MUN — A Remittance Blockchain Based on Cosmos
What is MUN Blockchain
MUN Blockchain is a L1 Blockchain that is based on Cosmos SDK and Tendermint. The Blockchain is operated by MUN Technologies and its CORE Team members. MUN can be utilized to send money home, all around the world for low fees. There is a need for a disruption in the money transfer industry. This project is made by the people for the people. MUN enables people to send money for free around the globe.
The current market problem
Unlike traditional financial markets, cryptocurrency markets are open 24/7 and have become significantly popular in recent years. However, the current bear market has led to a significant decrease in prices and trading volumes. The crisis was sparked by a number of factors, including concerns about regulation, hacker attacks, epic crashes, and the general volatility of the market. As a result of the crisis, many investors have been forced to sell their assets at a loss, and the value of most major cryptocurrencies has fallen sharply. The current market conditions have also been exacerbated by the ongoing COVID-19 pandemic, which has led to a decrease in global trade and economic activity. As a result of these factors, many projects have been forced to lay off staff or reduce their operations, and some exchanges have even ceased trading altogether. Even though the crypto market is currently in a state of flux, it is important to remember that this is not the first time that the market has experienced a downturn. In fact, many experts believe that the current crisis presents an opportunity for long-term investors to enter the market at lower prices, that the current decline is simply a correction after the massive run-up in prices in 2017 and 2021, and that the market will eventually rebound.
In addition, when considering real-world cases, one of the most pressing economic problems facing the world currently is inflation. Inflation is defined as a sustained increase in the general price level of goods and services in an economy. While a certain amount of inflation is considered normal and even necessary for healthy economic growth, too much inflation can be harmful. The current global inflation problem is caused by a variety of factors, including high oil prices, quantitative easing by central banks, and rising food and commodity prices. These factors have led to a situation where many economies are experiencing high levels of inflation, which is causing hardship for businesses and consumers alike. Especially in third-world countries. Sending money across the globe has become even more expensive, and migrant workers are struggling to keep up with price increases when sending money back home.
There is now an even more pressing need for novel solutions that reduce the pressure on a global financial market where the people come first and the transfer of money is simplified and reasonably priced.
Why now? Why MUN?
The global remittance market is a critical part of the financial ecosystem, with an estimated $900 billion in funds being sent globally per year. This market is composed of a few large companies, such as Western Union, MoneyGram, and Ria, but also of a multitude of other companies which provide a key service that makes each of them an essential element of the financial ecosystem. These smaller companies are often able to provide more personalised services and better exchange rates than their larger counterparts, making them an appealing option for many remittance senders. In addition, many of these smaller companies are located in regions where the largest providers do not have a presence, meaning that they are the only option for many individuals looking to send money abroad. While the remittance market has been growing rapidly in recent years, it is still faced with a number of challenges, such as high fees and limited access to banking services.
Blockchain technology has hardly been integrated and the global remittance system is facing significant problems that have been ignored for too long. The RSPs (remittance service providers), which provide essential services to migrant workers and their families in developing countries are an integral part of this issue.
The MUN Blockchain can be utilized to send money home, all around the world with ZERO fees
The MUN Ecosystem will enable people to send money for free around the globe. There is a need for a disruption in the money transfer industry. The idea behind this project is to let people interact with each other in a free way without having to pay the heavy fees of multinational conglomerates that dominate the payment industry. MUN Coin is developed with a zero-to-low fee-approach, which means that sending MUN from one wallet to another will be for free, forever. Sending currencies like USD or EUR is also free forever but will occur a low fee of less than 1% when converting into FIAT cash, by one of our decentralized cash-in or cash-out shops called MUN brokers.
The core values of our Blockchain are freedom, censorship-resistant, and global connectivity. This means that the MUN and any other asset in your wallet cannot be frozen or blocked by anyone. Freedom also means participating in this open source project, by submitting proposals and voting on the outcome of proposals to improve the MUN blockchain.
The utility lies in the interest based on the remittence transfers globally. In addition, MUN can be earned through securing the network (delegated proof of stake). MUN is a decentralized digital currency that allows for fast, secure, and anonymous transactions. It is built on the newest blockchain technology and uses peer-to peer networking. This means that there are no intermediaries between sender and receiver — they can transact directly with each other. MUN Blockchain is a LEVEL-1 Blockchain that is based on Tendermint as a key element of the larger network design of Cosmos Hub. It’s helpful to possess a basic understanding of the Cosmos Network to more easily comprehend the role of Ignite in the network’s infrastructure. First and foremost, Tendermint/Ignite is a Byzantine-Fault-Tolerant (BFT) Proof of-Stake (PoS) consensus mechanism that was created to support the Cosmos Hub blockchain. Ignite Core is the consensus framework employed by all blockchains built on Cosmos.
The future is a concept that is often difficult to wrap our minds around. It is an infinite expanse of time that stretches out before us, an ever-changing landscape that we can only imagine. And yet, the future is also something that we all must face. We all have dreams and goals that we hope to achieve, and the future is the canvas upon which we paint those dreams. The future is a blank slate, waiting to be filled with our hopes and our fears. It is a place where anything is possible. We are ready to revolutionize the Remittance and Blockchain world!
Growth and Milestones achieved
We are overwhelmed by the incredible support we’ve received so far! Our team can barely keep up with all of this momentum and community interest, which only goes to show how necessary implementing new technology on a global scale really is. With over 8000 Twitter followers, newly onboarded MUN Chain based projects, 23000 Discord members in just a few weeks, and an immense interest in node validator applications (over 1500 applicants), we can tell that the MUN project is here to stay- with a great future ahead of it.
Website: https://mun.money
Twitter: https://twitter.com/munblockchain
Discord: https://discord.gg/mun
Telegram: https://t.me/munblockchain
