MoneyToken — a blockchain-based financial ecosystem
Cryptocurrency-backed lending and crypto assets leveraging The main idea of MoneyToken revolves around the idea that our innovative economic model allows you to hold onto your cryptocurrency and spend cash at the same time.
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Vision of Money Token
At this stage of the market’s development, we see that cryptocurrency assets have gained the characteristics of various financial instruments. We can divide cryptocurrencies by their qualities and algorithms; into investment assets and means of payment.
- Investment assets are volatile and compelling for the long term, made to earn on the dierence between rates of exchange or getting other types of earnings, such as from proof-of-stake algorithms, rate in interest and so on.
- Payment cryptocurrencies are created to support the stability of the rate of exchange – they usually are embedded with a self-regulation mechanism, a unique algorithm to regulate the diculty of mining or the release of new coins. The problem is that, even if the new functional cryptocurrency has a capitalization of several million, it’s probably not recognized by the pre-existing fiat financial system as an asset. Even if on the governmental level the cryptocurrency has a certain status, the banking system and its loan services are closed for the cryptocurrency business or the holders of such an asset.
In the majority of banks, it’s impossible to acquire a loan for the development of a mining farm using cryptocurrency as collateral.
We see that one of the main functions of banks and lending institutions in the current fiat system of loans secured by collateral is assigning value to the assets and businesses of borrowers to minimize the risks of default on debt. A secondary, but still very important, function (often delegated to other institutions) is the verification of assets, individuals and businesses; the realization of assets; and the collection of debts and dues.
None of these functions are essential in a blockchain-based credit system, in which the value of the collateral asset at any moment is public and the credit terms are transparent and fixed in a smart contract; no intermediaries are needed besides the link ensuring the completion of the transaction and the smart contract.
Under the conditions of a cryptocurrency economy, banks and contract participants’ competencies can easily be eliminated by smart contracts, the cost of a loan lowered and the conditions of applying for a loan can finally be made transparent to all parties.
Stage 1. Automated lending platform — Q1 2018
The MVP sandbox of the first version of the platform will be available in the first quarter of 2018.
- Expanding to Western, European and Asian markets, acquiring marketing metrics and fine-tuning the business development processes.
- Optimizing the crediting model and managing the risks inside the market model.
- Attracting lenders for the expansion of the MoneyToken credit fund.
Stage 2. Lender membership — Q4 2018
With an optimized model of managing assets and the administration in the fourth quarter of 2018, in order to expand the project’s fund, MoneyToken’s outside lenders will be involved.
Goal: optimizing the financial and the business models to convert to decentralized B2B crediting models in various jurisdictions.
Stage 3. Decentralized B2B2C Network — Q2 2019
Any financial or lending organization will be able to connect to the MoneyToken platform as a lender, allowing further contribution in the MoneyToken credit fund and using the platform functionality on the favourable conditions.
In order to connect to the platform, the lender will need to purchase IMT tokens. The quantity of IMTs required for getting lender status will be defined later and may vary depending on the sum the lender wants to contribute into the credit fund.
All processes on the platform will be automated according to market analysis and mechanisms.
The MoneyToken API will be developed. Major cryptocurrency exchanges and wallet services will be able to use the MoneyToken widget on their sites to arbitrate loans to their customers.
Decentralized Exchange launch
The MoneyToken Decentralized Exchange will be launched. This option will be implemented in the 4th release of the platform due to the Roadmap.
MoneyToken exchange will also be used for automated collateral liquidation in case of collateral currencies` price drop.
Money Token Leanding Model
MoneyToken’s lending model uses fluctuating crypto-assets as collateral for a loan provided in fiat currency or stablecoin.
The list of the advantages of this model versus traditional banking or pawnbrokers’ schemes:
- Automatic confirmation of the loan within seconds or minutes.
- No requirement for credit scoring or verification of assets.
- The customer regulates the loan conditions on their own within the confines of the platform’s terms.
- An option to deposit the collateral in several cryptocurrency assets in order to stabilize the general fluctuation of the collateral and lower any upward pressure on interest rates.
- Transparency of the operation during both transfer and retention of the security deposit.
- Transparency of collateral evaluation and the fluctuation of its value over time for both parties.
Interest rates for this type of loan can be settled using the collateral value or paid o in crypto- or fiat currency, in which case the security deposit will be returned immediately after the settlement.
Behind MoneyToken is Amanda. Amanda is an Artificial Intelligence Assistant who will provide automated loan operations within the platform.
Amanda is powered by a deep learning AI algorithm, and her goal is to provide human-like services for the platform users. Besides functioning as a loan assistant, Amanda acts as a true AI, analyzing clients activity on the platform from their first steps, through to loan completion in order to generate predicative actions; for example being able to oer additional financial services, tracking collateral performance, monitoring loan repayments and due dates – all the functions required within an ecosystem that is not managed by any central authority.
Amanda helps remove the need for middlemen and managers, hidden commissions and fees, and obscure terms written in the ‘small print’ of contracts; all the bad practices of traditional banking.
MoneyToken: changing the face of financial services.
Who is the Money Token platform for?
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