by Nuno Menezes
Mingo is a complete digital product that offers inter-connected services aimed at simplifying and increasing the usability and accessibility to cryptocurrencies. Mingo plans to launch a multi-platform messaging app that will also serve as a tutoring platform.
The team developing this product says it is “the world’s first cryptocurrency with a built-in tutor bundled up in a familiar multi-platform messenger.” One app to rule them all!
What is Mingo?
Mingo is an interconnected set of digital support products. Mingo aims to be at the forefront of the crypto adoption wave with user-friendly interfaces and apps. It offers three basic products; the Mingo Messenger, the Mingo Wallet and the Mingo Coin. The Mingo Messenger is a multi-channel messenger app designed to discover, share, and transact with your messaging contacts. Mingo Messenger is the vehicle, Mingo Wallet is the educator, and MingoCoin is the value.
The Mingo Messenger, which is the product the team takes its biggest pride, is a working app available for Android and iOS that will enable users to learn how to use cryptocurrencies. The Mingo Wallet is a multi-currency wallet and tutor which also rewards users for learning progress with real cryptocurrency. And the MingoCoin is the cryptocurrency of Mingo to drive user adoption. Currently 0.05 percent of the world’s population use cryptocurrency – yet 75 percent of internet user’s use messaging apps.
One of the top developments pointed out by the team is that they are planning to merge their product along with accounts from all the most popular messaging providers into just one simple app.
The Project’s Mission
Since less than 0.05 percent of the world population is actively going into cryptocurrency the Mingo team sees a clear opportunity for the app to be the first truly simplified and gamified introduction for the other 99.95 percent. This means that the team firmly expects to be the first app to be introducing the concept of cryptocurrency to a lot of people around the world. To do this, the Mingo team is set to introduce new users to cryptocurrency by providing a tool they would use with or without cryptocurrency. By providing the Mingo Messenger, the Mingo Wallet, and the MingoCoin, they are introducing an app with inherent and separate value which is set to bring newcomers to the game.
Mingo is also the first cryptocurrency project that is introducing concerns with the way cryptocurrencies are being taught. The team plans to be the first cryptocurrency app that will be tutoring all about Bitcoin to its users. The team believes the fastest and easiest way to introduce cryptocurrency to the rest of the world is through the familiar interface of a messaging app, and Mingo is positioned to lead the introduction of this novelty.
The Platform Mingo is designed to walk users through their first cryptocurrency transaction with a tutorial, turning it into a straightforward and simple process and initially hiding the complexities of using cryptocurrency. Mingo is supposed to teach users about cryptocurrency Step-by-step using the MingoCoin as the default currency, and incentivizing good behaviors with MingoCoin rewards. Along the learning curve, the user is gathering knowledge to unlock more advanced features.
The Mingo Cryptocurrency – MingoCoin (MGC) and the Mingo Token (MGT)
MingoCoin (MGC) is an ERC20-compliant token contract that will be issued on the Ethereum public blockchain. The contract will be developed prior to the completion of the ICO and publicly available for review.
Mingo Token (MGT) will be the token that will be issued during the pre-sale phase. MGT will have a 1-to-1 exchange with MingoCoin (MGC). Upon the completion of the ICO, MGT owners will be able to redeem their tokens MGC using their MGT.
ICO & Coin Distribution
Mingo is launching a cryptocurrency pre-sale to raise €2 million ($2.39 million) at 3pm GMT on September 25, 2017, in advance of our planned Initial Coin Offering (ICO) in the 1st quarter of 2018. The purpose of the MingoCoin ICO is to raise sufficient funds for long-term development and propagation of Mingo.
The ICO represents the chance of joining the project’s mission of teaching cryptocurrency to the masses, while enabling the team to gather the needed resources to start the development of this new enterprise. 70 percent of all MGC will be issued to Pre-sale and ICO participants. 10 percent will be allocated for Mingo User Rewards. 20 percent will be reserved for founders, early investors, and future employment incentives.
Founder reserves will not be issued immediately. The Founder’s Reserve will be vested over a 4-year period; the first 25 percent one year after the close of the ICO and 25 percent each year after. MGC will be vested to token holders over a six month period; the first 50 percent at three months and the last 50 percent after six months. The 10 percent reserved for User Rewards is part of Mingo’s strategy to incentivize user adoption through sharing.
Mingo will be the world’s first cryptocurrency with a built-in tutor app geared up with a user-friendly multi-platform messenger. Mingo promises to merge all the popular social messaging apps into one great app that will allow crypto payments while teaching the basics of cryptocurrency via Mingo’s messenger interface. If Mingo makes it will become the gateway through which new users will start to flow into cryptocurrencies.