Beta and Competition Breakdown
Greetings Mercor Community!
It is known that the vast majority of crypto-projects never actually deliver a project, pull out before they do, or sometimes (too many times, unfortunately) even turn out to be a scam. At Mercor, we like to stay true to our word and are therefore proud to deliver you the product behind the whitepaper: the official Mercor beta platform!
Last week, we shared the official dates for the launch of the beta platform. To remind you, here are the important dates:
- Early Mercorian Beta release: 1st of September, 2021 — on this day, investors who participated in the early staking program will have access to the platform. Early Mercorian developers will also have access.
- Algorithm and Investor competition: 1st of September — 15th of September, 2021 — Keep on reading for more info on the competition!
- Public Beta release: 27th of September, 2021 — on this day, the beta platform will be publicly accessible, meaning everyone can use the platform.
The Start of Beta
The beta will commence for early staking developers on August 30th, with access coming to early staking investors on September 1st. From August 30th until the 1st of September developers will be able to deploy algorithms on the Rinkeby test network. As of the 1st of September, algorithms can be deployed on the Binance Smart Chain. This is your chance to get a taste of the algorithmic trading world at its earliest and most inexpensive moment. Uncover the algorithms that suit you best, is it machine learning or technical analysis? Whatever it is, you’re sure to find the algorithm that is right for you.
Our team worked extremely hard to be able to deliver you the beta this September. Of course, the technical team was on a rigorous schedule to deliver everything on time, but also the marketing team, the business developers, and let's not forget the legal team were working 7 days a week to get to the beta. However, the work doesn’t stop here. There is plenty more to do, including new partnerships, integrations, and platform enhancements, all in the name of providing you with the best possible trading experience.
Purpose of the beta platform
As we near the release of our beta platform, we wanted to provide an opportunity for developers to put their talents on display and compete with one another in a friendly, and profitable, competition. However, this competition does not stop at developers, we would also like to give traders a chance to put these algorithms to the test, and so, they will have an opportunity to carve out a victory and some rewards for themselves as well.
Further, the purpose of our beta is to load test the platform and have our valued early supporters provide us feedback on the platform in order to hone its UX, UI, and user-friendliness. We have immense faith in our community, thus we look forward to your thoughts on the platform! We will be perpetually upgrading it in order to deliver the best experience possible for our users.
Below you will find the conditions for developers and traders to test drive the Mercor Beta platform and potentially win cash prizes in doing so. For those who didn’t participate in the early staking program, keep in mind the early beta will last until September 27th and beyond this date, everyone can get involved with the beta.
Competition Date, Time, and Contribution Limits
Our algorithm competition will take place starting on September 1st at 12 PM CEST, and end on September 15th at 12 PM CEST. Algorithms can be deployed on the BSC beginning on the first day of the competition.
The total investments allowed per algorithm will be 20 BNB, with a max cap of 1 BNB and a minimum cap of 0.1 BNB per individual. This ensures even the smallest investors have an equitable chance at participating. Mercor will also invest 1 BNB in each competing algorithm.
Performance Evaluation and Participation for Developers
To participate as a developer, please remember to stake a minimum of 10,000 $MRCR tokens on the beta platform and deploy your algorithm via the developer’s environment on the Mercor platform. Staking will be available as of August 30th.
Our competition will feature a leaderboard and we will monitor each algorithm and determine the performance of each one by comparing profit to the original BNB value. Commission fees (during the beta) on profit will include a 10% developer fee and a 5% Mercor platform fee.
The total prize pool for developers is 1000 BUSD divided among the creators of the top three performing algorithms. The first place developer will receive 600 BUSD, second place receives 300 BUSD, and third place will receive 100 USD. The Mercor team will also invest 5 BNB in the next algorithm they deploy.
Participation for Traders
Traders who took part in our early staking program, by staking a minimum of 7500 $MRCR tokens before August 13th, will be eligible to participate in the early beta and its trader’s competition, with prizes awarded to the top three who invested in the highest number of algorithms. The prize pool for investors is also 1000 BUSD and will be divided in the same manner as developers, 600 BUSD for the most algorithms invested in, 300 BUSD for the second most, and 100 BUSD for the trader that invests in the third most algorithms.
If one or more traders invest in the same number of algorithms, the amount invested in each algorithm will determine the winner. If the amounts are also similar the prizes will be split.
Removal of Max Cap to Follow
After the competition ends on September 15th at 12 PM CEST, the 20 BNB cap will be disabled. Developers will be free to select their own cap.
We thank you for your overwhelming support throughout every stage of our launch, and we look forward to providing traders and developers with a viable way to earn passive income.
Thank You ❤️
We were only able to make it this far this quickly thanks to our early supporters and stakers, so thank you to all of you for maintaining your faith in a democratized trading future. We are immensely excited to shake up the world of trading and finance and want every one of you early Mercorians to reap the rewards.