FAQ


Get to know Machi X
1. What is a copyright token?
Machi X enables content creators to sell their copyrights through Music Copyrights and unlock the value of copyrights. Through owning and collecting Music Copyrights, fans are eligible to receive royalties generated by the copyrights via stale-coins. They also receive other benefits including participation in the social features on the platform. Machi X provides direct communication and interaction channel for creators with fans. For more information, please read Music Copyright Whitepaper.
2. Why should I support copyright tokens?
Supporting copyright tokens is the equivalence of supporting your favorite creators through actual action and joining in the success of the creator. Music copyright tokens you acquire on Machi X represent certain rights in relation to the composition (song/lyrics) and/or master recording, depending on the songs, plus other utilities such as membership into private chat channels, advanced previews to new songs, discounted ticket sales, and access to special events that are only available to token holders. The smart contracts will automatically share the benefits in relation to the royalty payments and other economic values of the underlying music copyrights in the form of USD stable coins, along with other utility value. Creators will receive your support, while the underlying copyrights will have the opportunity to truly see its value in the open market. By receiving the proper value of the copyrights of their creation, creators can better focus on creating their art.
3. What is MCX?
MCX is the currency issued by Machi X, which was established on the ERC-20 Blockchain. In the future MCX can be used for deducting transaction fees, social media votes and VIP services.
4. How can I acquire MCX?
As of 12:00 pm, October 16th, 2018, MCX will launch 10 Atomicdrops, once per month, over the course of 10 months. During each Atomicdrop, holders will receive the number of MCX tokens equivalent to 10% of their MITH tokens saved in their VAULT (including staked MITH).
5. Can any creator issue their copyright token?
Creators with a stable fan-base can release their exclusive copyright token on Machi X. If your project has a group of supporters, please email us at [email protected]
Tutorial
1. How do I register?
Please register at the upper-right corner of Machi X website. Please finish setting up your account while registering. After all steps have been completed, you will receive a verification email in your email inbox. Please verify your email within two minutes. If you did not receive the verification email, please click "resend". If you failed to receive the verification email multiple times, please email us at: [email protected] In addition, we suggest setting up your withdraw password at "Profile" page immediately once you've registered. This will bring you convenience when you wish to withdraw in the future.
2. Why is verification code required every time I log in?
For the security of funds, verification code will be sent to your email every time you log in. The verification code will expire in two minutes. Please input the correct verification code before expiration and you will be logged in.
3. How do I know the price? How much is the market price?
Market price depends on the supply and demand mechanism of the market. Current market price will be indicated on each transaction page of the copyright token. You can choose to proceed with market price, or come up with a price of your own and the system will match for you.
4. How to purchase copyright tokens?
Please click "Buy/Sell" in the transaction page of the copyright token you wish to purchase. You may enter the quantity, price, payment method of the item(s) you're purchasing. Please double check all numbers before purchasing. Please note that once you've sold the IP on Machi X, which is successfully out on the market, you will not be able to purchase the same order.
5. What are the available payment methods while purchasing?
We currently support two payment methods: credit card and cryptocurrencies. You can pay with card online, or purchase with cryptocurrencies such as MITH, BNB, BTC, DAI, ETH, USDT (ERC20), and USDT (Omni). If you choose to pay with credit card, you will be guided to the credit card payment page. The page expires in 15 minutes. Please complete payment process within 15 minutes. You will receive a confirmation email upon completion.
6. Once purchase is completed, where can I see the copyright tokens that I own?
You can view all your transaction records in "Records" page. This includes all successful and failed transaction records. You can also view all copyright tokens in your possession as well as download your certificate in "Collection" page.
7. What is wallet?
Wallet is an electronic wallet on Machi X. The wallet currently supports MCX, MITH, BTC, BNB, USDT (ERC20), USDT (Omni) and DAI currencies.
8. What can I do with wallet?
After log in, you can find all currencies, available balance and total balance in the "wallet" page. You can also "deposit" and "withdraw" at that page. If you've collected music copyright, Machi X will automatically distribute the music copyright earnings to your wallet by proportion in the form of stable currencies through smart contract.
9. How do I deposit cryptocurrencies to my wallet?
Machi X currently supports the deposit of these cryptocurrencies: MITH, MCX, BNB, BTC, DAI, ETH, USDT (ERC20), and USDT (Omni). The deposit address for various currencies will be available at "Wallet" page, which allows you to deposit from other wallets. In addition, credit card payment will be available at the page where you purchase copyright tokens.
10. How do I withdraw cryptocurrency in wallet?
You can withdraw at the "wallet" page and select the currency you wish to withdraw. Enter the "address", "withdrawal amount" and "fund password" on the page tp complete a withdrawal transaction. (Please note that if you've initially set up or reset your fund password, there will be a 24 hour wait prior to the withdrawal feature being available.)
11. How do I confirm that the withdrawal has been successful?
When you've finished with withdrawal, you will automatically be redirected to "wallet" page; the lower-left corner will show a window that indicates "withdrawal successful". You can also check your withdrawal progress in "funds" located at the "records" page.
12. How is withdrawal service fee calculated?
Regardless of withdrawal amount, withdrawal service fee is required for each transaction. Please refer to the table below for the service fee required of different currencies.
Currency Withdrawal Service Fee
MCX 10
MITH 5
USDT (ERC20) 1.25
USDT (Omni) 1.25
DAI 1.25
BNB 0.04
ETH 0.005
BTC 0.0005
13. How to sell?
Please click "Buy/Sell" in the transaction page of the copyright token you wish to sell. You may enter the quantity, price, payment method of the item(s) you're selling. Please double check all numbers before selling.
14. What are the methods which I can receive payments in while selling?
Current payment method is your wallet at Machi X. You can also choose to receive payment with cryptocurrencies such as MITH, BNB, BTC, DAI, ETH, USDT (ERC20), and USDT (Omni).
Transaction guide
1. How can I set up and modify my withdraw password of Machi X wallet?
Please finish setting up at your personal profile. The password length is 6 characters. Please note that there's a 24-hour-wait after you've initially finished setting up or reset your withdraw password.
2. What is Market order?
"Market order" is when you choose to "buy at market price" or "sell at market price". Market orders will match your purchase or sell transaction according to current market price. Since the market price for digital assets tend to fluctuate, the price will be promptly matched and ordered at the time of purchase or sell; the final price flutuates according to market orders. If matched successfully, then the transaction is successful. If it is partially matched successfully, then you will buy/sell the particular portion. The remaining amount will be returned to your wallet.
3. What is limit order?
Limit order is when you put down a certain price to purchase. Limit order lets you willingly decide the price which you wish to purchas or sell. After ordering, Machi X will match the transaction for you. If matched successfully, then the transaction is successful; If it is partially matched successfully, then you will buy/sell the particular portion, where the rest of the amount will not be requested upon. (Please note that when you chose to pay with credit card, the system will automatically cancel your order 72 hours after ordering).
4. Why was I charged first when Limit orders are paid with credit card?
If you use credit card to pay with your Limit order, your credit card company will deduct the amount, yet it will be hold pending. Only when transaction is successfully matched, the payment will be authorized (only a portion of payment will be authorized when only a certain quantity of transaction is successful).
5. Is receiving a confirmation email of successful credit card payment the equivalence of purchase successful?
No. Payment successful simply means that the credit card company has authorized the amount, yet it doesn't necessarily mean that the order is successful. Please refer to the order status in "Records" page to check whether your order is successful (only when the transaction is confirmed upon will Machi X request the credit card company to authorize payment).
6. How can I cancel my Limit order?
You can view all of your transaction records at "Records" page. This includes pending Limit orders. You can click on "X" on the right to cancel order.
7. Why can't I file for a refund once the order is completed?
Due to the nature of the Machi X copyright tokens, no refund will be available.
8. How is service fee calculated?
"The transaction fee is categorized into various levels according to your volume of transaction within 30 days. Each level has a corresponding service fee percentage. Please refer to the table below: If you're paying the service fee with MCX, you will receive a 25% off discount. Note: The system will automatically calculate the volume of transaction in the past 30 days everyday at 0:00 (GMT+8). The service fee level and rate will be updated everyday at 0:00 (GMT+8). Note: If limit orders are only partially establised, then the service fee will be charged according to the transaction ratio however will not exceed the supposesd total volume."
Level30 Day
Trading Volume (USD)
GeneralMCX
(After 25% Discount)
Level 1< 10,0002.5%1.875%
Level 2≧ 10,0001.5%1.125%
Level 3≧ 100,0001%0.75%
9. How is service fee calculated when it's been paid with MCX?
If the service fee is charged in ETH, the service fee rate will correspond the user level as well as the exchange rate of ETH and MCX of the current market. The rate is updated every 10 seconds.
10. What happens if I chose to pay the service fee in MCX and the balance in insufficient?
If the balance of your MCX is insufficient to pay for the service fee charged, then the currency of that particular transaction will be charged to pay for the full amount of the service fee. The rate ratio will correspond the user level and will be excluded from the 25% off discount.
Other
Please email us at: [email protected] for other questions.