MNZ Wallet Testing and The Test ICO Bounty Winners
As many of you who have been following Monaize’s development may have seen, we recently unveiled the new MNZ Wallet which will be used for our public ICO. We conducted an entire test ICO to stress test the wallet’s capabilities and really see what the limitations were for our current software.
Showcase and Stress
The reasoning here is twofold. First, the MNZ Wallet is a fundamental part of Monaize’s technology stack and we wanted to get it out to the public so that the community could review it and get accustomed to using it prior to the public ICO.
The same technology is being used for the integration of a crypto wallet in the mobile application being used by SMEs and freelancers.
Second, we also wanted to run a full scale stress test on the system. We are happy to say that we were able to complete two phases of the test ICO without any significant incidents. Further, we had some people help us to make our wallet even more secure for the coming sale. There was a bounty provided for the test ICO, which drove scores of people to the platform to swap TESTKMD and TESTBTC for TESTMNZ. The winners of this bounty will be announced below as a followup to the Telegram announcement and we will be reviewing the official numbers.
And The Winner Is…
The test took part in two phases. The first phase was planned for a max cap of 1000 TESTBTC worth of MNZ tokens which at the time of the tests was worth just shy of 22.5 million TESTMNZ tokens. The official time of the first phase of the test was scheduled to take place over 3 days. However, the test lasted only 8 hours.
The second phase was another resounding success as it was again scheduled to take place over a period of 3 days. The details on the drop in bonuses and the after-action report for round one can be found here.
For this second round, it concluded much faster than we had anticipated again, taking only 19 hours to exchange the remaining 8500 TESTBTC whilst distributing 140 million TESTMNZ tokens. Further, the community seemed to enjoy the coupon option even though for the test they were only valid for a very short time. These will really add options to the things that will be available during the public ICO as we will be able to give coupons away through various social media channels, such as our Telegram or Discord.
The winner of the test bounties as outlined in the article posted by our CTO Guillaume, have already been confirmed and validated via Telegram.
The top three participants are as follows:
1. RC*******wiLTQakL14KzhgWbs3oq72X3c 52183082.63717271 MNZ
2. RV*******M2YohojaknSvkbkngSqQkBz3h 35252598.4000305 MNZ
3. RN*******4aieK9nAUjVLh4RsnwCrahrq 13593050.00000519 MNZ
Bug Hunters
There was also an official bounty on bugs that was to be credited at the discretion of the development team. During the first round of the tests there were numerous issues that resulted from people mistyping their passwords, a DNS issue with the faucet we had put up to supply the community with TESTKMD, some withdrawal and sending issues, and a fee estimation issue that is only present on the test net of BTC which caused transactions to be grossly overestimated for fees.
While not officially a bug, our development team noted that there was some interesting trading activity from our wallet. It seems there was at least one bot who was able to collect some TESTMNZ. While not strictly forbidden from the bounty campaign, the community asked us to take action as they were doing the work manually while the bot seemed to be just pumping out swaps. Action was taken on the back end and the tests proceeded, while this bot helped us stress test the wallet, they did not come into the final calculation for the bounty winners for number of tokens collected. Outside of this, the second phase of the token sale proceeded without incident.
We were able to pinpoint at least one bug that was significant enough to warrant a higher point awards by our developers, and will be rewarded accordingly.
Moving into the private sale and future partnerships
With the conclusion of these stress tests and really testing our metal on the wallet that we have been developing, we are happy to be moving into the private sale. This is another step towards the long awaited public initial token offering of MNZ tokens. If anyone is interested in getting into the private sale — at presale prices, feel free to contact us to discuss terms at ico@monaize.com
Further, Monaize is in the business of empowering entrepreneurs and we are here to share the journey through partnerships and business current accounts. Feel free to reach out to us!
— James
