Hello from the MB8 Coin Team.
We have been working very hard in the background and we have some exciting news we can now share with you.
You will be delighted to hear that we listen, evaluate and then action any community feedback received.
We can now advise that the bulk of the distribution is now complete and we have received some excellent feedback from the community. MB8 Coin is a consumer-driven product and as such we always carefully consider all feedback received. We are giving customers a little extra time to complete the conversion process to MB8 Coin and once this concludes we will have the final burn/distribution numbers.
Over the last couple of weeks there has been a substantial amount of feedback on some common topics with most feedback being received on the following:
- Staking (Not being received often enough)
- QT Wallet compatibility with operating systems (Namely 32 bit windows)
- Self help guides (For example an area we are frequently asked questions with answers are publicly available).
The team at MB8 Coin felt it would be appropriate to put out this feedback as an update email, offering an update to the whole community on items that received a lot of feedback and the actions we will now take to best suit the whole community as opposed to only answering those that raised points.
Staking: Feedback received that staking is not frequent enough particularly for smaller investors.
In order to change the reward frequency, it is important to also consider the effect this change will have on the following parameters: Block time, Block reward, Daily/annual inflation rate and other items.
After a lot of intense evaluation, we have decided to run tests on a change to the Blockchain algorithm so that the annual percentage increase will be 1.75% annually from the circulating supply. This, in fact, is still likely to be 5% or greater on your MB8 coins held in your QT wallet annually as was previously stated and we will now explain why this is the case: Normally on a typical Blockchain a maximum of around 1 third of customers stake their coins, this means the 1.75% generated on the circulating supply annually will be divided only by those staking (Holding their MB8 Coin in a QT wallet), using the maximum number of participants that normally carry out staking on a Blockchain as a guide it is likely those staking could expect more than 3 times the 1.75% (We would estimate 5% and above)
In summary, 1.75% on top of the MB8 Coin circulating supply will be returned to those staking annually, this is estimated to equate to more than 5% on any MB8 coins held in a QT wallet annually. This means that the Block reward will reduce from 380 per block (For first 6 months) moving to 190 per block thereafter to around 8 per block, meaning all MB8 Coin stakers (Users holding there MB8 Coin in a QT wallet that participates in securing the network) will hit blocks more often. This would allow us to keep the MB8 Coin block time at 120 Secs, the return for staking estimated above 5% annually for those staking and the inflation rate should remain stable for hundreds of years not risking over diluting the supply already held by community members.
Should this go ahead after successful testing, to ensure that all community members are honoured correctly we will pay everyone that is a current community member (Strictly only applies to investors that are already part of the project) 10% upfront now in place of the staking that would have been generated for the first six months and additionally allow staking to be carried out based on the new algorithms being introduced from a predetermined Block Height (This means you would get 10% up front and paid again for staking during the first 6 months.)
Immediately after the new algorithm is confirmed as passing testing we will build a QT wallet that is compatible with 32-bit windows. (This will take around 48 hours from the new algorithm going live)
With regard to the feedback on the F.A.Q section, this has already been actioned and you can gain access to the frequently asked questions along with answers at the following link: mb8coin.io/selfhelp
Once this new algorithm proposal has passed testing we will send another update email explaining the steps you need to take and how to get your 10% up front, in the meantime continue staking. We expect this to be confirmed within the coming two weeks and at this stage, we just wanted to let everyone know the steps we are taking to best evaluate and action feedback received.
Below are additional questions and answers that we felt would be worthwhile sharing in this update:
What Cryptocurrency Exchanges has MB8 Coin applied to? and How long does it take?
MB8 Coin has applied to the following list of Exchanges, these typically take anywhere from 6-10 weeks from approval to be listed.
Integration into the Multibuy Network? When can I spend my MB8 Coin on Holidays / Shopping?
MB8 Coin has begun the integration into the new e-commerce platform (multibuyshop.eu), as this shop is having some major changes to its look and operation with a powerful combined effort from existing and new members to the team. The company would like to welcome and thank Michaela Hørdum for taking a controlling roll and with years of online business experience she is helping strengthen and improve our ecosystem so we are waiting for this to be complete before we go live on here. Multibuy Travel, the new travel site has gone live (www.mb8cointravel.com) and now we can begin integration into this new platform.
In addition, we are also rolling out an update to the P.O.S System used by merchants within Europe so they can accept MB8 Coin as a method of payment.
The existing Multibuy App and Wonderland Card will also be updated to show a Web-Wallet so you can spend on the go using the Multibuy App.
We would also like to say a huge thank you to Michaela Hordum who is working on the design layout for the new Multibuy Shop.
Remember to check out our FAQ Section at mb8coin.io/selfhelp where you can find common answers to questions asked by our community. Can’t find your answer in the FAQ Section? Ask us and we can answer it and publish it to the whole community.
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Thanks again for being a valued part of the MB8 Coin Community.
The MB8 Coin Team