About MINERVA
Minerva is the world's first "reverse merchant processor." We pay transaction fees to businesses, we don't charge them. We address cryptocurrency adoption issues by introducing commerce-disruptive incentivized payment solutions to accelerate the mainstream adoption of cryptocurrency and smart contracts.
Introduction to Minerva
Built initially with smart contracts on the Ethereum blockchain, Minerva aims to incentivize approved merchants to adopt its cryptocurrency as a new payment method. Incentivization is achieved by rewarding these merchants with newly minted OWL. These are generated at a variable rate as OWL, Minerva’s cryptocurrency, is used. Today’s cryptocurrencies have a serious problem. They’re rarely used as currency. The problem is compounded by excessive short-term price swings which creates substantial risk for many merchants to accept them as a viable currency.
We envision a world where smart contracts help address the issue of excessive volatility, changing the way businesses approach cryptocurrencies. By bridging the gap between commerce and cryptographic assets we aim to assist in bringing cryptocurrencies mainstream.
The OWL of Minerva Backstory
Owls were the first widely used international coin. These thick, heavy, silver coins minted more than 2,500 years ago were arguably the most influential of all coins. Through careful control, Owls became known due to great quality and consistent weight, resulting in merchants using them for their portability and global acceptance. They were produced for over four hundred years, and remain the most widely recognized ancient coin among the general public today.
“The owl of Minerva spreads its wings only with the falling of the dusk.”
— Georg Wilhelm Friedrich Hegel, 19th-century idealist philosopher, Oxford, 1967
This is widely interpreted as meaning that philosophy comes to understand
a historical condition just as it passes away. Hegel’s view on freedom is an
interesting one, as he was writing in the wake of the French Revolution he
placed great emphasis on how human freedom can be achieved.
Basic Information & OWL Migration
Early adopter participation takes place through a token sale dashboard accessible via Minerva.com. 60,000,000 of roughly 100,000,000 total initial OWL tokens will be distributed in two token sales. A private presale followed by a final token sale. 40,000,000 Minerva will be excluded from the token sale which is described below in the “OWL RESERVE” section. After the initial roughly 100,000,000 OWL tokens are created, new token creation, apart from bonuses associated with merchant platform utility, will be halted permanently. Within 1 year (365 days) of the token sale an announcement will be made regarding any potential 1:1 token exchanges relating to any proposed private blockchain migrations. Such an announcement would be made via mailing list, confirmed on the Minerva.com website and across all official social media channels.
Private Presale
We will be holding a token presale which will likely be held privately for accredited parties. The hard cap for the presale is $3MM.
Final Token Sale
After the token presale the primary and final token sale will take place. The total hard cap between the private presale and primary public crowdsale is $10MM, and the soft cap is $1MM.
Discount Structure & Explanation
Private Presale Structure
Price per OWL : $0.175
Total Funding : $10,000,000
OWL Tokens Distributed: 100,000,000
Discounts:
- $0 - 1MM : 40% discount ($0.105 per OWL) ($1,666,667 in token value) = 9,523,809 OWL
- $1MM - 2MM : 30% discount ($0.122 per OWL) ($1,434,426 in token value) = 8,196,721 OWL
- $2MM - 3MM : 20% discount ($0.140 per OWL) ($1,250,000 in token value) = 7,142,857 OWL
Total Tokens Distributed: 24,863,387
- OWL distributed without discounts for first $1MM : $1,000,000 / $0.175 = 5,714,285 OWL
- OWL Distributed after 40% discount for first $1MM : $1,000,000 / $0.105 = 9,523,809 OWL
- Total extra OWL tokens distributed for first $1MM : 9,523,809 OWL - 5,714,285 OWL = 3,809,524 OWL
Estimated OWL tokens remaining after presale hard cap: 75,136,613
Token Sale Price Structure
Price per OWL : $0.175
Example Price of Ether : $900
ICO Hard Cap : $10,000,000 - Presale
-All math below is presented on the basis that the presale hard cap was successfully reached ($7,000,000 remaining)
Discounts in regard to ETH contributed:
- 0-2,000 15% Discount
- 2,000-2,500: 12.5% Discount
- 2,500-3,000: 10% Discount
- 3,000-3,500: 7.5% Discount
- 4,000-5,000: 5% Discount
- 5,000-6,000: 3% Discount
- 6,000-Hard Cap: 1% Discount
Token Sale ETH Hard Cap: Every contribution will be based on $0.175 per OWL, before discount. The token sale portal will be self-adjusting to the current price of ETH (Ethereum) at the time of contribution. We will adjust the hard cap of the public and final token sale, prior to the official launch, based on the amount raised in presale. If, $3MM raised presale, our, token sale’s hard cap will be set to $7MM worth of ETH. (i.e. 7,777.77 ETH @ $900 ETH estimated market price).
Example of OWL to ETH Ratio: 1 ETH @ $900 = 5,142 OWL
To ensure the hard cap can be reached without running out of tokens, we will be creating tokens as ETH (Ethereum) is sent to the token sale smart contract. Using a set price of $0.175 per OWL and factoring in the amount raised during pre sale, we can allow ourselves to reach hard cap without having to limit ourselves to our projected 60,000,000 Owl estimate. The primary issue with a discount model (and fluctuating price of ETH) is trying to cap the amount of tokens that can be distributed prior to launching the smart contracts. This method will let us reach our hard cap and ensure that all discounts are satisfied. If the presale hard cap is not reached, the main adjustable number for our public token sale is the amount of ETH we accept in the 1% discount range. This will allow our discounts rates to be consistent and still reach our hard cap.
We aim to integrate into an exchange that is beneficial to the Minerva ecosystem soon thereafter. At the end of the token sale the founding team will receive a 20% allocation of OWL tokens, subject to a twelve-month (12-month) holding period. These tokens will serve as a long-term performance incentive for management and the founding team. An additional 7% will be allocated to strategic advisors, 5% for longterm operational costs, 5% partnership signing bonuses (new approved merchants), 2% for a bug bounty and 1% for a promotional bounty.
Benefit MINERVA
We tax a % of paid out reverse transaction fees.
MINERVA Used
Minerva will be used on carefully selected platforms which are subjected to rigorous auditing and transparency agreements. It is unlikely we will consider partnering with any platform with a < 20,000 Alexa ranking.
Roadmap
Team MINERVA
Advisor MINERVA
Minerva is a platform and its cryptocurrency, OWL, is designed to be used as a currency; employing methods to influence the supply of OWL, we aim to combat extreme short-term price swings that plague other cryptocurrencies.
We employ a smart money cycle powered by real economic activity and business incentives. A positive feedback loop occurs that expands the Minerva market: The more incentives we provide for businesses to accept the Minerva OWL, the more purchases will occur. The more purchases that occur, the less impact speculation will have on OWL’s market price. The less impact speculation has, the more stable the marketn price will be. The more stable the market price, the more purchases occur.
If the value of the OWL cryptocurrency increases, more incentives are provided to
businesses to accept it as payment, therefore increasing the supply and stabilizing the market price. If the value of the Minerva OWL decreases, more incentives are provided to freeze Minerva OWLs in the MVP contract, effectively decreasing the supply and stabilizing the market price.
In our quest to stabilize the Minerva OWL we have spent considerable time ensuring that our volatility model is both viable as well as the most optimal decentralized cryptocurrency stabilization solution to date (outside of fiat tethering, a system reliant on cash reserves that presents non-trivial risks of frozen assets via the direct and indirect affiliations to traditional bank accounts). Additionally, fiat tethering prohibits
cryptocurrencies from appreciating or depreciating in value in a volatility-tolerable manner and is limited in its flexibility and application in comparison to Minerva.
As an endeavor in “smart money” and “reverse merchant processing,” we assert no claims regarding any initial high volatility in market behavior or outcomes for an unspecified period of time as Minerva becomes institutionalized through community participation, platform integration, and the utilization of MVP (Minerva Volatility Protocol).
Market simulations aside, we use real-world field testing to produce critical data with our immediate largescale use case. We expect to encounter challenges, and we expect to overcome them. We will continue to work with accredited economists, mathematicians and programmers with the goal of producing the most optimal Minerva-compatible stabilization model achievable. Through concerted time and effort will be needed, it is a realistic expectation that Minerva and its OWL cryptocurrency will become one of the most enterprise-friendly platforms and cryptocurrencies available.
Contact US :
WHITE PAPER : https://minerva.com/whitepaper.pdf
TWITTER : https://twitter.com/minervatoken
FACEBOOK : https://facebook.com/minervatoken
TELEGRAM : https://minerva.com/chat
Author : catur123
Eth : 0x6b85eA6ed28A887798D75DE9c4Db61479422C9E9
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