Alt Coin News Daily! + MF Chain ICO Review
Lots of stuff today! I will include the ICO review in full here for anyone that would prefer to read :)
First though the alt coins news...
TRON
Binance will be also supporting the TRON Mainnet token swap.
https://twitter.com/binance/status/994052789784465408
FunFair
FunFair is now accepting applications for closed live beta testing.
Applications until May 10 and only for Canadians.
https://www.reddit.com/r/FunfairTech/comments/8hyex0/beta_signups_are_here/
Matrix AI Network
Matrix just got listed in 4 exchanges (HADAX, LBank, CoinEGG and HitBTC).
(just more goods news after recent big OBOR partnership)
OmiseGO
OmiseGO has updated the roadmap as previously promised.
https://twitter.com/omise_go/status/994069957968388097
https://blog.omisego.network/omisego-roadmap-update-94819e20ada2
Nexo
Starting July 1, Binance’s BNB coin will be accepted on the Nexo platform as collateral for instant crypto-backed loans.
This is generating rumours of possible listing on Binance. Also Nexo will initially start trading on HitBTC.
These news and rumours caused the Nexo coin to jump to top 100 coins with current 15% price surge.
Nexo is an instance Crypto-backed loans platform.
https://www.reddit.com/r/Nexo/comments/8i18ty/nexo_to_accept_binance_coin_bnb_as_collateral_for/
https://medium.com/nexo/front-running-wall-street-with-nexo-f66fb82868fb
Banca
Current 45% price surge.
Banca announced that has secured a deal with a big volume exchange for listing Banca token in a few weeks time, but they are not allowed to disclose the name yet.
Banca is a cryptocurrency community platform based on AI and Big data.
https://twitter.com/Banca_Official/status/994063420084441088
Peercoin
Not much big news after all.
Peercoin partners with StakeBox, a Raspberry Pi supply brand.
(This is regarding their previous twitter tease)
https://twitter.com/PeercoinPPC/status/993868156870553601
Pundi X: https://www.chipin.com/qtum-mass-adoption-after-point-of-sale-deal-with-pundi-x/
Pundi X is a retail cryptocurrency payment solution provider. Announced today, 10 hours ago as of recording, they have signed a deal with Qtum which will allow for payment of goods using QTUM tokens. According to this article linked below Pundi X are about to ship 4,000 point of sale devices worldwide that have this functionality.
News
New York Times Front Page Today
https://www.reddit.com/r/CryptoCurrency/comments/8i222k/new_york_times_front_page_today_in_case_you/
Facebook Forms Exploratory Blockchain Team Led By Coinbase Board Member
Head of Facebook’s Messenger app has announced that Facebook is exploring possible applications for blockchain technology.
Pros 1
Introduction 1
Problem 1
High Transaction and Processing Fees 1
Chargebacks and Fraud 1
Cryptocurrency 1
Solution 2
MVP 2
Team 2
Crowdsale 3
Why Blockchain 4
Cons 5
Partners 5
Competitors 5
Conclusion 6
Pros
Introduction
Modern Finance Chain, MFChain aims to create a payment solution system with rewards program for all parties involved in merchant transactions so everyone can easily and quickly transact with reduced fees any cryptocurrency of their choice.
This will help the adoption of cryptocurrencies as means of payment while disrupting the current traditional methods like PayPal, VISA, Mastercard, Apple Pay, etc.
The MFChain mobile app will make any smartphone a fully functional point-of-sale (POS) station.
Problem
High Transaction and Processing Fees
Credit card processing fees vary depending on each link in the transaction (i.e. payment gateway, credit card processor, bank issuer) but the average can go up to 3.5% per transaction, not counting with any of contractual fees.
As such, merchants have to pass this cost onto the consumer or absorb the loss. With the increasing demand for better payment methods, keeping pace with technological innovations is placing a burden on small and medium businesses (SMB’s).
Chargebacks and Fraud
Chargebacks occur when a consumer launches a transaction dispute through either their credit card issuer, bank, or digital payment provider. While this helps to reduce fraud on the merchant end, chargebacks can also be used as a tool for making fraudulent purchases.
In 2016 the estimated chargeback revenue loss was $6.7 billion majorly caused by “friendly/chargeback fraud”, a term used for consumers who purchase goods or services online and lobby their card issuer or bank to cancel the transaction, thus receiving a refund.
Cryptocurrency
Digital payment acceptance is on the rise, yet because of slow merchant adoption due to concerns of transaction speed, fees and security, it still remains inconvenient to pay for goods and services with cryptocurrencies.
Also current blockchain projects are isolated and promote innovation only within their own technologies.
Solution
MFChain wants to create a collaborative digital economy. MFChain is building a cost-effective cryptocurrency payment ecosystem that rewards the consumer as well as the merchant. MFChain’s rewards program will bridge the cryptocurrency gap between merchants and consumers while incentivizing its adoption.
Consumers will be able to pay in any cryptocurrency while merchants will have FIAT conversion options while free from banks & processors and their respective chargebacks, fees and categorization. Both get a 1% monthly rebate when using the MFX token.
MVP
The MFChain Mobile POS Client MVP application is available for download at the MFChain GitHub.
Successfully installed but cannot pass the login screen as there’s no registration available and neither any information on the website. No reply yet from their team.
Team
The team currently consists of 9 members and 5 advisors.
MFChain’s team is comprised of PhD’s, Mathematicians and Expert Level Blockchain Developers.
MFChain Blockchain Team Leader was a Project Manager for Status, a current top 50 coin.
Crowdsale
The global mobile payment market is projected to exceed $1 trillion by the year 2019.
MFChain crowdsale is currently on pre-sale until May 25. ICO will be after, until June 25.
Total supply of 521 million tokens where 57% (301 million) are for the crowdsale.
1 token is around 9 US cents based on $750 per ETH at ICO price (no bonuses).
This puts MFChain with a marketcap of around $47 million.
The current pre-sale offers about 20% extra tokens with a minimum contribution of 5 ETH.
There’s further contribution bonus tokens: 10% bonus for 10 ETH minimum; 15% bonus for 25 ETH minimum; 20% bonus for 100 ETH minimum.
MFChain Mainnet solution of waiting to unify blockchain projects, on top of its payment and rewards solution system, compares it to the likes of NEO, Dragonchain and Wanchain
This gives MFChain the opportunity of about 5 to 17 times gains realistically, with chance of going up to 106 times gains.
Exchange listings are expected by August 2018.
USA ICO ban. Whiltelist and KYC required. ICO will have escrow. Unsold tokens will be burned.
Why Blockchain
MFChain will allow faster, cheaper and safer transactions with multiple cryptocurrencies, and more choices on surcharges, privacy and money conversion. Also provides freedom from current traditional systems fees, freedom from credit card fraud, freedom to use cryptocurrencies without an exchange, and flexibility on rewards / savings options.
In addition, with MF Mainnet, MFChain wants to bring its capabilities directly into the stream of commerce and allowing ICO and dApp projects to tap directly into this wealth.
With features as multi-language smart contracts, private blockchains, atomic swaps, multi-blockchain integration, verified digital identity system and multi-currency ICO platform.
The MF Testnet is scheduled for release in Q1 2019 and the Mainnet in the Q2 2019.
Cons
Partners
MFChain has no relevant partnerships (yet).
Although, they are in active tests with a payment processor. This partnership immediately opens MFChain up to access to over 10,000 merchants. Announcement expected soon.
Additional partnerships conversations are underway as well.
Competitors
There’s strong traditional systems competition with current difficult merchants adoption.
There’s currently also a lot of payment processors and rewards program in the blockchain space, although with MFChain Mainnet on top of it it will make it separate from these projects.
Conclusion
Presentation: 3.5/5
- Decent website. Good media presence.
- Untidy whitepaper with several studies while lacking further solution discussion.
Project: 4/5
- Integrative blockchain. Github commits.
- Difficult current adoption with strong competition. Can’t test MVP.
Team: 4.5/5
- Solid team with high education, blockchain and technical experience.
- Lacks business experience.
Rating: 4/5
Am I investing? Yes.
Good balanced ICO review. Doesn't sound like a good long term investment. You shouldn't stop monetising your videos. They're aren't a big deal.
Hi @crypto-daily!
Thanks a lot for the news as always.
PundiX is really interesting project in my opinion. I might invest into it when there is kinda dip again. Or at leas I hope there will be one. 😅
I really respect this breakdown of cryptocurrencies, I have done a similar breakdown but from a slightly more humour based point of view, please feel free to read it, and laugh :-)
https://steemit.com/funny/@georgemason/the-number-1-reason-you-aren-t-getting-rich-from-bitcoin
Upvoted :-)
I like the ICO review segment. Do you consider Crypterium to be one of MFChain's competitor?