MicroMoney: A Blockchain Based Platform For The Unbanked, SMEs And Businesses.
MicroMoney is buiding the Next-Generation financial platform.
The Company is holding a crowdsale between 18th October 2017 and 18th November 2017. In this article, I will provide a short overview of MicroMoney, It's financial platform & their upcoming ICO.
What is MicroMoney?
Launched in 2015, MicroMoney is a financial platform focused at giving access to financial services to the unbanked.
MicroMoney is building a global inclusion through it’s platform, where anyone, anywhere in the world can have access to top notch financial services.
Aside from serving the unbanked, MicroMoney also has a variety of services for individual partners, SMEs, Businesses, Banks and MFIs. All of these will be explained in details below.
It is estimated that over 36% of the world’s population are unbanked and thus have little to no access to financial services offered by traditional financial establishments such as banks. This is significant in the fact that, the services offered by traditional firms like banks are mediocre and comes with one too many processes. In most cases, It isn’t just about being unbanked. The medicre financial services offered by traditional financial firms often results to Individuals becoming underbanked.
For instance, In the Asia-Pacific region of the world, Over 54% of the population do not have access to financial services and at such, people living in these regions are unable to improve their standard of living.
Without a valid credit history, traditional banks doesn’t issue loans to borrowers. This has proved to be a problem since customers borrowing for the first time do not have a credit history prior to the loan application and thus, their loan application are often denied by banks.
Even for people with credit history, borrowing loans usually involves too many requirements, paperworks and cumbersome processes in order to acquire loans. The same goes for SMEs looking to acquire loans to power or start-up their businesses. These are problems that the MicroMoney platform aims to solve.
The MicroMoney All-in-One Financial Platform— Featuring Micro-loans for individuals & SMEs, Big Data for Businesses & The Decentralized Neural Network:
Aside from issuing Micro-loans, The MicroMoney platform also comes packed with some more value added financial services.
MicroMoney For Individuals & SMEs:
The MicroMoney platform presents itself as a Microfinance institution offering financial services to the unbanked and underbanked. To this effect, The MicroMoney platform will issue out loans to borrowers and small-medium scale businesses who are in need of financial assistance.
Requesting a loan on the MicroMoney platform is plain simple as it only involves downloading a mobile application, signing up with the app and filling an easy loan request form that takes less than a minute to fill.
The loans for individuals usually ranges between $20 to $200 while the loans for SMEs are between $200 to $600.
The duration and repayment cycle is usually 2 weeks to 3 months. After repayment, The borrower or SME owner can request for another loan. For every successful repayment made by the MicroMoney customers, higher loan request limits are unlocked and customers who repay during the valid timelines are rewarded with AMM tokens (More information on AMM tokens can be found in the Token sale section of this article).
MicroMoney Neural Network:
Whenever a customer requests for a loan from the MicroMoney platform, Their loan request are evaluated using an algorithm with over 10,000 parameters called the MicroMoney Neural Network.
The MicroMoney Neural Network is powered by the Microsoft Azure engine and it is an essential part of the MicroMoney platform as it makes the evaluation and approval of each loan application simple and fast. The loan approval time is usually between 15 seconds to an hour, thanks the the MicroMoney Neural Network machine learning mechanism.
The MicroMoney Neural Network obtains a set of data parameters from the customer’s phone to determine their eligibility for the loan. The algorithmic parameters are constantly updated and the data received are stored on a transparent blockchain ledger.
MicroMoney BigData For Businesses:
MicroMoney through it’s neural networks algorithms, will be able to collect customers data using their smartphones and credit history stored on the blockchain. These kind of data are essential to businesses especially for people looking to start up a new business in a region where they know very little about their customers.
Through the use of the data collected by MicroMoney, Businesses can tailor their products and services to suit the demands of their customers. BigData collected by MicroMoney may provide business value for banks and MFIs. It could be beneficial for e-commerce, telecom, and insurance industries as well.
The data at MicroMoney’s disposal helps to facilitate access to a new audience, segment potential customers by interests, and effectively target consumer offers. Thus, the business gets an opportunity to reduce risks, and MicroMoney customers receive more advantageous consumer offers.
Businesses looking to use BigData collected by MicroMoney will have to pay in order to unlock access to this data. MicroMoney do not share this information without the customer’s consent.
Currently, MicroMoney’s BigData are stored at BigData warehouses. However, The MicroMoney team plans to employ blockchain technology for the storage of this data since it provides top notch security and offers more scalability.
AMM Tokens, What are they?
Like many existing blockchain platforms, users will require a digital token in order to access all MicroMoney has to offer. In the case of MicroMoney, The tokens are called 'AMM' tokens.
AMM tokens essentially grants users the access to use the MicroMoney platform. AMM tokens are the fuel of the MicroMoney platform. Thus, It is essential part of the MicroMoney ecosystem.
- AMM tokens are used for the following operations:
- Owning AMM tokens unlocks access to advanced platform’s features.
- AMM tokens can be used as a collateral to secure a loan on the platform
- Getting payable access to Customers big data & credit histories.
- AMM tokens are also used to encourage and reward loyal customers of the platform.
Why MicroMoney Is Worth Investing In:
The MicroMoney platform has been in the works since 2015. First launched in Cambodia, the last 2 years have seen further platform expansion to Myanmar and Thailand.
MicroMoney has also recorded a stable business growth in the last 2 years. With over 95,000 unique registered users, 500,000+ Facebook Page likes and over $4.9 million in issued loans. With the move to become a full-fledged blockchain platform, more platform growth is projected for MicroMoney, thanks to it’s unique service offerings.
MicroMoney ICO Information:
MicroMoney is hosting an Initial Coin Offering (ICO) where MicroMoney native tokens "AMM" will be offered for sale to early investors. The funds raised during MicroMoney ICO will be used to fund further development of the platform.
Update: The ICO is LIVE! Over $7M+ has been raised!
The MicroMoney ICO started on 18th October 2017 and will end on 18th November 2017 or until the maximum funding cap of $30M is reached.
A total of 60,000,000 AMM tokens will ever be created of which 84% will be offered for sale to investors according to the following price:
1 AMM = $1
There is a stair-case like bonus structure during the ICO. AMM tokens will be sold at the following bonus schedule:
MicroMoney AMM token supply will be allocated according to the following schedule:
The MicroMoney ICO is Live. To participate, Please read the step-by-step Participation guide here: https://email@example.com/step-by-step-guide-on-how-to-join-our-micromoneys-token-distribution-campaign-92d8018c92d8
Meet The MicroMoney Team:
The team spearheading this movement of a Financial Blockchain platform on the Blockchain is a group of professionals with several years of experience combined.
MicroMoney Advisory Board:
MicroMoney Handy Links:
MicroMoney App: https://play.google.com/store/apps/details?id=mm.com.money&hl=en
My Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=919511