MonetaryCoin Distribution: Video and How-to Instructions
Join us by using MonetaryCoin Distribution app
In the spirit of fair play, MonetaryCoins are distributed to maximize the number of eligible participants and to allow market forces to determine coin price. The distribution rules built into the smart contract for each coin may be inspected at the MonetaryCoin smart contract Github repository. All contracts have been fully audited and the report(s) maybe found in the MonetaryCoin audit repository. So, if you are a technical wiz, dive in!
How is the distribution different from a normal ICO?
- No fixed token price, the price changes at the end of every 23 hours.
- The distribution is long (~173 days) to enable everyone to participate.
- The Monetary Foundation does not retain tokens. 10% are being distributed and then 90% are available for proof of stake forging.
Distribution App Demo Video
How the distribution works?
Each window of the distribution is set to distribute a fixed number of tokens. The first 7 windows will distribute double amount of the tokens distributed in each of the remaining windows.
Symbol Definitions:
The total amount of tokens distributed on window # i is marked by T
The amount of Ether sent by the user to window # i is marked by e
The total amount of Ether committed to window # i is marked by E
The amount of tokens user can withdraw once window # i is closed:
For example:
For the MonetaryCoinERO (MERO) token, the allocation for the 2nd window is as follows:
120,648,128 MERO.
If a participant commits 3 Ether to the 2nd window, and the total commitment from others for the 2nd window was say 6 Ether, the new total is 9 Ether, and after the window closed the user may withdraw:
This Logic is expressed by the distribution smart contract in solidity:
Why build a distribution app?
Again, in the spirit of fair play the goal is to lower the level of technical knowledge required for participation. A browser with MetaMask requires less training to use compared with a command line interface.
So what does one need to participate?
- Some Ether
- Web3 browser or the MetaMask plugin.
The heat-map below appears on the web site and shows the commitment distribution over all windows. The darker the color the greater the ETH committed to that particular window.
DApp instructions
- Open the DApp using a Web3 browser or any browser with MetaMask installed.
- Select window and commit Ether to it.
- Wait until the window is closed.
- Withdraw tokens for selected window.
Test before you take action
The distribution contract was also deployed to the Ropsten testnet. First time users may experience the entire process without committing real Ether. Try a practice run first.
Steps to consider when using the test net:
- Install MetaMask
- Get some Test Ether, possibly from MetaMask faucet
- Open MonetaryCoin Distribution Dapp
- Switch to Ropsten test network from MetaMask network selector.
- Commit test Ether to the current window
- Wait the current window to close
- Withdraw tokens
- Optional: manually add MERO token to MetaMask by using the Add token button and pasting the token contract address from the DApp.
For more information and an important disclaimer please see the distribution info page and the distribution smart contract, as well as the homepage and DApp site below.
