Moneto ICO: MTO Token For Instant Loans Backed By Bitcoin?
What Is Moneto?
Moneto claims to issue instant loans secured by bitcoins, and is in the process of launching a private pre-ICO. The platform works by lending bitcoins to other users in a P2P environment, and connects both lenders and borrowers together in an easy to use platform.
How Moneto MTO Token Instant Loans Backed By Bitcoin Works
Moneto works by connecting lenders together through the Moneto platform. Customers simply sign up and delegate how many bitcoins they’d like to lend or borrow. Customers supply their financial information like debit or credit card numbers and will then get their bitcoins sent to a designated wallet address.
There is also an opportunity for people to buy their bitcoins back at the same rate, minus a small processing fee charged by Moneto.
Moneto is yet to release its offerings to the general public, but this is something that the company is working hard to supply to the open market.
Below you can see the roadmap for how Moneto plans to launch its service offering.
- Q3 2017: Idea and market analysis, and demo application development
- Q4 2017: Whitepaper and smart contract development for the Moneto platform
- Q1 2018: Company registration and VQF membership agreement, start of Pre-ICO. Interested parties can register on Moneto’s platform to get informed about the Pre-ICO
- Q2 2018: Team development and production ready application, ICO
- Q3 2018: Token listing for Moneto tokens, payment systems integration and application launch
- 2019: Expansion into new markets, including commercial and retail fields to help increase the adoption of the platform
Moneto claims to be headed by a team of experienced coders and business development professionals who all have a keen interest in blockchain technology. Moneto is also overseen by a board of independent professionals to ensure that the system works as it is intended.
- Michail Gabov: Co-Founder
- Andrew Grishchenko: Founder
- Andrew Maxunov: Project Lead
- Mikhail Baranov: SMM
Moneto Web Application
For new users to test out of the functions of Moneto, the team has released a web application that can be found on the company’s homepage. Moneto’s web app works in the testnet bitcoin network and does not make real-time transfers to bank cards. The application is used for demonstration purposes only but still provides an overview for how the Moneto platform works.
To get the most out of the demo application provided by Moneto, customers simply follow these steps:
- Install the provided wallet software with testnet support like the Bitcoin wallet for testnet, BitMari or Copay
- Buy some bitcoins and send the bitcoins to the wallet address
- Go to the demo.mone.to link and test out the platform
Moneto is one of the many different lending platforms that have emerged for bitcoin and other cryptocurrencies. Although the platform looks promising for investors, there are still some technical and even regulatory hurdles that the company will need to overcome if the platform is to be successful.
People who would like to keep up to date with Moneto can sign up to the platform’s newsletter that can be seen on the company’s website.