Melon Olympiad, second round: Naxos

After a successful first round, we are now ready for the second round. We want to thank everyone who participated in Paros, provided us with constructive feedback and helped to test our software.

The next round of the Melon Olympiad (Naxos) is estimated to start on Monday, 13th August 2018.

Registration with Bitcoin Suisse opens today (7th August 2018) and remains open until 24th August 2018. You can still register after the Olympiad has started on the 13th August 2018.

Ground Rules

The Melon Olympiad is a series of blockchain-based asset management testing phases composed of several rounds. For a refresher on what the Melon Olympiad is, have a read over here.

The first round was codenamed Paros. The second round, codenamed Naxos, is very similar to Paros. Participants who wish to engage in testing the software will receive discounted MLN tokens for their effort. You will have to create a fund on naxos.melon.fund and contribute ETH to the Olympiad Naxos contract. In return, the contract will transfer the equivalent amount in MLN (+ a bonus) into your fund. Once your fund is funded, you have time until 27th August 2018 (official end date) to try out your portfolio management skills and manage your fund. When Naxos ends, you will receive all the assets in the fund. In Naxos, participants will receive 40 MLNs for every 1 ETH contributed.

The minimum contribution per participant is 1 ETH and the maximum 100 ETH.

How to Participate?

Melonport AG is required to issue tokens via a regulated financial intermediary which is subject to KYC/AML procedures. To perform the KYC/AML processes, our chosen partner is Bitcoin Suisse. Each participant will have to register with Bitcoin Suisse. People who already registered with Bitcoin Suisse for the first round of the Melon Olympiad do not have to undergo the same process again; they only need to register for the Naxos whitelist on the Bitcoin Suisse website.

Step 1 — Generate a wallet on registration.melonport.com. Make sure to write down the mnemonic (12 word seed phrase), and store it in a safe place. Download your wallet as a JSON file and store it in a safe place. Make sure to remember the password you use to encrypt the wallet. If you forget your password and you lose access to the mnemonic phrase, you won’t be able to participate in the challenge. Save the wallet address as you will need to provide this address to Bitcoin Suisse in step 3. In order to guarantee the compatibility of your mnemonic phrase, it is extremely important that you generate your wallet on registration.melonport.com.

Step 2 — KYC with Bitcoin Suisse: create an account with Bitcoin Suisse. Follow the steps on the Bitcoin Suisse platform to get the KYC clearance. Make sure to upload all required documents.

Bitcoin Suisse will inform you with an email once your KYC is approved. Once it is approved, you can move on to Step 3.

Step 3 — Apply for the Melon Olympiad Naxos Whitelist on the Bitcoin Suisse platform. You will need to provide an Ethereum address (the one created in Step 1) and the amount with which you wish to contribute. It is of utmost importance that you provide an Ethereum address that was generated on registration.melonport.com.

Bitcoin Suisse will inform you once your address is whitelisted. They will also inform you of the maximum amount with which you can contribute.

Step 4 — Get ready before the start of the Naxos round. Fund your wallet (generated in Step 1) with the amount of ETH you would like to contribute (plus a bit more ETH for gas costs).

Once Step 4 is completed, you need to wait until Naxos begins to continue.

Step 5 — Official start of the Naxos Olympiad round: 13th August 2018. Go to olympiad.melon.fund or download the desktop application (recommended).

Step 6 — Import your whitelisted wallet and proceed with the creation of your fund.

Step 7 — After creating your fund, you will be asked to enter the amount you wish to contribute. Once you confirm the transaction, the amount of ETH will be transferred from your wallet to the Naxos smart contract. In return, the Naxos smart contract will send MLN tokens at the fixed rate of 1 ETH = 40 MLN to your fund.

Step 8 — Congratulations. You made it here. Now its time to prove your asset management skills. You have 2 weeks to manage your fund and grow your capital. (You also have the option not to trade and just to hold on to your MLNs)

Step 9 — At the end of the round, and only at the end, you will have the option to cash out. You receive your assets by redeeming the shares using the wallet you generated in step 1.

The terms and conditions must be read by all participants. Click here to read the terms and conditions for the second contribution period and Naxos. Please make sure you carefully read both documents. When you create a fund, you will be prompted to cryptographically sign those terms and conditions to show your understanding and agreement.

I am already registered, what next?

If you have finished the registration process and your Ethereum address is whitelisted for the Melon Olympiad - Naxos, there is not much left to do for you until the second round of the Melon Olympiad (Naxos) starts. Once Naxos begins, you can follow the same steps as for Paros to set up your fund. You can find a video tutorial here.

On behalf of the entire Melon team, we are looking forward to seeing your funds!

This blog post is subject to change as the research & development phase is ongoing. Melonport will aim to update blog-posts regularly to represent our latest thinking on a best-efforts basis but there may occasionally be time-lags between latest thinking and updated documentation. With this in mind, the author of this blog assumes no responsibility or liability for any errors or omissions in the content of this blog.