MenaPay is the first fully blockchain based decentralized payment platform with a focus on the "Middle East and North Africa (MENA)" region. It is a 100% Islamic (based on Shariah principles) platform, which allows blockchain transactions to be executed with very low transaction fees supported by a stable cryptocurrency while allowing a faster and secure transaction compared to a traditional payment gateway system. Its target market is the MENA region comprising of around 378 Million Muslim population.
The MenaPay project is conceptualized and launched by MenaChain Solutions DWC LLC, registered in Dubai, the U.A.E. The MenaPay project will adhere to and fulfill the General Data Protection Regulation (GDPR) compliance requirements.
The MenaPay project will work on the key challenges (Cs) affecting the mass adoption of payment systems in the MENA region, while providing its solutions (S).
C1. Single Payment Method for Online Shopping
C2. Obligation of Carrying Cash
C3. Cross - Border Money Transaction
C4. Dependent Central Authorities
C5. Counterfeit Money Problem
MENAPAY SOLUTIONS
S1. Green Mining - The promoters of MenaPay project believe that in order to bring a mass adoption of cashless society, participants of the system needs to be rewarded from the system itself, even if they don't hold a MenaPay token.
Thereby, the MenaPay project encourages "GREEN MINING" and would reward users who use energy sourced from sustainable energy to mine and execute transactions using MenaPay.
Such new reward model of MenaPay working as a green mining model, executed through MenaCash transactions is called "Proof of MenaCash Transaction (PoMT)".S2. Stable Cryptocurrency - The MenaPay project will solve the key obstacle in the mass adoption of cryptocurrencies, i.e. unexpected fluctuations, by offering its own USD backed stable coin "MenaCash".
1 MenaCash will always be equal to 1 USD. The exact amount of required MenaCash to be circulated in the market will be held as reserves in several banks to provide protection against fluctuations.
ICO REVIEWS
The MenaPay project has received good ratings from reputed ICO tracking websites.
https://icobench.com/ico/menapay [Rating 4.6/5]
https://www.trackico.io/ico/menapay/ [Rating 4.6/5]
https://icomarks.com/ico/menapay [Rating 9.4/10]
It is being touted as one of the foremost blockchain projects conceptualized to make adoption and usage of cryptocurrencies easier for users in everyday life.
Recently it has completed one of the major milestones used in evaluating a blockchain project' performance (i.e. transaction speed). MenaPay completed transaction in less than 1.7 secs on MenaChain (a proprietary blockchain system developed by the MenaPay team) , while the most widely used payment systems such as Visa and MasterCard can complete transactions within 15 secs in the MENA region.
Further, if we consider the end user's experience about the whole payment process, it takes less than 9 secs for the user to start the application and complete the transaction (payment transaction) using MenaPay.
[Reference Link: - https://blockchainreporter.net/2018/11/17/menapay-blockchain-based-payment-gateway-records-2x-transaction-speed-compared-to-credit-cards/]
SOCIAL MEDIA STATS [As of 14th Nov '18]
Telegram - around 20,650 users
Twitter - around 13,100 followers
YouTube - 40 K views of promotional video
ICO DETAILS
MenaPay (MPAY) will be the utility token used on the MenaPay ecosystem. The MenaPay platform will be hosted on the Ethereum Blockchain Network.
- Symbol - MPAY
- No. of Tokens Available for Sale - 256 million MPAY (64% of the total token supply)
- Soft Cap - $ 5 million
- Hard Cap -$ 25 million
- Payment Method - BTC, ETH, LTC, WAVES and Fiat
- Token Standard - ERC-20
- Token Launch Price - 1 MPAY = 0.165 USD
- KYC Required - Yes
- Restricted Countries - USA
The supply of MPAY tokens is fixed at 400 million tokens.
Difference Between MenaPay (MPAY) Token and MenaCash: -
While MPAY is the utility token used on the MenaPay ecosystem, MenaCash is the stable cryptocurrency on the MenaPay platform which will be used for conducting daily transactions between the three players in the MenaPay ecosystem i.e. users, vendors and the MenaPay Foundation.
Pre ICO Phase
Start Date - 15th Jan '19 ||| End Date - 14th Feb '19
ICO Stage
Start Date - 15th Feb '19 ||| End Date - 15th Mar '19
MENAPAY PROJECT PARTNERS
The MenaPay project has partnered with many reputed firms, including VC, investment banking and blockchain solutions companies namely: -
Aslnoba Capital, one of the leading early stage technology investor in Turkey
Boğaziçi Ventures, one of the leading growth stage VC firm, supporting tech start-ups in Turkey
S4MINING, a digital mining solutions tech firm
Altana Wealth Ltd, an asset management company based in London, U.K.
Gedik Investment, one of the leading investment banking advisory and brokerage firm in Turkey
PumaPay, the distributed ledger technology based payment solutions system. It is the revolutionary blockchain project which has brought the idea of blockchain and cryptocurrency in the e-commerce industry. Within a month of its platform launch, PumaPay signed deals with leading brands, including FashionTV, ImLive, Aben, SegPay etc. each committing to adopt the 'PumaPay Pull Payment Protocol'.
Further, in Oct '18, MenaPay and PumaPay have joined forces to accelerate the adoption of decentralized the global payment system.
Meanwhile, MenaPay is working to partner with more fintech and financial services companies operating in the fields of Audit, Escrow Management and Security to expand its network and further develop its products and solutions.
MENAPAY TEAM
The MenaPay project is conceptualized by a team of experts possessing wide range of professional experience in the fields of Islamic banking, blockchain technology, fintech, digital and social media marketing, brand management, advertising and marketing, business development, information technology management and software development, venture capital management, legal, etc.
For more information on the MenaPay team and advisors, please refer the following project website link: -
https://www.menapay.io/#team
MENAPAY PROJECT' ROADMAP
https://www.menapay.io/#roadmap
Roadmap Continued
CONCLUSION
Thus, the MenaPay project is one of the most conceptualized projects aiming to bring the first fully blockchain based decentralized payment platform, 100% based on Islamic principles (Shariah compliant) in the Middle East and North Africa (MENA) market. The MenaPay project has achieved the fastest transaction, executed in less than 1.7 secs on MenaChain (a proprietary blockchain system developed by the MenaPay team).
Further, it has joined forces with PumaPay to accelerate the adoption of decentralized the global payment system.
For more information on the MenaPay project, please refer the following links: -
#Menapay.io #Menapayio @MenaPay.io @Menapayio
*Website: https://www.menapay.io
*White Paper: https://menapay.docsend.com/view/pwjr8rt
*One Paper: https://menapay.docsend.com/view/ii38kxe
*Twitter: https://twitter.com/menapayio
*Facebook: https://www.facebook.com/menapayio
*Telegram: https://t.me/MenaPay
*Bitcointalk ANN Thread: https://bitcointalk.org/index.php?topic=4884588.0
*Reddit: https://www.reddit.com/r/MenaPay/
*Medium: https://medium.com/menapay
*Subscribe at YouTube: https://www.youtube.com/channel/UC56eU1zaQh2S8k7TB4S2RjA
Published by 'Sameer S'
BTalk Profile URL: - https://bitcointalk.org/index.php?action=profile;u=1978491
Telegram ID: - @Sameer_GR
Bounty0x Useraname: -
Disclaimer: - Kindly conduct your due diligence before making your decision on this project from the investment and legal perspective.
This article was created in exchange for a potential token reward through Bounty0x.