Highlights from MenaPay Whitepaper V.1
By aiming to be the most commonly used cryptocurrency on Middle East and North Africa region, MenaPay is bringing blockchain based payment gateway solution for the entire region. MenaPay will replace all traditional payment methods with a fully backed cryptocurrency which will enable transactions for every aspect of daily life.
A short while ago, MenaPay released its whitepaper with detailed description of the project. MenaPay’s ecosystem and technical details of the project can be seen from the whitepaper also. The most important thing is to understand MENA region and why this region needs a solution like MenaPay.
The Middle East and North Africa region includes 18 countries with more than 440 million population totally and 84% of the region is unbanked. By saying unbanked they don’t use traditional banking instruments because of the conservative practices of Islam. Every country in this region has its own currency and cross-border transaction is very difficult.
MenaPay is the first non-bank digital payment gateway for building the biggest cashless society in the world. MenaPay focuses on Mena as its primary market. MenaPay allows users to transfer Money within daily life in a secure, fast and decentralized way. The project is fully compliant with Islamic finance rules which are very important in the region to provide a convenient and trustable digital payment solution. Blockchain technology meets the requirements of Islamic finance rules about money transactions between parties and earnings from the investments.
In MenaPay platform there will be a stable cryptocurrency named MenaCash which will be used for transactions between users, merchants and foundation. MenaCash will be on permissioned blockchain named MenaChain to provide fast and secure transactions between users. 1 Menacash will be always equal to 1 USD. There will be always equal amount of USD in the bank accounts of foundation as the amount of circulating supply MenaCash in the market. This will be guaranteed by the 3rd party audit companies, these companies will have the nodes of the permissioned blockchain and all the transactions will be monitored instantly.
As you can see in the whitepaper MenaPay has a revenue share mechanism with the tokenholders. MenaPay will distribute 75% of total revenue amongst holders of MenaPay tokens. It is creating a new standard in the crypto industry for the level of participatory returns, beyond the regular incentives for users and investors.
With MenaPay there will be another innovative approach for crypto space; Green Mining. Each individual who uses the MenaPay Platform for personal payment purposes to the merchants with MenaCash is considered as a supporting member of MenaPay community and hence has a chance of getting a MenaPay Token as a reward. MenaPay introduces a new reward model which works via green mining for MenaCash users.
For the detailed decription of products in MenaPay, please check the whitepaper in our website menapay.io . But for a short introduction the products will contain blockchain-based payment infrastructure, mobile and desktop applications, its specially-designed Dashboards for merchants and Reseller applications. After a quick registration process, MenaPay enables its users to store MenaCash by using global and/or regional payment methods, or using cash through its wide Reseller Network across MENA region. Once MenaCash is stored, the user can transfer MenaCash to his/her peer, or he/she can shop from thousands of merchants within the MenaPay system effortlessly using QR codes, e-mails and phone number.
To read our white paper, here’s the link;
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