MintPal V2 – Policies on addition, removal, verified markets and ICO escrows.

Introduction

The following is a tentative structure for the addition and removal of coins on V2 of MintPal, as well as additional policies in relation to verified market and ICO fundraising.

Path to Addition

A coin will be reviewed for addition, once the following requirements are met.

  1. Active development team.
  2. No major bugs in current release of coin.
  3. Strong community support.
  4. Functional wallet.
  5. Functional blockchain explorer.
  6. Is not yet another find and replace clone of Litecoin.
  7. Is at least 28 days old.
  8. A request is made by the development team to review the coin.

Once a request to us has been made, your coin will be put in to the queue for review. The review process will then generally start within 7 days.

Once we begin the process of reviewing a coin, a decision will be made within 7 days – and the details of this publicly announced. If a positive decision is reached, a coin will be added within 24 hours.

From time to time, we will add coins on our own initiative with no external involvement.

Where a coin has remarkable potential and a solid initial launch, we reserve the right to waive the 28 day requirement – but will make all reasoning behind this available to the general public in advance of any market addition. We do not foresee this happening with any sort of regularity however.

Path to Removal

The following are paths to removal.

  1. Coin has less than 0.2 BTC volume per week, for a period of 4 weeks.
  2. Coin abandoned by developers, with no new developers stepping up to take over. Essentially, if a coin dies.
  3. Request by the developers, where backed by majority sentiment within the coin community. If not backed by the community, we will not act on this request.

In the event that any of the above occur, a 10 day removal notice will be publicized. The markets will be suspended at this time, and no more deposits will be processed. Withdrawals will continue to be processed for a period of 60 days once removed.

Shortcut to Removal

While we hope not to instantly remove any coins (skipping the removal notice entirely), the possibility is there. Is there a hidden premine? Has the whole project been outed as a massive scam? We will hit you with a giant space laser from orbit in this scenario.

We will be taking great care with the addition of new coins in order to completely avoid this scenario.

Verified Markets

We will be introducing a new flag in the form of verified markets. A verified market is one that has met the following requirements.

  1. Developer identity verified (commonly known as POD).
  2. Valid roadmap published to the general public, with rough timelines also included.
  3. Functional wallet.
  4. Functional blockchain explorer.
  5. Functional website.
  6. Coin older than 90 days.
  7. A meeting between ourselves and the developers, to get a feel for the project and the people behind it.

We will be adhering strictly to data confidentiality as per our legal requirements (we are a registered data controller with the Information Commissioner’s Office), and your details will only be passed over as a part of any legal request arising from negligence or fraudulent activity on behalf of the developers in question.

A coin can be flagged as developer identity verified without being flagged as a verified market.

Escrow / ICO Policy

We have learned from our past experiences with escrow and ICO procedures, and will be introducing the following general terms for future fundraisers.

  1. Any coin offering an ICO, will not be allowed any additional premine for developer rewards. The funds from an ICO should be sufficient.
  2. An ICO must last a minimum of 72 hours, and no longer than 2 weeks.
  3. Funds will not be released for a period of 7 days, once the ICO has ended.
  4. If the coin is not released during this 7 day window, the ICO will be cancelled, and all purchases refunded.
  5. A coin must have a minimum of a working wallet, blockchain explorer and any core features advertised by the ICO (unless described as having later delivery).
  6. A coin must resolve any major bugs interfering with general operation of the coin, within the 7 day window, plus an additional 72 hour overflow window if bugs become apparent towards the end of this period.
  7. If major bugs are not resolved during this window of between 7 and 10 days, the ICO/escrow will be cancelled and all funds will be refunded.
  8. Refunds will be processed via either direct return where coins have not been traded, or via ICO level buy walls for those that have.
  9. Fees for this process are negotiable on a case by case basis.

These terms are adaptive, but any future ICO and escrow arrangements will have all terms publicly available.

MintPal V2 – Tentative market listing.

If a coin is not listed below, it is scheduled for removal with the launch of V2. If a coin is listed below and has not been previously traded on MintPal, it is scheduled to be added with the launch of V2.

We will be listening to comments and suggestions from the public in relation to this list.

Auroracoin
Bitcoindark

Blackcoin
Cloak
Cryptcoin
Crypti
Darkcoin
Digibyte
Dogecoin
Einsteinium
Faircoin
Feathercoin
Fluttercoin
GreenBacks
IOCoin
Jackpotcoin

Karmacoin
Librexcoin
Litecoin
Maxcoin
Mazacoin
Mintcoin
Monacoin
Monero
Myriadcoin
Nautiluscoin
NXT
Pandacoin
Peercoin
Pinkcoin
Quark
Razorcoin

Reddcoin
Shadowcoin
Supercoin
Sync
Syscoin
Vericoin
Vertcoin
Viacoin
XCurrency
Zetacoin

We’re taking over MintPal, here’s what you need to know.

So, we have some fairly big news here at Moobase Alpha.

Lately there have been a number of rumors flying around in the aftermath of the recent attack on the MintPal trading exchange. One of the most prominent has been a number of people stating that we are taking over MintPal… and we’re happy to say that this is true!

In my opinion they were (and still are) one of the better exchanges out there. They have a great UI, a number of diverse markets and a highly active user base. The exchange has a number of great points, and the entire moolah.io team felt as if we could take it to the next level. With a full revamp in terms of security and performance, MintPal could be taken to new heights.

I (Alex Green, Founder and CEO of Moopay LTD) tentatively reached out to their management and let them know that we were interested in opening up talks in regards to an acquisition, if it was something they were interested in. After a number of conversations with the current management of MintPal we reached an agreement that both parties were comfortable with, and are just waiting on the paperwork to be signed (which will be happening this week). The takeover will be executed during a handover period taking place in August, and there will be no downtime on the platform as a result of this. The first thing that we will be doing (starting today), is a full audit and review of the infrastructure and code base, and putting it in any necessary fixes. After this, we’ll be getting a 3rd party in to do an additional audit to see if there is anything we have missed. We intend to make MintPal a secure platform, and security is something we are very good at.

Our first action to take regarding MintPal, is to beef up the security, make a number of performance tweaks; do a formal audit and review of operational procedures. Once this is done, we will focus on introducing new features to both platforms. They already have a great platform, we just need to make sure that all the doors are locked, and that none of the windows are open.

As a result of this acquisition, we are intending to separate https://trade.moolah.io/ and https://mintpal.com/ as follows.

MintPal will now be the go-to place for divergent altcoin markets with coin based pairings. To start, we will be using BTC as a pairing coin. We will be culling a number of “dead” coins currently on the exchange, and will actively add and remove coins to the platform as required. We are unsure as of yet, as to whether or not we will reintroduce voting to the platform. One thing we are sure of though, is that we will be taking active measures to ensure that “scammy” premine coins will not be introduced to the platform, and will instead be focusing on proven or interesting new markets.

Our Moolah Trade platform will be the equivalent for FIAT markets, starting with USD (already present) – and AUD, CAD, EUR and GBP to follow. As a result, we will be removing the coin based pairings from Moolah Trade on August 7th, 2014. Moolah Trade will focus exclusively on making it easier to get involved with digital currencies, which means we will be working tirelessly in order to bring our instant buy/sell and local payment mechanisms online as soon as possible.

Both platforms will soon see the introduction of new features such as advanced trading options, stop losses, streamlined mobile and desktop interfaces, and much, much, more. We would love to hear from you in regards to what features you would like to see on either platform, or any issues you have with what is currently there.

We are focused on building secure scalable platforms, and we’ll be bringing this experience and mindset to the table with this new partnership. Whilst this is happening, we’ll be retraining our support staff and introducing a number of new tools to help make their jobs even easier. At the end of the day, this means an even higher level of customer service for our customers.

Our new exchange is about to launch, here’s what you need to know!

Our new exchange is ready for launch, and while we’ll be doing a formal release post when the exchange goes live at 6PM GMT tomorrow, we thought we would run you through a few key points.

Charts

Finally, charts that don’t suck! And other wonderful statistics!

Deposits and Withdrawals

BTC Markets

Deposits to an exchange address are applied to your account once {n} confirmations are received. {n} will vary depending on the coin. For Bitcoin, it is 3.

You can instantly transfer from a consumer wallet to an exchange balance, with no fees incurred.

Withdrawals are generally processed within 15 minutes, unless your withdrawal is flagged for manual review. If you have 2FA enabled on your account, you will be required to enter your Authy token on any withdrawal request. You will be required to enter your password regardless of this.

USD Markets

Card Payments

We have encountered a couple of eleventh-hour issues with card processing for payments, and are in talks to rectify this. We hope to have an update by 22nd July.

Bank Transfers

Deposits are now processed and applied to your account within 24 hours of being received.

Withdrawals are now processed within 24 hours of being requested, on working days. Once processed, you should see money arrive in your account within the following timelines.

  • United States – 2 working days.
  • Rest of World – 5 working days.

Withdrawals within the United States are free. Withdrawals to the rest of the world currently incur a $40 payment.

We are finalizing the paperwork on SEPA, Faster Payments and Interac. We don’t want to delay the launch any longer, so we’re going to go ahead without these on a temporary basis.

While we are apparently live for ACH, we are currently unable to submit batch files. Our COO is going in to his local branch tomorrow to speak with our banking manager, to see why this issue has yet to be fixed. As soon as it is, you’ll be able to deposit and withdraw via ACH – we’ll keep you up to date!

Trading Options

Advanced Mode (Default)

Trading as you’re used to.

Easy Mode

In easy mode, trades are executed based on the average market price principle. Think of it as an instant buy/sell method. This means that your order will execute at the best available price, but may consume a number of different orders and rates. As a result, we can only give an estimation of either how much it will cost you to buy a set amount of DOGE, or how much DOGE a set amount of BTC will get you.

If the last thing you did before hitting Place Order was to enter an amount in BTC in the Total box, we will get you as much DOGE as we can for that amount. You will not spend one satoshi more or less than what you entered. If instead you opted to enter an amount in DOGE in the Amount box, we will get you that exact amount of DOGE for as little BTC as possible – though the amount you pay will vary.

Instant Buy / Sell

This option will be available as soon as we deal with the card issues outlined above.

FIAT Verification

We will be introducing tiered verification. Further details on this will be coming tomorrow, but it essentially works like this.

  • No Verification: No ability to deposit or withdraw USD.
  • Basic Verification: Verify your identity via ACH (in the United States), or via a credit or debit card (a $1 charge will be applied). You are able to deposit or withdraw up to {n} USD per day / month.
  • Full Verification: Verify your identity with a government issued photo ID, and proof of address. There are no limits.

Basic verification will be introduced with the launch of the exchange tomorrow.

Technology and Performance

  • Trades are now placed via a socket connection, which pushes your request to our messaging broker; which is then picked up by our main event loop.
  • Trades are matched and executed in sub 5MS, where there are matching orders.
  • Trade requests are placed in less than a second. The actual time below this it a trade takes to place depends on where in the main event loop we currently are.
  • You will see notifications when you attempt to place a trade, when one is placed, when one is executed (partial completion), when one completes or when one is cancelled.
  • We now use PubNub for all read-only data, for maximum performance efficiency.

Currency Exchange

We will be making it easy for you to send FIAT to friends and family, and convert between FIAT currencies. This is on top of our existing digital currency offerings.

Details on this will be coming later in the week.

Screenshots

These screenshots are of an older build, but show most of what is there now!

Merchant: Vericoin FIAT now live.

Vericoin is now live for instant FIAT conversions and local payouts for merchant on our new V2 platform.

As of July 4th, verified accounts will be able to instantly toggle conversions on and off at the drop of a hat. We will also be reopening verification at this stage.

General: An apology.

We know that lately, our standards of service have slipped. We have grown too large too quickly, and we’re playing catch-up from an operational perspective. As of this week, this all changes; but we are still deeply sorry if you’ve had support tickets go unanswered, or issues with our legacy platform.

If in the past we have let you down, again, we are greatly sorry.

Prelude: A new beginning.

We will be phasing out Prelude very shortly, and replacing it with an improved trading platform. The improved platform features both easy (average market price) and advanced (many options) trading flows; with support for both coin/coin and coin/fiat trading.

We will also be launching our instant buy / sell solution as soon as the paperwork is finalized in regards to the legal side of things (we’ve sent off what we hope is our last bit of paperwork), but following internal discussions, have decided to also keep up the (highly revamped) public exchange. The new exchange will has the development name “Prelude”, but will no longer be branded as such.

We are expecting to launch the improved exchange on July 4th.

General: Banking options.

The following local banking solutions are in the final stages of being brought online (imminently), these will allow for fee-free (or close to) high speed deposits and withdrawals in the relevant regions.

  • Canada (Interac)
  • European Union (SEPA)
  • United Kingdom (Faster Payments)
  • United States (ACH)
  • Worldwide (Card Payments)

We are looking in to local options in Australia, China and Japan; and hope to have more information for you in the near future.

Consumer: New account types.

Consumer

Account Types

  • Instant Access
  • Instant access accounts will be the new name for the existing account type on our consumer platform. This gives you 24/7 access to your funds, with no withdrawal delays. Support for two-factor via Authy, and PIN entry, are both present with this type of account.
  • Heightened Security
  • Heightened security accounts give you quick and easy access to your money, but include additional levels of security – with all withdrawals having to be manually approved. Security methods you can add to this type of account include multi-entity authorization and custom security processes that you can request.
  • Interest Bearing
  • Interest bearing accounts are only available on coins where staking is available, such as Vericoin and Blackcoin. Your coins will be staked and earn interest.
  • Cold Storage
  • Cold storage wallets are dedicated private / public key pair combinations, not connected to any online accessible entity. They are stored in a secure unit, and intended for long-term security. Gaining access to your private key to import your wallet, or requesting a sweep of it, can take up to 72 hours. When requesting access, you will be required to go through a security process tailored specifically for you (which will be discussed when you create the account).