INTRODUCTION.
The creation of the Internet has paved way for lots of great online based advancements/amenities to be made possible, there's e-commerce, online gaming, freelancing, online payment gateways (PayPal, WePay, Amazon etc) and lastly the currently most advanced of them all The Blockchain Technology, I used the phrase "currently" because the internet is still being harvested as its' full potential is still yet to be harnessed.
However, the first four internet based advancement I mentioned earlier are financially related as all four can provide money, but with the blockchain technology being integrated into these things, a financial revolution has began and currently, geniuses are working hard to integrate the blockchain not just online but in every aspect of life replace it with the customary bank and paper money, provide a fully functional cashless ecosystem for everyone.
The first Blockchain (Bitcoin) was designed and created by Satoshi Nakamoto in 2009 and housed the first cryptocurrency 'Bitcoin', because of the time of its creation, the bitcoin blockchain is built with the technology at hand then and right now those technologies are outdated and seem to have lot of flaws compared to these current technologies.
However, the first blockchain was mainly created for simple financial purpose- store users' digital asset and that is as far as it works but with todays technology, it does way more than just storing digital assets as many crypto/blockchain geniuses have risen to create better and highly advanced blockchain system that will disrupt banks and banking systems and this is because of the many advantages that the blockchain provides against the multiple problems that banks provides.
Banking Problems And How Blockchain Technology Solves them.
Speed: Banks are slow in almost every way especially in creating and owning an account and executing financial transactions these takes hours to complete, but the blockchain completely solves this issues. Successfully creating an account on the blockchain takes only seconds to complete and anyone in any age range can totally get it right even at first and the slow transaction issue is the opposite for blockchains with the Ethereum blockchain capable of executing 15 transactions per second and talks are being made on how it could be increased to a million transaction per second.
Security: This is a big deal in any financial service, although banks try to keep up with this security issue but there's always another breach, a better hacker/fraudster etc. Security issues have always been a dominating issue in banking system but still the blockchain to the rescue, with it's unique private keys and cloud network it is almost impossible for the blockchain to suffer cyber attacks and thus protecting user asset by up to 98%.
Other advantages that blockchain solves are; it limits the way people get to carry stacks of cash around and enables cashless transaction without stress.
However, the blockchain service which is the cryptocurrency and the financial aspect of this unique technology is not used as it supposed to be used which is why the blockchain technology is yet to be globally adopted by everyone. Unlike fiat currencies which is used in everyday aspect of life, such as restaurants, gas stations, vending machines, shopping malls etc cryptocurrency is yet to play that function and that is what MENAPAY is created for but only for Islamic states.
Definition of MenaPay.
Firstly, to define what MenaPay is, I have to explain the phrase "Mena".
Mena is an acronym for Middle East and North African region which covers an extensive region stretching from Morocco to Iran including all Mashriq and Maghreb countries having an estimated population of 440 million people.
MenaPay is the first blockchain based online payment gateway primarily setup in the MENA region to perform a hassle-free fast cashless transaction.
And why setup in the Mena region?
The MenaPay foundation setup this unique payment system in this Islamic region because of the issues there currently undergoing, when you think of Islam you already think of war, high crime rate, insecurity and famine it is not really true for all of the countries especially states like Dubai and Qatar who are well known for their tourist attraction sites and natural gas respectively but countries like Iraq and Syria are known to be constantly warring thereby providing little or no security to the citizens funds as banks and even homes could easily get robbed. But with MenaPay payment service, there won't be anyone or any use hoarding cash as everyone's funds will be in form of cryptocurrency and MenaPay is also designed to share the same function as fiat currency which is using it in the everyday life as real money it can be used in shopping malls, vending machine etc.
To even make it easier for users, the MenaPay foundation has its own currency known as MenaCash and it is equivalent to 1 USD making it very easy to use the MenaPay service and the MenaCash to execute a successful, cashless and hassle-free transaction also, its 1$ value will never decrease but will maintain this standard amount.
MenaCash will be generated on the MenaChain private blockchain to ensure that user assets are secure and also enables fast transactions between the users.
MenaPay Token (MPAY)
This is the internal cryptocurrency of MenaPay ecosystem and it can be purchased in the ICO, for trading with other crypto pairs or hodl for future liquidity.
MPAY is a utility token with a total supply of 400 million but only 256 million will be available in the ICO for the public to buy.
#Menapayio @Menapayio
Check out the links below for more info on this project and how to buy MPAY.
Website: http://www.menapay.io
Whitepaper: https://menapay.docsend.com/view/pwjr8rt
Writer's Info;
Bountyox username: jude07