1 ETH = 8500 MFX

Whitepaper

MODERN FINANCE CHAIN

MFX TOKEN
WHITEPAPER

Version 1.04

DISCLAIMER

Disclaimer: This white paper does not constitute an offer or solicitation to sell securities or shares and is for informational purposes only. The MFX token is considered a utility tool built within blockchain technology. The MF Chain token (MFX) offering does not represent a stock or sale of securities; the MF Chain token does not grant equity or voting rights; the MF Chain token does not grant ownership rights directly or indirectly to the MF Chain company, it’s physical, virtual or intellectual properties; the MF Chain token does not grant a debt security and is not an instrument of debt; the MF Chain token does not pay a distribution, disbursement or interest payment to token holders. If any future offers become available they will be made through confidential and appropriate channels and follow all necessary legal requirements. In compliance with recent SEC announcements, MF Chain will not market to or accept contributions from any US citizen or resident.

Notice to citizens and residents of the United States of America: This website and the offering memorandum has not been filed with the Securities and Exchange Commission (SEC) as part of a registration statement. Accordingly, this website and the offering memorandum and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the MFX tokens may not be circulated or distributed, nor may the MFX tokens be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in the United States of America (USA). The information contained in this website and the offering memorandum will not constitute an offer to sell or an invitation, advertisement or solicitation of an offer to buy any MFX tokens within the USA.

No Advice: No information in this Whitepaper should be considered to be business, legal, financial or tax advice regarding MF Chain, the MFX tokens and the MF Chain Initial Token Sale (each as referred to in the Whitepaper). You should consult your own legal, financial, tax or other professional adviser regarding MF Chain, the MFX tokens, and the MF Chain Initial Token Sale (each as referred to in the Whitepaper). You should be aware that you may be required to bear the financial risk of any purchase of MFX tokens for an indefinite period of time.

Risks and uncertainties: Prospective purchasers of MFX tokens (as referred to in this Whitepaper) should carefully consider and evaluate all risks and uncertainties associated with MF Chain, the MFX tokens and the MF Chain Initial Token Sale (each as referred to in the Whitepaper), all information set out in this Whitepaper and the T&Cs prior to any purchase of MFX tokens. If any of such risks and uncertainties develops into actual events, the business, financial condition, results of operations and prospects of MF Chain could be materially and adversely affected. In such cases, you may lose all or part of the value of the MFX tokens.

Additional Terms: Please read our token sale complete terms and conditions.

EXECUTIVE ABSTRACT

Modern Finance Chain (MF Chain) is building the future of cryptocurrency. By partnering with processors and merchants, MF Chain will build upon the value of zero merchant fees while offering innovative rewards for consumers and merchants. MF Chain is specifically designed to build value for all parties involved in merchant transactions. We are helping to build a digital economy where consumers will have the ability to buy products and services via any cryptocurrency. This is facilitated through the implementation of a collaborative platform that includes app developers who will find a supportive environment with multi-language compatibility and a library of smart contracts available for deployment.
Our roadmap includes the development and deployment of MF Mainnet, our independent public blockchain that uses a BFT/POS consensus model and a unique masternode incentivization protocol. Furthermore, MF Mainnet will allow for the development of enterprise level private blockchains, atomic swap cross-chain transactions, multi-blockchain integration, and a verified digital identity system. We believe that the future of blockchain technology isn’t irrevocably tethered to a native token, and MF Mainnet is built as a currency agnostic system that functions either with or without a tokenized economy. However, MF Mainnet also offers the flexibility of transacting with a variety of cryptocurrencies, i.e., BTC, LTC, NEO, ETH, etc., thus freeing ICOs from the limitations they encounter throughout the process of their initial launch.
MF Chain is building the future of blockchain which begins with our consumer-merchant payment solution and rewards program. Fundamentally, our goal is to expand cryptocurrency utility to the point of ubiquity. We are helping cryptocurrency reach beyond being merely an investment, trading or speculative tool. Consumers, merchants, and enterprises both large and small will now be able to capitalize on the convenience and security that cryptocurrency and blockchain provide.

CURRENT MERCHANT PAYMENT SYSTEMS MARKET

The global mobile payment market is projected to exceed $1 trillion by the year 2019. This projection is supported by a growing consumer preference for digital payment systems and the widespread increase of using mobile devices to pay for goods and services.1 There exist several key market drivers within the merchant and consumer payment systems market, each of which will be briefly discussed below.

Global E-Commerce is Rising

Worldwide e-commerce sales are on a steady increase. In 2017, e-commerce sales surpassed $2.2 trillion, and that number is expected to double and reach $4.5 trillion by 2021.2 In terms of total market share, e-commerce comprised approximately 10% of the total global retails sales in 2017 and is expected to grow by another 5.4% over the next three years.3 Thus, e-commerce is on a steady uptick with respect to total global retail sales.

Global E-Commerce Sales ($B USD)

Source: Statista, 2018

Amazon and Alibaba are currently the world’s largest e-commerce retailers with Amazon’s direct traffic exceeding 2 billion per month versus Alibaba’s 216 million. Notably, Amazon is ranked 19th in global traffic while Alibaba continues to climb upwards from being ranked as the 253rd most popular site worldwide.5 According to a 2017 PwC report, 56% of 24,000 global shoppers surveyed chose Amazon.com as their e-commerce retailer.6 Additionally, though global e-commerce includes both desktop and mobile shoppers, mobile is quickly becoming the predominant method for online purchases.7, 8

Merchant Incentives for the Consumer

Despite the two e-commerce behemoths dominance in the e-commerce marketplace, most consumers still prefer in-store shopping.9 There are, however, caveats to the in-store shopping preference. When surveyed by American Express in 2017, 79% of consumers who indicated they were more likely to make an in-store purchase also stated they would consider “purchasing online if free delivery was offered.”10
Additionally, 73% of the same surveyed population had made an online purchase within the last 12 months, and 75% would shop online if discounts were made available to them.11 Exclusive rewards would galvanize 50% of the respondents to make an online rather than an in-store purchase. Summarily, there are incentives that are more likely to shift consumers from the traditional brick and mortar experience and prompt them to make online purchases instead.
But, there is an additional influential factor for all retail sales (online and in-person). The availability and variety of fast and secure payment methods, including credit cards, debit cards, and digital payment methods such as PayPal and Apple Pay, are vital to ensuring a seamless consumer experience.

Credit Cards, Debit Cards, and Digital Payment Methods

As reported by Capgemini, the total global non-cash transactions were $522 billion in 2017, and this number is likely to reach $725 billion over the next two years.12 Emerging markets in Asia will drive most of the non-cash transaction growth; but other regions, i.e., Europe, North America, Latin America, and the CEMEA (Central and Eastern Europe, Middle East, Africa) will contribute between 4% and 10% of the expected compound annual growth rate (CAGR) through the year 2020.13 Mobile payments will continue to rise at a CAGR of approximately 22% as supported by the increased proliferation of mobile devices and mobile payment applications.14

As such, cash is swiftly being dethroned as the “king” of payment methods and a survey conducted by TSYS supports the consumer transition from cash to credit and debit cards: 40% of the survey respondents reported that credit card were their main payment method, with 35% stating that debit cards were their go-to source for making purchases.15 Cash usage came in at only 11% but is up slightly from the 2014 figure of 9%.16

Consumer Payment Method Preference from 2013 to 2016

Source: TSYS 2016 U.S. Consumer Payments Study

There is another important detail to consider: debit cards are primarily used for “everyday transactions” such as buying food and paying bills.17 Meanwhile, consumers tend to use credit cards for larger purchases that “typically represent more discretionary spending,” i.e., holiday travel, dining at restaurants, and online shopping.18 However, considering that other digital payment systems, including PayPal and Apple Pay, require that users have either a bank card or their bank account linked to their system, the usage of credit and debit cards for specific purchases becomes more opaque.

PayPal and Apple Pay

PayPal’s digital payment system is one of the most widely known and currently has 227 million active registered user accounts worldwide.19 As of December 2017, 37% of North American retailers accept PayPal as a viable payment method for goods and services, with another 34% planning on adopting PayPal’s system within the next one to three years.20

Apple Pay is quickly gaining traction on the merchant side of transactions as well, with 37% of retailers stating they allow Apple Pay for consumer purchases, and an additional 40% are also likely to incorporate it into their payment system over the next three years.21 But, in the race for consumer appeal, Apple Pay isn’t as popular with consumers. Indeed, in a 2017 report issued by Market Force, 67% of the 6,500 banking customers who were polled for the survey chose PayPal as their number one choice for making digital payments. Apple Pay was chosen by only 39% of the respondents, which was a 5% decrease from 2016.22

Consumer Digital Payment Preferences 2016-2017

Source: TSYS 2016 U.S. Consumer Payments Study

As the number of alternative payment types has grown, traditional means of online payment, like credit cards, are on the downgrade as they are fighting with competition that offers higher user-friendliness, more security, and lower costs.23 As Koley reports, even though the virtual duopoly of Visa and MasterCard is still experiencing healthy growth rates (9.5% and 9.6%, respectively) and remains the preferred method for (offline) point-of-sale (POS) transactions, firms like JCB and UnionPay outperform them by far (growing 20.7% and 44.8%, respectively).24
This provides hints of altered consumer behavior including a perceived viable alternative to credit cards and a gradual change in the payment market.25As previously discussed, PayPal, which was originally meant for facilitating eBay transactions, is now one of the major players in online payment.26Additionally, new firms that are home to completely different industries than banking, like Google and Apple, offer solutions that have already gained an increasing level of user acceptance and dissemination among society and businesses alike.27

Market Analysis Summary

Suffice to say that digital payment acceptance is on the increase for both consumers and merchants. Yet, credit cards and debit cards continue to be the main methods for online and digital purchases. Certainly, as technology continues to evolve and wearables, contactless payment systems, blockchain-based payment systems and cryptocurrency begin to penetrate the market, disruptive transformations in merchant-consumer transactions protocols are imminent. There are, however, challenges with both current payment systems and the use of cryptocurrency as a method for peer-to-peer payments. The focal point of these concerns center on transaction cost and security.

TRADITIONAL PAYMENT SYSTEM CHALLENGES

High Transaction and Processing Fees

Rewards and discounts provide a powerful incentive for consumers. Indeed, as reported by TSYS, a majority of credit card users (59%) were more likely to select a credit card based on the type of rewards offered for using the card.28 Furthermore, cash back and discounts with specific merchants ranked the highest in terms of a credit card’s “usefulness.”29 There is a clear trend with consumers that primarily focuses on cost.

However, merchants are also intermediary consumers within the payment processing chain. Credit card processing fees vary depending on each link in the transaction flow, i.e., payment gateway, credit card processor, credit card issuer, and the issuing bank; but the average range falls between 1.5% and 3.5% per transaction.30 This does not include any of the payment gateway or credit card processing fees, which can also vary and are determined by the contractual agreement between the merchant and the payment system vendor.31

As such, the merchant has two choices: pass this cost onto the consumer or absorb the loss. With the increasing demand for faster, more efficient, and highly secure payment methods, keeping pace with technological innovations and their requisite costs is placing a burden on small and medium sized businesses (SMB’s). This is further exacerbated by mitigating the risk of consumer chargebacks and the likelihood of fraud stemming from both consumers and would-be hackers.

Chargebacks and Fraud

Chargebacks occur when a consumer launches a transaction dispute through either their credit card issuer, bank, or digital payment provider. Each payment method provider has a specific set of rules for approving a chargeback. While this helps to reduce fraud on the merchant end of the transaction, chargebacks can also be used as a tool for making fraudulent purchases, and merchants are left to absorb the cost of the merchandise and/or service along with the transaction fees levied by payment processors, banks, and the card issuer.

In 2016 the estimated chargeback revenue loss was $6.7 billion with 71% of that loss caused by “friendly/chargeback fraud.”32 Essentially, friendly fraud is a term used for consumers who purchase goods or services online and lobby their card issuer or bank to cancel the transaction, thus receiving a refund for their payment. E-commerce is particularly vulnerable to friendly fraud as transactions where the card is not present (CNP) are challenging to verify.33

If we include the continual rise in data breaches, which lead to identity theft and financial account takeovers, then it’s clear that the current payment transaction system has massive flaws that cost merchants and consumers a great deal of time and money to resolve. Consequently, banks, merchants, and consumers are eyeing cryptocurrency, and its highly secure underlying blockchain technology, as a potential solution.

THE CRYPTOCURRENCY MARKET

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.

Consumer Reward System

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.

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

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.

  • 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 Use

  • Consumer requests to remit payment using cryptocurrency.
  • Cashier enters the purchase total into MF Chain mobile device and shows the consumer an onscreen QR code.
  • Consumer scans the code with any readily available cryptocurrency wallet app on their phone/mobile device.
  • 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

TECHNOLOGICAL ECOSYSTEM

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. The MFX token sale smart contracts are outlined below.

Smart Contract

The token smart contract is held in a public repository available for review here: https://github.com/MFChain/smart-contracts/

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.

MF2X Protocol

MF2x Protocol Algorithm (Pseudo Code & FlowChart)

Background
MF2x protocol is a money control protocol designed to convert cryptocurrency to a government declared currency, otherwise known as fiat currency.
The protocol aims to be the fastest way to transfer monies peer to peer(P2P), consumer to business(C2B) and/or business to business(B2B) in what appears to the user as a borderless crypto and fiat payment network.
The process for converting a cryptocurrency to fiat currency requires a robust suite of proprietary technologies, payment api’s and account verification processes.
Additionally, money transfer licenses and banking licenses in multiple jurisdictions are required to legally transact such money transfers.
The MF2x protocol is designed to integrate with and navigate through multiple payment channel layers including payment platforms, money transfer protocols, money transfer systems, banking platforms, global payment remittance systems and various blockchains.
All transactions are recorded on hyperledger fabric as well as within in its respective blockchain where applicable.

Highlighted Sections
1). Cryptocurrency protocol handling mechanism
MF2x using Bitcoin for fiat currency conversion, so we need coin handling processing when we receive any currency conversion request from user.
2). Altcoin to BTC conversion process
We need to convert Altcoin to Bitcoin, so we can keep relatively simple and unique solution in converting cryptocurrency to fiat currency.
3). Crypto to fiat conversion process
We will convert Bitcoin currency to fiat currency using a REST API. We have several partners identified who can plug into this section of the protocol based on region, performance and capabilities.

Supported FIAT (Government Currency)

The following FIAT currencies are support with the MF2x protocol:

US Dollar, Euro, Hong Kong Dollar, Australian Dollar, Korean Won, Canadian Dollar, British Pound

MF Chain will continue to expand supported FIAT currencies as banking partnerships are expanded. The MF2x protocol is compliant with all local KYC/AML laws within each region. Merchants and users will be connected to each banking partner via API within the MF Chain app and are required to submit all proper documentation to activate the cryptocurrency to fiat conversion ability.

Limit volatility with MF2x

Merchants have the ability to set the percentage of cryptocurrency they want to instantly convert on all transactions performed to limit the risk of volatility.

Example A: Merchant A is new to cryptocurrency, while interested in driving in new alternative payment methods to boost business, they are highly concerned with the day-to-day market fluctuations. Upon account creation, Merchant A schedules 100% of all cryptocurrency payments to be converted to Euro upon acceptance.

Example B: Merchant B is a long time advocate of cryptocurrency and is well aware of both the cryptocurrency market. Merchant B reviews their financials and factoring in the cost savings using cryptocurrency as a payment, discovers that they can hold 10-20% in cryptocurrency while converting the remaining to their local dollar and still run a profit. Upon account creation, they choose to set 88% to convert to the Honk Kong dollar with the remaining 12% held as the token received.

Prepaid Credit Card

Users and merchants have the ability to convert their cryptocurrency to cash by loading a prepaid credit card. Merchants can also use this as a method to pay employees via prepaid cards and many large retailers do today.

Users will simply enter in the total amount in local FIAT they wish to have loaded on the prepaid card. Once the transaction is verified and completed, that amount is autoload with the card sent to the user. Cryptocurrency conversion is performed at the time of submission, any movement in coin/token price post transaction will be change the amount loaded on the prepaid credit card.  

Selection of Accepted Cryptocurrency as Payment

At time of account creation, merchants have the ability to select which cryptocurrencies they wish to accept. The default setting is scheduled for merchants to accept all cryptocurrencies supported by MFC, merchants can narrow that list down to a list of coins they prefer. This is a great option for merchants choosing to hold a percentage of payments in cryptocurrency.

Make P2P payments

Merchants and Users can make P2P payments using crypto with users receiving fiat. Great for paying bills and employees.

MF2x Pseudo Code

Algorithm mf2x
1). Cryptocurrency protocol handling mechanism
/*mf2xAccount: User MF2x account information, and it should include user’s account ID verification status, added payment method status and other likes.
tranID: Transaction Identifier to manage MF2X payment transactions.
When we design the database, this identifier will be used to find transaction information to process MF2x payment processing such as payment status tracking, balance updatement, refund and other likes.
cryptoType: Cryptocurrency symbol that user deposited via MF2x payment method. For example, “btc”: Bitcoin, “eth”: Ethereum, …
cryptoAmount: Deposit amount.
cryptoConversionAPIList: The list of cryptocurrency-to-bitcoin conversion services that used by MF2x system. For example, this list can include ShareShift API.
fiatConversionAPIList: The list of cryptocurrency-to-fiat conversion services that used by MF2x system.
cryptoConversionInformation: JSON style data with cryptocurrency conversion service/api credential information such as mail address, password, api key, api secret, api token and other likes for using these services.
fiatConversionInformation: JSON style data with fiat currency */

CryptHandlingAlgorithm(mf2xAccount, tranID, cryptoType, cryptoAmount, cryptoConversionAPIList, fiatConversionAPIList, cryptoConversionInformation, fiatConversionInformation)
Begin
Read: mf2xAccount, transID, cryptoType, cryptoAmount, cryptoConversionAPIList, fiatConversionAPIList, cryptoConversionInformation, fiatConversionInformation;
// The flags to check if current transaction can be processed by MF2x system.
Set flagAccount = False, flagCoinAvailable = False, flagDepoistLimit = False;
// The reasons if current transaction cannot processed by MF2x system.
Set reasonAccountStatus = “”, reasonCoinAvailableStatus = “”, reasonDepositStatus = “”;
// Get required information via Sub algorithm modules
Set accountStatus, reason1 = Call ConfirmAccountStatus( mf2xAccount);
Set coinAvailableStatus, apiInfoList, reason2= Call CheckCoinAvailability (cryptoType, cryptoConversionAPIList, cryptoConversionInformation);
Set depositLimitStatus, reason3= Call DepositLimitCheck( cryptoType, cryptoAmount,cryptoConversionAPIList, cryptoConversionInformation);

If accountStatus == “Unverified” then
Set reasonAccountStatus = reason1;
EndIf
If coinAvailableStatus == “Unavailable” then
Set reasonCoinAvailableStatus = reason2;
EndIf
If depositLimitStatus == True then
Set reasonDepositStatus = reason3;
EndIf
If accountStatus == “Verified” && coinAvailableStatus == “Available” && depoistStatus == True then
Call AltcoinToBitcoinConversion(cryptoType, cryptoAmount, apiInfoList, fiatConversionAPIList, fiatConversionInformation)
Else
Set reason = reasonAccountStatus + reasonCoinAvailableStatus
+	reasonDepositStatus;
Call RefundToUser(transID, reason)
EndIf
End

Sub Algorithm Modules
/*ConfirmAccountStatus module will check current user’s MF2x account to avoid various unexpected error on MF2x system.
It will check user’s ID verification status, Payment Method status and others.
Return: This module return boolean value True or False.
True: It mean the MF2x account can be used for converting cryptocurrency to fiat currency.
False: It mean the MF2x account can not be used for converting cryptocurrency to fiat currency due to account verification problem. */
ConfirmAccountStatus(mf2xAccount)
Begin
Read: mf2xVerificationStatus, mf2xPaymentMethods from mf2xAccount;
If mf2xVerificationStatus == “Verified” then
Set count = mf2xPaymentMethods.count;
If count == 0 then
Return “Unverified”, “There is no any payment method linked.”
Else
Set isPaymentVerified = False;
For i = 0 to count by 1 do
Take with ith payment method paymentMethod(i)
If paymentMethod(i) verified then
Set isPaymentVerified = True;
EndFor
If isPaymentVerified == True then
Return “Verified”
Else
Return “Unverified”, “Your payment methods can’t used for now”
EndIf
Else
Return “Unverified”, “Your MF2x account is not verified.”
EndIf
End

/*Crypto-to-crypto conversion system have some limit in converting cryptocurrency, and we need to check if we can convert selected cryptocurrency to bitcon or not using their API.
For example, ShapeShift API is providing the functional feature to check available coins on ShapeShift system.
Get List of Supported Coins with Icon Links using ShapeShift API:
url: shapeshift.io/getcoins
method: GET

Success Output:

{
"SYMBOL1" :
{
name: ["Currency Formal Name"],
symbol: <"SYMBOL1">,
image: ["https://shapeshift.io/images/coins/coinName.png"],
status: [available / unavailable]
}
(one listing per supported currency)
}

The status can be either "available" or "unavailable". Sometimes coins become temporarily unavailable during updates or
unexpected service issues.
// Parameters to this module:
cryptoType: Cryptocurrency type that user deposit to MF2x system.
cryptoConversionAPIList: The list of cryptocurrency-to-bitcoin conversion services that used by MF2x system. For example, this list can include ShareShift API.
cryptoConversionInformation: JSON style data with cryptocurrency conversion service/api credential information such as mail address, password, api key, api secret, api token and other likes for using these services.
// Return from this module:
available: If cryptocurrency can be converted via supported crypto API by MF2x system, then it will be “Available” and “crypto conversion API”. And if cryptocurrency can not be converted, then it will be “Unavailable”.
*/
CheckCoinAvailability(cryptoType, cryptoConversionAPIList, cryptoConversionInformation)
Begin
Read cryptoType, cryptoConversionAPIList, cryptoConversionInformation;
//The number of cryptoConversionAPIList, i.e the number of cryptoConversion services that supported by MF2x system.
Set count = cryptoConversionAPIList.count;
Set availableAPIs = [];
For i = 0 to count by 1 do
Set cryptoAPI = cryptoConversionAPIList(i);
Set cryptoInformation = cryptoConversionInformation(i);
//Set the endpoint url for the API.For example, endPointUrl = shapeshift.io/getcoins for ShareShift API
Set endPointUrl using cryptoInformation;
Set allSupportedCoins <- Call API and parse JSON format response.
Set supportedCoinCount = allSupportedCoins.count;
Set availableCoins = [];
For i = 0 to supportedCoinCount by 1 do
	Set coin = allSupportedCoins(i);
	If coin.status == “available” then
		Add coin to availableCoins;
	EndIf
EndFor 
// Check whether deposit cryptocurrency type is available or not
Set count = availableCoins.count;
For i = 0 to count by 1 do
	Set coin <- ith element of availableCoins;
	Set type = coin.symbol;
	If type == cryptoType then
		Set cryptoData <- cryptoAPI, cryptoInformation; Add cryptoData to availableAPIs; EndIf EndFor EndFor // If there is no any APIs for conversion, then we can not process. If availableAPIs.count == 0 then Set reason = “There is no any API for converting %s to bitcoin.”, cryptoType; Return “Unavailable”, reason; Else Return “Available”, availableAPIs; End /*Crypto Conversion API have deposit limit between different cryptocurrency, so we need to check we can process requested cryptocoin successfully. We will use the API to check deposit limit(min, max). For example, ShareShift API is providing the API like this: url: shapeshift.io/marketinfo/[pair] method: GET Ex) {"pair" : "btc_ltc", "rate" : 130.12345678, "limit" : 1.2345, "min" : 0.02621232, "minerFee" : 0.0001} // Parameters into DepositLimitCheck module: cryptoType: Cryptocurrency symbol that user deposited via MF2x payment method. For example, “btc”: Bitcoin, “eth”: Ethereum, … cryptoAmount: Deposit amount. cryptoConversionAPIList: The list of cryptocurrency-to-bitcoin conversion services that used by MF2x system. For example, this list can include ShareShift API. cryptoConversionInformation: JSON style data with cryptocurrency conversion service/api credential information such as mail address, password, api key, api secret, api token and other likes for using these services. // Return from DepositLimitCheck module: depositLimitStatus: If cryptoAmount >= min && cryptoAmount <= max then it will be True, otherwise it will be False and the reason.
*/
DepositLimitCheck(cryptoType, cryptoAmount, cryptoAPI)
Begin
	If cryptoType is not “btc”:
		Set keyPair = cryptoType + “_btc”;
Set endPointURL <- Generate the url with keyPair, and cryptoAPI information
		Set marketData <- Call the API(endPointURL)
		Set minAmount = marketData.min
		Set maxAmount = marketData.max
		If  cryptoAmount < minAmount then Set reason = “You need to deposit at least %”, minAmount; Return False, reason Else If cryptoAmount > maxAmount then
Set reason = “You can not convert more than %”, maxAmount;
Return False, reason
Else
Return True
EndIf
End

/* We need to refund cryptocurrency to user if we can not convert them via MF2x system.
// Parameters to RefundToUser
transID: Unique transaction ID that MF2x can identify transaction order.
We can find all required information about receiver’s deposit crytocurrency account, cryptocurrency type, cryptocurrency amount and legal information.
Reason: Refund reason.
*/
RefundToUser(transID, reason)
Begin
Read transID;
Set transInformation <- Get all information using transID.
Set userCryptoAccount <- Get user cryptocurrency account information from transInformation
Set cryptoType <- Get cryptocurrency type from transInformation
Set cryptoAmount <- Get cryptocurrency amount from transInformation
Set mf2xCryptoAccount <- Get MF2x cryptocurrency master account from transInformation
Call MF2xRefund(userCryptoAccount, mf2xCryptoAccount, cryptoType, cryptoAmount)
Print: Notify to user about the reason.
End

2). Altcoin to BTC conversion process
/*If we pass all verification steps, then we can convert altcoin to bitcoin to move next step.
// Parameters to AltcoinToBitcoinConversion
tranID: Transaction Identifier to manage MF2X payment transactions.
When we design the database, this identifier will be used to find transaction information to process MF2x payment processing such as payment status tracking, balance updatement, refund and other likes.
cryptoType: Cryptocurrency type(ex: ltc for Litecoin) that should be converted to Bitcoin.
cryptoAmount: Cryptocurrency Amount that user deposit to MF2x system.
It should be the amount that MF2x received on his cryptocurreny account from user.
apiInfoList: An array with available crypto-to-crypto conversion APIs.
Every element of this array will include all required information to process crypto-to-crypto conversion.
fiatConversionAPIList: The list of cryptocurrency-to-fiat conversion services that used by MF2x system. 
fiatConversionInformation: JSON style data with fiat currency
coinAPIKey: Third-party API key to convert Altcoin to Bitcoin. 
For example there is ShareShift API that enable us to transform between various cryptocoins. 
*/
AltcoinToBitcoinConversion(transID, cryptoType, cryptoAmount, apiInfoList, fiatConversionAPIList, fiatConversionInformation)
Begin
Read transID, cryptoType, cryptoAmount, apiInfoList, fiatConversionAPIList, fiatConversionInformation;
Set count = apiInfoList.count;
For i = 0 to count by 1 do
	Set apiData = apiInforList[i];
Read apiKey, apiName,  returnAddress, withdrawAddress, apiFeeFormula From apiData;	
// Determine MF2x fee options
Set mf2xFee <- MF2xFeeFormula(cryptoAmount, cryptoType) + apiFeeFormula(cryptoAmount, cryptoType);
Set withdrawAmount = cryptoAmount - mf2xFee;
Set result, coinAmount = CoinAPIConversion( withdrawAmount, mf2xFee, apiKey, returnAddress, withdrawAdress)
If  result == “Success” then
		If withdrawAmount == coinAmount then
			Print “Conversion is successful with %s!”, apiName;
Call CryptoToFiatConversion(transID, btcAmount, fiatConversionAPIList, fiatConversionInformation);	
		Else 
			Contact support team and find the reason;
Print “Conversion is successful with %s!. Please check our payment transaction as %s”, apiName, reason;
Call CryptoToFiatConversion(transID, btcAmount, fiatConversionAPIList, fiatConversionInformation);	
		EndIf
Else
		Contact support team and find the reason;
Print “This conversion cannot be performed by %”, reason;
EndIf
EndFor
Print “Error, MF2x cannot process this transaction because current %s cryptocurrency cannot be processed by MF2x. The reason is %s”, cryptoType, reason;
Call RefundToUser(transID, reason);
End
[/sourcecode]

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.
The MFX token is compatible with any existing ERC20 wallet. Consumers will have the ability to use their existing wallets to store tokens and make payments. Merchants are afforded the same flexibility with the MF Chain Mobile POS Client App.

Client App MVP

The MF Chain Mobile POS Client APP MVP is available for download at the MF Chain GitHub: https://github.com/MFChain/mfc-pos/releases/

MF Chain Technical Evolution

Ethereum to MF Mainnet Transition

Using the payment processing layer as a stepping stone, MF Chain will deploy an independent public blockchain with integrated smart contract platform. The Ethereum platform, while reliable and having clear path to scalability, does not provide the full feature set that MF Chain requires to fulfill its greater vision.

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.

The deployment of the MF Mainnet will consist of four main stages:

  • Research and Development – Current Phase
  • Release of the MF Mainnet Whitepaper – Release date Q4 2018
  • Release of the MF Testnet – Q1 2019
  • Release of the MF Mainnet – Q2 2019
  • MFX token to MFM exchange event – Q2 2019

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 Business Model

Building a public smart contract platform with merchant payment integration creates a complete and robust commerce which has a reciprocating effect across all channels involved. DApps launching on the MF Chain instantly benefit from the acceptance of their tokens at thousands of merchants worldwide. As the digital economy grows, so does the value of MF Chain.

MF Chain will integrate with merchants in 2018 by partnering with payment processors that are already doing business with a minimum of 10,000 merchants. Payment processors will be engaged with an incentivized partnership agreement that brings an exciting new service to their merchant product offerings. MF Chain benefits by becoming instantly integrated into a conventional stream of commerce. This unique approach ensures adoption of the MF Chain payment solution and paves a clear path for future projects launching on the MF Mainnet.

Projects approved for the Modern Finance Chain Innovation Incubator are supported by MF Chain on multiple strategic fronts: Access to the pre-built and audited smart contract library, an ICO launch platform that is multi-currency capable and development & marketing support. MF Chain will directly benefit from equity ownership in these projects.

MF Chain Milestones

  • Q2 2018: Beta Release of MF Chain Payment Solution
  • Q2 2018: Partnership with payment processor
  • Q3 2018: Full Release of MF Chain Payment Solution
  • Q3 2018: MF Chain Rewards Program Full Launch
  • Q3 2018: 250 merchants processing with MF Chain
  • Q4 2018: MF Mainnet Whitepaper
  • Q1 2019: 5000+ Merchants processing with MF Chain
  • Q1 2019: MF Testnet Deployed
  • Q2 2019: MF Mainnet Deployed
  • Q2 2019: Live Token Exchange MFX to MFM Tokens
  • Q2 2019: MFF Token Airdrop

MF CHAIN ICO INFORMATION

General Info

Modern Finance Chain (MF Chain) plans to raise between 2,500 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 – July 31st

Public Sale: October 15th - December 15th

ICO Caps

  • Soft Cap: 2,500 ETH (with built in smart contract refund feature if not obtained)
  • Hard Cap: 33,000 ETH (or $17M, whichever hits first based on current ETH value)

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 or $17M USD Total ICO Hard Cap
    • Minimum Contribution – 0.1 Ether
    • Maximum Contribution – 200 Ether
  • Presale Token Price: 1 Ether = 10,150 MFX Tokens
    • 5000 ETH Cap
    • Minimum Contribution – 5.0 Ether
    • Maximum Contribution – 200 Ether

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.

Unsold Tokens

All tokens not sold during the ICO will be burned.

If soft cap is not achieved, ETH sent to the ICO smart contract will remain locked until users request a refund transaction.

Bonus Schedule

10 ETH: 10% Bonus
25 ETH: 15% Bonus
100 ETH: 20% Bonus

CORE TEAM

MF Chain’s international team is comprised of PhD’s, Mathematicians and Expert Level Blockchain Developers, harnessing a wealth of brilliant minds dedicated to the common vision of MF Chain and its goal of mass market cryptocurrency adoption. With a shared passion for the future of blockchain, these experts have partnered together to build a complete and robust digital economy.

Combined with an Expert Advisory board, MF Chain will apply the core teams experience and technical capabilities to make MF Chain the leading Payment Processing Solution and become the utility token of choice for consumers and merchants. New underfunded and resource limited aspiring projects will benefit directly by partnering with MF Chain. From a complete pre-built smart contract library, multi-currency ICO Platform to access to tens of thousands or merchants for instant integration in commerce; the future of MF Chain and upstarts results in growth and adoption of cryptocurrency.

MF Chain will update and release the MF Mainnet White Paper to carry out its purpose. While these updates are expected to make continued improvements to MF Chain’s ecosystem and technology stack, the founding intent and coin issuance policy shall be maintained.

REFERENCES

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×pan=2years

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