Monetran will make transfers of money in seconds on a global scale
The tokens, known as Moneda, have been promised free to investors as a perquisite of owning membership units in the company. Every membership unit, which is analogous to a share in the company, has been granted one token per unit, with some investors gaining additional tokens based on the volume invested and/or early investment. The Moneda will be dispersed to investors in the order in which the investments were made.
“We believe that delivering the tokens to investors in timely order is the fairest way to distribute the Moneda,” Monetran's CEO Don Bielak said. “Those investors who have been waiting the longest should be the first recipients of the tokens. I suppose that's the 'first come – first served' policy that most companies employ, and it does seem to be fair to all concerned.”
To receive tokens, investors will be required to open an account with Monetran. Once Monetran establishes the identity of the investor, the amount of tokens promised will be transferred to that investor's account.
Once the investor has the Moneda tokens in possession, they may be sent or redeemed though their account with Monetran. The investor may also save their tokens indefinitely.
Because Monetran is built on the Stellar network, users will be able to transfer Moneda tokens to other Monetran account holders using a “federated ID.” A federated ID takes the place of a long string of cryptographic numbers, symbols, and letters – known as a public key – which is used to identify an account. A federated ID looks like this: firstname.lastname@example.org*wallet.monetran.com. Federated IDs are far easier to remember and makes mistakes in transferring tokens much less likely to occur.
“Federated IDs eliminate a lot of the complication which exists in using a long string of cryptography to identify accounts,” Bielak said. “We believe that anything that can make the process simpler is of great benefit to the user and will go a long way toward helping adoption of cryptocurrency in general.”
The company hopes to have everything ready to begin distributing tokens by November 15.
Monetran is currently engaged in an SEC Regulation Crowdfunding on the portal Netcapital. Equity units, which include a free Moneda token, are available for $1.25 per unit.
The company website can be accessed at www.monetran.com