[ICO Update] MarineCoin ICO Follow-up Review!

burstingquads (26)in #cryptocurrency • 7 years ago (edited)

It has been exactly a month since I reviewed MarineCoin and its ongoing ICO. A lot has happened since then, and I’m here to report on the progress of this project.

To see my first review, go here: https://steemit.com/cryptocurrency/@burstingquads/ico-free-ico-alert-marinecoin-and-my-review

I found MTC on bitcointalk.org pretty much by chance, and as one of the earlier members, I’ve been helping the community grow and navigate the waters of the MTC ICO (TBH, it hasn’t been exactly a smooth sailing. However volunteers are working to simplify the ICO process for new members!)

Community Growth

From a 10ish member community, the MarineCoin community has grown to over 3,000 people in a month. Each member has received 450,000 MTC as promised, as a compensation for their promotional effort.

One of the misconceptions people have about the MarineCoin project is that it must be a scam since there is no whitepaper or a roadmap. We’ve had great conversations about the current tech and the future of the MarineCoin, as well as other upcoming projects that are built within the MarineCoin network, but mostly the information has stayed internal as new information tends to spring up on us during casual conversations…:p (specifically Discord, where the dev is most active). Community has voiced the need for creating a whitepaper, or at least some kind of compilation to help potential and current members better understand the project. Volunteers are working on this as we speak.

It is important to remember that there is no core dev team or marketing team that we can transfer the responsibility of growing a community. In my experience in crypto, it’s rare to find a currency that is completely community-backed. Typically, by investing in a cryptocurrency project, we are implicitly agreeing that we outsource the effort and work needed to accomplish the goal to other people. This is why cryptocurrency is considered a security offering. In the MarineCoin ICO, the coins are distributed for free of charge, as long as people follow the ICO instruction and help spread word about MTC (Proof of Promotion). You have the option to trade MTC at f1cx.com, MarineCoin’s proprietary exchange if you want, or just hold the free coins. You can participate in the community building activities as much as you want, or not at all. It’s up.to.you.

Future of MTC

Without divulging too much since there will be a whitepaper, I just wanted to shed light on new developments that have been announced.

The short term goal is to complete the distribution of 450,000 MTC each to 20,000 qualified participants.

MTC is not dependent on developers or miners. In 2015 there was a crash in crypto and miners abandoned the MarineCoin network. Since then, MTC’s core has been improved not to be influenced by miners, EVER. All pre-mine supplies of the coin are being distributed for free, and 450,000 MTC is way more than what you would’ve gotten from mining for 3 years.

Future updates to look forward to:

1. Jarvis Project ICO
This will happen when the MTC ICO is over. 1 MTC = 10,000 Jarvis will be offered to 1 million people who are interested. To access proprietary information about Jarvis project, which is not decentralized or open-source because of its AI functionality, a person must become a member of the Guardianship program.

Jarvis is the first coin that is being created on the MarineCoin network, and its value is tied to MTC in such a way that Jarvis is only created by sending MTC or destroyed by sending Jarvis to MTC. This is an exciting concept as it provides the freedom to create any coin on the MarineCoin Core, however the value of the new coins is fixed by a predetermined number to MTC.
(https://www.reddit.com/r/MarineCoin/comments/82dami/update_march_5_2018_jarvis_coin_revolution_new/)

2. Guardianship Program
Marinecoin blockchain is maintained by guardians. Anyone can become a member of guardianship program with 10 million MTC signed wallet, and successfully pass the seed node verification process with a privately owned domain name. Guardianship improves the MarineCoin decentralization and removes the potential of harmful code changes. It should be noted that the MTC network will not slow down even if there is no guardian. (https://www.reddit.com/r/MarineCoin/comments/80u78w/update_feb_27_2018_guardianship_seed_node_jarvis/)

3. Marketing Plans
The current MarineCoin Core team is based out of a private school IT department, including students and faculties. Some members will disclose their identities after the ICO is complete. The MarineCoin project is funded by the MarineCoin Foundation, which has made lots of money in the past several years investing into btc, ltc and doge. A more comprehensive marketing campaign is in the works, due to begin after the ICO. (https://www.reddit.com/r/MarineCoin/comments/7ygbbc/update_feb_18_2018_ai_jarvis_core_dev_funding/)

Disclosure: I am a community member and not an expert in the tech part of MarineCoin. While I try to explain things to the best of my ability, there may be mistakes or misinterpretation on my part. Please DYOR, and feel free to reach out to the community if you have any questions about the project.