FAQ

Manncoin FAQ

Yes, Manncoin is registered with the Isle of Man Financial Services Authority (IOMFSA) as a Designated Business under the Designated Businesses (Registration & Oversight) Act 2015.

No. Manncoin is intended to be a form of currency, not an investment asset like a lot of other cryptocurrencies. The original idea behind Bitcoin was that it should be used as currency, there was no intention by the creator (or creators) that it would become an asset class for speculative investment. Much like the initial idea of Bitcoin, Manncoin positions itself as a means of currency used for goods and services on the Isle of Man.

No, currently Manncoin is not on an Exchange. However, we hope to be able to offer this in the future subject to Regulatory approval from the Isle of Man Financial Services Authority.

Currently you cannot buy Manncoin; however, we hope in the near future you will be able to buy Manncoin.

No. Mining would allow the ability for an individual to create a 3rd party Manncoin Wallet which could circumvent the KYC procedures and allow users outside of the Isle of Man to use Manncoin. This would contravene the Isle of Man Financial Services Authority (IOMFSA) requirements, potentially exposing Manncoin to risk of abuse and unaccountability and putting the Islands reputation at risk.

In addition to this, the complexities with setting up a mining node would not be possible for most people. This would create an unfair advantage for a small minority of people on the Island with the technical skill to create a node.

Yes. Unlike many new coins and tokens that run on top of existing Blockchains such as Ethereum and Binance Smart Chain, Manncoin runs its own unique Blockchain. This was necessary for a number of reasons including KYC and Regulatory oversight.

Manncoin is what would be described as centralised, in that the Blockchain and nodes are currently administered and controlled by ManxTech, similar to Ripple. Given that the technology is proprietary and that ManxTech is a Designated Business with the Isle of Man Financial Services Authority, we are obligated to ensure that AML/CFT regulations are adhered to. Decentralisation at this stage would not allow ManxTech to comply with these regulations. There is a plan for the future to potentially develop a decentralised solution that would comply with regulatory obligations.

It will be valued by the Market (ie. what someone is willing to pay and/or accept in comparison to its value in Pounds [£]). We expect to be able to show a daily value of MANN/GBP in the near future from the organic usage of Manncoin.

Download a Manncoin Wallet, register within the App and you will receive five Manncoin via our AirDrop system, for free. You will be able to trade with Manncoin on the Manncoin MarketPlace, but also we hope to be able to sell Manncoin directly to the public soon (subject to regulatory approval) and in the future Manncoin should be available to buy & sell on an exchange.

Currently Manncoin charges a nominal transaction fee for each transaction, 0.0001MANN.

We are working on a concept where fees are collected and redistributed back to all wallet holders as Airdrops, with a bias toward the most active Manncoin wallets.

There are no other fees involved with Manncoin.

Manncoin transactions are virtually instant to send & receive and are fully verified on the Blockchain in under 60 seconds.

ManxTech Limited is the company behind the project and our Development team can be found on our website.

Originally yes, but this is somewhat obsolete, instead we are now going to create a ‘Technical Specifications’ page. (Link coming soon).

Manncoin is designed only for use within the Isle of Man.

Any Manx National or Resident and any Business trading in the Isle of Man is eligible to obtain a Manncoin Wallet, subject to complying with KYC.

Manncoin MarketPlace, manncoin.im, is the place where you will be able to find everything you need to know about who accepts Manncoin, where they are and what they are offering.

We require all users to sign up with their ID documentation, for the following three reasons:

  1. Manncoin is registered with the Isle of Man Financial Services Authority as a Designated Business under the Designated Businesses (Registration & Oversight) Act 2015 which requires Manncoin to follow Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislation.

  2. With every single Manncoin Wallet user identifiable from the outset, users are discouraged from using Manncoin for illegal activities. Manncoin believes that the longevity and success of the cryptocurrency industry depends on this good practice going forward and those who do not address AML/CFT, will over time simply fall by the wayside in the legitimate marketplace.

  3. We want to ensure that the initial users of Manncoin and AirDrop recipients are either from or based in the Isle of Man. As Manncoin is specifically designed for the local Manx community we do not want, at this stage, for anyone not linked to the Isle of Man to receive Manncoin.

No.

No. ManxTech is registered with the Isle of Man Information Commissioner as a controller and processor of information and will not sell or provide any of your data to any 3rd Party and your data will be stored securely and responsibility. No marketing or spam will result from signing up or contacting Manncoin. We may send emails to notify you of new places you can use Manncoin and updates on technical developments.

An AirDrop is the distribution of a Cryptocurrency, usually for free. AirDrops are primarily implemented as a way of promoting awareness of a new cryptocurrency project and providing free coins to a community or group of followers.

If you download the Manncoin Wallet App and complete the KYC you will automatically receive five free Manncoin via an AirDrop, once your KYC registration has been approved.

A 51% attack refers to an attack on a Proof-of-Work (PoW) blockchain where an attacker or a group of attackers gain control of 51% or more of the computing power or hash rate. PoW is a system of consensus used by blockchains to validate transactions.

In a pump and dump scheme, fraudsters typically spread false or misleading information to create a buying frenzy that will “pump” up the price of a stock or crypto and then “dump” shares of the stock or crypto by selling their own shares/coins/tokens at the inflated price.

KYC means ‘Know Your Customer’ or sometimes ‘Know Your Client’.

KYC checks are the mandatory process of identifying and verifying a user’s identity.

(“AML/CFT”) stands for, Anti-Money Laundering and Countering the Financing of Terrorism.