The FLOGmall team is happy to announce the successful completion of its ICO PreSale, during which the target soft cap was reached. Currently, over 500 thousand dollars, or 387 ETH, has been raised from 26 investors. The PreSale phase took place from December 14, 2017, to January 14, 2018, with a Mallcoin exchange rate of 6000 MLC to 1 ETH.
What Is Mallcoin?
FLOGmall has introduced an open-source cryptographic token, Mallcoin. Mallcoin is a cryptocurrency that will be able to be used as payment in the FLOGmall platform. The token will be used as a payment unit for all transactions in the FLOGmall system and as a basis for interaction with other digital services.
Mallcoin is a limited-edition token. It is not a subject to long-term inflation. Mallcoin tokens are equivalent and translatable. A plan is in the works to trade Mallcoin on cryptocurrency exchanges.
FLOGmall’s primary and most attractive innovation for its participants is the built-in automatic token exchange system (ATES) for Mallcoin. The system is simple and transparent, with an internal token exchange rate, as well as a clear algorithm for trading tokens between the platform’s buyers and sellers.
The functionality of this service is partially similar to an internal mutual commitment service. An automatic token exchange happens in return for beneficial activity on the platform.
When buying FLOGmall tokens at the pre-ICO or ICO phase, a user who wants to become a token holder receives a significant discount on purchasing them. Once the primary ICO has concluded, the platform will initiate the monetization process by providing additional services and functionality. The platform will make a commitment that the token exchange rate in the ATES will be higher than the rate during the pre-ICO and ICO.
Token holders will gain an access to the ATES after the platform launch. They can use the ATES to exchange the tokens they received during the ICO phases both with sellers and other users of the platform’s services. In this way FLOGmall will share the platform’s revenue with token holders from day one. Token holders can also sell their tokens to any user who sees a potential for token growth as a result of the token being issued on the exchanges in the near future.
The next phase will be the Pre-ICO, which will be conducted on the FLOGmall platform and a crowdfunding platform from February, 22 up till March 8, 2018. The soft cap for this phase is set at $2.5 million, and the Mallcoin exchange rate will be 3000 MLC to 1 ETH.
Next is the ICO phase, which will take just three weeks. It will be conducted from March, 22 up till April 12, 2018, with a soft cap target of $5 million. The Mallcoin exchange rate will be 2000 MLC to 1 ETH.
Ethereum, Bitcoin, and other cryptocurrencies can be used to participate in the ICO.
The current plan is to issue 250,000,000 Mallcoin tokens (MLC). The Mallcoin sale price is pegged to Ethereum and will change from one sale phase to the next. This means that as the Ethereum exchange rate rises, so does the Mallcoin exchange rate, and vice versa. For the convenience of ICO participants, the approximate USD value of Mallcoin will be displayed, automatically recalculated based on the current value of Ethereum as of the current date.
About the Project
FLOGmall is an international e-commerce platform created for users from around the world who buy and sell various goods and services with tokens. As of now, there no real analogues to this service. Stores will be displayed on FLOGmall in a new, unique format called LiveStore. The “live store” is a combination of blog and video content about sellers, stores, goods, and services.
When working with FLOGmall, sellers will no longer need expensive marketing. FLOGmall makes it easy for them to create their own marketing campaigns to directly attract buyers.
Meanwhile, buyers will have the opportunity to purchase mass-market goods for cryptocurrency. Various electronics, appliances, clothing, and other day-to-day items will now be available to token holders.
New directions for services including real estate (renting, sales), digital marketing, financial services are planned to develop.