Mfchain - Introduction
Future of Cryptocurrency
Introduction
Cryptocurrency is taking the whole world in a storm but still couldn't leave much impact due to its complex usage and transactions. It has come a long way over the years since its invention, still, it has not been able to achieve the position it had envisioned. Many platforms have tried to build a digital economy where cryptocurrency will rule the chart, but not many have been able to do that successfully.
Cryptocurrency is a transparent and secure way of transaction, so slowly it is gaining popularity among the users. The blockchain technology forms the base of the cryptocurrency world and this next generation technology is touted as one of the safest and secure ones. So what is the solution then?
The platform of Modern Finance Chain is trying to build a platform through which the utility of cryptocurrency can be increased, so that it can be easily used as speculative or trading tool and not just as an investment. The cryptocurrency will be made so convenient that the small, big and the medium business owners capitalize more and more on cryptocurrency and the blockchain technology. It is basically a public smart contract with merchant payment integration. It comes with a revolutionizing reward program for both merchant and traders which makes it unique.
Problems with traditional system
No securityComplexChargebacksFraudsHigh transaction and processing feesNot centralizedNon-multi-language supportNo transparencyNo interaction of buyer and seller
Solutions by Mfchain
Merchant reward systemMFX reward poolNo chargebackNo interchange feesNo payment gateway feesEasy cross border transferIncreased marginSmart contractsICO controllerMfchain mobile client applicationEthereum walletInnovation incubator
Merchant Reward System
Merchants are rewarded a 1% rebate of their total cryptocurrency volume in the form of MFX Tokens. MFX Tokens are valued based on $1 per token or their current exchange rate, whichever is greater, at the time of settlement. Each month merchant statements are evaluated from the previous month's processing. Statement evaluation closes on the last day of each month. Rewards payments are settled on the 7th day of each month.
Consider that you are a merchant and you bought 1 M MFX tokens then at the end you will actually receive or will be rewarded 5000 extra tokens for all the payment and transactions done through the platform.
Merchant controlled settings allow for either keeping the cryptocurrency they've received as payment or immediately exchange it for fiat currency settlement which is delivered to their bank account the next day. Merchants have complete control over their funds without the risk of chargebacks or reserves.
ICO details
Tokens are allocated mainly to
- Presale & ICO – 57%
- Rewards pool – 16%
- Development – 19%
- Devs and advisors – 8%
Funds raised are mainly used in
- Exchange listings – 5%
- Team – 5%
- Legal – 5%
- Marketing – 30%
- Development – 35%
- Operations – 10%
- Incubator – 10%
Conclusion
The consumers of this platform can make use of the cryptocurrency very easily. At the time of payment, the cashier will enter the purchase amount in the Modern Finance Chain mobile device and the consumer receives a QR code that they need to scan with the cryptocurrency mobile app and within a matter of few seconds, the transaction is confirmed. All this is made possible through smart contracts. Smart contracts play a major role in the decentralized applications.
So this is one of its kind platform which has a huge potential to grow as cryptocurrency us taking over the market while the future is digitalized, one should be able to cope up with it while this platform will help one to do so.
For more Information:
Telegram: https://t.me/modernchain
Author: vespa panjang
MyEthWallet: 0x73d704F72440F0dDA507ADb95C22c2901bDB134B
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