MKYC Token Definition
Do You Have Any Questions?
Let us help you to understand our terminologies, definitions, expectations, and other relivant questions to this opportunity.
What is an MKYC token?
A tradeable digital token that can be used as a currency, a representation of an asset, a virtual share, a proof of membership or anything at all. In this case, an MKYC token is a digital currency that will be used to pay for staying in any of the Cayman Condos units ranging from one-bedroom to four-bedroom units. These tokens use a standard coin API so your contract will be automatically compatible with any wallet, other contract or exchange also using the Etherium standard.
How do I purchase an MKYC token?
Participants of My Cayman Condos ICO will be able to purchase MKYC tokens after depositing funds on their user accounts. Payment methods will include several cryptocurrencies, wire transfer, Local Cash or cheque deposits, and direct local money transfers.
You will need to complete our KYC registration to participate. Please read more on our Blog post.
Once I have paid for a token, how will I make a return on my investment?
You will be in full control at all time of your token, so you make the decision. With every investment, there are risks to be considered. In this case, there will be condos built primarily for the purpose of short-term rentals ranging from 2-30 nights or more. Each time that a guest wants to stay in any of the condos, they will have to obtain tokens to use as currency for their stay. With your token being the only currency accepted, they will have to purchase tokens from you. You can sell your tokens on our exchange platform at the rate you decide.
What if I don't have any MKYC tokens, can I still stay at the resort?
Absolutely, anyone can stay with us at any time, however, we won't force you to join the digital exchange, purchase tokens, and then pay us with them. Instead, our software platform will receive the currency you decide to pay with (typically USD, CAD, or KYD) and then place a purchase request on the exchange to obtain the tokens from users
What is the expected token value after one year?
While we have no accurate predictions of what token values will be, we do know that any asset is valued on supply and demand. As the condos become more popular, the market value of tokens will increase when users decide to change their selling price. With the opening day price of $ 1.00 KYD, this will mean that all tokens sold at that current rate $1.00 USD will have made a 20% increase in value. Future values will be based on the daily trading on the exchange. We would expect that during peak seasons, token values will increase by 5% - 15% as other similar condos set their rates accordingly to these increases and during the slow season, they will decrease in value slightly
How will I be able to see my token(s)?
Your token(s) will be available for you to see in your Etherium based wallet. There are a number of options for token storage such as hard offline wallets, mobile device wallets, and exchange storage. We will refer you to the top rated wallet storage options by experts so that you are free to choose for yourself.
What wallet should I use to receive tokens?
To receive MKYC, an ERC-20 compliant ETH wallet should be used.
Note: ETH wallet should be your personal wallet as exchange wallets can’t be used.
Please see the below link for available wallet options:
What is the digital currency exchange and how will it work?
A digital currency exchange is a live, 24/7 online trading facility for digital assets, similar to a stock market. Our exchange will allow you to create an account, load your MKYC tokens, and list them for sale as you see fit. You will be able to watch the market trends, buy and sell tokens. Your account will also have a USD and KYD account. If you decide to withdraw any currency, you can do so at a moments notice, and the amount requested will be sent to you via traditional methods of banking or other digital methods as they become available. You will be able to load funds in the same method.
How many tokens will be charged for the condos?
Each unit will be rented for the pricing rate of KYD including Mandatory Government 13% room tax, and one-time cleaning fee of $25.00. These rates will be fixed for the first 2 years to ensure maximum occupancy.
- One-Bedroom $ 95.00 KYD
- Two-Bedroom $ 125.00 KYD
- Three-Bedroom $ 155.00 KYD
- Four-Bedroom $185.00 KYD
We will set the market price for tokens on our exchange for $1.00 KYD on opening day. Do the math 🙂
How Many Condos will be built?
The project will be based on Several locations across the Cayman Islands. Each lot will have a number of condos based on the size and orientation of the area. The goal is to build 100 Condominiums by 2020.