MenaPay: Introducing MenaCash And MenaPay Tokens.
Just as banks are powered by fiat money to keep running it operations and maintaining it, the blockchain technology is been powered and maintained by cryptocurrency and because MenaPay is a blockchain based structure, it has its' own internal cryptocurrency known as MenaCash and MenaPay Tokens although they are both currencies relating to the MenaPay ecosystem but they both have different uses but are however still implemented for the growth of the MenaPay ecosystem.
MenaPay Tokens (Mpay)
This is an internal cryptocurrency of the MenaPay ecosystem, it is a utility token with a total creation of 400 million but 64% of it which is 256 million MenaPay tokens will be available for the public to purchase through ICO and can also be purchased on exchanges that Menapay plans on listing on in case anyone misses the ICO but still want to purchase the token. During ICO period, it is only verified users in the whitelist who completed their KYC process will be eligible to purchase the tokens. To purchase MenaPay tokens verified users should head on to www.menapay.io and they can use various payment method of their choice.
Mpay tokens is used to allocate the profit share of the platform between holders but this "profit share" would be allocated in respect to how much Mpay tokens one has in their wallet.
This is a stable cryptocurrency/coin of the MenaPay ecosystem which will be used for daily transactions between 3 dynamics in the system; users, merchants and foundation. 1 MenaCash is valued at 1 USD, it is the currency that the 3 dynamics will used for their daily transaction when MenaCash holders buy from a merchant they pay using MenaCash and other form of goods and services either offline or online.
Using MenaCash transactions can be done between the following pairs;
- Peer-to-peer (P2P) transaction
- Peer to merchant also known as user to merchant (P2M) transaction.
- Transaction between confirmed merchants and MenaPay foundation for conversion of their MenaCash into fiat currency purposes tagged as Merchant to Foundation (M2F).
MenaCash will be created on the Mena blockchain to ensure fast transaction speed, high security and transparency between users.
This proposition from the MenaPay foundation is sure to beat banks and their system, increase global usage and literacy of the Blockchain Technology and Cryptocurrencies and also providing complete security of user funds. With this form of currencies, those in the waring countries of the Mena region are sure that their funds are secure and won't have the fear of facing broad daylight robbery, fraud or bombs getting blown out of the sky. Those in the prosperous Mena region, this will also give them crypto and blockchain experience, boost their economy, help them manage their assets and perform faster transactions even when dealing with national finance.
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