Frequently Asked Questions

Monarch

What is Monarch?

The Monarch Wallet is the only app worldwide to offer the amount of utility, functionality, security, and capability in one place for users to easily manage all aspects of their digital assets and financial lives.

Who is behind the project?
Team: Sneh Bhatt, Robert Beadles, William Lince.

Advisors: Roger Ver, Eric Ly, Enzo Villani, Josh Phair, Damon Nam, Gee Hwan Chuang, David Zimbeck, Nimrod May, Dmitry Nazarov and many more to be announced.

Development: Splash Factory

What is the project plan? Do you have a roadmap?

Q2 2018 – Peasant

          1. MVP

            • Cold Wallet Storage for BTC and ERC20 tokens
            • Portfolio Tracker
            • Cryptocurrency News
            • Market Data
          2. Silver Backing for Security Tokens

            • 10% of TGE funds allocated to purchase physical silver from Scottsdale Mint

Q4 2018 – Squire

            1. Continuous Additional Token Support
              • NEP-5 Tokens and Many More!
            2. Portfolio Tracker – Exchange API Integration
            3. Hot Wallet
              • Recurring Payments
              • Send payments via usernames not addresses
              • Free Instant Peer to Peer Transactions

Q1 2019 – Knight

  1. Exchange
        • Monarch Token Pairings
        • Integrate with other 3rd Party Exchanges
  2. Fiat Support

Q2 2019 – Duke and Duchess

  1. Merchant Plugin
    1. Content Management System Plugin Solution
      • WordPress Support
      • Wix Support
    2. Customer Logistics
      • Customer Feedback reports
      • Analytics
      • Customer Subscription Tier and Info Management
  2. Dividend System
    • 50% Dividend Payout starts in conjunction with the Merchant Plugin
    • 10% Continuous Silver Backing

Q4 2019 – King or Queen

  1. Automatic Tax Form Generator
    • 1099
    • W-2
    • 8849
    • 8949
  2. Password Management
  3. Main Net Proprietary Blockchain Launch
What is the current status of development? Do you have a working product?

We already have the Monarch mobile App as the Minimum Viable Product (MVP), which is freely available on the Apple Store (for iOS), on the Google Play Store (for Android) and here (for desktop). Download Here

Initially, the Monarch App will function as a digital wallet, where users will be able to store their Bitcoin, Ethereum and all ERC-20 token (NEP-5 tokens support coming soon). It will also keep track of all user’s assets and allow users to send and receive payments. Also see #22.

Do you have a marketing plan?
Monarch will launch into action from day one, building strategic partnerships with merchants and service providers to increase the adoption of the Monarch platform. One of Monarch’s founders, Sneh Bhatt, is also the founder of Cryptosomniac, an ICO marketing agency that has worked with over 70 ICOs over the past two years. Monarch’s marketing approach has five major points:

Using social media to engage the community
One of the largest bounty rewards programs for maximum community engagement
ICO Listing and Review websites for maximum exposure
PR and YouTube Influencer Outreach within the crypto community
Strategic advertisements (Social media, banner ads, programmatic, etc.)

Why is Monarch using a Two-Token Sale?
Once a week, 50% of all transaction fees collected from Consumer to Merchant Transactions from the Monarch Hot Wallet will be used to buy back Monarch Utility Tokens (MT), which will be distributed amongst all holders of Monarch Security Tokens (MTS).

The Monarch Dividend Structure will promote usage and growth inside the ecosystem. Transacting Monarch Utility Tokens (MT) inside the Hot Wallet infrastructure will give users a 50% discount on transaction fees (when used with merchants) and completely free (when transacted peer-to-peer).

Example: If 1000 BTC was transacted in the Monarch Hot Wallet ecosystem in the last week at a fee of 2%, then there will be 20 BTC in total transaction fees. 50% of the total transactions of 20 BTC will be distributed among MTS Holders. The 10 Bitcoin collected from the transactions fees will be used to buy Monarch Utility Tokens in the Monarch Exchange and then distributed among MTS Holders. Additionally, 10% of the 20 BTC collected as transaction fees will be used to buy silver as an asset backing behind the Monarch Security Token. This leaves 40% of the transactions fees to promote development for Monarch.

Why should I choose Monarch over other payment platforms?

Our team is developing an all-inclusive platform that will have many competitive advantages over other crypto payment platforms. See the chart below:

What blockchain is Monarch using?
For the TGE and initial phases of our platform, we will use Ethereum due to it’s existing libraries and fungibility. We will simultaneously develop our own blockchain that we will disclose in our forthcoming yellow paper.
Monarch seems like a promising project. How can I get involved?

Feel free to join us on Telegram or to reach us at:

Telegram Chat: https://t.me/MonarchToken

Telegram Announcements Channel:

Facebook: https://www.facebook.com/MonarchToken/

Twitter: https://twitter.com/monarchtoken

Reddit: https://www.reddit.com/r/MonarchToken/

LinkedIn: https://www.linkedin.com/company/monarchtoken

Website https://monarchtoken.io/

What have you done so far?

We have hired the premiere blockchain company, Splash Factory to build our platform. We have also hired Bx3 to help us comply with the evolving legal and tax compliance landscape that surrounds blockchain focused businesses. We have brought on some of the most experienced, respected and well known partners and advisors in the cryptoworld. We have spent over 15,000 man hours developing compliance, structure and a functioning MVP that brings real world value to anyone who downloads and uses it. We have the brightest minds in the space working and consulting to assure investors we aren’t full of hype. We are going to deliver and be the worlds one stop crypto shop.

Monarch has been in development since late 2017, with feasibility and market studies breaking ground on what the legal and market requirements are need to implement the Monarch application. Since then, over 15,000 hours of labor have been put into the Monarch infrastructure, and to build out the corporate and legal structure.  The MVP will be released before the token sale.

Monarch currently has a staff of 5 full-time decentralized application and blockchain developers along with 6 designers and quality assurance leads that are all versed experts in the space. This all leads to a current target of about 35,000 man hours in-order to completely develop, design, audit, test, and garner feedback for the Monarch platform. It doesn’t stop there, once the framework of the Monarch Ecosystem is built, the staff will transition into upgrading the platform and integrating it with various merchant needs.

Monarch also has built out a full staff of user and investor relations management staff.  6 full-time community managers are assigned to handle all user and investor inquiries and technical support queries across all social media platforms. They community managers also help with the go-to market strategy of merchant and user acquisition in order to make Monarch a leading payment and investor exchange gateway. As the platform grows more and more community management experts will be added to the team to ensure user satisfaction.

This leads us to our final piece of the puzzle, legal and regulatory compliance. Monarch utilizes leading securities and tax advisors to ensure we comply with applicable securities, tax, and banking laws. Monarch also utilizes multiple intellectual property and patent lawyers to ensure our patent pending technology of decentralized recurring payment is protected. As a “tech first” company Monarch puts a heavy emphasis and research and development of blockchain technologies. As the blockchain space evolves and new standardized practices are formed, Monarch will lead the charge when it comes to compliance and new technological advancement.

Where can I store Monarch Token(MT), Monarch Security Token (MTS), and Monarch Promo Token (MTP)?

Monarch Tokens are stored on the Monarch Wallet.
You Can Download Monarch Wallet Here: Download

Monarch ERC20 Decentralized Exchange

How Does It Work?

Users can swap supported ERC20 to ERC20 tokens from within the Monarch Wallet in a decentralized manner. Security Tokens Are Not Supported.

Monarch Exchange

FAQs

Coming Soon

Monarch Pay

KYC Processing

Processing can take up to 3 business days to process and is currently only available to United States Users. However, not all States are supported.

For a complete KYC Non-Operation list, visit our website Here: https://monarchpay.com/kyc-non-operational-states-in-us-and-countries/

Be sure to verify your location is supported before registering for KYC.  Also, please check back to our KYC page frequently if you are in a location not supported as we will update this list as new states are supported.

How long does it take for my BTC and ETH purchase/sale to be processed?

It can take up to 4-7 days until from confirmation of purchase or sale when using your bank account.

What is the Transaction fee to buy BTC and ETH?

Using a bank account the Transaction Fee is 2% + a Miner Fee for BTC, and 2% + Gas for ETH.

Using a credit or debit card the Transaction Fee is up to 7% + a Miner Fee for BTC, and up to 7% + Gas for ETH.

When will the CMS/Merchant Plugin be available?

We are currently developing the plugin and hope to release before the end of Q2 2019.

When will I be able to send custom invoices in BTC?

We are currently developing this feature and hope to release before the end of Q2 2019.

Do I have to wait for the CMS release to integrate Monarch Pay into my website or merchant account?

No, you can have you developers reach out to us for custom integration using the contact form here: https://monarchtoken.io/contact and our developers will reach out to you within 1-3 business days.

Does ETH custom invoicing work?

Yes, it is currently live and available to use.

Once the transaction is fully processed, you can expect to have the funds in your bank account within 3-5  business days.

Monarch Token

Why is Monarch using a Two-Token Sale?

Monarch and its users all benefit from having a two-token system, which is made of Monarch Security Tokens (MTS) and Monarch Utility Tokens (MT).

MTS tokens will be backed by silver assets (10% of Token Sale funds will be allocated to backing the security with physical silver assets). By holding MTS tokens, users will receive weekly dividends in the form of MT tokens. Moreover, 10% of all transaction fee revenues will be allocated to increasing the amount of silver backing until each token is backed by 1 oz. of silver – giving MTS tokens a price floor and added stability.

However, we are also issuing a third type of token called Monarch Promo Token, which was created to encourage user adoption before the Token Sale is completed. Anyone using the platform will be eligible to earn Monarch Promo Tokens by using the App or by raising awareness. Monarch Promo Tokens will be swapped in a 1-to-1 ratio for Monarch Utility Tokens (MT) post-TGE.

MT tokens will be used within the Monarch App and Exchange. Peer-to-peer MT tokens transactions will be 100% free. In addition, users will earn “cash back” rewards for using MT tokens to purchase goods and services. Retailers who use Monarch Payment products (such as our eCommerce Plugins for WordPress or Shopify) will pay less fees and keep more money per transaction.

What is the total supply of Monarch tokens?

The total supply will be fixed at 500 million Monarch Security Tokens and 1 billion Monarch Utility Tokens (500 million MTS + 1 billion MT).

I heard that Monarch has a Dividend Structure. How does it work?

Once a week, 50% of all transaction fees collected from Consumer to Merchant Transactions from the Monarch Hot Wallet will be used to buy back Monarch Utility Tokens (MT), which will be distributed amongst all holders of Monarch Security Tokens (MTS).

The Monarch Dividend Structure will promote usage and growth inside the ecosystem. Transacting Monarch Utility Tokens (MT) inside the Hot Wallet infrastructure will give users a 50% discount on transaction fees (when used with merchants) and completely free (when transacted peer-to-peer).

Example: If 1000 BTC was transacted in the Monarch Hot Wallet ecosystem in the last week at a fee of 2%, then there will be 20 BTC in total transaction fees. 50% of the total transactions of 20 BTC will be distributed among MTS Holders. The 10 Bitcoin collected from the transactions fees will be used to buy Monarch Utility Tokens in the Monarch Exchange and then distributed among MTS Holders. Additionally, 10% of the 20 BTC collected as transaction fees will be used to buy silver as an asset backing behind the Monarch Security Token. This leaves 40% of the transactions fees to promote development for Monarch.

Is there a vesting schedule for the team?
Yes, all team members have committed to a 2 year vesting schedule. The team will receive ¼ of their token allocation 6 months after the TGE. Every month thereafter, they will receive 1/24 of their allocation until all the tokens are distributed. This is to ensure long-term motivation and time investment from the entire team.
What blockchain is Monarch using?
For the TGE and initial phases of our platform, we will use Ethereum due to it’s existing libraries and fungibility. We will simultaneously develop our own blockchain that we will disclose in our forthcoming yellow paper.
Who can participate in the TGE?

Monarch Security Tokens (MTS):
Monarch Security tokens are being offered through a private sale and public sale for accredited investors. Some investors may be restricted by law from investing. To ensure you qualify to invest, please click the link to join our whitelist.
Monarch Utility Tokens (MT):
Anyone will be able to participate in Monarch public Token Sale. Some investors may be restricted by law from investing. To ensure you qualify to invest, please click the link to join our whitelist.

What does the Monarch Utility Token grant me?

Monarch Utility Tokens (MT) will grant users 50% discount on Monarch Exchange, reducing the trading fee from 2% to 1%. Moreover, sending MT tokens on peer-to-peer (P2P) transactions will be totally free of charge. We will try to list Monarch tokens on as many exchanges as possible.

In addition, users will be able to earn rewards for using MT tokens to purchase goods or services and will get 50% discount on consumer-to-merchant transactions if their payments are made with MT tokens.

What does the Monarch Security Token grant me?
  • 50% dividends distributed to MTS Holders via Monarch’s hot wallet
  • 1-to-1 airdrop of Monarch Utility Tokens (MT) post-Token Generation Event
What is the dividend structure for Monarch Security Token holders?

50% of all transaction fees collected from the Monarch Hot Wallet will be used to buy back Monarch Utility Tokens (MT), which will be distributed amongst all holders of Monarch Security Tokens (MTS). 

Are Any Countries Banned From Participating in the TGE?
Monarch Security Tokens (MTS)
Monarch Security tokens are being offered through a private sale and public sale for accredited investors. Some investors may be restricted by law from investing. To ensure you qualify to invest, please click the link to join our whitelist.
Monarch Utility Tokens (MT):
Anyone will be able to participate in Monarch public Token Sale. Some investors may be restricted by law from investing. To ensure you qualify to invest, please click the link to join our whitelist. Known places, but not limited to who can not participate are:
Cuba, Iran, Lebanon, Syria, Iraq, Pakistan, Afghanistan, North Korea, Libya, Sudan, Somalia, Venezuela, Balkans, Belarus, Burma, Ivory Coast, Democratic Republic of Congo, Liberia, Zimbabwe.
What Is The Minimum Investment For MTS/MT?
MTS- Min investment $2000 USD or equivalent amount in BTC/ETH.
MT- .1 ETH
How do you participate in the Airdrop Bounty?
When does the Airdrop get distributed?
End of the Token Sale
When will Monarch Token be listed on exchanges?
We can not speculate or guarantee Monarch Token will be listed on exchanges until after the TGE.

Monarch Wallet

What is the current status of development? Do you have a working product?

We already have the Monarch mobile App, which is freely available on the Apple Store (for iOS), on the Google Play Store (for Android) and here (for desktop). Download Here

The Monarch App functions as a digital wallet, where users will be able to store their Bitcoin, Ethereum and all ERC-20 token (NEP-5 tokens support coming soon). The Decentralized Wallet will also keep track of all user’s assets and allow users to send and receive payments.

What features does the Monarch wallet have?

The Monarch Wallet is a mobile cryptocurrency solution that allows you to:

  • Buy/Sell Bitcoin and Ethereum*
  • Send/Receive:
    • Bitcoin
    • Ethereum
    • XRP*
    • Stellar*
    • GoChain*
    • All ERC20 Tokens
  • Track your Gains and Losses*
  • Review Market Data for most cryptocurrencies*
  • Keep up-to-date on blockchain and cryptocurrency News
  • Maintain control over your private seed + keys
  • Sync with our compatible Desktop apps

Rule your own financial kingdom from the palm of your hand!

 

*Windows and Mac OS X Features coming soon

What is the difference between the Monarch Cold Wallet vs the Hot Wallet?

The Monarch Cold Wallet will be used as an offline secure storage for multiple cryptocurrencies. Users will be able to own their own private keys. No fees will be charged for Cold wallet deposits and withdrawals.

The Monarch Hot Wallet will be used to manage funds within the Monarch Exchange. Both crypto and fiat currencies will be supported and users will be able to quickly buy and sell digital assets. In addition, by using the Monarch Hot wallet, users will be able to receive MTS dividend airdrops and also to perform 100% free and instant P2P transactions (when using MT tokens). The hot wallet will also enable users to set recurring payments and pay for subscription-based products or services.

Where can I store Monarch Token(MT), Monarch Security Token (MTS), and Monarch Promo Token (MTP)?

Monarch Tokens are stored on the Monarch Wallet.
You Can Download Monarch Wallet Here: Download

Is there 2-Factor Authentication for the Wallet?

We do not have 2 step authentication currently, however, we have plans to add in the next month or so.

My Wallet Amounts are stuck and don’t update.

You should be able to update your Wallet amounts shown by swiping Down on the Wallet Page.  If this doesn’t work, make sure you have the most updated Wallet App, you can always download our most recent Wallet here: https://monarchtoken.io/#download.  

If this still does not resolve the issue, then you will need to Re-Link your Wallet.  To do this you go to the Profile tab in App, click “Un-Link This Wallet” (make sure you have your 12-word seed written down to re-link the wallet before you un-link your wallet.)  Once Un-Linked, you will then Link Your Wallet. Add your 12 Seed words and it should re-link your wallets and update the amount shown.

I can’t send my ERC-20 tokens.

To help hopefully alleviate these issues, first, when sending an ERC20 token, you cannot send or withdraw from your account if you don’t add Ethereum to your wallet. This is because all ERC-20 tokens require ETH to send. We assume people understand this and never made a pop up for that issue in the app. You can check https://etherscan.io/ to ensure your funds are still in your wallet. Monarch Blockchain Corp. never retains any user info or private keys and does not have access to user funds. Your funds are your own!

Crypto APR % Interest Earning

How Does It Work?

You have to apply for KYC with our Partner, Celsius. You can apply here.

Once approved, You will be able to deposit Supported Cryptocurrencies Into your Celsius Wallet and Earn the Interest Rates Shown in-app for the various cryptos. You will be paid the APR % earned on a weekly basis. It will be deposited directly into your Celsius Wallet you have the Cryptocurrency earning interest with.

Know Your Customer (KYC)

Monarch Pay

Processing can take up to 3 business days to process and is currently only available to United States Users. However, not all States are supported.

For a complete KYC Non-Operation list, visit our website Here: https://monarchpay.com/kyc-non-operational-states-in-us-and-countries/

Be sure to verify your location is supported before registering for KYC.  Also, please check back to our KYC page frequently if you are in a location not supported as we will update this list as new states are supported.

***ATTENTION***

Do not respond to ANYONE pretending to assist with KYC process it is a SCAM to steal your information! Monarch will only help with the KYC process through the MONARCH PAY dashboard, that you have to login into. Do not fall prey to SCAMMERS.

If you didn’t find what you needed there, no worries! We will reply to your email as soon as we can. If this is urgent, please raise your question or concern at https://t.me/MonarchToken and one of our community moderators will get back to you as soon as possible.

Token Generation Event

Why is Monarch using a Two-Token Sale?

Monarch and its users all benefit from having a two-token system, which is made of Monarch Security Tokens (MTS) and Monarch Utility Tokens (MT).

MTS tokens will be backed by silver assets (10% of Token Sale funds will be allocated to backing the security with physical silver assets). By holding MTS tokens, users will receive weekly dividends in the form of MT tokens. Moreover, 10% of all transaction fee revenues will be allocated to increasing the amount of silver backing until each token is backed by 1 oz. of silver – giving MTS tokens a price floor and added stability.

However, we are also issuing a third type of token called Monarch Promo Token, which was created to encourage user adoption before the Token Sale is completed. Anyone using the platform will be eligible to earn Monarch Promo Tokens by using the App or by raising awareness. Monarch Promo Tokens will be swapped in a 1-to-1 ratio for Monarch Utility Tokens (MT) post-TGE.

MT tokens will be used within the Monarch App and Exchange. Peer-to-peer MT tokens transactions will be 100% free. In addition, users will earn “cash back” rewards for using MT tokens to purchase goods and services. Retailers who use Monarch Payment products (such as our eCommerce Plugins for WordPress or Shopify) will pay less fees and keep more money per transaction.

What is the total supply of Monarch tokens?

The total supply will be fixed at 500 million Monarch Security Tokens and 1 billion Monarch Utility Tokens (500 million MTS + 1 billion MT).

I heard that Monarch has a Dividend Structure. How does it work?

Once a week, 50% of all transaction fees collected from Consumer to Merchant Transactions from the Monarch Hot Wallet will be used to buy back Monarch Utility Tokens (MT), which will be distributed amongst all holdersof Monarch Security Tokens (MTS).

The Monarch Dividend Structure will promote usage and growth inside the ecosystem. Transacting Monarch Utility Tokens (MT) inside the Hot Wallet infrastructure will give users a 50% discount on transaction fees (when used with merchants) and completely free (when transacted peer-to-peer).

Example: If 1000 BTC was transacted in the Monarch Hot Wallet ecosystem in the last week at a fee of 2%, then there will be 20 BTC in total transaction fees. 50% of the total transactions of 20 BTC will be distributed among MTS Holders. The 10 Bitcoin collected from the transactions fees will be used to buy Monarch Utility Tokens in the Monarch Exchange and then distributed among MTS Holders. Additionally, 10% of the 20 BTC collected as transaction fees will be used to buy silver as an asset backing behind the Monarch Security Token. This leaves 40% of the transactions fees to promote development for Monarch.

Is there a vesting schedule for the team?
Yes, all team members have committed to a 2 year vesting schedule. The team will receive ¼ of their token allocation 6 months after the TGE. Every month thereafter, they will receive 1/24 of their allocation until all the tokens are distributed. This is to ensure long-term motivation and time investment from the entire team.
What blockchain is Monarch using?
For the TGE and initial phases of our platform, we will use Ethereum due to it’s existing libraries and fungibility. We will simultaneously develop our own blockchain that we will disclose in our forthcoming yellow paper.
Who can participate in the TGE?

Monarch Security Tokens (MTS):
Monarch Security tokens are being offered through a private sale and public sale for accredited investors. Some investors may be restricted by law from investing. To ensure you qualify to invest, please click the link to join our whitelist.
Monarch Utility Tokens (MT):
Anyone will be able to participate in Monarch public Token Sale. Some investors may be restricted by law from investing. To ensure you qualify to invest, please click the link to join our whitelist.

What does the Monarch Utility Token grant me?

Monarch Utility Tokens (MT) will grant users 50% discount on Monarch Exchange, reducing the trading fee from 2% to 1%. Moreover, sending MT tokens on peer-to-peer (P2P) transactions will be totally free of charge. We will try to list Monarch tokens on as many exchanges as possible.

In addition, users will be able to earn rewards for using MT tokens to purchase goods or services and will get 50% discount on consumer-to-merchant transactions if their payments are made with MT tokens.

What does the Monarch Security Token grant me?
  • 50% dividends distributed to MTS Holders via Monarch’s hot wallet
  • 1-to-1 airdrop of Monarch Utility Tokens (MT) post-Token Generation Event
What is the dividend structure for Monarch Security Token holders?

50% of all transaction fees collected from the Monarch Hot Wallet will be used to buy back Monarch Utility Tokens (MT), which will be distributed amongst all holders of Monarch Security Tokens (MTS). 

Are Any Countries Banned From Participating in the TGE?
Monarch Security Tokens (MTS):
Monarch Security tokens are being offered through a private sale and public sale for accredited investors. Some investors may be restricted by law from investing. To ensure you qualify to invest, please click the link to join our whitelist.

Monarch Utility Tokens (MT):
Anyone will be able to participate in Monarch public Token Sale. Some investors may be restricted by law from investing. To ensure you qualify to invest, please click the link to join our whitelist. Known places, but not limited to whocan not participate are:
Cuba, Iran, Lebanon, Syria, Iraq, Pakistan, Afghanistan, North Korea, Libya, Sudan, Somalia, Venezuela, Balkans, Belarus, Burma, Ivory Coast, Democratic Republic of Congo, Liberia, Zimbabwe.
What Is The Minimum Investment For MTS/MT?
MTS- Min investment $2000 USD or equivalent amount in BTC/ETH.
MT- .1 ETH
How do you participate in the Airdrop Bounty?
When does the Airdrop get distributed?
End of the Token Sale
When will Monarch Token be listed on exchanges?
We can not speculate or guarantee Monarch Token will be listed on exchanges until after the TGE.
When Does the Monarch Token Generation Event End:

June 30th, 2019.

When Will I Receive The Tokens from the Bounty?

– The MT Airdrop Will Be Automatic.

– For those who participate in our Bounty Program, as long as you hold MTP in a Monarch Wallet, you will automatically be airdropped your MT within two weeks after the TGE is over.

– The Monarch Wallet will also add an MT wallet, so you do not need to add a “Custom Token” to receive your Monarch Token.

– Everyone who qualifies and contributes in our Token Generation Event will receive their Tokens within two weeks after the TGE finishes.

Still have questions? Contact Us

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