AN OVERVIEW OF MELECOIN
INTRODUCTION
MELECOIN investment Limited is a company registered and based in the Kingdom of Saudi Arabia in December 2015. It was incorporated to help individuals to preserve their cash with physical gold and also enable the transfer of cash to gold and vice versa.
The founders of MELECOIN are aware of the risks involved in crypto currency, because they have been early investors in the cryptosystem. Thus, they have realised that a crypto platform backed with gold bullion will enable the users to be safe and secured against the volatility of crypto currencies and also enhance easy liquidation of the currency.
MELECOIN INVESTMENT PRE-ICO
The company was set to follow rules and guidelines of the UAE laws to make sure that its pre and subsequent ICO do not contradict existing rules. They involve legal services to achieve this.
The MELECOIN has set a KYC and AML procedures that will be conducted by an external specialised service provider for their subscribers, before issuing tokens to them. After the approval of KYC and AML by external service providers, the subscriber is registered as a customer into MELECOIN token. The subscription documents are drafted by their lawyers and made available to the subscribers.
MELECOIN will issue unlimited tokens for both ICO and subsequent ICO qualified subscribers who complete relevant KYC and AML procedures. Its subscribers purchase 24k gold MELECOIN cards using established crypto currencies like Bitcoin and ETH.
Each approved subscriber will have to own an Etherum standard personal crypto wallet to be able to receive, verify and trade MELECOIN tokens. The approved customers will deposit fiat money or accepted crypto currencies in proportion to their order, before their account will be activated.
The money realised during the ICO will be utilized to take care of ongoing operational costs including legal, marketing, IT infrastructure, hardware and other costs.
MELECOIN TOKEN
MELECOIN token is an Etherum based crypto currency. It is different from other crypto currencies like Bitcoin or ETC, in the sense that MELECOIN is backed by a physical asset. It is a hard gold stablecoin that makes its holder an owner of pure physical gold. Its value depends on the market value of gold (fixing of troy ounce gold).
MELECOIN token can be used for trade transactions on secondary markets when listed on approved crypto currency Exchange platforms. Its holders can redeem it any time because of its gold associated value. Any Redeemed MELECOIN token is sent to blockchains to burn and nullify it.
There is growing demand to back the crypto currencies with a tangible stablecoin asset to reduce the risk of holding such currency in digital form. The MELECOIN has provided a solution to this demand by giving its subscribers the opportunity to own tangible gold assets and to easily trade the gold assets across the world through connecting the physical and digital world. Research has proved that huge numbers of BTC/ETH will be converted to stablecoin such as MELECOIN, by their owners. Thus, if 1% of about $5400 billion worth of the current Crypto currency is converted into MELECOIN, that would amount to much revenue.
MELECOIN ADVANTAGES
The development of MELECOIN token has doused all concerns about security, storage, durability, authenticity, exchange and other challenges in the crypto currency blockchain. This is because gold will remain the ultimate means of payment in the world and will be the future of crypto currencies. The demand for gold will continue to grow and it will remain a unique asset which never lose its intrinsic value.
Thus, MELECOIN users hold tangibly gold which can be converted into any real currency at any time.
MELECOIN GOLD RESOURCES
MELECOIN sources its gold from LBMA Refineries. They will also recognise external auditors who will be inspecting MELECOIN gold inventory.
MELECOIN is also planning to integrate future diversification from mining gold to a gold backed crypto currency by having discussion with some gold mine operators to partner with them.
Thus, the MELECOIN gold will be secured in compliance with the governing laws of LBMA and international banks.
KYC AND AML PROCESS
All subscribers of MELECOIN token are required to provide their KYC information and also comply with anti-money laundering declarations. MELECOIN will retain the information documents they provide according to its private policy.
The same KYC procedure wproviderssed on officers/directors of legal entities like companies and associations.
Note that a more thorough KYC and AML audit may be required depending on the quantity of MELECOIN tokens requested by a customer.
These processes will be conducted by qualified external financial service providers appointed by MELECOIN.
MELECOIN MARKETING AND COMMUNICATION PLAN
MELECOIN will apply all free and payable means of communication to spread information about the company impending ICO and its specifics. They adopted a 2 fold campaign. Thus,
They want to target Bitcoin and Etherum investors by presenting and advertising their ICO on all social media networks and chats and other means of communication on the Internet. Both on free and paid adverts.
They also target the world financial community through press releases.
DISCLAIMER
The MELECOIN token is not to be sold or distributed in locations where it is not allowed lawfully.
The white paper is not an invitation to invest, rather it is for information and discussion purposes and can be changed anytime.
Thus, there are some circumstances which the company will not be liable for, which include;
Using services not compatible with the applicable terms.
Defrauding of the user by third parties.
Indirect loss or damages of business/profits.
Mismatch between the buyers needs and services.
Damages to apps and systems installed by the users
Suspension of access to services.
Security incidents relating to use of internet, concerning alterations, destruction, loss, alteration, unauthorised access to users details on the Internet.
The MELECOIN gold card can only be purchased in fiat currencies from MELECOIN Finance Inc. Or through appointed local gold coin dealers which can be found at www.MELECOIN.com.
Failure, malfunctions and inaccessibility of services due to third parties or breach of buyers obligations.
USEFUL LINKS
Website: https://melecoin.net
Whitepaper: https://melecoin.net/images/wp/EN.pdf
Telegram: https://t.me/Melecoincommunity
Twitter: https://twitter.com/melecoin
Facebook: https://www.facebook.com/MELECurrency
Medium: https://medium.com/@melecoin.net
LinkedIn: https://www.linkedin.com/company/melecoin
Instagram: https://www.instagram.com/melecoin/
AUTHOR'S DETAILS
Bitcointalk Username: Smartkeok
Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2661446
P. O. A: https://bitcointalk.org/index.php?topic=5293754.msg55831588#msg55831588