MerchantChain, created by Plaza Systems, has announced an Initial Coin Offering (ICO) this week. The company intends to raise up to 100,000 ETH during the sale. The event will be made to help in the development of a blockchain technology specifically created for e-commerce, the MerchantChain.
Plaza Systems has created what it calls to be a bCommerce, a blockchain for commerce. The MerchantChain ecosystem will consist in a suite of consumer touch points, an AI-assisted mobile platform and desktop apps, a smart speaker and also a debit card (but not a credit one at the moment).
The MerchantChain Transaction Coin (MTC)
The token which will be sold in the ICO is called the MTC token. The company states that it is a cryptocurrency designed for spending and not holding and that it is a consumer-friendly type of cryptocurrency.
The company believes that the MerchantChain blockchain will be considerably fast and will be able to handle more than 15,000 transactions per second at the same time and that transactions will hardly take longer than three seconds to be complete. Because of this, the tokens will be useful even in scenarios that have a high volume of transactions.
The MerchantChain Technology For Blockchain Commerce
Not only this cryptocurrency will be fast, the company also sustainable, secure and scalable, Plaza Systems affirm. By using a proof of reputation (POR) system, the algorithms will reward the users by mixing of their number of connections, transactions and response time. The ledger will be maintained by an internet of things device that will not consume a lot of energy.
To prevent fraud and other illegal activities in its ecosystem, MerchantChain will make all of its buyers and sellers possess something called Aura Secure Socket Layer. This certificate will prevent frauds in the system and will make the whole ecosystem more trustable, which also adds to the sustainability of the tokens, as nobody wants to use an easily hackable cryptocurrency.
Also, to prevent this blockchain from suffering from scalability issues, Plaza Systems tried to create a model which creates a correlation between factors like the transaction volume, user numbers and deployment of nodes.
The company’s main objective while creating this blockchain and cryptocurrency was to use a technology that could be “future-proof” and continue to be useful in the future when new technologies start to appear.
MerchantChain MTC ICO Details
The MerchantChain pre-sale has already started and it will last until April 12. The bonus will vary from 50% to 20% during this phase of the sale. The main sale will start on April 26 and will be finished on June 7. If you buy the tokens during the first two weeks, you can get from 15% to 5% bonus on their price, but there will no bonuses later. You have to buy at least 0.25 ETH to participate.