Modern Finance Chain

A public smart contract platform with merchant payment integration. MF Chain will be bringing the first ever consumer and merchant rewards program.

About Modern Finance Chain

MF Chain (Modern Finance Chain) aims to develop a ubiquitous cryptocurrency payment solution using MFX tokens. The platform enables a payment solution with zero merchant fees while offering rewards for consumers as well as merchants. In the future, MF Chain will release their own blockchain solution (MF Mainnet), which will use MFF tokens. The payment solution will allow consumers to purchase goods and services using any cryptocurrency. The overall goal of the organization is to “expand cryptocurrency utility to the point of ubiquity”.

Token Sale Use of Blockchain

Product

3.2
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

5.0
N/A
5 - General audience / mass market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.

Product

The organization plans to develop their own blockchain solution (MF Mainnet) that will be able to support any cryptocurrency with quick transaction speeds. It is stated that a separate document will be released at a future date which outlines the functionality of MF Mainnet in more detail. A point-of-sale application for Android devices is available through a public repository on GitHub. MF Mainnet will be platform agnostic, which gives organizations the ability to accept any cryptocurrency for ICOs. The goal of allowing merchants to accept any cryptocurrency is interesting and the target user base will grow alongside the growth in adoption of cryptocurrencies. As a payment processor and rewards program, MF Chain faces a significant number of competitors in the blockchain space. Competitors include BitRewards, Token Changer, and Stack. The platform plans to differentiate itself from the competition by rewarding merchants as well as consumers. This aspect of the platform is not particularly innovative (with respect to other blockchain-related projects) but allows the platform to distinguish itself among its competition.

Product Whitepaper

Use of Blockchain

3.6
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

4.0
N/A
4 - Innovative use of blockchain technology.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

4.0
N/A
4 - Generally disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2.0
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

5.0
N/A
5 - Fully decentralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.

Use of Blockchain

MFX is an ERC20 compliant token and is used as a means of exchange and used in the rewards program. Consumers that purchase goods or services using MFX tokens avoid paying merchant fees. Merchants are rewarded 1% rebate of their total cryptocurrency volume in the form of MFX tokens. The MF Mainnet launch is planned to launch in Q2 2019 and will utilize MFF tokens (MFX tokens will be exchanged for MFF tokens on a one-to-one basis). It is stated that 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”. Most details of the Mainnet release are discussed in layman terms and contain low levels of technical content. It is stated that the Mainnet release will be blockchain agnostic with atomic swap capabilities and will have private side-chains for enterprise use. The platform will also stated to support multi-language smart contract programming support. The platform makes contributions to the blockchain ecosystem by increasing adoption of cryptocurrencies (since the Mainnet release is blockchain agnostic). There is no clear indication that the platform is centralized in any significant manner. Disruption brought forth with the platform is aims primarily towards traditional payment solutions (Visa, MasterCard, etc). The need to create a custom token is primarily for funding purposes.

Use of Blockchain Roadmap

Whitepaper

3.2
Whitepaper
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

4.0
N/A
4 - Informative disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3.0
N/A
3 - More information required.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

2.0
N/A
2 - Missing critical information.

Whitepaper

The whitepaper is fairly short and is hosted on the MF Chain website. The document begins with a brief assessment on current merchant payment systems. The problems associated with current systems are discussed: high transaction/processing fees as well as chargebacks and fraud. Approximately half of the content gives context for the platform: the document includes market research of electronic payment solutions, as well as a brief assessment of the cryptocurrency market. With regards to the technical aspects of the platform, the document discusses the functionality of specific Solidity files used for the token sale (publicly available on GitHub). The POS mobile application (MVP) is briefly discussed and is publicly available on GitHub. However, other technical aspects of the platform, beyond the token sale, are discussed with much less detail and are primarily presented in layman terms (merchant account database, API, and atomic swaps, for example). The document is primarily a high-level overview of the proposed features of the platform as opposed to a thorough discussion of how the organization will achieve its goals. The business plan is presented with low levels of detail and spans approximately a quarter of a page. There is a brief discussion with regards to the fees associated with the platform, but there is little content with the business development strategy. Merchants are rewarded a 1% rebate of their total cryptocurrency volume in MFX tokens. Consumers avoid paying merchant fees (0.5 to 3%) for purchases using MFX tokens. Payment processors will see an increase in transaction volume and receive a “generous MFX token allocation” (specific details are not provided). It is stated that 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”. However, details are not specified.

Whitepaper Compliance

Roadmap

3.0
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4.0
N/A
4 - Down to earth.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

4.0
N/A
4 - Long term.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

The roadmap presented in the whitepaper is as follows:
* 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

When assessing the roadmap, the organization is set to reach its short term milestones. A mobile application of the payment solution (MVP) has already been released and is available on GitHub. Overall plans are concrete, but milestones could be discussed in more detail and segregated into smaller achievements. The goals of the platform are ambitious and the organization is looking long-term. The largest obstacle that the company faces is developing the Mainnet version of the platform. The platform does not depend on other services but the capabilities of the Mainnet release are not yet available.

Roadmap Company and Team

Compliance

3.2
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

4.0
N/A
4 - Not as such, or compliance is assured.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

4.0
N/A
4 - Professional.

Compliance

The document begins with a disclaimer that spans approximately half a page. There is also a link provided which leads to a document which outlines the terms and conditions of the token sale as well as the privacy policy of the website. It is stated that MFX tokens “has not been and will not be registered under the securities act of 1933”. KYC will be used for the token sale, as per the terms and conditions, but the specific procedure that will be used is not outlined. Residents from the United States of America are not permitted to participate in the token sale.

Compliance Token Sale

Company and Team

3.2
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

4.0
N/A
4 - Verifiable relevant experience.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

2.0
N/A
2 - Somewhat skewed.

Company and Team

MFC was founded in 2018. The core team of 10 individuals are listed on the MF Chain website, along with their profile pictures, short descriptions and links to social media profiles. The skill set of the core team mainly consists of individuals with a background in technology. There are a number of individuals with doctorate degrees and blockchain-related experience. The team is still developing: there is a section of the website for recruiting new team members. C-level executive positions are not presented for the team. There is somewhat of a lack of individuals with a background in business development.

Company and Team Product

Token Sale

3.0
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

3.0
N/A
3 - Justifiable.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3.0
N/A
3 - Rough estimates, but sensible.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

4.0
N/A
4 - Solid exposure and interest, good impression.

Token Sale

The total number of MFX tokens is 521 million (57% is for the pre-sale and the ICO, 19% is reserved for support development and marketing, 15% is for the merchant incentive program, 8% is for developers and advisors, and 1% is for airdrops and for the incentive program). Half of the reserve fund is locked for the first half of 2018. The developer and advisor tokens will be unlocked on a “slow rolling quarterly release” ending in Q2 2019. The allocation of funds is described is not clearly presented. The soft cap is 2500 ETH and the hard cap is 33,000 ETH, where 1 ETH = 8,500 MFX. Funding amounts are not justified in the document. Unsold tokens from the pre-sale will be burned. The public token sale takes place from May 26, 2018 to June 25, 2018. Media presence is fairly significant with 10,000 followers for major social media platforms (Twitter, Facebook, Reddit)

Product

The organization plans to develop their own blockchain solution (MF Mainnet) that will be able to support any cryptocurrency with quick transaction speeds. It is stated that a separate document will be released at a future date which outlines the functionality of MF Mainnet in more detail. A point-of-sale application for Android devices is available through a public repository on GitHub. MF Mainnet will be platform agnostic, which gives organizations the ability to accept any cryptocurrency for ICOs. The goal of allowing merchants to accept any cryptocurrency is interesting and the target user base will grow alongside the growth in adoption of cryptocurrencies. As a payment processor and rewards program, MF Chain faces a significant number of competitors in the blockchain space. Competitors include BitRewards, Token Changer, and Stack. The platform plans to differentiate itself from the competition by rewarding merchants as well as consumers. This aspect of the platform is not particularly innovative (with respect to other blockchain-related projects) but allows the platform to distinguish itself among its competition.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

5.0
N/A
5 - General audience / mass market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.
Product Score:
3.2

Use of Blockchain

MFX is an ERC20 compliant token and is used as a means of exchange and used in the rewards program. Consumers that purchase goods or services using MFX tokens avoid paying merchant fees. Merchants are rewarded 1% rebate of their total cryptocurrency volume in the form of MFX tokens. The MF Mainnet launch is planned to launch in Q2 2019 and will utilize MFF tokens (MFX tokens will be exchanged for MFF tokens on a one-to-one basis). It is stated that 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”. Most details of the Mainnet release are discussed in layman terms and contain low levels of technical content. It is stated that the Mainnet release will be blockchain agnostic with atomic swap capabilities and will have private side-chains for enterprise use. The platform will also stated to support multi-language smart contract programming support. The platform makes contributions to the blockchain ecosystem by increasing adoption of cryptocurrencies (since the Mainnet release is blockchain agnostic). There is no clear indication that the platform is centralized in any significant manner. Disruption brought forth with the platform is aims primarily towards traditional payment solutions (Visa, MasterCard, etc). The need to create a custom token is primarily for funding purposes.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

4.0
N/A
4 - Innovative use of blockchain technology.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

4.0
N/A
4 - Generally disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2.0
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

5.0
N/A
5 - Fully decentralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
3.6

Whitepaper

The whitepaper is fairly short and is hosted on the MF Chain website. The document begins with a brief assessment on current merchant payment systems. The problems associated with current systems are discussed: high transaction/processing fees as well as chargebacks and fraud. Approximately half of the content gives context for the platform: the document includes market research of electronic payment solutions, as well as a brief assessment of the cryptocurrency market. With regards to the technical aspects of the platform, the document discusses the functionality of specific Solidity files used for the token sale (publicly available on GitHub). The POS mobile application (MVP) is briefly discussed and is publicly available on GitHub. However, other technical aspects of the platform, beyond the token sale, are discussed with much less detail and are primarily presented in layman terms (merchant account database, API, and atomic swaps, for example). The document is primarily a high-level overview of the proposed features of the platform as opposed to a thorough discussion of how the organization will achieve its goals. The business plan is presented with low levels of detail and spans approximately a quarter of a page. There is a brief discussion with regards to the fees associated with the platform, but there is little content with the business development strategy. Merchants are rewarded a 1% rebate of their total cryptocurrency volume in MFX tokens. Consumers avoid paying merchant fees (0.5 to 3%) for purchases using MFX tokens. Payment processors will see an increase in transaction volume and receive a “generous MFX token allocation” (specific details are not provided). It is stated that 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”. However, details are not specified.

Category Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

4.0
N/A
4 - Informative disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3.0
N/A
3 - More information required.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

2.0
N/A
2 - Missing critical information.
Whitepaper Score:
3.2

Roadmap

The roadmap presented in the whitepaper is as follows:
* 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

When assessing the roadmap, the organization is set to reach its short term milestones. A mobile application of the payment solution (MVP) has already been released and is available on GitHub. Overall plans are concrete, but milestones could be discussed in more detail and segregated into smaller achievements. The goals of the platform are ambitious and the organization is looking long-term. The largest obstacle that the company faces is developing the Mainnet version of the platform. The platform does not depend on other services but the capabilities of the Mainnet release are not yet available.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4.0
N/A
4 - Down to earth.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

4.0
N/A
4 - Long term.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
3.0

Compliance

The document begins with a disclaimer that spans approximately half a page. There is also a link provided which leads to a document which outlines the terms and conditions of the token sale as well as the privacy policy of the website. It is stated that MFX tokens “has not been and will not be registered under the securities act of 1933”. KYC will be used for the token sale, as per the terms and conditions, but the specific procedure that will be used is not outlined. Residents from the United States of America are not permitted to participate in the token sale.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

4.0
N/A
4 - Not as such, or compliance is assured.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

4.0
N/A
4 - Professional.
Compliance Score:
3.2

Company and Team

MFC was founded in 2018. The core team of 10 individuals are listed on the MF Chain website, along with their profile pictures, short descriptions and links to social media profiles. The skill set of the core team mainly consists of individuals with a background in technology. There are a number of individuals with doctorate degrees and blockchain-related experience. The team is still developing: there is a section of the website for recruiting new team members. C-level executive positions are not presented for the team. There is somewhat of a lack of individuals with a background in business development.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

4.0
N/A
4 - Verifiable relevant experience.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

2.0
N/A
2 - Somewhat skewed.
Company and Team Score:
3.2

Token Sale

The total number of MFX tokens is 521 million (57% is for the pre-sale and the ICO, 19% is reserved for support development and marketing, 15% is for the merchant incentive program, 8% is for developers and advisors, and 1% is for airdrops and for the incentive program). Half of the reserve fund is locked for the first half of 2018. The developer and advisor tokens will be unlocked on a “slow rolling quarterly release” ending in Q2 2019. The allocation of funds is described is not clearly presented. The soft cap is 2500 ETH and the hard cap is 33,000 ETH, where 1 ETH = 8,500 MFX. Funding amounts are not justified in the document. Unsold tokens from the pre-sale will be burned. The public token sale takes place from May 26, 2018 to June 25, 2018. Media presence is fairly significant with 10,000 followers for major social media platforms (Twitter, Facebook, Reddit)

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

3.0
N/A
3 - Justifiable.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3.0
N/A
3 - Rough estimates, but sensible.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

4.0
N/A
4 - Solid exposure and interest, good impression.
Token Sale Score:
3.0
It is stated that the MFX "transaction is confirmed in seconds" What technical solutions are being investigated in order to address transaction speed?

In this particular instance, we were referencing the ability to confirm tx with 1 confirmations on various blockchains on face to face or online merchant to consumer transactions. A transaction most people are familiar with are bitcoin ATMs. These machines disburse cash on 0tx based on “face to face” trust.  The point being, there is little risk on the merchant’s end to accept a transaction after 1 confirmation. Beyond that we can see through these charts that BTC on segwit and ETH are running at remarkable speeds in 2018 (avg single conf time for ETH at .24m at the time of this writing): https://bitinfocharts.com/comparison/ethereum-confirmationtime.html

As we develop the MF Mainnet, we are pursuing the Byzantine Fault Tolerance consensus model which at 15s or less block time, has use case proof of some of the most expedited consensus method available in the real world, today.  Additionally, the Byzantine model does not branch, so block time equals confirmation time. Whereas if you require 10 confirmations on a blockchain, full consensus equals blocktime multiplied by 10. We will easily achieve 1000tx/s with consensus time 15s or less. More info here: https://github.com/neo-project/docs/blob/master/en-us/basic/consensus/consensus.md

What is the technical strategy for enabling multi-blockchain integration? What is the scaling strategy considering that the number of cryptocurrencies will continue to grow at an increased rate?

To be clear, MF Chain is bringing two solutions to the table. The first is the ERC20 MFX Token (which is what our whitepaper outlines), this contains the payment processing solution and MF Chain rewards program. The second being the MF Mainnet (whitepaper release TBA). For the ERC20 payment processing solution, (currently in beta testing, MVP available on our Github) our app instantly integrates to all support cryptocurrencies via API’s. This allows merchants the ability to link multiple wallets into the payment solution and consumers can pay using their favorite wallets without having to switch.   

Our development backlog will be written based on the following factors:

We will first include the top cryptocurrencies based on volume and increased adoption rate over the most recent quarter. As a crowd centric project, we will also allow users to vote which cryptos they would like to see on the platform.

Regarding the technical strategy for enabling multi-blockchain integration with the MF Mainnet, that will be fully defined and clearly explained in the MF Mainnet whitepaper scheduled for release in late 2018.

What specifically has been done in order to ensure government compliance? What specifically still needs to be achieved with regards to compliance?

Our legal council is constantly keeping abreast of the latest global legal announcements (G20, finam, SEC, CFTB, etc.).  We were very encouraged to hear about the recent guidelines on ICO Token categories released by finma. We look forward to other agencies following suit with the clear definitions finma provides. In terms of basic government compliance, there is one glaring issue regarding sanctions, money laundering and watch lists: proving identity. A decentralized repository allowing users to “KYC” once to prove their name and identity creates a trusted database. Multiple projects can utilize this repository to trust their clients are clear of any government watch lists.  

What distributed technology strategy will the MF Mainnet use (Blockchain, Block Lattice, Directed Acyclic Graph, etc) and why was this strategy chosen over others?

Blockchain. It is the proven technology of today and we continue to see massive improvements in consensus methods and tx speeds.

Who are MFC's biggest competitors and how do they compare?

If you soley look at small aspects of the MF Chain solution (both as a merchant payment processor and even the MF Mainnet) there are many. We need to look at the entire suite of solutions to best gauge whom our closest competitors really are. Which is difficult.

From a payment solution perspective our biggest competitors would the traditional industry (Visa/MC, AMEX etc.)

As highlighted in our whitepaper, recent studies are showing a large shift in consumer acceptance and trust in non-traditional payment methods. In combination of growing global acceptance of cryptocurrency, we are confident that more and more merchants will be begin exploring alternative methods to accept payment. The complex rules and multiple fees that are placed on merchants makes credit card acceptance not only expensive, it also adds risk to merchants in the form of friendly fraud. MF Chain provides merchants with simple solutions along with their ability to earn rewards simply for accepting cryptocurrency as a form of payment.    

Regarding the blockchain space, there are a large number of payment processors and rewards programs out there. The key difference to note, MF Chain PAYS merchants for accepting cryptocurrency and rewards consumers for making purchases with MFX tokens. Coinbase, Bitpay and others dominate the cryptocurrency payment market, yet again they still do not truly reward neither the consumer nor merchant for transacting in cryptocurrency. We can see the space filling up with competitors in the future. We welcome that, this results in many new projects that are focused on community solutions vs driving for pure profit in the form of fees – many of which are simply passed on to you and I, the consumer.

For the MF Mainnet, or phase 2 of our project. That is where competitor lines are blurred even more. That entire goal of MF Chain is not to compete with other projects. The goal is to unify blockchain projects. Provide users more choices and help push the adoption of cryptocurrency forward. MF Chain’s vision is very ambitious. We pride ourselves on that. We also stand strongly in belief that unification in the blockchain/cryptocurrency space is the future. There are projects with this as a stated goal. NEO, Dragonchain and Wanchain are examples of this. When diving deep into their platforms, there really is nothing like MF Chain. What we strive for is a truly open sourced smart contract platform, providing dapps the ability to launch their projects with instant integration to tens of thousands of merchants

Is MFC currently working with accounting/law firms? Please specify, if possible.
  • Wellman & Warren is our official legal council for US matters.
  • Joseph Rowe Attys at Law handle our off-shore legal matters.
  • Ankita Sambyal, located in Singapore, has been appointed as our legal advisor.
  • Our accounting firm is TMF Group.
Why switch to MFF tokens when the MF Mainnet is released? The platform is supposedly able to support any cryptocurrency, so why not continue to use MFX?

This is a great question. Yes, we will have integration and ability to process payments in multiple cryptocurrencies. As stated in our whitepaper, the MFF (Modern Finance Fuel) token will be the native token that fuels the MF Chain Rewards program. Ensuring liquidity is absolutely necessary, relying upon other cryptocurrencies would demand too many resources and still fall short of the guaranteed liquidity needed. We are in process of drafting a completely new whitepaper specifically for the MF Mainnet that will outline in detail how the MFF token will function in the future within the MF Mainnet.

Can you provide more details of the innovation incubator program? Which funding allocation will be used to support this program?

We are glad you asked! MF Chain is allocating 10% of ICO funds directly to our Innovation Incubator. This specific lock ensures that all allocated funds for the Innovation Incubator is secured and locked until we are fully ready for release.

About the Innovation Incubator, we are really excited about this. We have seen many brilliant minds that fail to achieve their dreams or goals simply because they may not have the manpower or resources to drive their project forward. Additionally, as regulations come in many upstart projects will never see the public eye simply due to those complications. MF Chain is dedicated to helping these innovators bring their ideas to market. From a smart contract library with a host of fully audited contracts ready for deployment, to clear legal guidelines for these projects to follow. The Innovation Incubator will allow small, undermanned and underfunded projects a chance to see success.

The future success and insurance of the Innovation Incubator will be realized from token ownership in public projects to licensing fees for private blockchains.   

What is the marketing strategy to ensure high rates of adoption of the platform?

The plan is to target payment processors first.

Payment processors are struggling to find profits and fighting for fractions of percentages for profits. Working with a few payment processors, we discovered quickly that providing them an additional solution to sell to their merchants and rewarding them in the process was received exceptionally well. Not only will payment processors be incentivized for bringing merchants onboard, processors benefit by offering more payment options for their merchants and ability to target merchants categorized as ‘High Risk’.  We are already in process of partnering with a payment processor that has a merchant base of 10,000+.

The second piece is our MF Chain Ambassador team we are building. We are targeting Ambassador’s throughout the world with a focus in our target markets. Ambassadors will attend meetups and conferences while representing MF Chain, educating those in attendance and enrolling merchants in attendance.

Combined, the marketing strategy covers merchants in mass via payment processors and individually through the MF Chain Ambassadors.

Does MF Chain currently possess any notable partnerships?

We have partnered with a number of others for the launch of our token sale, mainly to perform marketing and KYC/AML aspects for the ICO (Tokensuite, IdentityMind and others). We are also in conversations with other blockchain projects that we feel would complete our vision and provide users even more choices when using both our payment solution as well as our upcoming MF Mainnet.  

We are in active tests with a payment processor using our payment processing solution. This partnership immediately opens MF Chain up to access to 10,000+ merchants and directly on track with our roadmap. Look for an announcement soon. Additional partnerships conversations are underway as well.

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