TranslateMe, a translation service using the NEO blockchain, has announced an initial exchange offering (IEO) for its TMN token that will run from the 22nd of May through to the 18th of June on the Probit exchange. Investors can participate in four rounds of fundraising with each round will having its own bonus structure offering investors additional tokens. The bonuses will gradually reduce in quantity the longer the IEO continues.
An airdrop was also announced for TMN holders that will coincide with the IEO. A snapshot of the wallets holding TMN will be taken shortly before the IEO takes place on the 22nd of May with bonuses delivered after the IEO ends.
To participate in the airdrop, users must hold a minimum amount of 20,000 TMN in their wallets before the snapshot is taken. Funds must also remain in the user’s wallet throughout the IEO event. Once the event is over, a 20% token bonus will be airdropped to all eligible addresses after 30 days.
Participants will need to create an account on Probit and sign up to take part in the event. Accepted currencies are PROB (Probit exchange’s token), USDT, BTC, ETH, and XRP. Participants can earn a 23% token bonus for using PROB and 20% token bonus for using other currencies in the first round. TMN tokens will sell for US$0.0035 each, with a softcap of US$50,000 and a hardcap of US$600,000.
The IEO will follow the bonus structure below:
- Date: May 5th, 2019 – May 28th, 2019: 20% Bonus
- Date: May 29th, 2019 – June 4th, 2019: 15% Bonus
- Date: June 6th, 2019 – June 11th, 2019: 10% Bonus
- Date: June 12th, 2019 – June 18th, 2019: 5% Bonus
In a Medium post, TranslateMe highlighted reasons for why the team decided to launch an IEO over the traditional ICO fundraising model. TranslateMe cited enhanced security features and the lack of KYC/AML compliance hurdles for choosing an IEO. The resources that would otherwise be spent running an ICO are claimed to instead be put back into development for the platform.
As an instant translation service, TranslateMe claims to offer many benefits for end users and service providers with its “blockchain-based, hybrid AI algorithm.” Notably, the platform offers an end-point API that can be integrated into websites and applications claiming to provide significant cost savings “of up to 90%” on retail translation services.
More details about TranslateMe can be read here in the most recent project update.