ICO Review: Mingo Coin Wallet and Chat
Dates:
- The private sale runs March 13th until April 9th at 23:00 GMT.
- The public sale runs April 9th at 23:00 GMT and Ends May 21st at 23:00 GMT
I was asked by a reader to take a look at the Mingo ICO. So I'm sharing my ICO Review of the Mingo Coin Wallet and Chat with you. Currently, Mingo is an instant messenger aggregation app that supports Facebook, Twitter, Steam, Discord, Slack, Skype and IRC Cloud. Mingo hopes to expand into cryptocurrencies with a fiat to crypto wallet and a social incentive system that allows users to earn Mingo coins.Currently, Mingo is an instant messenger aggregation app that supports Facebook, Twitter, Steam, Discord, Slack, Skype and IRC Cloud. Mingo hopes to expand into cryptocurrencies with a fiat to crypto wallet and a social incentive system that allows users to earn Mingo coins.
Mingo is a set of supporting products. MingoMessenger is a messenger app with functions built in to discover, share, and transact with your friends and contacts. MingoWallet is a proposed multi-currency wallet and tutor which also rewards users for learning progress with real cryptocurrency. Mingo Wattlet is supposed to provide liquidity between fiat currencies and cryptocurrencies including Bitcoin and some Altcoins. MingoCoin is the cryptocurrency of Mingo that is supposed to drive user adoption.
Mingo Chat has been deployed for over 3 years and is growing. Mingo currently claims to have over 50,000 users in more than 100 countries. Users are able to view all their messages several of their messaging providers as a single feed that is grouped by his or her contacts.
So what Mingo is doing is trying to add a crypto wallet to a social app while introducing it's own cryptocurrency. This will provide revenue to Mingo via the hoped-for appreciation of its ICO introduction of a unique cryptocurrency, and fees from currency conversions.
Mingo claims to make getting started in cryptocurrency as simple as downloading an app. Users are then able to send and receive the built-in cryptocurrency MingoCoin and exchange between a list of crypto and fiat currencies. Users can carry out transactions with MingoCoin using the MingoMessenger.
Mingo has a partnership program. Mingo is building new partnerships and hopes to add value to it's offering with these alliances. Mingo claims this added value is evidenced by their existing partnerships including Xunison, a home automation and streaming company, and CYFX, a forex trading company that gives Mingo liquidity.
The strategic relationship with Xunison can provide as many as 1.2 million users in the near future. Each of those new customers will be able to use Mingo to manage their accounts with these companies. They will also pay their monthly subscription to Xunison using MingoCoin. This relationship is hoped to give Xunison’s 20 million users access to Mingo and increase Mingo's usership.
ICO Review Opinion:
- I like Mance Harmon's (with Hadera Hashgraph) experience and track record. I get his experience as I have similar work experience to him in some areas, of I.T. Architecture and Infrastructure also, working in management on a similarly sized software project. This man is a winner and his presence on the project. His presence is a plus for both Hashgraph and Mingo.
Ken Anderson - CTO Sounds capable but I would have liked to have seen some relevant Blockchain experience on his resume.
Joe Arthur CEO Mingo Chat - Very little on this mans history. He may be there since he sold the bigger idea to Mance Harmon based on his company Mingo.
If Harmon were to leave the project, I would be concerned.
A plus - The team consists of experienced, mature people, not faceless kids who do not give their real names.
- Mingo, Vulnerabilities for Mingo, include the following:
An ambitious roadmap for development on the given timeframe.
I am not sure the users will like the main idea (and its value) of the project "to merge accounts from all your favorite messaging providers into one app".
Also, the White Paper is too short and lacks financials
They have opened a Telegraph channel which means they are willing to engage and build an active user community. Telegraph, Slack, or Discuss are great ways to follow a development and deployment of any Blockchain project.
- Hashgraph has never been deployed in the real world, and it will be supporting a complex project out of the box.
Hashgraph should very promising as a concept and I'm sure as a past Software Analyst, Software Quality Control Manager, and Project Manager that they have subjected Hashgraph to some lab tests with robotic testing. They no doubt used this as a projection of 20,000 transactions per second compared to 10 transactions a second to Bitcoin. Real world results may vary.
Mingo may encounter a lot of unknown problems, and perhaps security risks in accessing so many social media platforms.
- I signed up for the Pre ICO buy and will consider this ICO between now and April 9th when it opens to the public. Investing in any ICO is a gamble. Most I've chosen were winners, some huge, a couple I was not so sure about I invested smaller amounts in lost value and one is still tied up in a huge lawsuit between it's founders.
Conclusion
Overall, This ICO is a maybe for me at this point. Please follow me so you will be notified when I update this post prior to the public sale with my final conclusion.
Twitter Feed: https://twitter.com/mingochatapp?lang=en
Website: http://mingocoin.com
Telegram Channel: https://t.me/GoMingoCoin
Link to the White Paper, Roadmap, Team, and to Join the ICO Whitelist: https://mingocoin.com
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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
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