MBank

From Minter Wiki
MBank Logo.png

MBank is the first liquidity provider by development team of the Minter network.

MBank stands for Minter Bank. The alpha version of the service is available at https://bip.dev/

The goal is to create a toolkit and set of liquidity for the API, through which each of the Minter projects will be able to start accepting any type of payment in exchange for their coin via their website, app or bot.

MBank features

Currently MBank has the following features for its users:

  1. Signing up is not required for completing transactions;
  2. Each Minter network user can sell any Minter network coin for an amount equivalent to 100 BIP priced from 1 to 32 cents;
  3. Users can buy only BIP coins in any amount;
  4. The service guarantees that the buyer receives the coins and the seller receives BTC (Bitcoin cryptocurrency), the commission of the Bitcoin network being paid by the service at the expense of the DAO;
  5. The service aggregates all offers for sale and presents them at the market via the API, allowing all exchanges and other liquidity providers to buy a limitless amount of Minter network coins;
  6. The service provides users with a personal link that can be sent to potential buyers via any communication channel;
  7. All purchases in USD to addresses in the Minter network are accounted for. In the future, these addresses will have the highest priority when selling coins for the same amount.

Beta version

On August 28, the following features to be added to the beta version were announced [1]:

  • The official BIP rate will be determined by the top 100 Delegators by voting with a COIN;
  • Any delegator will be able to vote with a COIN for the top projects that can sell BIP in MBank;
  • The buyer simply sends the BTC and receives the BIP, as in the alpha version. Only in this case, all BIP coins purchased through MBank are accounted for and it is precisely this amount that can be sold here with the highest priority;
  • The second highest priority will have the top 100 delegators. Every day they have to vote for the price of BIP and for the top projects. They can sell any amount of BIP, but those BIP will be implemented in proportion to the stake in the network. If a delegator from the top 100 did not vote or place an order, then his right to sell goes to the top projects;
  • The top 10 projects (with a gradual increase in the number) can put any amount of BIP for sale, but those BIP will be implemented in proportion to the votes received (according to the size of the voting stake);
  • The lowest priority has the Minter network development team and DAO;
  • The order book of the alpha version will be disabled;
  • Only the top projects will be able to sell custom coins to avoid all kinds of fraud;
  • There will be three liquidity providers for converting coins via the wallets.

Alpha version

The following features are provided in the alpha version:

  • Transactions are automatic, all participants are guaranteed to receive funds;
  • The complete absence of the commissions for both BTC and coins in Minter. There is also no commission for exchange services;
  • The fixation of a price during the transfer of BTC. Even if the transaction is only completed the next day and the price has changed, the buyer receives no less than the expected quantity;
  • The users can sell any Minter network coin at any rate in the amount of 1000 BIP or more (the price of the Custom coins is recalculated according to the current rate);
  • For each of the applications a special link is generated. Using that link you can buy the set volume at the indicated price;
  • The link is useful to the Projects, it can be added to websites, applications or bots;
  • There is no recall of the issued coins, but they are returned if they are not sold within 7 days. They are returned without commissions;
  • If your issued custom coins or BIP fall under the current price range of the Main page then buyers will primarily buy those that are cheaper.
MBank альфа версия.png

It is planned that in the future it will be possible to buy BIP or any custom coin in the Minter network using a Credit Card. In fact, the transaction will occur as follows:

Money is debited from the card → converted to BTC → the coin you issued or BIP is exchanged for BTC.

It is planned to place an extended conversion section in BIP wallets, where it will be possible to indicate what the user wants to receive and how he wants to pay, in the end, only needing to select the details and click the Exchange button. For example, buying a BIP for dollars with PayPal is easy! The same thing is true vice versa - currency exchange is carried out by liquidity providers up to the issue of cash at ATMs.

Price types

There are three types of prices in the MBank:

Official price

Projects determined by a vote of stakeholders will be able to sell at the official price. The higher the stake, the more powerful the vote is. Long-term interests lie within the high quality projects that attract the audience. These projects need to have a vision for what their economy will be during the next year. The fewer the risks, the more appealing the Minter network is for developers and integrators.

Anything that brings Minter and its functionality to the world can be a project: websites, channels, groups, bots, services, validators, promoters, etc. Even an individual with an address that has been voted for by the stakeholders is a project within the network.

Projects will be able to sell BIP at the official price exactly to the amount determined by the votes of stakeholders. Stakeholders will be voting for the most prominent and promising projects. The functionality of voting and selling at the official price will be launched within a month. For counting votes, we have created a coin with the ticker symbol of the same name: COIN.

Fixed price

Fixed price is the price in the usual sense of the word, that is, the price at which the Buyer/Seller decides to place a deal. DAO acts as a guarantor and compensates the commissions whenever possible. It is an analogue to the usual OTC market, only with a guarantor represented by MBank.

Floating price

A floating price is formed as a weighted average that is derived from the volume. A buyer collects all orders, starting with the cheapest one.

Anyone who wants to work on his own terms can place an order and wait for it to be filled. When doing so, he can rely on the current average price. Current market observations show that “quick” orders usually trade below the real market by 20–50% and are significantly inferior in volume. Just one large-size order can significantly exceed all the small orders combined.

MBank launch

Initially the launch of the MBank was scheduled for June 2019, the team however decided to reschedule the launch date due to a shift in priorities.

On July 2, 2019, Gordeev Evgeny answered all the pressing questions about the goals, features and the launch date of the MBank with one message:

Mbank in its first version was launched on August 24, 2018. It was on this engine that our early access campaign was carried out; it was there that the exchange at a fixed price of one coin for another was implemented. As you know, not a single satoshi was lost during the campaign, nor in half a year of the assignment.

That is, for almost a year Mbank has been selling from the DAO (Early Access Campaign) and helping participants with selling BIPs (from validators to users). And all this was at a single official price.

The third stage - the ability of anyone who wants to issue his BIPs or coins at his price - is also already implemented and can technically be launched at any time. But we are not in a hurry, because there are certain much more important processes that can be damaged by such functionality. There are two of them:

  • MDF is expanding its activities in the United States to be able to exchange BIPs for BTC, and to exchange BTC for dollars through regulated exchanges, and use those to pay to everyone in this world who wants Minter to become the most popular blockchain;
  • Minter.Global is going through onboarding in payment systems to act as a broker, and to fully implement OTC from fiat money to BIPs and vice versa.

Both points + the correct positioning of the MBank = the completely legal deposit and withdrawal of money in the Minter network, unlimited fiat promotion opportunities.

This is for short.

On July 4, 2019 the Minter network development team released a statement, saying that the public testing of the MBank will start on July 15, 2019.

The project, code-named MBank, will begin public testing on July 15.

Details will be revealed next week.

The [[announcement] of the launch of the alpha version of MBank was published on July 15, 2019. There is no information regarding the release of the beta version yet.

MBank description in White Paper

In the White Paper MBank is described as follows:

To make trades as stable as possible, we will introduce an additional option to buy BIPs provided by the validators through the Validators’ Decentralized Bank (MBank). Anyone will be able to exchange Bitcoin or Ether for BIP by simply sending one of the world’s two largest cryptocurrencies to the MBank’s address, having their order filled in the cheap-to-expensive order. We are also working on the framework to allow network participants to exchange BIPs and other coins of the Minter network for fiat currencies via MBank so that they could purchase goods and services in a familiar environment—using cards, cash, or electronic systems like Apple/Android Pay.

Notes

  1. [1] DeCenter: #MBANK

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