Mensarii prides itself as the first cryptocurrency-based credit union to offer customers and merchants financial options and services from the alternative traditional banking industry. The Mensarii Cryptocurrency Credit Union will work under blockchain to build a decentralized payment processing ecosystem from where users can settle and process transactions under transparency and security.
By using the Ethereum blockchain structure, Mensarii hopes to bring greater safety and transparency into transactions and hopefully reduce cases of unwarranted processing fees and possible fraud. That is made possible under the Blockchain’s validation system that enables an error-free processing and no apparent manipulation
What Is Mensarii?
Mensarii will act as a decentralized platform which allows for a trustless payment system which will facilitate other payments channels working with the traditional online payments. Through this, the Ethereum blockchain integrates with other payment settlement processes such as VISA, MasterCard, SEPA, Foreign Exchange and mother fiat payment options.
- Payments Card- the Mensarii Branded Prepaid Credit Card will allow members to fund and accept transactions in cryptocurrency from merchants worldwide
- Mensarii token- as the native currency for the platform, the Mensarii token (Mii) will facilitate fees, operations, and payments for the platform contributors. Additionally, the token will go into creating value for the products and validate account ownership
- Discounts- Mensarii contributors using the Mensarii token to pay for fees or transactions get a 50% discount
- No fees- Mensarii uses a free-union membership system with no monthly maintenance or account fees although gas fees are still applicable
- Handiness- with the Mensarii credit cards, potential users can spend, send and receive cryptocurrency while on the go.
- DAO democracy- the decentralized structure of the Mensarii Credit Union allows members to interact and decide on the platform's future actions
- Lifetime account- each Mensarii member will get a free lifetime account at no fee at all
- Community Probate Services- in case of the loss of a Mensarii member, their details go into an ID Recovery system to assure the protection of their identity
Does Mensarii Cryptocurrency Credit Union Coin Have Potential?
Unfortunately, Mensarii is not the only ICO featuring in the credit union sector. Already there are a couple of potentially viable projects looking to use blockchain and digital currencies and ultimately enjoy the benefits. However, it is still unfortunate that blockchain ventures such as Mensarii will often face regulatory bureaucracy. Hopefully, in the future, this might end by realizing the true inherent virtues that blockchain technology is offering credit unions and the unbanked client base.
Mensarii Mii Token ICO Details
Mensarii lists their ICO as having three phases which follow the next formats
Start from June 1-30, 2018
- 1 ETH=75,000 Mii with a 50% bonus
- Hard Cap- 3500 ETH
Starts from July 1-31, 2018
- 1 ETH= 62,500 Mii at a 25% bonus
- Hard Cap- 2500 ETH
From August 1-31, 2018
- 1 ETH= 55,000 Mii with a 10% bonus
- Hard Cap- 12,500 ETH
- Token- Mensarii
- Model- Standard ERC-20(Ethereum)
- Supply amount- 2B MII token
- For sale- 1.1 B Mii token
- ICO Sale- 55%
- Development- 20%
- Founding team-10%
- Reserve fund-10%
- Advisory board-3%
Allocation Of Funds
- System Development-25%
- Marketing and Promotions-25%
- Legal and management operations-20%
- Payment processor development-20%
- Reserve maintenance-10%