What Is Modern Finance Chain/MFChain?
Modern Finance Chain is what MFChain stands for and it can be seen at the website of the same name with a .org at the end. The platform is designed to bridge the massive gap occurring between the merchants and the consumers plus a public blockchain technology smart contract platform. You can watch a lengthy video on the company website with more information on the platform plus you can also read a detailed whitepaper explaining the business model that goes into even more detail than you’ll learn in this review.
How Does MFChain Work?
The digital economy is where consumers can buy more goods and services with any cryptocurrency they currently own in their possession. And they can use it at any number of their favorite merchants. This is a place of people who have visions that are gamechangers, not only that – but its where the visionaries and gamechangers can meet each other and collaborate their ideas to bring them to the light of day. And then eventually launch their innovative new ideas to distribute them as applications across the digital world that is highly dependent on trustless transactions in any type of currency they see fit to choose.
The platform is also where any developers who are international can get full support in a multitude of different languages, that have a capability and library of different smart contracts. Each of them will be designed to help promote the fastest development and deployment. It’s an ecosystem that is designed to embrace each of the various blockchains in existence, so they can be accepted in one place as a type of cryptocurrency/blockchain utopia.
Modern Finance Chain is designed to help the world adopt to new cryptocurrencies as very real types of money and be seen as the same way they would traditional fiat currency. It’s a platform that will help the world transition into a new type of solution for payments and rewards program for vendors and consumers that make it simpler for them to embrace using digital cryptocurrencies for making payments on a daily basis.
The company has an even bigger vision that for finance that will create a system that has a multitude of features and is highly intelligent. More so, then any other system of its nature currently online. MF Mainnet will be fully integrated with the different types of blockchains on multiple levels as well as be able to be verified through a sequence of digital identification process that also work in conjunction with government related compliance when they are needed as well as user-controlled privacy features like not seen on other platforms.
The platform will also operate with multi-currencies for the purpose of ICOs on the platform. And allow them to be accepted under any number of ICO projects that need to use multiple currencies through a form of live token generation and events.
Multi-programming languages are used as well, some of them through the use of the most advanced smart contracts the world has seen, and they will be compliant with C++, C#. Java, Python, NodesJS & Solidity.
There are private blockchains as well, and they operate at a business enterprise level for corporations to use for the distribution of their code on uniquely run private chains. And to add to that, any cross-chain transactions without the of a centralized exchange platform will work through an atomic swap process with third party authority.
The smart contract library is also prebuilt and beneficial to all users. Along with the incubator the system has that is considered to be extremely innovative and provide the most intelligent minds with the resources they need to bring their marvelous ideas to life.
Modern Finance Chain MFX ICO Details
There is about seven days until the private offer for the coin sale is live. The ICO has a soft cap of 4,500 ETH minimum funds needing to be raised. With a hard cap that is 33,000 ETH for the initial coin offering cap. The contribution cap on the ICO is a minimum of 0.1 ETH to get involved and a maximum of 200 ETH for investors.
There’s a private offer of 2500 ETH with 28 million tokens for allocation. And the presale will have an available 5000 ETH with 36 million tokens for allocation. And the ICO is a total 24500 with 237 million tokens for allocation.
The bonus schedule is 10% bonuses for investors who contribute 10 – 24 Ether. Those who contribute 15-25 will get a 15% bonus of tokens and anyone who contributes 100 Ether or more will get a 20% bonus.
The tokens will be allocated with 8% going to developers and advisors, being unlocked in the second quarter of 2019. The rewards pool will get 16% and that also goes into the incentive program as well. There is a total supply of 512 million tokens to make a note for yourself. As for the rest of the allocated tokens, the presale of the tokens is 57% or 301 million of the maximum tokens available for the public purchase. Lastly, the innovations and marketing are 19% and tokens are locked to support for future development, operations and marketing purposes.
There is even an ICO guarantee for the project as well. It’s a multi-signature escrow feature that will lock any allocated funds in the initial coin offering until certain specific conditions are met. The reason for this is that the methods will guarantee the contributors of the ICO will see the development milestones they need met, to be met before the project can move forward and coins are unlocked.
Basically, the team can’t spend any of the funds until the obligations they’ve made have been fulfilled in whole. 50% of the ICO funds are locked and 20% of them will be locked until the chain payment system for MF is completely developed and released. And the other 30% of the funds will remain locked until the release and deployment of the finalized system starts.
The escrow management system is handled via the blockchain directly by the MFX ICO smart contract built on the Ethereum blockchain. They are only distributed and locked according to the contract, and then live for each of the ICO contributions that have gone through transactions.
50% of the funds on the ICO will be used for the developed and promotion of the entire project once the ICO is finished. The other 50% of the capital that is raised is locked inside two different escrow wallets.
20% of the capital from the ICO will be locked until the release of the fully function MF payment chain platform. The escrow will require board approval before it can be released as well. The last 30% of the ICO funds are going to be locked until the entire release of the MF Chain Mainnet is completed. This also requires the approval of the board for the escrow to be released.
Lastly, the token airdrop is free for a limited time for anyone who is an early investor and contributor to the community. The airdrop will have a total supply of one million tokens.
Who Is Behind MFChain?
The team is comprised of extremely high-level programmers and mathematicians, cryptocurrency specialists, cryptographers and people with PhDs as well as computer scientists. You can see a list of top team members on the website. And they are currently looking to expand their team. Whether you’re a developer, or advisor, if you have something you can contribute, you can contact the team via the website.
So, as of now there are eleven team mates listed on the company website. Each of the members has their name and title on the website. And if you highlight them you can see a full bio of each member. But there are no social media accounts you can see for any of the teammates, so there is no way to validate the authenticity of their experience or to tell if they are even real. And, some of the team photos are extremely low quality in resolution. Hopefully, there will be a way to further verify the team members in the future. Until then, everything about the site has to be taken with faith. And that is something I personally have a hard time doing with all the fraudulent ICOs that are currently appearing and disappearing in the industry.
Use your best discretion and perform more research before investing with the company. I recommend you attempt to contact them, so you can get more proof they are a valid company with actual team members. If they are open and transparent, they will heave no reason answering any questions or providing information and if they don’t, there is a very good chance they are a fraud.
Modern Finance Chain Conclusion
The company website is very thorough, with a solid road map and lots of information. Verify the information given on the team mates and perform a little more research on the team and company before making major investments. Other than that, MFChain seams like they’re a good company to consider investing into. Lastly, the company cannot be invested into from the Unites States or China – this last piece of information would make me consider them a very high-risk investment, as these two countries have the strongest regulations with cryptocurrency to protect their citizens.