The use of electronic payment systems on the Internet became relevant within the last 5 - 10 years. Fiat money (paper money) helps to make mutual settlements, but in them, there is no sense when between people considerable distance. So that it wasn't necessary to go to a bank for implementation of money transfers - electronic money which has managed to raise turnover of many states considerably have been developed.
I wish to point out that money is a tool for the realization of own purposes. The electronic currency is an improved model, which currently has a new market - cryptocurrency. The cryptocurrency, in turn, is not merely electronic money, but digital tokens which able to displace Fiat and electronic option.
Over the past few years, there has been a need for cryptocurrencies payments. The only main problem and inconvenience in use of cryptocurrencies is their virtuality. The absence of any physical analog of money or payment terminals significantly complicates purchases in everyday life. In other words, it is still impossible to pay for purchases in a shop with help cryptocurrency.
Now is not far off future in which with the use of cryptocurrencies we can pay in any shop. This future will create the Modern Finance Chain project. The project will allow consumers to buy goods and services from sellers, thanks to the creation of a cryptocurrency payment ecosystem which rewards both the consumer, and the seller.
In other words, MFChain is a public smart contract platform that aims to bridge the cryptocurrency gap between merchants and consumers. By empowering processors, merchants, and consumers with blockchain technology, thereby making eCommerce quicker and profitable for everyone. While creating the value of zero merchant processing fees, MFChain is launching the first-ever rewards program for both consumers AND merchants.
The significant advantage of MF Chain is MF Mainnet which will be developed introducing the opportunities directly in a commercial stream and allowing ICO and dApp to projects directly to join this stream. MF Mainnet offers the flexibility of transacting with a variety of cryptocurrencies, i.e., BTC, LTC, NEO, ETH, etc., thus freeing ICOs from the limitations they encounter throughout the process of their initial launch. With a dBFT/POS hybrid consensus method, MF Mainnet will achieve consensus with minimal energy consumption and in an eco-friendly manner. Using an incentivized master node offering, MFM will achieve decentralization with thousands of globally distributed nodes.
Merchants Reward System
Merchants will be monthly (the 7th of every month) to earn the reward of 1% of their total amount of cryptocurrency but in the form of MFX tokens. The remuneration will distribute from an assessment of the reports on the work of merchant for the last month. For an example if the owner of shop transfer from April 1 to April 31 through MF Chain cryptocurrency payments for the sum of $1 million. On February 7 merchant receives 1% of this sum in the form of MFX tokens on own wallet. The merchants can dispose of tokens at discretion, to keep cryptocurrency or to exchange tokens into fiat currency which will arrive on bank account next day. Sellers have complete control over the means without risk of chargebacks or reserves.
Consumers Reward System
Consumers have a shopping opportunity without the commissions in case of use of a token of MFX as payment. If the consumer spends MFX tokens at the seller, using payment solutions of MF Chain, he receives a discount of 1%, automatically comes to the wallet of the consumer. Payment is made once a month.
The option of payment in cryptocurrency includes an additional fee for a covering of the commission of trade exchange. The size of the commission is established by the seller in the amount of 0,5 up to 3% and is paid to him by MFX token.
MFX Reward Pool
The fund consists of 75 million tokens of MFX, and programs of discounts will function within five years or more. New bonus funds will add to the process of developing a partnership with others to projects. For example, a perspective project can request the addition of tokens to the bonus fund, thereby instantly entering tokens into real trading transactions. It will allow merchants and consumers to receive several remuneration tokens per transaction. The program is likely to be extended for an unlimited period.
Merchants and consumers will use free mobile application which will turn any mobile device into full-function trade system with all MF Chain functions. The version of APK for Android is already available for loading, and you can download it at the link https://github.com/MFChain/mfc-pos/releases/.
Now the best time for world business community to take advantage of new payment technologies and to improve some of the fundamental processes necessary for business. MFChain develops the original decision to provide to the financial partners an effective and transparent way of payments.
To participate in the ICO potential users of the platform have to be approved and added to the whitelist. MFChain plans to start two separate campaigns which will allow the users who have late learned about MFChain to take part.
Private Offer: April 5 - May 5
Presale: May 6 - May 25
ICO: May 26 - June 25
Soft Cap: 2,500 ETH (with built-in smart contract refund feature if not obtained)
Hard Cap: 33,000 ETH
The total number of MFX tokens capped at 521,000,000. 1 Ether = 8,500 MFX tokens.
Learn more about MFChain:
Website - https://mfchain.com/
Whitepaper - https://mfchain.com/wp/
BitcoinTalk - https://bitcointalk.org/index.php?topic=3264121
Facebook - https://www.facebook.com/MFChain/
Twitter - https://twitter.com/ModernChain
Telegram - https://t.me/modernchain
Medium - https://medium.com/modern-finance-chain
Github - https://github.com/mfchain