It was a quick visit to the nearby supermarket a week ago which made me realize a new trend slowing sweeping over us. The supermarket was already available online for the time being offering free delivery plus 5% additional discount on the next purchase. This was brutal! Here was I, standing in a huge line with uber patience waiting for my turn with my kicking and quacking brother. And there was a deal lucrative enough with a topping of comfort. Nevertheless, another thing I noticed was how each of the customers either used a card or paid through click and swish of his deluxe cell. I was a humble customer with humbler means using a debit card. Pheww! 2% additional charges. How good it would be if I would get rewarded for it instead of being fined cruelly each time.
Looking at the recent trends in the global e-commerce world, we can say with surety that cash(11%) is losing its sheen to cards(40%) and mobile wallets(49%) especially, PayPal(67% of those surveyed) and Apple pay(33%) stealing all the limelight. Customers are all for in-store shopping but if offered incentives they are ready to shift to online mode. Alibaba and Amazon are the behemoths in this field. To summarise, the global mobile market is expected to exceed $1 trillion by 2019. The favorable trends present a dirty picture through high transaction costs, frauds and chargebacks on part of the card companies and the number of intermediaries involved.
Welcome the blockchain phenomenon, disruptions are sure to arise in the e-market as well. In this regard, a well-researched concept with incentives loaded for both merchants and consumers is a welcome step in THE MODERN FINANCE CHAIN. It can be termed as a cost-effective cryptocurrency payment ecosystem that rewards the consumer as well as the merchant. It will be a sustainable payment system that will add value for both merchants and consumers, removing the traditional disadvantages and barriers.
It sounds inviting because:
- Smart contracts on Ethereum with a gradual deployment of independent public blockchain integrated with smart contracts.
- It offers multi-language smart contract programming in C#, C++, Java etc.
- It offers private blockchains off the main MF Mainnet.
- Cross chain transactions without the need for a centralized exchange or third party authority
- Merchants register their accounts and enter settings for their banking as well as crypto wallet details.
- The platform is available through an app
- It will also provide the users with a verified prebuilt library with smart contracts, DApps, and blockchain tools.
- It aims to achieve government compliance wherever necessary.
- Lastly, it will act as an incubator for brilliant minds with their resources to bring their ideas to life.
- The platform will accept several cryptocurrencies as a mode of payment.
Benefits to merchants: Merchants will be offered 1% rebate of their total cryptocurrency in MFX tokens. Additional reward pools will be added too when the partnership with other project develops.
The merchants enjoy no chargebacks, easy cross-border transactions, np interchange or assessment fees, no payment gateway fees and near instant liquidity.
Consumer reward system: In addition to being able to transact with their favorite merchants, the consumers are also offered a reward system of 1% rebate for using the chain's processing solutions.
MFX token and ICO details:
The MFX token will be an ERC20 ethereum based token. It will be used for transacting businesses on the platform and for fulfilling reward systems with customers and merchants. One ether = 8,500 MFX.
The private offer started on April 5 and will end on May 5. Presale will be initiated from 6th May to 25th May to continue with the ICO from May 26 to June 25. The soft cap will be fixed at 2,500ETH while the hard cap will be 33,000 ETH. The bonus will range from 10% to 30% depending on the ether collected.
The escrow feature provided by the platform is the backbone of trust which would ensure that funds would only be released after the completion of a particular stage and not before that.
Concluding Verdict:
Digital and crypto wallets are a reality in near future. The blockchain has found its use in a decentralized, safe, secure marketplace. The MF chain does that with ease and innovation through a well-structured app. The escrow and other facilities talked off are an assurance of the crowdfunding being utilized as a source for the development of the platform itself. The investors can earn through early bonuses and other such bonuses initially. Taking part and improving the efficiency calls for further rewards and benefits being straightaway delivered in our kitties. The investment sounds appealing to me.
For more details visit:
Website: https://mfchain.com/
Whitepaper: https://mfchain.com/wp/
Blog By: Lanirm Knayam
BTT Profile: https://bitcointalk.org/index.php?action=profile;u=1308391
ETH Address: 0xD9992873e5c75FA43b0eAA61C27f3Eb1ba054A4D