INTRODUCTION
Cryptocurrency market capitalization has increased massively over time, from the humble beginnings to this era when it’s over 300 billion. Value of cryptocurrency have seen a spike, as most people will prefer holding for long term benefits than trading or exchanging for real life goods or services (used for payment purposes). This automatically classifies cryptocurrency like Bitcoin, Ethereum and a whole lot of others as virtual assets, considering they appreciate over time as holders keep holding them as store of value. In the past, there were popular instances of people trading bitcoin for real life commodities like the popular Pizza saga, where someone bought 2 pizzas with 10,000 BTC. A friend of mine, Stanley, sold 2ETH for $20 wayback and was happy he did, but presently he regrets his action. Nobody could have imagined the current price of BTC or ETH as at that time. From past experiences, most people now learnt to keep their position holding crypto as virtual assets rather than using them as virtual currencies for exchange of real life commodities and services. In order not to lose position holding crypto assets for long-term, since needs arises to trade them or use as payment at times, there is need for a credit model where crypto assets will serve as collateral security. Money Token platform was set up in this regard, whereby credit will be granted in a stable currency while crypto assets will serve as collateral. This is revolutionary considering Money Token is a refined cryptocurrency-backed loan platform, as opposed to previous platforms which have failed in this regard. Many groups will benefit from this including cryptocurrency traders, miners, new start-ups who got funds from ICO (initial Coin Offering), crypto exchangers and Cryptocurrency holders in general. Loan is provided in either FIAT currency or stablecoin.
MoneyToken will also launch the MoneyToken Exchange allowing users to buy and sell (exchange) cryptocurrency assets. The IMT (Initial Money Token) is MoneyToken's own currency and early investors are given the opportunity to contribute during the ongoing token sale. MoneyToken platform will utilize a mind-blowing unique feature; AMANDA, an artificial intelligence assistant built to automate transactions within the platform.
SUMMARY OF PROBLEM STATEMENT AND MONEY TOKEN AS THE SOLUTION
• There is need for a credit model whereby crypto-assets which are volatile will be used as collateral to get loans in stable currency.
• Proper risk management has been an issue for platforms trying to implement crypto backed loans, hence there is need for amelioration. Money token platform was set up to correct the lags.
• There is need for a model that upholds transparency and security, and that which facilitates access to credits while using crypto-assets as collateral. Money Token utilizes blockchain technology to solve this problem.
• The banking system doesn’t recognize cryptocurrency as asset, hence its not considered as collateral. Its therefore impossible to acquire loans in this regard.
• Intermediaries or third parties make the process of lending and crediting cumbersome. MoneyToken with the help of blockchain smart contracts has removed the need for intermediaries.
• Creditors in the past had issues with mass default on debt from those obtaining loans. MoneyToken curbs this risk issue by implementing reserve funds that guarantee investments, banking deposits and government guarantees for creditors.
HOW THE MONEYTOKEN LENDING MODEL WORKS
The summary of steps involved are as follows:
• Choose credit terms
• Deposit collateral
• Get confirmation
• Get credit funds
ADVANTAGES OF MONEYTOKEN LENDING MODEL
• Verification of assets or credit scoring is not required.
• Loan is automatically confirmed with speed of light.
• Customers have the privilege to regulate Loan conditions with respect to the platform’s terms.
• The model upholds transparency of collateral evaluation and fluctuation of asset value over time and also transparency of operation during transfer and retention of security deposit.
• General fluctuation of collateral is stabilized by giving an option to deposit collateral in several cryptocurrency assets.
MONEYTOKEN PLATFORM PREVIEW:
LOAN CURRENCIES TO BE USED IN MONEYTOKEN PLATFORM :
FIAT like USD, EUR, JPY etc and various stablecoins will be used. The stablecoins can then be used to convert to USD using exchanges, used to buy other crypto assets or ICOs and used through the MoneyToken debit card. Some of the stablecoins to be used include the following :
• Tether (USDT)
• DAI
Clients can also opt to obtain BTC, ETH and other volatile currencies.
INITIAL MONEY TOKEN (IMT) AND TOKEN SALE
The IMT is an ERC20 token which was developed to reduce risk for both parties (MoneyToken platform and users). Token sale is on and it’s selling really fast. Wise investors are already taking advantage. Token sale price is 1IMT = $0.005. Believers and wise investors are grabbing this opportunity with both hands, as retail price on the platform will be $0.05 . For token sale, KYC (know your customer/client) verification is required to ensure compliance with AML.
ADVANTAGES OF HOLDING IMT CAN BE SEEN ON THE IMAGE BELOW:
TEAM AND ADVISORS
One of the most important things to consider before investing in ICO is team. The team behind this project comprise of capable and experienced intellectuals who are determined to propel the project’s vision to a greater height. They have competent advisors known in the crypto space like Roger Ver. Team members and advisors can be seen on the images below:
PROJECT ROADMAP
USEFUL LINKS
Consider checking out the links below to know more about this mind-blowing project. Token sale is on, you can access it through the website below. Join them on social media through links provided.
Website : https://moneytoken.com/
Whitepaper: https://moneytoken.com/doc/MoneyTokenWP_ENG.pdf
Telegram: https://t.me/moneytoken
Facebook : https://www.facebook.com/MoneyTokenOfficial/
Github: https://github.com/MoneyToken/
Twitter: https://twitter.com/MoneyToken
product: https://account.moneytoken.com/
Email: support@moneytoken.com
Author's Bitcointalk Username: deodivine1
Author's Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1390292