MENAPAY: A secure and transparent method of payment

guchi (37)in #menapay • 6 years ago

New technology regularly makes an abyss between the individuals who have and the individuals who don’t. You don’t see a great need for mobile food delivery or dog walking service apps in impoverished countries. Nor is there much demand for driverless cars in regions with no roads. However, one area where technology can possibly help those living in underdeveloped parts of the globe is digital currency.

The technology is incredibly required in areas where a great many people are poor and the majority do not have bank accounts or credit cards.

Regular banking tools are largely not used in the Middle East and Africa Region due to the conservative practice of Islam and the poor banking system.

In Zimbabwe, a nation that accomplished a currency crisis that saw its economy collapse, citizens swung to digital forms of money as a store of significant worth, and the African country once had the highest Bitcoin prices on the planet. In South Africa, more than 1,000 merchants as of now acknowledge Bitcoin as a method for payment. Finally, the enormous anticipated development in mobile phone use in Africa is only good news for cryptocurrency adoption.

It’s hard to expect wide cryptocurrency adoption in a continent where a significant percentage of the population do not have bank accounts, yet a few signs demonstrate that cryptocurrencies will survive in Africa.

To begin with, the fact that more than 40 percent of grown-ups effectively utilize mobile money and P2P payment systems in many parts of Africa demonstrate that low utilization of bank accounts isn’t mainly a technology issue. Second, Bitcoin and different cryptocurrencies are already achieving wide appeal in several African countries: in Nigeria for instance, P2P Bitcoin trading expanded by around 1,500 percent in 2017, a percentage only surpassed by China on a worldwide scale.

Not certain what cryptocurrency is all about? Cryptocurrency is simply a digital currency that relies on encryption technology to transfer the value via the internet. It is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. This type of currency works freely of a banking system and can be used in many nations like money. The most well-known utilization of cryptocurrency is selling and buying goods or services online.

Thinking about if accepting cryptocurrencies is an ideal choice for your business? The appropriate response relies upon your business’ needs, but typically, cryptocurrencies are profitable for different reasons.

Saves money: Cryptocurrencies are decentralized, so they do not require a bank to confirm each transaction. This implies your business will take out those charges, saving 2 to 5 percent on each transaction.
Transactions will process rapidly: It’s baffling to wait for funds to become available in your bank account. You don’t have to wait with cryptocurrency transactions. In many cases, the transactions occur in real time or within a few minutes.
The currency works around the world: Bitcoin and other cryptocurrencies enable you to keep away from the costly foreign transaction fees or exchange rates.
It keeps you away from fraud and chargebacks: This system confirms funds and makes it next to difficult to spend more than you possess. When paying with cryptocurrencies, both parties have to approve each transaction. Thus, there are no disputes to worry about and chargebacks will never again happen.
Peer-to-peer cryptocurrency network: In such networks, there is no master server, which is in charge of all operations. Transactions are made by many distributed servers. Neither banks or taxes nor governments can control the trading of money.
No boundaries: Payments made in this system are difficult to cancel. The coins cannot be faked, duplicated or spent twice. These capacities ensure the trustworthiness of the entire system.
Transparency: The BTC stores the history of transactions that have ever occurred. It is known as a sequential chain of blocks or blockchain. The blockchain keeps data about everything.
Anonymity: It is totally anonymous and in the meantime completely transparent. Any company can make a boundless number of bitcoin addresses without reference to the name, address or any other data.
No third party: You are the master of your money. You can keep it in your wallet and utilize it according to your desires. There is no third party involved like a bank on whom you have to trust.

All the advantages do not mean that there are no risks involved in investing in cryptocurrencies, we still can’t spend cryptocurrencies easily and that hampers its potential as a widely adopted currency. These challenges include;

Can lose your wallet: There is a possibility of losing your wallet. If you have stored the money in the form of digital currency on your phone or computer, you better recall your secret key and not lose those devices. Losing your coins implies you won’t have the capacity to recover it, even with the help of legal assistance so that is just one of Bitcoins flaws.
No way to reverse the payment: If you erroneously pay somebody by utilizing cryptocurrency, then there is no way to get a refund of the amount paid. All you can do is to ask the person for a refund and if your request is turned down, then just forget about the money.
Vulnerability and Volatility: Since cryptocurrencies are so new, they are likewise exceptionally unstable. This is one of the fundamental reasons mass adoption is taking longer than it should. Many corporations don’t want to deal with a form of money that is going to go through huge swings in volatility.

However, over the past two decades, the worldwide economy is experiencing another rush of change fuelled by the advancements of the internet and mobile based technologies. These technological developments are starting to change the way goods and services are being exchanged today, from traditional physical settings to online settings.

WHO CAN WE TRUST?

MenaPay, the first fully backed blockchain-based payment gateway in the Middle East and Africa which was started in November 2017 to serve 420 million people, across 18 countries, as their primary payment method, provides a solution to the above-mentioned challenges, therefore eliminating volatility and to assure transactions faster than old-fashioned financial instruments, such as credit and debit cards.

It replaces the traditional payment methods thereby providing a secure and transparent payment gateway enabling transactions for each part of day by day life.

MenaCash, which is 100% backed by USD, will be used as the currency for transactions under the MenaPay platform. It will always be equal to 1 USD and merchants will be able to make cash-outs from the MenaPay foundation.

MENAPAY TOKEN

The tradeable MenaPay token will utilize ERC20 and will be used to distribute the majority of the revenue and profit of the MenaPay platform and will be available for crowd sale.

Token Details

Tokens To Issue: 400M Mpay

Tokens For Sale: 256M Mpay

Estimated ICO Price: $0,165

Target Soft Cap: $5M

Target Hard Cap: $25M

Token Standard: ERC-20

Unsold tokens will be burned

TOKEN DISTRIBUTION