MenaCash: Cryptocurrency made easier than Cash for the Mena Region
Cryptocurrency made easier than Cash
Crypto currencies are decentralized digital currency that use the Blockchain technology to create peer-to-peer network transactions digital currency without the need of a central bank or a single administrator. The aim is to create a secure and anonymous way to transfer money and make digital payments. The underlying technology being blockchain.
Blockchain is a digital public ledger on which all transactions in the network are recorded. The record of al transactions is not kept on a centralized database but stored on thousands of computers participating in the network, making it the network impossible to hack and the records tamper proof. MenaPay with the use of a blockchain-based fully backed cryptocurrency provides a secure and transparent payment gateway to enable transactions for every aspect of daily life.
MenaCash is the currency that will be used for transactions under the MenaPay platform.
Despite the mainstream acceptance blockchain based crypto currencies have started to gain in recent years, the issue of price volatility associated with crypto currencies is a critical factor limiting the use of crypto as a means of making daily payments. If cryptocurrency is going to replace traditional cash system in making daily payments, we need a money that is stable. MenaCash will work via a private blockchain solution to eliminate volatility and to assure transactions faster than old-fashioned financial instruments, such as credit and debit cards.
The Mena Region and the need for MenaCash
The Middle East and North African regions are otherwise known as the MENA. The Mena Region according to the MenaPay one pager (https://www.menapay.io/onepager.pdf) consist of 18 countries with a total estimated population of 420million. Due to the conservative practice of Islam and poor banking system in these regions, regular banking tools are largely not used. MenaCash is a fully backed, 100% Islamic Cryptocurrency that could be used to make daily life transactions and thereby replacing traditional payment methods in the Mena Region.
The MenaPay platform is designed with Arabic user interfaces to serve the 86% unbanked population in the Mena Regions where Arabic is the most commonly spoken language.
Islam is against usury, therefore Islamic finance emphasizes real economic activity be ased on physical assets, shunning interest payments and outright monetary speculation. Since crypto currencies are products of financial engineering and objects of speculation, cryptocurrencies sit uneasily with Islam. Therefore limiting the development of blockchain-based currencies in the MENA.
However, a fully backed crypto currency like MenaCash which is the currency to be used for all transactions across the MenaPay platform has been approved and supported by Islamic scholars to comply with the Islamic faith.
MenaPay is the first, fully backed and 100% Islamic blockchain-based payment gateway in MENA.
How MenaCash works
MenaCash is the currency that will be used for transactions under the MenaPay platform. MenaCash is 100% backed by USDs, so 1 MenaCash will always be equal to 1 USD and merchants will be able to make cash-outs from the MenaPay foundation. Making MenaCash a solution to real life problems in regions like the Middle East and Africa where regular banking tools are largely not used due to the conservative practice of Islam and the poor banking system.
MenaPay also brings easy-to-use solutions such as desktop and mobile wallets, integration APIs and SDKs
As could be found on the MenaPay website(https://www.menapay.io/ ), MenaPay generates revenue and profit from:
• Peer to peer Transactions,
• Peer to Merchant Payments,
• Cash-out fees from Merchant to Foundation,
• And Green Mining
And majority of generated revenue is distributed amongst holders of MenaPay. Thereby creating a new standard in the crypto industry for the level of participatory returns, beyond the regular incentives for users and investors.
MenaPay tokens will be distributed from mining reserve which is filled by a certain ratio of the transaction fees.
For more details about the MenaPay platform, check out the MenaPay one pager here; https://www.menapay.io/onepager.pdf
Or visit the Menapay Website: https://www.menapay.io/
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Disclaimer: This article was created in exchange for a potential token reward through Bounty0x
Bounty0x Username:agiemester
