Community Questions Answered and AMA Announcement
Recently, we’ve informed you that we want to build a community based on trust and transparency. To begin with this, we want to clarify controversial topics that have been around since early 2020. This clarification allows us to focus on substantial growth and move on together with a positive spirit.
Let’s take a look into the history of MBN
MBN launched as Membrana in Summer 2017. We planned to release the alpha version of the MBN platform at first and then do an ICO (initial coin offering). So we wanted to have the product done before doing marketing, as it’s all about a reliable product. Once we released the alpha version, we raised funds from Coinbar to continue the development. It was beginning of the 2018 right when the bear market came. Funds that were raised were locked in ETH and the value of our ETH almost halved. We continued the development through the crypto winter of 2018 and canceled the ICO due to bad market conditions. We had to cancel many partnerships, made our experience with airdrops, and the team split up. Today, we’re bulletproof and ready to rock.
Tell us more about the team
Today the core team consists of three MBN founders. We work with part-time members based on specific project needs for research and development. Also, the advisors’ role changed a lot, and now we’ve got good networking connections thanks to them. The team topic is essential and we will add an updated team page to cover it.
Rebranding to MBN Global
In January 2020, when market prices were going green again, some of the old team members tried to take over MBN. Thanks to our strong community, we were able to reject this, but it forced us to rebrand to MBN Global and create a new website and new social media channels. So the official MBN channels are the ones below.
Telegram Announcements: https://t.me/MBNGlobal_ann
Of course, we didn’t plan this and it delayed further development. As you can see, we’re pretty experienced regarding what can happen in a blockchain project, smile. Now we are back on track, so let’s speak about tokenomics and positive points to come.
Team token distribution delayed
Initially, the unlock for the team tokens was planned one year after the IEO. To improve and secure the MBN market stability, we delayed the distribution for another year and added a vesting period. A smart contract address is holding the team tokens. For distribution, they would be transferred to vesting contract and starting from Q4 2020 team tokens would be distributed during the 12 months period.
Ongoing Token burn
As informed in our latest article, the COF reserve token unlock has started and lasts 24 months. We use these tokens for COF trader rewards, staking, and to provide liquidity on exchanges. All unused tokens are burned every month. So the first unlock was a total of 13m MBN tokens, of which 9.5m were burned. It will be each month ~8.3m tokens unlocked for the and ~3–5m will be burned, depending on the used tokens.
The 30% token buyback plan will come
Right now, we focus on the final release of the MBN platform in the first place.
Token buyback plan would be launched after the FR and would come as dedicated programs in which 30% of the revenue would be spent to improve the market conditions. The tokens bought during buyback programs are going to be burned by sending to the public burn address.
What’s up with the global trader’s competition
We trusted our crypto assets to traders, so they can start using and exploring the MBN platform and participate in the competition. We covered the losses and profits were paid to the traders weekly for one year on the hardest market conditions.
Last year we locked 5m MBN tokens for distribution to the competition winners (which was worth 100'000 USD back then). We’ve planned the payout to start with the end of the competition, which was when the ICO has finished, but yes, there was no ICO and no additional funds. So, despite that situation, we decided to distribute the tokens anyway. We’ve split it into four batches, where three of them have already been sent (you can read details in our older announcements).
To ensure we pay active traders and not just airdrop hunters that will impact the market, we updated the rules and informed them about it and postponed the 4th batch. If you’re one of the top 20 traders, we would be happy to have you onboard again and looking for a solution individually.
We’re looking for more trading competitions, of course, with more precise rules so we’ll all be happy and enjoy it as one crypto community.
We are looking for asset managers
Our focus is to get real traders on MBN, that will manage community funds. During the last few months, we acquired several great asset managers like APEX, KTRON, FAIRLOSS, ROHITWORKSS and others. To push this, we’re offering great rewards for pro traders in our loyalty program (scroll down), please have a look.
Outlook to COF 2.0
Once we get enough profitable traders on the platform and completed all technical and business requirements, we’ll start another round of the community operated fund. We’re also working on several UI changes, so you can easily follow the MBN platform’s COF activity and join it.
Current development and roadmap update
There were many updates on the platform side (UI, backend, trading engine, smart-contract, management logic, currency sell-off, staking, asset groups, trading desk improvements). You may have missed it — or we just didn’t communicate it well enough. As already announced, we’ll be more transparent and will update you about recent development with the upcoming first MBN general report in early September 2020.
AMA with CryptoGuerrillas
That’s a lot of information and you may have questions. So we’ll do an AMA with Crypto Guerrillas . Please join our announcement channel and follow our twitter to get the details once it’s published.
MBN is back stronger than ever; let’s show it to the crypto community. Thanks for your support and see you soon.