Introduction
Providing an easy, convenient, and efficient method of performing transactions is a crucial service every payment platform should endeavor to create for its customers. The blockchain industry and cryptocurrency market are flooded with a wide range of projects that offer similar services – exchanges, trading, buying, selling, payment systems – that investors and traders are interested in partaking in. Most of these projects aim to improve the quality and delivery of these services to attract potential customers and enhance their adoption against other projects and competitors in the crypto market. A new feature, which emerging blockchain projects are developing, is a debit card that allows users to make purchases and payments at any shopping outlet or online store.
This exciting and innovative service on these platforms will avail users the opportunity to pay for goods bought and services rendered with ease and convenience. As a project that is backed by a hard asset (gold), introducing a debit card will serve as the icing on the cake for the Melecoin network. Gold, a precious and valuable metal, already offers the Melecoin token protection against the market forces of the crypto market that usually causes projects to fold and cease their operations. Such a physical asset, which is immune to market forces, economic inconsistencies, and government policies, shields the network’s digital asset from liquidity, price fluctuations, monetary crisis, and so on. An incredible feature of this debit card is its ability to perform real-time conversions of cryptocurrencies to fiat money.
About the Melecoin Project
This is a fintech company located in the capital city of the United Arab Emirates that developed the Melecoin investment and created a cryptocurrency that will be backed by gold. This fusion between a digital asset and a hard asset by the company focuses on eliminating the transporting of a cumbersome amount of gold when a sale is made. It also ensures that the crypto token is shielded from stiffing market forces. The debit card is an added feature to compliment the services offered by the reliable platform. Melecoin project combines the use of a decentralized system, blockchain technology, and a hard asset to develop their network and introduce a feature lacking in the crypto space.
The development team created the concept of building a crypto debit card, which will form a unifying relationship between the physical gold, a blockchain token, and a debit card, that can be useful on a digital platform. Melecoin management plans to issue its subscribers a pre-paid debit card, which will not be limited but will be subject to certain conditions that will contain the tokens associated with the subscriber’s ownership of physical gold. The Melecoin operates a token system that has the certification of the London Bullion Market Association (LBMA) and will partner will a production company that will use 24 karat gold, which weighs about 31.1 grams, to produce the debit card. The manufacturing company is located in Japan and approved by LBMA, they produce the carbon fiber cards used in ATMs.
About the Debit Card
The Melecoin Token System empowers the card to offer users the benefit of accessing the quantity of gold stored in their account, and spending it in the form of a currency at any designated location around the world. An interesting feature of the card is, it is the first that supports a digital currency based on the community of the network. This simply means that for every use of the debit card, about 5 percent of the transaction fee returns to the network and shared among the members of the community. This shared fee is often converted to gold and sent to the accounts of the members.
A reward system to award the subscriber who is the highest spending member in a week exists on the platform. This motivates cardholders to perform more transactions to be eligible for the reward. The reward price is one troy ounce of gold. An advanced level of security backs the token system and ensures that customers have ease of accessing the platform on any of their electronic devices, such as laptops, smartphones, or tablets. The value of stored assets in subscribers’ accounts is subject to changes based on the price of gold fixed on the second London.
There is a unique structure of how the Melecoin Token System functions in combining the 24-karat gold card, a QR code that serves as a peculiar ID number, and a carbon fiber card. A link also exists between the card and a Gold Bullion Bar. Using the technology of Ethereum and Bitcoin blockchains, every Melecoin token and card issued is invariably attached to the gold bar. The token can serve as a form of payment for transactions and payments across multiple payment platforms. Likewise, users can use the debit card to perform similar transactions, as the same registered gold bullion in an LBMA refinery supports both.
Storage of Melecoin Token
For cryptocurrencies, there are different ways to store them. Just as fiat money is stored in the bank, digital assets are stored in a wallet. Melecoin team recognizes the need to offer different ways of storing the tokens, as it may be convenient for each user. There is a type of wallet that is synced to the internet, this is a digital wallet. For storing tokens and other ERC-20 compatible assets offline, users can use a hardware storage wallet, which is the most secure type. It is possible to retract the tokens of clients at any time; this is done against the gold bar stored in an LBMA refinery. We have stated the importance of physical gold to the Melecoin tokens, as it protects it from depreciation due to monetary fluctuations, government regulations, and inflation. This demonstrates that the network’s token possesses an edge over other cryptocurrencies available in the market due to the historical value and stability of the gold hard asset. Subscribers can use their Melecoin tokens to perform their desired transactions without any worry of any effect from economic uncertainties or financial crisis.
For more insight on this mind blowing project, visit the links below;
🌐 Website: https://melecoin.net/
🎫 Whitepaper: https://melecoin.net/images/wp/EN.pdf
🐧Twitter: https://twitter.com/melecoin
📖Medium: https://medium.com/@melecoin.net
📨Telegram: https://t.me/Melecoincommunity
⛰️ LinkedIn: https://www.linkedin.com/company/melecoin
👥 Facebook: https://www.facebook.com/MELECurrency
🔗 Instagram: https://www.instagram.com/melecoin/
Writer's Info
Bitcointalk Username: Chidoskim
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Eth Address: 0x4F70c5e328B15825Fa456a4F32fEeF315ba88FDf