Regardless of the dispute surrounding cryptocurrencies, their legality and projected success or failure, there is one thing that every expert can agree to: Blockchain technology has a lot more potential for utility in the advancing world and we owe its creation to Bitcoin’s introduction to the world. Most notably and somewhat ironically, blockchain can have a significant impact on fintech. Blockchain technology is the basis with which the one thing presumably poised to throw the traditional system of banking off the proverbial perch.
Monaize is an e-banking platform catering to small businesses and freelancers. Komodo is a top 30 cryptocurrency project. These two met together in June earlier this year and have since made a partnership. Their joint venture aims to bridge banking blockchain and help cryptocurrencies realize mainstream adoption.
World’s First dICO
The first thing that will come out of the Monaize-Komodo partnership is a decentralized Initial Coin Offering (dICO). This will happen using Komodo’s cross chain atomic coin swap by leveraging Komodo Platform’s Jumblr and BarterDEX tech.
E-banking: a gateway to Blockchain
Monaize is the first challenger bank to possess its own blockchain. It is often compared to others in the fintech space such as N26 and Revolut. The Monaize chain adopts all traits from Komodo like Bitcoin-level security protocols and anonymity through zero-knowledge proofs.
Monaize’s Platform for Small Businesses and Freelancers
Monaize has recently accomplished the development of a product set to launch sometime within the fourth quarter of 2017. Reports suggest that about 162 million people across Europe and the US are part of the freelance economy. The independent workforce has seen a massive surge in numbers recently due to large platforms like Uber, which provide stable and proper connection between the customer and the service providers. Traditional banks, however, have been quite slow in their approach to accommodate freelancers and small businesses due to their vast array of complicated requirements.
The thing about Monaize is that they are driven with a focus on technology, and have a personalized and partner-agnostic approach. This enables them to swiftly expand globally while allowing diverse banking and financial service partners to kind of plug in to their platform. Monaize provides the KYB facility to new users. With this Know Your Business process, the photographed documents of the new users are checked in real time which allows customers to open up accounts with ease by using nothing more than a smart phone.
Perks of Being Part of the Token Sale
Individuals participating in the sales of MNZ tokens are going to be incentivized. They will receive rewards based on the growth of the user base. Every month, new Monaize business account creations are accounted for and there is an equation in place to calculate the reward in KMD to the holders of MNZ tokens. The rewards for the token holders are distributed through an automated API which is on the Monaize Blockchain proportionately to the number of tokens held by them.
This is a collaborative and ethical revolution in the system of banking which the MNZ token holders will become a part of which will cater to an underserved market segment. Monaize’s strategy starts in Europe and aims to move on to the US, then Asia and Africa, as the years progress.