Interestingly, Mingo, an Irish-based digital currency, has created a stir among investors and technology enthusiasts in the cryptocurrency sector. The token has a strong connection with a utility-focused messaging application; it doubled its value on the last day, with a growth of 11.05%. This push has taken its current price to $0.007198, more holders are developing interest in the projects modular functionalities that integrates messaging, gaming and cryptocurrency.
To be precise, Mingo, now standing 4877th in the list of largest cryptocurrencies in the world, has a capitalization of $1.33 million. This might not look like much when compared to the mammoth PaaS players, but it is quite a landmark for a project that began as a casual discussion about how to better deal with message management. Originally a mere concept developed by co-founders Joe and Dee Arthur to help treat information overload, Mingo has grown into a full-fledged platform with more extensive objectives.
The Mingo ecosystem revolves around four main components which support each other and provide a distinctive value proposition. Centred on it is MingoChat, a single window instant messaging application that interconnects social networks (Facebook, Twitter, Steam, Discord, Slack, Skype, and IRC Cloud), and other popular applications. All of this integration of message platforms eliminates one of the biggest issues with notifications and with balancing multiple applications.
The messaging feature is supported by MingoPlay, an eSports system enabling users to engage in micro tournaments for MingoCoin fees. This particular gamification element bring another layer of playfulness to the ecosystem, which can contribute for driving more users for it and therefore, increase the utility of the tokens. MingoCoin is a native cryptocurrency that essentially fuels these transactions, and MingoWallet safely stores them.
What makes this project unique is its scope, which is set beyond mere immediacy – this platform seeks to onboard a fresh new audience to cryptocurrency. Joe Arthur, CEO of Mingo, highlights the potential reach: Currently, 2.4 billion people in the whole world use mobile phones daily, and 75% of them use messaging apps, which gives us our share of the market. The idea to introduce blockchain technology in a simple and easily understandable portion of people’s lives using interfaces related to messengers might have played an essential role in recent fluctuations of MINGO token prices.
Thus, Mingo has recently received some growth and has traded $9,140 during the last 24 hours. With a trading volume-to-market capitalization ratio of a measly 0.6872 %, sentiment, while slowly building up, indicates that X Buch has yet to find its liquid, regular trading levels. However, this is also likely to rise as awareness and understanding of the project become more widespread.
From the tokenomics of Mingo the total number of outstanding tokens is 435,000,000 MINGO tokens while the Circulating Supply is 184.712,399 MINGO. This controlled supply might be useful for maintaining algorithmic pricing and may be appreciated by lovers of conventional inflationary tokenomics.
The fact that Mingo has Irish roots indeed a nice touch to the story. Thus, inasmuch as it is the initial cryptocurrency to emerge from Ireland, it may signal the beginning of the region’s foray into blockchain technology. Dee Arthur is a co-founder and the President of Mingo and she believes that people, including women, should engage in the blockchain industry.
The project’s holistic view of digital correspondence is an indication of a larger emergent trend within the world of crypto financial services to provide more than just transactional tools. Through compiling the messaging, online games, and a digital currency feature, Mingo is targeting niches which are both based on social networks and may use blockchain solutions.
As is the case with any investment in a cryptocurrency, the possible buyers should exercise some prudence. The digital currencies which are unstable by their nature and especially these ones with low market capitalization have high fluctuations on their price. Furthermore there is constant changes in laws and regulations regarding cryptocurrencies and their related business models of such emerging projects like Mingo.
As for the future, one can predict that the success of Mingo will, to a greater extent, depend on the audience who will use the company’s messaging platform. Ease of usability and interlinkage with familiar interfaces might act to its advantage, but the project will have to work to stand out in the growing field of messaging apps and cryptocurrencies.
With the constant development of the digital environment, projects, such as Mingo, that facilitate daily digital interactions and introduce blockchain technology for everyday use will develop fast. The quarterly performance of Mingo shows whether this young project will be able to build on the achieved success and become a leading project in the field of both messaging and cryptocurrencies and whether the market will consider this project as promising or not.
