SovereignWallet is pleased to announce the final sales of MUI token
Through our roadmap, we’ve been reaching great achievements since the start of the SovereignWallet journey in 2015. The company believes that cryptocurrency services will bring universal financial freedom to everyone.
Based on this purpose, SovereignWallet project was designed to bring ‘self-sovereign finance’, by building an entire framework, from the development of a smart wallet to the creation of a Meta-Blockchain Mainnet.
Soon, the SovereignWallet Network will launch the last public sale of tokens. However, our approach for crowdsale is different from other projects available in the market, that simply launch Initial Coin Offerings (ICOs) without a solid project proposal.
What are ICOs?
ICOs are token sales periods to raise funds for the development of a new cryptocurrency. Recently, ICOs have been facing several issues involving the fundraising, especially when there is a high initial investment with no background or plan. Some of these projects fail to fulfill investor’s expectations.
Our approach for fundraising is defined as ‘Reverse ICO’. Instead of using the traditional ICO fundraising model to start a project, we already are an organized and well-established company with a long-standing history in software solutions.
Seokgu Yun, the founder of SovereignWallet, is one of top security expert in Korea, with more than 20 years of experience in creating software security solutions to big companies, such as Samsung, eBay, and Kakao. He learned about cryptocurrencies with his graduate advisor Clifford Newman, one of the first inventors of cryptography based digital cash. After pursuing years of experience in the crypto field, Mr. Yun founded SovereignWallet to enable self-sovereign financial service to millions of people.
Currently, he is pioneering the next-generation blockchain services, developing a smart cryptocurrency wallet, along with a mobile decentralized exchange and Meta-Blockchain project.
The SovereignWallet Network project
Using our technology and know-how in security software solutions for years, our company wants to advance through the blockchain and crypto market, building own innovative technology while maintaining a good relationship with our clients based on transparency and trustworthiness since the beginning.
With years of experience, we created an adequate structure for the project, to initially develop a secure crypto wallet associated with our native stable token MUI, that can be exchanged in decentralized exchange platforms.
Before launching our initial ICO, we completed nearly all of the design of the SovereignWallet app.
The SovereignWallet Network ecosystem is powered by the MUI token, that is a stable token, one of the first few crypto tokens to have its value protected by the Algorithmic Central Bank, an automated stabilization tool.
To reinforce the MUI Token profit standard over time, a mobile exchange platform is being built inside the SovereignWallet so that, in the future, users will be able to trade in our own Meta-Blockchain, to achieve the self-sovereign finance we propose.
The SovereignWallet ICO fundraising is built using the Ethereum Smart Contract, a protocol to control the automatic digital transfer of Token based in pre-established conditions, without the need for human mediation. Through the Algorithmic Central Bank (ACB), the responsible tool to adjust the supply of Tokens on sale, users can directly buy and receive their MUI Tokens. This process is immune to any outside influence, fraud or error, as it is completely automatic.
Furthermore, to assure the credibility of our project, SovereignWallet structured the ICO fundraising in phases, with different soft caps for each one of these phases. We aim to balance the raised funds according to the development progress of the project. By facilitating identity-based purchases and allotments, the distribution of the MUI tokens will be settled by the ACB simultaneously during the issuance of ICO.
Any unsold Token after each phase will be sent to Sovereign Treasury automatically by the Smart Contract, to be resold later.
This arrangement aims to secure the stability of the token, as it minimizes speculative bubbles that justify prices decreases. Especially increases to compensate the high one-time investments in ICOs, a common issue seen in crypto funding.
The main focus of maintaining token stability is to make MUI a viable option for day-to-day use in the future and as a store of value rather than a high-risk investment.
By preventing speculation, the SovereignWallet project is sustainably and developed in stages, delivering the expected results as stated in our business plan.
Additionally, one of our purposes is to give inclusion and democratic opportunities to the general public to get the benefits of cryptocurrency technology. As a result, we are not backed or supported by major crypto funds.
As a consequence of a solid and straightforward ICO initial process associated with the commitment of inclusion for general customers, we achieved positive results by selling more than 240 million MUI Tokens during the private sale period in November of 2017. This outcome was a great evidence that we were on the right course.
The MUI Token works through the Ethereum Network. As an ERC-20 token, MUI is compatible with Ethereum based blockchain services, wallets, exchanges, and other applications. Therefore, the MUI Token can be bought using Ether inside the SovereignWallet app.
After the successful features of integrating MUI Token and Ether to our platform, SovereignWallet Network launched the first public ICO sales in June, 27th to July 31st, with total purchases of 100,000,000 (one hundred million) MUI Tokens, the maximum amount established for that phase.
Following the on-going work of integrating Ether in the platform, SovereignWallet expanded the services to accommodate other cryptocurrencies as we move forward. Currently, the SovereignWallet added support for more than 10 coin wallets, including AirSwap (AST), 0x Protocol (ZRX), and OmiseGo (OMG) tokens.
After the complete integration of new tokens to the SovereignWallet platform, we established the second round of token sales, from 05 to 30 to September, with 50,000,000 (fifty million) MUI Tokens sold, the maximum amount established for the second phase.
After the integration of more cryptocurrencies, the SovereignWallet app advanced to the next stage of the project: the integration of our own decentralized exchange system.
The next steps of SovereignWallet — The Mobile DEX
SovereignWallet is proud to introduce the next feature to be implemented in our application, the M-DEX. The exchange service is built upon a hybrid on-chain and off-chain protocol, being one of the first custody-free platforms in the market, with fixed rates, simple and fast decentralized exchanges via atomic swap technology.
The M-DEX is expected to be concluded in December and to be completely integrated into the wallet in January of 2019. The M- DEX will be the most secure mobile cryptocurrency trading platform in the market, a place where customers can trade easily and send or receive directly from their own wallets, without revealing their assets to any third party.
Features of the M-DEX:
Custody-free and Secure
Consequently, only the owners will have access to their own private keys and can make direct transactions with complete privacy. With all data and funds secured and owned by the users, there is no single point of failure.
Fixed rate and Atomic Swap
MUI trading bot will be the oracle to set the standard price.
The MUI trading bot will analyze the exchange trends and market actions in integrated exchanges platforms, improving the users’ trade experience. As a consequence, users will not have high fees and fund risks.
The trades will be performed through the pioneering Atomic Swaps technology, that raises the evolution of exchange to a high level.
This technology will be one of the first to be implemented in crypto platforms, and it aims to guarantees a high-performance and directly trades of different types of cryptocurrencies and tokens.
The public final phase sale and meta-blockchain project
With the announcement of the M-DEX integration, SovereignWallet is glad to release the 3rd and last round sales of MUI Tokens.
The sales period will start on November 1st, at 11:00 a.m (KST), and will close on December 31st, at 11 p.m (KST).
The maximum amount established for the last phase is 100,000,000 (one hundred million), with the established price of 1 Ether = 2500 MUI.
Immediately after the MUI token sales, every unsold token shall be withdrawn by smart contracts and sent back into the Sovereign Treasury to maintain the stability of its value. Another mechanism to support the stability of the MUI Token is the Algorithmic Central Bank (ACB), that will regulate speculative tendencies in trade activities, protecting the MUI token from excessive price volatility.
To participate in the 3rd phase sale, first-time users will need to complete the KYC registration before buying MUI Token. The SovereignWallet’s MUI Token Sale tutorial is available in this post.
During the sales, the “BUY” button will turn yellow, allowing users to buy MUI in the platform. Thus, will be possible to follow the percentage of the total sales in the same screen, a convenient way to track the total amount of purchases.
After buying MUI Token, there is no need to wait until the end of the sales period to get them to your wallet. The Smart Contract will distribute tokens instantly to your SovereignWallet, except there is a delay in the Ethereum blockchain network. This sales model is designed to be fair and stable, as it is fully programmed and have no human intervention.
Accordingly, the ACB will algorithmically will also adjust the Token supply as needed, establishing the price without significant fluctuations from its intended value: when demand is increasing, it will release more tokens, and the added supply will decrease the price; when the demand for Tokens is decreasing, the SovereignWallet system will reduce the volume of the MUI tokens supply to restore the price, securing the purchasing power of the Token.
The future is starting now: MUI Meta-Blockchain
After the implementation of the Mobile DEX, our goal is to develop a Meta-Blockchain Mainnet to program and operate several cryptocurrencies in the form of DApps (Decentralized applications) within the next 2 years.
The MUI Meta- Blockchain will be the last stage to support the stabilization of the value of the Token and emission of coins. Based on these functionalities, it will be possible to maximize profits through mobile atomic-swap exchanges and mobile payment services in SovereignWallet, the key features to a ‘self-sovereign finance.’
Based on our history and prosperous results, we’re humbled by the support of MUI Token enthusiasts and the public so far, and we are looking forward to much more in our next steps.
The SovereignWallet Network aims to give self-sovereign finance framework to hundreds of millions of people by creating brand new opportunities through our ecosystem, that is becoming a reality.
The SovereignWallet App is available in Google Play store and Apple App Store, with English, Korean, Vietnamese, Japanese and Portuguese language versions. If you want to learn more about the SovereignWallet and the MUI Token User Agreement, please join our Telegram group, visit our website and follow us on Twitter and Facebook.