The new reward system model of menapay works as a green mining model through menacash transactions made which is known as he proof of menacash transaction[ POMT]. The menapay green mining name comes from the facts that energy sourced from sustainable energy. Menapay encourages mining because it helps to democratize financial tools by rewarding people who make transactions using menapay. The reward is independent from the volume of each of each transaction and reward makes the user a menapay community member even if the user has never purchased a utility token in the past.
With the help of POMT, the users who do not even hold menapay tokens have the chance to earn menapay tokens for each transactions for their wallets. Green mining is established to generate tokens that will be permitted and will be shared with engaged customers who have transferred menacash to merchants. Every individual who makes a peer to merchant transactions with menacash can earn menapay tokens. Menapay holds a certain amount of reserve tokens for green mining and menapay will fuel this reserve by buying menapay tokens from exchanges.
All transactions are 100% transparent and secure whether guaranteed by the technical structure of the blockchain technology or by the nodes that will be given to the 3rd party audit Companies. Revenue generating methods of menapay do not include any interest methods. Menacash will equivalent USD which is kept in the accounts of menapay. This money is never to be subjected to interest. The accounts are interest free. In the case of large sums of money, money will be held in baskets of gold, different currencies and liquid real estate assets. The nature of blockchain technology and profit sharing nature of menapay are parts of our commitment to the Islamic finance compliance approach. Any peer to peer transactions witnessed by two parties is considered as a compliant with Islamic jurisprudence, so long there is no financial interest within that system.
Menapay platform also assures not to generate any interest gain from the cash reserve of menacash. Menapay platform, share 70% of its total revenue with the menapay token holders correlated with the number of tokens they hold. Detailed information can be found in basically in the merchants dashboards.
Today, existing payment systems and solutions are open to data breaches, hacks, malignant uses. According to IBM, in 2016, data breaches have increase by 93.7% and have reached 200 million financial services records with respects with the previous years. Financial Services spend multi billion US dollars to prevent this kind of malicious cases. Another control mechanism is added to the system. For each added control mechanism to inhibit the added control mechanism. This process is an endless chain reaction which is reflected as inefficient time and money on both the internal processes of financial institutions and user experience.
In the technology environment we live in, this system is still used while it has continuously given deficits which has ended with great amounts of labor and money thefts. The seven year fraud which has reached a $81 million volume in India is a very good example from hundreds of examples.
More Information
Website: https://www.menapay.io
WhitePaper: https://www.menapay.io/onepager.pdf
Telegram: https://t.me/MenaPay
Facebook:https://www.facebook.com/menapayio
Medium:https://medium.com/menapay
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Instagram:https://www.instagram.com/menapay/
Author: https://bitcointalk.org/index.php?action=profile;u=2170055