Following is the Q&A with Jayson Rellis, President of MFCHAIN. Questions were submitted by members and the team of Inflow-Crypto Club through e-mail and Telegram Group.
Q: Could you make a short introduction to the project you are working on?
A: We are a smart contract platform with merchant payment integration. We are building a digital economy specifically designed to help drive the adoption of cryptocurrency as a form of payment. We offer the first ever merchant rewards program as well as consumer rewards for cryptocurrency payments. Projects launching on the MF Mainnet will be provided the ability to launch into real world commerce affording them an option no other blockchains offer. Furthermore, we also have the MF2x protocol. This protocol is a compliant crypto-to-fiat gateway that makes it easy to exchange your coins for cash and vice versa. Essentially, we are a complete project that prides itself in building true value to the market by offering a total solution for both merchants and consumers.
Q: You are a blockchain platform or payment processor?
A: We are both. The payment processing application is the vehicle we are using to drive the adoption of our blockchain, our token, projects that launch from our platform and cryptocurrencies in general.
Q: There is a very big competition in both of those fields, how can you differentiate? Why are you better in the blockchain space and how are you going to make a difference in the real-world business?
A: In today’s market, projects really only have 2 liquidity options. The first being whatever use-case they have built for their project. The second being placed on speculative markets, aka exchanges. Projects that partner with us or launch their project from our Incubator are provided a 3rd option: Being added in real world commerce as a form of payment. No other blockchain provides that ability to projects launching from their blockchain. Essentially, one of our main goals is propelling the ease of use of crypto as a form of payment. This not only includes providing projects, merchants and consumers a blockchain that is scalable, fast and reliable but also providing rewards for those that do so.
Q: How will your token be used and why would it gain in value, what is the incentive for us investors to invest in your project?
A: Gain in value I will not touch on as that is speculative and we really cannot predict that (nor should any project). What I can say is that we strongly believe that adoption of our blockchain and payment processing software will be in high demand. Merchants are not required to purchase additional hardware and our software will be free to them. This means they pay zero out of pocket to accept crypto. Add to the fact that digital payments (which includes crypto) is on pace to be a trillion-dollar industry, we are targeting a great industry at its infancy. Add in our strategic approach of partnering with existing payment processors with thousands of merchants, we can easily be in tens of thousands of merchants in a relatively short timeframe. The one risk is adoption of cryptocurrency. This all comes back to a single question, if you believe cryptocurrency to be a future method of payment, believe in Modern Finance Chain.
Q: Who are your competitors or comparing projects?
A: We have a great graph on our homepage that highlights some of those main competitors. Pundix, Dash and Utrust are who we have been compared to the most. I contend that while we are in a space that is well known, our features and complete project is unlike anything else. You can also compare us to blockchain platforms. The main difference between us and the other payment processors: Our rewards are not only for consumers, merchants also receive rewards at no cost to them. Our fees are much lower than all of them and our blockchain instantly integrates strategic partners launching from our blockchain into real world commerce as a form of payment.
Q: You are stating 10-50% ROI on your masternodes. Why such a large variance? What is that number based on?
A: This is rather standard for masternodes. The range is all based on number of masternodes up and running as well as network difficulty. The minimum is 10% is when we are fully running and network difficulty has risen. Think of this as competition to mine a block, the easier it is with less masternodes there are, the more blocks you will mine. Thus, the higher ROI at launch.
Q: How many tokens does one need for becoming a masternode?
A: You can review more on our masternodes here https://mfchain.com/masternodes/. 76,500 MFX tokens are required for one masternode.
Q: What is the difference between MFX and MFM coins? We earn MFM on masternodes? How is the price determined?
A: As explained in our whitepaper, we are launching our ICO and initial payment processing software on Ethereum. In 2019, we are launching our own blockchain (MF Mainnet). At that time, we will need to launch our own token. Once we do, we will have a 2-token system. MFF and MFM will be the tokens on our platform. The best analogy I have is, think of the NEO/GAS relationship. That is the system we will have on MF Mainnet.
Q: Will you have to stake tokens in a wallet or do you need special hardware and software?
A: There is no staking option via a wallet, only actual masternodes. In mid to late December, we are launching our testnet. At that time, we will have complete details and system requirements. If you are interested in becoming a beta tester, please contact directly at email@example.com.
Q: Who are the most notable members of the team, most notable advisors and investors?
A: While we obviously feel the entire team is exceptional, the most notable in the blockchain space is Brian Rankin. Brian is a former VP of Ripple and led the 21-person team that initially built all of their banking relationships in the MENA and Asian Markets. Naviin Kapoor is also a very well-known advisor that has joined our core team. Naviin has been instrumental in assisting a very large number of blockchain projects over the last year and possess and very skilled background in the banking industry.
Q: What is your plan to attack the market? Do you want to be a global player? How will you achieve that if so?
A: Great question. Yes, we do plan on being a global player. The key is how will we accomplish this while keeping costs down to acquire new merchants. This is where we get creative and do something others are not. We are partnering with Credit Card payment processors and working with them to offer our cryptocurrency payment software to their existing clients. Unknown to many, these payment processors are vast in numbers and typically hold a customer of base in the thousands. This streamlined approaching for market launch reduces our cost-of-acquisition of new merchants to near zero while also placing us in front of thousands of merchants with each new processor partner. We already have one partnership in place with 2 others in negotiations.
Q: When can we expect the main net and start of the masternodes income?
A: Upon mainnet launch. Currently mainnet is scheduled to launch in early/mid 2019 with testnet rolling out in mid/late December 2018.
Q: How is you Incubator going to work and what will you accomplish with it?
A: Our Incubator is designed to help those that are undermanned launch their blockchain projects. This could include a number of services they require; development resources, partnerships, advisors to marketing. The goal is help true innovators launch their projects quickly and easily while also integrating them into real world commerce. MF Chain will retain a small equity piece in return to help keep the initial costs down for these projects.
Q: In the roadmap Q2 2019 MFF token Airdrop is mentioned. What is that?
A: Exact details will come on this as we near mainnet launch. MFF will be the fuel (think of NEOs GAS) that powers our network.
Q: The incubator token is described as MFI. So do you have 3 types of tokens? It is a bit confusing. Thanks for clarifying!
A: The MFI token is a bonus token for private and early investors only. These will NOT be added to exchanges and grant MFI holders tokens in upcoming projects that launch on the MF Mainnet. Here are the complete details:
- 1 MFI (Modern Finance Incubator) token in each of the first 5 ICO projects per 10 ETH
- Max tokens per contributing address is 20 (based on the max contribution of 200ETH)
- 888 Max tokens
- Token values will be pulled from a reserved pool of tokens for sale in each ICO
- Each token will be equal in value
- Tokens are transferable and sent to ETH wallet address provided during the ICO
- Tokens will NOT be traded or listed on any exchange
Q: What kind of experience does the team have in this industry?
A: Every team member has been involved in previous blockchain projects. Craig Neil was a founding member of Aphelion (a NEO DEX that has recently launched their DEX on mainnet). Jayson Rellis assisted Craig during the Aphelion ICO launch. Brian Rankin is a former VP of Ripple, Naviin Kapoor has advised a vast number of Blockchain projects as has Hristo Piyankov and Bogdan Fiedur. Our Blockchain Lead Viacheslav Shybaiev has worked with Status.im (SNT) a top 50 project. Craig, Brian and Naviin have extensive backgrounds with payment processing and banking experience while Jayson has an extensive background in building operations teams.
Q: Can you tell us if you are already partnered with some exchanges to buy/sell your tokens after the ICO?
A: We have only announced a launch on DDEX. We have 2-3 more that we either have completed agreements with or are in the final stages of negotiations. We plan to hold those announcements until an appropriate time and will not be sharing who we have applied with until the token sale is over.
Q: Any closing thoughts that you would like to communicate to investors?
A: I just want to thank everyone for taking the time to read this. We have worked hard on focusing ourselves on development and hope that a number of you sign up for a masternode. PS: We need beta testers!