Discover what you need to know to buy and sell MOAC tokens.
MOAC, an acronym of Mother of All Chains, is a Chinese blockchain project built with the aim of competing with Ethereum. Launched in a June 2017 ICO, MOAC uses multi-layer architecture to offer a smart contract platform designed to offer efficiency, speed and reliability.
MOAC tokens are the native asset of the MOAC ecosystem. This guide explains how and where to buy, sell and store these tokens, and how they can be used on the MOAC platform.
Where to buy MOAC
You can buy MOAC tokens on the following exchanges:
Quick guide to buying MOAC
Here’s an overview of the steps using the CoinBene exchange to purchase MOAC with USDT assets:- Register for an account at an exchange like CoinBene.
- Verify your email address.
- Enable 2-factor authentication.
- Click “Deposit”.
- Select USDT as your deposit coin.
- Click “Deposit Address” and copy your wallet address.
- Transfer USDT into your account.
- Click “Exchange” tab.
- Search for “MOAC/USDT” pair.
- Enter the amount of MOAC you want to buy.
- Review the transaction details.
- Click “Buy MOAC”.
A step-by-step guide to buying MOAC
If you want to buy MOAC tokens, read on for detailed, step-by-step instructions on what you need to do.
Step 1. Register for an account on an exchange that lists MOAC
At time of writing (June 2018) there are only two exchanges that list MOAC in a currency pair – CoinBene and Bit-Z. Compare these platforms to decide which one is the best fit for your trading needs.
You can then sign up for an account by providing your email address and creating a password. Make sure you also enable 2-factor authentication so that your account is protected by an extra layer of security.
Step 2. Deposit funds into your account
There’s currently no way you can buy MOAC tokens directly with Australian dollars. Instead, you can only exchange another digital currency for MOAC tokens – they’re paired with Tether (USDT) on CoinBene, and Ether (ETH) on Bit-Z.
If you don’t already hold ETH or USDT, check out our how to buy ETH or how to buy USDT guides for more details on how to acquire these currencies. You can then transfer them into your exchange wallet by copying your wallet address.
For example, you can do this info on CoinBene by clicking “Deposit” and selecting USDT as your currency. You can then click on “Deposit Address” to view and copy your wallet address.
Step 3. Buy MOAC
The final step is to navigate to the trading page on your chosen exchange, search for a MOAC trading pair and enter your transaction details. For example, if you’re on CoinBene you can do this by clicking the “Exchange” tab, searching for the “MOAC/USDT” pair and then entering the amount of MOAC you want to buy or the amount of USDT you want to spend.
Take a moment to review the details of your transaction, including the total cost, before clicking “Buy MOAC”.
How to sell MOAC
If you want to sell your MOAC tokens, you’ll need to navigate your way to the trading page just as you did in step 3 above. However, this time you’ll need to make sure you enter the details of your transaction in the “Sell MOAC” tab.
Which wallets can I use to hold MOAC?
Once you’ve purchased your tokens, it’s recommended that you move them away from the exchange and into a private wallet for security reasons. As MOAC tokens are ERC20 tokens on the Ethereum network, you’ll need to use a wallet that’s ERC20-compatible.
Examples of products you might use include MetaMask, the MyEtherWallet web interface or the Ledger Nano S hardware wallet.
How MOAC works
For a summary of exactly what MOAC is aiming to achieve, look no further than the abstract of its whitepaper:
MOAC [aims] to design a scalable and resilient blockchain that supports transactions, data access, [and] control flow in a layered structure. It creates the framework to allow users to execute Smart Contracts in an efficient way. It also provides the architecture to spawn sub blockchains using underlying infrastructure quickly and easily.
First announced in June 2017, when it raised nearly US$7 million in an ICO, MOAC aims to compete with and improve on the Ethereum network. With Ethereum facing well-publicised scalability problems, MOAC adds additional layers known as MicroChains to its network. Each MicroChain is designed to process different types of transactions – balance transfer and smart contract transactions – to increase throughput.
To achieve network consensus, MOAC uses a layered consensus stack. The underlying layer uses proof of work (PoW), and is used to process critical transactions and control flow transactions only. The top layer (MicroChains) adopts a proof of stake (PoS) protocol and uses sharding to provide faster processing and higher throughput.
What to consider before buying MOAC
Cryptocurrencies are complicated and speculative, and buying any digital coin or token involves a high level of risk. Make sure you’re aware of those risks and that you’ve researched all the factors that can influence the value of any cryptocurrency before making a purchase.
If you’re thinking of buying MOAC tokens, consider the following:
- Supply. According to CoinMarketCap, at time of writing (June 2018) the circulating supply of tokens was 35,897,055 MOAC, out of a total supply of 56,483,386 MOAC. The initial quantity of tokens offered is capped at 150,000,000.
- Availability. MOAC tokens can only be bought and sold on two exchanges. Consider whether this lack of visibility might have a negative effect on perceptions of the project’s legitimacy, and also whether obtaining listings on additional exchanges could increase demand for MOAC.
- Whitepaper. For more information on the tech behind the MOAC project and how the platform operates, check out the MOAC whitepaper.
- Mining. MOAC blocks are mined every 10 seconds (approx.) and the current reward is around 2 MOAC per block. The block reward will halve every 12.5 million blocks, which is roughly every 4 years. As a result, the block reward is expected to drop to 1 MOAC in the year 2022.
- Community. Though it has had minimal marketing, MOAC boasts a community of almost 100,000 followers through WeChat and other Chinese social media networks.
- The future. The MOAC mainnet went live on 30 April 2018, so just like many other crypto projects, MOAC is still in the early stages of its development. The team expects to have at least 100 dapps running on its network by the end of 2018, but whether or not the platform can achieve widespread adoption remains to be seen.
- ERC20. Although MOAC is currently an ERC20 token, it’s expected to switch over to tokens issued on its own blockchain. However, no exact date has been announced for this token swap.
By considering these and a range of other factors, you’ll be able to make an informed decision about whether or not to buy any MOAC tokens.
Images: Shutterstock
At the time of writing, the author holds IOTA and XLM.
