Monaize, our first dICO partner, recently released their much anticipated white paper.
Let’s take a look at the nature of Monaize, how they are using Komodo to power their business, and what kind of role our Komodo team will play in their dICO.
A Brief Overview of Monaize
A young technology startup, Monaize rapidly adopts groundbreaking technology to dominate as an e-banking solution.
Monaize finds their success by focusing on a niche that is both surprising, yet logical: they offer business-to-business (B2B) solutions specifically intended for startup entrepreneurs. Traditional bankers have a history of ignoring startups, preferring to serve instead major corporations with high transaction volumes. What the larger banks miss is that our modern technological revolution fuels ever increasing audiences of young, hungry, and motivated entrepreneurs, who frequently deal in micropayments.
Before starting their journey with Komodo, Monaize became a stable FinTech player by innovating what is called a “KYB” system, which is perfect for their burgeoning audience. The KYB system provides instantaneous access to an array of e-banking features.
Monaize is the first platform to provide an instant KYB (Know Your Business) on-boarding process, allowing users to create a business current account in less than five minutes with a smartphone. [This takes] what would normally be a complex process and [makes] it simple: allowing small business owners to open an account […] from the comfort of their own home. — Monaize
Komodo and Monaize: A Perfect Match
Their ability to identify and implement the most meaningful technology empowers them with the growth necessary to expand into yet another emerging market: they’ve set their eyes on blockchain, and that’s where our story together begins.
Monaize is positioning themselves for large-scale societal change. They see that “The Internet of Value,” formed by emerging blockchain technologies, is reshaping the world not just financially, but also in the way we organize our efforts to earn income. In their white paper, Monaize states that soon ~60% of the global workforce will be comprised of self-employed workers.
The blockchain industry has yet to deliver an easy to use product that gains wide adoption as a global payment solution. Monaize intends to be a major player in this area, and they are turning to us for technological solutions.
Our mission is to push the boundaries in innovation through a long-term partnership with the Komodo Platform. Our joint vision is to bridge banking and blockchain, and to help cryptocurrencies achieve mainstream adoption. — Monaize
Here at Komodo, our thorough understanding of this complicated field provides our partners with a competitive edge, enabling them to adapt quickly and provide the features their customers need.
Monaize is a platform into which an extensive range of third party services will be integrated including professional insurance, innovative payment solutions, cryptocurrency wallets, crowd lending and factoring; empowering entrepreneurs to focus on their businesses. — Monaize
Monaize chose the Komodo Platform after learning of our team’s dedication, innovative track record, and because our pathways are aligned. Ours is a symbiotic relationship; we work not just for our own separate positions, but also to realize success for each other. Together, our teams have prepared at great length a strategy by which we can lead in the blockchain revolution.
Monaize and Komodo have already developed a strong relationship and we will be working closely together to overcome existing barriers and push the boundaries of blockchain innovation in FinTech. — Monaize
The World’s First dICO
Together, we are excited to host the world’s first dICO, or “decentralized Initial Coin Offering.”
By creating their MNZ token on our platform they tap into the Komodo framework, and even gain access into the open-source Zcash technology we implemented for additional user-privacy.
- Our blockchain startup-kit provides several features, including:
- A reliable blockchain core
- A fully functioning token-issuance protocol (dICO)
- An API setup for Loyalty-Reward distributions for committed customers
- A ready-made compatible wallet
- Bitcoin-level security, with dPoW mining
One particular element of the dICO method we would like to highlight is the manner by which our customers purchase the initial Monaize coins. We use a mechanism we call “atomic cross-chain swap,” which is different from traditional ICOs because it does not require that a human hold the customers’ funds in escrow while the transactions are verified. The entire process is both automated and provides our customers with far greater security — not to mention peace of mind.
Another unique element of the Komodo dICO is the dPoW mining feature, which is the first of its kind, and Monaize will be the first third-party project to use it.
Through Delayed Proof of Work, Monaize will notarize blocks to the Komodo blockchain, which in turn notarizes blocks to the Bitcoin blockchain. This scheme ensures that once the information is engraved on the Bitcoin blockchain, it would require both the Monaize and the Bitcoin blockchain to be compromised, thus giving Monaize a Bitcoin level of security.— Monaize
Taking the Blockchain World By Storm
Monaize is entering the FinTech world with force, using state of the art blockchain technology we provide at Komodo. As the Komodo team continues to develop new products, Monaize will receive our features free of charge, simply for remaining connected to the Komodo framework. Currently, new features we are developing include simple contracts and an integration of the Lightning Network technology employed by Bitcoin.
Stay tuned on our blog for more updates about the Monaize and Komodo journey.