An AMA With The Founders of Mandala
Hosted Live July 10, 2018 @ 1PM EST On Telegram: https://t.me/mandalaex
The Founders of Mandala, Nate Flanders and Anant Handa joined our community for a live AMA, “Ask Me Anything” on July 10, 2018.
We would like to thank our community for coming out and showing their support. The questions asked were very thoughtful and indeed very important. We couldn’t be happier with the MDX Crowdsale or proud of our team!
The MDX Crowdsale ends July 13th at midnight UTC.
With that said, some important announcements and confirmations were made during the event regarding very common questions, specifically: about dividends (#6) , buybacks and token burning (#3 & #13), DEX listings (#11) and Escrow (#9).
Questions and answers from the AMA have not been edited or altered.
- Will the Mandala hardware wallet be compatible with other interfaces, such as MEW?
-This is a great question! Initially, the hardware wallet will be married to our exchange only. The phase 1 plan is to keep the hardware exclusive to Mandala and our listed coins/tokens. If we see success, we do have the option to open the hardware wallet as a public offering! (Anant Handa)
2. Is there a projected cost for the hardware wallet at this point in time?
-We are working with manufacturers closely to build out the hardware wallet in a timely and cost effective manner. Unfortunately, we are unable to disclose any pricing currently, but as soon as we near the release, information will be shared directly with our community. (Nate Flanders)
3. Will you buy back MDX with company profits and burn them to lower supply?
-Yes, our plan is to buyback up to 100M MDX tokens out of circulating supply and burn them. All of the data will be made public and we will have a quarterly burn event. (Anant Handa)
4. Would it Mandala exchange allow robot trade and bollinger band indicator?
-Our automated trade assistant will have many preset trade strategies, including the 2 in question, the ability for users to customize their own trade strategies, as well as use publicly shared strategies from community members that shared their strategy within our in-house social platform. (Nate Flanders)
5. What tokens are listing first?
-Our team is working hard internally to build out the framework for our listing process. Our process will be differ from other exchanges in the fact that it will become easier for coins/tokens list as we will provide full transparency to them and the public about fees and timelines. We will only review and list tokens that are compliant within their domiciled locations.(Anant Handa)
6. Any news on “fee dividends”?
-We have news regarding the structure of our dividend payouts once we are in full compliance with SEC regulations. There is definitely a structure built in this regard and the announcement is upcoming. (Nate Flanders)
7. Looking at all these hacks on various exchanges and on smart contracts, can you tell us what measures have been taken to protect the exchange and MDX smart contract from external malicious threats? What manner of penetration testing is happening? Is this being covered by Modulus or you have contracted a 3rd party org to do the security audit?
-We are continously (sic) expanding our development and technologies team. The modulus engine provides a variety of security features and measures to safe guard (sic) our clients. We will be continuously pentesting using a third party white hat hacker service, as well as internal testing. In addition, we are continuously refining our cyber security program and we will share more details on this in the coming days.(Anant Handa)
8. Will there be any Masternodes?
-Firstly, MDX will not be a masternode token. However, tokens we list that offer nodes, dividends, gas payouts, etc., we will absolutely cater to their technology, making sure the users receive their rightful proceeds. (Nate Flanders)
9. How are you planning to do the Escrow services on P2P marketplace? And how do u handle disputes, if any arises there?
-The services listed by users in the P2P marketplace will be submitted through our marketplace system that creates a simple escrow between parties transacting to verify services traded are true. These services posted will be moderated internally, as well as implementing a front end user rating system for transactions. Disputes will be handled in stages, first opportunity for parties to settle a dispute, however, it can be escalated to be reviewed internally with explanation from both parties. (Nate Flanders)
10. What are some marketing advices you guys would give us for our ICO? You guys have been so successful with your marketing, I love it.
-Transparency, transparency, transparency! Know your product and know your brand. Build community. Convey that to your audience. The market will decide if you have a real solution to an existing problem or if you are creating a solution without a root problem. Best of luck! (Anant Handa)
11. What will you do to prevent MDX dump after IDEX listing?
-It’s not our place to interfere with market forces, and we are not seeking listings on alternate exchanges. As we have no control over IDEX automated listings, we are striving to bring a working product to market very soon after TGE to bring much higher liquidity to our token. Once we launch with MDX trading pair available, we will be implementing high frequency market maker partnerships to stabalize (sic) pricing and offset large market sells, essentially we will be using proceeds to rebate market makers to help buy large sells. (Nate Flanders)
-We absolutely be reaching out to IDEX and similar exchanges to freeze trading of MDX (Nate Flanders)
12. How does Mandala reach so high performance in terms of transaction per seconds?
-This is due to our engine being coded in GoLang. GoLang is an extremely powerful language for computationally intense server applications. The software framework allows us to build a service around an extremely volatile market. The sleeping giant metric is actually not the transactions per second, but the very low latency we have been able to achieve in recent benchmark tests (around 40 nanoseconds). For comparison, the NASDAQ exchange achieves only 40 microseconds. This means when you execute an order, it won’t freeze with very high volume! (Anant Handa)
13. Presuming Mandala would have sold 65% of tokens by the end of ICO, u will BURN 35% of the Unsold Tokens. Will the token Allocation be Adjusted Proportionately (for Team/Advisors/Reserve) based on the Final Token supply (Post-Burn)?
-Absolutely. The way we structured the token sale: The amount sold in crowdsale equals 65% of the total token supply, meaning the total token allocation will be proportionate to what’s sold across the board. (Nate Flanders)
Community Asked Questions
14. In regards to other financial exchanges ad (sic) services. Would Mandala be willing to partner with thse (sic) types of services and exchanges for cross promotion? I.e Listing Nexo and being able to use MDX on Nexo platform, or Bankera and Orca in the same way for example. @Southnjes
-We absolutely will be exploring strategic partnerships in this sense, as well as other variable strategic partnerships. This information has not been disclosed yet, but we will absolutely notify the community as soon as we reach the point of exchange partnerships. (Nate Flanders)
15. Mandala =SEC compliant . will this stop Mandala to list many token/coins compared to other exchanges ? @Ecstaticemma
15b. Any updates on becoming a registered securities exchange in the US? @Coinsearcher
Emma, thanks for the question. I will tie this into @Coinsearcher question about becoming registered in the US. First, Emma, we are pursuing the securities exchange route for precisely that reason, so that we can list ALL coins that are sanctioned by a regulatory body, whether it be domestic or international. As for @Coinsearcher question, we are actively pursuing the securities exchange licensing domestically, as we are in the process of completing the paperwork for and working with the SEC at this time. (Joe Reiben)
16. I have two questions if that’s ok.
The first is can you tell me more about what uses we will have with the mdx token on the exchange i.e do we purchase the trading bots with mdx etc.
Second can I have a swag bag please 😃😃😃 @mickellis365
Not only will it give you a heavily discounted trading fee, users will be able to unlock premium strategies across each tool, P2P service/training purchasing within our marketplace, as well MDX can be used as a tipping currency where users can “tip” other users in the social platform for shared content, strategies, market advice, etc to their followers. (Nate Flanders)
17. How many tokens will be listed on the very first batch @sther_io
Hi! This is still to be determined. As I mentioned earlier, we’re working hard in the background to build out the framework for our listing process. We will list quality projects and coins, and our focus is to have enough liquidity on those trading pairs vs. flooding the exchange with numerous pairs without volume. (Anant Handa)
18. Will you guys be adding ICO’s to your platform at some stage? Where the amount of MDX a user holds will provide them with a certain amount of allocation?
-This goes back to the partnerships question above, at this time we do not, but we are definitely open to discussing this option in the future with project listings/partnerships. (Nate Flanders)
19. Regarding withdrawal fees. Other exchanges charge quite high amounts which umtimately (sic) stop or hinder many users/traders using their services. What will your withdrawal fees be at the start?
-As of right now we are building a market competitive structure. We are also exploring possibility of incentives to MDX holders to further lower or even eliminate withdrawal fees all together. These metrics will be released before launch. (Nate Flanders)
20. After Alpha release, how long is the Alpha/Beta stage estimated to last? Thanks
20b. When do you guys anticipate the release of the alpha? 🙂
We’re working hard on this! We will release the full details of our alpha plan within the next 30 days or so. Stay tuned 🙏🏽(Anant Handa)
21. Are you limiting the number of users for the alpha and beta releases?
Yes, we will have limted (sic) seats for the alpha and beta testing. (Anant Handa)
22. How to get on limited list?
We will announce how users can apply to participate throughout each round of Alpha and Beta testing. (Nate Flanders)
23. It’s been mentioned that mandala is way ahead on roadmap. What’s the current estimated time for trading MDX on the platform?
As soon as the exchange is launched (after alpha and beta stages are complete) the MDX pair will be available to trade with high frequency liquidity. (Nate Flanders)
Yes, we are absolutely ahead of our road map. For competitive reasons, we cannot release the exact dates at this time. Our full attention is on bringing the highest quality product to market. However, we can say that as soon as the final candidate launches, MDX trading pairs will be available! (Anant Handa)
24. How will the divendends (sic) workout in terms of SEC regulation, isn’t that only allotted for accredited investors?
While we cannot release the details of any potential “dividends” or related information due to compliance issues, Mandala will, through purchase of the MDX token, be offering some exciting bonuses and unique features within the crypto space to ALL purchasers, not just accredited investors. (Joe Reiben)
25. How to get on this limited list?
We will announce how users can apply to participate throughout each round of Alpha and Beta testing.(Nate Flanders)
26. Any idea how long the Alpha/Beta phase will last once Alpha has launched?
We are aiming to have 4 rounds available in testing. 2 Alpha stages, 2 beta stages. We are aiming to have all 4 stages complete within 45 days of alpha beginning.(Nate Flanders)
Our initial plan is 30–45 days, dependent on successful testing(Anant Handa)
27. There is a new competitor that is also starting up (won’t say the name). They have a very different platform than Mandala but have some wonderful ideas. One of those being ETF (basket investing). This is a great addition to have for new investors as the leg work has been done by the exchange and possibly based on algorithms to pick tokens that are doing well. Is there something that you see in the future for Mandala that will implement the same type of service?
ETF based structures are still an experimental investment vehicle when it comes to cryptocurrency. While a novel idea there are risks such as decay, even a 1:1 ETF suffers some level of decay. Additionally in extremely volatile market conditions this could have a significant impact of a firms (sic) capital reserves that are used to keep Exchange Traded Products funded.(Nate Flanders)
28. Will you allow holders of MDX tokens to both for and against listings? I.E. If users don’t want a token listed can they vote against it, as well as for it?
Good question. Not at this time, but we’ll keep that idea in mind for our future strategy!(Anant Handa)
29. Is there a time and date for actual token release?
Hi! Our official TGE (Token Generation Event) event will occur within 4 weeks of the crowdsale.(Anant Handa)
30. Are you planning of having more then one 3rd party do penetration testing on the platform?
Absolutely. Security is a massive priority. We will bring multiple pentesting institutions as well as some of the best security experts in house and 3rd party to assist.(Nate Flanders)
We thank everyone for their participation and support!
The MDX Crowdsale is on until July 13th at midnight UTC. Signup through our dashboard: https://dashboard.mandalaex.com/