Big day for VeChainThor (VET) – First ICO on their chain announced

We wrote about VeChain a lot lately as the project keeps staying around with positive news updates. From the fact that it’s the only coin in top 20 that is running positive in 2018 to its rebranding and partnerships, the project is currently one of the most active ones on the crypto market. VeChain is looking to regulate the supply chain management process by providing various entrepreneurs with an option to conduct their businesses on top of the VeChain Thor blockchain. Each interested business will run a dApp on the mentioned blockchain which will ensure that its products are properly documented, authentic and of proper quality. While a number of dApps is already running on top of VeChain Thor, one recently popped back into the public eye with an important development update.

Namely MustangChain, one of VeChains first ICO’s, announced both its whitepaper and a Token Manifestation Event (TME), which is a fancy sounding name for an ICO. MustangChain looks to operate in the equine industry (as its name might imply), aiming to implement latest technologies (including blockchain) into it. This should help create a safe and reliable way of collecting and storing data about horses and ensure that said data remains authentic and easily traceable. A Reddit user named battlecrypants summed up what most people’s feelings by saying:

“Horse coin on the blockchain! What a time to be alive!”

Looking to collect the initial funds required to kickstart the platform, MustangChain announced the mentioned TME; the event will start with a Private Round on June 11th which will be followed by a VeChain Community Round and a Public Round. Also, there is a possibility for a fourth Special Round. The platform will sell their MUST tokens for VET only. MUST tokens will be minted on the VeChainThor blockchain and distributed through the mentioned rounds. A hard cap of 20 million USD will be set on the event.

The private round will be reserved for strategic partners and will be conducted via mail correspondence. Private round participants will have their tokens partially locked up. 25% of their purchase will be available straight away, with the rest being released in 25% increments every three months after minting.

Read: Top cryptocurrency trading platforms for 2018

VeChain community round will start after the private round is completed. It will look to provide VeChain X-Node owners with an opportunity to purchase their own MUST tokens, with certain discounts attached. The round will also be available to regular VET holders that have more than 100 VET in their wallets, but only it X-Node owners don’t buy out the entire round and without the previously mentioned discounts. The participants of this round will need to be KYC verified and will not have to fulfill any maturity period requirements for their coins. The VeChain Community Round purchasing limits are as follows:

  • VeChain X-Node holders: Minimum 100 VET — Maximum 30,000 VET (Per KYC)
  • Economic Nodes and other VET holders: Minimum 300 VET — Maximum 3,000 VET (Per KYC)

The public round will be held after the VeChain community round is completed. Coins sold here won’t be locked up and will be available straight away. KYC will be required and the limits will be as follows:

  • All participants: Minimum 100 VET — Maximum 2,000 VET (Per KYC)

The special round will be held if the hard cap isn’t reached by the end of the public round.

27.5% of the total supply of 100 billion tokens will be available during this TME, and will be distributed as follows:

  • 12% during the Private Round.
  • 7% during the VeChain Community X-Node Round.
  • 6% during the Public Round
  • 2,5% during the Special Round

Alongside their TME, the company announced that the full version of their whitepaper is finally available. You can check out the whitepaper on this link. For the full announcement made by MustangChain, check out their medium post. The announcement is a welcome sight for the VeChain community, as it signals that their favorite platform is becoming closer to commercial adoption. An opportunity to gain exclusive access to coins made by a potentially massive project probably won’t sting their eyes much either.

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