MENUVA - INNOVATION OF FUTURE PAYMENT PLATFORM WITH SMART CONTRACT IN BLOCKCHAIN ETHEREUM
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ABOUT PROJECT
Menuva is a secure payment platform based on smart-contracts on the Ethereum blockchain. Menuva allows seamless transactions with custom payment conditions. At that, all the data is stored as a smart contract on the Ethereum blockchain. The use of smartcontracts and payment plugins allow automatization of payment processing and acceptance of variety of currencies. In the simplest cases, creating an escrowed transaction is done with only a few clicks and requires no additional effort from the buyer or seller. All escrow agreements are highly customizable to adjust to buyers needs. Even if there is a problem We have our own decentralized dispute system which protects the funds and provides the ability for trustworthy Menuva users to earn.
Our Menuva platform is one of a kind. Buyers send their desired cryptocurrency via their preffered way - with or without escrow smart contracts. Escrow protects the buyers funds until the merchant doesn't complete on the agreement. The Merchant then has the ability to store those in FIAT using our DAC protocol with help of BitShares and BTS.
Our Main Competitive Advantages:
- Low fees
- Possible conversion of funds to FIAT
- Fast transactions
- Decentralized data storage
- User-friendly and convenient service to customers and vendors
- Rating and verification system that will provide extra safety for both sellers and buyers
- Support for multiple currencies
MENUVA NETWORK
DACP - Dynamically Adjusted Currency Protocol
The key feature is our decentralized exchange protocol which finds the best and cheapest way to exchange your currency to another or to store it in Fiat.
ESCROW
Escrow payments open a P2P messaging system where sellers and buyers can exchange important information.
ETHEREUM SMART CONTRACT?
New technology made possible by public blockchains, smart contracts are dificult to understand because the term partly confuses the core interaction described. While a standard contract out-lines the terms of a relationship (usually one enforceable by law), a smart contract enforces a relationship with cryptographic code.
Put diferently; smart contracts are programs that execute exactly as
they are set up to by their creators.
First conceived in 1993, the idea was initially described by computer scientist and cryptographer
Nick Szabo as a kind of digital vending machine. In his famous example, he explained how users
could input data or value and receive a finite item from a machine, in this case, a real-world snack or a sof drink.
In a simple example, ethereum users can send 10 ether to a friend on a specific date using a smart contract. In this case, the user
would create a contract and push the data to that contract so that it could execute the desired command.
PROBLEMS AND SOLUTIONS
LARGE FEES
For each received online payment today, sellers have to pay an average fee of about 3.5% and sell-
ing fees for some online payment systems exceed 5-10%. More than that, users usually should pay
a fee for transferring money out from the payment system to the bank account. Besides, payment
systems charge additional money back fees, inactive account fees, cross-border transaction fees,
annual (monthly) fees and so on.
You also have the problem of deceitful services promoting themself as “feeless,“ but at the same
time having their exchange rates which ofen diferentiates hugely from the current market rates.
They only show the amount one needs to pay but not at what rate it is calculated (since most prod-
ucts are shown in USD value and then calculated to the BTC price).
SOLUTION
Menuva will solve this problem with the next solutions:
Menuva will keep the fee below 2% per sale, depending on the currency used. This in- cludes buyer and seller fee.
Before you make Your purchase You will instantly be notified what the fee will be with no hidden fees or expenses.
You will also be notified of the current exchange rate of the desired cryptocurrency.
We will maintain these fees as we will completely fund our company with the money we earn from ICO and future profits from our token as we develop and grow because we are confident in our work,product and token
The earned fee will then be distributed to all our token holders every month depend-
ing on the amount they are holding at the time and the total fees that the platform has
processed.
IRREVESIBLE PAYMENTS
One of the main advantages of cryptocurrencies is that they are not reversible. That means You do
not need to be afraid of chargebacks and fraud attempts. However, that is a double-edged sword.
While it may be excellent for vendors the buyers are lef in the dark. In case of some dispute be-
tween a seller and a buyer (with the traditional cryptocurrencies),buyers will ofen lose to dishon-
est sellers. On the other hand,plenty of buyers will try to gain advantage and profit through various
social engineering attempts.
SOLUTION
Menuva ofers an escrow system never seen before. Sellers will be able to accept payments which will be secured by a smartcontract. Those smartcontract will be highly customizable for various needs, ranging from physical products which require shipping info all the way to virtual assets. This unique approach will significantly improve the current status of all cryp-
tocurrencies to being more adopted.
MENUVA TOKEN
ICO contributors will have numerous advantages:
PROFITS DIVIDED QUARTERLY
– All the fees (excluding GAS and dispute fees) will be divided quarterly between all the token holders and they will be paid out in ETH. Considering the low amount of tokens, we plan to release to circulation this is an excellent opportunity for long-term investors. You can see the date of the first payout in our roadmap.
EARLY BIRDS GET REWARDED
– Our ICO supporters will have a special notation in our reputation system thus gaining more trust from users.
WHAT NEXT?
– We believe that our platform should be adjustable to users so we will design an exclusive closed forum where we will listen to the ideas of our contributors and have special polls and promotions.
FREE USE OF THE PLATFORM
– That is right. With the MNV tokens You will be able to buy without any fees so stock up on those.
LIMITED AVAILABILITY
– We do not plan to introduce more tokens to the system. That is why we opted out for a smaller coin count.
TOKEN BURN
– Any unsold tokens will be burned thus lowering the total count of MNV tokens in circula- tion.
BUYBACK
- If the price of ETH changes considerably (>10%) from our current rate of 1000$ per ETH, we will use the excess money to repurchase our tokens and burn them as we will be trans-
- ferring the collected funds to USD!
BUDGET ALLOCATION
DEVELOPMENT
– Currently, we have two developers constantly working on technical documentation. We are
looking to spend around 1.5m USD on hiring 4-5 top class: Frontend&backend web devs, a security
expert in the blockchain area and blockchain advisor. As we are working on other projects imple-
mentation, we will need to have some reserves for possible bills.
ADMINISTRATION & LEGAL
– As we are based in Germany the laws are strict and to pay our staf afer the finalization we will
need to pay taxes and have our lawyer so we can focus on development.
OPERATIONAL EXPENSES
– In the future, we plan to fund self-fund by collecting fees based on the percentage of MNV to-
kens we hold. Until then, we will need to pay all our HQ bills ranging from webhosting to program
licenses.
PROMOTIONS &PARTNERSHIPS
– As You can see,it takes more than 1m $ from our budget but we find this utterly crucial since with-
out the platforms acceptance, there will be no future and our eforts would be wasted. We already
have plans and agreements on promotions with various websites which will use our platform.
RESERVES
– We have a long road ahead of us and various unplanned things can happen,so We need a little
“room to breath.“ The cryptoworld is unpredictable but we are here to bring the stability!
TIMELINE
2018 Q1:
ICO (details on website)
“What next?” program launch and exchange listings Finalization on technical requirments WEB wallet development
“Direct transaction” development DACP integration P2P chat integration
2018 Q2:
Android and iOS SDK
Dispute and escrow system development Reputation system development Payment plugin release (OpenCart, WordPress, ZenCommerce) BETA web wallet release
2018 Q3:
Transaction testing System testing BETA product Smartcontract creator Implemntation in partners systems
2018 Q4:
Further partner expansion First fee payout
2019Further technical upgrades as blockchain techlogy advances
Be a part of this tremendous project.
More details below we present our Youtube video footage explaining the MINEVA project:
TEAM MENUVA
FOR MORE INFORMATION PLEASE SEE BELOW:
Website: https://menuva.net
Forum: https://goo.gl/kE6oVW
Telegram: https://t.me/project_menuva
Twitter: https://twitter.com/ProjectMenuva
Medium: https://medium.com/projectmenuva
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1409779