22 questions everyone should be asking about Mingo: Mingo’s FAQ

We on Team Mingo feel it is incredibly important to be as transparent as is feasibly possible. We’ve prepared 22 of the most frequently asked questions we’ve received.

1) What is Mingo?

Mingo is first and foremost a learning platform. It is the gateway app for non-crypto users to join the crypto community. This is done through giving users a familiar and comfortable tool in MingoMessenger, which in itself has incredible value as a multi-channel messenger. This messenger is the discovery, sharing and transaction layer of Mingo. Every user is automatically given a MingoWallet, which is a simplified and gamified learning environment that teaches new users principle upon principle the intricacies of cryptocurrency through a rewards-based achievement tree. MingoCoin is both a reward for progress in the achievement tree and a mechanism for sending value to and receiving value from other Mingo users.

2) There are plenty of “multi-channel messengers” out there. Why is Mingo any different?

When we say “multi-channel messenger”, whatever you imagine is probably not adequate to describe what MingoMessenger is. Where tools like Pidgin, Franz, Rambox, and the sort allow you to connect to multiple messaging channels, each of them still requires you to switch between channels when new messages come in. They are “channel-centric” apps. This means that if you have multiple connections with the same person across different channels, you still have to switch tabs to maintain those conversations, even though they are with the same person.

Mingo is a “contact-centric” multi-channel messenger. Imagine it this way, you connect Facebook, Twitter, Telegram, and Skype. All of your contacts are imported into one contact list. You know that your friend Joe is connected with you through two Facebook accounts, one Telegram account, and one Skype account. Within Mingo you select the first Skype contact for Joe, click the “Link” button, search for all of the other Joe-contacts, and link them to the first. Now, when you view your messages from Joe it is a single feed for all channels, interleaved. No more trying to remember which channel Joe shared an important item of information. No more chasing Joe’s messages to respond on the correct channels. One contact = one conversation.

3) What do you mean when you say that MingoWallet is a “simplified and gamified learning environment”?

The easiest way to describe the power of MingoWallet is in the context of our ICO deliverable. We will be running our ICO through Mingo. Imagine this. You want your Telegram mate to participate in the MingoCoin ICO. You send him the link to download Mingo and join the MingoCoin Telegram group. He installs Mingo, connects to Telegram within MingoMessenger, and at the top of the group (around where pinned messages go), there is a “Contribute” button. Your friend clicks the Contribute button and if there are ETH or BTC in MingoWallet, he can select an amount to contribute, confirm the transaction, and send. If he does not have funds in MingoWallet, he is asked to put in a credit card to contribute. In the background ETH is being purchased, transferred to his wallet, passed on to the ICO, and the token is registered in his wallet automatically. To him it is a simple and familiar process, but the complicated steps that are familiar to veterans are still being executed. After contribution he is awarded an amount of MGC for completing one of the ICO learning path criteria, receives experience points and an achievement badge.

The ICO contribution use case is just one of many use cases that can be simplified for users. Each one will be part of a learning path within MingoWallet, with rewards (MGC, experience, and achievement badges) being awarded for showing competence in certain skills along the way. Recent badges will be visible and shareable by users. Achievements that are close to completion will be presented to the user regularly to encourage advancing in their understanding of cryptocurrency. Learning will be simple and rewarding, taking away much of the fear and risk that act as a barrier to mass adoption of cryptocurrency.

4) What is the purpose/utility of MingoCoin (the ERC20 token)?

• Like most other tokens, MingoCoin is a medium for transfer of value. The value is derived by trading on exchanges, peer-2-peer payments, and consumer-2-business payments.
• MingoCoin is also a behavior incentive. This will be proven through the MingoWallet Learning Paths as users are rewarded for learning new cryptocurrency skills. This principle of incentivizing behavior can be further applied to opt-in advertising, poll participation, feedback collection, and many other activities that entities already pay for.

5) Why would businesses get involved with Mingo? Specifically, why did Xunison decide to partner up with Mingo?

Business partners, like Xunison, are partnering with Mingo to optimize their revenue recognition. For an international and digital company like Xunison, the cost of collecting on invoices across borders can be a banking and forex challenge. By accepting payment in MingoCoin, Xunison can focus on delivering content and on-boarding new clients while Mingo will help consumers pay invoices, get customer support, and buy new products.

A good illustration is the plan we have in place for Xunison now. Xunison will have a messaging channel white-labeled dedicated to them. Every Xunison customer who installs Mingo will automatically be added to the Xunison channel. This channel is a private bot channel between Xunison and the customer. The customer can query their invoice through a billing, get customer support, view new products, and pay through interacting with the bot. In the background Mingo is coordinating foreign exchange to MingoCoin and paying Xunison in MingoCoin.

6) What about celebrities? Why is Niall Horan getting involved in Mingo?

Niall Horan has been involved in MingoMessenger from the beginning and is a shareholder in the company. Our value to him is to solve a communications channel challenge. By using MingoMessenger, Niall can provide exclusive content and offers which can be monetized appropriately. His primary endeavor is to have a white-labeled channel for his 34m Twitter followers and 19.6m Instagram followers. His role will be Brand Ambassador once MingoMessenger is ready for production. We are keeping information about his involvement limited to the investor community to avoid prematurely on-boarding MingoMessenger users from his followers and ensure that their first experience is a strong and stable experience.

7) You have some really influential names backing this project, why haven’t I heard about Mingo before?

Our effort has primarily been spent on lining up partners and building a real product. We are building the community now and starting to get the word out.

8) Why should I consider participating in the Mingo Pre-sale and ICO?

Mingo is making cryptocurrency available to the rest of the world. One of the biggest challenges of cryptocurrency right now is the barrier to entry for non-technical and risk-averse people. Mingo removes those barrier through the combination of MingoMessenger and MingoWallet. Mingo may, in fact, be the biggest project to affect the cryptocurrency space to-date. Why should someone participate in the Mingo ICO?

1. You will be supporting a hugely impactful project
2. Pre-sale participants will see at least a 20% discount against the public launch price after the ICO
3. When MingoCoin circulation grows with the expected growth in the user-base, early MingoCoin holders may see a significant increase to the value of their MingoCoin

9) On which exchanges will MingoCoin be available?

MingoCoin will immediately be available through our forex partner CYFX. They are primarily involved in fiat and commodities trading, so MingoCoin will be their first cryptocurrency. The upside is that MingoCoin will be immediately available for purchase with fiat.

MingoCoin is also being considered for a number of traditional cryptocurrency exchanges. As the ICO draws nearer and contracts finalized, more details will be released.

10) This is my first time being involved with cryptocurrency, how can I participate in the Mingo ICO?

Check out our 5-step instructional video of how to participate:

11) When will the Mingo app be available to use?

The early access MingoMessenger is available now on Apple and Android app stores, but a more stable and full-featured MingoMessenger plus the first version of MingoWallet will be available in early Q1 of 2018.

12) What is the total token supply?

The expected token supply is between 800,000,000 and 1,000,000,000. The reason for the variance is because of how tokens are issued now. Instead of setting a fixed total supply, then burning unsold supply after the ICO, we are minting new tokens with every pre-sale and ICO contribution. The calculation for total supply is (Pre-sale-generated Tokens + ICO-generated Tokens + Bounty Tokens) / 0.7. This will ensure that 70% of total supply will always be held by the public.

13) What happens if you don’t hit your soft-cap target?

The amazing progress we’ve seen so far is enough to get some major milestones met. If we don’t hit our target it just means we need to re-prioritize some of our efforts, but we feel confident that we will be able to deliver a game changing product. Besides, we have some big pushes lined up to get us to our target. Either way we are super positive and excited about the momentum.

14) What happens to the tokens which you don’t sell (if the hard cap isn’t reached), are they burned?

Because we are minting as we sell, then capping the minting process once an ETH hard-cap has been met, there will be no need to burn.

15) What happens if the company is bought out by a larger technology company, what will happen to the Mingo tokens? Will they retain their value?

Mingo is made of three distinct but equally critical components: MingoMessenger, MingoWallet, and MingoCoin. Because of MingoWallet’s dependence on MingoCoin being the reward mechanism, if a larger technology company buys out Mingo, MingoCoin will have to remain in place for the rest of the Mingo to retain its value. This being said, if a larger technology company buys Mingo it will likely be with the intent of growing all components which would allow MingoCoin to retain and possibly grow its value.

16) What is likely to increase the value of MingoCoin?

Circulation will increase the value immensely. As soon as the first Business Partner implements MingoCoin as a means of payment, the economy for business-to-customer (B2C) will ignite. Customers will buy MingoCoin from the existing holders via exchanges and businesses will cash out via exchanges. That activity will drive a real market economy as opposed to a speculative trading economy. Xunison has already committed to install Mingo on 1.2m set-top boxes over the next year and will drive payments with MingoCoin.

Mingo will further be able to on-board other B2C partners — the problems that cryptocurrency solves for Xunison are not unique. We’ve already begun discussions with a number of these companies with customer bases well into the millions.

Trading will likely increase the value of MingoCoin. Once MingoCoin is listed on exchanges, traders will drive one component of the value.

17) Is the code repository available for the public to view?

You can view all of Mingo’s open source code at https://github.com/mingocoin. Currently only the smart contracts for MingoToken and the Pre-sale are there. Some components in Mingo will remain closed source, but we fully intend to release certain components that would benefit the OSS community as well as benefit from the contributions of the OSS community.

18) Who are your main competitors in this space?

There are a handful of messengers planning to introduce or introducing their own cryptocurrency. Kik/Kin comes to mind. There is also Toshi which is an Ethereum Network browser app that simplifies a lot of the transaction functionality. We don’t view these projects as competitors as we seek to incorporate any messenger and cryptocurrency with any real viability into Mingo. Ideally we would support Kik users in Mingo along with maintaining a Kin wallet. None of these projects maintain an incentive-based learning platform, where Mingo becomes complimentary to such projects.

19) How do you plan to achieve your explosive growth of users (5m+) over the next few years?

Partnerships. The Mingo team has already proven its ability to bring on strong strategic partners such as Niall Horan from the consumer side and Xunison from the B2C side.

20) What happens if the price of Ether goes down by the time of the main ICO, will later investors end up buying Mingo tokens for less than the early investors?

We have deliberately left flexibility in the coin economics to ensure that we can protect Pre-sale investors. The value of MingoCoin has been tethered to EUR for this exact reason. If the value of ETH plummets before the ICO, the discount Pre-sale investors received will still be respected and maintained as advantageous vs ICO participants. If the value of ETH increases, the discount received during Pre-sale will have a greater impact on value come ICO. Bottom line, we are here to protect our contributor’s and community’s interests and will adjust the coin economics accordingly.

21) Is there a bounty program and where can I find the details?

The bounty program can be found at https://medium.com/mingocoin/mingocoin-bounty-program-6413cea871cb

22) What other announcements and developments have the Mingo team got in the pipeline and how can I keep up to date with them?

• We’ll be releasing a road map board so contributors can directly view the progress of Mingo as we move closer to the ICO.
• Telegram is the best place to stay up-to-date or ask any questions: https://t.me/GoMingoCoin

Join us on:

• Website: https://mingocoin.com
• Telegram: https://t.me/GoMingoCoin ← BEST PLACE TO GET ANSWERS
• Twitter: https://twitter.com/mingocoin
• Facebook: https://fb.me/GoMingoCoin
• Reddit: https://www.reddit.com/r/MingoCoin

Read our Whitepaper at: https://goo.gl/NgTS1o