This article will cover how to buy Enzyme coin and exactly what it is and what it’s used for.
Enzyme Coin (MLN is a coin that can be exchanged for products & services at many merchants. Enzyme Coin is used as an alternative payment to cash or credit cards, thereby lowering transaction costs and making the purchase of goods and services more convenient. MLN will also serve as a reward for contributing to the success of the company by referring new customers, introducing business opportunities, and developing partnerships.
How to buy Enzyme Coin (MLN) on Coinbase.com
Register on Coinbase.com:
Signup for an account with Coinbase.com and complete the identity verification process.
Note: The first time you sign up for a Coinbase account, purchasing cryptocurrencies will not be an option. You will be able to purchase crypto once you’ve attached a payment method such as a bank account or credit card. Read our guide “How to buy crypto with a credit/debit card” here.
Enabling buying & selling cryptocurrency may take some time after registration/verification has been completed on your account, so make sure it’s done before proceeding!
Buy Enzyme Coin (MLN) on Coinbase:
Buy Enzyme Coin (MLN) Via Credit Card by going to ‘Settings’
Scroll down and select “Linked Accounts”
Select “Credit Cards” from the list of available options
Enter the amount in either USD or MLN that you wish to purchase
Buy Enzyme Coin (MLN) Via Bank/Wire Transfer:
Open a new tab on your browser and navigate to the ‘Accounts’ page
Click the “Link” button next to the account you wish to send From
Enter your destination wallet address, amount of MLN that you wish to send, and then select which type of currency you are sending from (e.g USD)
Enter your ‘Source Account Number’. You will find this number on your bank statement. Select either Wire or ACH as a transfer method. Note: Please ensure that the first name and last name entered in Coinbase match with what is mentioned in your bank account or credit card profile before proceeding!
Click continue. Once it’s been sent, it cannot be canceled.
How to buy Enzyme Coin (MLN) on Binance.com
Register on Binance.com:
Register for an account with Binance by filling out your personal details and go through the KYC process.
Update 2-factor authentication (2FA). Deposit funds into your account:
Enzyme Coin is currently available for trading on Binance.com with BTC, ETH, & USDT. To buy Enzyme Coin (MLN) you will first need to transfer some Bitcoin or deposit fiat currency to your Binance cryptocurrency wallet.
Buy Enzyme Coin (MLN)
You can now use the BTC, ETH, or USDT that you deposited on Binance to trade for any other coin/token listed on their exchange including MLN/BTC, MLN/ETH, and MLN/USDT.
Head over to “Markets” and search for MLN or use the dropdown and select “MLN to BTC” or “MLN to ETH”, depending on if you are using Bitcoin or Ethereum.
To buy Enzyme Coin, just enter in the amount of MLN you want to buy, set your price target, and click Buy!
Congratulations! Now that you own some Enzyme Coin (MLN), it’s time for a brief explanation of what it is and why we think it’s an interesting project.
How does Enzyme Coin (MLN) work? – Merchant Products/Services
Merchants who choose to accept MLN as payment for their products or services (merchant) are issued merchant tokens in return for accepting MLN currency from consumers (see below section “What is Enzyme Coins?”). All merchant tokens are backed one-to-one by MLN and may be redeemed at any time by the merchant who received those tokens or transferred to another party.
How does Enzyme Coin (MLN) work? – Consumer Products/Services
Consumers must have an active personal account in order to use MLN currency within the payment system. The consumer will first pay for products or services using a credit card, then provide an address on their account page to which coins can be delivered.
Once provided, coins are deposited into that consumer’s account immediately. Consumers may also choose to transfer coins from their accounts into one of their wallets “offline”. If consumers would like coins deposited directly into the wallet they will set up under their account page, they simply tell the merchant who will deposit coins directly into the wallet specified.
Enzyme Account Features
Enzyme Coin account holders enjoy a wide variety of benefits. Account features include, but are not limited to:
Two-factor authentication (2FA) at sign up and login; and one-time password (OTP) for all transactions. 2FA/OTP will be provided via text message or Google Authenticator as well as on the account holder’s smartphone using QR codes which can be read by an available MLN Android app.
For those with smartphones but no access to a code scanner, 2FA support staff may be contacted anytime via live chat request or e-mail for OTPs.
Ability to toggle between Enzyme Coin (MLN) and USD values.
User Deposit/Withdrawal Features
Deposits and withdrawals are accomplished via the account section of the website. The user interface is designed to be as simple as possible, but with all the necessary features.
To deposit funds:
Choose transfer from a wallet or an external exchange
Specify the amount in ENZYME COIN (MLN), select currency EnzymeCoin, enter payment address and submit.
To withdraw funds:
Choose transfer to a wallet or an external exchange
Specify the amount in ENZYME COIN (MLN), select currency
Enter payment address, and submit.
Conversions between USD and MLN are accomplished within the account section of the website. The user interface is designed to be as simple as possible, but with all the necessary features.
Users may convert between USD and MLN from their account page by choosing their preferred currency and providing the amount to be converted. The user should provide a payment address in order for MLN coins to be delivered.
To convert from USD to MLN:
Choose transfer from a wallet or an external exchange<br />
Specify the amount in USD, select currency, enter payment address, and submit.
To convert from MLN to USD:
Choose transfer to a wallet or an external exchange
Specify the amount in ENZYME COIN (MLN), select currency, enter payment address and submit.
Merchants who choose to accept MLN as payment will have their own merchant account with a unique merchant token assigned to them by the system. This allows for expedited processing of sales, customer support response time, detailed record-keeping on both parties’ accounts, as well as less costly infrastructure within the Enzyme Coin payment system.
Each consumer has an account which also serves as a wallet for storing and spending coin that they purchase from merchants or convert from USD.
All data is encrypted using AES 256-bit encryption on each of three servers located in geographically disparate locations. Two servers are hosted within Amazon Web Services (AWS) datacenters and one server is hosted within a rented data center in Australia.
On the backend, all data is stored in MySQL database instances on each of the servers and PostgreSQL instances are used for more complex searches. For some parts of our infrastructure, we use Memcache and Redis. Enzyme Coin uses RabbitMQ to communicate with Nginx which routes requests to Gunicorn workers that interact directly with the MySQL database. We use ElasticSearch for searching sensitive user information. Requests from users are handled by Nginx acting as a proxy server, which routes them to one of multiple Pasteras or Django apps running on Gunicorn worker processes (EC2) using both WSGI protocol and uWSGI protocol, depending on circumstances).
Wrapping things up
Enzyme Coin (MLN) is a cryptocurrency that can be bought and used for transactions. It’s easiest to buy on Binance and Coinbase, so we would recommend opening an account there if you want to purchase some. The coin was developed by the company Miro Labs Inc., which has been around since 2014 and employs over 20 people in various positions including research scientists and developers. Their goal with MLN is to create a digital currency that will allow users of their platform access to premium services without having any cash or credit card information stored online. All they need is an email address! We’re not sure how well this project will perform going forward but it seems like a novel idea worth following for now at least.