MODERN FINANCE CHAIN
WHITEPAPER

Version 1.01

IZVRŠNI SAŽETAK

Modern Finance Chain (MF Chain) stvara budućnost kriptovaluta.
Partnerstvom sa procesorima i trgovcima, MF Chain će graditi na vrednosti nulte trgovačke naknade, nudeći inovativne nagrade za potrošače i za trgovce. MF Chain je specijalno dizajniran da povećava vrednost svim stranama koji su uključeni u transakcije. Mi pomažemo da se izgradi digitalna ekonomija gde potrošači imaju mogućnost da kupuju proizvode i usluge kriptovalutama.
Ovo se postiže implementacijom suradničkih platformi koje uključuju developere aplikacija koji nalaze podržano okruženje sa kompatibilnim multi-jezicima i bibliotekom pametnih ugovora dostupnih za razvoj.

Naš plan razvija uključuje razvoj i objavu MF Mainnet glavne mreže, naš neovisni javni blokčejn koji koristi BFT/POS koncenzus model i jedinstveni poticajni masternod protokol. Dalje, MF Mainnet će dozvoliti razvoj poduzetničkog nivoa privatnih blokčejna, atomic swap među-lančane transakcije, multi-blokčejn integraciju, i verifikovani digitalni sistem identifikacije. Mi verujemo da budućnost blokčejn tehnologije nije nepovratno vezana za domaći token, i MF Mainnet glavna mreža je izgrađena kao valutni agnostik sistem koji funkcionira i sa tokenizovanom ekonomijom i bez nje.
Međutim, MF Mainnet takođe nudi fleksibilnost transakcija u raznim kriptovalutama, kao što su BTC, LTC, NEO, ETH i drugim, time oslobađajući ICO od ograničenja koja se javljaju tokom procesa inicijalnog pokretanja.

MF Chain izgrađuje budućnost blokčejna koji počinje sa našim potrošačko-trgovačkim rešenjem i nagradnim programom.
Fundamentalno gledano, naš cilj je da proširimo kriptovalutnu korisnost sve do trenutka opšte sveprisutnosti. Mi pomažemo kriptovalutama da odu izvan prostih investicija, trgovanja ili spekulativnog alata. Potrošači, trgovci, i poduzeća, kako velika tako i mala, biće u mogućnosti da kapitalizuju zbog
pogodnosti i sigurnosti koje pružaju kriptovalute i blokčejn tehnologija.

TRENUTNI TRGOVAČKI PLATNI SISTEM

Procenjuje se da globalno mobitelno platno tržište pređe $1 trilion dolara do 2019 godine. Ova projekcija je potkrepljena sve većim preferencijama potrošača prema digitalnim sistemima plaćanja i veliki porast upotrebe mobilnih uređaja  za plaćanje stvari i usluga.1
Postoji nekoliko smernica na tržištu u okviru platnog sistema trgovaca i potrošača, i svaki od njih biće ukratko objašnjen dole.

Globala E-Trgovina je u Porastu

Svetska e-trgovačka prodaja je u stalnom porastu. 2017 godine, e-trgovačka prodaja je prešla $2.2 triliona dolara, a očekuje se da ta cifra bude duplirana i da dostigne $4.5 triliona dolara do 2021 godine.2  Što se tiče ukupnog tržišnog udela, e-trgovina je iznosila otprilike 10% ukupne globalne prodaje u 2017 godini a očekuje se rast za još 5.4% u sledeće tri godine.3 Prema tome,
e-trgovina je u stalnom porastu gledano po ukupnoj globalnoj prodaji.

Globalna E-Trgovina Prodaja (u milijardama dolara)

Grafikon

  • Globalna E-Trgovina Prodaja (u milijardama dolara)

Izvor: Statista, 2018

Amazon i Alibaba su trenutno največi svetski e-trgovački lanci a direktan promet Amazona prelazi 2 milijarde dolara mesečno, dok Alibaba ima 216 miliona. Treba naglasiti da je Amazon rangiran na 19 mestu globalnog prometa dok Alibaba nastavlja da raste na gore kao 253 najpopularnija web-stranica na svetu.5 Prema izveštaju 2017 de PwC, 56% od 24.000 globalnih anketiranih kupaca je izabralo Amazon.com kao e-trgovinu njihovog izbora.6 Uz to treba reći, da iako globalna e-trgovina uključuje i dekstop i mobilne kupce, mobilni ubrzano postaje predominantna metoda onlajn kupovine.7, 8

Trgovački poticaji za Potrošača

Uprkos tome što dve e-trgovine dominiraju na tržištu e-trgovina, većina potrošača i dalje preferira kupovinu u prodavnicama.9 Postoje međutim i nešto specifično kod izbora kupovine u prodavnicama. Kada je 2017 godine American Express uradio anketu, 79% potrošača koji su rekli da bi verovatnije obavili kupovinu u prodavnicama, takođe su rekli da bi razmotrili “onlajn kupovinu ako se ponudi besplatna dostava”. ”10

Treba dodati da je 73% anketirane populacije obavilo onlajn kupovinu u poslednjih 12 meseci, a 75% bi kupovalo onlajn ako bi mi bili dati popusti.11
Eksluizivne nagrade bi aktivirale 50% anketiranih da obave onlakn kupovinu, umesto kupovine u prodavnici. Da sumiramo, postoji poticaji koji bi verovatnije okrenuli potrošače od tradicionalnog iskustva ‘cigle i maltera’ i pokrenuli ih da umesto toga obave onlajn kupovinu.

Međutim, postoji i dodatni uticajni faktor za sve prodavnice (onlajn i obične).
Dostupnost i raznovrsnost brze i sigurne platne metode uključujući kreditne kartice, debitne kartice, i digitalne metode plaćanja kao što su PayPal i Apple Pay, su vitalne da bi obezbedile besprekorno potrošačko iskustvo.

Kreditne Kartice, Debitne Kartice, i Digitalne Metode

Po reportaži Capgemini, ukupne globalne besgotovinske transakcije u 2017 godini iznosile su $522 milijardi dolara, a ova cifra će verovatno dostići $725 milijardi u naredne dve godine.12 Tržišta u razvoju Azije vodiće većinu rasta bezgotovinskih transakcija; ali drugi regioni, kao što su Evropa, Severna Amerika, Latinska Amerika, i CEMEA (Centralna i Istočna Evropa, Srednji Istok, Afrika) doprineće između 4% i 10% od očekivane godišnje rate rasta (CAGR) do 2020 godine.13 Mobilna plaćanja će nastaviti da se povećavaju u CAGR po otprilike 22% kao rezultat sve veće rasprostranjenosti mobilnih uređaja i aplikacija za mobilno plaćanje.14

Prema tome, gotovina ubrzano biva skinuta sa trona kao “kraljevska” metoda plaćanja i anketa koju je uradio TSYS podržava tranziciju potrošača od gotovine do kreditnih i debitnih kartica: 40% anketiranih je odgovorilo da su kreditne kartice njihov glavni način plaćanja, 1 35% je reklo da su debitne kartice njihov izvor za obavljanje kupovine.15 Gotovina je u anketi iznosila samo 11% ali je to u blagom porastu u odnosu na 2014 godinu i 9% .16

Potrošačka Metoda Plaćanja Preferirana od 2013 do 2016

  • Kreditna Kartica
  • Debitna Kartica
  • Gotovina

Izvor: TSYS 2016 Američak Potrošačka Platna Studija

Važno je uzeti u obzir još jedan detalj: debitne kartice se uglavnom koriste za “svakodnevne transakcije” kao što su kupovina hrane i plaćanje računa.17  Potrošači, međutim, imaju tendenciju da kreditne kartice koriste za veće kupovine koje “tipično predstavljaju diskrecijsku potrošnju,” kao što su putovanje na odmor, obroci u restoranima, i onlajn kupovina.18 Međutim, uzimajući u obzir da drugi sistemi plaćanja, uključujući Paypal i Apple Pay, zahtevaju od korisnika da imaju bankovnu karticu ili račun u banci koji je povezan sa sistemom, upotreba kreditnih ili debitnih kartica za specifičnu kupovinu postaje sve teža.

PayPal i

Apple Pay

PayPal digitalni platni sistem je jedan od najpoznatijih i trenutno ima oko 227 miliona aktivnih registrovanih korisnika širom sveta.19 Od decembra 2017 godine, 37% Severno Američkih prodavaca prihvata PayPal kao validnu metoda plaćanja za stvari i usluge, a još 34% planira da usvoji PayPal sistem u naredne tri godine.20

Apple Pay se takođe ubrzano razvija na trgovačkoj strani transakcija, sa 37% prodavaca koji su prihvatili Apple Pay za potrošačku kupovinu, i dodatnih 40% koji će verovatno uvesti ovaj sistem plaćanja u naredne tri godine.21 Međutim, u trci da se dopadne potrošačima, Apple Pay nije tako popularan među potrošačima. Zaista, 2017 godine izveštaj Market Force kaže da je 67% od 6,500 bankarskih potrošača koji su anketirani, izabralo PayPal kao njihov prvi izbor za digitalna plaćanja. Apple Pay je izabran od samo 39% anketiranih, što je pad od 5% u odnosu na 2016 godinu.22

Potrošačka Metoda Plaćanja Preferirana od 2016 do 2017

  • Google Wallet
  • Android Pay
  • Apple Pay
  • PayPal
  • Ostalo

Izvor: TSYS 2016 Američka Potrošačka Platna Studija

Dok se broj alternativnih metoda plaćanja povećava, tradicionalni načini plaćanja, kao što su kreditne kartice, su u padu dok se bore sa konkurekcijom koja nudi lakoću korišćenja, više sigurnosti, i manje troškove.23 Kao što Koley izveštaj pokazuje, iako virtuelno dvojstvo Visa i MasterCard još uvek ima zdravu stopu rasta (9.5% odnosno 9.6%) i ostaje preferirani medot za (oflajn) prodajno mesto (POS) transakcije, firme kao što su JCB i UnionPay su ih značajno nadmašile (rast 20.7% odnosno 44.8%).24

Time pružajući indikaciju promene ponašanja potrošača uključujući tu i alternativu kreditnim karticama i postepenu promenu na platnom tržištu.25 Kao što smo ranije rekli, PayPal, koji je prvobitno bio namenjen obavljanju eBay transakcija, sada postaje jedan od glavnih igrača za onlajn plaćanje. 26 Dodatno, nove firme koje su u potpuno drugačijim industrijama od bankarstva, kao što su Google i Apple, nude rešenja koja su već dostigla povećani nivo prihvaćenosti kod korisnika i rasprostranjenost u društvu i trgovinama takođe.27

Sažetak analize tržišta

Dovoljno je reći da je prihvaćenost digitalnog plaćanja u porastu, kako za potrošače tak oi za trgovce. Ipak, kreditne i debitne kartice nastavljaju da budu glavne metode plaćanja i digitalne kupovine. Sigurno je da kako tehnologija bude nastavljala da se razvija i evoluira, bezkontaktni platni sistemi, blokčejn bazirani platni sistemi i kriptovalute počnu da ulaze na tržište, biće neizbežna burna transformacija trgovačko-potrošačkih transakcijskih protokola.Postoje međutim izazovi za trenutne platne sisteme i za upotrebu kriptovaluta kao metoda za peer-to-peer plaćanje. Žarište ovih izazova je vezana za troškove transakcija i sigurnost.

IZAZOVI TRADICIONALNOG PLATNOG SISTEMA

Visoke naknade za transakcije i obradu

Nagrade i popusti daju snažan poticaj potrošačima. Zaista, po TSYS uzveštaju, većina korisnika kreditinih kartica (59%) bi verovatnije izabrala kreditnu karticu u zavisnosti od vrste nagrade koja se dobija za korišćenje kartice.28 Dalje, povrat gotovine i popusti kod određenih trgovaca su rangirani najviše po teminima “upotrebljivosti” kreditne kartice. Jasan je trend među potrošačima koji se prvenstveno fokusiraju na cenu tj. trošak.

Međutim, trgovci su takođe neposredni potrošači u lancu obrade plaćanja. Naknade za korišćenje kreditne kartice mogu da variraju u zavisnosti od svake veze u toku trasakcija, npr. platni prolaz, procesor kreditne kartice, izdavač kreditne kartice, kao i banka; ali prosečno se kreće u rangu 1.5% do 3.5% po transakciji.30 Ovo ne uključuje platni prolaz ili naknadu za obradu kreditne kartice, što takođe može da varira i zavisi od ugovornog dogovora između trgovca i prodavca platnog sistema.31

Prema tome, trgovac ima dva izbora: da troškove prebaci na potrošača ili da prihvati gubitak. Sa sve većom potražnjm za bržim, efikasnijim i sigurniijim metodeama plaćanja, držanje koraka sa tehnološkim inovacijama i njihovi troškovi postaju teret za male i srednje biznis kompanije (SMB). Ovo je još više izraženo ublažavanjem rizika od storniranja potrošača i verovatnim prevarama i od strane potrošača i mogućih hakera.

Storniranje i Prevara

Storniranje se dešava kad potrošač pokrene transakcijski spor preko izdavača kreditne kartice, banke, ili digitalnog platnog provajdera. Svaka platna metoda pruža određeni niz pravila za odobravanje storniranja i povrat novca. Dok to pomaže u smanjivanju prevara na trgovačkoj strani transakcija, storniranje se takođe može koristiti kao sredstvo za obavljanje lažnih kupovina, i trgovci su ostavljeni sa gubitkom troškova robe i/ili usluge uz naknade za transakciju od strane platnog procesora, banke, i izdavača kartice.

Godine 2016, procenjeni gubitak zbog storniranja je iznosio $6.7 milijardi, a 71% od tog gubitka je bio bio zbog “drugarske prevara storniranjem”.32 U osnovi, drugarska prevara je termin koji koriste potrošači onlajn kupovinom robe i usluga a potom zahtevajući od izdavača kartice ili banke da obustavi transakciju, time dobijajući refundaciju za obavljeno plaćanje. E-kupovina je posebno ranjiva na ovaj vid prevare gde kartica nije prisutna (CNP) i teško se verifikuje.33

Ako tu uključimo i stalni porast propusta podataka, koji dovodi do krađe identiteta i preuzimanja finansijskog računa, onda je jasno da trenutni platni transakcijski sistem ima ogromne nedostatke koji puno koštaju trgovce i potrošače vremena i novca. Prema tome, banke, trgovci, i potrošači se okreću kriptovalutama, i njihovoj veoma sigurnoh blokčejn tehnologiji, kao potencijalnom rešenju.

TRŽIŠTE KRIPTOVALUTA

The cryptocurrency phenomenon has provided the world with a startling use case for blockchain technology. Indeed, the total market cap of all currently active cryptocurrencies exceeds the GDP of over 100 countries.34, 35 While governments grapple with the who, what, where, when, why, and how of regulating various aspects of the cryptocurrency market, i.e., exchanges and ICO’s, other industries such as banking and financial services are moving forward with a focus on streamlining the inter and intra bank transactions. However, despite cryptocurrency’s popularity with investors and speculators, there are challenges with gaining a wider realm of acceptance as a method of payment for goods and services.

The main issue with incorporating cryptocurrency as a method for merchant-consumer payments is volatility. Though the arguments regarding fiat currency merely being a centralized form of digital currency which is only stable due to governmental intervention ring true, the fundamental factor in fiat’s continued dominance is the valuation stability. While, to some degree, volatility can be viewed as a positive for traders and speculators, steep increases or decreases in valuation create a deterrent for merchant and consumer transactions. To illustrate, Stripe recently announced that it was abandoning the acceptance of Bitcoin payments because, “by the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the ‘wrong’ amount.”36

Additional concerns are centered on cryptocurrency transactions fees and transaction processing time. Bitcoin transaction fees, specifically, have received the largest number of complaints as cryptocurrency enthusiasts witnessed both a drastic rise ($34 average in December 2017) and fall (to less than $1) within a two-month time frame.37

Transaction confirmation time is yet another unstable feature that Bitcoin,38 and other blockchain-based payment systems are still in the process of resolving. Returning to Stripe’s Bitcoin abandonment, “transaction confirmation times have risen substantially; this, in turn has led to an increase in the failure rate of transactions.” Consequently, for any cryptocurrency to be a viable payment method for goods and services, the system must have a stable valuation and be as quick, if not quicker than, the traditional centralized payment systems. As described in the previous sections, consumers have an increasing willingness to utilize alternative forms of payment if presented with a secure and reliable system with low transaction fees, reward incentives, and a consistent valuation of the currency being used. With this in mind, MF Chain has created a viable solution.

THE MODERN FINANCE CHAIN

Modern Finance Chain allows consumers to purchase goods and services from merchants creating a cost-effective cryptocurrency payment ecosystem that rewards the consumer as well as the merchant. We are creating a sustainable cryptocurrency payment system that consistently adds value for merchants and consumers, thus counteracting the payment system problems associated with traditional merchant-consumer payment transaction protocols.

Merchant Reward System

Merchants are rewarded a 1% rebate of their total cryptocurrency volume in the form of MFX Tokens. MFX Tokens are valued based on $1 per token or their current exchange rate, whichever is greater, at the time of settlement. Each month merchant statements are evaluated from the previous month’s processing. Statement evaluation closes on the last day of each month. Rewards payments are settled on the 7th day of each month.

To illustrate, a retail merchant conducts $1M worth of cryptocurrency payments through MF Chain payment solutions from Jan 1 to Jan 31. On Feb 7 the merchant is rewarded 5,000 MFX Tokens directly to the merchant’s digital wallet. These tokens can be collected as a corporate asset or exchanged for USD on the open market.

Merchant controlled settings allow for either keeping the cryptocurrency they’ve received as payment or immediately exchange it for fiat currency settlement which is delivered to their bank account the next day. Merchants have complete control over their funds without the risk of chargebacks or reserves.

  • 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

In addition to providing the valuable service offering of being able to spend their cryptocurrency at their favorite merchants, consumers are rewarded in several ways. The cryptocurrency payment option includes a surcharge to cover merchant exchange fees. However, when paying with MFX Tokens the surcharge is waived. The merchant surcharge is set by the merchant at 0.5 to 3%. The surcharge is paid to the merchant through MFX Tokens. When a consumer spends MFX Tokens at a merchant using MF Chain processing solutions, the consumer will receive a 1% rebate automatically paid to their wallet. Rebate payments are made once monthly.

Consumer Use

  1. Consumer requests to remit payment using cryptocurrency.
  2. Cashier enters the purchase total into MF Chain mobile device and shows the consumer an onscreen QR code.
  3. Consumer scans the code with any readily available cryptocurrency wallet app on their phone/mobile device.
  4. The transaction is confirmed in seconds.

Payment Processor Benefits

  • Increased margin: collect 100+ basis points.
  • Increase Customer Base: offer the unique value proposition of accepting cryptocurrency for their business
  • New Verticals: high-risk merchants or merchants that cannot accept credit cards can now accept digital payments
  • Increased volume per merchant
  • Processing partners receive a generous MFX Token allocation

MFX REWARD POOL

The MF Chain reward pool consists of 75M MFX Tokens and the rebate programs will continue for an additional 5 or more years. Additional reward pools will be added to the program as partnerships with other projects develop. For example, a promising blockchain project can request to add a token allocation to the rewards pool, thereby instantly injecting their token into real commerce transactions. This will allow merchants and consumers to receive multiple reward tokens for a single transaction. Partnerships will likely extend the program in perpetuity.

With the launch of MF Mainnet, the MFF token will take the place of the MFX token within the rewards programs, allowing merchants and consumers to receive transaction fuel for MFM.

TECHNOLOGICAL ECOSYSTEM

MF Chain Smart Contracts for Tokens and the ICO

Smart contracts are an essential part of the decentralized applications, and the decentralized part of the MF Chain business logic is written in the form of smart contracts. We’re using the Open Zeppelin library for writing secure smart contracts on Ethereum in Solidity programming language. MF Chain smart contracts are:

ICO_Controller

Aims of the contract are:

  • Add/remove accounts from the whitelist (only whitelisted accounts will be able to buy tokens)
  • Add reward for devs
  • Count amount of accounts participating in the ICO
  • Refund user’s Ether in case ICO has not reached soft cap
  • Release Devs and Marketing tokens on a random date
  • Create ICO contracts with custom parameters

ICO_Crowdsale

It is a standard ICO contract with some additional features such as whitelisting and token lock escrow.
Checks with the ICO controller contract to determine if an account that is going to buy token is whitelisted. Also enacts the ability to burn unsold tokens.

Holder

A multi-owned contract that holds 50% of the Ether raised during the token sale. The contract releases funds only if owners confirm release based on escrow agreement.

Token

The token smart contract is a standard ERC20 implementation with ERC223 additions that secure the token holders from accidental token loss if they are sent to an ineligible contract. As such, the transaction events are streamlined.

Merchants Accounts Database

The Merchant Accounts Database is the core backend component of the MF Chain platform. Merchants register their accounts and configure settings for their conventional bank accounts and their cryptocurrency wallet settings. For security reasons, the database does not store the private keys to the merchants’ cryptocurrency wallets. The platform doesn’t create and manage cryptocurrency wallets. Only the public wallet address is stored. Merchants can describe their wallets by giving it a name, enable or disable its cryptocurrency operations on the POS, configure minimum and maximum consumer transaction amounts, gratuity options, etc. The list of supported cryptocurrencies initially includes but is not limited to:

  • BTC
  • ETH
  • LTC
  • MFX

Merchants are in full control of their cryptocurrency wallets because they do not share, import, or upload the private keys to the MF Chain platform.

MF Chain REST API

Another backend component of the MF Chain platform is the REST API that enables mobile POS client apps to interact with the platform. The merchant web app and the mobile POS app are using REST protocol communicating with the backend. API endpoints for the mobile app including order creation, tracking the cryptocurrency transaction status, accessing exchange rates and more.

The MF Chain API has integration with the leading cryptocurrency exchange APIs for accessing the exchange rates for the cryptocurrencies. The API also has integration with third-party providers to enable cryptocurrency exchange to fiat transactions directly to the merchant bank account.

MF Chain Mobile POS Client App

Merchants can download a free mobile app that will transform any mobile device to a fully functional Point of Sale system with all MF Chain features.

Once authorized the app is ready to create orders and accept cryptocurrency to the merchant’s wallets that are configured in their accounts. Both Android and iOS platforms are supported. The recommended device format is a tablet for the best user experience; however, the app is also fully compatible with smartphone mobile devices.

The user flow is as simple as with credit card point of sale (POS) terminals: the order amount is entered, user selects the preferred cryptocurrency, and receives the QR code to complete the payment using the mobile wallet app on their smartphone. After the payment is completed the merchant can view the transaction confirmation status. The system can be configured to rely on any number of consensus node confirmations through merchant settings to declare a payment success.

MF Chain Technical Evolution

MF Mainnet

Using the payment processing layer as a stepping stone, MFC will deploy an independent public blockchain with integrated smart contract platform. MF Mainnet will be like no other blockchain, catapulting its capabilities directly into the stream of commerce and allowing ICO and dApp projects to tap directly into this wealth. With a BFT/POS hybrid consensus method, MF Mainnet will achieve consensus with minimal energy consumption and in an eco-friendly manner. Using an incentivized masternode offering, MFM will achieve decentralization with thousands of globally distributed nodes.

Multi-Blockchain Integration

MF Chain is building a multi-currency payment system, that is designed to allow easy merchant and user adoption while embracing all blockchains within its network. The result is a true decentralized and open source community where no coin can attain pre-eminence over the other. A community where no one coin is superior to another, rather a place where innovators and community users can utilize multiple blockchains to their relevant and most useful purpose. Our focus is to help blockchain economy to its true potential.

Verified Digital Identity

Digital identity includes specific information used to verify individuals, organizations, and machines, but in an electronic rather than a paper-based format. Achieving government compliance, when necessary, is imperative to operate within international standards for anti-money laundering and anti-terrorist guidelines. On the same note, MF Chain believes in protecting user privacy and anonymity. The MF Mainnet will be built to accomplish both. With user-controlled privacy features using zk-SNARKs, users will be provided complete freedom and dominance to control their transactional data. They will be in a position to decide what to share, and with whom to share. The MF Mainnet will offer privacy and regulation compliance ensuring sustainability and integration into government sectors.

Multi-Currency ICO Platform

Today’s smart contract platforms allow new projects to generate funds during live token generation events. However, in almost all cases this limits the project to accepting only one type of currency. The MF Mainnet will allow ICO projects to accept any number of cryptocurrencies during their live token generation events. An ICO will now have the ability to accept BTC, LTC, NEO, ETH, RPX, or almost any other major currency of their choice, during a live token generation event. MF Chain’s vision is to create a platform that is free from the limitations and barriers that are present in other platforms.

Atomic Swap Cross-Chain Transactions

Atomic Swap is the ability for users to easily exchange one coin for another. MF Chain users will have this ability within their wallets providing them with the flexibility and control to easily transfer coins, on the go, without the need to access an exchange or transfer custodial rights of their funds to a third party.

Enterprise Level Private Blockchains

The MF Mainnet is currency agnostic. Meaning, it can run with or without a native token. Additionally, sidechain capability allows an organization to deploy proprietary code on private chains off the MF Mainnet. An organization can spin up nodes quickly with minimal resources using an Amazon Lightsail. We are empowering corporations, organizations and machines to use all of the features of blockchain while maintaining control of their proprietary systems.

Virtual Machine - MFVM (Modern Finance Virtual Machine)

A lightweight VM with an ultrafast start time, intelligent features and simple stack hierarchy.

Multi-language Smart Contract Programming

Compilers and plugins for C++, C#, Java, Python, Node.js and Solidity allow both experienced blockchain developers and novice coders from most language backgrounds the ability to easily develop and deploy distributed applications on MF Mainnet.

Prebuilt Contract Library

Many projects spend their first weeks and months consuming unnecessary time and resources on building the smart contracts needed to launch their projects. MF Chain will provide the community a free and complete library of smart contracts, dApps, and blockchain tools that have been audited and verified through community review. MF Chain intends to streamline backlogs to allow developers to deploy public ready blockchain projects within hours.

Innovation Incubator

An accelerator designed to provide brilliant minds with the resources to conceptualize and build innovative technologies. Many nascent ideas often take years to materialize and this is particularly true for innovators who are struggling to find support and resources. With the innovation incubator, companies and individuals requiring additional resources can work directly with MF Chain to access the people, strategy, execution, and cash required for rapid project development and massive growth.

MF CHAIN ICO INFORMATION

General Info

Modern Finance Chain (MF Chain) plans to raise between 4,500 and 33,000 ETH Tokens during the Pre-ICO and ICO. All ICO transactions are completed via smart contract transfer. Only whitelisted participants will have the ability to contribute during the ICO. Any contributions sent from addresses not on the whitelist will be rejected by the ICO smart contract.

MF Chain will only have access to 50% of the funds collected during the first half of 2018. These funds will be used for development, operations and marketing. Unspent funds will be unlocked in two stages. The first stage will unlock after the full release of the merchant processing platform. The second stage will unlock after the full release of MF Mainnet.

Whitelist and KYC

To participate in the MF Chain ICO, prospective platform users will need to be approved and added to the whitelist. MF Chain plans to run two separate whitelist campaigns allowing users late to learning about MF Chain to participate. All prospective participants can apply during any whitelist stage (example: participant wanting to contribute during ICO stage can apply during the first whitelist stage; this example is encouraged).

Depending on level of interest, the second whitelist stage may end early. All members will be processed through MF Chain’s KYC requirements. MF Chain has partnered with Identity Mind and will be reviewing all submitted information on OFAC, PEP, PSFI, EU and Freeze Lists. Depending on level of contribution, government-issued ID submission may be required. MF Chain complies with all local restrictions and limitations; therefore, residents of certain countries will not be able to participate.

ICO and Whitelist Dates

Pre-Sale: May 6th – June 15th

Public Sale: June 25th – July 25th

ICO Caps

  • Soft Cap: 2,500 ETH (with built in smart contract refund feature if not obtained)
  • Hard Cap: 33,000 ETH

ICO Cap Table

The total number of MFX tokens is capped at 521,000,000. 1 Ether = 8,500 MFX tokens.

  • ICO Token Price: 1 Ether = 8,500 MFX Tokens
    • 33,000 Ether Total ICO Hard Cap
    • Minimum Contribution – 0.1 Ether
    • Maximum Contribution – 200 Ether
  • Presale Token Price: 1 Ether = 10,150 MFX Tokens
    • 5000 ETH Hard Cap
    • Minimum Contribution – 5.0 Ether
    • Maximum Contribution – 200 Ether

Bonus Schedule

=>10 ETH: 10% Bonus

=>25 ETH: 15% Bonus

=>100 ETH: 20% Bonus

Token Allocation

Public Tokens

  • Presale & ICO – 57% (301M)
  • Airdrop & Incentive Programs – 1% (5M)
  • Devs & Advisors – 8% (40M)
  • Merchant Incentive Program – 15% (75M)
  • Locked tokens to support development & marketing – 19% (100M)

Future development and marketing tokens will be locked according to the following schedule:

  • 50% unlocked on random date: Q2 2019
  • 50% unlocked on random date: Q2 2020

Initial Circulating Supply (max): 306,000,000
Max Supply: 521,000,000

Developer and Advisor tokens

Developer and Advisor tokens will be unlocked on a slow rolling quarterly release ending in Q2 2019.

Escrow for ETH received in ICO

Multi-signature escrow is a way of locking funds allocated for the ICO by multiple parties until specific conditions are met. This method allows for a guarantee to ICO participants that certain development milestones in the project are achieved. The team will not be able to spend the ETH raised during the ICO until the obligations for the development of the Alpha version and the Full release of the platform are fulfilled.
The multisig escrow release shall be granted as follows:

  • 50% – Will NOT be frozen and will be used for the development and promotion of the project immediately following the ICO.
  • 20% – Frozen until the release of the MFC Payment Processing System (requires Escrow board confirmation and approval for release).
  • 30% – Frozen until the MF Mainnet release (requires Escrow board confirmation and approval for release).

Unsold Tokens

All tokens not sold during the ICO will be burned.

CORE TIM

Benamara Oualid, Mathematician and Cryptographer
PhD in Mathematics with expertise ranging from algorithms and complexity theory to Matlab and cryptography. Benamara has worked on cryptanalysis projects which led him to developing advanced algorithms for cryptography and security.


Dr. Piers Lawrence, Applied Mathematician

Dr. Lawrence holds a PhD in Applied Mathematics where, during his Postdoctoral research, he focused on developing the linearization of matrix polynomials. As such Dr. Lawrence has made several breakthrough discoveries that significantly generalize and simplify a stability analysis. Furthermore, he has developed methods for the stable computation of the roots of polynomial equations expressed in Hermite and Lagrange bases, as well as for barycentric rational interpolants.

 

Kat Campise, Data Scientist
Kat is a full-time data scientist and technical writer whose academic degrees incorporate a multitude of disciplines including computer science, journalism, and learning science. Her professional experience is equally diverse and encompasses the worlds of education, fintech, machine learning/AI, and psychology. Her doctoral research led her to an invitation by Carnegie Mellon to help construct and test cognitive tutors which further intensified her interest in the field of machine learning and AI. She has written white papers, blogs, and articles for hundreds of clients ranging from small tech start-ups to large, well-known industry leaders.

 

Viacheslav Shybaiev, Blockchain Lead
In addition to Viacheslav’s Master’s level degrees in Computer Science, Business Management, and Business Administration, he has over 20 years of experience in designing, developing, and supporting international enterprise IT initiatives and mobile solutions. Viacheslav is focused on creating business value through systemic process improvements via direct collaboration with developers, operations, marketing, and sales. Additional areas of his expertise include blockchain development, product management, big data, and software development.

 

Nick Ivanov, Python and Cryptography Developer
Nick’s Bachelor of Engineering in Computer Science paved a solid foundation for his mastery in blockchain development, smart contract writing, big data, and information security.

 

Sergio Andronik, Project Manager
Sergio is an agile project management expert who is constantly challenging himself with new and complex projects. In addition to his Masters in Computer Science, Sergio holds over 15 certifications and licenses in the field of project management and focuses on ensuring detailed communications, time management, and dynamic workflow administration between project participants.

 

Sofia Shybaieva, Software Quality Assurance
Sofia has a Bachelor’s in Computer Science and is an expert in Jira, Confluence, Eclipse, Intellij Idea, and managing team work with Git.

 

Jack Lloyd, Cryptography and Security Expert
Jack’s Bachelor in Computer Science is focused on crypto, math, and high assurance systems. He is a developer who specializes in building cryptographic software and other systems where precision and production level performance are essential. Jack’s primary programming languages include C++ (preferably C++11/C++14), C, Python, with additional experience using Go, Rust, OpenCL, C#, and OCaml.

REFERENCE

1 Marous, J. (2017). Top 10 Trends Impacting the Future of Payments. The Financial Brand. Available at:
https://thefinancialbrand.com/68528/top-payment-trends-banking-p2p-digital/

Statista. (2018). Retail e-commerce sales worldwide from 2014 to 2021 (in billion U.S. dollars). Available at: https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/

Statista. (2018). E-commerce share of total global retail sales from 2015 to 2021. Available at:
https://www.statista.com/statistics/534123/e-commerce-share-of-retail-sales-worldwide/

Similarweb.com. (2018)/ Amazon.com vs. Alibaba.com. Available at:
https://www.similarweb.com/website/amazon.com?competitors=alibaba.com

Ibid.

PwC. (2017). Around the world with Total Retail 2017. Available at: https://www.pwc.com/gx/en/industries/retail-consumer/total-retail.html

Molla, R. (2017). For the first time, more people will do their holiday shopping on mobile than on desktop. Recode. Available at:
https://www.recode.net/2017/11/2/16582034/holiday-shopping-mobile-desktop-online-revenue-retail

Statista. (2018). Distribution of retail website visits and orders worldwide as of 3rd quarter 2017, by device. Available at: https://www.statista.com/statistics/568684/e-commerce-website-visit-and-orders-by-device/

PwC. (2017). Total Retail 2017: 10 retailer investments for an uncertain future. Available at:
https://www.pwc.com/gx/en/industries/assets/total-retail-2017.pdf

10 American Express. (2017). 2017 Digital Payments Survey. Available at:
https://network.americanexpress.com/globalnetwork/dam/jcr:18e7d093-2ec6-47f5-baf4-17dcd4fafaba/MobileHCE_2017_DigitalPaymentsSurvey_Infographic.pdf

11 Ibid.

12 Capgemini. (2017). World Payments Report 2017. Available at:
https://www.worldpaymentsreport.com/reports/noncash

13 Capgemini. (2017). World Payments Report 2017. Available at: https://www.worldpaymentsreport.com/download

14 Ibid.

15 TSYS. (2016). 2016 U.S. Consumer Payments Study. Available at: https://www.tsys.com/Assets/TSYS/downloads/rs_2016-us-consumer-payment-study.pdf

16 Ibid.

17 Ibid.

18 Ibid.

19 Statista. (2018). Digital payment methods that North American retailers accept or plan to accept as of December 2017. Available at: https://www.statista.com/statistics/384921/digital-payment-methods-retail-america/

20 Statista. (2018). Digital payment methods that North American retailers accept or plan to accept as of December 2017. Available at: https://www.statista.com/statistics/384921/digital-payment-methods-retail-america/

21 Ibid.

22  Cision PRWeb. (2017). New Market Force Banking Study: Capital One Is Consumers’ Favorite, But Satisfaction and Loyalty Is Down Industry-Wide. Available at:
http://www.prweb.com/releases/2017/10/prweb14843318.htm

23  Janssen, M., Mäntymäki, M., Hidders, J., Klievink, B., Lamersdorf, W., van Loenen, B., Zuiderwijk, A. (Eds.). (2015). Open and Big Data Management and Innovation. 14th IFIP WG 6.11 Conference on e-Business, e-Services, and e-Society, I3E 2015, Delft, The Netherlands, October 13-15, 2015, Proceedings.

24 Ibid.

25 Ibid.

26 Ibid.

27 Ibid.

28 TSYS. (2016). 2016 U.S. Consumer Payments Study. Available at: https://www.tsys.com/Assets/TSYS/downloads/rs_2016-us-consumer-payment-study.pdf

29 Ibid.

30 Value Penguin. (2017). Credit Card Processing Fees and Costs. Available at: https://www.valuepenguin.com/what-credit-card-processing-fees-costs

31 Ebrahimi, A. (2017). The Complete Guide to Credit Card Processing Rates & Fees. Available at: https://www.merchantmaverick.com/the-complete-guide-to-credit-card-processing-rates-and-fees/

32 Shukairy, A. (2017). E-commerce Fraud and Chargebacks – Statistics and Trends. Available at: https://www.invespcro.com/blog/e-commerce-fraud-and-chargebacks-infographic/

33 Juniper Research. (2016). Online Payment White Paper: 2016-2020. Available at: http://www.experian.com/assets/decision-analytics/white-papers/juniper-research-online-payment-fraud-wp-2016.pdf

34 Coin Market Cap. (2018). Cryptocurrency Market Capitalizations. Available at: https://coinmarketcap.com/coins/

35 Statistics Times. (2017). List of Countries by Projected GDP: 2017. Available at: http://statisticstimes.com/economy/countries-by-projected-gdp.php

36 Schleifer, T. (2018). Stripe is giving up on Bitcoin as a payment method. Recode. Available at:
https://www.recode.net/2018/1/23/16924518/stripe-bitcoin-payments-reversal

37 Lee, T.B. (2018). Bitcoin’s transaction fee crisis is over – for now. Ars Technica. Available at:
https://arstechnica.com/tech-policy/2018/02/bitcoins-transaction-fee-crisis-is-over-for-now/

38 Blockchain.info. (2018). Average Confirmation Time. Available at:
https://blockchain.info/charts/avg-confirmation-time?daysAverageString=7&timespan=2years

39 Karlo, T. (2008). Ending Bitcoin Support. Stripe Blog. Available at:
https://stripe.com/blog/ending-bitcoin-support