Menapay is a project that has been getting a lot of attention on the internet of late, with the project being in its private sale ico phase, the project has generated quite the hype. Before going into ico details, I would love to venture into use cases and resources the menapay project brings to both the online and offline marketplace.
The name MENA stands for Middle East and North Africa, which stands for where the project is really based. This region consists of 18 countries which has above 400 million people, and most of this people speak the Arabic language and have a population where most people practice the islam religion . And due to the issues menapay aim to curb out with blockchain technology in this areas, the project got its name .
What is Menapay :- This is the first blockchain payment system from the middle east. The menapay project is a non banking payment system and aims to bring about a cashless evolution . The menapay project has it goals set first on the middle east regions , and then in future will spread across as much countries as the space permits.
Menapay will bring about a decentralized payment system, where money can be transferred from person to person in rapid and secure water. The region where menapay focuses on is very Islamic by nature and as a result menapay has to be on the same page with Islamic rules, and menapay is indeed compliant..
The menapay project possesses two different means of transaction aimed to meet both onchain and offchain demands, these currencies are the menapay token and the menacash currency. This two means for payments are similar but have different functions
The menapay token :- This is a crypto token built under the ethereum blockchain. The menapay is the utility token of the menapay platform which can be traded on exchanges after the yet to be finish ico is completed.
MENAPAY DETAILS
TYPE :- Erc20 based token
Total supply :- 400Million menapay tokens
Ico price :- 0.165$
Ico stage :- Currently in private sale stages
Available for sale :- 256 Million
Menacash coin unlike the menapay token ios a stable cryptocurrency , that would be used for transactions by users on the menapay platform, merchants on menapay, and the menapay foundation itself. The menacash coin will always be stable and always be valued about 1$ per menacash coin. The menacash coin has a blockchain of its own which will be created by the menapay project, the menacash coin will function on its own blockchain known as menachain . Menacash will help increase the rate at which merchants use the menapay platform, as there is no fear of volatility, and merchants will be able to easily convert from fiat to menacash, without fears of their currency falling .
The menacash coin details includes
Price :- always valued at 1$
Total supply :- will always be equal to the amount in dollars the foundation has in their bank account. The menapay foundation is made up of share holders and leaders known as board members . The foundation will always be obliged to make certain changes in the menapay ecosystem, such as transaction charges and fees.
PROBLEMS MENAPAY OFFER SOLUTIONS TO ISSUES IN MENA
1 Issues with Online shopping :- shopping in Mena most times is done with cash at delivery, and this brings so much charges for purchases. Menapay will offer the solution with online stores that accept menacash as payment methods
2 Excess cash at hand :- It is very uncomfortable when you have to always transact with cash, the would is going digital and so should Mena. With menacash goods and services can be purchased at anytime and anywhere .
3 Counterfeit money :- This has been a great problem in most countries of the world as people produce fake money to purchase goods and services. This can be completely eradicated with the Menapay solution.
There are so many more solutions the Menapay project brings to the forefront in Mena with blockchain technology . Do stay tuned for more updates on the menapay project, do remember the main sale ico is coming up by mid February , do not miss out . Visit the links below
Writer’s name :- Iyke Onuoha
