactions, there are always records (bank transfers, credit card transactions, etc.) that tie a particular donation to an individual. Even with Bitcoin, addresses are publicly available and all transactions are traceable back to their senders. With Mangocoin, transactions are completely untraceable.
Increased efficiency. With the distributed ledger, charities no longer need to spend as much on recordkeeping and accounting. Mangocoin’s fast speed means that donations are processed almost instantaneously, including outside of regular business hours, so charities get access to the donations they need much faster. Additionally, the low fees on the Mangocoin network reduce the overhead for charities
Tax advantages for donations. Many countries tax cryptocurrency sales according to capital gains, which means that if you sell your coins and then donate in fiat currency, 30% or more of your donation could go just to taxes. However, some countries, including the United States, classify donating cryptocurrency as a donation of property, which means that there is no tax on the transaction. As part of our future development, we are working on a way for charities to digitally sign ‘receipts’ for donations that only the original sender can unencrypt. This will allow the original sender to prove they made the transaction when required for tax purposes, but the transaction — and the sender’s wallet address — will still be completely private.

In addition to all these benefits, Mangocoin’s role as a fast, mobile cryptocurrency with low fees enables users in developing countries who may not be able to get access to credit cards, bank accounts, or traditional cryptocurrencies, to use Mangocoin for day to day transactions.

The Mangocoin Project

As a team, we’re often asked about the 20% premine on Mangocoin. Some people want to know why a coin created to facilitate charity would have so many coins under the control of the developers. Here’s the distribution of the premine:

Charity support: 50%
Development costs and listing fees: 25%
Marketing, giveaways, and community distributions: 15%
Team bonus: 10%

Only 2% of the premine is unlocked each year, so development is an ongoing process for the next 10 years or more. Most of the unlocked rewards for the first year have already been apportioned as indicated above.

As part of the charity support, we are setting aside half of the premine for future developments. With the introduction of Proof of Stake, those funds can be distributed to approved charities, selected by the community, as an endowment to support their work. In the future, if we decide to implement masternodes as part of our transparency solution, those funds could also be used to host masternodes for charities to issue their digitally signed certificates.

Who is behind Mangocoin?

Collectively, the team behind Mangocoin has over 20 years of experience in cryptocurrency. We usually go by our Discord usernames:

mangocoin is the project founder who has been in the cryptocurrency world for about 10 years.
JoenPool, our project advisor, has been in the cryptocurrency world for about 12 years.
Our Community Manager, BlackHitama has 4 years of crypto experience and 2 years of financial and communication experience
RohanArcher is our financial analyst and a developer. He has 7 years of cryptocurrency experience and 4 years of development experience.