Modern Finance Chain; Payment Solution for Merchants and Consumers

Modern Finance Chain intends to contribute to the future of cryptocurrency by partnering with merchants and processors. It intends to build the future of blockchain by starting as a merchant-consumer payment solution. However, the main aim is to expand the use of cryptocurrency to the point of ubiquity. How does it intend to do this, you ask? Two ways; By offering innovative rewards for merchants and other consumers By building upon the value of zero merchant fees

The platform is designed such that everyone that participates in a merchant transaction wins. The ultimate goal is to build a digital economy where consumers will be able to purchase products and pay for services using any virtual currency.

This can be achieved through the use of a collaborative platform which include, app developers and a library of smart contracts that are ready for deployment. Eventually, cryptocurrency will extend beyond mere a mere investment or speculative tool, it will become something more.

Enterprises, merchant and even consumers (regardless of the size) will be able to benefit from the convenience and security associated with blockchain and cryptocurrency.

What Problem Does Modern Finance Chain Intend to Solve?

MFC was designed to address some problems that are linked with the traditional system of payment. Two of them are outlined below.

High Transaction and Processing Fees

According to a report by TSYS, discounts and rewards can serve as powerful incentives for consumers. In fact, an analysis showed that 59 percent of credit card users select their card based on the type of reward offered for using the card. Other things that are taken into consideration before selecting a card include, discounts and cash back.
At the end of it all, it becomes obvious that consumers are more focused cost than anything else.
Unfortunately for merchants, they are the intermediary consumers within the payment processing chain. What does this mean, you ask? It exposes them to credit card processing fee, which varies based on the links in the transaction flow. We have the issuing bank, credit card issuer, credit card processor and the payment gateway.
Merchants have to pay between 1.5 percent and 3.5 percent for every transaction. That’s minus the processing fee. At the end of it all, these merchants are forced to either bear the loss or pass the cost to the consumers.

Chargebacks and Frauds

Chargebacks occur in situations where a consumer launches a transaction dispute through their digital payment provider, credit card issuer or bank.Yes, this tool is useful in reducing fraud on the merchants end of the transaction. However, it is also an ideal tool to use in making fraudulent purchases. Consumers make purchases online, only to lobby their card issuer or bank to cancel the transaction.
At the end of it all, merchants have to bare the cost of the merchandise, including the transaction fee levied by the card issuers.

The Modern Finance Chain; How it Works

Modern Finance Chain was designed to allow consumers purchase goods and pay for services through a cost-effective digital currency payment system which rewards both the merchant and consumer.
This cryptocurrency payment system is not only sustainable, it also adds value for all the parties involved, i.e. the merchant and consumer. Furthermore, it counteracts the challenges associated with the traditional payment system. Let’s delve a little deeper, shall we?

Merchant Reward System

Merchants are supposed to receive a one percent rebate of their cryptocurrency volume. This reward will be awarded in the form of MFX Tokens which are valued based on 1 USD per token or their current exchange rate.
Every month, there’ll be an evaluation of merchant’s statement and the reward will be awarded on the seventh day of every month.
For example, if you (a retail merchant) make a million dollars worth of cryptocurrency payment using the MF Chain payment method from the 1st of February till the 31st, you’ll receive a total reward of 5,000 MFX Tokens in your digital wallet.
Now, you’ll have the option of keeping this reward in your wallet (as a form of investment) or exchanging it for fiat.

MFX Reward Pool

As said earlier, the Modern Finance Chain offers a reward pool. This pool consist of 75 Million Tokens, including the rebate program that is supposed to continue for for an another five years. It is expected that more reward pool will be added to the program with time. Of course, this is based on the assumption that there’ll be a partnerships with other projects.
Such partnership will enable the merchants and consumers receive more reward tokens for every transaction. Aside from this reward pool, other advantage offered by MFX include;
• No Chargebacks
• No Interchange Fees
• No Assessment Fees
• No Payment Gateway Fees
• Near Instant Liquidity
• Rewards Program Pays the Merchant
• Easy Cross-Border Transactions
• New Opportunities – high-risk merchants can now accept digital payments without high fees or reserves

Consumer Reward System

If you are not a merchant, the question you have to ask is obvious, how does a consumer benefit from using Modern Finance Chain?
First of all, being able to spend your this cryptocurrency at any merchants’ is reward in itself. However, there are other ways consumers receive reward when using MFX.
For example, when paying with cryptocurrencies, consumers are often required to pay a surcharge to cover merchant exchange fees. However, when you’re paying with MFX Tokens, the surcharge will be waived. Furthermore, consumers are expected to receive a one percent monthly rebate when they spend MFX tokens on the platform.

How can a consumer use this payment solution, you ask?

Easy, the consumer starts by requesting to remit payment through cryptocurrency. Consequently, the cashier will enter the purchase total into the Modern Finance Chain mobile device before showing the consumer an onscreen QR code.
The consumer is expected to scan this code using a cryptocurrency wallet app on their smartphone, wait a couple of seconds and the transaction is complete. Yes, it is that easy.

Modern Finance Chain; The Technology

A basic part of a decentralized application is Smart Contract. As such, the decentralized part of the Modern Finance Chain business logic was written in the form of Smart Contracts. Furthermore, the developers used the Open Zeppelin library to write smart contracts on Ethereum. This was written in Solidity Programming Language.
Outlined below are the MFX token sale smart contracts.
• Smart Contract
• ICO_Controller
• ICO_Crowdsale
• Holder
• Token
Other technology that are expected to come with the MFX platform include a Merchants Accounts Database which include a cryptocurrency wallet, MF Chain REST API, a Mobile App, among others. The white paper has details on the technology that comes with Modern Finance Chain.

Modern Finance Chain; The ICO

MF Chain intends to raise between 2,500 and 33,000 ETH Tokens during its Pre-ICO and ICO. It is expected that the ICO transaction will be completed through smart contract transfer. Only addresses that are whitelisted will have the opportunity to contribute during this ICO sale. That means, if an address is not whitelisted, it’ll be rejected by the ICO smart contract.
Also, Modern Finance Chain will have access to only 50 percent of the funds raised during the first half of 2018. This fund will be used for the development of the project, operations and marketing.

MF Chain ICO Date

The private offer started back in April 5, 2018 and is expected to end on May 5 , 2018. The presale is expected to start the next day on May 6, 2018 and lasts 19 days. That means, it ends on the 25th of the same month.
Finally, the ICO event starts on May 26, 2018 and is expected to end June 25, 2018.

ICO Caps

The hard cap for the initial coin offering is 33,000 ETH, while the soft cap is 2,500 ETH. Please note that there is a built in smart contract refund feature in place if this soft cap is not obtained.

ICO Cap Table

The total supply of MFX token is capped at 521,000,000, where 1 Ether can purchase 8,500 MFX tokens during the ICO. However, the presale price is 1 Ether for 10,150 Tokens.

Bonus Schedule

When you purchase 10 ETH worth of MFX tokens, you’ll receive 10 percent bonus. Twenty-five ETH worth of tokens means 15 percent bonus. Finally to receive the 20 percent bonus, you’re expected to purchase a minimum of 100 ETH worth of MFX tokens.

Token Allocation

As said earlier, 57 percent of the token will be used for the presale and ICO and one percent will be used for airdrops and incentive programs. Developers and advisors will receive 8 percent of the tokens, while 15 percent will got to the Merchant Incentive Program.
Finally, the remaining 19 percent tokens will be locked for support development and marketing. Fifty percent of this token will be released in the second quarter of 2019 and the other half will be unlocked in the second quarter of 2020.

Unsold Tokens

The tokens that were not sold during the ICO will be burnt. Also, ETH sent to the ICO smart contract will remain locked if the soft cap is not achieved. Users will need to request a refund transaction before the fund is released.

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Source

Website: http://mfchain.com/
Whitepaper: https://mfchain.com/wp/
Twitter: https://twitter.com/ModernChain
Facebook: https://www.facebook.com/MFChain/
Reddit: https://www.reddit.com/r/MFChain/
Medium: https://medium.com/@mfchain
Telegram: https://t.me/modernchain
ANN Thread: https://bitcointalk.org/index.php?topic=3264121.0

Authored by: gbenga88
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1874687
Eth Address: 0xdcef7d27bbaae609accdaf43ccf41b042beaffb4