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July 17, 2017, 10:42:08 PM |
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I’ve been a member of the Monkey Capital Slack community since almost its inception. It is comprised of a rapidly growing group of active participants in the MC concept. Their devotion to the idea is fueled by the frequent interactions with the innovator behind Monkey Capital: Daniel M. Harrison.
Daniel is what one could describe as a forceful personality; he speaks with great passion about complex concepts that he has obviously deconstructed and analyzed on a granular level. He is a self-styled extremist about his ideas and the community that is growing around them. Despite what has to be a crushingly busy schedule he takes great care to be accessible on the channel and will answer any questions put forward to him; even uncomfortable or rude ones are answered honestly, completely, and backed up with actual evidence if needed.
The entire concept of Monkey Capital and its cooperative model is far too complex for me to cover fairly; you can read an exhaustive description in the whitepaper (version 3 to be released any moment) on their website. I do, however, want to explain part of the idea around a token that MC has issued called COEVAL.
Mr. Harrison describes COEVAL as “embryonic.” This can be a difficult idea to digest at first but it is an important one to wrap your head around if you are going to understand how Monkey Capital is going to benefit its token holders in both the short and long terms. I am going to attempt to put it in as plain language as I can.
First off, COEVAL was issued to have a limited supply. 100,000 were minted but then 35,000 were burned and another 16,000 have been locked away in a safe wallet that can’t be opened. It is actively trading as a verified asset on the Waves exchange with the following ID:
7iuKMcC6TKnwipSMZFRTQNh5kwpEU2F8h8wB569qhekf
Here’s where it starts to get complex but bear with me:
Anyone holding COEVAL in a wallet on Sept 9, 2017 will receive 10,000 MNY tokens per COEVAL in their possession while retaining the COEVAL themselves. The MNY will be transferred directly and automatically with no need to claim them. MNY is the token that Monkey Capital will be using in their public ICO.
Monkey Capital is using the ICO proceeds from the sale of the remaining MNY to engage in cooperative relationships with several other firms who will in turn use the capital infusion to launch or enhance already existing projects. (The whitepaper has specifics.)
As these firms bring in revenue they will share it with Monkey Capital who will turn around and release it as dividends to anyone holding MNY tokens!
Here’s the twist: The dividends will be paid in COEVAL. This means that Monkey Capital will have to take the fiat currency they are distributing, use it to buy COEVAL from the exchanges at market price, and then send those COEVAL to the holders of MNY.
Bottom line: holding COEVAL gets you MNY (at ICO) and holding MNY gets you COEVAL (after ICO).
That’s as far as I will go right now but be aware this only begins to touch on the benefits of the Monkey Capital model as a whole. There are going to be subsequent ICOs launched for different lines of investment and there are advantages to being a holder of both MNY and COEVAL when those happen later in the year.
I highly encourage you to read the whitepaper and then come join the Slack channel and ask the community, or Daniel, any questions you have to make up your own mind.
It’s also important note that I am not affiliated with Monkey Capital in any way other than being a holder of COEVAL tokens and being quite charming on the Slack channel to what I can only assume is everyone’s delight. If anything I stated conflicts with the whitepaper then I am in the wrong and none of this represents any promises from Monkey Capital.
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