MoxyOne - Zero-Fee Exchange COBINHOOD's 2nd Underwriting: Pay with Your Crypto!

Dear Steemians,

The markets of cryptocurrencies have been struggling lately due to lots of factors happening so fast in this young and innovative area of the blockchain world. Prices getting lower may be sad for some, but it also offers us the opportunity to cool down a little bit and think about what people really need in their lives that can be greatly facilitated by the blockchain technology. If you can find the right answers, then this price dip could just be another great opportunity for you to invest in the future!

A few months ago, I introduced to you a zero trading-fee cryptocurrency exchange - COBINHOOD. I have been using it since the launch and I really enjoy the feeling of trading with zero burden from paying fees. Although the trading volume is still too small to provide good liquidity for most of its trading pairs, but within these two months, now they have more than 30 tokens listed and more than 60 trading pairs on the platform! I still believe the power of zero fee will eventually bring this place to the top. :)

Another business that COBINHOOD aims to distinguish itself from others is their ICO underwriting. Their first and very successful ICO underwriting is Cybermiles, which raised more than 84k ETH within 48 hours. Well, this post is not about COBINHOOD per se, actually I am gonna bring your attention to COBINHOOD's second ICO underwriting currently going on:

MoxyOne - Give Your Tokens Real World Value.

Yes! This is another exciting new project that joins Cobinhood's league (see announcement here). This kind of project really excites me for the vision they envisage - giving cryptocurrencies, or crypto-assets if you like, values in the real world we live so we don't have to endure the trouble any more of exchanging crypto into fiat money and then spending it. The bridging between crypto and the world that is still dominated by fiat is a very hot area/issue for this new technology of payment and now MoxyOne has joined the efforts by the crypto world to bring crypto back to the traditional world!

The best existing solution for this job currently would be TenX. After comparing these two great projects, my personal opinion is ... MoxyOne can do better!! - mainly because MoxyOne is going to offer hundreds or thousands different token for the users to use for daily transaction!

So, it would be very interesting to take a closer look at the solution that MoxyOne aims to provide. Here are some of their official sources of information or social media before I give you some further brief ideas:

MoxyOne Website - https://moxy.one/
MoxyOne Facebook - https://www.facebook.com/moxyone
MoxyOne twitter - https://twitter.com/moxy_one
MoxyOne Medium - https://medium.com/@moxyone
MoxyOne Telegram Group - https://t.me/moxyone
MoxyOne Bitcoin Talk - https://bitcointalk.org/index.php?topic=2547271

Take A Quick look

If you are impatient and need a very brief description of what they do, here you are:

Advancing the blockchain industry by offering branded debit cards and secure payment infrastructure for all companies and ICOs that issue cryptocurrencies.

Alternatively, you can check out this concise one pager: https://moxy.one/onepager.pdf

If you are looking for pictures, the following may help you grasp the key elements of this MoxyOne system ...

Solutions to current problems

Okay, let me quote from their description of existing problems with crypto payments:

Cryptocurrencies, while being viable in the digital sphere, are not yet considered a tradable commodity in most parts of the world.
Any person that decides to make a purchase with cryptocurrency must make sure the entity accepts their tokens as a form of payment.
Tokens are under-utilised and ICO companies are struggling due to a lack of reliable financial infrastructure.
Current pre-paid solutions require the user to sell their cryptocurrency before making a purchase.
Exisiting industry solutions are not open-source and do not allow access to APIs or whitelabelling of their infrastructure.

... and MoxyOne's proposed solutions are:

MoxyOne provides a payment infrastructure for users to spend their cryptocurrencies by instantly converting tokens to fiat.
By using our system, any user can pay with their own cryptocurrencies as they are seamlessly converted to the local fiat at point of sale.
MoxyOne allows any company that issues cryptocurrencies to incorporate their payment system, by utilising their white labelled wallet and debit card infrastructure.
The unique Just in Time Funding (JITF) protocol used by MoxyOne sells your cryptocurrency automatically at time of purchase.
MoxyOne is open-source and encourages the use of APIs for white labelling of their debit cards and wallet infrastructure.

How the MoxyOne Model Works

Ok, sounds really great. So basically, MoxyOne is going to build an infrastructure of payment system to bridge seamlessly crypto tokens (and their issuers) and real world merchants or even ATMs. So all those token holders, a.k.a. users, can then, via MoxyOne's Debit Card, perform those daily activities that they are so familiar with - shopping or paying bills with cards, withdrawing money using ATMs..., with the tokens they buy or own from the crypto space. If the users are happy, then they will be more likely to HODL, tokens can obtain their values more easily, and merchants get the fiat money they are familiar with ... Everybody is happier!

Sounds a very pleasant scenario for most of us right? But how are they gonna do it!?

Here are some good slides from their pitchdeck that can help you understand:

Steps for Payment Processing

User uses MoxyOne or white labelled card/wallet to pay
Merchant processes transaction
MoxyOne uses Just in Time Funding to exchange tokens to fiat
Liquidity Provider exchanges tokens for fiat and transfers to MoxyOne/Partner for the amount of purchase
User’s wallet will be deducted of the purchase amount + a negligible fee (in tokens) and the transaction will be recorded.

The SPEND Token

It is the backbone of MoxyOne as it will be used for individual transactions and corresponding transaction fees. In addition, SPEND tokens can be used for daily transactions by token holders. MoxyOne will provide token holders with a MoxyOne wallet system, facilitating users to spend their tokens at merchants or withdraw fiat from ATMs. Frequent usage enhances circulation and then will grow the value of this token and benefit its holders.

Liquidity Providers

Liquidity providers are individuals or companies that will provide equivalent fiat for the amount of crypto purchases by users. This role is vital to the operation of the MoxyOne system. They are based in countries around the world so cross-border transaction fees will become a history. Cryptocurrencies and fiat will be exchanged at the domestic exchange rate which is great for global users.

White Labeling

Companies that issue cryptocurrency tokens will be able to white-label the MoxyOne wallet to use under their own branding. By doing so, they will be able to significantly reduce costs and time by not having to create an in-house
payment system. This allows companies to focus their attention on product development (HODL?! ^_^) while MoxyOne takes care of making their tokens spendable and allows them to begin making profits right away. Pre-existing companies that also prefer trading in cryptocurrencies will also be able to use this system and allow their users to make digital currency transactions.

Explore further ...

If you focus on safety, speed, convenience, availability and regulation-compatibility (very very important at the moment!) when you explore further about this amazing project, I think you will find MoxyOne pretty comprehensive and seems perfect as the next step for the crypto circle to go out and be there and show the world how powerful this really is!! Do you research now!

Team and Partners

Oh, let's not forget to take a look at the key element of a project - the team.

Mo Abbas is the co-founder and lead developer. Quote "Mo has been working as a backend developer with Microsoft technologies for decades. His experience varies from online stock market platforms to fully integrated custom CRM systems. Mo’s recent experience includes Solidity development and smart contracts with Ethereum. His interest now lies within blockchain development and payment solutions."

Tanshul Kumar is the other co-founder and also a lead developer in this projext. According to the webpage, "Javascript expert and Angular professional Tanshul has been a front end web developer for more than 12 years. His areas of expertise include web development, programming and marketing. His experience ranges from large telecommunication companies such as Vodafone to large financial and comprehensive online stock market directories. He has since pivoted toward blockchain technologies."

I am not an expert in judging professionals in this field, but somehow I like the fact that the leader has strong technical background and his pass experience seems to suggest that he is perfect for leading this team. But I am gonna leave the task of evaluating the team to you. :)

The following are their current partners (Cobinhood is the latest so not included here) and the latest news say that Flux and Invox Finance also join MoxyOne as White Label Partners!!

For other details, please check their website or White Paper in 8 languages!

Token Sale

Yes, currently they are crowdfunding for this project, after their successful pre-sale. The public sale starts from 14 March 1:00 UTC until 14 April 1:00 UTC. Now it's week 1 so you get to enjoy a ...

20% bonus!!

Only a few days left for this offer!!

The page for this token sale has most details you need: https://moxy.one/token-sale

Product Demo

It's pretty cool. Imagine that you can pay with crypto instantly... How nice it would be!! Demo video here.

Final words

It would be a long way to go before this old world accept this next generation technology as their ways of payment, investment, contracting ... If you think we are on the right path, there is no need to hurry. We should all be patient and wait for others to gradually find out how nice it is to enjoy the advantages of using crypto tokens.

MoxyOne seems to be among these endeavors to bring the blockchain technology closer to the real world. I will be thrilled to own a card like this - low fee, wide choice of crypto tokens, and can even get points and AI-supported in the future! So, all the best to the team and keep an eye on them if you'd also like a card like this to be in your wallet!! ^_^

disclaimer - images owned by MoxyOne Pty Ltd